We want to stress, and typically stress again and again, is that we sort of, we sort of have the impression that a lot of people, when you look from afar at what we do, it seems like we run a portfolio that's burning through cash. But when you look closer, it's—that's not the case. In fact, about 80% of the portfolio is EBITDA positive, which is, is important, and we want to stress, stress that again because, because, again, we think there's a misperception out there. So end of Q2, 81% of the portfolio was EBITDA positive. Now, post the sale of Gett, that goes down a little bit because Gett was very profitable. So, but we're still at like 77% of the portfolio EBITDA positive. When we talk about EBITDA positive here, we have our dear company Voi as EBIT positive because Voi, I think, is the only company portfolio where which owns and depreciates assets, and hence we should talk about EBIT, not EBITDA. But that's already adjusted in here. What we have typically done on these CMDs is also to give you a picture of growth. So, this picture shows you our six top portfolio companies, six largest ones. And, what's important to note here is that how revenue is—so this is our pro rata share of these companies' financials. So 2023, that was about $90 million. And, important to note here is that revenue growth is really accelerating. And so from 17% now to 42%. And what we've shown, what we show down here is the profitability margin, which has gone from being sort of net loss-making in 2023 to positive in 2024, and that sort of profitability is increasing here in 2025. Now this is 3%, so it may not look much, but in this portfolio, there's a wide range. Some are profitable to the order of 25% and some less, but on average, it's 3%. And again, we here keep Voi at the EBIT level. All the other ones is EBITDA. They don't have assets. So if you put Voi at the EBITDA level, this goes up to about 7%. And so what we see going forward is revenue keep on growing, but also, and more importantly, earnings growing faster. So we haven't sort of mapped that out here, but if you allow yourselves to sort of look through to 2027, and you take our pro rata earnings of these six companies, that and you relate that to the entire market cap of VNV today, we're trading at like a P/E, P/EBITDA of about 10. So just to give you a sense that this will keep on growing here. And of course, that's not counting the, what is it, 50 companies. We have 60 companies in the portfolio, so that's just counting these six. And then we've got all these others, all these 54. And in these four, there's a bunch of stuff that, well, I like to call the next Avito. I'm pretty certain that in our portfolio outside of these, there are companies there that will at some point sort of grow up and become, you know, large contributors to the NAV performance. So these are just a couple. Dift is a marketplace for corporate gifting. Medoma is a software business to take this huge trend now in healthcare where you take the hospital to the home. Alva's next- generation HR, LinkedIn 2.0. Yuv digitalizes hair color, Flo, Oura, and Borzo are large brand names. I think you know them. They're all in the healthcare space. Olio is a marketplace for food waste, and NoTraffic is a software business for traffic lights to run traffic lights more efficient. So all of these companies are raising money. They're close to profitability and have real value. So when I talk about a P/E of 10 two years out, that's putting all these things at zero. And I can guarantee you that they're not zero. So some will have different performances, but it's, I'm really excited. I hope that shows through. The other way we have in the past, but I think increasingly forward, present our portfolio is by sort of putting the different companies to different themes. So we invest into network effects. That's the common denominator. We love these sort of high barrier entry that network effects will give rise to, and inspired by classifieds, but that's really what we look for in the portfolio. But there are other sort of themes that in themselves are very strong and interesting to invest into and are disrupting sort of old ways of doing things. Sometimes I think it's important sort of to sort of show the portfolio in that way too. Mobility, obviously, with BlaBlaCar and Voi, which we both present, that's a big chunk of our portfolio. But there's also marketplaces and then emerging markets, which is maybe about, you know, historical home turf, less of that today, but maybe increasingly going forward. There's V, there's emerging markets, and there's also early stage. I think that's the sort of bulk of what I thought I'd introduce, but leaving you, of course, that we still trade with this big discount. Our stocks moved up somewhat since we sold Gett and have started sort of buying back our stock, redeeming the bond, getting the house in order. But there's still a 44% discount to an NAV, which we think has a lot of upside. I think you can tell. That's what I thought I'd introduce this day with, and what will happen now is that I will flip page and hand over to Alex. Alex is my colleague. Yeah. Who will sort of run the show? Thanks, Per, for the introduction. Can you see me? So thanks, Per, for the introduction. Our first speaker is Fredrik Hjelm, the Founder, Co -founder, and CEO of Voi Technology. As you probably know, VNV Global invested in Voi in 2018, the time when the company was created. At the moment, on a fully diluted basis, we own around 20.9% of Voi, which is our second largest holding. We are very excited about Voi's ability to redefine urban transport and create sustainable, efficient cities for everyone. Please welcome Fredrik Hjelm. I need a kicker. John, where do you want me to stand? Somewhere in the middle. We kick off, yeah? We're good to go. Okay. Now I understand why I had some issues with the kicker. But now it's working. Yeah. So my name is Fredrik Hjelm. I'm the CEO and co-founder of Voi. And I think it's the seventh time now, Per, I'm standing here, either in the room or virtually during COVID. And, as Alex said, VNV and Per was our first big believer. And, I think without VNV, there wouldn't be any Voi. And, Per and the team have been super, super supportive over the years, and we're very, very grateful for that. And of course, indirectly, all the LPs to VNV as well. And we just celebrated the seven-year slide, as a company. We started with a few scrappy e-scooters in Stockholm, August 25, 2018. And now, year eight, live as a business. I have never felt more excited and confident that micromobility is here to stay. Micromobility is really reshaping how people move around. You had tube strikes here in London last week. I think you had tube strikes in Paris this week. Throughout the spring, you had the tube and metro and bus strikes in Germany. And you see situations like that. Micromobility is filling the gap. And you also see that micromobility is a positive factor in making cities cleaner, less congested, yeah, less noise pollution. And in that, we feel very, very good about where we are at Voi. The team is super strong. We have come a long way on the product. We have become profitable on EBITDA and EBIT level, which is amazing. Competition has come down, and regulatory tailwinds are with us. So overall, we're very, very excited starting year eight and looking forward to the next seven years. Again. Yep. All good. So, with Voi since day one, a lot of things have changed, but one thing hasn't changed: our vision. So the vision was to create cities made for living and be part of a solution, moving cities away from heavy, heavy car-centric, individual passenger is one car. Look out here now. It looks so stupid, and we don't think micromobility is the only solution to that, but it's a very important part of the solution. We have gone from those few scrappy e-scooters in Stockholm in 2018 to 150,000 vehicles all over Europe. You see that the European map is full with blue dots, which are markers where we are live. We have gone from being an only e-scooter company to, over the last years, become an e-bike company as well, delivering on that vision of building a vehicle-agnostic micromobility platform. We have expanded into more than 100 cities. You see Northern Europe, Central Europe, Western Europe, mainly. We still see so much room to grow over the coming years in Europe, outside of Europe. We grew a lot over the first years, 2018 to 2021. I think we went from zero to EUR 90 million revenues or something like that. We also lost a lot of money in 2021. So over the last years, we have really turned around the ship, continued to grow, but now growing with great margins and bottom-line profitability as well, which feels very, very good. We are having DACH, or the German-speaking region in Europe, as our largest region. Then it's the Nordics, U.K. We call it rest of Europe here. France is quickly becoming our, yeah, largest growth market. I'll talk a bit more about that. In three weeks, we're going live in Paris again, which will be the largest launch and largest contract we've ever won, so very excited about that. But a lot of logistical work to do now over the next coming weeks, but we will make it, so overall, what we have focused on now, the last year, and really the last three years, are these three things. On the left-hand side here, I say sticky user base, so we have tried to transform our user base from being more transactional, pay-per-ride, into subscription products, recurring revenues, retention, and what we see now is that, around 90% of our revenues are coming from users that over the year are taking more than three rides per month. So we're definitely moving in the right direction. In the second column here, we call it superior vehicles. So the first vehicles in Stockholm in 2018, they were definitely not superior. They were scrappy, not really built for purpose. But over these seven years, I think we have iterated. We are on our eighth or ninth hardware generation of e-scooters and on our fourth generation e-bike. And we see that we're taking the lifetime of the vehicles from a couple of months in the early days to, yeah, the latest generations having an estimated lifetime of more than 10 years. We see that out on the streets now, we're having vehicles that we put on the streets in 2020. We depreciated them over the two years. It was still early and so on. Now they have been on the street for five. S o we see that over time, with great hardware design, supply chain management, QA, and then, of course, operational maintenance, we get these vehicles to last really, really long. The first years as well, on the regulatory side, it was a bit bumpy. The market was completely free. No licenses, no tenders or anything like that. No one really knew how should we regulate this, how do we combine it with public transportation, with trains, and so on. The market has matured a lot, moving into, yeah, a tendered market dynamic, where, for example, in Paris now, we have won one of three slots. Over the last couple of weeks, we announced that we won an exclusive contract in Edinburgh, in Scotland, and also in Glasgow. So the regulatory side has really matured, and we feel really good about where we are with cities today. It's gone from, in the beginning, being quite contentious in some situations to now being a very constructive dialogue. How can we build urban mobility together and include micromobility in that? We have focused a lot on cost, both efficiency, unit economics, gross margins, and so on. Improved that a lot, but since the end of 2021, early 2022, we have also reduced our overhead cost by a lot, more than 40%, and I think the people who are here from Voi agree with me that we're better now than we were a couple of years ago, despite yeah almost half the overhead size, so we really managed to keep yeah top talent at the company. They've been around for a long time. They know each other. They know the ups and downs in the industry, and that is, of course, a super, super, super, super power in a company. That's actually the next one. Perhaps, can you help me and flip? It was the next one. So as I said, we went from hyper-growth to focusing on efficiency, turning the company profitable. We went out a year ago and raised a public bond in Stockholm, which is, I think, some kind of testament to that we're growing up as a company. We managed to convince the debt investors that it's a good asset class. We are a great company, and the future is bright. So we raised a bond on EUR 50 million. That's trading now in Stockholm. So we are on our third, fourth, quarterly report. So we're upping the standards on reporting, on governance, and compliance, and so on as well. And there was a framework on EUR 125 million, four-year non-amortizing coupon on three-month Euribor plus 675. We see that the bond has traded up quite a lot, so it seems like the market is liking what we have done over the last years with the quarterly reports and so on, and I think for us, of course, as a company, it was a great way to finance growth CapEx for this year, but also for us as a company and for the industry, it's one of these steps that we are growing up. The industry is growing up. People start to understand the asset class, and I think also us being public now with standardized quarterly reports further accelerates that, so what we do now over the coming months. What we do now over the coming year, coming months and what we have done this year, we for the first year in many years have expanded quite a lot to new cities and also new countries. Scotland, as I mentioned, the biggest win this year was Paris. Of course, we were live in Paris up until 2020, 2021. We lost a tender in Paris back then for e-scooters. Paris eventually banned e-scooters, but it's all in on e-bikes. We also went all in to win that contract. Earlier this year, we won it. In three weeks from now, you can ride Voi again in Paris. We're launching 6,600 e-bikes, our latest generations. It will be a big scheme, our biggest launch ever. We have this contract now until 2030. Once again, an example of how these contracts are getting longer, more predictable, and so on. So we rolled out a lot of vehicles, focused a lot on e-bikes, focused a lot this year on the rider side of things as well. We see over the last couple of months, we have millions of riders every month, grown the rider base with around 30% year over year. And then as soon as we feel good about Paris, we will go more heavy into London as well. We're live in London with e-scooters. We have one or two slots also live. We're live with some e-bikes as well in London. But 2026 will definitely be a London year for us. And then towards the end of 2026, we should be the clear, clear leader both in London, Paris, Berlin, Stockholm, Oslo. So that's very exciting. And these cities, London and Paris, have of course mega, mega potential. Looking a bit at numbers, we have continued to grow. And what you see in these tables is 2021 to 2024, and then LTM for Q2 2025. So we see that growth is picking up, again, this year. And the investments we have done in fleet, given our business model, will, of course, have a bit of a lagging effect on the top line. You will really start to see the full effect from 2026, which is quite a nice position to be in. We're also in a position now where very, very few competitors can invest in the same way. Vehicle profit margins, which is our revenues minus direct charging costs, maintenance, and so on, have improved a lot. You see from 2021 to 2024, we, or to 2025, we're almost doubling the vehicle profit margin. At the same time, as I mentioned before, as we have decreased overhead cost, both on market level and on central level. So we're starting to see great operational leverage, in the business and more, more to come. So EUR 25 million in EBITDA, last 12 months up until Q2, EBIT positive as well. So overall, as, as you probably hear from me, we feel good about the trajectory at the moment. Big thing this year, as it was the first year, we have been able to invest in new CapEx, really since 2022. We have rolled out three new vehicle models, the Voiager 8, which is our latest generation e-scooter, around 35,000 new Voiager 8s, I think, this year, all over Europe. It's really, really great to see that despite our older vehicle cohorts, the ones from 2020, 2021, 2022, yeah, we can operate them profitably. What we see now with Voiager 8 and the bikes here is that we have another leapfrog, both on the rider side, rider retention and, yeah, rider feedback and so on, but also on the operational side when we look at, like, important input metrics for us, like rides per repair, rides per task, which eventually turns into EBIT, EBITDA, and full company profitability. We are testing two e-bikes here in London now. One is the one in the middle, which, over the last two years has been our flagship bike. It's slightly larger. It's very robust. It's stable. Great unit economics. But what we also have found out, developing so much hardware over the last couple of years, in the quest for robustness and longevity, we think that we're starting to tilt towards slightly too heavy vehicles. And we see that especially when we're talking to users, yeah, female users, smaller users. So we're also experimenting now with lighter form factors, such as the Explorer Light there, to the right. France, it was almost game over for us in France two years ago. We were down to one city, Marseille only. Marseille has been an amazing city for us since 2019. But we, yeah, we had lost our foothold there. We invested now over the last year and a half in city relationships, in really understanding what the cities looked for, what the users looked for, and so on, and have seen almost like a magical comeback in the market where we have won pretty much all important markets now in France, over the last year that have been up for grabs, Grenoble, Le Havre, the Paris metropolitan area, and eventually Paris as well. What we're also seeing there is that, yeah, for the first time since Voi started, we're also, we're also able to win these really big e-bike contracts. Paris, of course, again, being the largest. So France is quickly becoming our fastest growth market. It will be a top three market, next year on top line, on hopefully profitability as well. So we're very, very excited about Voi in France. I am also very, very excited about AI, as probably some others are as well. And I feel that we at Voi are at such a unique position, where we're not a native AI company. We're a mobility company. But we have a lot of amazing people. We have built the tech stack in-house, the software stack, the data stack, and a lot of the hardware stack as well. I think that some of the biggest beneficiaries of AI are companies like us who can apply AI. Of course, we shouldn't think that much about, like, how do you build, large language models and so on, but we should be best in the world within mobility to apply it. So we're working a lot with that as well. At Voi, it means embedding AI savviness in all roles, all teams on a group level, train our employees to become good at applying AI in their respective field. Then, of course, use the strengths and leverage