Welcome to our Capital Markets Day, which we do for annual event. Someone asked me, "Are you going to announce something big?" We are not really. It is more an opportunity for you guys to meet all our great portfolio companies. That is really the agenda for the day, which looks like this. A bunch of different companies, which we are really proud of and really bullish on their prospects, will present over this afternoon. This is not much to say about this. You will hear from everyone, and it will be great. By way of intro, so many familiar faces in the room. Actually, before I start, there is one new addition to the VNV sort of team/ crowd, which is a new Chairman of the Board, and Lars-Åke Norling is right here. For you who have not met him, here he is. Welcome to the board, and you will be able to interact with him. He is the new boss. Welcome. You will be familiar with this portfolio. It is very similar to what you have seen over the years. Common denominator amongst all these companies is that they have this potential to become monopoly. Some are in their current sort of markets and enjoy the benefits of that, which is really what we sort of strive for. Some are still progressing towards that sort of holy grail of very high barriers to entry and the sort of the sequential sort of very high margins that you get from this beautiful sort of area of businesses with very strong network effects. That is the common denominator amongst all of these. The portfolio is profitable. This is something that we have started updating for these CMDs, and now we have included what we see. We are well ahead into 2026, so this is maybe overdue, but we think the portfolio, our pro rata of the top six holdings, only the top six, leaving whatever, 34 or something like that out, which are all very good companies, some of which you will hear from today. But leaving those aside and only looking at the top six and our pro rata of those, you are looking at revenues to us of $150 million. Profitability here, which I think we err on being a little bit conservative on, and so we are excited about this sort of outlook or the growth that this portfolio has shown, but also that it is profitable. This continues into the future, and we have not put that out here, but if you take our market cap and you compare that to what we see from these six companies and our pro rata of those into next year, I think we are on an earnings ratio of 12, and that increases a lot over the coming couple of years. So we think this is an attractively sort of priced portfolio with a lot of potential. What we have been active on and really busy with over the last couple of years, which you know is that we have sold a bunch of stuff around the NAV, and generated sort of a stream of cash flows that have helped us really de-lever. So the balance sheet has gone from being in net debt to being now in net cash. It's not a lot of net cash, but we also have some more exits on the way. We expect to complete a couple of exits over the course of the remainder of 2026, which will add another EUR 10 million or so, and allow us to do all the things we do, buy back stock and not so much invest into the existing companies because as you saw from the previous slide, they're profitable and not really in demand of cash. There's the odd exception, but that is really small. I think this is what we've been busy with, and that's complete now, but there's still some stuff that's being sold, because they're IPO-ing or this, that, and the other, and those, like these two, three that are left to do in the course of this year, maybe a little bit more, but there's two that are really advanced. We haven't announced them yet, but they're basically done. They're done at NAV or above NAV. We think our NAV is good. Having said that, we had a big discount to NAV. That's just the way we've learned to live and try to take the opportunity around that by buying back stock and canceling those stock as we always do and capturing this thing because we see our NAV able to deliver very healthy double-digit returns from the NAV level. If we can buy that with the closeness and transparency that we enjoy being big shareholders in all these companies, then that's of course a big kicker in it. What I did talk about, I had this slide up last year, and what we started discussing then, if you will, is something that we have also worked on over the course of this year. I wrote a little about it in the intro to the quarter report, in that we've set up a new business line, which is maybe better described in this way. We call it VNV Global Asset Management. That doesn't really exist. The point of this slide is that there's not much we can do apart from buying stock at the balance sheet level, at the VNV level. But we do see a large deal flow around us that we think is very attractive. Now, basically, we're looking to set up vehicles that allow us off balance sheet to capture the opportunities that are around us. These may come in funds. We're currently working on setting up a fund that will capture opportunities in the geographies that we used to hunt in before in emerging markets, or still do. Of course, we have a big bunch of the portfolio active in emerging markets, but that 30-year history of hanging around emerging markets and doing stuff in them still leads to a bunch of opportunities and deal flow. Those are being captured in a fund like that. We will come back to you, hopefully, over the next couple of weeks or so, when we can properly announce that, because as a fund, that will be regulated and everything needs to be set up. We got those kind of vehicles, but we also have vehicles that concentrate around specific, for example, specific holdings in our portfolio, where big chunks of the portfolio is doing really well, and as a shareholder in them, part of the cap table, you are exposed to opportunities in them to acquire more shares. We cannot, again, for the same reasons. It is better for us to buy back our own stock. But we think we are a good partner to have, and we are looking to set up SPVs where we raise money to invest alongside us and partner with us in the big holdings in our portfolio. This is something that you should expect us to be quite active on. We are very active. This is a big part of this past year of what we have been doing. You should expect us to talk more about this in the not too distant future. We are super excited. Us as shareholders in VNV will enjoy the benefits of this, because VNV Global and us lot working there will be the managers of all these different vehicles. Any fees or profit shares and stuff like that will flow up to us as shareholders in VNV Global. That was my very short intro. We move on to the real show and dance of this afternoon, and that is to talk to portfolio companies. What is not a better portfolio company to start with than BlaBlaCar, which I think is the first one out. We got Nico somewhere. There is Nico. You require no introduction. Just over to you. I wonder. I do not know if I am connected already. Am I? Sounds like I am. Is there—a ll through this? Okay, there we go. Ta-da. It sounds like mine. All right. Thank you, Per. As usual, I go through an update on BlaBlaCar, and this