Welcome everyone to Fjordkraft's Capital Markets Day 2021. My name is Morten Opdal, Investor Relations at Fjordkraft. Before we begin, I'd like to make a few comments on today's agenda and some practicalities. Due to the current situation, this event is a webcast only. However, we encourage you to submit questions through the webcast player as there will be a Q&A section at the end of the presentation. Today, you will learn more about Fjordkraft, the industry, our strategic thinking, and our ambitions for growth going forward. We will start off with a section from the CEO and Head of Strategy, then we will have a short break, and then we will continue with a section from the Consumer segment, the Business segment, a section on Nordic expansion, and then we will go through our updated financial targets before the Q&A section. It's a pleasure for me to introduce our CEO, Rolf Barmen, who will start with his presentation. Thank you, Morten, and welcome to this section of our Capital Market Day presentation. Next page. First of all, let me introduce our group management team. Ole Johan Langenes, who you already have been introduced to, is our acting CFO, as Birte Strander is on maternity leave. She will be back during this spring. Arnstein Flaskerud, Head of Strategy, M&A, Innovation, and Regulatory Issues, will follow after me presenting interesting topics within his area of responsibility. Christian Kalvenes, Head of Consumer, looks forward to presenting the Consumer segment. Roger Finnanger presents the Business segment, and Per Heiberg-Andersen, new to the management team, being responsible for heading up the Nordic expansion following the SNG acquisition, will present our Nordic ambitions. Finally, Ole Johan presents our financial outlook for the period to come. The rest of our group management team consists of Alf Kåre Hjartnes, Head of Technology and Digitalization. Jeanne Tjomsland, Head of Group Marketing, Communication, and HR. Solfrid Aase, Head of Service Companies, including Alliance, and not to forget our Head of Operations, Solfrid Fluge Andersen. Next page, please. For those of you not very familiar with our business, let me start by giving you an overview of our industry, followed by a swift introduction to our segments. The value chain of our sector is regulated in a way where the producer produce energy, the grid companies are monopolies, whose mission is to bring power from the production facilities through the grid system to the customers, and finally us, the end user companies, the retailers. We are the spearhead of the value chain, buying electricity to prices set daily on the Nord Pool power exchange and selling the electricity to end users. Every day, we forecast the electricity consumption of more than 1 million households and companies across the Nordics. We are around 900,000 in Norway. On an annual basis, we handle hundreds of millions of data transactions in the Fjordkraft Factory, up from a couple of millions of transactions a few years ago. The number increasing at an accelerating speed. In 2021, we will produce almost 10 million invoices, and we estimate to handle more than 750,000 inquiries from customers. We conduct around 2 million sales conversations, and the entire Fjordkraft Group now employs more than 500 people. Even more important, through our product management, through our marketing activities, and through our sales efforts, we create competition. Due to this, the switching rate in the Norwegian market has been increasing for many years, telling a story of a highly competitive market. We are present both in the Consumer segment as well as in the Business segment. Our overall market share is about 27% in Norway, and we are aiming at further growth, both in Norway, Sweden, and Finland. For more than 20 years, we have also served smaller, vertically integrated energy companies in Norway with services such as power trading and product management. As the Fjordkraft Factory turned out to be quite scalable and the regulator announced that vertically integrated companies must split their end-user customer base from their grid customer base, we saw an opportunity to launch our extended alliance concept, serving these companies with cost-efficient rating and billing system, as well as front-end systems. We now serve 14 partners with billing and rating services, covering electricity as well as broadband and district heating, representing more than 80,000 customers. Before summer, we will serve 17 partners and around 100,000 customers through our Extended Alliance concept. AllRate, our startup from last year, offering billing and rating services to grid and retail companies, is progressing well and in line with our expectations. Metzum, our software company co-owned with Rieber & Søn, is also progressing well with activities both in Norway and Sweden. The software Metzum is about to be one of the most used cloud-based billing and rating solutions within our industry in the Norwegian market. By the end of 2020, the Fjordkraft Group had a total of 132,000 mobile subscriptions and is the largest service provider in the Norwegian telecom market. The subscriptions are distributed across the Fjordkraft brand and Gudbrandsdal Energi, and the Group reached its targeted 125,000 subscriptions in the Fjordkraft brand. Having launched this service to create loyalty through best prices for our electricity customers, positively affecting our churn rate, the next step now is to achieve profitability in this segment. Next page, please. We started a renewal of Fjordkraft in 2013, and during the years since then, we have experienced a very successful journey based on well-defined actions, optimization of product management, investment in top-of-mind and loyalty programs, investment in operational excellence, and investment in sales resources. As you can see from the left-hand side of this slide, we have since listing back in 2018, continued on the path we set back in 2013 and continuously improved our performance, delivering strong year-on-year results both when it comes to net revenue growth and profitability. Next page. There are more than 100 retailers in Norway. Fierce competition. It is easy to switch supplier, around 10 nationwide players, but mostly local and regional players, who according to the regulator's latest reviews, have a market penetration on average of almost 70%. Last fall, we entered the Swedish and Finnish market. The markets in these countries are also very fragmented, representing a significant opportunity for consolidation. As we have said before, we believe that the degree of complexity for end user companies will accelerate, making it more difficult to be profitable as a small player. Customer demands derived from digital development require investments, so does efficient processes. From our perspective, scale is a prerequisite to build a long-term winning player in our industry. The regulatory development is supporting consolidation, and we are well-positioned to take lead in consolidating the electricity retail market, both in Norway and in Sweden and in Finland. We have the financial firepower needed. Through the Fjordkraft Factory, we have the ability to integrate acquired companies and portfolios in a cost-efficient way. We also possess the strategic and managerial abilities to develop acquired companies in a positive way. Next page. Increased attention and focus on the environment and on business's carbon footprint are important to stop climate change. In Norway, we have been fortunate when it comes to the electricity market as electricity production has been more or less 100% renewable for many years. Hydropower has been the main source of production. The latest years we have also seen more and more wind power being installed, currently amounting to about 9% of Norway's total production. According to a forecast made by NVE, the Norwegian regulator, Europe is moving in the same direction, where wind and solar production is expected to increase by 200% over the next 20 or so years. In the same timeframe, coal power is expected to be nonexistent, a development accelerated by an expected increase in CO2 prices. Even though the exact figures are difficult to forecast, the direction of this transition is very clear. Next page, please. The Norwegian electricity market is fully integrated with the Nordics. Through this integration, the NorNed interconnection to the Netherlands and the NordLink interconnection to Germany, we are already a part of the European electricity market. Accordingly, the price level in Norway and in the Nordics is not set separately from prices elsewhere. In the same way the congestions in the grid lead to different prices between the domestic price areas, congestions between countries will still lead to different prices also in Europe. There are a lot of factors that decide the price level of electricity, but there seems to be a consensus in the predictions that power prices from a baseline in 2019 will increase somewhat short-term, decrease mid-term, and then increase long-term. There is also the consensus that prices in the future will be more volatile. Stable