Hello everyone, most welcome to Dustin's Capital Markets Day 2021. I hope you have had a good day so far. We are in beautiful Stockholm, live here from a stage. Digital, of course, as the circumstances are. We will have a great agenda now for 2 hours, where you will, we will go through the plan, where we are right now, and how the plan forward looks. We'll first start off with an introduction from myself with the vision and then go into the strategy by Johan Karlsson, CFO. Moving into sustainability, having a short little break. Then go into operations, brand, the different segments we have with SMB and LCP. Then of course have a summary and a Q&A. A two-hour full packed schedule and I hope you are enjoying yourself during this ride during these two hours. The people you will meet today is the full management team with myself, Johan Karlsson, you have seen before many of you. We have Alexandra Fürst, who's Head of Operations in the Nordics. We have Angelo Bul, who is heading the LCP sales segment in Benelux. Gijsbert Geerders, who heads up operations in the Benelux. Martin Lindecrantz, Head of HR and Sustainability. Michael Haagen Petersen, heading up LCP in the Nordics. Morten Jakobi, heading up SMB in the Benelux. Rebecca Tallmark, heading up SMB in the Nordics. Last but not least, Stephanie Forsblom, heading up the communication and brand. We will meet the full team, and you can of course also pose questions to them later on. We will have a Q&A session at the final part of the presentation. Great, with no further ado, let's go into where we are now and just to wrap up where sort of Dustin is and what Dustin is for those of you who are new into the company. Dustin at a glance. We are a hardware and software company, also adding services to our portfolio. We have around 280,000 hardware and software products in our assortment. All those products and software services are sold primarily online. 60% of our business is online and 40% is offline. The offline part is typically more advanced products or more complex solutions toward public sector or large corporate sector, but we focus on building our online engine of course. That has proven to be very successful over the years. We are present in all Nordic countries, Sweden, Norway, Denmark, Finland, and now also in Netherlands and the Belgian market. Now, since the acquisition of Centralpoint, which we'll go through deeper, the largest market for our sales is now Netherlands, with 35% of sales. We are more or less complete B2B company. 97% of our sales is B2B, suited to small, medium-sized businesses and large corporate and public sector. 3% is B2C, and B2C we have, because we can, you can say, more or less out of scale. We make the full assortment available also for the consumers that can also buy the full assortment from us and the same good customer experience. We have around 2 million orders passing through our systems every year. As you see on the slide here, you can see also that the average order value for our customers is on SMB around SEK 8,000. On LCP, it's about SEK 15,000, and on a consumer side, it's about SEK 2,000. It's many, many small orders that pass through our systems every year. Moving on to our position, this has been the founding principle of Dustin since the beginning. Our founders saw already in 1984 that there will be a need of an aggregator with all the vendors and all the manufacturers, as you see on the left-hand side on this slide. They need an aggregator to interact with all the customers that you see on the right-hand side. In between, there are also distributors that we use, but we have of course close contact with all the vendors, distributors, in order to create a relevant package toward all our customers. What we have added during the last years is also our private label products, which we call Dustin Products. It's primarily low complex products like cables, adapters, screens, displays, et cetera, accessories. What we also added now during the years, for those who have followed us, you know this, we have acquired a lot of small service companies. Those we have now built our own service portfolio with. So now we have what we call Dustin Services, which are typically services aimed toward small and medium-sized businesses. But of course, we also resell services from our third-party vendors. These are services that are primarily aimed towards the SMB market, but also can scale up towards larger corporates and public. This is where we are. The aggregate role I think is interesting because the aggregator role as such is also becoming stronger. The more complex the left-hand side of this picture is, the more need of an aggregator. Because the companies of today, they want a solution. They don't want to pick and choose from every vendor that is possible out there. They want someone who can cater for the full IT sort of solution, and that is where we come in. It's interesting that the aggregator role becomes stronger and stronger. We enjoy ourselves very much in this position. We also see that we have a high growth position in a very large market. This market overall, the IT market as such, is very fragmented. It consists of many, many small companies and some large. We see that our addressable part of the market is around SEK 300 billion, where we have now around SEK 20 billion of those, and there are some other large ones of course, but there are many, many small players. Typically, an IT company in a corner of a building serving all the companies in the building. A guy or a girl running around with a printer under his arm or fixing the computer, and that is now changing rapidly, especially now we have seen that during the pandemic. We build our strategy on the four key trends, key market trends, as you see on the slide here, which is of course, obviously the increasing sales of, or demand online. It's increasing demand for security, for mobility, for cloud services. It's of course also the increasing demand for sustainable IT that we will come back to later on as well, but how companies are evolving in the thinking of sustainability, which of course is great. Last but not least, I mean, the digitalization as such is driving the importance. It increases the importance of IT in the organization. IT is no longer a shaded department somewhere in the corner of a company, and no one understands what they're doing. Now it's this core heart of every company, and that is, of course, really good for us. What we see in speaking of addressable market, we have around 7% of market share in the Nordics, and we have about 5% in the Benelux region. Roughly the similar size. Given our size and that we are one of the largest ones, you can also imagine that there are a lot of small players in the market. How do we then build the growth from this? What we do, if you look at the right-hand side of this slide, you see the trends that we build on. Then we have our position with a very strong online foundation. We have a broad customer offering that we can support all the customers with. We, of course, are increasing our sales towards our existing customers, but we're also expanding our offering towards new markets and also expand the offering in the markets we are in. From that, we build. We see that, okay, we can capitalize on the underlying growth of the market. It's around 5%-6% if you compare the underlying growth as well as the online part of the growth. We can see that we can have actually reach a premium growth of the service side. From that, we see that, okay, we actually have the capacity to grow around 8%, over a cycle. To this, we also add, two to 3% of growth from, smaller acquisitions. Around 10% of CAGR growth, is what we estimate to have over a cycle, and that is how so we build this up. If you look then what has happened since the IPO, Dustin was listed in 2015, and since then, we have had a good development. If you look at the top on this, we look at net sales. We have had a CAGR of 15% in sales. On the EBITDA level, we have had a CAGR of 17%. We have generated roughly 2.7 billion SEK in cash, and some of that cash we have used to acquire companies. We have done 17 acquisitions so far, primarily the smaller service companies, but also larger ones as you've seen now with Centralpoint and previously Vincere Group in the Netherlands. We have, of course, also grown in employees as we grow with the company. We are roughly 1,500 people more now in the company than we were at the listing. What we've also seen now during the year, speaking of sustainability, is that we have for long measured scope 1 and 2 when it comes to CO2 emissions. Now finally, we can also start to measure the Scope 3, which of course, as you see in this, is where it matters. That is where we should put in our efforts. Then dividend. We have a financial target of have a dividend of 70% of the net profit. This we have done all over the years. We have handed out a dividend of SEK 1.3 billion, which is roughly 14.8 SEK per share, and that is before the dividend that are proposed now for the coming AGM. We have had a good development of the share, and that has given us a total shareholder return of about 162%. In general, it has been very good development. Dustin has been a very good investment, and we work like hell to continue to be that. Now let's continue, and let's see where are we heading now. The way we meet, connect, work, and do business is constantly changing, opening up new opportunities and needs. We have a history of facilitating change and a drive to keep doing it, being in constant motion, creating an even bigger impact, becoming a European IT powerhouse. This is our ambition, a leading position in Europe with the customer in focus and sustainability at the core, always delivering IT solutions that make life easier and enable development. The greatest power of this motion is us. People like you and me that truly care for the evolving needs of our customers, society, and for the planet, dedicated to make a difference and with the power to keep things moving. Great. What we now start is what we call our fourth chapter. What I mean by that is that if you look back, you can say that Dustin is more or less a textbook example of how companies evolve during different leadership, different ownerships. We had our first phase, our founder's phase, where Bo and Ulla Lundevall founded a company in 1984. Found out that there will be a good market for selling floppy disk, colorful floppy disks. They started the company. Luckily, they named it Dustin. Actually, it was the dog that they bought that was supposed to be called Dustin, but they changed, so Dustin was the name of the company. Then they evolved. In 1995, we launched our first, actually the one of the first e-commerce players in the Nordics in Sweden. They started to find out that that is a very good model to have, the online model to have to reach primarily small and medium-sized companies because it's very cost efficient. We continued to evolve. Bo and Ulla sold the company to a Swedish private equity, Altor, in 2006. They, in typical private equity way, in a very good way, they started to develop the company, started to expand to new territories. We went to Denmark, Norway, Finland. We invested in a warehouse. We invested in IT platform, changed to a new ERP system, and then took the company, preparing it actually for listing, and then listed the company in 2015. In 2015, when we were listed, we started our sort