the strengths of LLMs, when it comes to speed, when it comes to content generation, but then aggressively mitigate the weaknesses, hallucinations, and so on. And then use that and embed LLMs and AI in products where it makes sense, not where it doesn't make sense, in operations, in our rider experience, and across the business. And we're starting to see great, great effects from that already. I have a lot of funky examples with voice and vision and so on, but I was advised to not do it. But I'll just give you one small example. So Voi doing millions of rides every week, tens of thousands of feedbacks from customers every week. Historically, that was something that our customer support agents went through, one by one. Of course, they missed a lot. They tried to tag it and so on. How one can use LLMs now is so exciting when you have big data masses and data volumes. So this is an example that we call LLM My Feedback. Instead of customer support agents going through and tagging and so on, we have infused LLMs and embedded LLMs. This is an example from Marseille, where we see a spike here, an anomaly in refund requests. So this is just one example of how you can use LLMs as a company like us. And then, of course, that should feed into the city manager in Marseille, the product team, and so on, so we can take quick actions, rather than waiting for weeks as it was before, when customer support agents had to go through the data. So we try to be on the forefront. We try to take everyone with us, in the company, and more to come from Voi on AI over the coming months and coming years. So what's happening in 2027 now? We're building from a solid base. We continue to see that, yeah, we are in a situation where regulators are rather coming to us and cities coming to us asking about micromobility, how they should implement it, how they should regulate it, and so on, which will be a tailwind in 2027 as well. We have seen that competitive pressure has been reduced quite significantly. I think when we applied for Paris the first time in 2020, there were 20 or 22 competitors. Now, even in the very high, high-value markets, we're down to a few and perhaps one or two that are for real competitive, yeah, a competitive threat to us. So we think that will continue, which is great. We will continue to build out the platform. So we're still heavy e-scooters, some e-bikes. Next year and going forward, you will see a more multimodal Voi stack, to basically meet the cities and the consumers where they are with the form factor, with the form factor they want. Finally, we'll continue to be very disciplined, around how we spend money, how we improve operating margins and vehicle profit margins and so on, and, yeah, build a much larger company, with a relatively fixed, cost base. Thank you. Thank you, Fredrik, for an update. We will now open the floor for Q&A, and my colleague Dennis will lead. [foreign language] Mathias Hermansson, joining us on stage. Center stage. Mathias Hermansson is the CFO and Deputy CEO of Voi. My name is Dennis. I'm an Investment M anager at VNV Global. I thought I'd kick off the Q&A with a couple of questions from me, but then I'm opening it up for questions from the audience. Taking a step back and looking at the last especially two years, I think we're all positively surprised, or at least very happy about the growth acceleration. You're growing almost 30% year over year right now, and you're at the same time generating significant cash flows from operations. What has been the most important driver in that shift over the past years? We've talked about a lot of the data points, but some general reflections would be nice to hear. Do you want to start? All right. We tried to get Dennis to send the questions in advance, but he refused. So we haven't rehearsed. He should take the answer. But no, I think, yeah, as I think we said at one board meeting, imagine a company that, you know, over the last two years improved profits as much as they grow top line, and that's very rare, I think. And I think what we actually managed to achieve is we doubled the profits on more than revenue growth. And I think it's like an almost unheard of, I think. And the driver behind that, your question, I think, is relentless focus on operational efficiency out in the field. I think we have, you know, close to 150,000 vehicles that need to be served in small factories. And through a lot of, you know, probably not over the last two years, but a lot of it's not so much AI. It's basically automation and algorithm-driven. We call it task generation. So the tasks that should be done out in the field, in the streets, that's all automated now. I think that's one of the reasons. I think the second reason was what Freddy just mentioned. I think we dared to reduce the overall overheads earlier than anyone in the industry. And by that, you know, growing the gross margins while reducing the costs, and that's the problem. Anything, anything to add, Freddy? No, to Mathias' point, Voi is a massive optimization play, and I mean, one of the motives is also that it is a massive optimization play, but you don't only have to optimize online. You have to do the massive optimization play offline as well and getting it out through fleet specialists, mechanics, winning cities, and so on, which makes it very, very difficult to compete with at the stage we are now. So. Amazing. I'll do one more from me and then open it up. You obviously mentioned the bond. We don't have to go into specifics, but just thinking about the impact that it has made to a semi-public company. You're reporting on a quarterly basis. Your books are open. How has that impacted you, and what's the significance of that, would you say? I mean, I touched upon it because it was funny before we raised the bond in our board. Some of our investors not have actually knows a lot about bonds. Some of the other investors were more skeptical. Like, a company like you shouldn't have your numbers out there every quarter. Competitors can take actions and, you know, outcompete you and so on. But eventually now, I mean, now we have had three good quarters as well. It has upped the bar for reporting how to measure things in the business, how to talk about the business, and yeah, implemented for the first time, really, like standardized metrics in the micromobility world. Because no other of our peers have been reporting, yeah, in this way, since they're still private or, yeah, not done it. So I think it's been great. I think as well, I mean, first of all, everyone keeps saying we're semi-public because we are. You cannot be half pregnant either. It's like, but no, so we adhere to all the more rules and what have you. So, and do the reports. I think the big shift was mentally because I think perception of our industry has not always been fantastic, particularly in the international markets, having seen Bird and some of the other players go bankrupt. I think what we felt last year was, I think someone needs to take the kind of flag and plant it and show the world that micromobility can be profitable and we can get a high return on our investments and capital. So I think we said, let's try to change the world's financial perception of the world, at least for our world. So far, as Freddy said, no one has said we've done it. There are rumors that someone else is about to go public, hopefully, towards the end of the year. We hope that's going to be the case because then everyone can start looking at this as a real industry. Thank you, questions for the truly public companies, boy. Thanks, George from Pareto. So, my first question is on the bigger fleet that you have now with the bond deployed. Has this bigger fleet impacted the utilization at all, or has the market been able to sort of digest the increased fleet? So far, it has digested it well. I mean, in Q2, when we started to deploy the fleet, there were always some teething issues, and it takes some time and so on to get everything up and running. But so far, it's digested it well. Yeah. And when we looked ahead, is it continued growth in existing markets and expanding that fleet in existing markets or more into new markets? I mean, we're open to both as long as we can do it with high confidence and conviction that we will become profitable in that new market relatively soon. So over the last couple of years, expansion into new markets, new countries have mainly been winning first, then we invest. Scotland was an example of that, where we first won Edinburgh and Glasgow. Now we're putting real resources behind it, rather than going completely blindly into new countries. Just, my other question is on the financing here. Obviously, this bond gave you opportunity to expand with growth CapEx, but how far are you willing to stretch balance sheet and leverage to continue to grow with debt? That's the first part of that question. The second one is, if let's just talk then. Yeah. I'll think for me, probably. No, I think, I mean, the first thing you have to remember is that even though we raised, you know, the EUR 50 million that the great bank, Pareto, was part of helping us, we, I mean, today, end of Q2, we had one-time leverage netted to be done. So it's very rapid, cash flow generation from the new CapEx that we have. So I think you will always see these seasonal spikes when you buy vehicles, and it goes up, and then it comes down pretty quickly. I think overall, a business like this, I mean, there are much more brilliant financial minds here, but it feels like the, you know, the volatility of the industry is pretty high still, generally speaking, if you compare to many other industries. We would probably, you know, rather want to keep it on the lower financial risk side. You know, probably, you know, two times maybe or something like that. That could change over time, probably. I'd rather be a little bit careful on the financial leverage. Sure. Thanks for the words on Pareto. Just a final question from me. Other than growth CapEx into the fleet, what's the most important leverage here for growth? Is it utilization or price mix, or can you touch on that? If I start, and then Freddy, I think, the way we look upon the European kind of part of the world now, not taking into consideration growth outside Europe for a second, there's a huge amount of untapped demand, both because there are bikes that we're rolling out to scale right now. I think we are only around 10%, a little bit more probably on bike penetration of the whole entire fleet. So you have a huge untapped potential in new consumers that don't drive e-scooters. So that's one thing, and the other part is if you look at the overall penetration in key cities in Europe of how many people are actually using micromobility compared to the real size of the population, you see huge discrepancies there as well. So for us, the real growth driver is not to buy, you know, 100,000 more vehicles. It's basically to have more people, you know, more active users and more penetration in cities like Berlin, in cities like, you know, across entire Europe. I think someone tried to do that exercise. If all cities in Europe had the same penetration as Oslo has, we would probably triple the revenues with the same fleet. So there's huge, you know, potential in that way. So penetrating cities, more getting more access to bigger user bases within existing cities is by far the best way to go. Perfect. Thank you very much. Thank you. Any other questions from the audience? We have one here from Boris. Mike, see if we get it. Hi. Well, you're mostly a scooter company. Well, France banned them. What's your view on sort of the regulatory vision? Will other European cities ban scooters? Do you see yourself that you will have 50% bikes, 50% scooters in three years from now? How the sort of unit economics changes while it's different between bikes and scooters? That's the first question. And the second, which is related to this, is, like, I haven't seen your kind of capacity utilization metrics. Like, do you like where you are ideal, where you're not ideal, what's put into, like, what's the target, where you're lagging behind? Like in ways of network effect companies. So the more scooters you have, the more users will use them because they will see them. Yep. Everywhere, everywhere. But there are limitations on this. You don't want to have unused fleet. So do you monitor this and how far away from your target? Okay. I can start. No, so I've always seen us and continue to see us as a mobility company that operates light electric vehicles. We just started with e-scooters because we saw great demand and so on. And we also are big believers in focus, which is why we didn't go into a lot of other modes like year two, year three, year four. But we waited to nail down the e-scooter business. Then now, the last couple of years added on the bikes as well. And this year, 2025, is really the breakout year for bikes at Voi, and that will continue. And a few words on the regulatory side. I think the future, say fast forward three years from now, it's clear now that all cities will have micromobility in some shape and form. Most cities, I think, will have both e-bikes and e-scooters and perhaps some other modes as well. Some cities will only have e-bikes. Some cities will only have e-scooters. Like Oslo is an example. We're pretty much only e-scooters now. Paris, only e-bikes. So we'll see this mix, but micro, yeah, micromobility will be around at scale in all cities. Your second question was around payback, unit economics and p ayback unit economics. Okay. You borrow money from Pareto. You trade also micromobility scooters. What's the payback period? And how much is it utilized versus like a delivery? It's a good question. We had that question when the board members are on us all the time to on that question. The way to think about it, I think, right now is that for us, scaling the e-bike fleet right now, you see largely similar, you know, gross profit per vehicle per day for bikes as you do for scooters, largely. More revenues per ride because they tend to be longer and slightly less utilization. I think if you pair that with the CapEx cost, it's still diluted in terms of ROI, because they're more expensive to buy the bikes. But that's when you look at it from a micro perspective. If you take the, you know, bigger view on all of this, I mean, London is the best micromobility city in the world, in Europe, for Lime. Lime is probably one of the best cities in the world for that. They only run bikes here. Bike has enormous potential if you expand the viewing. Thank you. Ates Andil? My question will then be, how do we make the BlaBlaCar moment take place in other locations as well? What do you do, like, I mean, how do you cooperate with the local community and governments like to increase utilization? I mean, the funny thing, if you take a city like London, London has had its kind of Oslo moment, but on the e-bike side, where you see that the bike usage over the last couple of years had just skyrocketed. You see that it's a combination of infrastructure. I mean, bike lanes and protected bike lanes are very important for uptake. They're very important for uptake because users feel safer and so on, and we tap into other user groups that feel unsafe riding out here next to cars. The second part is, of course, on the product side. We see that with improved products over the years, we have increased the total addressable market and the type of user groups we can tap into. And then thirdly, it's around operational excellence. I mean, the better we become operationally, the lower production cost per ride we can have. We can, of course, give that back to users and increase the TAM through subscriptions, yeah, and things like that. So those three things, it's infrastructure, it's product, it's operational excellence, it's of cost. Any more questions from the audience? Any more questions from the audience? Any observations? Anything? Before that, I realized, another important thing is, of course, where we see that the demand and numbers are really, really strong, those cities often have some kind of, that they are maybe difficult or expensive, to have your own car through road tolls, through taking away space that naturally, of course, moves consumers to other modes of transport. Stockholm is another example of that. Yes. So I have a question on growth as well. So how big of a share has been coming from kind of increasing the vehicle size and how much has been kind of increasing the ride per vehicle? And where do you see this trending in the coming years? It's all a little bit linked to the previous question we got here earlier as well. I think, generally speaking, I think this year, given that we scaled the fleet so fast, I think most of the revenue groups are coming from, from vehicle, you know, fleet size growth. But that leads you sometimes to think about, okay, so you have to, you know, just buy more and more vehicles. The thing is this year is a little bit special because we grow so much. So we actually started to put the old, you know, the V3X from 2020 in tier three cities as well. So you start seeing mixed effects of all of that as well. And that's why, so the revenues per vehicle per day is largely flat, most likely. Then a question on subscriptions. How big of a share of your revenue is coming from subscriptions and, Sorry, I have to jump in. Sorry. But if you look at the number of active users, they're up much more than the fleet size growth. And that's what we have been focusing on this year. You know, questions on subscriptions. How big of a share of your revenue is currently coming from that? And is this something you're aiming to increase over time? I should probably know this, but I think around 30% is coming from subscription-type products, passes. As Fredrik mentioned, we think about us a little bit like, you know, not one-to-one, but a little bit like Amazon. If you drive down cost massively, then you could afford to give away more rides on passes that are more or less more inexpensive to do. So the quicker we can drive down cost per ride, the quicker we can expand that share as well. So, you know, over the next few years, it should be no reason why it's not 50% plus. Thank you. Thank you. Looks like that's it from the audience. One final question from me, which I'll probably ask the folks up here in management teams. You obviously track several KPIs in your job, right? In one year's time, when we meet again, what's one KPI that's going to be on top of mind during the period from now until then? And where do you want it to be by next time we meet? Cash flow. If you ask, since Jake is here, EBIT growth. Good. No, but I think, I think we, I said it before, I think user, user focus has been a, you know, big, big, big shift for us this year. So rides per user, revenue per user, engagement, those kind of things. Earlier, we had a lot more vehicle focus on that. Excellent. Thank you so much for your presentation for the third time. Thank you. Thank you, gentlemen. Now from Europe, we turn to Egypt. Please join me in welcoming the co-founder and CEO of Breadfast, Mostafa Amin. VNV owns 7.9% of the company and first invested in 2021. Breadfast is the leading online grocery