production from nuclear in Sweden will be phased out, as will nuke and coal in Germany. This will be replaced with more volatile production as wind and solar. We have recently seen an unexpected steep increase in the electricity price in Norway, first and foremost, due to hydrology and temperature, but reinforced by new interconnections between countries, giving producers more flexibility in their decisions on how to optimize their profitability. As you can see from the charts on the left-hand side, the level of the prices has not been decisive for how we operate. We have shown over many years that we cope with different price sentiments in a profitable way, concluding that our business model is robust. Volatility, however, is assumed to be favorable to our business in the long term as the demand for risk mitigating products across all segments is increasing. Next page, please. As a retailer, we have to handle uncertainty, particularly when it comes to threats like weakened demand and margin contractions. We also have to handle risks when it comes to the power market. Mostly, we buy electricity to prices set on a power exchange in the day-ahead market. Prices differ significantly each hour, depending on demand and offer, and prices differ also regionally. Due to the grid congestions, we have several price areas or bidding zones both in Norway and Sweden, resulting in the fact that cost of electricity can differ from price area to price area and from hour to hour. The overall effect depending on how our customer portfolio as well as our consumption is distributed both regionally and throughout the day and night. Cost of electricity is, of course, the most important element of our total cost of goods sold, but our COGS also contains other important elements like cost of guarantees of origin, cost of electricity certificates, various trading fees, and not to forget, costs occurring due to mismatch in forecasting consumption, so-called balancing costs. How we handle all these elements constituting our total Cost of goods sold, both in terms of purchasing strategies and operational excellence, will affect our ability to improve our margins. Our risk tolerance when it comes to purchasing strategy is low, but exposure to volatility in various markets supports margin upsides. What we have learned since introduction of the Elhub reporting of smart meters reading is that our customers' consumption is reported in a more accurate way. This in turn helps us make better consumption forecasts and enable us, still within a low-risk framework, to further optimize our total COGS. Next page. Some comments on how we suppose the demand side will develop. According to the regulator, we can expect a stable and slightly increasing long-term demand and even more volatility due to increased production from volatile resources. Electrification of the transportation sector more than offsets the effect of improved energy efficiency within households and service industries. This is true for both Norway, Sweden, and Finland. There is also a significant electrification of industrial production and petroleum sector. Along with increased consumption from data centers, this represents a growth potential for our industry in the longer perspective. The prosumer trend, still quite weak here in Norway, might lead to somewhat reduced electricity demand. We assume if the trend picks up speed, that this will be compensated by an increased demand for other services connected to prosumer concepts that we can fulfill. Next page, please. This matrix has been with us since long before we became a listed company. It tells basically what you need to know about our philosophy on how we value-create our business. It is about maintaining and developing net revenue, it is about cost efficiency, and it is about new revenue streams, new business. The first line is about developing our net revenue by focusing on distribution, branding, top-class product management, top-class customer service, all to grow the number of customers and improve our ability to manage the price elasticity. In parallel, we work on the second line, cost efficiency. Particularly, seeing to that we accelerate effects from our investments in digitalization and optimization by having a strong growth strategy, securing return on investment fast enough to be able to make necessary reinvestments. When it comes to the third line, developing new business, we have developed both mobile services and the extended alliance concept. We have launched our domestic solar production concept as well as home charging stations. We have also launched our Smart i nformator application, which we continuously improve through updates almost every month. We have taken ownership in two startups utilizing assets that we have developed in the Fjordkraft Factory, as well as utilizing the competence we have about the marketplace, particularly capitalizing on our relations in the entire value chain. Regarding geographic expansion to Sweden and Finland, this was a natural step for us to take once we completed the acquisition of Innlandskraft and became the largest player in Norway. Per Heiberg-Andersen will introduce you to our ambitions in the Nordics later in our program. Next page. The acquisitions we made last year were important for us, not only because they expanded our market share and brought us into new geographical markets, but particularly the acquisition of Gudbrandsdal Energi was important in the brand perspective. Long before the acquisition, we acknowledged that the group needed more than just the Fjordkraft brand to realize our long-term growth targets. From before, we had the TrøndelagKraft brand, a regional brand established on the back of the Tempe transaction in 2018. Through the acquisitions, we now have three additional brands. Gudbrandsdal Energi will continue to exist as a national fighting brand in Norway, while Eidsiva Energi will be rebranded to Fjordkraft. Nordic Green Energy is the brand in our Swedish and Finnish operations. We will consider our brand strategy outside Norway during 2021. Next page. As I stated a couple of slides ago, we believe in scale. Both digitalization and an accelerating number of transactions to be processed requires investments. To secure return on investment fast enough to be able to make necessary reinvestments, players in this industry need to increase the number of customers served. When it comes to our roadmap for growth, we are targeting a long-term 35% market share in Norway. This corresponds to about 1.2 million electricity deliveries. We have ambitions to grow organically, the significant part of the growth is expected to come from acquisitions. In Sweden and Finland, we see great potential for consolidation, and our first goal is to become a top four player in these markets within the end of 2023, first and foremost from M&A activities. When it comes to our mobile business, this year's main focus is to reach profitability with further growth built on this profitability. The ambitions for our service company vertical, comprising Alliance, AllRate, and Metzum, are, of course, further organic growth. Next page. When it comes to our climate action efforts and our Klimanjaro initiative, we have strengthened our team by employing a sustainability manager, Mette Nygård Havre. Her main task is to drive our efforts when it comes to climate change, both through establishing klimahub.no, but also when it comes to continuously improve our key performance indexes within the ESG area. The Klimanjaro initiative has inspired our business segment to promote carbon-reducing solutions. Roger will introduce you to our efforts when it comes to offering solutions, reducing our customers' carbon footprint in his section, both in terms of local production as well as reduced consumption of energy. Next page. To summarize my presentation, I will go through our revised investment highlights. We have adapted them slightly to the new Nordic context. The key message is still the same. We operate in the attractive Nordic electricity retail market with a stable demand profile. The regulatory environment, mostly driven from EU with their energy packages, is leveling the playing field and it's been beneficial to pure retail players rather than to incumbent vertically integrated players. We have a proven business model providing need to have electricity combined with sought-after value-added services, supporting differentiation and margin robustness. Through our acquisitions, we now have a diversified multi-brand strategy with Fjordkraft as a spearhead and the number one retail brand in Norway. Our platform for distribution and digital ecosystem is unmatched and provides the best-in-class service offering to consumer and business customers. We have strong competitive advantages and a robust platform for further organic and built on acquisition-driven growth across the Nordics. Finally, we have an attractive financial profile with a high cash conversion and limited capital expenditure requirements. Thank you very much. Now, please welcome Arnstein Flaskerud. Thank you, Rolf, and hello, everyone. My