time, maybe show you a bit more numbers around the business and deep dive in some aspect of the business, which we haven't done in the past presentation. I'll start with the usual, what we do. I think most of you in the room have been exposed to BlaBlaCar, and you know pretty much what we do. But as a reminder, we are really fundamentally a tech platform that connects inventory, mostly historically carpooling, which are private drivers essentially sharing the car when they drive between cities. But also increasingly other transporters like bus operators, and we have lots of new verticals being integrated from trains, flights, car rental, even hotels, in some of the markets today. We connect that to an audience, and that audience is mostly casual and they look for something affordable, environmentally friendly, and mostly, it's not written here, domestic. It's mostly about domestic travel. It's not about international travel. That's what we do at the core. One thing I haven't shown, which is new content for you, but kind of interesting to keep in mind is the power of the brand and the distribution, and I'll use that for the rest of the presentation as a thread. Thanks to carpooling, and because we touch millions or tens of millions of people, the brand and the capacity to distribute is very strong in some of the core markets where we operate, where here we're showing the aided brand awareness, which is around 90%+ in France and Spain. It's 94% in Ukraine, 68% in Brazil, around 90% in Turkey. Here, I'm not showing India because we have not measured India. Actually we have more users in India than any of these markets today. I don't know where the brand awareness is today, but it's probably getting to a significant number. Many markets like Poland, Italy, and so on, where we also have a pretty strong brand awareness. To some extent, I'll dive into a bit more numbers and so on. We are really good at creating this brand and traffic. Having said that, people transact pretty small amounts, right? If you think of it's domestic low-cost transport, so the basket size being transacted today on the platform is not that big. But we're really good at building volume brand awareness around the activity. The core, I would say the pillar of that, or the special sauce, is clearly the initial activity of carpooling because we create this supply. It's purely like a captive-owned supply, which are these private cars that people are sharing when they drive between city. To some extent, we build the brand and the brand love around that, and we build the volume and the traffic on the platform based on that. That play is quite defensible in term of barrier to entry because it's a very distributed marketplace where you have millions of suppliers, essentially normal people sharing their car, and millions of passengers booking seats in those cars. It's very much like a C2C marketplace. Pretty hard to disrupt for a new entrant because the barrier to entry is pretty high. I'm showing here the NPS, but we have a very high NPS on this activity. People love this product. The byproduct of that, which is interesting linking to my previous point, is that we need to kickstart the marketplace. It's very hard to get from zero to one in a new market to create the supply and create the demand and get the matching. Once it flies, it goes on its own. It grows by word of mouth for the most part, which means today, more than 95% of the traffic on BlaBlaCar does not depend on Google or LLM or anything. It's brand traffic. People know the brand, they come, they use the app directly. We have captive supply, and we have brand demand, which in a world of potentially some of these marketplaces being disrupted by AI, LLM, where people are going to search, it is pretty powerful because people search on BlaBlaCar, 95% of them. We do not depend, we do not need to buy traffic. Traffic comes to us. Now, over time, as I said, we diversified the activity. Historically, it was 100% carpooling, which was the core and what I call the special sauce. We have been building these other verticals, as I was saying at the beginning. Today it is becoming a pretty diversified play where it is roughly 50/50 in term of passengers between people booking a seat in a car and people booking a seat in another mean of transport, mostly buses today, increasingly train, flights, and even in the 3%, you have hotels and car rental and other activities we are developing. The way to think of BlaBlaCar today, it is really a mix within the same product of a C2C model, which is very much like a classified type model, which is the carpooling activity, which would resemble, if you were to look at what type of companies resemble that, it is mostly classified. We have put a bunch of peers, it is probably not comprehensive, that would look like a BlaBlaCar in term of business dynamic. It is also mixed with a more, I would say, classic B2C OTA type business model where you distribute inventory that other people can distribute. The main difference here is the, I do not have a laser, but the carpool is just us. We do not share that inventory with anyone. The rest of the supply, whether it is your buses, trains, hotels, and so on, it is inventory that you can find in other platform. Essentially, we leverage the audience of carpool to fuel essentially the B2C segment. You have a bit of a flywheel where people might come to find a train and actually they are going to book a BlaBlaCar or vice versa. We see a very positive flywheel in the business thanks to this sort of dual model, which again have slightly different business model and slightly different business dynamic in term of profitability long term. Now, taking a step back in 2026 of the last few years, as I was saying this morning, we have been pretty unlucky in term of external event. We had three external events essentially putting quite a bit of headwind into the company. The first one obviously was COVID. COVID and sharing cars was not mixing very well. We had two pretty tough years in 2020, 2021, even early 2022, when essentially the activity was completely stopped by the pandemic. We get out of the pandemic, as you all know, in early 2022, essentially. Omicron was Q1 2022, and then we could see the activity picking up again. But two of our key markets, Russia and Ukraine, obviously you get into war, Russia invasion of Ukraine in 2022, which again put a bit of headwind into the company. In 2024, we talked about it, I think, last year, we also lost a stream of revenue that was coming from these energy certificates generated in France. Essentially, every other year, we had a problem. I hope the past is not a good predictor for the future, and that we're not going to get sort of crisis all the time. In fact, maybe taking a step back, if we look at the current crisis or the current climate with the war in Iran, it's actually for the first time a tailwind for the business. Because we tend to be countercyclical. High petrol price is actually more fueling usage to the platform than anything. The wheel is turning, I would say, and I hope the next five years are not going to look like the last five from that standpoint. Despite all of that, and I think it speaks to the