of way of maturing and professionalizing ourselves. In came also Axel Johnson as a major shareholder, and still is the major shareholder. We have worked on that, also expanding to new territories. We've expanded to Netherlands in 2018. Now with the acquisition of Centralpoint that we did during the spring. We also see that now we start the fourth chapter. Now we start to write the fourth chapter of Dustin, where we have a strong foothold now in the European mainland, also combining with the strong presence we already have in the Nordics. Two strong regions, and that is what we mean by the fourth chapter. What we're now paving the way for is to build the European IT powerhouse. Dustin today has around 2,400 coworkers. We are about SEK 21.6 billion in revenues, and we are about SEK 1 billion in adjusted EBITDA. We have around 500,000 customers, and we are now the eighth-largest player in EMEA of IT partners and resellers. Size matters in our business. That's very good because of the position now that we see that we can have in Europe, it's good to be big. What is this position then? Well, the position, if you look at the European market, it's very large. It's a very growing market. IT, as said before, the trends for the underlying drive of IT is increasing rapidly. We see still it's very fragmented. The most of the market shares still come from small players, but the consolidation is happening in the market due to the fact that the customized solutions is now moving into standard solutions, and therefore you need scale in order to build that. What is driving this going away from the customization is actually the complexity of IT. That IT becomes much more of a central part of each company, and there you cannot have too much of customized solutions. You need the standard solutions, have someone else, have a partner that can develop the services for you, and there we come in. Of course, the trends toward consolidation is there. I mean, there is a need for, especially when we move to cloud, there is a need for becoming bigger and therefore it's room for consolidation. Of course, also the online is gaining ground. I mean, there's a lot of investments in building out the online platforms, the online offerings, how to package things in order to make them even more available and relevant for all the customers. That is of course also gaining ground. With this position we have now, where we are number eight on this list, of course, that is what we see as our, as said, our next chapter in this and what we now start to write. When we then end, sort of in 5 years' time, when we sort of write the last sentences of the fourth chapter and entering the fifth chapter, where will we be then? Well, right now we are at these levels, as you see on this slide. We're aiming towards more or less doubling the company where we see that we have possibility to do so. So we aim for our target to say so SEK 40 billion in 2025, 2026. We aim for an EBITDA of about SEK 2 billion, have an EBITDA margin of between 5%-6%, and going from the position as the Nordic IT powerhouse to become the true European IT powerhouse. That is what we aim for. Of course, now I know that you are very eager to see, okay, how will we actually do this? Now let's go into and look into how the plan looks. Great. Most welcome, Johan Karlsson. Thank you very much. CFO, and you will now take us through more of the details of the plan that we have started to describe. Thank you, Thomas. Good afternoon, everyone. It's a great pleasure to be here and explain our strategy to reach our financial ambition, as you've seen before. We set out this work with the financial targets as the base and also with our sustainability commitments. This formed the basis for the strategy going forward. As part of that, we actually looked through the financial targets as a consequence of the acquisition of Centralpoint, and we came to the conclusion that we would remain with our financial targets throughout this planning period of the next five years. That means if we look at the financial targets and commitments on sustainability, that on growth, we were expecting 8% organic growth, as we have seen previously. Adding that with adding that to acquisitions as well, adding to the 8%. On margin, we'll remain with our 5%-6% adjusted EBITDA margin, following the capital structure where we believe that our leverage, that is the net debt to EBITDA, should remain in the range of 2-3. All this complemented with a dividend policy of 70% of net result as dividend. This has been complemented with our sustainability targets and commitments, where climate impact is the first, and we would like to be net zero neutral on CO2. On circularity, we are aiming to get a 100% circular offering by 2030. This is added with social equality activities or actions, 100 of them in the next 10 years. This form the base for our plan. If we then move on to look at how we will then do the sales target in terms of the SEK 40 billion that Thomas mentioned before. Well, actually, throughout the years, we have been growing both organically and through acquisition, and this is also the plan going forward. If we look at the first three boxes on this slide, that represents the organic growth for the next five years. The first box is the biggest and most important. It's how we grow the core business. This is really the heart of Dustin, the hardware, software business in both Nordics and the Benelux. We have divided them in two levers. One, which is the online part, where we believe that we can further improve the operating model, and combining that with the web personalization and more delivery options, we can create growth in the online engine. Added to that, we're moving towards the larger customers with a more specific offering. We are developing an offering that is more suitable to large customers as well, typically in the IT and web area or in the sustainability area. With these alternatives and extra offerings, we believe that we can reach higher growth also in the LCP area. If we move to the next box, which is all about services. As you remember, we have made 15 acquisitions since the IPO. The majority of these ones are now integrated to our services platform. This gives us really the base to accelerate services sales in an efficient way. With the market growing rapidly, we believe that here we can capture extra growth for Dustin in total. The third box represents the sales synergies of the merger between Centralpoint and Dustin. Here we see two clear levers. One is the implementation of the SMB operating model from the Nordics in the Benelux region. This is a unique model, and we believe that this can capture both new customers and add sales to the customers that we already have in the Benelux, clearly leaving us with a higher sales growth than in most of our areas in the company. We can also use the tender desk capacity that was in the former Centralpoint unit in the Nordics. This is a unique competence that we had in the Benelux region, and we can benefit from that in the Nordic and win more tenders in the Nordic. This also will add to the total growth of the company. These are the organic growth engines. As you can see below in this slide, we actually have 8 + 1% growth in the area of organic 8, which is more the basic growth, and then we add 1% with the synergies. Added to the organic growth, we have acquisitions. We have divided them in our plan in two groups. One would be the bolt-on acquisitions that you've seen before, and the other one would be the regional expansion. If we look a bit more in detail on the acquisitions, again, you see the two groups, the bolt-on value-adding acquisitions on the left-hand side and the geographic expansion on the right-hand side. The left-hand side is characterized of many small acquisitions. As said before, we have done 15 of them since the IPO, and we will continue to do them going forward. We actually expect the sales from these acquisitions to represent 2%-3% growth every year throughout the planning period. What are the characteristics with these acquisitions? Well, basically, we do them for two reasons. We either protect the current business. That means we either buy, let's say, a customer base to become more scalable in one country, or we can buy an adjacent product or service that will complement something that we already have. The other part of acquisition when it comes to bolt-on would be totally new offerings. Here we're looking for either a higher share of wallet with the customers that we have or to reach a totally new customer group that we didn't reach before. With that, we can add all our assortment. These two, let's say, M&A areas we have in the bolt-ons acquisitions. On the geographical side, obviously the reason to do them are to get a bigger reach and use our scalability, and by that, increase the addressable market. That could be, usually these will represent larger acquisitions and less acquisitions, obviously. These are the two types of acquisitions we have in the plan so far. If we summarize, we go from SEK 21.6 billion of sales to SEK 40 billion of sales. It's a combination of organic growth and acquired growth. On the organic side, we are slightly above our own target of 8% because we have the synergies coming from the merger between Centralpoint and Dustin. Quite a solid plan in order to reach our target of SEK 40 billion sales. If we move on to margin. At the moment, we are slightly below the target of 5%-6%. At 4.8%, we are looking at improving the margin to reach our own target. There are four distinct levers to improve that margin. The first one you could say is really in the heart of our operating model. It's efficiency and scalability. Here, there are two groups of levers. The first one really being automation of our processes. As you know, we have been automating warehouses, we have been automating purchasing processes all through the last couple of years, and we will continue to do that throughout this period of the five-year period of the plan. Added to that is our move of our IT platform to the cloud, where we believe that the operations of the IT platform can be more efficient if it's cloud-based, but also the cost of creating business value can increase or can decrease and be more efficient if we are cloud-based. Both these two will add more additional margin, and in our view, this will be approximately 0.1% per year throughout this period. Comes an area where it's all about selling more profitable products. Here we have two areas which are most important. It's the continuation of the rollout of private label. Here we have a success story. We're doing very good. What we can do here is expand the number of customers. This is all about the Nordics, by the way. We will come back to the Benelux in private label. We can expand the number of customers buying private label, and we can also expand the assortment of private label. Also further to that, as we talked about before on sales, when we develop more specific offerings to the larger customers, in typically sustainability or IT web functionality, we believe that we have the ability to choose between the tenders in a better way, and that by itself can enhance the margins. Choosing the right products, improving the assortment is really important to margin. In the third box, we come back to the synergies in the merger between Centralpoint and Dustin. Here, there are clear synergies and levers in that