main goal in this section is to present the overview on the regulatory drivers and how they develop in the green shift. I will also cover the importance of staying closest to the customer and develop our core business in parallel with looking at new growth areas. Finally, you will hear more about why we believe that the market is even more ready for consolidation. Next page. Here you can see the traditional value chain with power producers, grid companies, power exchange, electricity retailers, and the customers in the center. We experience that the green shift is challenging every part of the value chain, driven by climate change and digitalization. At the same time, electricity is a central part of the solution due to the fact that there is a change from fossil energy to renewable electricity. In this green zone, new business opportunities related to local production, energy management, and storage of electricity are emerging. We now see attractive possibilities connected to digital user experience, both in the consumer and the business market. Fjordkraft has during the last few years taken a clear role closest to the customer and increased innovation focus in the user interface. Both in consumer and in the business market, we are now developing customers to benefit from the new possibilities in the green shift. Next page. Fjordkraft will also consider different collaboration models where the role in the value chain and the business models support industrial cooperation. This also includes developing our business models, and we are now developing platform business models in parallel with our linear business models. Christian and Roger will come back to that later. Timing is crucial when entering new markets, and the most important factors to optimize timing are technological maturity and the changes in regulation. That leads me over to the topic of regulations. Next page. We are still facing substantial regulatory changes as a response to the need for more innovation, cost-efficient grid development, and fair competition. I will now focus on the Norwegian electricity market and the mobile market, while Per will introduce you to regulatory matters in Sweden and Finland. Next page. The unbundling of vertically integrated companies has accelerated during 2020, and especially in Norway, we have seen unbundling of vertically integrated companies and separation of the end-user business model and monopoly part of the companies. The last couple of years, we have also experienced a digitalization of this industry. The smart meters and Elhub in Norway have provided more accurate consumption data with higher granularity and more streamlined processes between all the players. The Clean Energy Package, also referred to as the Winter Package, is the fourth energy package in EU, the goal of the package is to pave way for a gradual transition from fossil fuels towards a carbon-neutral economy. The package supports the EU targets for 2030, the most important elements for Fjordkraft are the Energy Performance in Buildings Directive, the Energy Efficiency Directive, and the Electricity Directive with consumer empowerment and protection, and electricity regulations, which ensures a well-functioning wholesale electricity market. Next page. This is a very important page explaining the ongoing and upcoming regulatory changes. At the left, we have listed the main changes going on right now. The regulation requires vertically integrated companies to separate from the grid company and the retail business in several ways. This materializes in split of ICT infrastructure, separate companies, and the split of functions. However, the functional split does not apply to companies with less than 10,000 deliveries, comprising around 50 smaller vertically integrated companies in Norway. All the unbundling the last years has led to increased competition, more complexity, and has been fueling the market consolidation and uptake of concepts like the Extended Alliance concept that we offer. At the right, you see the expected changes in 2022 and 2023. At the start of 2022, the requirement of brand unbundling is applicable, and that means that the integrated players can no longer use the same brand on the grid company and the retail company. The regulator has changed its view on mandatory power tariffs and allows different approaches, including time of use models also to the consumer market. All in all, unbundling is the game changer, which levels the playing field, leading to a tougher competitive climate and even more need for scale to be an efficient market player. Next page. On the 27th of January 2021, the Association of Energy Companies in Norway, Energy Norway and DistriktsEnergi introduced a quality assurance certification model for electricity retailers in the Norwegian market named Trygg Strømhandel, Safe Electricity Purchase in English. We support the initiative and have sent our application to be certified. We certainly believe Trygg Strømhandel will be beneficial to both the consumer as well as to the retailers. The certificate quotes that the market participants fulfill requirements to transparency, securing a level playing field. Both the certification process and further following of processes will be governed by DNV, which also governs the Swedish equivalent certification called Schyst Elhandel. Next page. We will now take a short look at the mobile market, where Fjordkraft has been present since April 2017. There are two big players, Telenor and Telia, with several sub-brands, and they are present in the whole value chain and are here being attacked by ice, who also own their own mobile network. They are also being attacked by a handful of service providers, including Fjordkraft. Telenor are regulated, and they must give access to their mobile network and to offer non-discriminating prices and technology to the other players. Today, the regulator is conducting margin squeeze tests biannually to evaluate Telenor's pricing. This has led to several price reductions to our wholesale procurement, but the rules are still unbalanced, highly favoring the network operators. The regulator, Nkom, has during 2020 stated new market regulations, but the process of implementation is complex and slow. There are some upcoming important changes that I would like to highlight. The modeling player size in the margin squeeze test is reduced from 5% to 3% market share, and Telenor will be mandated to provide both linear price models and bulk price models. The changes are expected to give the service provider a better range of tools to innovate and give the customers better solutions, and in total, leading to more robust service provider business models. All three mobile network operators are fighting against the new regulations and have made formal complaints to the department, trying to uphold their competitive advantage given by the regulations. Fjordkraft has also made a formal complaint aiming to reduce Telenor's freedom to define the access price model, and thereby avoiding some of the intended effects on the regulations. The process of evaluating the complaints is ongoing and might last for another couple of months until the verdict is clear. Christian will tell you more about how we adapt to the new regulations. Next page. It's time to move from regulations to our M&A agenda. I will focus on both our ambitions and our opportunities, and you will learn more about the prospects, the drivers, and our roadmap to growth. Next page. First, a brief look at 2020 and the most important transaction last year. We have overperformed substantially regarding our M&A goals for 2022. We succeeded in realizing attractive transactions both in Norway and in Sweden and Finland. By acquiring Innlandskraft with the brands Eidsiva Energi and Gudbrandsdal Energi with around 240,000 customers, Fjordkraft became the largest electricity retailer in Norway. At the same time, we became the owner of the most popular fighting brand in Norway, Gudbrandsdal Energi. By acquiring SNG with the brand Nordic Green Energy, with 165,000 customers, we became a true Nordic player with a good position for further growth in Sweden and Finland. By completing these two transactions, our current roadmap related to M&A is fulfilled. I will come back to our new goals in a few moments. Next page. We consider Norway, Sweden, and Finland the most attractive electricity markets in the Nordics. This chart illustrates the main players in the three markets. As you can see, all markets are fragmented, and the illustration also implies that the consolidation in Norway leads the way. All markets have the same structure with a few large players, some medium players, and many small players. In Norway, two players share around 50% of the market, while in Sweden and Finland, between four and five players share around 50% of the market. All three markets are fragmented and are facing further consolidation. We also observe that the markets are becoming more similar and the competition becomes increasingly pan-Nordic. Per will give you a deeper understanding of the Swedish and the Finnish market and our further