Good morning and welcome to the presentation of the Q4 report of Norva24. My name is Henrik Norrbom, and I'm the Group CEO. With me on stage I have Stein Yndestad, who has stepped back into the role as Group CFO as we have established a renewed finance setup. Stein is also responsible for investor relations and M&A. In the new stronger finance setup we also have Henrik Oksnes, who has been promoted internally to Finance Director. Before jumping into our Q4 report, I would once again like to take the opportunity to share my reflections on the Norva24 case. We start from the left: this is a market that had experienced and will experience strong growth for many years to come. The underlying trend shows strong growth due to some key drivers. The infrastructure where we are present in is critical, is old, and has a huge investment debt. Climate changes are putting the system under severe pressure, which will require more preventive maintenance going forward. For example, the cleanup after heavy rainfalls - we have all seen the flooded streets when extreme rainfall hits. Going forward, the market is huge and far from consolidated. The market we are currently serving is estimated to be close to NOK 40 billion. That means that we have a market share of less than 10% but are still the clear market leader in Northern Europe. We are operating in a large and acyclical growth market with proven resilience throughout downturns. Last team to the right: we have shown that we have a proven model for growth and value creation. Worth mentioning, M&A is very high on the agenda going forward. Before going into the Q4 numbers, I want to present a slide with our key priorities going forward. We need to continue to work with our price component in combination with proactive cost handling. High focus on improved utilization, maximize utilization of vehicles and personnel. Low performing units work in a structured way to lift them up to the right profitability levels and make sure that we have the right people in the right place. And focus on growth, both organic and through M&A. These are four important areas going forward. In addition, we also need to pay attention to our capital allocation and working capital. Okay, now on to the group numbers. This is a quarter that has extraordinary winter effect that slow us down in December. I mean, there is winter weather every Q4, but this December really sticks out. We had a strong October and November performance, but the weather hit us severely in December and affected our margins for the quarter. We see our strong topline growth continue. Our revenues are up 19% in Q4. Our adjusted EBITDA was NOK 82 million in the quarter, which is an improvement of 15% year-on-year. This resulted in a margin of 9.5%, which is close to being on par with Q4 last year. Of course, our EBITDA expectations were higher going into Q4. But we had a very strong cash flow, up 71% on Q4 last year, and with a strong cash conversion of 153%. Looking at the operational highlights: Norway had a good activity and profitability in October and November, negative growth and profit in December. Germany with good growth but softer margins. This is partly due to year-end adjustments in 2021 and 2022, which is not the case in 2023. Sweden with good growth and improved EBITDA margin. Denmark continues the improvements, up 5.4% percentage point on the Adjusted EBITDA margin versus Q4 2022. We also have won significant tender volumes at improved margins. We have a significant M&A pipeline, but lengthy processes for the larger targets. Two deals are about to be signed so far in 2024. As you probably remember, we delivered a very strong Q3, and this performance continued into Q4. As late as our Q3 presentation on the 22nd of November, we had not experienced winter weather in Q4, but just shortly after we did get both cold weather and snow. October and November saw growth of about 10% with improved margins in all markets. Then we got into a period with heavy winter, meaning very cold and lots of snow. This resulted in negative organic growth in all markets in December with a negative margin development in all markets. Norway with a margin of -14% in December. Okay, let's go through the countries. Starting with Norway. In Q3, Norway really was the profitability driver. Q4 also started good, October and November, but with a tough December that impacted Q4 profitability. Good organic growth of 6.7% in the quarter, but due to the challenges in December, Norway achieved an Adjusted EBITDA of only 7.9%. Germany. Germany is our largest market with 38% of the group's revenue, and the annual growth is strong. 