brand in Egypt, and we are thrilled to back Mostafa and his team on the journey. Mostafa, the floor is yours. Thank you, Alex. Yeah, very happy to be back to the VNV Capital Markets Day this time in London. I think last year was our first time. We enjoyed it and we learned a lot. Many familiar faces this time and also new faces that I am very, very looking forward to learning from throughout the day. Thanks to the VNV team. Thanks to Per, Björn, Alex, Dennis, Katerina, and everyone else. Thank you for hosting us. Thank you for your trust. Before I start, I'm very proud and super grateful that I'm presenting the hard work for our team back in Cairo to you today. My name is Mostafa. I go by Moose. So feel free to call me Moose. I'm the Co-founder and CEO of Breadfast. What's Breadfast and what are we trying to do? We are on a mission to build the most sophisticated consumer supply chain engine for the Middle East and Africa. We started, oops. Okay. Okay. Yeah. I apologize. I think there's something with the font on the PDF, but, yeah. So we started, baking and delivering, fresh bread to customers' doorsteps at 5:00 A.M. in the morning in Cairo, which is one of the most populous cities in the world. That was eight years ago. And we used to deliver, bake and deliver the bread at 5:00 A.M. in the morning. Today, eight years fast forward, Breadfast is the largest online grocery platform out of Egypt. We are building customized selection for, you know, MENA. When we started baking the bread, the thesis was, let's start from the hardest part of the consumer supply chain: one-day shelf-life product, not B2B, but B2C to customers' doorsteps. We knew that we're going to build a nightmare of operations to make sure that we're starting from the hardest part of the consumer supply chain. Again, one-day shelf-life product, fresh to customers' doorsteps. Many people ask, you know, how's it for Egyptians actually to get their grocery shopping done? First of all, grocery in Egypt is a $100 billion market, $100 billion. Second, 72% of the market is actually unorganized. As a company, we love broken supply chains. That's why we started baking the bread ourselves. The thesis also was, if we're going to aggregate and only build the technology, if you're aggregating from a broken supply chain, the result is going to be broken customer experience. That's why we took the very, very bold step by building the whole supply chain ourselves. Again, you know, how is it for Egyptians to actually get their grocery shopping done? We have to go for our weekly grocery shopping by visiting at least five different destinations. I have to go and visit the fruits and veggie guy. I have to go and visit the butcher. I have to go and visit the poultry guy. I have to go and look for the corner store, the mom-and-pop shop, to go and get my long shelf-life dried products and more, right? It depends on the grocery basket. What Breadfast is trying to do is to bring the fresh and the non-fresh, right? It's a real one-stop shop to customers' doorsteps. So we're trying actually to save all the time for the customer to make sure that we are building the full supply chain for them to get the bakeries, the pastries, the poultry, the meat, and all the long shelf-life products to customers' doorsteps. Just wanted to elaborate, you know, the problem that we are trying to solve for the customer. And guess what? Everything is fully digitized by technology. At the very beginning of the slide, these are my co-founders. The three of us actually coming from tech background, we used to build in machine learning and deep tech and all this crazy stuff. And after years of building this in the emerging market, we realized that we actually were not building the product market fit for our customers because we have always been influenced by everything coming and should be in the cloud. And after years of failures, I personally failed four times trying to build in tech. I started to write all the mistakes of the failures that I've made in the past until I realized that actually we're not solving any of the customer's pain and that we really have to go and take bold steps to solve the real problem for the customer. So, since we started, we were trying to find the intersection between technology and the real world, right? Because there is big life that's happening every single day. But how can we intersect and link between the two worlds? I think this has been the challenge for us. AI for us is not a new thing. Actually, the first use case that we started to develop, that was almost five years ago. So even before the hype. But again, because the whole background of the founding team is coming from technology, at the same time, these crazy guys are baking bread, right? How to link between both worlds has been the idea from day one. I'm super proud today, you know, that we really implement a lot of in-house machine learning in the supply chain engine that we built from day one. As an example for this, when it comes to supply chain, we started to build our own demand forecasting models, right? And by the way, fresh is very, very tough. You will see the numbers, but for a company like Breadfast that's growing year over year in three-digit manner, 50% of the operations actually is on the fresh side, and 50% of the operations is on the non-fresh side. And guess what is our blended waste? It's sub 2%. Sub 2%. This is thanks to two things. One, the technology that we've built in-house, and also, you know, the hard work of the team that's actually monitoring these technologies. As you see on the supply chain side, it almost led to 45% improvement in demand forecasting, 4% in revenue uplift, 12% gain in the FP capacity utilization. And as I mentioned, when it comes to waste, it's sub 2%. Fraud detection recommendations, and we have unlimited use cases that we use every day in our machine learning engine. I'm also super proud that today we process almost 4.5 quadrillion bytes a month of data. This is basically so massive. Why? Because we own the whole supply chain. We own the first-mile logistics, the mid-mile logistics, and the last-mile logistics. Our vision is from bread to everything. From the hardest part of the consumer supply chain, one day to literally bring everything that's needed by the household to their customers, to their doorstep. On the very left side, it's Breadfast Supermarket. This is our core, and eight years ago, we started from, you know, like offering three SKUs only from the bakery category. Today, we deliver more than 7,500 SKUs to customers' doorsteps. We promise our customers 60-minute delivery 24/7. Our organic average delivery time is around 30 minutes. Breadfast Coffee. We actually deliver hot coffee from our fulfillment centers to our customers' doorsteps, but we also ventured into consumer-facing outlets. Very proud that a couple of weeks ago, Breadfast Coffee, alone as a vertical, became larger than the most famous global coffee brand in Egypt, just as a vertical in terms of revenue, so we have our consumer-facing outlets. We also deliver coffee from our own fulfillment centers to customers' doorsteps, very, very hot. Breadfast Care. We started to venture into personal care and cosmetics products. This is a vertical that's massively growing month over month. We introduced it almost seven months ago, and we're super excited about it. Very healthy margins and also very, very important for our main persona, which is the household mom. Breadfast Kitchen. From the same fulfillment center, we don't only deliver hot coffee or watermelons or bread or fruits or veggies. We actually started to deliver hot food from the same fulfillment center. So it's still in pilot, but all the initial indicators are giving us very, very strong confidence that we should actually go and build on this front more and more. And then Breadfast Shops and then Breadfast Pay. A few weeks ago, we received the final approval from the Central Bank of Egypt to start operating Breadfast Pay. What's Breadfast Pay? Our first product in the product roadmap is open-loop prepaid card. If you go and look into the Egyptian consumer behavior when it comes to banking, still a big part of the Egyptians' day-to-day is on the cash side of things. Breadfast actually is the only player in the market that has built very strong frequency, retention, trust, and consumer logistics. So the idea behind this is actually to start opening bank accounts for our customers at zero customer acquisition cost because we already have the user base. We're super lucky that our main customer is the household mom. The household mom basically controls somewhere between 60%-70% of the consumer wallet spend every month. Guess what? Most of the household moms, they don't have a bank account yet. This is still one of my very favorite charts. That was a tweet by Paul Graham, one of the best venture capitalists in the world. And I call it the emerging market tweet. I read it last year, and I will read it again. Paul Graham, he tweeted and said, "This revenue graph illustrates the two dimensions in which startups are spreading into more domains than traditional tech and into more countries. This is Breadfast, which delivers bread and other household essentials in Egypt." And yeah, this actually the tweet was actually in, you know, end of 2021. That was in February 2022. And when you compare this tweet of Paul Graham a few years ago to the revenue scale that we were able to achieve, people thought that this is actually an inflection point. I still tell everyone, "Breadfast has not experienced the real inflection point yet." And I'm going to provide the reasons for this. So we're actually still warming up. Last time when we met, these were the numbers. Egypt was hit by a couple of devaluations over the past few years. I'm super, you know, like thankful that now Egypt has been stable recently. And, you know, like we know that over the coming few years, it looks super strong on the macro level. We can also provide more reasons on this. But that was last time when we met. And today, when it comes to the annual run rate of revenue, we'll present it in GTV, but actually we own the inventory, so it's revenue. So, the difference between GTV and revenue is only the VAT. $190 million in revenue run rate. This is a 98% year-over-year since we've met last year. Today we perform close to 1.3 million orders a month, native transactions. We're getting close to 400,000 monthly active households. We are currently running 47 fulfillment points, 35 omnichannel coffee locations, and Breadfast employs more than 7,500 employees. Given the nature of the end-to-end supply chain, as I mentioned, the first-mile logistics, the mid-mile logistics, and the last-mile logistics. Yeah, as I mentioned a few minutes ago, this is really for us still the very, very beginning of the story of Breadfast. Today, the grocery market is at $106 billion, expecting to be north of $140 billion by 2027. One of the actual references that we enjoy reading is the Goldman Sachs Economic Research, and it's expected for Egypt to be amongst the world's largest economies by 2075. Massive growth. We want to make sure that Breadfast is going to represent a very decent part of this story. Another exciting fact, Egypt has 120 million people today. 50% of the population is under 25 years old. So imagine the opportunity of the growth, consumption, building a super local, super customized brand that's going to be part of the journey of every day getting things done for the household. Another metric that we feel very, very proud of, our private label penetration of revenue. We believe today Breadfast is the leading private label penetration of revenue operator in the online grocery sector globally. We're getting close to 40% of private label penetration of revenue. And if this tells you one thing, it tells you the trust and the relationship that we've built with our customers, that they come to us for our exclusive selection and our unique products. In the traditional world, brands like Costco or Carrefour, you can actually find, yes, 30% penetration, 40% penetration. But when you move this to the online world, you cannot find these numbers as private label penetration of revenue. Another favorite story, our long-term GMV dollar retention. From Cairo, from Egypt, we are leading the global curve when it comes to the long-term GMV dollar retention. It tells you that we have a real product market fit that's not built on promo codes or discounts. It actually has been built on trust. More than 107% long-term GMV dollar retention after 24 months since the customers joined the platform. Last year when we met on the fulfillment point, Store EBITDA, our blended CM3 was actually at 3%. A year later, it's not only a growth of revenue story. It's actually also a story of, you know, much, much, much stronger profitability on the store level. Today, we are super proud that we are representing the best unit economics in the world when it comes to this sector at 10% store-level EBITDA. Y eah. In conclusion, in actual year-over-year growth, 73%. The team is working very, very hard to make it three digits for this year as well. And 107% in long-term GMV dollar retention, 37% in private label penetration, and 10% on the fulfillment point EBITDA. Lots of exciting stuff. This is still the beginning from bread to everything. Thank you so much. Wow, what a story. Thanks, Mostafa. Let's open up the floor for some Q&A. Björn, open up like the floor for some Q&A. Björn, would you like to take the stage? Thank you, Alex. I'm Björn. I'm CFO at VNV. I'm also a Board Member at Breadfast. Thanks again for coming and good presentation. Very, vey impressive r evenue figures since we invested, especially in local currency or sort of constant currency. Unfortunately, we don't do it. It's still impressive with sort of 5x revenue growth since we invested in dollar terms. But could you elaborate a little bit on how it's been operating in this sort of monetary markets type of environment with the devaluation of the currency historically, sort of high inflationary environment, and sort of a little bit more on the now more hopefully stable macro looking ahead? For the support first, and thank you also for the question. Actually, just to give you an idea of, you know, the devaluation impact, today, as of this month, also we're going to exceed actually very, very good target on the revenue. Let's call it $200 million for now. Actually, those would have been, if we remove the devaluation factor, $500 million in revenue. Sometimes it feels, you know, like negative, but to be honest, we are super positive about it for one reason. This has built a very, very strong resilience in the company. Lots of companies, when macro, you know, like goes into the wrong direction, they actually take some decisions, right? And many of these companies, they might say, "Oh, things won't look good." Actually, in these environments, we take the opposite direction. We have doubled down and tripled down on our execution. That's why the profile we are presenting today on the revenue and the on the profitability side is super encouraging. This has built a very strong immune system in the company. I call it the emerging markets vaccine. Breadfast now has a very, very strong emerging market vaccine that whatever will happen, we will continue doubling down and tripling down on this. We're also super lucky that we're actually selling bread, fruits, veggies, things actually that when things get tough, people actually consume more, right? We are not doing any luxurious, you know, like, services. We're doing what our customers need every day. Egypt has 120 million consumers. Think of it, close to 27 million households. Our market share at the moment is close to what? 0.2%. We're still scratching the surface, right? This company is going to generate real multi-billion dollars in revenue over the coming few years. Thank you. And so, maybe a question. Thank you, not long before we open up to the floor, as you showed also on the slide there on private label penetration in the basket, you know, one of the key drivers of very healthy unit economics. Could you elaborate a little bit on sort of how much better gross margin you have on the private label assortment versus the other stuff? And also how you typically work on that sort of chain to drive in optimizing the sale. Thanks for the question. So private label business is just like a lot of businesses that are very excited by, we see that we can use retailers over time. We see that there is a lot of retailing out there in our market and, you know, the regional market for local brands that address kind of values and interests of local consumers. And so as we use that data to continue to identify areas where, you know, there is consumer traction on other, you know, markets, we expect that the consumer market is going to be moving up. The exciting thing for us as well is the exciting thing we've done at Breadfast. Our team has done a great, great job buying small, medium-sized, middle-market, and Nile Delta who have historically struggled with, you know, getting the market share in, you know, shopping chains, supermarket, and retailers, which means that we actually have very good, which means the markets are now very profitable. So, not to say it's too much, but think about it as a big money spinner. Think about it in the margins that we get on the, the traditional privately-owned consumer goods companies. And, you know, we've seen a large part of the story in, you know, how we're learning part of the story is to increase the profitability, and we've closed much of the gap over the last, it's much of the gap over the last. Thank you. Any questions from the audience? Björn? Thank you. So just one, simple question. One of the differences between the store -level EBITDA and the included that goes [audio distortion] So the s tore- level EBITDA is [audio distortion] product margins all at the very bottom. There are fixed costs, and all of the products are fixed store costs. Management labor, and so, as we showed that currently at 10%, there is certainly upside in the various, especially if you look at our best locations today, especially if you look at our best teams that are continuing to move up. Then we look below contribution margin, so below contribution GMV expenses. You know, we are excited that, as we add more locations down here, we're going to start closing the gap on EBITDA. You know, type of work will be happening in the following months. On the road, I heard the balance- saving growth. You can sort of keep the growth for itself. I mean, that's the fantastic part of taking the lower value at 10%. We are still very much supply. I mean, we actually opened with because of the amount of demand that's on our business. Actually our path to, so given actually our path is actually driven by, you know, the companies actually driven. So we have a certain amount of investment we've put into our GMV to build out the strong GMV data. That's what we actually can now start to invest in. There has been some investment in our technology, which has been under-invested in over the last few years. But as we wind forward now, and as we fast forward the business, it's