growth plans outside Norway. Next. A few comments on the most important drivers to consolidation. First, regulatory changes, which we have addressed in the previous part. Merging of grid companies and whole groups. These both support a more horizontal structure in the sector, and the consolidation might lead to divestment of the retail part of the business. Intensified competition is driving costs in most processes, and this will lead to higher churn, which erodes the incumbents' local market shares and forces them out of their protected home markets. The incumbents are facing a more challenging standalone setup at all levels, no longer having the opportunity to lean on the monopoly part of the group. Last but not least, technological development and customer expectations are changing the whole value chain and the customer offerings. The incumbents are facing an increasing technological debt due to the digitalization of all processes, in addition to changes in the customer interface and value-added services competition. All in all, these driving forces increase costs per customer at an accelerating speed for all the players. The increasing competition and increasing costs will lead to margin pressure and scale challenges. Next page. Our M&A ambitions are significant also for the next couple of years. Now focusing on Sweden and Finland in addition to Norway. I would like to highlight important reasons for us to be the consolidator. Number one, our system and process architecture, the Fjordkraft Factory and platform has, over the last years, proven significant scale and synergy effects in Norway. We also observe great scale potential in Sweden and Finland. Number two, Fjordkraft has grown to an attractive industrial partner, having provided scale to industrial partnership for many years. Number three, in addition to our high cash conversion and debt capacity, we also have listed shares as an opportunity, particularly if this is a requirement from the seller. This was the case in the Innlandskraft transaction where Gudbrandsdal and Eidsiva were paid in shares, thus staying exposed to the retail part of the value chain. Regarding the valuation, we have learned that customer value can deviate substantially among deals due to variation in EBIT per customer, churn rates, potential cost synergies, and effect on the competitive landscape. Even though all the steps in the process are important, the realization of the synergies is a key factor, both by securing the value creation and by serving as an important input to upcoming cases and their valuation processes. When it comes to growth in a longer perspective, we must be both aggressive and patient. We will only close deals that are at an acceptable price level for us. Next page. I would like to summarize the main points from this presentation. Number one, we expect that our M&A activities will fulfill a major part of our roadmap to growth, now also approaching Sweden and Finland. We are both aggressive and patient. Number two, the EU regulations in the electricity market are supporting Fjordkraft's growth strategy, although it takes longer in Sweden and Finland. Number three, the electricity market in Norway, Sweden, and Finland are highly fragmented and provides a substantial number of attractive prospects. Number four, Fjordkraft has the ambitions and experience to consolidate. M&A represent a fundamental part of our business growth and fuels our possibility to further expansion in the Nordic. It's also important to highlight that our roadmap to growth, it is ambitious but realistic, and we will work hard every day to fulfill our M&A goals. Thank you. Hello everybody. My name is Christian. I'm Head of Consumer, I will now give you a closer look at Fjordkraft Consumer. Next page. The consumer segment comprises of energy sales to private households across Norway. Fjordkraft has a nationwide presence and a leading market position. After the Fjordkraft Group's acquisition of Eidsiva Marked and Gudbrandsdal Energi last summer, we now have a new stronghold at Innlandet. Innlandet is a great add-on to our other strongholds in Norway, that is Trøndelag, Oslo, Sortland, the West Coast, and the region in and around Telemark and Vestfold. At Innlandet, Elmera Group operate the brand Gudbrandsdal Energi, in Trøndelag, the brand TrøndelagKraft, which was created after the acquisition of TrønderEnergi Marked in 2018. While TrøndelagKraft operates regionally, Gudbrandsdal Energi has a nationwide approach when trying to attract customers. Fjordkraft, TrøndelagKraft and Gudbrandsdal Energi target consumers with an attractive offering that includes a fine menu of value-adding services and a strong focus on customer experience. To the upper right, we see that Fjordkraft has a leading market position as a recognized brand, which is proven by various consumer surveys. In the consumer segment, Fjordkraft is the largest and most well-known electricity retail brand. Winner of Norway's Best Customer Service at Kantar's Customer Service Days. This study includes answers from more than 20,000 customers across brands. Winner of BearingPoint's Digital Leader Award. We have a broad product range with value-added services and industry-leading loyalty program. In the brand Gudbrandsdal Energi, the Fjordkraft Group has a strong fighting brand with industry-leading customer satisfaction. The key numbers at the bottom of the page shows the Consumer segment's importance to Fjordkraft. Fjordkraft's Consumer segment is contributing with about NOK 1.1 billion in net revenue, 755,000 electricity deliveries, 8 TWh delivered volume. Fjordkraft's total market share in the Consumer segment exceeds 28% in Norway. Next slide. A broad core product offering differentiating value-added services enable a market-leading value proposition. The spot price product follows the spot price on Nord Pool in each of the five different price zones across Norway. This can lead to large price variation during the month and even throughout the day. The customers are fully exposed to the spot price volatility. For Fjordkraft, the spot price product have a fixed nominal markup representing no price risk. Now, moving down to the standard variable price product. They have a 14 days notification period for price changes. For the customer, prices are more stable, more predictable, and are announced in advance. The standard variable price product offer one price across Norway, independent of price zones. It protects the customers from intra-day price volatility between price zones, and rapid increase of the spot price. With the introduction of more wind in the power mix, we will have an increase of intra-day and intra-week price volatility in the years to come. Some standard variable products also come with price ceilings to offer consumer more predictability and peace of mind in their private economy. For Fjordkraft, this product represent a short-term price risk within the notification period. However, this product offers margin opportunities on the back of price volatility, though it might be difficult to foresee timing and magnitude. These products cover different consumer needs with a broad offering of tailor-made price plans. We believe that a balanced split give us the right balance between risk and profitability due to the market's volatility. Now moving over to the right. We target consumers with an attractive and differentiated offering that includes a fine menu of electricity supply price plans matching varying consumer preferences. Attractive add-ons to price plans such as price matching, competitive guarantees, and loyalty bonuses. An attractive benefit program in cooperation with external partners. A great menu of value-added services, including affinity insurance, flexible payment solutions, guarantees of origin, solar panels with sun account, home chargers, and smart charging. These value-adding services expand our margins. Next slide. The battle for customers. I will now give you a quick look into the competition among electricity service providers. Traditionally, the value proposition has been spearheaded by two main assets. That is price and local affiliation. The national players are mainly focused on price, while the local and regional players are more focused on local affiliation, as they target consumers within their local areas. Due to the rise of smartphones and the digitalization of private households and society in general, customer experience has emerged as an important part of the value proposition spearhead to attract and retain customers across most service industries. Competition intensity when it comes down to value proposition is now split between three areas rather than two. Who can offer the best value for money? Who can say that they are local or that they in some way support your local community? Who can offer the best digital customer experience to empower the customers with self-service insights and tools? If we look ahead, we believe that competition intensity will continue and that customer experience will make a massive impact in the battle for customers. Now moving down to the next slide. Digital