work. Private label, again, is one of the most important. The launch of private label in the Benelux region is something that we have been working on since actually the acquisition, and we are very close now to launch private label in the Benelux. In addition to that is obviously putting organizations together, we can use the scale of that organization and improve efficiency of the organization and be less people. That's something that we are working on, and we will come back on. Third on the synergies would be the purchasing power. Increasing purchasing volume, obviously, will give us some advantages, both with the vendors and with the distributors. Here we can improve margins coming from that. Fourth, way to introduce or to improve margin would be the introduction of a takeback program. Here we are building capacity to do takeback, and we are increasing the offering or enlarging the offering when it comes to takeback. This is, I think a great opportunity for us where the market is booming at the moment. By increasing our capacity, we can cover a larger ground on the value chain, and by that, improving our margins. These four levers is really something that can drive the Dustin margin forward. However, as we said before, geographic expansion usually comes with a larger acquisition of more a tilted LCP company that will, we believe, slightly reduce the margin during this period when it's done, and therefore we've taken it into this bridge. All in all, I would say that with this plan, our position is very good to reach at least the midpoint of our target of 5%-6% margin. We have heard a little bit about the synergies in this presentation. I would like to take the opportunity to go through the synergies on one slide, just to make a summary of it. As you know, we have indicated that we think there is SEK 150 million of synergies per year coming from the merger between Centralpoint and Dustin, and we still believe that. We divide them in two different groups. We have the revenue synergies on one side and the cost synergies on the other side. On the revenue side, we heard before we have the SMB model from the Nordics launched in the Benelux, and we have the LCP tender business in Centralpoint actually exported to the Nordics. Here, what I'm trying to express with this slide is that on the dark part of these lanes is actually how the value creation will be done. Actually what you see in SMB is that there is a longer investment period in the beginning in order to create value. Obviously, when the value is starting to creating, the upside of that value creation is very high. This is just captured because it's only three years. The value creation on SMB can continue for many years after the time on this slide. LCP tender business will come slightly earlier and will follow the renewal of tenders in the Nordic business, and that usually, as you know, is a more or less a cycle time of four years. When it comes to cost synergies, we are on it in a faster way. It's actually easier to implement. Private label, as said before, is on its way to be launched. Procurement, we are already negotiating with distributors and vendors. Back office efficiency, well, that will follow our actions to simplify the business. Moving on to one brand, moving on to one IT system, that will liberate people, and that will, in the end, create the efficiency on the FTE side. All in all, we still believe that SEK 150 million of synergies per year is what we're aiming for. I would also like to take the opportunity today to explain a little bit about the Dustin financial model. As you know, the financial model of Dustin is built on the fact that we create a lot of cash flow. A very high cash conversion, and in combination with low working capital and low CapEx, creates a very good cash in order to be used for the bolt-on acquisitions and the dividends policy. If you look at the actions of the last two years here on this slide, you can see that we created roughly SEK 1.3 billion of cash flow. Actually, in this period, we lowered the working capital and then hence generating cash from working capital. This is really an effect of the pandemic, but still, an improvement of cash flow coming from that. Then we spend some of it on CapEx, but again, quite a lot left to do the bolt-on acquisitions and the dividend at the same time. Obviously, this has been done in the period when leverage has gone from 2.6 to 2.1. I think we have a very strong model to continue to facilitate a strong organic growth at the same time as we acquire companies and we keep to our dividend policy. That's great. Thank you very much, everyone. Thank you for this, going through the model as it looks, and it really caters for our full model. Very good. Great. Let's continue now. Let's move into sustainability and start with looking at the movie. The international community recognizes that three of the main challenges for our society and our planet are climate change, resource use, and social inequality. Challenges are a great opportunity to do things differently. This is our plan. Zero carbon emissions across the value chain. Being fully circular. 100 actions for social equality across the industry and society. Our commitments are designed to redefine the impact of our business, how we behave, and how we act. To find new radical ideas, innovations, and solutions, we promise to collaborate with those around us, work together, and bring in different perspectives. An action to enable responsible, circular, and climate-smart IT solutions through collaboration and transparency, making an impact at scale. We don't have all the answers, but we do believe that positive change comes faster when we all see the possibilities and join forces. We are ready to take on our 2030 commitments. Are you with us? Dustin, we keep things moving. Great. With me here on stage, I have Martin Lindecrantz. You're heading up the HR and also the sustainability area, which is really good. Most welcome to the stage. Thank you. I can also start by saying that sustainability for us has been we have been working with this for a very long time, since actually before the listing, and it has been a true part of our strategy, and now become even more so we have a true sustainable strategy. We have learned a lot now, but now we have set new commitments that you will take us through. Most welcome, Martin. Yes. We are proud of our 2030 commitments. As you heard, they are designed to redefine the impact of our business, recognizing what takes place both upstream and downstream. We promise to collaborate with those around us. Yeah, that requires a certain mindset and also the ability to engage with stakeholders to create value through sustainable business. We are up for it because we see that there is an amazing opportunity actually in us for creating profit through driving sustainability across the value chain. The trends, yes, they really speak in our favor. Climate reduction is becoming increasingly important in tenders. As an example, in the Netherlands, sustainability gives more points than price in many tenders. The demand for circular products and solutions is increasing. By now, I think you could say that it's a hygiene factor to be responsible and transparent in your supply chain management. Summarizing, sustainability is becoming an integral part of buying IT. Where are we at Dustin today? Well, we have recently launched an in-house takeback both in the Nordics and in the Benelux. We already see that we have an advantage in tenders given the sustainability work that we do. We are front runners, actually, in having communicated just a couple of weeks ago that we have linked our sustainability targets to our credit facility. That gives us another incentive. Something else that actually has a very significant impact is the way that we now are able to to include the whole value chain, so including Scope 3. Now recognizing the other plus 90%. We are compliant with TCFD. In our external integrated reporting, our auditors, actually, they treat sustainability exactly the same as finance. Of course, there is plenty of potential looking forward. Obvious is to start to sell refurbished products as part of our standard offering, online. We also see the possibility of using data to help our customers make the right choices, the sustainable choice. We also see that offering an increased amount of circular options adds clear customer value. Interestingly enough, the demands that we see or the expectations from our large corporate and public customers in procurement in terms of sustainability, we can actually use to develop offers that we leverage towards our small and medium-sized customers to help them drive change because they want to do that because they think it's important, but they don't really have the possibility. We help them. Good potential for us actually in being in both segments. Let's look closer at our 2030 commitments and particularly our path towards climate neutrality. We've collected the data, a lot of benchmark information from our partners. We've crunched that, and we're playing with scenarios. Here it's actually great that we now finally can include the entire Scope 3 and bring in really significant components such as production and the user face, for example. As you see at the lower left side here of the slide. Of course, everything is based on assumptions, but we should use what we have at hand today, and we should adjust as we go. Right now, this is what we believe in. To begin with, we will continue to partner with private label suppliers, both through energy investments by the ones that we already have partnerships with, but also engaging with new ones. We see there is a push for this in certain parts of China in particular, but we believe we need to be there with our support in order for the transition to take place. This we believe will contribute with roughly 10%. Another 20%-30% will come from leading suppliers having their own commitments, some aiming to be CO2 neutral by 2030, such as Apple and Microsoft, and others still aiming at 2040. We will advocate towards those that we think should step up. At the same time, we will maintain close relationships with climate leaders. I talked about refurbished products before. Part of our growth will come from the secondary market where Dustin has not really played a role before. Looking ahead, yes, used products will make up a certain share of our volumes as opposed to new products. That will contribute with another roughly 10%-20%. Another scenario is that we will collaborate with our vendors to get data, and we will make it accessible to our customers. As an example, we will display product information on our webpage to ensure that our customers have the possibility to make those smart choices because they want to. A big chunk, 25%-35%, is estimated to come from new partnerships. We believe that might balance our portfolio of vendors. Lastly, this is important, if by 2030 there is a residual, we will take proactive measures by offsetting. Of course, making sure that the offsets are as small as they can be. Now let's take a quick look at our path to become fully circular. As of today, we are at 18.3% of sales. By the way, I'm really happy that we are able to measure this as well. First step on this staircase, takeback. Again, yes, it's estimated to make up quite a large share. Moving on the second step, it will come from us increasing the share of software in