all about adding top line revenue to now, all about adding top line revenue. And so, the path to breakeven actually gets accelerated. And we're happy to show some of the fundraising methods as well. But yeah, it's a big part of, the, you know, job requirement. Yeah. That's very helpful. And my other question, more of a question of similar Western businesses. It's super competitive or have to, you know, have to, five or ten years. What's the impact on the traditional, what has the impact on the traditional? So it has been unfortunate for other players in the West for a couple of reasons. One, if you look at the U.S. and Europe, the market is already very organized. So for any online player to come and compete, you know, with very well-established brands, this is very, very tough. This is one. Two, labor cost per hour is very, very tricky. And when you look at the AOV and the labor cost ratio, Breadfast today actually globally is the healthiest. We have a very, very healthy ratio between the AOV and the labor cost per hour. So, by the way, this is not only related to Egypt. Egypt maybe is best, but across MENA, you know, each household, there is a consolidation when it comes to the purchasing power. Each household has three and four people live together. So the AOV is actually consolidated on the household level. At the same time, when it comes to labor cost, it's very, very affordable. That's why we are super fortunate, you know, that we are actually correcting the supply chain. And as a result for this, we have a very, very healthy unit economics. Again, in the West, labor cost per hour is very, very challenging. AOV is not consolidated on the household level. And at the same time, it's super competitive when it comes, you know, to the organized supply chain. Yeah. I would add, you know, in Egypt, right, we do have, you know, food aggregators that compete with us. You know, what these food aggregators don't have, similar to actually aggregators in London, you know, worldwide, the exclusivity in the products and the manufacturing side of the business. That will continue to be a moat. You know, Mostafa shared about, you know, the immense work in private label that we are doing. That is the number one acquisition driver in our business. That's the number one retention driver in our business. I think if people are familiar with aggregators around the world, like that exclusivity of supply is critical. That's certainly something that, you know, we are head and shoulders above, relative to competitors in the market. You know, no one in Egypt comes close. So that sort of to having that sort of moat, we feel super confident that we'll just continue to win share. And to quickly go back to the previous question, we are in investment and growth mode at the moment. We're very happy. Recently, we were joined by EBRD, Novastar as part of the P Series C. So, there is a very strong momentum at the moment in the business. And, you know, like, these growth rates will continue, you know, like, to be seen in the business for the coming few years. And as Eugene mentioned, you know, like a big part of the driver here is the scale that we are building. Yeah. Super helpful. Thank you. Thank you. Question in the back. Sorry, we couldn't get any bread today from Egypt. But we'll work hard with Per maybe next time, you know, to fly some bread from Egypt. To report the next event. Could you talk a bit about how much of Egypt you cover today, you know, how much of fulfillment center costs, you know, geographical coverage, and also the compensation for the drivers or the delivery people? How does that work in Egypt? Yeah. I believe we can talk about the payback. And also, I mean, right now on the grocery side, we only have 0.2% of the market share, right? We talk about the $100 billion market. We're now at $200 million, you know, like revenue on rate. So give or take, it's a 0.2%. This is on the market share side. And yeah, for our payback on the fulfillment points, we're talking now six, six months payback, which is very, very healthy when it comes to CapEx and payback. As Eugene earlier mentioned, we actually now open our fulfillment points at profitability. Yeah, but I'm not sure if you want to add. Yeah, it's something that's very unique to the Egyptian market. You know, we talk about $100 billion a year. Unlike Europe, like 70% of that is actually concentrated in the current footprint. So today we are operating in Cairo, Giza, Alexandria, and Mansoura. Those four cities are actually covering, you know, $70 billion of the market. That's 70% of population, 70% of retail spend. And you know, it's actually unparalleled globally, right, where you have so much concentration around the Nile Delta. It's a large country, but for a logistics company, it makes it much more efficient for us to serve. And you know, what it really makes it, you know, it's very favorable for the company where, you know, when we talk about footprint expansion, that footprint expansion is actually 95% all in existing areas. And so as you open more locations in existing areas, you know, obviously are shortening the distances that your drivers have to deliver. You're actually able to better curate the selection to the consumers in a smaller location. And by the way, you have excellent visibility, right, into what that demand looks like ahead of time. And so the risk to opening these locations is a lot less. It's a very unique part of, like, operating in Egypt, but it's actually, you know, allowing us to, you know, have a lot of confidence in footprint expansion because it is actually, like, serving mostly existing areas that we cover today. Here, Could you talk about what EBIT margins in Egypt's grocery industry overall are? And do you happen to know a statistic on blended waste as a% of revenue for the whole industry? We don't have, you know, Egyptian EBIT, like offhand, but we can probably look into it. Like historically, I think globally, you typically look in like the 5%-6% range, which is, you know, obviously quite a thin, thin margin business. And sorry, Andy, and the second part of your question? T he blended waste% of revenue. Yeah. So, you know, the disclosures like worldwide that you'll see at the retail level, you know, typically in the high single digits, but, you know, that is going to be at the retail level only. I think the very exciting part of our business is, you know, we are sub 2% waste, but that's not just at the retail. That's at the mid-mile, that's at the warehouse, but also including the manufacturing. And so that for us is, you know, special. It's the reason why we use technology and ultimately how we can actually get, you know, lower cost of recycling. What fraction of development centers do you think are doing 25%? Over time, certainly all of them, right? And you know, we, when we look into the footprint today, like what are the drivers of upside from where we are? You know, a lot of that is you know, scale of the existing locations, right? So how do you move you know, from call it you know, 800 orders per day to oh, it's kind of 1,400 orders per day? That's one chunk. You know, we know that retailers in Egypt from you know, from our team you know, their product margins are you know, kind of north of 30%, which is significantly higher than what we achieve today with like fast-moving consumer goods companies. So that's a significant step. On, on the discounts, you know, we are still onboarding you know, significant amounts of new customers you know, on a daily basis. We see that as our customers evolve and mature over time, the discounting that is required to keep them on platform is significantly less, right? So as the cohorts mature, you know, you start seeing less discounting. So that is another step from where we are today. Then finally on the delivery expense, as we open more locations, we densify the areas that we're operating in. We shorten the distance that drivers need to travel. That actually increases the efficiency and the drops per hour that the delivery associates can do. That, you know, essentially allows you again to make a step. You know, we've chosen to share a lot of these savings with customers, you know, to date because we are, we are trying to become the lowest cost operator in the market. We're getting close to price parity now with the biggest retailers. As we kind of break through that mark, then we start accruing more of those savings to our P&L. And I think that that's kind of where we get confidence that you know you know north of 20% EBITDA per location is very. Okay. Yep. Okay. Boris? How do you acquire new customers? And also, like, what's advertising as a% of your CapEx or spending? And also, like, well, basically Cairo or Egypt are huge, right? So in some areas, you cover properly. Like anybody can download your app, right? But it doesn't mean that you can get this grocery fast. So when you open a new fulfillment center, do you do some local posters like on the streets? What's your basically customer acquisition cost? How important it is in your overall CapEx and spending? How do your customers know that you opened the fulfillment center and now they can get their grocery fast while two blocks away they can't probably, or I don't know. Yeah. So majority of our acquisitions actually are organic. It's close to 70% organic acquisition. So actually we've been supply constrained. Until now, we're super supply constrained. One of the most famous, you know, like, things about us is that we are always out of stock for this reason, is that people actually try to come to us because we have super unique selection, either on the bakery side or in the pastry side or in the, the whole overall private label, stuff that we come up with in the market. So these products actually go very, very viral, and people then go and download the app, try to find these products, right? And then, if they find it, this is great. If you don't find it, you know, then people complain, which is of course something bad and good. So this is on the customer acquisition. We have, you know, several traditional customer acquisitions. No. I mean, online, of course we have online paid ads, you know, like, and performance, you know, like, marketing engine. But locally, I mean, in the neighborhoods, you know, like, we don't have this yet. We used to have some field marketing activities, right? But not nationwide, not yet. Because if we do this, I think demand will increase heavily, and we don't want to be in a position to be more supply constrained. So we try to mix between growing organically in a very good manner and at the same time also, of course, spending, you know, like, money to identify the customer acquisition and the payback and all these metrics that help us, you know, like, smartly invest and deploy resources. In terms of your existing app users, can you share with us your key statistics like retention and things like that? Yeah. Yeah. I'll quickly just go back on the acquisition point. You know, it's unique in our business, but we don't think about demand really about demand generation in our business. All of the work that we do and all of the drivers that we see in driving top line growth is actually always on the supply side. So if you correlate, you know, the expansion, the speed of expansion, the speed of locations opening, the faster we get locations open, the demand kind of falls in because, as we mentioned earlier, most of that is actually going and serving existing customers, but just serving them better. When we think about, you know, what then drives like demand to those locations, it's actually always around product. And so, you know, very few companies, you know, have this primary business. We always lead with product. We have the discounts in the past. We find that they are much worse in terms of like cohort acquisition, cohort retention. When we lead with, you know, products, you know, the latest Banoffee Mille-feuille, the latest dessert, the latest bread, the latest bakery, our recently launched salads and sandwiches ranges have been incredible drivers of the business. That's actually what drives acquisition retention. And so it's a little bit different to like your typical e-commerce business. From a consumer perspective, you know, the average consumer is ordering, you know, three and a half, almost, four times a month. So essentially once a week, you know, those AOVs now are, you know, $11. They're kind of increasing to 12. The interesting thing is as you look through the cohorts, right, and you kind of isolate, you know, the new from the existing, the existing users. You know, Mostafa showed you the chart on the GMV retention. And what that is actually telling you is, you know, frequency and spend increases over time as you build more trust with the consumer. They spend more time on your platform exploring what else you have, right? And that's one of the major disadvantages we have with an offline retailer. We, you know, we have to work harder on discoverability. That's a fact, when your retail space is a phone screen. But you know, as people spend more time with us, they find more, we push more product to them, and we're able to kind of win more wallet share over time. Yeah. But in terms of- Running out of time, Boris, we will have to take a question in the break. On to the next company. Thanks a lot, Mo and Eugene. Thank you. Thank you, gentlemen. Our next speaker is Niklas Grawé, the CEO of Bokadirekt. Bokadirekt is Sweden's go-to marketplace for beauty and health services with over 13,000 merchants and 2 million customers per month. And we are very excited to continue backing this fantastic company. Niklas, the floor is yours. Thank you. Thank you very much. Thank you for the introduction and thank you for the support. Yeah. So my name is Niklas and yeah, CEO of Bokadirekt. Let's see if I get the right person here then. Hello. So, Bokadirekt is Sweden's largest booking system, and being a booking system means that we have a two-sided business model. On the one hand side, we are the main SaaS ERP provider for over 14,000 merchants in Sweden. On the other hand, we are the consumer marketplace for consumers to explore, discover, book and pay for beauty and healthcare in Sweden, and we every month have 2.5 million active users on our platform, unique active users, which I like to put in perspective considering that Sweden is a small country with a population of 10 million, so it's actually a quarter of the population. But I think it gets even more exciting if you consider that the majority of our active users are women, and then you divide 10 by 2, you get 5. If you take away the non-consuming parts of the women population, we have almost every woman. We have a positive relationship with every Swedish woman and they love us. We have an NPS of 68 and an unaided brand awareness of 39%, meaning that if you ask a Swedish person, what can you use to book or find beauty and healthcare in Sweden, they will answer Bokadirekt. And I think that's a super powerful position to build on, going forward. Head office in Stockholm. We also have an office up in the Arctic, where we do sales and customer success, and we're backed, as mentioned, by VNV Global and Sprints. Before looking at the present and looking in the future, let's have a look in the rearview mirror. So, as you saw on the previous slide, we were founded in 2009. In 2019, we were acquired by Hitta.se, which is a Swedish Yellow Pages platform. And then, Sprints became the majority shareholder. After that, Bokadirekt saw some really good growth, both organic, but also through. I see the headline is a bit shifted, but also through selected M&As where we focused on buying platforms that were focused or SaaS platforms that were focused on hair. The reason for hair is it is a relatively high speed and high value booking segment. At the same time, building the app and building the marketplace. After that was done, we took in an additional 30 million EUR from VNV and Sprints. And the focus now has been to merge the platforms into one to find those synergies, also to ensure that we're getting a closer relationship with both the consumer and the merchant through payments, making sure that we control that paying relationship. And looking forward now, again, building on the fact that we have almost every Swedish woman on our platform that uses us on a daily, daily basis, but uses us for beauty and healthcare. That is where we see the value that we want to bring to our merchants and consumers and to ourselves going forward. Yes. So looking at our product then, as I mentioned, we're a two-sided marketplace, where we're on one hand side, we're an integrated part of every merchant. We're the, the classic one-stop shop. Essentially all you need is a pair of scissors, an accounting system, and you can start your business, which means that we support development of local business. We support women businesses throughout the country, which is actually a powerful thing for us. What do we bring to the table? We bring a staff and calendar management system. We bring payments. We bring medical journals if that's required for your type of business. We do also marketing. It is truly a one-stop shop. We now support that customer base with a dedicated customer success team, ensuring that every right customer has the right experience depending on the size and the needs of that customer. On the other hand, we also have the consumer side, again, being an integrated part where women use us for all health and beauty. They do their nails, they do their hair, they do their makeup, skincare, and so on. And they use us not only to book, but also to explore and to find, to book and to pay. And that's a relationship that we want to strengthen even further going forward. So where we are today, we are, well, undisputedly number one. We are much bigger than all our competitors, combined. And we have a market share of around 35%. And still room to grow. There's still an offline market where people use pen and paper. And there's still customer segments where we can build in. This is very focused on volume. We now like to try to focus on also not only volume, but actually what customers do we bring in? What value or GMV do we bring into the customer base? And I think it's worth mentioning as well. Actually, I can do this. No, I'll do that on this slide. So naturally we do have competitors and we do have churn. But through the strength of the marketplace, we know that quite frequently we let our users, our merchants churn. They get to try another platform, but we know that they will come back to us because when they leave, they will lose customers because customers want to book through Bokadirekt. And I think that's the strongest proof of value creation that we can give to our merchants that we actually have a benefit that we actually generate revenue. We're not a cost. So looking a bit at the financials, 2025 has been a year where we have invested in ensuring that we will have future high growth. We've been investing in volume. So the growth in 2025 is solely built on volume, whereas growth previously has been majority on pricing. We've also invested in AI marketing automation, well, automation in general. And I think we talked