resilience of the company and the business model, we managed to keep it together. We managed not to do any down round. We've been sort of pretty adaptable through this crisis to sort of regrow and make the company profitable and growing again. Now, I wanted to zoom on 2026 and talk about what we've done this year now that it's for the most part public. We decided to exit 2 businesses that have been with BlaBlaCar for quite some time. The first one is the operating bus business, which you see here on the left. It's a business we acquired, as you might remember, from SNCF, the train operator, back in 2019 where fundamentally we take the inventory risk. Essentially we pre-purchase kilometers to bus carriers that we resell on BlaBlaCar. It's not like a marketplace model, it's more of an e-commerce model if you like, where we take inventory risk and it's a lot less predictable as a business model than the marketplace business. The reason we did that back then is that it was the only way for us to access the customer. Essentially back then, we could not aggregate SNCF buses, we could not aggregate FlixBus buses. Essentially we strategically wanted to get to that multimodal game and capture this bus intercity audience, and that was the only way to do it. Now things have changed. Essentially, we have distribution agreement with essentially all the bus carriers in almost all of the countries, but specifically in Europe. So we do not need to operate, and that business model is very specific. It requires specific skills within the company. It's not going to grow that much outside of Europe because we deploy a marketplace model. So we decided to shut it down. It's been announced in May, and we are phasing down the network. Essentially by the end of the year, that part of the business will be stopped. But if you look at that from a customer perspective, we don't stop distributing buses essentially. We're going to distribute buses from other carriers and we're not going to be an operator in the game. That also has a benefit of simplifying the overall business model of the company because you post that divestment, we're going to be 100% marketplace as a business. The other one is a business we sold, which was like a short distance carpooling business. But fundamentally it was more of a B2B, B2G play where we essentially sell carpooling platform to companies or regions. It was pretty dependent from the energy certificate. Without energy certificate, it is not a bad business, but it is not going to grow all that much and essentially it is a different sport because you built white label platform for a region. We decided to sell that business. We found a buyer. It has been signed. It should close end of the month or end of October. We are not sure yet. It is pretty much done essentially. That is pretty transformational because essentially it simplifies the company and it makes the company 100% marketplace, C2C, B2C, but very consistent business model and a lot more focused. The result if we de-zoom and look at the company with the new perimeter, the company without those two businesses, essentially it would have done in 2025, EUR 182 million of revenue. That revenue is like 92% or something like that gross margin. It is almost like revenue and gross margin are now very similar. EUR 23 million of EBITDA, so it is still profitable. This year, we expect to be around EUR 210 million, maybe a bit more, of net revenue on the back of over EUR 2 billion of transactions. That is really the net revenue, the take rate we make. We should pretty much double, almost double the EBITDA and be above EUR 40 million of EBITDA again on the new perimeter. That is good in two ways. That is good because we show that profitability is clearly increasing pretty rapidly. The core business is actually growing. We are roughly in the 15%-ish top- line growth and 20%-ish EBITDA margin. It is bound to improve as we move forward. I will go pretty quickly on that. It is just historically how we manage sort of the big chapters of the company. I would say we had one that was really about going global and opening new markets from 2014 to 2018. We have one which is essentially now, which was adding more supply, so adding buses and train and so on. Now we are moving more and more into more verticals. We are starting, I will show that like in Turkey specifically, to go from transport to travel, which means adding accommodation, adding other services to the platform. We have the same logic I described earlier. We have a massive audience. They come to the platform for free. We should cross-sell and essentially offer more to that demand because we do not pay for it. They come back. We have very strong both brand awareness and repeat essentially, very little churn within the users. We should build more services for this audience. How do we grow moving forward? Essentially, it is three things, and I will double click on each one of them pretty quickly. One is to monetize carpooling in emerging markets. As you probably remember, the model for us is always to launch new markets without monetizing. People do transact, but we take 0% take rate on transaction initially, and we build liquidity in the market. Then over time, people pay, either becoming subscriber of the service like members, paying members, or we take a fee in the transaction. We have both models. That is going to be one of the big lever of growth because today we have a very large reservoir of usage and GMV that is not yet monetized. That is one of the big lever for growth. The other one is adding new verticals. In all of these markets, as I say, we start adding buses, train, planes, car rental, hotels, accommodation in general. We tend to see, and I will show some examples that accelerate the revenue growth as well. Last but not least, we will keep a pretty strict OpEx discipline, which we applied over the last two years. I expect, in the next few years we will not grow staffing costs, we will not grow OpEx at all, or not that much. Maybe a bit on marketing, but probably not that much. Those are the three ingredients. If we zoom on the first one on monetization, first of all, it is something we started doing. It is not like it was something that we kick the can down the road, and say, "We will monetize in X, Y, Z years." We started that, and here we are looking at markets that were unmonetized in early 2022. It is mostly Brazil, Ukraine, and most of the market in Eastern Europe. What you see on the top is the annualized number of bookings on the platform to annualized number of passengers. It is on a quarterly sequence. You can see that the usage sort of kept on increasing over time in all of these markets. Again, mostly propelled by, it is mostly Ukraine and Brazil, plus a few Eastern European countries in there. We monetized along the way. It was zero in early 2022. End of 2022, we had EUR 6 million revenue run rate, and we kept on improving the revenue. Today, we are not done with this cohort of countries, so Brazil is barely tapped. Today, to give you a sense, within those numbers, we have only 3% of the Brazilian GMV being transformed into revenue. When in other markets, we had 10% or 15% or up to 20% in Western Europe. There