ecosystem offers unique customer experience. We believe that if you are to create unique and great customer experience as a competitive advantage when having such a broad menu of products and services as we do, you need more than just a homepage or an app. You need a whole digital ecosystem. Our digital ecosystem has a fine menu of apps and websites serving specific roles and solving specific tasks for our customers. This includes the Fjordkraft- app, fjordkraft.no, My Page, the Fjordkraft Marketplace, and the EV charging app. Our digital ecosystem serves as a digital department store where customers can move in and out of the different interfaces to solve their tasks, whether they want to view their monthly benefits, check their electricity usage, buy products from the marketplace, check for nearby EV charging stations, or connect bought products to the app. Digital ecosystem also contributes positives on important business KPIs like sales, churn, customer satisfaction, and income. Next slide. New digital services embraced by our customers. Customers using the Fjordkraft app can use the best services that the Fjordkraft universe has to offer. During 2020, we released more than 30 app updates to push forward innovation through new and better services. These new digital services, the easy-to-use app, and a captivating interface has been embraced by our customers. In 2020, the app had a total of 180,000 users. This includes hundreds of downloads every day, tens of thousands of users every week. Cost efficiency through scale and numbers of users are of great importance. It's harder to invest heavily in developing a competitive digital ecosystem the fewer customers you have got. This is a numbers game. The return on investment stems from reduced churn, new revenue streams, and higher customer satisfaction. The more customers you have got, the more value you create. The app has a positive impact on both churn and customer satisfaction, as insights from our analytics shows that customers using the app have a significantly lower churn rate. A highly rated app study also shows that customers using the app have a significantly higher customer satisfaction. Next slide. Digital services empowering customers. During 2020, we have given our customers access to quick and easy overview of electricity consumption, solar energy production, mobile data usage, and customer benefits. We've set up smart and easy-to-use services for overview and control of the charging of electrical vehicles. We have also smart home functionality. The Netatmo weather station, heat pump, and the Dimplex heater proved to be very popular in 2020. These services all help customers to a more friction-free daily life. What kind of services can we expect in 2021? First and foremost, we are looking for services that eliminates customer friction and adds customer value through innovation and smartness. We will be adding more services and insights into the concepts My Home. We'll be adding more electrical vehicle brands and chargers to connect smart charging services, and we will shortly be adding the Fjordkraft Pulse. This unit can be connected into the smart meter in the house. Customers using the Pulse unit will get real-time data of electricity usage straight into the Fjordkraft app. We will be able to create services like showing a breakdown of the electricity usage per unit or per unit group to give even more insights to our customers. The Fjordkraft Pulse and these value-adding services are the output of an Enova-funded project that we have been running for a couple of years. As we close down the Enova project, some of the best services will be commercialized in the Fjordkraft app. The app is a great way to fast-track these and other learnings from the Enova project to our customers. When it comes to choice of network, we will be using the mobile network LTE-M instead of Wi-Fi. This give our customers better and more stable connection as the smart meters often are located far away from the Wi-Fi router. More services will surely follow. With the Fjordkraft app, we put ourselves in a great position to develop and launch more attractive products and services as new customer demands appear. Next page. Fjordkraft Marketplace launched on the 18th of January. The Fjordkraft Marketplace was launched about a month ago. The Marketplace is based upon a platform business model. We are offering quality goods from quality third-party vendors. We have created an attractive distribution channel for our partners, and at the same time, we keep our position as an intangible service provider. The demand for household appliances and gadgets that can be connected and controlled has increased along with the adoption of IoT in the consumer's homes. The products offered through the Marketplace will be products that complement and strengthen our core value proposition. This can be mobile phones, solar panels, home chargers, and smart products for home and travel. With this approach, we can focus on making services in the Fjordkraft app that enrich the vendor's products and our customers' usage of those products. In this way, we enhance each other's value proposition and the customer's experience and value for money. With the introduction of the Fjordkraft Marketplace, Fjordkraft will gain new revenue streams and reduce customer churn. An example of a new revenue stream can be commission per order sold on the Marketplace. Financing solutions instead of cash settlement have a proven record of reducing customer churn and are, of course, an available service. We believe that the Fjordkraft Marketplace will play an important part in the development of our digital ecosystem. The Marketplace target a net revenue between NOK 50 million and NOK 70 million in 2021. Next page. Perfectly positioned for creating great customer experience and extensive customer value. There is fierce competition in the market. A lot of competing brands offer some of the same products and services as we do. We believe that no other electricity service provider offers such a broad and attractive value proposition as we do. To succeed in the digital age, you need the best and most attractive partners to create value for the customers. Our brand strength, distribution power, and customer base are great assets and make us an attractive partner. How do our broad range of services create value for our customers? Firstly, we have a favorable offering on our close-to-core products. These value-for-money services spanning from favorable subscriptions for solar production and electrical vehicle home charging to price match and risk mitigating products like price ceilings. This winter alone, customers holding price ceiling products have saved thousands of krones. Service shows that value for money is one of the strongest associations with the Fjordkraft brand. Secondly, let's talk about mobile. Our mobile subscription offering includes favorable prices for any customers that also holds a Fjordkraft electricity subscription. The favorable prices apply to the whole household. We see that the customers also holding a Fjordkraft mobile subscription have a significantly lower churn rate and a higher customer satisfaction rate. As I said earlier, our digital ecosystem has been embraced by our customers. With innovative, easy-to-use services, the app is empowering users to take control of any service available within the Fjordkraft digital universe 24/7. Again, we see that customers using the app have a significantly lower churn rate and a higher customer satisfaction rate. For the second year running, our customer service became the winner of Kantar's highly rated customer service days. Our figures also show that our customer service has a positive impact on customer satisfaction. Finally, we offer a wide range of customer benefits, spanning from restaurant deals to discounts at top quality retailers and digital healthcare. The benefits are very popular among our customers, and we see a steep rise in app traffic on the day the monthly benefits are updated. The EPSI study shows that customers using the benefits have a significantly higher customer satisfaction rate. Next page. Going over to mobile. The number one service provider for mobile phone connectivity in the consumer market. The mobile business area comprises of mobile phone connectivity sales to consumers across Norway and are a part of the New Growth Initiative Segment. The market consists of three MNOs, that is mobile network operators, two MNO fighting brands, and several service providers, including Fjordkraft. The Fjordkraft Group has a total of 132,000 mobile subscriptions at the end of 2020, and is the largest service provider in the Norwegian telecom market. The subscriptions are distributed across the Fjordkraft brand and Gudbrandsdal Energi, and the Group reached its targeted 125,000 subscriptions in the Fjordkraft brand by year-end 2020. The market is basically a duopoly, with Telenor and Telia keeping massive market shares between them. Even in a market with such competitive challenges, Fjordkraft has made a massive impact. We are the largest service provider, with