our offering. Selling refurbished products as part of our offering, yes, that will also contribute. Managed services as well, which will enable us to control the product life cycle. All these things will take us to 100% by 2030, defined as circular revenue being the same as reported revenue. I am so proud of working for a company that makes a profit by driving sustainability across the whole value chain. That actually puts us in the forefront of transforming sustainability in the entire industry. By that, I think that our 2030 commitments, they are really a commitment to make things moving. Great. Thank you very much for that, Martin. Thank you. It's really good to hear the plan. Thank you. You have there, and it's a lot of exciting excitement in that plan, of course. Now we will have a short 10-minute break, and for you to refill your coffee cups and make maybe a technical break if needed. See you back here in 10 minutes. Great. Welcome back from the break. Now I am here at the stage with Alexandra Fürst, heads up the Nordic operations, and then Gijsbert Geerders heading up the Benelux operations. Most welcome to the stage. Thank you. Good to see you here. Yeah, let's talk a bit about how operations will support the growth we have forward. Going to you, Alexandra, how can you indicate how operations will support Dustin's growth journey that we have ahead of us now? Sure. Let's start a bit with what we do in operations. We work with sourcing and procurement. We work with ensuring a strong customer experience via customer service and inside sales. We work with ensuring a scalable and flexible IT platform. We work, of course, with delivery of both our product and services. You could say operations. It's really the full process operations from A to Z. Mm-hmm. Covering everything we do. With that said, I mean, operations in Dustin is really an important foundation in both the growth journey, but also the margin journey that we heard Johan describe in detail. We do this by having processes and ways of working that enable scale. That is at our core. Discussing with Gijsbert and looking a bit back, we can really see that we have a great history of both growth and margin development, looking back. Also then looking ahead, what do we do? You could say that there are two things that I would like to highlight from an operational perspective. First of all, that we are careful when we make choices on what to invest in. And secondly, that we have a constant focus on continuous improvement. We strive each day to become a little better than we were yesterday. The key for us in operations is really how to make use of our scale and work with our processes. When we can't really come further with changing way of working and improving the processes, we dare to invest in optimization and utilization projects. One recent example that we've done in the Nordics is how we have enabled one customer view for our customer service. This of course give an upside on the customer experience, but also an upside in an efficient way of working. I also like to highlight how we have worked with the procurement and sourcing, especially the strategy the past years, and how we have successfully been able to meet the demands in the market with our strategy. We really use, as we also heard you talk about size. Size matters, and size is important. If we look ahead, we see a great opportunity now leveraging on the European multi-regional sourcing opportunity that lies ahead of us to further leverage on our size. To summarize, I mean, in general, you could say that we believe that the operational excellence is really at the core for a good customer experience and a basis for our modern journey and our future growth. That's good. That's good to hear. Over to you, Gijsbert, then how do you think operations can facilitate the synergies that we see between Benelux and the Nordics? Oh, yeah. Of course, it is a real pleasure to realize synergies by the best practices from two very solid regions. Centralpoint had already decided to renew the IT platform for the core processes by implementing a Microsoft Dynamics cloud solution. Dustin is also on its way to the cloud, to the same solution. In the Nordics, we have a great example of automation in a warehouse where we implemented the robot Rosie. Today, we pick 83% of all orders via the robot, and that gives a lot of efficiency, about 10+ million SEK a year. This gives a lot of inspiration for future automation. Mm-hmm. What used to be typical regional projects, Alexandra and I combining these projects into an interregional approach, and I think this is the strength, the practical approach. We learn from each other every day. A lot of many steps we make in the operation, we can make many steps in the operations, in the day-to-day operations. We learn from each other that way. Mm-hmm. Operations, of course, will keep on the agile way of working on these processes. It's really important to strive to improve. That is one of our core values in the organization. Many small steps forwards. Operations is a strong and agile organization that can support further growth at a desired quality level in both regions. We are, in that case, flexible, scalable, and robust. We have well-trained people on board with a broad set of competencies, so that makes us really flexible. We have two regions on the map, but in cooperation and connecting people, we are one. At the end of the day, that's all that matters. Yeah, it is. Back to you then, Alexandra. How do you think we can keep up, and how can we facilitate the IT platform now going when supporting our growth? Where will the platform be in five years' time? We are, as we all know, in an ever-changing business environment. Mm-hmm. This of course causes high demands on an IT platform, especially for us as a company. We have put up a strategic goal saying that we want our IT platform to be scalable and flexible to enable this future growth in this ever-changing environment that we act in. To reach this goal, we have some principles when we design and think and take decisions. Just few of the key elements on this journey, first is customer focus. We always have the customer's best in front of our eyes when taking decisions and designing our solutions. This also for us means that in this area, we believe we have an opportunity to create a uniqueness, to be separate or special from the others on the market. This is also something we would like to have close to our hearts and have our own built solutions. When it comes to, as we also heard Johan talk about, cloud, of course, it's about the time to market, but it's also about leveraging on the investments that cloud actors do in their solutions. We have a cloud-first thinking moving ahead, also as Gijsbert described on this core processes, and the journey towards the cloud there. On the same page, there is an opportunity to buy before build. Mm-hmm. Where we don't create uniqueness, where we have the opportunity to use commodity further on. Last but not least, we believe that we will have a centralized platform for Dustin moving on. We believe in scale, as you heard, and there is really an opportunity to have one centralized platform supporting the one processes that we have for the full group. The journey towards this goal, it might sound ambitious, and the question is when are you done? Yeah. It's actually already started, and our two regions are continuously discussing and deciding on next steps toward one IT platform. Mm-hmm. Good. Finally to you, Gijsbert. How do we then, we talked about the automation. You mentioned the automation. Mm-hmm. process we have in Rosersberg here in the Nordics. How do we optimize the deliveries for our customers then? Yeah, let's start with the logistics process. Yeah The typical process of inbound storage and outbound. The Benelux region is relatively small and crowded. As we can see on the map, in the Benelux region, we have now three warehouses. First, the first step will be to consolidate the warehouse activities, 'cause we believe in scalability and logistics and warehousing. To keep an efficient operations, it is important to consolidate those actions. Another important topic is flexibility. The work and the numbers are different every day. That's why it's really important that our teams has a broad set of competencies. When we look to the entire delivery process to our customers, automation and simplification are central. For example, working according to standard processes and work instructions so that we are flexible and efficient. The same applies to our services activities, such as volume services, like impact delivery, on-site preparation, customer images, and managed services like Everything as a Service. The key message for operational excellence for delivering to our customers is consolidation, automation, and simplification. That's how we run the business. It's a key function for us. It's a solid foundation on which we continue to build as it is a really important part of our customer needs and our future growth strategy. Great. That's great to hear. I really like it that you go to bed and wake up with the words consolidation, simplification, automation. Always. That's very encouraging to hear. Thank you very much. Thank you both. Now, let's continue on looking into how the brand will support that. Great. Now, I'm joined here at the stage by Stephanie Forsblom. Most welcome. Thank you. Have you had a good day so far? Yes, I have. Very good. Great. You're responsible for communication and brand. Yes. Yes. How do you see that the brand will contribute to our five-year plan now going forward? If we look at our position in the value chain, and actually coming back to one of your previous slides about us being the aggregator. Mm-hmm in the value chain, I would say that our success and our strategy, well, it builds upon, first of all, you know, high internal operational efficiency and excellence, but also strong external attractiveness. The power of a strong brand is really its ability to attract both, customers, vendors, partners, employees. When a brand really lives up to its promises, we see the effect in multiple dimensions. We see it in new customer intake. We see it in customer loyalty. We see it in lower price sensitivity. We see it in advertising effectiveness. We see it in employee engagement, and recruitment of new talents. The beauty of the Dustin brand is really that it caters for everything, you know, from the smallest SMB to the large corporate, from products to services, from relational sales to transactional sales. We are attractive. We are relevant. We have the knowledge to really meet the needs and add value to the small SMB, to the large corporate. Our customer loves us for this. We have been successful. If you look at our more established market or our more mature market, where we have built this position, this brand position over time, we actually see the effect both in margin and in the growth numbers that we present to the market. Mm-hmm. This is, of course, the uniqueness of the Dustin brand. Mm-hmm. This is, of course, the position we aim to build on all our markets. If you look at how it looks today, we have one brand in the Nordics, but now we also have acquired companies also in Netherlands and Benelux. This is how, if you look at the slide, this is how it looks today, with a lot of scattered brands. When will this see the change of brand, one brand also in the