about earlier what you can use AI for. And naturally we use it for customer success, copilots, content creation. But what I think is even more exciting is that we also will make it available for the merchants. So a single hairdresser in Northern Sweden will be able to start using AI. And at that point, Bokadirekt is actually a data company. So we have consumer data on the consumption patterns of every Swedish woman, that we can make available to a merchant. What are they willing to pay? What should the price be? When do they want to pay? How do they want to pay? What do they want in terms of long hair, short hair? What's trending at the moment? Is it volume? Is it not volume? And that's a lot of data that we can put in the hands of every single merchant throughout the country. Yes. So looking forward, the plan hasn't changed. We are looking down a number of trajectories and that we are working with. But I think if we're to make one point about focus here, it is utilizing the power of our marketplace, utilizing the relationship with Swedish women, and utilizing that to drive revenue and to drive value creation for our merchants, for our consumers, and for ourselves. A few examples of what that could be is solving problems like late cancellations, which is a huge problem within the beauty industry, where the merchants lose a lot of money. We have the marketplace with their potential customers and can help them to actually make money even with a late cancellation, as an example. Thank you. Thank you, Niklas. Happy to hear about the progress so far. Björn, do you want to lead the Q&A? Let's do a quick one. I will. Thank you a lot, Niklas. And we also have Björn, another Björn coming up, who's the CFO of Bokadirekt. I'll start off with a question for you, Niklas. So you joined as CEO essentially a year ago, a little bit more, maybe 30 months. Give me sort of your, you know, you've been here a year. You've seen, you know, the, you know, the challenges and the opportunities. What's your sort of top three takeaways and what you're excited for, for the next sort of leg of this journey? Yeah, no, it's been, I mean, always coming to a new company, it's always interesting to dig down into the facts of that company. And I think what, what struck me was what I mentioned here, the huge potential of having a positive relationship with, with such a homogeneous target group that has pretty much an absolute penetration of that market. And I think the growth opportunities from that is mind-blowing for me. That's one side of that. The other, the other thing I take with me is that, well, the team is, is amazing. It's a true love of the product, pride of the product. And I think continuing to build on that is, is loads of fun. Super. And as you alluded to, I mean, this year has been a year of investing. We're still doing sort of close to 25% EBITDA margins. We think there's a lot of room to grow there. We had a strategy day just the other week where we decided where this sort of maturity will end up. So maybe if you can discuss a little bit where you think that sort of margin potential is in a few years out. Yeah, I think the journey we've been through since VNV invested has been from, we had those numbers last year, so some of you might remember them. We started with negative double-digit margins and really building scale. I mean, that's what we proved over 2023, 2024, and 2025. I think we reached a level now where we know that our unit economics work. We know that we acquire at good rates. We know that we can grow the volumes. That's what we've invested in during the years. We know we have several drivers of revenues going forward. I think if we play our cards right and maintain our strong marketplace position, there's no reason why we should not be able to generate the type of margins that strong SaaS companies and strong marketplace providers do, which is closer to 15-20. Thank you. Any questions from the audience at this point? Barath? Thank you. Thank you. Just a couple of questions for me. One is around the current pricing with the commission model. How, what is that exactly? And how has it printed in the past? Because you said that pricing was one of the main drivers. In the future, what would be the drivers of your growth? Like, is it going to be pricing or acquisitions or anything else? Thanks. Yeah, no, I think. Focus, I'll start with going forward and I'll let Björn talk about the price changes historically. So going forward, it will be a combination of pricing and volume. What we've done this year when we're investing in volume is to make sure that we have a very tight funnel for every customer type, making sure that we have a funnel for small businesses, for big businesses. We know exactly what CAC and we can invest for each specific customer and making sure that runs like a growth monster. And that's what we're doing currently and that will continue and increase. So that's a clear expectation. In terms of pricing, Bokadirekt hasn't changed pricing for three years almost now. So that is something naturally that we're looking at. So that will be a route going forward. But I think the main one is volume and driving growth through customer acquisition. In terms of M&As, I mean, we don't close any doors, but at the moment, we see that by investing smart in customer and merchant acquisition, we are slowly crushing competition, and that's cheaper than buying them. Your first question was on the revenue model, where the revenue comes from. So essentially we're standing on three legs. It's our SaaS business, it's our marketplace business, and it's our payment business, and it's all integrated. But starting with the SaaS business that's subscription-based, pretty traditional, SaaS model, where the company comes from being a calendar management tool. And with our module offering that just keeps growing, we naturally grow our MRR on our user base. But that's recurring monthly ticks, pretty traditional SaaS model. The two other parts is the marketplace model and the payments part of the business. Those are the two legs that have been growing a lot over the past years. So on payments, we know that all our merchants have payments, sometimes through another provider, sometimes through us. Here, for us, this is about capturing part of the customer's wallet. And essentially what we do is we provide online payments, we provide in-store payments, we provide an integrated solution for the market, for the merchants. And that's, that's like any payments business, margin-driven yield on the traffic. And this is a place where we have huge room to grow. We currently process around 15% of the total GMV going through in the marketplace. The third leg is our marketplace model, and this is actually two-sided. So this is an opportunity for our merchants to advertise themselves on the marketplace. So essentially a, yeah, a classifieds business, if you will. You can buy more exposure, but it's also transaction-based somehow, where you can market services at discount rates, commissions. And this is a part of the business we've grown, or we've actually strengthened the fundamentals of the business a lot over the past year with higher user retention, more users on the marketplace. And where we see that we have a pretty strong market fit on the marketplace models that we have launched. And this is an area we think we can develop a lot in the future. Thank you, Niklas and Björn. And with that, we're going to break. They will be here, so four questions afterwards. But we'll go to break and resume for the viewers at home in 10 to 15 minutes. Thanks a lot. Welcome back, everyone. Please take your seats. Okay. Let me just quickly introduce you when everyone is. Let me just quickly introduce you. Please take your seats, gentlemen. Ladies and gentlemen. Okay, welcome back. Hopefully, no more fire alarms. Let me introduce our next speaker, Nicolas Brusson, the founder and CEO of BlaBlaCar. VNV invested in BlaBlaCar in 2015 and currently owns about 13.7%. We are very excited as BlaBlaCar continues to lead the global long-distance carpooling market with over 2 million members present in 22 countries. Nicolas, please, the floor is yours. Thank you, and thank you, Per, for inviting us again. It's been almost 10 years, a bit more than 10 years, in fact, you're right. So we'll both present. I'll give a quick intro, then Pierre-Antoine, who's the Chief Strategy Officer, is going to tell you what we do, essentially. I think most of people probably know what we do, but where we're at, how the company is going, and I'll come back, essentially, at the end to tell you where we're going, and that's going to lead to Q&A, I guess. So one of the slides I like to start with, which is, I think it's been the same slide or some version of the same slide for many years now, is to remind us what we're trying to solve, like why we exist, and fundamentally, it's good to remind ourselves that mobility, in general, not just cars, but mobility is roughly a third of global emission, and if you look at within mobility, you realize that private cars are essentially like the biggest emitter of CO2, so it's the most poorly used asset, if you think of it. We have 1.9 people on average per car in Europe. That's more or less the same or worse in the U.S. or in other markets. So that's why we started the company. Fundamentally, we thought that's kind of interesting, that if you think of that car with those empty seats as having value, not just from an environmental standpoint, but from a financial standpoint, you can create potentially a very large network based on those empty seats in those cars driving around anyway. So today, we have a pretty strong impact, not just by offering carpooling on the platform, but offering other means of shared transport on the platform. So today, if you look at out of the 100-plus million members using BlaBlaCar, we have an average of 3.2 car occupancy, and we lower CO2 emission. So with that, I'll pass the mic to Pierre-Antoine, who's going to go through part of the presentation. I'll just come back, as I said, a bit later. Thank you. Hello, Pierre-Antoine, Chief Strategy Officer at BlaBlaCar. Quickly, tell you what we do today. BlaBlaCar is basically a company that matches what we call supply and demand for our markets. Supply is both C2C and B2C. On the C2C side is really people like you and me taking your car to go somewhere for a weekend or whatever, for usually quite a long distance, let's say 300 km or 400 km. And you can publish your trip on our platform to have more people in your car and to reduce your costs. So this is really a C2C play. This is the starting point of the company, as Nicolas just mentioned. Then we expanded to a B2C play, whereby we are aggregating some bus operators and now train operators on our platform to allow our passengers or the demand to select what they prefer for a particular trip. It can be a carpooling, it can be a bus or a train, it can be a mix of both. So this is what we call the supply. And then on the other side of the spectrum, we have the passengers. And our community that we built is mostly people who we like to call sort of a cheery and cheerful type of community, quite on a price-sensitive end, who are looking for an affordable and environmentally friendly way to go from A to B, as I said, for sort of a long-distance trip. And we are in the middle, and our main competitive advantage is really the tech. More than half of our staff costs today is people working on the product and technology. So not really so much a commercial type of company, but more of a tech at heart. Today, we have mostly two main brands. The one that was created when we started up the company about a decade ago, BlaBlaCar, which is really famous in countries like France, Spain, or Brazil or India today. And we also acquired a company called Obilet last year, and we're keeping the brand and the tech because it's the market-leading OTA, as we call it, online travel agency in Turkey. So this is the company that people use to buy a bus ticket, flight ticket, now even a hotel room in Turkey. And they own about 90% market share on the bus market. So this is really a brand that everybody knows in Turkey. To summarize a little bit where the vision is for us, we aim to become the category leader of what we call the intercity segment. You know that for city transport, Uber is the market leader. For hotels, Booking.com, for shared accommodations, Airbnb. I should have put Voi for micromobility. You can trust me, I'll do that next year. But for the intercity transport, it's hard to think of a global leader today because, of course, there are local competitors in all the markets that I've mentioned. There is no company having just one global tech enables passengers to book a train or carpool or a bus globally, and we aim to take that spot. There are a few macro trends. I'll go quickly on that. That's our sort of tailwinds for BlaBlaCar. One of them is the fact that for the bus and the train markets, those are huge markets where we today have a really small market share. The second is that the carpool business is something that is really unique. Many companies try to do that. There's only one that is doing that at scale. It is BlaBlaCar. Also, when it comes to buses and trains, it is becoming more and more deregulated with more competition. Especially, you can see that in Western Europe, where there used to be only one train operator per country, and now there are more and more in other countries, and this gives more space for middlemen, for platforms that can help consumers compare prices, compare the options, and find the best one, and this is also one of the things that is a boost for BlaBlaCar. Finally, because we are one of the few companies in the transport business that helps reduce CO2 emissions, not increase it, it can also help us back some or find some help from governments in different countries. We had one collapse that we had in France that we might talk about a little bit later. But actually, we also had, at the same time, a new scheme in Spain, which allows us to generate some revenues, as we call them, some green revenues. And we'll be able to generate some CO2 credits and sell them in Brazil and India and Mexico. That's the plan. So indeed, we do see that because carpooling mostly is a mode of transport which allows us to reduce CO2 emissions, we are also able to generate revenues from that. Telling you a little bit more what carpooling is and how it works, because it's not so easy for people who have never used the product. It is really a C2C play whereby somebody like you and me, if you want to go for a weekend or if you want to see your family, you're able to publish your trip on the platform, on the app, and then the app will find you some passengers that can go that either do the same way or do half of the way, and then you can take them along the trip. And the idea is for the drivers to reduce the costs by sharing the cost of the possession of the car, the gas, and the toll and stuff like that, without making any money from it. That's why it's C2C and not B2C. We are making sure that the driver cannot make a profit from such a trip, which allows us to have no issues when it comes to taxes or insurances because it's not a business. This is really just on a cost-sharing basis. The business model, simply put, is if I'm a driver and I'm asking for, let's say, EUR 20 per seat, we might sell that ticket or that seat for EUR 25. There's EUR 5 for BlaBlaCar and EUR 20 for the driver, which allows the driver to share costs, as I said. One of the main assets which really surprised me, actually, when I joined the company, because I used to work for Booking.com before in Amsterdam, is the fact that because this product is so unique and because there is no competition or there's direct competition in the carpool business, we are able to create a sort of captive demand where we don't need to pour a lot of money into marketing to acquire users, especially passengers. Today, as you can see on the carpool side of the business, around 5% of our traffic, of our bookings, come from marketing, which is really low. I cannot share numbers for booking because I don't think that's public information, but it's a lot more than 5% that I can share. And even for Airbnb, which sort of speaks as sort of a more purposeful brand than Booking.com, it is a lot more than 5% as well. So this is something that is really unique and that ultimately translates into financials as well, because we don't have to repay a lot the customers that we are onboarding on the platform. Snapshot of where we are today. Before 2019, before any acquisitions in the bus space, we were 100% carpool business by definition. And today, we are more or less 50/50 between buses and carpool, including the acquisition of Obilet, which I mentioned earlier. So we diversified a lot our portfolio, allowing customers to choose more and more in different countries. We did acquisitions in Eastern Europe, and we also launched organically our bus marketplace in Brazil, knowing that Brazil is a huge bus market, a lot more than what you can think of in Western Europe. Our growth in Brazil is quite phenomenal. I think it's solid, leading today to, as I said, a spot where our business is more or less split 50/50 between bus and carpool. Finally, on my side with the impact of BlaBlaCar, which we are quite proud of, auditors validated our approach to estimate that around 2.5 million of CO2 emissions were saved thanks to BlaBlaCar in 2024. I've looked at other companies who claim to have such impact, and 2.5 million is a lot. That I can say with confidence. On top of that, we are enabling our drivers to save some costs, as I mentioned. It was a bit more than EUR 500 million last year. We are also proud to say that we are creating some human connections. Usually, if you take a flight or a bus, you would not talk too much to your neighbors, or maybe you do, but it's not so obvious. If you take a carpool, that's how it works. You have to talk to the person before you actually take the carpool to agree on the meeting point or just to agree on where to go. And then if you take a five-hour drive with your driver or passenger, if you don't talk, it might be a little bit long. And that's why you have lots of stories of people who actually met and got married thanks to BlaBlaCar, and it's quite incredible. We also have stories of people who admit that they have shared a secret to the person they have carpooled with, things that they have never said before, or the fact, the fact that people say they trust more their carpool drivers or passengers than their own neighbors or stuff like that, but it's sort of funny to say, but it also means really something, that's also why we have a captive demand, as I mentioned, the fact that we don't have to pull marketing to have people on board, and that's also why we have a huge NPS, Net Promoter Score. It's around 65 today, so although it's sort of a niche market, just the carpool, not bus and train, but carpool is sort of a niche market, but people who use the product really, really love it. They see the value of it when it comes to the environment, when it comes to the savings they do, and also