is still usage growth potential in those markets, and there is still a lot of revenue growth potential in those markets. The game is to continue in this cohort of country to grow usage and monetize. You should see the dark blue growing faster than the light blue. The good news is after that, we have the next cohort of countries. Here I am showing India and Mexico, where today we generate no revenue yet. But as you can see, we have been growing usage pretty dramatically. We will end up the year above 30 million passenger run rate in India and Mexico, and that does not generate any revenue yet. Obviously, we will do the same, and only if I can go back. Here we go. We will do the same. Essentially, the equivalent of 2022 here is probably early 2027 in this new cohort. Today, if I look at the confidence level that we can expand EBITDA and we can grow the top line is pretty high because it is not on the back of usage we need to create. We already have the usage, and we just need to progressively monetize the usage. That is the biggest lever in term of revenue, at least I would say short, midterm revenue and profitability growth of the business. And essentially, the game for us is to find the right pace of essentially keep on building dominance in those markets. India, for example, is still growing very fast. We do not want to slow down in India, and monetize and create new verticals at the same time. The other thing we have been doing is introducing new verticals outside of transport, and we started that in Turkey, under the Obilet brand. And essentially here it is just like adding hotel bookings essentially into the platform. You can see same story. In 2022, it was nowhere, essentially. We were just connecting hotels to the platform. Now we are doing roughly half a million booking per year run rate in Turkey, which compared to the audience we have, is pretty small, right? Because overall BlaBlaCar, to give you a sense, it is 150 million bookings per year run rate. This thing is pretty tiny from a volume standpoint. But because the basket size is pretty high, because it is hotels and it is 20x higher than the basket size of transport, we already make a significant revenue run rate on hotels in Turkey. We should end up the year close to EUR 10 million revenue run rate in Turkey. That is clearly a playbook we will apply to different markets. We need to introduce new verticals and accommodation-based vertical to more and more markets in Europe, outside of Europe, because we do see that we convert the audience really well into accommodation. Because you have a much higher basket size, essentially, you generate a pretty significant revenue uplift. Again, that is an example in Turkey, but the same logic would apply to different markets outside of Turkey. Last but not least, on OpEx. It gives you a sense also of the transformation of the company over the last few years. When we had the 2024 energy certificate crisis, we had roughly 720 people in the company. Post all this transformation and essentially having more discipline essentially on OpEx and staffing, in general, we will end up at roughly 470. It is excluding Obilet, so it is looking at the non-Obilet, non-Turkish business. Essentially it is around close to 250 staff reduction that we operated over time. I would say today we probably are roughly right-sized for all the bets moving forward. If I look at 2027, 2028, we do not anticipate to grow that number all that much. It is probably going to stay more or less stable over time. So OpEx is going to stay more or less constant. We will play a bit with marketing if it is efficient. We have clearly the revenue and the EBITDA reservoir ahead of us, and now it is more about how do we create these sort of future revenue levers, I would say beyond 2029. Until 2029, we have the growth levers. Beyond 2029, we need to build those new verticals to build the story beyond 2029. That is it on the presentation. I do not know if we take questions or we—y eah. Yep. Should we sit down? Okay. V ery formal. You can hear me? Great. By way of intro, I am Dennis Mohammad, Investment Manager at VNV Global. I cover BlaBlaCar together with Per at VNV Global. I will kick off with some Q&A from me, but then we will open up for questions from the audience. So raise your hand and [Katarina] will be running around with the mic. So make sure to get the mic. But I will start off. As you alluded to in the presentation, 2026 is a truly transformational year for BlaBlaCar, with the exits of both operated bus and short distance carpooling. Walk us through a bit of the kind of detailed rationale behind it and reaching that decision. It is obviously a very big decision. But also kind of the sentiment in the company now. You parted ways with north of 100, 130 employees this year. Yep. What is the energy level at BlaBlaCar for the staying team, and how has the process been going? Yeah. No, it is surprisingly well understood internally. It was one of my fears that when you go through all of these changes, you do it by paying a year or two of growth and profitability, and we do not. As you can see, 2026 is going to be much better than what we described earlier this year. I was a bit more pessimistic that the transformation would cost us a bit more energy, revenue, and profitability. It did not. I think it is because the rationale was pretty clear. On the bus side, people were not that surprised because they could see that all of the expansion was on a marketplace model, that essentially Europe was becoming more and more of the marketplace model, and that that business was increasingly isolated or different from the rest. It was not that big of a surprise, and it made tons of sense in term of repositioning the company to what it does best, which is really sort of being what I described at the beginning. This sort of technology platform with a strong brand connecting demand on one side with suppliers that are not us as operator, but essentially the entire market of long distance travel, whether it's cars and trains and buses. That part was well understood. The short distance one was always a different business because it was not even integrated into the BlaBlaCar product. It was always operating as its own sort of team and village, and now they're going to join another company, so it's going to merge. We're selling the activity to another company. I would say it's less traumatic as a change. Net- net, it is a massive relief to some extent because now it feels for me that the company is sort of nimble, very focused. The next few years are very clear in term of execution, and it's good to get that out of the way, essentially, to feel like now is sort of year one of a new journey to some extent. Great to hear. One more from me. You talked about emerging market monetization and how you've already gotten started there, but walk us through the parameters that you looked at, the decision making process. Obviously, India is a big market coming up. When would you expect that to happen, and how do you balance growth of [pax] versus actual P&L impact from getting revenues from those markets? Yeah. I think what's been pretty new is demonstrating how much we can generate from the BlaBlaCar