46% year-on-year with an acquisition growth of 24%. The quarter has 19% growth with a currency-adjusted organic growth of 5.6%. Margins are below Q4 last year, partly due to positive year-end adjustments in 2021 and 2022, which did not occur in 2023, but still Germany is at 14.1% of the quarter. Most of the branches in Germany show positive margin development, but unfortunately we still have one company that is underperforming, and here we have a plan in action to improve performance. Next slide is Sweden. Here we see a good total growth of 12.7% in the quarter, combined with an improved EBITDA margin. Margin is 12.8%, up 70 basis points compared to last year. The relining market seems to have slowed down lately. This is also confirmed through the reporting by some of the peers in the Swedish market. Sweden has actually won significant volumes in public tenders lately with increased prices. This will add more than NOK 40 million of annual revenues. And then Denmark. It is good to see the positive development in Denmark. Denmark continues to deliver on the improvement plan. Profitability is up 535 basis points in the quarter, and we see the strong development of recent quarters continues. Denmark is the market where we cover the greatest share of the country, and we are on the verge of signing additional national customers. Okay, looking at the longer time series, we see excellent growth achieved over the years. We have doubled the revenue since 2020 and grown with more than 60% since 2021 to almost NOK 3.2 billion now in 2023. With this growth, we are on the path of reaching our 2025 revenue target of NOK 4.5 billion, but we need to increase the conversion of M&A. Profitability was not at the level that we aimed for in Q4, but weather in December played a significant role. Looking at the Norva24 Group margin development, it is important to take into consideration that the group today is a result of many acquired companies coming into the group with a range of different margin levels. So we have taken out the portfolio of companies in the group prior to 2020 and looked at the margin development of these. Pre-2020 portfolio Norva24 operations have experienced significant margin improvements over the past two years. The charts show a 12-month rolling Adjusted EBITDA for all operations acquired prior to 2020. Corporate cost is not included. There are several benefits to be part of Norva24, and we see that we can develop the profitability of our acquired companies. This is not fully developed. We expect to see greater benefits once all non-Nordic operations are on the same ERP and Field Service Management tools. Okay, thank you for me for a while. I hand over to you, Stein, to go through the financials. Thank you, Henrik. Okay, let me run you through the financials. As you've already heard, Q4 has been a challenging quarter for us due to the winter weather in December. However, we do see continued revenue growth. To start from the top, total operating revenue is up 19% on the quarter from NOK 720 million to NOK 856 million. For the year, we saw growth of 28%. On the cost side, we see operational service expenses are up by NOK 40 million in the quarter, and this is 36%, and this is due to pass-through billing of some larger assignments, particularly in Germany. Personnel costs make up more or less the same share of revenues in Q4 this year compared to last year, despite the lower productivity in December. We're especially pleased to see that vehicle operating expenses were reduced in the quarter. This is partly driven by the fuel cost, but it's also driven by maintenance programs in the group. The reduction is experienced in all markets. Other operating expenses are down, but the comparison is not quite relevant due to some exo-costs last year. We're reporting an EBITDA increase of 37% for the quarter, so up from NOK 112 million last year to NOK 153 million this year. For the year, it's a 28% increase from NOK 487 million to NOK 623 million. Depreciation is up 18% for the quarter from NOK 66 million to NOK 78 million, and 20% for the year from NOK 241 million to NOK 290 million. This leads to an increase in EBIT of 64% for the quarter, so moving from 45 to 74 in the quarter, and a 35% increase for the year from NOK 246 million to NOK 333 million full year. Finance costs increases from NOK 9 million last year to NOK 37 million this year, but this is mainly driven by currency exchange impacts and last year's gain on earnouts. The underlying interest cost is up by NOK 7 million in the quarter, and this is due to the increased interest rates that we experience. This gives us an earnings before taxes in the quarter of NOK 23 million, which is down from NOK 27 million last year. And for the year, it's NOK 234 million, up from NOK 196 million last year, so a 19% improvement. After adjusting for non-recurring items, adjusted EBITDA for the quarter came in at NOK 81.6 million, which is a 15% increase on last year. And we reported NOK 348 million for the full year, which is up 25% on last year. Again, we show a strong balance sheet. Our net debt of NOK 1,250 million at the year-end represents a net interest-bearing debt over Adjusted EBITDA below 2x. This gives us significant headroom up to our covenant limit of 4x, and this will enable continued growth. Goodwill at the end of the quarter was NOK 1,717 million, and this is an increase due to the acquisitions that were done in 2023. It's a significant amount of goodwill, and we've done impairment tests and shows that there is ample headroom. There is no imminent danger of write-downs. The lease liability of NOK 868 million is related to the right of use assets, referring to financial leasing of vehicles and property rent contracts. The non-current loan of NOK 638 million is primarily the bank loan. Yes, and here we go a little bit further into our debt structure. We always stress this in our presentation, given the fact that not everybody is that familiar with IFRS. So most of our debt is related to IFRS leases that need to be capitalized. These lease liabilities amounted to NOK 868 million already mentioned at the end of the quarter. Leasing payments going forward the