Benelux? By the end of August 2020, we will be one brand in the Benelux region. As you said, today we are 8 brands, including the Dustin brand, presented on the Benelux market, each with own value proposition. Mm-hmm. Really to provide clarity, both internally and towards our customers and vendors, to provide efficiency, both how we do things and how we do our advertising, and to really gain impact, we will become one brand by the end of August 2022. We will start the rebranding actually now immediately. Throughout the spring, you will see, you know, the rebranding taking place. That's really good. By end of August, we will see how this transform, and we will cover a larger part of Europe, or at least our part of Europe, with one brand. Exactly. Yeah. Very good. Thank you very much, Stephanie. Thank you. Thank you for joining in here. Good to hear also about the brand and also the operations. Thank you very much, everyone here on stage. Thank you. Now let's continue now to go deeper into the segments, and we will hereby start by looking into SMB and LCP, and we will now start with SMB. Great. Here we are. We will start off with the SMB Nordics, headed by you, Rebecca Tallmark, and you will tell us more about the story going forward now. Most welcome. Well, thank you, Thomas. SMB Nordics will continue to deliver growth while securing the margin. We will deliver 8% annual growth target, and we have been delivering 8% yearly since the last Capital Markets Day. Stating the obvious, we do this by the number of customers and average sales per customers. That is what drives the revenue for us. In terms of customer base, our goal is to grow that with 1%-2% annually, and we do that through increased loyalization and new customer intake. We have selling more to each customer. Here, our target is around 6% per year. We drive this through higher frequency, increasing the average order value, and we also have the target to double the number of service contracts. As you can see, we have a higher target on selling more to each customer, and it is key for us to drive the share of wallet for our customers. It gives a better experience for our customers. It makes it more efficient for them, but also for us. It forces us to really focus on the customer's need and our entire offering portfolio. Underlying our growth target, we have three pillars, the broad offering, the customer experience, and our continuously developing operating model. I will take the moment to deep dive a little bit into our operating model. Because it is a strong operating model, it is valid across both products and services, and it is what makes us able to deliver good margin, sales, and growth to all those SMBs. The core is e-com. That's where we start. We think online and digital first. Practically all our customer intake is via e-com. We are led by customer insights and highly data-driven in all the decision-making. Standardization acts as a backbone to everything we do, and from that standardization and all the data, we can automate. We optimize, and we can personalize with added value. Serving SMBs is a volume game in every single aspect, and we also thrive on scale, both total and local scale. Our size becomes a competitive advantage for us, and therefore growth is so important. With our size, we become relevant for vendors and customers in our markets. We have one platform, and we can develop one customer experience and leverage that. Our size also allows us to have specialist competence in many different areas. If we look a little bit on this model, it's all these circles. Of course, we optimize each and every one of those by itself. The beauty of this is the optimization and the sync and collaboration across all those circles. I will give you a few examples of what we have done in the past years. Key in our model for the hardware offering is that we procure to stock. We basically make bets on what we think we'll sell, and we commit to that volume. We do that to secure a good offering for our customers, but it's also been key to us in the way we have managed to secure availability in a market that has been having some availability challenges, as you know. In the past year, we have managed to ship 70% of orders, all orders the same day from our warehouse, of course, giving our customers a good experience on the delivery. We secure 2 million price points every single day. We do that in a dynamic and proprietary setup. The pricing and procurement domain, it is huge. Though we have done a lot of development in this area, we see that we have lots more to do, and that is good because our way of pricing is really what secures us to be able to have a good margin in a highly competitive market. One example of what we have done in the past year is that we have priced our articles based on the availability we have relative to other availabilities in the market, so with our competitors. In our e-com, we have across the Nordics for Dustin 9 million unique visitors every year. We always strive to keep our offerings relevant, our product descriptions relevant, and our sites attractive. 70% of our sales comes from organic traffic, and that is something we have had as a target for many years and actually achieved as well. A good balance there. We will continuously work on improving our operating model, and on top of that, we will also add new and more customer value, and we have a clear path for that. We want to continue being the number one for SMBs. To do that and still make a profit, it is quite tricky because there are many customers, as you know. To be able to do that, it requires a high degree of standardization and a great digital experience, striving very much for the northeast corner. We want to take all our offerings to the northeast corner over time, moving more and more in that direction. With hardware, we are already there. It is standard, and we provide a great digital experience. Still, we will continue to develop our hardware offering, all the different categories, securing a great experience, because what is a good offering today will not be a good offering tomorrow. Then we have our other offerings, the software, product near services, sustainability offerings, and managed services that we're also pushing, more and more to the northeast corner. We do that because that's the way we want to serve the SMBs, to serve them efficiently, to give them a good experience. We know that they want to have that digital experience over time. Because the trends are clear. Customers want to self-serve, and they want to buy online, or at least be able to have that digital experience in the very beginning of the purchase journey. If you look at managed services, it is slightly different from hardware. We have now standardized our offerings, but when we deploy them at the customer sites, the customer sites will be a little bit different at every customer. Here we are very much improving the efficiency in that delivery to make it as smooth as possible for our customers and ourselves, and that's supported also by digital tools in the onboarding. Managed services, the industry is not as mature as hardware yet, but over time, it is moving in the direction of hardware and customers more and more expect a digital experience, but they are not really there yet expecting a full digital experience. We are testing and learning, innovating, experimenting, and collaborating with our customers to find the right digital approach that suits all the different offerings we have. We are also testing and learning on what kind of offerings that best suit the digital channel because we can also repackage our offerings to make it a good channel fit. We want to share our IT competence, both in all personal contacts and the digital contacts. We also fill our offerings with digital guidance, and we give sustainability filtering, prompting sustainability options, and moving more and more to that over time, developing the offering for our customers, adding new value on top of what we already have. We also have launched a couple of digital assessments where we assist our customers on assessing where they stand, for example, on security topics which they pay for. There we actually can sell our competence to our customers. A hassle-free experience is always gonna be important for our customers. Here we focus on improving for our customers where it matters, where it really matters the most. We also personalize where it adds value. There is a clear plan ahead for us to continue to be the number one for SMBs, to really optimize our operating model, and of course, deliver on our growth targets. It's possible to leverage what we do in other markets. Morten, who's responsible for SMB in Benelux, will tell you more about that. Over to you, Morten. Thanks a lot, Rebecca. As you have all just heard, we have quite a unique SMB business in the Nordics. We have a lot of experience, as Rebecca told, not just the customer base, but also developing our share of wallet. We do it with the customers during the entire customer journey. When we put spotlight on Benelux, we can clearly see that the market potential of this region is really strong. It's equal to the Nordics, so there is really much for us to do now in our growth journey there. The foundation surely is in place. We have been present in the Netherlands for three years, actually. We marked our entry into the region back in 2018 with the acquisition of NG Group. That also adds to Dustin's strategic services journey. In 2019, we launched dustin.com. That was our first step in implementing the SMB operating model. At first, we based it on organic development. But this year, we marked a great development, acquiring the leading partner aggregator of IT in the region, Centralpoint. Here we acquired a company with strong LCP and SMB history, close customer relationship, and a strong value proposition. This really paves the way for us becoming the European IT powerhouse. It really gives us a strong starting point in the SMB space in the Benelux. Now we do see the opportunity to make a real dent in the market. We can benefit from the Centralpoint customer base and leverage the existing Dustin operating model that you heard so much about now, and that has been so successful across the Nordics. We can of course base that on our experience within online excellence, and deliver a great customer experience and high customer satisfaction. We already now can combine and join our different operations in the Benelux. We can build on existing knowledge and close collaboration between Benelux and the Nordics, and we can scale on our supply chain and enable operational efficiency in the move to becoming one. We benefit from the foundation of this regional legacy we have, and also the strength of the acquired companies. This goes from a variety of services to all the way to solutions and of course specifically on the people, the competence and the culture, so we can deliver on the SMB journey. Moving on to the next slide. You can see a bit on how we can take this strong starting point and really build a plan around that that will make us deliver on the synergies that you also heard about earlier today. First of all, our profitable growth will be based on the development of loyalty on our current customer base. This will of course lead to an increase in the net spend per customer, and then we can reach the level of Nordics there. Like in SMB Nordics, we can do this through