when it comes to the human connections that this entails, and this is also something that we are proud of. Last point, and then I'll leave you there. I didn't mention that, but if you think of bus and trains, it is quite efficient, especially for trains, as we call them, top axes, so if you go from a city to a city, especially if it's a fast train like in Western Europe, nothing beats that. But if you want to go from a village to a city or village to a village, you don't have any bus and you don't have any trains, and this is really where carpool can thrive. And what we aim to do is to have a platform where passengers can compare the different options between trains, buses, and carpool. And depending on what they need, on what makes sense at that given time, they can choose between carpooling, bus and train, or even combine them. And this is something that no other company can do. Thank you. I'll leave you with Nico for the strategic vision. All right, thank you. It's good to be on the other side of that presentation from time to time. So thanks for that. I'll finish pretty quickly on where we're going from that, the next step and the next few years for the company. I guess the good news is it's more of the same. It's a continuity to what we've been doing and, I guess, saying for the last few years. And the way we think of it, it's essentially we have three blocks today. We have the carpool blocks, so essentially continue to develop and monetize carpooling, which is the core business and what we started with, expand on the transportation vertical, which means mostly adding buses and train. And then once you have that, essentially you've built a pretty wide audience, and then you can do what I call the next-gen OTA, which is essentially all the other services you typically find in an OTA, accommodation being one of them. So if you look at that, it's also interesting because you have three different characteristics as businesses. If I look at carpool alone, if we were to isolate purely what we do with carpool, today it's highly profitable, right? So today that's kind of the EBITDA, the cash flow generator for the company, and it's fairly mature. So it looks like a standalone. It would look like a private equity deal that you could leverage. And essentially what we do today, it's two things. It's really sort of like growing the existing monetized markets. And in emerging markets like India and Brazil, we're still building the audience that we're just starting to monetize in some of the markets. But today, I would say on this one, the risk of execution moving forward is pretty low because we have a pretty established playbook. We already have a pretty large audience. So it's really about the pace of monetization of that audience, and we pace that not to break, essentially, the C2C marketplace dynamic. Then what we've been really investing on in the last sort of four or five years now, with a bit of a parenthesis with COVID, is how do we build on top of that the B2C layer that Pierre-Antoine was describing, which is connecting buses, connecting trains for the same audience. So today we started with Western Europe. We've done that also in Eastern Europe. We're now doing that in Brazil. But the point is really, as Pierre was describing, to leverage the fact that we have free traffic, essentially, on the platform. So once we've built the brand with carpooling in countries like, again, France, Spain, Brazil, and so on, we have a huge competitive advantage compared to a local OTA, which is the fact that we don't pay for the audience and we have very strong repeat of users on carpooling. Those users are essentially the same guys also booking buses and trains and other types of transport. Today that's a faster growth vertical within the company. That's something we invest in. We pour more marketing into that than we do into carpool because we are accelerating. I would say something, it's more of the growth play of the company. Maybe to visualize that, we have two countries that are pretty important for us. It's Brazil and India. What you see here, so in light blue, I don't know if you can read the numbers, but I'll describe them. Light blue is the number of passengers booking carpooling trips in Brazil. Same thing for India at the bottom, right? You can see that pre-COVID, Brazil, we had roughly five million passengers on the platform booking carpool trips. In 2024, we have 16. This year should be 18 point something, and we started to build buses in 2022 in Brazil, and that's the dark blue you see growing on top, and that's going to double again, roughly speaking, this year. So that's kind of the speed of carpooling being deployed, and then we add buses on top of that. The revenue generated today by Brazil, when we talk about P&L or numbers, today is close to zero because we're just starting to monetize carpooling, so to some extent, the cost is already built into the company, but the revenue is yet to come. Even more impressive right now is India, so in India this year, 2025, which is not on the chart, we do about 20 million passengers, and we're still growing above around 50% year on year. So we feel like India is going to be a massive market for us, and we have not yet started to build the bus layer. So a big part of the future growth of the company, but also future EBITDA as we monetize the light blue, is on this chart. It's not just those two countries, by the way. It's the same story for Mexico at a slightly lower scale, but also countries like Serbia, Croatia, and not yet monetized. So to give you a sense, we have roughly what, 270 million of GMV unmonetized today, growing still pretty fast that we can monetize in the future. And then I would say the last stage of growth, which we are already exploring in France and to some extent in Turkey, is once you have all of that, essentially, and you have this sort of captive audience, then you can start to build a larger OTA play, which comes from combining trips together and also exploring things like accommodation, which we're doing, for example, in Turkey, where we have a pretty fast-growing accommodation business. So here you more of the venture side of the company, I would say. Those are pretty small today. They don't impact the P&L all that much, but it's pretty high growth. Those are the 2024 numbers in a nutshell, and then we can dive into maybe more numbers during the Q&A. So essentially, it's close to 2 billion, 1.8 billion of GMV being transacted on the platform. 135 million passengers should be a bit above 150 this year. The company has been profitable since 2023. And maybe important as well, it's close to 40 million active users, so active people generating those trips. So sort of the audience we work on is pretty sizable. And then again, for us, we see that as the pool of audience we can sort of cross-sell to in the future. So that's it for us. I think we have Q&A, but thanks. And this one works. That works too or? Hey? Yes. Perfect. Great. Tested that. Thanks for that presentation, both Nico and Pierre-Antoine. I'll start off with a couple of questions from me and then open up for Q&A from the audience. I'll start off on the point where you kind of ended, or the second-to-last point around a large share of the GMV not being monetized. You mentioned the 270 million GMV figure. I guess the majority of that will be Brazil, India, to a certain degree Mexico. Where do you see that figure? How do you see that figure kind of evolving in the next, say, five years? And what share of that will be monetized when we meet for the Capital Markets Day 2030? That works, yeah. So no, that's a good question. I think you, I mean, when you look at the dynamic we see in LatAm and specifically in India, I think that number is going to be a lot larger. I'm not going to venture and give you a number, but it's going to be a lot larger in five years. And to some extent, I hope that I'll be able to say that not everything is monetized yet. I'll explain why. Sounds scary, but maybe it's not. The reason why is those should be monetized in five years, but if we look at that today, we have a pretty strong product market fit in emerging markets. So if you look at sort of the hit ratio of launching carpooling, it worked in most markets. You have a few exceptions, but in general, it worked pretty well, and today, there are a lot of markets we have not tapped into. The rest of LatAm, we should do pretty easy. Mexico works. Brazil works. We should do the rest of those countries, and there are lots of places we have not yet explored, like Southeast Asia. So take Vietnam, Thailand, Indonesia, and so on, where essentially, if you look at the transport layer in those markets, the size of the population, the car ownership, I mean, any rational metrics, you would think those countries should have a pretty good product market fit. So to some extent, we should replicate the playbook. And I hope that in five years, we have sort of those new cohorts of markets growing. And essentially, India and Brazil are more into the phase of now it's monetized and we have buses, and we're thinking maybe about, as I said, was the third phase of growth on accommodation and other things we can flex. But clearly, if you maybe explain the way to answer the question, clearly, we do see very high potential in those emerging markets. If we focus on India, I didn't say that, but India, we spend zero marketing. We don't even have anyone on the ground. We don't even have a subsidiary. So we get to a point where you have 20 million passengers using the product in India. We don't make money from it, not making an effort, just having localized the platform in India. And you get to the point in India where it's part of the discussion and so on. So it feels like 20 million in India is where we were when in France we had 1 million in terms of awareness in the country. So that's pretty interesting. So we'll see where it goes. That's pretty interesting. Very exciting. I guess we'll see by 2030. Very exciting. We'll see by 2030. Another question or topic that we've written about a lot in the past year in our quarterly reports at VNV, you alluded to it a bit, Pierre-Antoine, is around energy savings certificates. Simultaneously, almost, there was a backlash in France and there's a win in Spain. Maybe just in your own words, can you explain, first of all, what these energy savings certificates are, or maybe just broadly speaking, this green revenue, as you mentioned, a bit what happened, but also how you're thinking about it today and moving forward? Yeah, maybe I'll take that as well. But so essentially, this green revenue, there are two different forms, if you think of it. One is this energy certificate, which is a European directive. So it's kind of a byproduct for CO2 credit, but it's measured as energy saved and not CO2 saved. It's roughly the same at the end of the day, but that's the way it's been implemented in most European countries. And in countries outside of Europe, we place something different, which is our CO2 credit. At the end of the day, it's kind of, again, measuring the same thing. So for a long time, France was a pioneer in that, and we had sort of essentially built a scheme that has been running for almost, well, more than 10 years. We started that in 2012, actually. And we have this sort of constant revenue in France from these energy certificates, which really grew in 2023 because the government back then was still in the spending mode. They thought, "Okay, we need to build a carpool plan and push that in France." Now, for those watching the news, the government in France, that's changing every other month, is not in spending mode. It's more in cost-cutting mode. The environmental measures get cut, right? Essentially, this thing went pretty brutally from being a good source of revenue to going up to crushing to zero. It's a bit paradoxical in a sense that at the same time, we have many wins in other markets. Meaning Spain has launched it. Now we have something live with energy certificates in Spain. We are in the process. We've been approved as, I mean, essentially the CO2 credit framework that's been approved around carpooling. Now we're going to deploy that in other markets. So I think the way those green revenues will look like in taking the same timeframe, like 2030, is we'll have maybe that in three to six, seven, eight different markets, but maybe with more resilient lines of revenue and not a single point of failure. So that's what happened. So clearly, if you look at the financial profile, it did a bit of up and down with EBITDA, which I think is going to sort of normalize over time. Thank you. Any questions from the audience? Perhaps from Kantor? Thank you. Just a couple of questions for me. One is around this unmonetized GBV that you mentioned. Have you tried monetizing it at all in either Brazil or India? And has it led to, let's say, a lower number of rides or a lower number of users? And then secondly, on the TAM opportunity, how do you think about that? How would you suggest that we think about it? And have you had a formal kind of survey done to calculate the TAM? I'm speaking for the carpooling business. Thanks. Thank you. On your first question regarding the monetization of carpooling, so you mentioned two important markets for us, Brazil and India. So far, we have not monetized those countries. And generally speaking, first, we realized that it takes a lot of time to create what we call liquidity. So the idea to have enough supply, enough demand to match such supply and demand, that takes a lot of time. And what we've seen, even in the first country that we launched carpool in, which was France, it took us years to be able to have enough critical mass before actually monetizing. If you monetize too early, you might just break the liquidity and your business just might die. That's why we believe that as long as there is high growth, we're happy to see it continue to grow before actually monetizing. Today is the day where growth in Brazil is not so high in a way that we believe this is the right time to start monetizing. Growth was about 20% year on year in Brazil when it comes to carpool business. And this is when we believe this is the sweet spot to start monetizing. We are working on that right now, but it's just the initial phase, so not much more I can say about this today. Whereas for India, growth this year is around 55%. It was around 70% last year. We're happy to see it grow. I mean, if we had a cash issue and we needed the cash and we needed more EBITDA, we could actually monetize almost overnight. But we believe that waiting a few more years before growth tapers off will create more revenue long term and more value for the company overall. That's for your first question, if it helps. On your second one regarding the TAM, that's actually one of the questions that I asked when I joined the company, what is the TAM of carpooling? And I think the answer that Nico gave me was, "I don't know." And in a way, it's an easy but fair answer in the sense that there's only one company doing that in the world, at least at scale, is BlaBlaCar. So you could say, "Oh, the TAM is our GBV," but it doesn't really make sense because it's growing and it's still a niche market. So another way to think about it is, "Look how many cars there are on the road." This is sort of the TAM because what we do is enable people like you and me to share seats in your own car. So we know the potential is huge. That's true. But to go from a potential to a real market, you need to educate people and to make them try, which is hard. And that's why I would be a bit maybe this is not a really fulfilling answer, but it's quite hard to think about the TAM. Maybe the last thing I want to say is that when combined, sorry, with the bus and train offering, which we are doing now, you immediately expand your TAM by quite a lot because these are markets where you have lots of players globally. And this is really where you can take your carpool audience and monetize it more by offering them other modes of transport. Sure. Thank you. Just a quick follow-up. In terms of the train business, the commissions there, if I'm not wrong, are low single digits. Does that also mean it's lower margins compared to the other businesses? And do you expect then therefore margin dilution in the future when it grows? Thanks. Can I take that? So good question. And indeed, on a standalone basis, the train market, especially in Western Europe, is not so interesting in terms of margins. So you would think, yes, it could dilute the overall margins. But the thesis for us is that it is a pool of demand that then can fuel other businesses, mostly the carpool business, which is highly profitable with very high margins. So we don't really think of it as a standalone business at all, and we would not have started with that if we just wanted to have, let's say, an interesting business because it's not really interesting standalone. But if it creates synergies with our carpool market, if we can see that by offering train options, we have more people on the platform, and some of it converts also to carpool, then it can create a really profitable business for us. We are still quite early stage for the train because we only started connecting Spain operators last year, and we connected SNCF in France only this year. So it's still quite early for us. But the thesis is really the idea to combine train and carpool, knowing that many people use train in Western Europe a lot more than they carpool. It's a much bigger business. And combined, it can be a really profitable business for us. Yes. So a couple of boring questions maybe, but VNV has spoken about 20- 25% PAX growth last year, and that the year-to-date figure in terms of budget is ahead of budget. So if you could just add some more color there, maybe what are we talking about in terms of performer growth this year or in 24? And then, second question: you obviously hinted about the future IPO in the coming years. Is that still on the table? And can you say anything about the timing? I'll take the first question, the boring one, as you mentioned. So first, year-to-date overall, I mean, there are two ways we look at it. One is versus budget, and we are above budget on almost all metrics, especially on profitability. And then when you look at year-on-year growth, I think today we are around plus 15% in terms of PAX and plus 25% in terms of gross margin, which is the main metric that we look at internally. So that's quickly a few numbers on the numbers. Maybe I can let you take the question on IPO. Yeah, no, we don't have the IPO date yet. I mean, it's not really on the agenda short term to do that. I think we still need to do—I mean, if you think of it, I think the business will need to be a bit more predictable and maybe a bit more monetized. And maybe we need to be able to demonstrate that the margin is maybe a bit more stable in some geos. So for me, we may be—I don't know how to quantify that in terms of time, but maybe a couple of years away from that. And again, you also have these questions going back to the question on market size, which is sort of linked to that, how do you project? That's the tricky part with some of the emerging