usage with other products. If you walk back a few years ago, it was very much theory and slideware saying, "Oh, are we going to do buses? Are we going to do this, are we going to do that?" Now we're demonstrating that in several markets like Brazil, Ukraine, many markets, essentially, where you do see that by keeping very high growth, very high NPS, very strong brand love on carpooling, you do very effectively build other verticals. Right? So actual hotels in Turkey, and you can see buses in Brazil and so on. Market by market, I think it's always going to be a trade-off of what's the value of the audience for adjacent markets that you can build versus monetizing the audience. There is no dogma, essentially. It is purely being very rational on if you can monetize the audience by keeping the flywheel, you do. If you cannot and it has more value generating side businesses or other businesses on the side, that is what we do. To give you a sense, Brazil went from no revenue to it is maybe going to end the year around EUR 9 million or so of revenue. More than two-thirds of that is actually coming from the bus segment. The bus segment would have been impossible to build and grow at that speed without the audience and the platform we do from carpooling. We could have made another choice and just monetize carpool a lot faster. I think if you fast-forward, you are just building a bigger business long term, having these different legs to your business. That is going to be sort of the game. I would say the good news is now we have enough market and mature enough that essentially it is more like you are pacing your growth versus your EBITDA margin, essentially. If you translate that into financial sense, you could generate a lot more EBITDA if you wanted to in 2027, but maybe at the expense of long-term growth, and we need to find the right pace, essentially. Great. Any questions from the audience? One down here. Linus, DNB. Oh, there is—o h. And then Georg. Thank you very much. Just wanted to ask, how much has your outlook for, say, this year and perhaps the next change as a consequence of, say, rising fuel prices? Yeah, it's been interesting and mostly positive for us to some extent, because if you look at rising fuel prices, it has two consequences. One, on the carpool side of the business, it tends to create supply, right? Because essentially, economically, it makes more sense to share your car. So we set the trigger point to say, "Oh, I'm going to share my car when I do a ride or when I travel between city A and city B" has increased. So we've seen supply increasing across markets, which is great. On the demand side, we didn't know if you destroy demand because at some point, people don't travel as much, or if essentially demand is shifting toward the more affordable, low-cost segment, which is us. So today, clearly, we've seen increased demand to match that increased supply. So we have seen clearly the sort of tailwind in the current context, both for carpool and in general for the bus segment, because the bus segment is maybe capturing some demand of people that don't want to drive anymore as well, or people that don't want to fly abroad, or people that don't take the train because it's too expensive. So we've seen the bus segment across all of the markets not suffering and mostly benefiting from the current context. So short answer is we tend to be a bit countercyclical, clearly. Thank you. Georg Attling, Pareto. Yes. Thank you for taking the question. The first question relates to the previous one, and we know that you're tracking ahead of budget this year. Is that only because of the higher fuel prices, et cetera, or is it other things also progressing better than you expected? And second question is just relating to AI. Quite a lot of focus on AI for these aggregation type of businesses. How do you think that will change your business, both risks and opportunities? Thanks. Yeah, on the first one, I would say it is three things that ended up making us above budget or beating budget. One is we released quite a lot of new features, especially on carpooling, that do pay off, essentially. We have seen incremental usage on people doing more detour, more negotiation, and essentially it has an effect of increasing volume, but increasing the price. So essentially, it was sort of like negotiating detour feature. People pay up, essentially, so it increases GMV and mechanically, so you win on volume, but you also win on price to some extent on GMV. So that has been positive. Clearly, there is an element of environment, macroeconomics. How do you sort of unpeel that? It is almost impossible, to be honest. And the third one specific to this year is, as I said, the transition was smoother than expected. I think we had budgeted a bit of a buffer thinking that, okay, as you do this sort of layoff and selling businesses, we have expected, which did not happen, and it was well managed, and I am happy with that. We had no bumps, essentially, during the high season, for example, this summer in Europe, and we could have expected more bumps on the road. So it is a mix of all three. Frankly, quantifying exactly that market by market is almost impossible. Then AI. So you have two things, two stories for us on AI. You have the story that everybody is living through, which is like, how do you use AI internally and so on. I think the question was more on the consumer side. On the consumer side, as I said, we do not buy that much traffic. To some extent, the fact that we have our own inventory, especially with carpooling, and you do not buy, you do not depend so much on buying traffic from Google or whoever else. I think the risk for us is fairly minimal in the sense that, I think the risk is pretty high if you are a pure OTA and you buy 40% of your traffic from Google today. You might ask yourself, okay, part of that traffic purchase is going to shift from SEO, SEA to maybe LLM to some extent, and what is going to be the cost of capturing my traffic on LLM? Is it going to be higher, lower than on Google? And no one knows today. There is going to be a shift. For us, we do not depend on that all that much, right? It is only 5% of inbound traffic is actually both coming, essentially both on different platforms. So I think we are quite immune from that standpoint, just by the power of the brand and the free traffic. And the other thing is it is not like transport specifically. I think it is not that prone, at least what we do to LLM, because it is something you book pretty quickly on an app, and it is not something you would express. So it is different from a holiday package. I think today, if you are reselling holiday package as an OTA, yes, I would be worried because if I look at my own behavior, I plan all my vacation on ChatGPT or with some other LLM where you say, find me a hotel with this and this and that, and how to get to the hotel, and then you have this package totally there. For us, it's more like people know those are very short distance domestic trips. We are connected to ChatGPT. We have an app. We don't see that much traffic inbound today from LLM. We are connected. We're one of the early adopter, essentially, of those connections. Today, the