next 12 months is NOK 220 million. Our total net debt was NOK 1.25 billion at the end of the quarter, of which approximately 70% are capitalized IFRS leases. The depreciation on these assets is included in the P&L as if we owned the assets. Net debt excluding leasing liabilities amounted to NOK 430 million at the year-end. We also have a credit facility of NOK 1.1 billion, of which close to NOK 500 million was unutilized and available at the year-end. This, combined with the cash flow from operations, significantly gives us significant financing capacity for the M&A. In terms of the loan facility, we extended it with a 1-year option last year, and now that means it will expire in December 2026. More than 2.5 years until that facility expires. Here, once again, we can show you a strong cash flow from the operational activities. NOK 554 million in total in 2023, which is an increase of 61% on 2022. It is a cash conversion of almost 87%. During the year, we've spent NOK 176 million on acquisitions. We've spent NOK 167 million on asset purchases, and we made net down payments of leases and loans of NOK 170 million. For the year, our cash balance has increased by NOK 47 million. In general, we've been tying up too much capital in net working capital in the last years. We are working on this, and we did achieve some improvements during Q4, but we will continue working on this. Just a small recap of the finance segment. I mean, we've had solid growth, 19% revenue growth in the quarter, 28% for the year. Margins in the quarter were not what we expected coming into the quarter. The margin reduction of 0.3 percentage points year-on-year is mainly the result of the weather we experienced in December. We have a strong balance sheet, close to NOK 500 million of unutilized credit facilities, and we have a strong cash flow. We will be improving that going forward by improving our net working capital situation. This gives us sufficient capacity to continue our M&A journey. Acquisitions are a key component in our buy and build strategy. For us, it is essential to ensure processes and transactions with high quality at an attractive price. And then we have to accept that processes take some time. We've made 47 acquisitions so far, and two smaller ones are being concluded as we speak. One in Denmark and one in Norway. Despite the modest size of these acquisitions, they bring us important knowledge in the Danish organization or in Norway, where we are strengthening our presence in a new geography. Our funnel is developing, and we are constantly putting new targets on the list and taking off the ones that we've concluded will not happen in the near term. Almost all of our transactions are done in bilateral deals, where we seek out the target, we introduce ourselves, and we engage in a dialogue. In these dialogues, we involve our country management, and then we give support from the M&A side. And we also benefit from the fact that companies that have become part of Norva24, where we have very knowledgeable founders who know what companies we should be approaching to grow further. And as we become more and more known in the market, we also see more and more inbound, primarily from owners and founders, who see that there is a generational shift coming, and there might not be sort of a natural taker within the family. And for those companies, we're an excellent buyer. Okay, Henrik, over to you. Okay, thank you. Okay, Stein, thank you for that. Before I summarize and give some key takeaways, I want to underline that we are on track to deliver on our financial targets. NOK 4.5 billion in 2025, 14%-15% EBITDA margin midterm, and we have a good capital structure to support the journey. Last slide before Q&A. Key takeaways from this presentation. We had a strong start of Q4, but December severely impacted by weather. We have a strong cash flow and cash conversion. We are a company that is uniquely positioned in an attractive growth market and shows resilience in a tough economic climate. And over time, Norva24 lifts margins of acquired companies, and we are on track to deliver on our growth and profitability targets. Thank you. Now we can open up for Q&As. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Avinash Chandra from Citi. Please go ahead. Hi there. Hi Henrik. Hi Stein. Good morning. So I have three questions, please. The first one is on your operational service expenses. Could you please provide a bit more details on what exactly led to the increase of 65% increase in year-on-year expenses or that around 36% in the quarter for operational service expenses? Yeah. This is related to Germany, where we have more installations and more material used in the day-to-day operation. And especially one of the companies is doing more of this, and that's why you see this significant increase in this line item. Yeah. I mean, it's a profitable business, but what we saw in Q4 was a lot of pass-through billing. So we get it on the cost side, and we also get it on the revenue side, but there is not a huge margin on that. I don't think this is a shift. I don't think you'll see that continue in the future, sort of becoming a larger share than what it is today. I would rather say that it would probably become a smaller share going forward. Okay, I understand. So you mean the pass-through was not as good as it was earlier? No, I think it was as good, but it was much larger than it