more than 132,000 subscriptions. We have got highly attractive and competitive pricing on all data plans. We have an award-winning customer service, and we have newly launched the marketplace, selling favorably priced used mobile phones. Financially, we target standalone profitability and a positive run rate EBIT by the end of 2021. The profitability in the mobile business has been negatively affected by, inter alia, COVID-19 in 2020. We have a positive outlook for this part of our business for 2021. We still believe that creating growth with an attractive and competitive offering, and creating loyalty through beneficial and value-adding services, will be of great importance for creating profitability. We believe that offering mobile phones and gadgets with flexible payment solutions at the Fjordkraft Marketplace will play an important part in both growth and profitability. The same goes for value-adding services like ID-security. More than 10% of our mobile subscribers are now subscribing on the ID-security service. Next page. A consumer segment with clear competitive advantages, ready to capitalize on digitalization. I will now finalize my presentation with these four key success factors for the consumer segment. We are the largest player in the Norwegian consumer market, supplemented by both a strong fighting brand and a regional brand. We have a broad product range with value-added services and an industry-leading loyalty program. We have a digital ecosystem that offers a unique customer experience. We are the number one service provider for mobile phone connectivity in the consumer market, adding loyalty to the customer base. Thank you. Hi, my name is Roger. I am Head of Business, and I will give you a closer look at the Business segment. Next page. Fjordkraft has a strong position with over 105,000 deliveries and more than 45,000 business customers. We have a leading brand position with 97% awareness and the highest top of mind in the industry. We are measured to be the most attractive supplier in the Business segment, and Business customers have a higher consumption and more complex products, to which the customers are willing to pay for. Therefore, we have a higher net revenue per delivery compared to consumer segment. Our net revenue is around NOK 375 million, and our market share in Norway exceeds 20% in the Business segment, according to the regulator. Our portfolio is highly diversified. We recognize that different customers need different solutions, and we are targeting specific segments of the market with a wide range of products designed to meet their needs. In our portfolio, we handle more than 2,500 co-ownerships. In this segment, we can deliver cost-efficient heating solutions, and we offer electrical vehicle charging and administration. We have a close cooperation with our national organizational chains and procurement corporations. This increases our efficiency and our hit rate in our sales channels. It also strengthens loyalty. We have dedicated resources working towards the construction industry. The construction industry needs to electrify its activities. They also need digital solutions to deal with a large number of deliveries. We offer digital solutions to manage relocations of the customer's deliveries. We see that an increasing share of business customers are tenants. We put a lot of our effort in developing sustainable solutions that makes it easy for the owners of corporate properties to reduce emissions by implementing new energy sources. This will give us the opportunity to offer services to tenants and to increase our share of wallet. Fjordkraft is the largest supplier to municipalities, and we are targeting the segment agriculture and aquaculture. These customers have a great need for sustainable solutions that reduce their emissions. Next page. There are almost 20 national players in total. Fjordkraft, along with two other competitors, are the only ones operating the entire Business segment, which includes small office, home office, SMEs, large customers, and public entities. This is a strength for us, and it contributes to our awareness and our position as a professional player. Most national players are putting their effort into the SME market. There are only two of our national competitors that are not operating in this segment. Fjordkraft believes that the reason for this is that there are lower entry barriers in the market, and that the terms and conditions, to a small degree, are controlled by regulation. This gives room for lock-in periods and pre-payment. Our biggest competitive advantage is our distribution power and our national presence with sales offices in Trondheim, Oslo, Sandefjord, Bergen, Stavanger, Hamar, and Sortland. Our presence does reflect a segmented and national commitment. We have five teams in telemarketing handling the small customers. 30% of our sales are from our external partners in the SOHO segment. This gives us the flexibility and opportunity to quickly respond in the market with high activity. We reach the medium customers through traditional sales activities. We have sales representatives all over the country, booking meetings and visiting the customers to give counseling at their location. The small and medium customers are served with standardized products, and all customers are offered our digital reporting solution, Min Bedrift. We have a portfolio team serving existing customers, focusing on follow-up meetings and selling value-adding services, or our growth through the acquisition of Innlandskraft gives us even more opportunities to offer our wide range of services. We have a dedicated team handling our large customers and public entities. These customers demand tailored solutions that handle all risks associated with purchasing electricity. The advisors are conducting follow-up meetings, we are seeing higher revenue, loyalty, and customer satisfaction when the customers use more of our services. We are making money in the tender market, the price pressure is considerably tougher. If a public entity leaves us or joins us, it has a limited impact on the total profitability of the Business segment. Public entities represent no counterparty risk for Fjordkraft, and Fjordkraft does not deliver to power-intensive industries. There are more than 80 sales resources, which sells for Fjordkraft in the B2B market every day. Let's go to the next page. Fjordkraft offers a wide range of products designed to meet every business customer's needs. According to the latest market research, the customers respond that we offer more value for the money compared to the other national players. We are also measured to have the most satisfied customers. Our product range includes spot products for those who can handle price volatility and variable products for the ones who need more price stability, as in the Consumer segment. Our main product is spot, including risk management. Many of the business customers have a great need for predictable power costs. Therefore, they choose electricity plans that includes risk management. This moderates price fluctuations and help customers manage their cost budgets. More than 50% of our deliveries in the B2B segment are deliveries with risk management. We also offer bilateral agreements such as area price hedging and options. There is a higher loyalty and satisfaction from the customers that have electricity plans that includes risk management in combination with other value-adding services. Volatility fuels spot with risk management and variable products, and our additional services gives our customer more than just an electricity product. We believe that focusing on such products will increase customers' satisfaction and our profitability. Fjordkraft has a very low risk associated with risk management products because the customers fully own their positions. Value-adding services will become more important to differentiate us from our competitors and to attract new customers. Through our online customer portal, Min Bedrift, we offer all our customers reports on consumption, comparison of consumption with temperature, cost reports, price forecast, and risk management reports. We also offer our customers a climate reporting tool that's using the Greenhouse Gas Protocol standard. Our customers receive a weekly market update in Min Bedrift. This gives them the information they need to make a sensible decision about their electricity risk profile. We experience improved loyalty from those of our customers who take advantage of our energy consulting and energy efficiency programs. I will comment on our concepts that reduce emissions later in my presentation. Next page. Klimanjaro is the name of our sustainability initiative. In 2016, we made demands to all our suppliers and partners that in 2019, they all had to be climate neutral if they want to work with us. This policy is still active, and all our suppliers and partners are climate neutral. This initiative was recognized as a Momentum for Change Lighthouse Activities by the UN in 2018. We are experiencing that companies want to copy this initiative. Some have already implemented