strong collaboration between strategic procurement and our product management. In this way, we can optimize on both sales and margin. Of course, with a clear focus on category level, we can develop, broaden and standardize relevant offerings and solutions for the SMB market. In combination with this, we can push our hardware sales both online and of course, through our sales, the sales specialists. In this way, we can increase the order frequency. The average order value is already high, but we of course want to maintain and develop that exactly like in the Nordics and of course, at the end of the day, get a higher revenue per customer. In parallel with this, we of course also focus on growing our customer base. As in the Nordics, we will drive profitable customer intake online, through branding that you heard about, through marketing activities and performance marketing. We'll also acquire customers and new business. We'll do that through our dedicated sales specialists, and hereby we can cover all the areas of SMB from 0 to 500 employees. Continuously, at the same time, we will work on growing and expanding our market presence and share, both in the Netherlands, where we, as you've seen, had a strong customer base from Centralpoint, but also in Belgium, where there is a huge market potential for us to develop in. In combination with that, we can reach economies of scale as an effect of higher efficiency, which we get from leveraging our operating model on a customer base with critical mass throughout the region. Finally, we want to ensure to position Dustin as complete for SMB in the Benelux by ensuring the full customer journey, the loyalty and the profitability of our customers by delivering the standardized and scalable services offerings in the same way as you just heard Rebecca describe for the Nordics. Here we will harmonize our current services offerings. These are deriving from the acquisition of the Vincere Group and the companies within. We will develop a standardized portfolio based on the building blocks from there and of course aligned with the Nordics. If we move on to summarizing here on the next slide. Now that we are active and have a critical mass of customers in both the Netherlands and Belgium as well as a great market potential, we really see a unique opportunity to leverage on our many years of SMB experience and success. Here, it's of course our goal that SMB Benelux will be an important contributor to the overall growth by of course sticking to and driving our well-proved SMB operating model. We will build on our unique Dustin strength, leveraging knowledge from the group, but with a local flavor and according to market conditions as the aggregator of IT hardware, software, and services between our suppliers on one hand and our customers on the other. Here we will of course benefit from focus on positioning and branding Dustin in the region, which will increase our awareness that you heard Stephanie tell more about earlier. All in all, this will lead to economies of scale, through joint common processes and shared resources within the group. We will take use of local resources where necessarily and of course also shared resources when not to optimize on our business and make the real dent on the SMB market in the Benelux. With that, back to you guys in the studio. Thank you very much, Morten. Thank you, Rebecca, for telling the story of SMB. Morten, you were with us live from Denmark. Now let's go into the next segment, into LCP. Good. With me presenting LCP Nordic, Large Corporate and Public segment Nordic, is Michael Haagen Petersen, who is also with us here live online from Denmark. Well, good to see you, Michael, and the stage is yours. Thank you, Thomas. Since the last Capital Markets Day, we have grown in both net sales and margin, and we have built our progress in three elements. We protect, we build, and invest. We protect as we every year renew a fourth of our contracts. Of course, there are difference between the corporate and the public, as corporate don't necessarily have an end date, and the public runs three- to four-year average. Currently, we actually see a high seasonality of contracts. As an example, we have just renewed the Finnish Hansel PC agreement, so we definitely protect. We also build. While we even constantly work with our contracts over the period, we optimize versus new assortment from the vendors. We provide thereby cross-sell and up-sell opportunities, but also adding volume services, meaning config and logistics services, and definitely our own private label year on year. Here again, it's there is a difference between the corporate and public as certain line of businesses might be excluded in certain public tenders. It is very important to drive share of wallet for the margin journey, but also for the relationship because we add value, well, while we are doing that, and that is what we are utilizing to safeguard the Manpower volume. We also invest. We invest in winning and building relationships with existing and new customers, but we also invest in new areas. One particular example is how we have been building our audio and video capabilities in both Finland and Sweden, and thereby really when investing in new opportunities. Let's go to the next slide, please. Because these three elements are the same levers that we will drive our growth on. We will continue to build by introducing a Nordic tender desk, leveraging on our European capabilities, both on tenders, frame agreements, but also on mini tenders and RFPs. At the same time, increasing our customer experience with functionality on sustainability, but also increase self-service like asset management and ticketing system, but also providing increased security through federated access. All of these will probably become hygiene factors in our industry going forward in the next five years. We will continue to build, expand our takeback capabilities, but also again, further volume services, config, and logistics, but also driving share of wallet through hybrid solutions while we again and again optimize on contracts. The cross-sell, up-sell, the takeback, the volume service, hugely important because we are a partner to our customers, and we develop the way we do business together with them in order for them to reach their goals. We will also continue to invest. We will invest in capabilities and customer insight, for instance, by adding SaaS and audio video solutions as hybrid workplace will definitely continue to grow to all our markets and thereby enabling the service journey. We will also invest in winning more corporate customers, thereby giving us the opportunity to cherry-pick the best margin journey ahead. With that, let's proceed with LCP Benelux. Angelo, please. In the Benelux. As you can see, around 85% of our market share is based on the public market. That means 15% is on the enterprise, and that also means we haven't reached our fair share there, and there's opportunity to actually grow. 43% of our total revenue will be from our top 10 customers, and the average contract tenure will be around 10 years from the top 10. We are leading the market in the public sector, and of course, we have a deep relationship with all our vendors there. We also have, as a company, a market-leading position in the workplace. Looking at the characteristics of LCP Benelux, we're using a hybrid model from our warehouse. We're offering consolidation, safety stock, takeback services as well. We do our own in-house services, which consists of preparation and on-site rollouts as well. We also do certified vendor services, such as break and fix and rollouts, for example. Last but not least, we have exceptionally strong tender desk capability. Our tender win rate will be around 70% of all the tenders we actually enter. How are we gonna grow? How are we gonna accelerate growth for LCP in the Benelux? First of all, we're gonna improve our customer satisfaction to retain our commercial customers. Secondly, we kinda aim to have a high re-win rate on our current tenders. We kinda re-win the current ones, and we kinda win the new ones available. We kinda move with the market from ownership to use as well. Look, what are we gonna build in the coming five years? We're gonna improve the margin profiles on the large software deals that we already won. We gonna cross-sell services, we incorporate via our workspace penetration, our workspace constructions we already have. We gonna unlock our Dutch volume services capabilities into the Belgian market. We also gonna heavily invest in both markets in our data center offerings. For the investment for the current five years, we will heavily focusing on attracting new corporate customers. We will try to win network and tender business. We will try to win network and managed tenders both in the public and in the commercial side. We gonna increase the tender participation on the Belgian market. Lastly, we gonna heavily invest in offering professional and managed services to other customers. Back to you, Thomas. Thank you very much. Thank you very much, Angelo, and thank you, Michael for participating also live from Denmark, and Angelo being here live in the studio. Very good. Now let me summarize somewhat of what you have heard now, because now we have been through sort of our plan going forward. What you have heard here is the plan where we have been through the foundation. What is actually the founding principle of Dustin? What are we driving? Where are we as an aggregator in the value chain? How do we drive margin? How will we drive revenues and growth going forward? Also how now we will, you have seen also through the different segments. If you summarize that in one, what we are building right now is, of course, we are building a European, or the, I should say, the European IT powerhouse. We have a sustainable, unique business model, and that is set for the future. We build it, of course, continuous strong sales growth. We build it on margin improvements. We build it also, as Martin went into on sustainability, obviously, which is a clear path, a clear part of our strategy that we have become on our way to becoming climate neutral throughout the value chain. Of course, working towards 100% circular offering towards our customers. With that, we are building the IT European powerhouse. The key building blocks for that is of course what we were into in the operations, that we're into consolidation, it's automation, it's simplification, and that will drive the operational excellence. One brand that Stephanie told you about is also will create clarity, it will create an efficiency, it will create an impact all over. Since we are the brand is the one of the important pillars of us building the business, that we recognize and we deliver, and we deliver on the promise that we promise our customers, and therefore we believe in one strong brand and one strong brand platform. Our business model is, if you look at our competitors and the other ones on the top 12 list that you saw earlier, that where we are number 8, we have a unique position. We have an online position that actually no one else has in the same way as we have it, where we have found the scalable large buy to stock model towards SMBs, which we also can utilize in order to drive more sales towards LCP. With the cost-efficient model that we have, with the online model we have, we can reach a lot of the smaller SMBs with a very