markets. So it'd be good to see how far we go in Brazil, how far we go in India. Because to tell you the story of India, we started that 10 years ago. 10 years ago, we had a local team. We've done some marketing, and we struggled to get to even below one million passengers. We decided to shut down the local team, leave the product, not spend any marketing. This year, in the month of August, we've done two million passengers in one month. So more in a month, essentially, than, I mean, three times more than what we were doing 10 years ago. So to go back to the TAM question, nine, 10 years ago in India, it was apparently pretty small. Now it's apparently a lot bigger because car ownership has increased, online penetration has increased, road infrastructure has improved, and so on. So I think part of the equity story is also linked to that. So I think we need maybe a bit more of proof of penetration in those markets. And then as you launch new markets, whether it's LatAm, Southeast Asia, and so on, a new vertical, I think the story becomes a bit more predictable to some extent in terms of growth, which is more appealing, I guess, for public investors. So I would say a couple of years away from that sort of confidence in the model to some extent. I'm Mike Calvey from Baring Ventures. What metrics do you track to try to understand how many of your carpooling customers are using the other products and services? And what do you consider to be your target in that respect? If you want to be an OTA, you're going to end up having to have people think of you as a multimodal. So what do the metrics show? Yeah, so essentially, maybe Antoine can double-click on this one, but that's a really good question because the whole thesis is the fact that, I mean, what sounds pretty intuitive is someone looking for a carpool between Rio and São Paulo is, in fact, not looking for a carpool, but looking for a solution to go from A to B. And what they probably express is they're looking for some cheap and cheerful, so it's sort of the low-cost segment of transport. And hence, if you offer everything else, they should recognize your platform as the platform to do that. So essentially, what we measure over time is the progress of, within cohorts, how many people start looking at other means of transport. And we look at that from, okay, how did they enter into the platform? Did they enter as a carpool user or as a bus user? Obviously, in the early days, mostly as a carpool user because that's the key metric. But we see how many essentially transition to that. And the other way to think of it, it's purely a CAC to LTV game, right? So you acquired that carpool user, passenger, for the most part, with a pretty low CAC. And the question is, as you start monetizing carpooling and as you start offering buses, did you increase the frequency of that user? Did you increase the LTV over time? So those are the metrics we look at. The markets which may be the most at scale are either Eastern Europe or France. I don't know if you want to maybe double-click on that, but that's the key, essentially, to demonstrate that we do increase that CAC LTV and that LTV becomes multimodal, and that LTV becomes multimodal. Yeah, maybe to give you one concrete example because we are doing really that today in Brazil. Brazil this year will do around 18-19 million seats just in carpool. And when we survey such as our users, do you actually take buses as well in the year? Most, 100% of them say, "Yes, we also take buses from time to time," depending on what they want to do. But they never use buses with us because we didn't offer buses. So now what we want to do and what we want to measure is how many users are doing both in a given year, both carpooling and buses. We are starting from zero, and we know that ultimately the goal could be 100% because they all do both. A person who does a carpool also does a bus trip in a given year, and we are only quite early in this curve because we launched the business not early, just three years ago really in Brazil, the bus business, but there's a huge potential because we know that our users use both, and the idea, or at least the economic thesis, is that we'll only have one marketing budget for both. We have sort of economies of scale, whereas our competitors do need to spend marketing because they don't have any demand through the carpool business, which is our core advantage. You've got a question up here from Boris? You partially answered the question I wanted to ask, but can you be a little bit more specific? If we take France or Europe as a monetized developed market, what's the difference in margin between carpooling and sort of train, bus, the margin here and the margin there? That's question number one. Number two, you said that you want to be a new type OTA. But in a way, OTA is not a very good lucrative business. If your value is really in pooling, then maybe instead of sort of thinking about doing these trains and other things, you should do Indonesia, Thailand, or whatever, and spend your money on doing something which is really making money and shareholders' value. Maybe I'll answer the second part, and I'll let you go on the more maybe analytical first part. But I tend to disagree on the second part because if you look at a lot of C2C marketplaces, take Airbnb. It's just more blended, but Airbnb started with a C2C marketplace. Today, Airbnb is a mix of C2C, maybe comprising, I don't know if people have the numbers, but 10% of the 20% of the GMV, and they became a very powerful short-term distribution rental. That's what they do. That's B2C. That's fundamentally an OTA play. And on that sector, they're both doing pretty well. So I think OTA standalone on a non, I mean, a sophisticated concentrated asset like train that was mentioned is a terrible business. I think if you look at an OTA combined with C2C, where you have very strong inbound traffic, very low CAC and so on, I think it becomes a pretty strong business. So if we look at our business in Turkey on buses, the metrics are just very, very good, and the profit margin is very, very good, and you end up with a dominant position. So I think combining the two is pretty powerful because you need to find the right equilibrium, but I think you get the best of profitability and scale, and you end up being mainstream. So I do think combining is not new. It's not that creative. It's what's been done, essentially, in many of these marketplaces before. To some extent, we could. You're right, we could say, "Let's just be a pure play carpooling." I think it's just harder long-term to define that as a category, though, right? To some extent, being public and so on, I think you need to broaden your category a bit. It helps essentially broadening the category to travel. Then you have lots of peers. Again, in OTAs, you have good and bad peers. Booking is a pretty good peer. Airbnb is a pretty good peer. If I may continue on that thread, Nico mentioned really large companies which are obviously successful like Airbnb and Booking. But even if you think of smaller OTAs which you might not know, such as Obilet, which we acquired, or even ClickBus, which is the Obilet of Brazil, so the platform that people use to buy bus tickets, those companies are growing and very profitable. So they are actually creating a lot of shareholder value. And we see that, although they are much smaller companies than Airbnb or Booking.com. And on your first question, if I answer really quickly on the numbers, generally speaking, one way to look at the margins is to think of the take rate. So out of the price that passengers pay, the GTV or the GMV, how much gets to BlaBlaCar? In carpooling, it's roughly, let's say, 20% in Western Europe. For bus Western Europe, it's around 10%-15%. And for train, I believe on a standalone basis, it's around 3%. So indeed, it is very small. And as Nico summarized, it's not a really exciting business unless it creates synergies with the rest of the business. That said, to be clear, although we have mentioned a lot of train in the presentation and through your questions, it is today quite small for us. It's a team of less than 10 people, and we don't invest in marketing because the idea is to use the carpool audience to sell other things as well there. So I would not emphasize it too much because it is not really the core of what we are building right now. I'm sorry, Boris, we won't have time. We can do that offline, sorry. But one final question about this because it raises hand, and then I think we need to move on. We're already. So linking a little bit back to the old question, carpooling and train and buses, that makes sense, but getting down to accommodation and hotels, I mean, for me as an investor, it feels like a slippery slope. Why not focus on what you're really good at and leave the rest to someone else? Because you're spending money on something now that might be profitable in three, four, five years, while we as investors would like to see more of where you're good. And carpooling is so big, and you have just scratched the surface. Why annoy management and the board by something maybe of less interest? Yeah, I mean, first, today, as I described, accommodation is more like a forward-looking thing on the horizon. So today, we're not burning money on that or not yet investing on that. But I think we had the same questions like five years ago on buses and train. And now we demonstrated that business is to scale, and it has grown, and the economics are pretty good. So I think it's a fair question. I mean, the thing that's interesting is if you look at what we're building, I think we are really, really good at building a very large audience, sort of number of people, a number of users, but they don't transact all that much on the platform. And if you look at most platforms that have done that in the past, OTAs have done that for sure. When you get this sort of high NPS, high customer brand, and so on, you do have the temptation to go for higher ticket price. And higher ticket price is accommodation. That's why Booking.com won the space, by the way, because they moved to accommodation through an M&A, but they moved to accommodation pretty early on. So I think there is value in doing that without burning money. And again, to me, it's just like aggregate some of that on the platform and leverage your audience. Think of that almost as advertising. And if they don't buy the stuff, they don't buy the stuff. But I don't think there is so much to be built, essentially, to create actually incremental revenue and incremental EBITDA through these additional products. Demonstration of that today is what we do. The only place where we do accommodation, to be fair, is Obilet, who's at scale in Turkey. Obilet, through bus booking, essentially, is the biggest brand in Turkey. They're aggregating our flights, hotels, and so on. Those businesses are very rational. If you look at the growth metrics of those two verticals, they're very good, and the investment compared to growth is super efficient. So can we replicate that in other geos? We'll find out, but it's kind of interesting to think about that. So today, I would say we're not in that sort of betting the farm on the next big thing. It's more like incremental profitability over time. Yeah, we're long on time. Just final question from me, which you're already alluding to on M&A, because Obilet has been a very successful acquisition, and it's almost wrong not to talk about it more than we are. So you're thinking about building organically versus acquiring. And maybe just a word on Obilet so the audience actually gets a sense of that business that you acquired about a year ago. In short, I'm sorry. No, but super short. I mean, we acquired Obilet because they were the leader in Turkey, and Turkey was sort of missing on the map. We had carpooling, but essentially, it allows you to get leadership. And essentially, they have this very strong brand on which you can build. So today, maybe going back to your question on OTA, they have very good profitability and very good metrics because they're number one. So that's also like, to me, you can only get to that multimodal play that we described when you have a very strong brand presence, very strong sort of traffic on the platform. If you have small traffic, your CAC to LTV becomes pretty bad, essentially. So Obilet has been a good M&A because, I mean, maybe in a nutshell, because we also acquired that in 2022. And I've known the company since the beginning. I met the guys when they started the company in Turkey 10 years ago. And the company was in that sort of post-COVID recovery, and I think we sort of priced it at the right time, essentially. So it was a good move. Excellent. Thank you, Nico and Pierre-Antoine. And yeah, round of applause. All right. Finally, to close out the day, we have Numan, represented by the Co-founder and CEO, Sokratis Papafloratos. VNV has been a supporter of Numan for many years, since 2018. Currently owns 13.5% stake. Please welcome Sokratis. Thank you. Is this the clicker? Sorry about that. Very nice to see many of you again, and thanks for inviting me. So quite a lot has changed since the last time I shared the stage with the other portfolio companies. I'll start again from the beginning, the mission, what we're trying to achieve with Numan, what we're building. That is to help you maximize life. We want to help every single one of our patients to lead a happier, healthier, longer life, and we want to do that at scale on a global basis. We've been working together now since 2018, which feels like, yeah, a very long time that has gone by pretty quickly as well. A reminder for those of you who don't know Numan, what we do and who we are. We are an integrated, holistic health platform operating in the U.K. We are a registered healthcare provider. We work with CQC, the Care Quality Commission. We employ our own doctors, pharmacists, nurses. We work with the GPhC. We own and operate our own pharmacy. We are even registered with the MHRA when it comes to procuring manufactured medication as well. Since launching in the U.K. in 2019, we've treated more than 700,000 patients to date, and that number is growing fast every single year. Numan today operates at scale with very scalable positive unit economics. We've been growing at triple-digit revenue growth over the last couple of years. We've been profitable since December 2023. We operate with an ultimate CAC that is higher than 4, and we also have a very, very quick payback of the market investment we put into that growth. We expect those numbers to continue as we scale into 2025 and 2026. The big transformation for the business has been the arrival of GLP-1 medications and the treatment for the treatment of obesity. We've been working very closely with the two key manufacturers in this area. It's an area we've invested from day one before the medications even launched in the U.K., an area that I'm going to talk about in a second, how we're different and how we treat patients. Just to put at scale the number of patients that we've treated since launch, we've now exceeded. These numbers are a little bit old, actually. More than 100,000 people we've helped in the U.K. achieve a healthy weight. You would more than fill Wembley Stadium, actually, with all those people. Crucially, the people that come to us come to us with an average BMI of 34. These are people that are obese. The scale of the problem, by the way, is pretty immense. Obesity in the U.K. right now affects about 30% of the population. That number used to be 13% in the early 1990s. It's on track globally to reach about 50% by 2050 if we don't do anything about it. It is a devastating problem. It has a number of downstream effects and comorbidities related to it. It's linked to cancer. Obviously, it's linked to diabetes, cardiovascular disease. So the people that come to us come to us because they've been suffering with this problem pretty much for their whole lives. And for the first time, they have a reliable way to not only lose weight, but to become healthier as well. So you see some of the numbers of the people that come to us, what the results are that we help them achieve. This is nothing short of transformational. At the moment, there are about two million patients in the U.K. on an active GLP-1 prescription, and Numan has actually treated a significant number of them. We've also started to measure the impact that we're having beyond what we just do as a business, but also how we contribute to the wider health ecosystem, and we've estimated that last year alone, we saved the NHS about GBP 100 million because these are people that would have otherwise required support, required treatment. A nd that's probably a number we're underestimating when you really properly calculate the health economics for the long term. People that come to us, they might come to us for obesity, they might come to us for a number of other areas, but we're becoming increasingly better at understanding their health in a much more holistic, complete way, and what we see, unsurprisingly, are people with a number of areas where they're either leading a suboptimal, let's say, quality of life, or they are at risk of premature morbidity for reasons that are entirely preventable. Directionally, this is where we're going. This is what we want to be helping every single person that comes to Numan. What we're focusing on right now is these core pillars of health. We're helping people with obesity. We're helping men and women. By the way, I skipped pretty quickly at a really important point in the previous slide that we are now treating about 50%, almost 50% men and women. And if you recall, Numan started as a men's health business. We are now a unisex brand. A lot of our growth has come from actually treating women that come to us with obesity or overweight. And of course, now we're going deeper into hormonal support around testosterone deficiency and menopause. We're helping people increasingly understand their health and help them with prevention. Of course, we're supporting them not just with medication, but with nutritional support and supplementation as well. Those are the core pillars of health, including, of course, our origins around sexual health and reproductive health as well, where we're going to stay focused for the foreseeable future. But these are not the areas of health that we're going to stop. The thing that lets us, what sets Numan apart from some of the other providers in the market, let's say popular online pharmacies, is that from pretty much day one, when we started treating patients with obesity, we followed a holistic care model. We provide access to medication, the right medication for the right person at the right time. We combine that with a diagnostic proposition that helps them establish a baseline of health and understand risk. We complement that with supplementation, especially people that are deficient in nutrients or with people that need supplementation and nutritional support as they're going through their weight loss journey. And we combine that with continuous clinical care and coaching. What we mean by continuous, every Numan patient gets access to a dedicated