has been historically. Okay. Okay. My second one is on your acquisition strategy. I'm sorry, coming back to this again. So you say you still aim for NOK 4.5 billion in revenues by next year. And that mostly implies around NOK 1 billion in acquisitions over the two-year period if we assume 5% organic growth in both years. Do you have any big acquisition in mind currently? We have some larger acquisitions. What we see is that we've spent a long time with some of these assets, and it's hard to know when we will go through with it. But we are keeping those discussions alive, and it's hard to say when it will materialize. But there are a few larger transactions. And you're right. I mean, if it's NOK 1 billion or if it's NOK 900 million, that can be debated. But I mean, it requires significant M&A the next two years. Yeah, I completely agree. I mean, it could be 900,000. I just took a round-off number. Yeah. No, you're right. Yeah, my third one is on EBITDA margin target again. So is there any time frame you have in mind, please, for the 14.15% EBITDA margin on a recurring basis, please? I mean, I just wanted to understand the midterm period here. And where do you project the biggest delta, please? The reason, I mean, we've been very precise on the revenue target. We've been less precise on the EBITDA target, EBITDA target, in terms of timing because it's so much depending on what margins the operations we acquire have. But when we say midterm, I mean, it's not 25, but it's not 28 either. So 26-27 is somewhere where we see this target being achieved. And it needs two things. I mean, we need to pick up the low-performing units, which Henrik mentioned earlier is a very key task for us. And then we also need to lift the rest of the operations generally. Also find good acquisitions that suit our portfolio and help us in the margin journey. Okay. Okay. Thank you. And do you have any projection in mind as to where do you see the maximum delta, please? Sorry, can I just add one? Yes, please. Yeah, one more thing there. It's a lot. I mean, the speed in M&A is good. We need to increase our conversion in M&A so we close the deals. And it has been quite lengthy processes lately. But hopefully, that turnaround. Sorry. To your question on where do we see, I mean, Denmark is an obvious case where you should see sort of a significant lift-up in margin going forward. But there are also some larger units within the group that play a big role. Getting those back on track where they were is important. Okay. Okay. Got it. Thank you. The next question comes from Dan Johansson from SEB. Please go ahead. Thank you so much. Good morning, Henrik and Stein. I think I have three questions here, so I'll take them one by one if that's fine. So I'll start a bit with Sweden here. You mentioned that you want some extra annual volumes there. My question is really, can you manage that on current capacity with very good incremental margins, or is there any investments associated with those extra volumes in terms of vehicle, personnel, branches, etc.? A lot of the volumes, we can use current fleet and just increase utilization and work smarter and so on because the tenders we have won, it can also be win-back tenders, but also additional tenders. But always, when you grow organically, we need some investments, but it's nothing that sticks out. It's normal growth CAPEX. Okay. Sounds good. And a bit on pricing as well. Important topic every year, of course. But how do you feel about that going into 2024? Can you sort of maintain the good price increases you've seen here in 2023, or despite the slowing inflation, or how do you see pricing levels going into this year? I mean, we will continue to push on the price optimization, working smart, also lean on a strong brand. In some areas, in a lot of areas, we have a really strong market share. And then we are declared number one, and then you have to take the responsibility for the price levels as well. So good focus out in the organization to always optimize prices. And I'd see that we can still push going into 2024 as well to keep up the speed and not be squeezed in the inflation race. Okay. Thank you for that. And the final question from my side. Is there anything to say on the current trading and start of Q1? I mean, it's always a seasonally slow quarter, of course. But anything in particular we have to be mindful of going into the first quarter here? Of course. We had a lot of discussion about weather in this Q4 report. For everybody living in Sweden, Norway, and also Denmark, have seen that it is a severe winter. It's actually the coldest winter for 25 years with so much more snow than we normally see. And that, of course, continued into January. So the tough situation we had end of December, of course, we will have some effect. Then it's too early to say how it will affect Q1 because Q1 is a normal winter quarter. Then we know it's winter. But December is more of a little bit of a lottery often. Yeah, I fully understand. I guess March is very, very important in terms of the Q1. Normally, January is our toughest winter month. So we're more used to that, so to speak. Yeah, fully understand. I think that was all from me for now. So I'll jump back into the line. Thank you so much for your answers. Okay. We have a handful of questions from the web here. From KJ in DNB. Please elaborate on tender win rates and what it can mean as an