it, and Fjordkraft assists those who want to copy Klimanjaro. In 2019, we launched Klimahub. Klimahub is a free service where the goal is for companies to get control over their emissions, get control of their supply chain emissions, show their CO2 emissions, and inform which measures they are taking to reduce their emissions. Klimahub follows the Greenhouse Gas Protocol for climate accounting, Scope 1, 2, and 3. It also offers to buy carbon credits. We have implemented functionality that helps companies engage in the Klimanjaro initiative in Klimahub. To further increase our impact, we will now measure the CO2 emissions reduced by our products and services. Every sales representative has an individual budget of emission reduction. With the use of our portfolio Klimasmart and guarantees of origin, we will be able to cap the emissions from our customers substantially. Next page. High awareness, wide distribution power, and a large customer portfolio make Fjordkraft an attractive partner. This position made it possible to transition from supplier to an energy partner and released several services in 2020. We have released concepts within local energy sources that helps our customers reduce their carbon footprint. We observe that engagement for climate change fuels the willingness to invest in new technology and new energy sources. Fjordkraft will take lead in bringing new solutions to our customers through sustainable business models. In 2020, we launched local energy solutions in the form of solar panel offerings and heat pumps named Soleklart and Energismart. We offer our customers solar panel and heat pumps in the form of energy-as-a-service. With our partners, we offer the customer a power purchase agreement. Our partners take the investment, install, and produce energy on the customer's site. Fjordkraft offers the customer a long-term agreement, which gives Fjordkraft, our partners, and the customer a low risk and a high degree of predictability. The customer will get a better certification of the building, reduced emissions, and predictable power costs. We experience longer and more complex decision-making process. After an extraordinary year with restrictions, we are in process with several large players in the real estate industry, and we have signed our first agreements and received good feedback on our concepts offering local energy sources. Next page. In the end of 2020, we launched Ladesmart. Ladesmart helps co-ownerships and businesses to offer fair charging, easy administration of electric vehicle. Ladesmart gives Fjordkraft a unique opportunity to reach residents in co-ownerships and employees of our business customers with several services from Fjordkraft. The acquisition of Innlandskraft gave us access to a dedicated team with expertise within solar panels, heat pumps, and charging. This year, we will establish a market impact team that will decrease time to market. We want to make it easy for the customers to choose new sustainable solutions. Commercial buildings will use several energy sources and local energy production that reduce their emissions. Therefore, we have launched Målbart, an energy management system that gives a complete overview of what and how they use energy from different sources, such as electricity, gas, district heating, solar, and water consumption. In order to reduce the consumption and emissions, we believe that the user must be financially responsible for all energy costs. Our system provides control of the tenant's consumption and offers correct distribution of all energy costs. During 2021, Fjordkraft will offer billing services to tenants on behalf of the real estate owners, including several different energy sources. Our new product portfolio, called Klimasmart, includes all these products, and we will continue to expand the portfolio with new products that help our customers reduce their emissions. Next page. Last year, we established a collaboration that made it possible to compete for customers who require deliveries in both Norway and Sweden. We signed our first cross-border customers last year. Through the acquisition of Switch Nordic Green, we will be able to offer deliveries in Finland as well. In the segments real estate, industry, and commercial chains, we experience that Nordic deliveries often are a requirement. We will be able to deliver all our services within physical power supply and risk management in these three markets during 2021. We noticed that customers demanding deliveries in Finland often demands deliveries in Denmark as well. Therefore, we will seek to establish a partner for deliveries in Denmark during this year. Next page. To summarize my presentation, in the latest years, we have increased our sales resources, invested in high awareness, and strengthened our position as a national player. In 2020, we expanded our product range, including several sustainable energy solutions, and the customers rate us to offer more value for money compared to our competitors. A large customer portfolio and a leading market position makes Fjordkraft an attractive partner for new sustainable solutions. Fjordkraft will continue to take lead in bringing new solutions to our customers through sustainable business models. We will use our firepower to accelerate the green shift in the business market. We have transitioned from an electricity supplier to an energy partner with value-adding services that reduce our customers' emissions. This attracts an even larger share of business customers. Focusing on M&A activities and becoming a pan-Nordic retailer enables new opportunities for further growth within both our core offerings and climate smart services. Fjordkraft is well organized and positioned for further growth in the business segment. Thank you. May I start by introducing myself? My name is Per Heiberg-Andersen, and I'm responsible for Fjordkraft Nordic Expansion and our fighting brand in Norway, Gudbrandsdal Energi. In this presentation, I will give you an introduction to the Swedish and Finnish markets and how we view Fjordkraft opportunities for growth. Let me start by giving you a snapshot of our new acquisition, Nordic Green Energy. Let's go to the next slide. Last month, November 10th, we completed the transaction and acquired the Swedish Finnish electricity retailer, Switch Nordic Green AB, which is using the market brand Nordic Green Energy. It's a company with offices in Stockholm, Sweden, and Vaasa, Finland. Nordic Green has about 165,000 customers in Sweden and Finland combined and is primarily consumer and SME-focused. The company is positioned as a retailer of renewable energy, which is naturally a good fit with Fjordkraft's ambition to drive carbon neutrality. Nordic Green is a clear challenger and a fighting brand. We believe it's a good engine for growth. The company has a strong management team with a total of 30 years industry experience. A shared operations division is based in Vaasa. In 2020, the company had a net revenue of approximately NOK 100 million and delivered an annual volume of 3.3 TWh. Also during 2020, the number of electricity deliveries grew by 8%, all organically. Next, I will look at the similarities in the Nordic Marketplace that may allow for synergies, as well as some differences that may call for a more local approach. This is followed by a quick look at the regulatory landscape. Let's go to the next slide. In this slide, I would like to compare Sweden and Finland combined to our Norwegian home market. Well aware that these are, of course, two markets with important differences, too. As to similarities, I would like to highlight the common EU regulatory framework, which we believe over time will make the market dynamics more homogeneous across the Nordics. Furthermore, we share common energy market exchanges as Nord Pool and Nasdaq, enabling Pan-Nordic power purchase. There are further similarities such as consumer behavior and technology adoption, as well as a growing interest in Pan-Nordic one-stop shopping in the Business segment. These are all similarities that should create potential for synergies over time and drivers for consolidation as well. At the same time, we need to both respect and address important differences. The three pies in the bottom right corner illustrate that the Norwegian energy mix is an exception, with hydropower totally dominating. Sweden and Finland both have more differentiated energy mix, which creates a possibility for a challenger to position itself as a vendor of pure renewable energy. Of which Nordic Green is one example. There are also important differences in product offerings. The product mix is dominated by fixed price products and longer contracts, whereas in Norway, spot price or variable price products are most common. As the data hubs are not yet established, we also see differences in the business processes as well as differences in market dynamics. Vertically integrated companies are common, and they have relatively strong positions in regional and local markets. We believe that all competition is local, thus we will build and develop local competence and organizations that