truth is it doesn't generate that much. It's good for PR, but it doesn't generate yet that much traffic. Great. Any other questions from the audience? Okay. I'll do one final one from me, and then we can wrap it up. As you mentioned in the presentation, you're around 20% margin today with the new kind of business. To get to at least 45% margin, I think that was a promise. What are the main drivers to get there? How will you get to 45% from the current levels? How much is reducing OpEx? How much is growth, and where would that growth primarily come from? If you just put it in buckets. Yeah, I think it comes from these buckets I was showing on the screen. If you look at the usage we have today in market that are not yet monetized, the cost is already there, meaning the platform is there. We have tens of millions of passengers that are not yet monetized. For me, if we wanted to jump very quickly at the expense of destroying demand brutally, you could get to 40%-45% EBITDA margin within a year. From a consumer perspective, it would be a brutal change and it would perhaps break the growth. Another way to answer your question, I'm not too concerned that you will reach 40%-45% EBITDA margin. Today it's more about how do we have enough verticals in the pipe and maybe increasing basket size. Hence, hotels accommodation is a very interesting add-on, essentially, so that we can still compound growth for the years to come, so that when we end up in, pick a year, like 2029, 2030 or in two or three years, essentially, you don't want to end up 40% EBITDA margin on single-digit top-line growth. I would say most of the effort in the next two years will be about seeding future growth so that essentially we can compound more growth on the top line. I think the profitability with the transformation we made on the business, with the monetization that I've shown, again, all this graph, and we're doing it, you can see you do have easily EUR 20 million, EUR 30 million, EUR 40 million of additional net revenue for which the cost is already in the bag. To some extent, you can do the math. You quickly get to 40%+ EBITDA margin. The question is more like growth post 2029 right now, I would say. Very clear. Thank you. Very excited to follow that in the years to come. With that, I think we hand it over to our next speaker. Maybe with a brief introduction from [inaudible]. I will introduce you. Next speaker, second-largest holding of VNV Global, Voi, presented by CEO and founder, Fredrik. Perfect to follow. Hello. Can you hear me? Yeah, great. Great to follow Nico and BlaBlaCar. If BlaBlaCar moves people between cities, Voi is moving people within cities. It is always interesting when I am in these rooms. Just out of curiosity, how many people in this room have used Voi at some point the last year? Raise a hand. We have a lot of users. The last month? Almost as many, which I think is a good example and proof point of where we are now as a business. Nothing for you. We are at year eight now with Voi. We started the company in 2018, and time flies. Many of you have heard me here and in other situations and forums before. If I would summarize it was the first years, a lot of growth and yeah, also a lot of kind of chaos. How should this service, micromobility, shared e-scooters, e-bikes, and so on, live in cities, and can you make it profitable? The two years after that was for us very much transformation years, turnaround years, where we shifted focus completely from grow into, okay, how do we make this company and business profitable, sustainable, that can stand on its own legs? Now the last two years, we have picked up growth again. We picked up growth while improving profitability and making money. I am very glad to stand here today after the last two years. I will talk you through that, of course, also a bit where we are going and also where we see growth potential for the next coming years. We like this illustration at Voi, which shows how most of the cities in the world and in Europe are designed. We give most of the space in cities to cars, to roads, to parking spots, and so on, and only a little piece of space and land to ourselves, us humans and the people moving into cities to be close to each other and be part of some kind of city community. Key thing from Voi since day one has been a positive contributor and a shaping force in how we change this. Moving people and cities from what you see on the right-hand side here, cities being heavily reliant on the privately owned car, to something that looks more like on the left-hand side here, where we living in cities have a menu and the options, alternatives, how to get around, where we at Voi are focused on micromobility, so light electric vehicles, and then connecting that with other forms of transportation, such as public transport, such as trains, and so on. It is funny standing here in Stockholm today, just going out on the street. I love seeing people on Vois, of course, and I also love to see how much a city like Stockholm has changed the last eight years, both that people move much more on Voi. I think 10 million, 12 million rides this year only in Stockholm. But also that we see changes on infrastructure, more bike lanes, more protected bike lanes, which of course accelerates the usage of our type of services. Where are we today, then? We started in Stockholm 2018 with a very tiny fleet of e-scooters. It was August 25, 2018. Fast-forward to where we are today. We are now running a multimodal fleet, so both e-bikes and e-scooters, around 200,000 vehicles in more than 130 cities. Focused on Northern Europe, Western Europe, and Southwestern Europe, where we see most of the growth the last year. Southwest, coming from France mainly, but now also Italy picking up. We have moved from a regulatory environment when we started this that was very unregulated into a much more mature regulatory environment where we win tenders and licenses. So we win the right to operate in a city like Paris, in a city like Stockholm, in a city like London, and so on, which we have been pushing for since day one. So how can we work together with the cities instead of against the cities? That, of course, creates a regulatory moat also around our business, around the revenues and so on. Voi now is the number one when it comes to regulated and licensed and tendered market share in Europe. So around 200,000 vehicles in operation now. So that is a big fleet. Around 80% of that revenue comes from these protected, tendered, licensed markets. I told you in the beginning, we are focused a lot on profitability over the last couple of years, and we see now we are both in an accelerated growth phase on top line, but it is also falling down to bottom line, EBITDA and EBIT. If we look at last 12 months, end of Q2, we were at EUR 39 million EBITDA. The biggest region is DACH for us, so the German-speaking countries, then Nordics, U.K., and now France picking up quickly. Since we started this also, a lot of people have had a lot of views on micromobility, especially shared e-scooters. I would say that we have debunked many of the myths and misconceptions and critique over the year, starting up there from the left. Can you make micromobility