cost-efficient and unique sales model. That is, of course, what has built us in all over the years, and now we're continuing to build that. We also see the possibility now to export that model to the Benelux and to other regions going forward. What we also do is, of course, now what Martin was into and what Rebecca told you, is that we will leverage the Nordic way of doing that into Benelux. That is, of course, one of the key synergies that we see going forward also now when we have did the acquisition of Centralpoint. As you know, when we started in the Netherlands, we started off by buying service companies under the umbrella of Vincere Group, smaller service companies, but we also saw the need for having large scale in hardware in order to build the SMB platform also in the Benelux region. That we are now starting off and setting up and are building as we speak. This, of course, I mean, as both Angelo and Michael was into, we are enabling scalability and long-term margin improvements within LCP by broadening the portfolio of customers. The more we broaden ourselves now with also adding on the Centralpoint LCP part, we also broaden the whole portfolio of customers within LCP so that we gain the same momentum as we can gain on the portfolio we have on SMB customers. That broadens the whole customer offering and broadens sort of the scale for the whole group as such. The KPIs that we will look into, of course, that you will follow us on is obviously the sales, where we now are at SEK 21.6 billion in sales, and we target SEK 40 billion in sales in five years' time. That will be delivered through the organic growth, where we set out the 8% organic growth. We will also add on the bolt-on acquisitions that we have done over the years. To that, we also of course look forward to see potential growth into new regions. Given the fact that we have seen over the years now that our model, our business model is very possible to export to other regions. Adjusted EBITDA margin right now at 4.8%, just beneath the target of being between 5% and 6%. You saw Johan telling the story on how that will develop and how we will work on that to develop the margin journey ahead and to reach our financial target of being between 5% and 6%. Gross margin now at 14.8%-14.9%. Obviously, that will move upwards the more we add the new types of categories, becoming even better in working with the margin journey together with our customers, enabling the SMB growth in the Benelux region, as well as adding private label to the Benelux region as well. OPEX to sales today at 11.3%. That will move downwards because of the scalability. We believe in that, and we can see that we gain scale and then can achieve more with the resources and all the people we have in the organization. CapEx to sales are today at around 0.5% of sales, and that we believe will stay at that level over this. It will of course be at the same percentage level given the growth we have. Then net working capital, as we talked about, Johan told you about that, how our asset-light and net working capital model works, and we will continue to strive for that. Right now we are at -192, and we have a target of being between -100 and -200. That is where we aim to be, to have a very efficient asset-light model to drive business from. Net debt to adjusted EBITDA level is today at 3.4, slightly above our target due to the acquisition of Centralpoint. We have the long-term financial target to be between 2-3. As you know, previously before the acquisition, that is where we were, typically between 2-3. That is also where we aim to be long term. As Johan explained also, the model as such works for doing with the cash we generate, with the cash we get, we can do the smaller bolt-ons. When we go outside and do a new region or a larger acquisition, then we come back to the market. As we did during August, we did the rights issue. Then finally, last but not least, obviously the dividend. We believe in dividend. We think that's a good way of increasing the total shareholder return. We have a target of have a dividend of 70% of the net profit, and that we have had since the IPO, and we will continue to strive toward achieving that. We will continue to have the 70% of the net profit as a dividend. With that, we reiterate our targets, and we drive for the future, but we aim to build now the European IT powerhouse. It's a very exciting journey ahead. As you saw the team here, we are thrilled to drive this and to build this company going forward now and continue to deliver shareholder value back to all the shareholders and owners. Great. That sums up what we were planning to go through today. Now I think we should open up for a Q&A. Great. Here we are back. Johan is with me here at the side. Good to be back. Good to be back. We also have the full team on the stage. Very good. Ready to take questions. As you have seen, you post your questions in the chat, and we will have some live questions and some chat windows, and I will receive them here on this iPad, and then we will read them up and answer them, of course. You can state whatever questions you want to ask on the presentations. The slides are also available on our website that you can of course download and look upon afterwards. If you have further questions when you have sat in on the presentation, then you're always free, as you know, to come back with that. Great. We have some questions coming in actually here, and I think we have one here. The first one, let's start off with that. Of the margin initiatives presented, which do you feel most comfortable with, and where do you see risk or challenges to obtain the indicated margin impact? I think that you were very diligent when you went through the margin journey, so you can take that question. I, of course, like all the margin improvement initiatives. I think we've proved over the years that private label is something that we can sell and we can use our engine to sell it. I think I'm very comfortable that we can do that also in the Benelux region. That together with the other cost efficiency improvements we can do coming from the integration and the merger between Dustin and Centralpoint, I think we are very comfortable on delivering these values to improve margin. Obviously, on the risk side, yeah, there are a couple of things that we always have to be aware of. I think the customization of offerings is one thing that will hinder our automation to a great extent. We need to always be diligent to stick to the standard and deliver the standard. It should be good enough for the customers, and not keep changing the standard for each customer. We will fail on automation, and that's a big part of our margin journey. That is actually also, when we acquire smaller bolt-ons, then we traditionally, as Rebecca was saying, to be moving them up to what we call the northeast corner of transforming it to our model. That is also quite a hard work to do, but we see also a lot of benefits in it. Yes, I think that is the beauty of online. It's the standardization, the simplification that drives the efficiency. Yeah. The online engine is really forcing us to standardize. Mm-hmm. That's good on the margin side. Yeah. That's great. Now I think actually we have a question from Erik Elander at Handelsbanken. Let's see if we can get Erik up on screen. There you are, Erik. Welcome. Let's see if we can hear you. We don't have any sound yet, do we? Can you hear me? Now you're on mute. Classic comment. No, I'm not on mute. Now you're here. Great. Good. It was on our side. Oh, okay. Oh, excellent. Okay, great. Yeah. First of all, I mean, just quite an incredible Capital Markets Day. I mean, Thomas, you could host, like, a TV show or something. Thank you. Impressive. Yeah. Anyways, actually, I had a question because when I looked at the list there of the top 12 players or something in the IT infrastructure market in Europe, and also considering the ambition that you want to be this kind of European IT powerhouse going forward, when I see the top 4 players, I know 4 of them, 3 of them quite well. And from what I've understood, IT infrastructure is becoming a little bit more complex, and the customers kind of appreciate this one-stop-shop model that these kind of players offer. They have a lot of own consultants and do this kind of service stuff. This is actually, especially as I've thought as well, true within the LCP segment. Now you're actually through the Centralpoint acquisition, expanding into LCP, but more into hardware sales, so, like, 85% of hardware sales. My question is, can you actually become an IT infrastructure powerhouse in the Europe without offering more sophisticated services than you are today? And why I have this question is because Softcat is pretty much like Dustin, at least was as I understand, and it's number 12 on the list. What's your thought on this? Thank you, Erik, for the question. Very good question. I think that goes back to what we talked about here before. It goes back to our uniqueness in the model that we see. When we look around Europe, we see, and you look at this list, there's not many online players in that. If you ask your or our peers and the ones you talk to, they will also recognize that we actually have another model, and we are aiming for other segments, especially the SMB segment, when we find our growth. We will build a powerhouse. The definition of power for us is actually an online European IT powerhouse, where we focus a lot on that, and we find growth in that with a very cost-efficient model. Back to the what you almost hint on the standardization. We also see that the large corporate typically, or at least previously, have requested more customized solutions. But now we see the development going forward now, especially that has been clear during the pandemic, that the CIOs of the large corporates, they strive to get more into standard solutions. Because as you also mentioned in the beginning, you don't want to sit in a dark corner as a CIO of a company with the users or the employee of the company, companies requesting more and more, and it costs you a lot more to have customized solutions. We believe in finding the customers that like the standardized model, like the cost-efficient model of acquiring, like the close connection, of course, to all the support you need in terms of IT infrastructure, cloud, whatever it can be. We believe that we can build for that part of the segment. I think for us, building the IT European powerhouse, it's very focused on online. It's very focused that we see that the SMB segment of the market is actually fairly underserved in the European market, and therefore we believe that we can take this position and we can gain the position. With that said, of course, the players before us on the list, as you mentioned, and also the ones afterwards, they are of course on their toes as well. Of course competition is there, but we know that we have a very good confidence in our way of doing business. Softcat, by the way, has. They are very similar to us, but they have a slightly different model when it comes to distribution of sales. Softcat typically build a sales office and then they have sales people running out from that office, very regional strong, and quite a different model where we build it more on a centralized platform model to acquire the sales. We have a lot of work to do, but we believe and we see that this position is very possible for us to