know their respective markets and at the same time can understand and be able to realize the potential represented by the Fjordkraft platform. We need to cope with all these differences as well as differences in language and culture, especially in our M&A agenda and when developing our brand strategies. Let's go to the next slide and look at the regulatory landscape. Common EU regulations are important and will harmonize markets over time. We see a somewhat unsynchronized adoption in the respective Nordic markets. In Sweden, the hub has been postponed with no set date for realization. Finland will implement the common data hub in 2022. This will have relevance for the market dynamics as well as for business processes. In the big picture, we believe the integrated companies prefer status quo, whereas the pure retailers prefer the development towards a supply-centric model. Still, we also believe that some of the integrated companies acknowledge regulatory trends and see that the retail business will demand further scale going forward. Let's go to the next slide. Our goal is to be among the top four players in both the Swedish and the Finnish markets by the end of 2023. There's a good potential in both markets to realize Fjordkraft's M&A agenda. As mentioned by both Rolf and Arnstein, the Swedish and Finnish markets are not consolidated to the same extent as Norway. We have set up a team to work systematically in both markets, starting with thorough analysis, followed by meetings with relevant contacts. Despite the current situation with limitation on traveling and physical meetings, we have started the work and we even had a few cross-border video conferences. We get positive feedback on the Fjordkraft platform itself and the more recent development of new services and digital ecosystem as presented by Christian and Roger. New services and value propositions are in demand in the regional markets as well. One recognizes the need for innovation going forward and that larger scale is needed to invest in such innovation. We also get a positive traction on our multi-hub approach and our proven ability in Norway to realize efficiency from a national platform while working from multiple locations. It's also noted that Fjordkraft's top management is geographically distributed. For an M&A prospect, this reduces a perceived risk of losing local jobs. On the contrary, Fjordkraft may represent an opportunity to further develop local competence and careers. Finally, we receive positive feedback on the possibility for owners of a prospect acquisition to own shares in Fjordkraft and in this way, continue to be part of the retail business. It is perceived that Fjordkraft has a more partner-like approach to the seller and to the local community in its M&A activity. Let's sum up our strategic approach on next slide. Our strategy going forward includes further M&A growth following on model in Norway, where we primarily targeted regional publicly owned energy companies, where electricity retailing is not considered core business. We aim to follow the same multi-hub strategy, combining acquisitions and organic growth. We intend to replicate relevant elements from the Fjordkraft platform and facilitate efficient operations based on Fjordkraft practice, allowing for local adjustments of some business processes to fit the Swedish and Finnish markets and regulations. Furthermore, we will leverage from our product offering, development of new value-added services and digital ecosystem, as well as support the work in developing marketing and distribution, sharing our experience from the Norwegian home market. Let's go to the next slide. To sum up this presentation, I would say that we've had a good start through the acquisition of the independent brand, Nordic Green Energy. We intend to follow a combined M&A and organic growth strategy and see a prosperous future in both the Swedish and the Finnish markets. We also think that we've found a good approach and that Fjordkraft is able to offer an ideal win-win to potential M&A targets. We see synergies in replicating elements in the Fjordkraft platform and the digital ecosystem and will support the local organizations with other group capabilities and best practices as well. Finally, our goal is to be among the top four in both the Swedish and Finnish markets by the end of 2023. Thank you for your attention. Yes, I'm back. Based on our strategy process and regards to market review, we have set our new targets in the outlook 2021 to 2023, page 59. As before, these targets do not include effects from potentially new acquisitions in the coming period. First of all, in 2020, we had shown that we act as a consolidator in the markets. We are maintaining our ambition to act as a consolidator going forward. We see potential for further growth both in Norway, Sweden and Finland. Going forward, we believe in intensified competition with new players, including tech disruptors that appear as price fighters. This message is consistent with our previous guidance, where we historically have targeted lower margins than realized in the previous years. That being said, our new targets are in line with former targets. At group level, that means we proceed with our target of a high single-digit net revenue growth. Due to acquisitions in 2020, we do expect net revenue growth to be above double-digit in 2021. Furthermore, we reiterate our target adjusted EBIT margin of 36%-38%. In the consumer segment, we continue our target of a mid-single-digit net revenue growth and our adjusted EBIT margin is still targeted to a sustainable level of 32%-34%. In the business segment, we are targeting a sustainable mid-single-digit annual growth. That being said, we actually expect above double-digit net revenue growth in 2021 due to the acquisitions in 2020. EBIT margin is still targeted at a sustainable level of 52%-54%. In our newest segment, Nordic, we are targeting an annual EBIT adjusted contribution NOK 50 million going forward. As Per told you earlier on, our goal is, through M&A activity, to be among the top four players in both Sweden and the Finnish market by the end of 2023. As stated initially, our outlook does not include effects from potential M&A transactions. Continuing to the new growth initiative segment, we are targeting a 50% improvement in the EBIT adjusted, and thereafter a positive run rate EBIT from late 2021. We believe in further EBIT growth in the segment in years to come. Moving on to CapEx, we keep our targets of being in the area of NOK 65 million-NOK 70 million annually. When it comes to leverage, I will do a quick comment on our financing as well. Due to our acquisition strategy and realized M&A transactions in 2020, Fjordkraft entered into a new facilities agreement with DNB in September of 2020. The new facility gives Elmera Group the needed flexibility in short-term M&A activities, and by converting it to a syndicated facility in 2021, we will become acquainted with additional banks in the Nordic banking industry. We believe this is important to secure the financial facilities required to realize our M&A agenda. Having increased our long-term loan in combination with our continuous M&A agenda, we are increasing our leverage target to 2x- 2.5x NIBD/EBITDA, with variations intra-year due to seasonality in net working capital. We believe that our current balance sheet is still enabling a substantial capacity to finance acquisitions going forward. Regarding the dividend, we confirm our target as well, announcing an attractive and increasing dividend of at least 80% of net income, adjusted for certain cash and non-cash items as stated in our dividend formula. That was our comments on the outlook for 2021 to 2023. Morten will now facilitate the Q&A session. Thank you. Thank you, Ole Johan. We are now moving over to the Q&A session, and we will give the viewers a few moments to submit their questions as there is some delay on the broadcast. We can begin with one question that we have already received, which is referring to our third quarter presentation, where we said that we believe we're allowed to grow to a market share of 35%. Is this still your belief? Which year is it realistic to reach this goal? Maybe you can comment on that, Rolf. Yes. Thank you very much. Thank you for the question. As I stated in my presentation, we target 35% market share in the Norwegian market, and we target this within the end of 2023. As Per stated, we also target to be a top four player in Sweden and Finland within the same timeframe. We reiterate our target from the third quarter presentation. Thank you. We will give it a few more moments before we end the session in case there are more questions. We have one question regarding our guidance, which maybe you can respond to Ole Johan. It's like this: Does your revenue guidance include future M&A? No, it does not. No, it does not. Very clear. Thank you. Okay. I can't see any further questions. I think on that, we would like to thank you all for participating on this Capital Markets Day, and we would like to also wish you all a safe and healthy nice day. Thank you. Goodbye.