orderly when it comes to parking and behavior and so on? More and more so, yes, and good regulations is a key point in that. But also improved products, improved control on our side, that the remaining players in this space behave more responsibly than perhaps what was the case over the first years. The lifetime of the vehicles have gone from very short, as you probably remember, in the early years, a couple of months, to now we see the e-scooter generation we have had out on the street, the longest now comes from 2020. So that is six years already, and we have most of the fleet still on the streets. We expect the latest generations to last more than 10 years. We have invested a lot in hardware design, how to make the vehicles more robust and really fit for purpose for what we are using them for, and then, of course, improved our operations a lot as well, repairs, maintenance, and so on. That leads to much better unit economics. If we look at the whole fleet, we pay back a vehicle in one year. We see that the latest generation this year, eight months to pay back, which is great, of course. Down there to the left, perhaps not some of you, but other people might say there are only teenagers riding e-scooters. That is not true. We see that with every year, as we are improving product, as safety perception and so on is improving, the user group gets older and older. Talking about safety, we have a Vision Zero policy. There shouldn't be any bad incidents on Vois. We see when we look at the data, the data is strong on the safety side. There are six laps around the globe between every severe incident on a Voi, which stands up very well against the privately-owned bike, the privately-owned e-scooter. We also feel that the conversation overall around safety has also matured and is more nuanced now than a few years ago, where people, journalists, and decision-makers as well understand, and what we see, is that most of the bad severe incidents are rather on privately-owned trimmed e-scooters than the shared ones, which are much more robust, lower speed, and so on. Last year, we replaced around 14 million car trips, which is great, and we also see that more than 50% of our rides are to or from a public transportation train or bus. Really getting more and more interconnected with the broader transportation ecosystem. Voi is a complex business to run. We have several stakeholders that are demanding in different ways. We have the cities, of course. We have our riders. We also have the non-riders who are exposed to our vehicles in cities. We have our whole operations teams. The approach we have taken there is take as much control as possible over the full value chain. From the hardware side of things, as I mentioned, spent years and years and years to design the best possible e-scooters, to design the best possible e-bikes, increase the recycled materials rate for sustainability reasons, taking the IoT, so the connectivity modules in-house to be able to treat the vehicles more and more as sensors. As mentioned before, a lot on safety as well. On the battery side, it has also been an interesting journey. When we started Voi, we operated vehicles with fixed batteries. We had to take the vehicles in and out pretty much every night to charge them. In 2020, we moved over completely to swappable batteries instead, so higher- capacity swappable batteries, which means we can do most of our operations out on the streets, swapping the batteries, doing repairs, which is of course much more efficient. On the software and data platform, we are really thinking about it as we have a software and data platform, almost like an optimization engine, where we generate 120 million data pings, data signals every hour. That is a lot of data. Then we use that data, ingest it, analyze it, run our ML/ AI models for various different use cases. For example, optimizing where to put the vehicles, in which order to do operational tasks. We do something like 12 million operational tasks this year, repairs, battery swaps, and so on. It is a massive data play. What you see is the user application. There is also similarly advanced or even more advanced on the optimization side, application and tooling for the people working with our vehicles out on the streets, day in and night out. This needs to be materialized through operations out on the streets. This is a business that is 24/7 on how do we make sure our fleets are available, in good shape, in the right place, and so on. The complexity of all of this, plus the regulatory aspect, creates real moats around the business. Now we are starting to see that paying off eight years in. What that looks like in numbers, is something like this. The dark red staple there is LTM Q2 2026. The other staples are full years 2022 to 2025. We had a few years there, as I mentioned, 2022 to 2024, where we focused on, okay, how do we make this business profitable and sustainable to then reignite growth again? As you see, growth has been reignited, so we did what we said and what we promised. What is extra encouraging as well is that we have continued to maintain or improve our vehicle profit margin, so revenue minus direct operational costs, payment fees, and so on, and also being able to keep OpEx overhead flat more or less over the last couple of years. We are starting to see real operating leverage, which is why you see both EBITDA and EBIT kicking up over the last two years. That is on an annual basis. If we look at the last quarter, we see that trend even stronger. What you see here is Q2 2022 to 2026, so only the second quarter of the year. We see that over the last two years now, from 2024, we have closed the double top line on a quarterly basis. We have doubled vehicle profit. We have more than doubled market EBITDA, so the cash coming out from the markets, to pay for HQ and development, central development cost and so on. We have tripled EBITDA and 3x, 4x EBIT as well. Growth is accelerating now also with improved vehicle profit margins on a relatively stable overhead. This is exactly what we wanted to see. We see that we can continue on this trend for foreseeable future, which is very exciting. It is not only that the last years we have added on quite a significant amount of vehicles. What we also have seen now is that we are able to utilize or we are able to get increased usage on the vehicles we put out, even though we have close to double the fleet as well. So both on the usage side, but also on the revenue per vehicle per day side, which is not something we were 100% sure about when we started to increase the fleet so much one, two years ago. This has also been really positive. Last year, when we stood here, we made a few predictions. What would happen with Voi, what will happen with the industry over the next coming two years, so up until 2027. We said the regulatory landscape will stabilize further, and there will be fewer and fewer players competing for the spots. What we see now is the regulatory landscape is maturing, with these tenders and licenses and so on, that overall are in format that we wanted, which is of course favoring us since we have invested and spent so much time on also building the city suite of products