take. I hope that answered your question somewhat, Erik, yeah? Yeah, it did. Actually, just a quick follow-up because I think this is actually really interesting. Despite the fact that IT infrastructure is becoming more complex, you can standardize your offering and still win business. Is that actually true? Yeah, it is true because we see it. You can compare it with, we have our friends in Denmark. You can compare it with LEGO, where we set out different LEGO pieces and from that build customized solutions for the customers. It is actually possible to do. With this, of course, we reach not a full market. We have our position as where we drive, and we will not go into more IT strategic consultancy like some of our competitors does. That is not for us. We do not go into ERP solutions and that type of solution. That's not for us. We focus on building standardized solutions that can cater for many of the small companies and many, of course, of the large companies as well. The reason for us looking for acquisitions on geographical expansion, that is of course also that we see that the most players in Europe that are up for sort of would be possible for us to acquire are tilted towards LCP. We use that scale and have done all over the years back. If you look back in our playbook, you can see that we have used the capacity of a large corporate player to build out the SMB portfolio. That has been sort of the how we have played the cards, all over the years when we have done the acquisitions. We believe, yes, we believe it's possible. Yeah. Thank you very much, Thomas. Thank you very much, Erik, and thanks for tuning in. We have another question here. Yeah, we have another question here. What kind of service offer fit the Dustin model and what doesn't fit? Are you focusing less or more managed services today compared to before? I think I could actually direct that question to Rebecca on how we do on managed services, how we think about that. Well, thank you, Thomas. We start from the customer's perspective, and our customers come quite natural for them to first buy the computer and then add the software and managed services on top of that. It's no contradiction in that. It's more the total integrated offering that we are focusing on, taking as large share wallet with our customers as possible. Yeah, it's true. The customer comes in to us to buy a computer. Yeah. Then we dress that computer with services. Great. Thank you, Rebecca. Now I think we have another live question. This one's from Simon Granath at ABG. Are you with us, Simon? Yes, here you are. Yes, I am. Thank you so much for the presentation, Thomas, and the rest of the team. Very impressive stuff, impressive stuff indeed. A couple of questions from me. Finding synergies in terms of private labels is a growth lever for you. Historically, your private label solution has been relatively uncomplex, in lack of a better word, although clearly margin accretive. My question is whether you would like to launch more high-end private label solution, or is it more of the same that you plan for going forward? It's a good question, Simon. I think, well, what we have found as a success from the start when we started the private label, it was like 3, 4 years ago, we saw that where we can really gain ground is on the private label products where the customer is not as brand sensitive as you typically are when you buy a whatever it can be. On a cable, you're not that brand sensitive. We have found a good formula there, and we will continue to do that. We might expand into new categories, but we have over the years found that, okay, we so the most advanced we have today is probably screens or displays. We have been thinking about other more complex products, but we see that we can really drive margin, and we can really have a position and also keeping a good, of course, relationship with all our vendors that are of high importance for us to drive. We keep a good relation with them and at the same time, delivering low complex products on private label. In short, to answer your question, I should say we will stick to that type of assortment. Yeah, I think it would be rather that we would do segmentations within the categories. Yeah. that we are at the moment rather than addressing very advanced categories. Mm-hmm. Exactly, yeah. Thank you so much for that. Another question from me is I feel quite confident that your dynamic price model is one of the reasons for why you have performed so well as of recently, and perhaps it has been even more beneficial in challenging times as the one we are currently living. Do you expect to benefit just as much from this model going forward as the society starts to return to a normal state? Or would you anticipate the delta contribution from this model to be negative or positive? I think what we have learned, and you can fill in here as well, Johan, but what we have learned during the pandemic especially is that the dynamic way of working in when it comes to pricing, procuring, and deliveries has been very successful. Of course, we have learned a lot during the pandemic on how to work with this and how to set the pricing. As Rebecca mentioned, we do around 2 million price checks per day in our systems, very highly automated systems, and we do also highly automated purchasing. The automated pricing and the automated purchasing delivers a lot for us and has done during the period. Of course, we'll see how the market develops, but we see a great possibility for us to continue to develop this dynamic pricing model. As we look at it will perform on the positive side of the delta in that sense. Thank you so much. That was all from me. I think we Okay. I mean, as a comment to that, I think we have learned that availability is really something that the customers like, and therefore we can price for it. Yeah. That will stay with us for long. Mm-hmm. That is not just a pandemic situation. Yes. Yeah. Thank you so much. That was all from me. Great. Thank you very much, Simon. Thank you for joining in and tuning in. Let's see. We have more questions here. How is your position relative to competitors with regards to the product takeback offering? Let's see here. Well, maybe we could. Could I ask Angelo or Michael to take that question on the. Is Michael with us on the line? Yes, I am. Yeah. Did you hear the question there? Takeback, how we are positioned versus a competitive Exactly. -competitor. Exactly. Yes. We are very well positioned. We are building our own capabilities right now. We have both an opportunity to scale, but also the opportunity with our big contracts to actually have the volume that will then create this and have opportunity, both for us being able to resell it and going forward, but definitely also to live up to our sustainable targets. We see that this opportunity is a great one for us, and we definitely also see that our customers will look to us as a reseller to help them living up to their United Nations 2030 requirements. Yeah. Great. Thank you, Michael. Here we have another one for you, Angelo. You talked about the uniqueness in tender capabilities in Benelux, and what is actually the uniqueness there? That's the question. Well, I'm not sure I'm ready to reveal all the secrets. There are a couple of things. It's the cooperation between the people in the tender desk and the people doing the wholesales. If you look at the leadership in both teams, it's quite strong. They've been around the block for a couple of years, so it's actually the people that make the whole difference there. Mm-hmm. That's great. It's like a pretty large group, and they're very experienced in this one. The cooperation is very good, so the whole formula that we are actually using stands out into the market. Yeah. I have a follow-up on that one. You mentioned the hit rate on LCP in Benelux. Did we mention that in the- I mentioned that. Yeah. What was it? That was the follow-up here, follow-up question. Yeah. It's between 68 and 72- Yeah. We went for this year percent. We have quite a good hit rate on that. Yes. A- That's actually most important because it costs a lot of money to actually enter. Mm. Enter a tender. It's a lot of work, it's a lot of paper to- Yeah. -uh, produce. Mm. We also develop a lot when we do the tendering because Of course. We only develop our customer offering constantly. That's the beauty of working with customers. Yeah. Michael, we also have a question. How has sort of the hit ratio in the Nordics developed over the last years? We have increased our hit rate, but over the years, we have been also looking into our historic wins and failures of making sure that all of that knowledge had gone into a database. We are then also progressing. We would like to then progress even further by adding the capabilities from our Benelux friends. Looking forward to the journey there. Yeah. Good. Good. Let's see. I have a question here for SMB Morten, SMB Benelux, how our ambition is to increase this with 20%, the average order per customer. Are you with us there, Morten? Yes, you are. I'm with you. Yes. with you. Yes. Are there any specific items or services that you see that will drive this? Well, first of all, what we have looked into is how we have done this in the Nordics, use the operating model that you saw. You, for instance, mentioned areas like availability, areas like deliveries, and of course, also this magic between our product management driving the categories, but also the strategic procurement. This has really been vital for us in order to securing the average spend that we have there. When we start really consolidating and working on the customer base with our tooling that we have in the Nordics and can really leverage upon, then we see a great opportunity. We do not really question whether we will reach this level. We are quite certain we will reach this level. Yeah. Sounds encouraging and comforting, Morten. Thank you very much. Well, we have a last question. We are soon about to close here, but we have a last question, which is really interesting. Do you see any major market opportunities coming from future use of virtual or extended reality equipment in business settings or business meetings? Well, I think this is a really interesting part. How will actually the meetings and how will the business environment evolve now when we have learned so much during the pandemic? I think what we see and what we test is, of course, that the hybrid meetings will evolve a lot, and we have learned a lot how to do these digital settings. So we see a lot of things coming up. Individual cameras, how do you set up the meetings rooms? We have requests from our customers that they should change the meeting rooms more to a movie or to a theater setting. We are really focusing on the screens. We ourselves have digital first as our way of working nowadays. We always start with the digital end and delivering our meetings on that. It's a really exciting future, and we ourselves have a very exciting future now when we set out for our fourth chapter now, when we start to write the full team here and the full team of the Dustin Group. With that, I would just like to thank everyone here on stage participating today, and thank you everyone that has listened to us and and tuned in and just download the presentation from the site and get back to us if any more questions. Thank you very much for participating today and looking forward to see you soon. Thank you.