organic growth driver going forward. I mean, we actually have had a good win rate lately that we feel comfortable with. For me, it's only just celebrating a win rate on volumes, also celebrating winning on volume with increased prices. That we have succeeded with actually in all countries lately here. Good commercial drive in the organization, good focus, and we have a good set of how to strategically go into these large tenders. We have celebrated a lot of successes lately with increased prices. That feels good. Yeah. The next question also from KJ is, I see that you have substantial earnouts not being paid out rather than being reversed in the accounting. Are the targets doing worse than expected? I think two things. When we do these accruals for earnouts, we assume they will get 100% payout. Might be a little bit defensive, but of course, we will do what it takes. We will do a lot to support them getting the earnout because that's a success for them, and it's a success for us. But yes, some of these have not achieved the targets that were set. But this was more a case in 2022 than it is in 2023. Yeah. And then the next question is more of a technical. Deferred tax release in Q4. Any implication for the ongoing tax rate in 2024? No, not really. This was an adjustment due to some specific Swedish issues that we had accounted for too much of deferred taxes going forward. That was adjusted in Q4, and that's why you see this slightly odd tax rate in the quarter. But it's not something that would have implications going forward. Then the next question from KJ is, CAPEX running at a higher level than earlier indicated. Now the earlier temporary effect becoming structural. CAPEX expectations for 2024. I think just to give a little bit of light on what KJ is talking about here, we've had a fairly low investment level in 2022, partly because cars were not being delivered. That you saw come back in 2023. It's continued also in Q4. A large proportion of the increased lease obligations we see in Q4 is actually related to a property in Norway. So where we see that lease obligations increased by NOK 65 million, I believe it is, in the quarter, 28 or 29 of those are related to this rental contract. So we don't see we're not shifting. We don't believe it's going to be sort of significantly or even a higher investment levels going forward. What we have seen is actually that we have reduced the share of or the depreciation share of revenues in the last years. So it seems as if we're able to do more with less. And we believe that trend should continue. Yeah. Okay. You still seem to tie up more working capital than historically. Any change to the model or just behind in the release from temporary effects? No, it is partly the fact that in Germany and Denmark, we're tying up way more capital than we should in work in progress and accounts receivable. So if we look at those two markets, there is a very significant difference from Denmark, Germany, to Norway and Sweden. And that's where we are; there are some structural differences, but there should be a significant improvement in those two markets as well. And it's partly or mainly related to the way we work, making sure that we finish the job completely and we invoice as soon as we can and not sort of on a monthly cycle, etc. And this should release significant working capital going forward. So I think those were no, wait a second. Then I have a second question here from Johannes Narum. You target to achieve around NOK 4.5 billion by 2025. What share of the growth is assumed to be organic, and what is M&A growth? Okay. Yeah. No, I think what we've stated is we expect to grow slightly more than the market. The market has been growing by 5%-6% and so slightly above that. That would indicate with current rate, we would be at, say, NOK 3.6 million maybe in 2025 from the organic. And that means we would have to add on close to 900 or, as Avinash mentioned, NOK 900 million-NOK 1 billion of revenues from M&A. So a significant M&A activity or conversion going forward. And then we have a question on rolling 12-month revenue going forward. We're not going to comment on that. How should we reason regarding the tangible CapEx? You've had a higher level the last couple of quarters owing to backlog under investment from COVID. Is most of the backlog now cleared? This is from Jakob Edler in Danske Bank. I would say yes. So we should see some more normal historic levels on CapEx going forward. And then we have okay. Then we have another one from Jakob. You are talking about what working capital is set to normalize. Are you able to quantify or shed some light on what levels you're aiming for? I don't think we would like to be too specific on the improvement levels here. But I mean, you also could see a solid improvement in Q4, and we expect to continue improving throughout the year. But of course, there are seasonal effects here as well. So we tend to build up some more capital throughout the year, and then it's released the second half of the year. And just to repeat, we have the challenge in Denmark and Germany. Really put the light on it, full focus, and awareness out in the organization. But I'm quite convinced that we will turn it around during 2024, come to more decent levels. In Sweden and Norway, we are on good levels, actually. Yes. Great. Was it the last question? That was the last question. Okay. Thank you. Thank you.