mobile app where a clinical team has full visibility of their health and where they can reach out for support, both customer care support, but also clinical support. And each journey that every patient comes to Numan is personalized. There is no one-size-fits-all. Of course, we do follow guidelines, but within those guidelines, there's a lot of nuance as to what dosage you should be using, what side effects you're experiencing, what is the journey that you need to follow to achieve optimal results for you. And we started in the last couple of years offering also coaching. The exciting thing is that when you look at kind of we started from a lot of those things out of best practice and with a hypothesis that it would also lead to superior results when it comes to retention and adherence and health outcomes. We're finding that to be the case. We don't charge separately for this set of services. It all comes under one subscription price, which is reflected according to the treatment plan that you're on. It more than pays for itself because the people that are following this program achieve superior weight loss, superior health outcomes, and of course, retain better as well. This is some of the numbers that we're most proud of. Market-leading NPS of 68. That's a significant uplift from where we were a couple of years ago. Consistent rating as excellent on Trustpilot and an increasing volume of word-of-mouth and referrals that results in new patients coming organically through people that they know that have seen success at Numan. What's also very encouraging and a lot better is that losing weight is such a visible result that you want to talk about, whereas some of the more stigmatized internal issues that we used to help with are not so easy to talk about, and that's kind of where we had started from. I'm going to go through now some of the core capabilities, both technical hard capabilities, but also some of the, if you like, softer ones that have enabled us to get to this place. First of all, we take pride in the fact that we are one of the leading voices in the U.K. when it comes to changing perceptions around obesity. It's still a condition that is very much stigmatized. People that live with obesity or overweight incur discrimination. It's one of the last areas where it used to be okay to actually shame somebody. So we put a lot of emphasis. There's also a lot of still resistance in people accepting that using medications strategically to lose weight is not only accepted, but it's the way that you should be approaching the problem. So we've done a lot of work that is creative and, if you like, arresting. We're also doing a lot of work in being thought leaders in this space on promoting this new way of being healthy. So that is a capability that we're investing. Some new areas for us are also starting to engage with policymakers to really start helping educate what we can do as a private healthcare provider in solving this crisis. Of course, from day one, we've been building the Numan platform, which now, what is it, six years in, you can really start seeing coming to focus that original vision of what it would take to bring together all those different parts of the care journey into one approach, so with Numan, we've led first with a digitally led consultation. That means that people can provide us information asynchronously through a questionnaire. People can speak to a clinician. People can have a video call with a clinician where that is appropriate as well. We put together the tools that let us manage complex cases at scale. It's one thing prescribing a very simple piece of medication that somebody can take by themselves and then let them get on with it, which is the online pharmacy model. It is very different to be able to treat hundreds of thousands of patients with multiple combinations of medication with a number of different side effects with a different degree of personalization. So that's something we've been investing in. And also it's something that you absolutely have to do as a business when you reach that scale when it comes to also managing risk, which is something that we do on a daily basis. So we personalize the journey using the data that we have for you. We are investing in the platform in being able to scale and at some point in the future automate some of that work. Also when it comes to combining the pharmacotherapy with behavioral change, we have one of the leading teams that can help you build healthy habits, help you set the right goals, and then guide you with the right combination of triggers, coaching, behaviors, education, and ongoing intervention to help you use the medication. At some point, the conversation is switching already to what happens after you use the medication. Our goal is for you to be a patient and a member of Numan, whether you happen to be paying us for a specific drug or not. We're moving to making that digital-led approach the leading part of the proposition, not the supporting part of the proposition. If I was to pick two of the big catalysts in our space globally over the last few years, the arrival of GLP-1s has been one of them. The other one has been the arrival and the applicability of generative AI within a healthcare setting. I believe that in the next few years, the way we understand and we act and we experience health and healthcare will be unrecognizable to the way we experienced it five years ago, and AI will play a key role in that. It's already playing a key role in that, but not only in the back office where there are some obvious efficiencies and cost savings and augmentation of our human clinical team, but also the patient engagement layer. Now, when you step into that space, though, it is imperative that you act responsibly. It's imperative that you ensure safety. We're still all learning collectively as an industry. Numan has been at the forefront of investing in safety and scalability. A lot of the tools that we needed to do that did not exist, so we had to build them. And when we track the numbers around safety, efficacy, tone of voice, and results, every single metric that we've been building from has been orders of magnitude better than when we started. This is proprietary. This is building on the data that we have for the patient, the data that we have from our coaches, everything that we've been working on over the last 24 months. Also, one of the ways that we can create the experience for the patient that we deliver is driven from the fact that we are vertically integrated. This is our facility in Cardiff. That facility now has grown to, I think we have, what is it? It's not 20,000 sq ft. It's about 35,000 now because we've been expanding. It's a site that is both a registered MHRA wholesale distribution center. We are licensed to not only procure but distribute medication from there as well, but also a site where we dispense our medication from, of course, on a multiple times per day basis, a site that now operates on a seven-day rotation as well. Now, when you put all that together and when you step back, our conviction is that the businesses that are going to achieve the biggest success here, because we know that the market is there. We know that the problem is there, are the ones that are going to be able to break through to the patient, the ones that can also prove that they can deliver better outcomes, so now we're investing in research that actually proves that. It's for the first time we have papers submitting in some of the leading journals that deal with obesity and prevention. You're going to see some of that becoming public over the next 12 months. It's something that takes time, but we're working towards being able to prove that Numan is the best place for you to come to be healthier, and we can actually have the data to show to you why that is the case. This was a very quick update on what we do and who we are. I'm going to go a little bit now into the numbers around the business since our last presentation. So we've spoken before about how we've been consistently growing on a triple-digit revenue rate now. We were predicting that we're going to grow about 130% this year compared to last year. We've been public about what last year's revenue was, which was $90 million. We're actually ahead of plan. We're now 175% year-on-year growth since last year. Crucially, we've been managing to do that while still growing profitably. We've not sacrificed in that. When it comes to getting the balance between investing for the future and maximizing profitability, we still see a huge opportunity to grow. We're not maximizing for profitability, but we're also not going back from it. We raised around this summer. It's a mix of cash and equity. We raised a total of $60 million. We've done that with Big Pi Ventures and Endeavor Catalyst as new investors. We also have participation from some of our existing investors with White Star Capital and Novator coming into the round. Also, we brought on board HSBC Innovation Bank as our new banking partner. We have a fantastic revolving credit facility that we can use for growth or for other things that we want to pursue as well. You can see why we did that, even though we didn't have to. It's because we believe there's a huge opportunity in front of us, and we want to be in the best possible position to pursue it. We're now a few months away from closing 2025. When we look at the next three years, we see a huge room to grow consistently from where we are today. We see the business more than doubling over the next three years in the U.K. alone. We see revenue growing. We see profitability expanding. We see Numan really becoming that platform that defines what virtual care means globally. We want to be one of the people that writes the playbook there because it still hasn't been written. We want to make a positive impact into millions of people in the U.K. and beyond. And we want to do that while building an amazing team, company, and business at the same time. That's what I had to share today. Thanks for listening. Okay. I think you know the format by now. I'll ask a couple of questions and open up for Q&A. Thank you, Sokratis, for that presentation. Your growth in the past couple of years is nothing short of amazing. It's triple-digit growth a couple of years in a row. Just a couple of months ago, you announced a new funding round, which you mentioned. Talk us through the considerations there, the pros and cons of raising around when you're growing a lot and already profitable, and what ended up being the reason for the raise. This was a difficult decision because up until this point, the decision wasn't really a question of if we had to. Once the world changed after 2021, 2022, and we set the course to profitability, and then we achieved that, it became a much more deliberate, if you like, decision and a much more difficult plan to put in place and getting that balance right. We had a good conversation on the board about whether we should, if we should raise, and when we should raise. The reason why we brought in additional equity and debt, and I believe we got the mix around that right as well, is because we still see a massive opportunity not just to grow the business, but also invest in the product, invest in the platform, and invest in things that we believe the growth lies ahead of us rather than behind. We can use debt, and we can use the RCF very carefully and wisely, building on data that we can extrapolate from. But some of the things that we want to do around the platform, around AI, around the product, we need equity. We also want to be in a position where we can be opportunistic when it comes to M&A. We understand, we know, we see a bunch of opportunities both in terms of tuck-in acquisitions that can solidify the business here. We see opportunities internationally as well. We're going to stay, though, still quite focused with what we're doing. Every year that goes by, the business seems to need to transform, maybe not at the same rate, but maybe actually, arguably, at a faster rate, but in different vectors of growth. Right? Please raise your hand if you have any question. One more from me. So you mentioned M&A on a slide. You're mentioning it or alluding to it now. Could you provide some color as to what you're looking for in an attractive M&A target, I guess? Are you looking for product expansion or diversification, if you will? Is it the geographical element? How do you think about that? It's all of those things that you mentioned. First and foremost, we're looking for teams and people that we want to work with. I believe we're still at the stage where the M&A that we're going to do is going to be strategic, and it's going to be most likely incremental. I have to admit, it's not a muscle that the company has fully developed, so we're going to walk there before we run. So let's see when we have that conversation in the next CMD, what we've done by then. Very exciting. Looking forward to that. I'll go with one more. So obviously, weight loss is a huge vertical for Numan today, and it's grown just tremendously over the past couple of years. Outside of weight loss, what excites you? What verticals do you kind of envision contributing to growth? Obviously, it's difficult to kind of grow in relation to weight loss since it's become so big, but where's the next horizon of growth coming from, do you think? First of all, I think we have there is weight loss, and then there's treating obesity, and then there's helping people be healthier by achieving a better weight, a healthier weight for them. And the last couple of years have been very much about that number and about dropping that number. But now you see it in the data. You see it also in the stories that you hear from people, and you see it in the engagement and the metrics that we have on the product that amongst those two million people right now that are on active GLP-1 prescription, what excites me the most is figuring out what proportion of those people are actually not just in market to lose weight, but in market to understand their health, where they're starting from. They're in market to become healthier, and their weight is just one number and one factor there. So delivering a product and a platform that can help them along that journey is the most important thing for us. And then when you see what we talked about earlier, hormonal health for men and women, testosterone and menopause are huge unsolved problems still. And then bringing all that together in a platform that can help you genuinely do prevention, but in a way that is actionable and is driven by the use of the right combination of pharmacotherapy and behavioral change, that is a thing that we are starting to see becoming the supply. Can we build it and the demand being at the best possible time for us to build it? Very exciting. We have one question up here in the front. Thanks. Obviously, we've seen that the competition among GLP-1 producers has been increasing, and availability of the product has also significantly improved over the last few months. How does this increasing competition affect you in terms of margins or relationship with suppliers, etc.? It's good. We went from a place where there was one supplier in the market to a place where you had two of the largest pharma companies in the world competing, and they're soon going to be joined by a number of other players there. At the moment, there's about 120 different anti-obesity medications in the pipeline being developed in multiple formats, orals, injectables, multiple strengths, multiple results, different frequency of application. We went from these medications being once-a-day injections or twice-a-day pills to weekly injections. At some point, not in the too distant future, we're going to have once-a-month use products. And in that world, we believe that what's going to be most important is understanding the patient and being able to provide a treatment that's personalized to them and having an ongoing relationship. So we're really excited about that. We also see at some point generics coming into the market over the next few years. We're going to have to wait and see the impact of that and what it will be. It will expand the market. And what will that mean is that you're going to have a number of different medications at different price points for different needs and for different people according to what it is that they can afford and what it is that they need. And that exactly plays to the strength of the platform and what we're building. Okay. Brant, Kendra? Thanks. Just a quick one for me. Have you considered or in the past or considering in the future working with NHS given there's still constraint for resources? Maybe that could be a way to acquire new customers and grow as a referral program and a new source of revenue as well. Yeah, absolutely. That's a great idea. And again, I spend part of my time I didn't used to spend any of my time, but now I do spend part of my time. We have people on the team that are doing work to actually make that argument. There are 16 million people in the U.K. that live with obesity right now. The NHS simply cannot afford to treat that population. And it's not just because of the cost of the medication. There's not enough you're never supposed to just give these medications to somebody. You need to supervise them, and then you need to also offer wraparound services. The NHS doesn't have the capacity. The U.K. doesn't have the permissions, enough clinical professionals to be able to do that. So our position and what we're advocating for is for the private sector, a number of select approved providers, and Numan would be one of them, to be able to take some of that burden because that's what the market is doing right now, but do it in a way that is a lot more interoperable. We don't speak very well amongst different parts of the ecosystem right now. We believe that needs to change. It has to change, and I don't see any other way that we can solve these problems other than that. So yes, 100%. Excellent. I think with that, thank you so much, Sokratis. Congrats for all that you have achieved so far, and thanks for being with us here today. Thank you. Well, thank you. Wrapping up for me then, I don't know if you see it, but I really brim with pride because both Numan and Voi, it's been so great. We've been part of them since day one, since 2018, both of them. And they're both platform businesses with about GBP 150 million in revenue, and really starting to accelerate. So that's great. And I think it speaks to why I like the kind of VNV structure so much. It's a permanent capital vehicle. So those companies were part from day zero, essentially. I think Bokadirekt and BlaBlaCar both started in 2009. We got involved way later. So opportunity there, and those are also exciting. And of course, Breadfast. Breadfast, I don't know if we can make the CMD in Cairo next year. Björn's going next week, but I'd encourage you to come along with us and go to Cairo, not only for Breadfast, but it's an exciting company. But yeah, I hope that gives you an insight update from last year into these companies. And I think you can sense that we're super excited. And yeah, that's it, folks. Thank you.