and operations and offering and so on. On the competitor side, consolidation has continued, so there are fewer and fewer competitors. Now there are only a very few who can win the really large and really important and really valuable markets. We have turned multimodal. Two years ago, I think the e-bike proportion of the fleet was low single digits. Now it is 25, 30% and increasing. We see that the reception on the e-bike side, both from the users and from the cities, is really strong. This year, I would say is the first year we have a very strong e-bike product offering, including the one you see out here in Stockholm. Over the last year, we have also been able to allocate capital in a good way and continued to deliver on what you saw on the financial slides. So we are on track towards our predictions, and are overall very excited of how the last year has been. We also think it is very much day one for micro mobility. We see this year we will have a bit north of 1 million active users on a monthly basis. This is the peak season for micro mobility now over the summer and fall. Now we are north of 2 million active users on a monthly basis. We know that there are approximately 150 million people knowing about Voi, but there are 600 million people living in Europe. So the potential is huge. When we look at some of our key cities, Stockholm, Berlin, Hamburg, Oslo, Marseille, we like to look at how much of the population in a city is using Voi on a monthly basis, on a yearly basis, and how can we, over time, increase both the ridership share and the wallet share of mobility users in a city. In the most penetrated cities, Stockholm and Oslo, we are close to a third of the population using Voi on an annual basis. We see we have a long way to go and so much potential in some of the really large cities such as Berlin, Hamburg, Marseille, London, Paris. On an EU average, the same number is around 10%, 11%. So there is a much, much more market to take. Also over the last year, we have focused where it matters the most, the really big cities. So Paris, we won a license in Paris a year ago. We went live 1st of October. One year in, Paris is now top three market for Voi. So we have been very successful in getting into Paris quite late and taking market share and delivering. It is only bikes in Paris, delivering both on market share, on product quality, on user experience. The next big bet now is London. What these bubbles are supposed to illustrate is the bigger the bubble, the more potential in revenue for Voi over the next couple of years. Massive opportunity in these mega cities, mainly Paris and London and Berlin, over the coming years, where we've just started. Sometimes we get the question as well, do you need to open up 200 more cities to grow over the next couple of years? Our answer is no, we definitely don't have to do that. If we can move cities over the next couple of years towards Oslo and Stockholm penetration. If all cities would be in an Oslo-level penetration when it comes to rides per capita and when it comes to vehicles per capita on our existing city base, our top line would be 5x larger. It will take time, of course, but there, again, there is so much potential in existing cities. At the same time, as we see that there are so many new cities opening up. Overall, we are happy with the results since the last CMD. Today is the best we've ever been, but it's also the worst we will ever be again. Thank you. Great. Let's do some Q&A. We have Fredrik, obviously, but also Mathias Hermansson, CFO, Deputy CEO. Okay, great. As before, I'll start off with a couple of questions from me and then open up from questions from you guys. Last time we met for VNV CMD was actually on this stage two years ago, and then you were growing around 10%-15% top line and had just entered profitability. Last year at our CMD in London, you were growing around 30% year-over-year, and were slightly more profitable. This year, as you alluded to in your slides, you're growing 47% year-over-year in Q2 with EUR 39 million of EBITDA LTM and EUR 10 million of EBIT LTM. Super impressive numbers. What are your general reflections of what has changed? How have you managed to kind of accelerate growth as much as you have, and how long is that sustainable for? Overall, the feeling now is that the Voi machine is really rolling, and it is unstoppable at the moment, it feels like. When we look at our stakeholders, again, riders, cities, and operations, we see on the rider side, we have much better products, both on the hardware side and on the software, on the app side. So we see that in user experience, feedback and so on. In the end, that is what is driving a lot of that. In our business also, to win the cities, to win the right to play for the riders, where we have been very successful over the last year, winning key landmark cities, which comes as a result of all the hard work the teams have been doing, both on, okay, how do we understand the cities and what they want, and how do we meet that with our product and overall offering? Then on the operation side, we are getting better and better every day. These small compounding basis points improvements on a daily basis in how we do our operations and how we plan it and how we use data and so on. It is just compounding over time. Any reflections from you, Mathias? No. Fredrik mentioned there are moats building now over the past few years in the industry. One of the moats, obviously, the regulations. That is pretty clear to understand. Building on what Fredrik said, I think overall, the ambition for us is to be the world's most efficient micromobility operator and to be able to deliver the lowest cost per ride that we then can translate either to margin on our pocket or give back to the users. I think the current thinking is probably more, let us give it back to the users to capture this huge penetration that is still to be captured. I think that is what you are seeing right now also compounding. Thank you. One more question from me, and then I will open up from the audience. As you talked about, e-bikes has grown a lot over the past 18 months. I think e-bikes was sub 1% of the fleet beginning of last year, and now it is becoming a pretty significant part of the fleet and the CapEx for this year and next year. Walk us through a bit of the rationale behind the expansion, what that does to the demographic profile of the users and why you have done those bets, so to speak. Also high-level difference in unit economics between an e-bike and an e-scooter. I think the short answer on the unit economic side is that it does not really matter for us. I think it is more a city-by-city profitability. Some cities are better than others. Yeah, it is basically the way we allocate capital now when we do more CapEx orders, is more around the opportunities we see in terms of which cities and the potential of growing, rather than whether one is slightly better or worse in unit economics. Yeah. One or two things to add on that. An interesting thing we see now is we are starting to have a more multimodal fleet. Some cities that are only bikes, quite a few cities like Stockholm that are both bikes and scooters. We see that when users have tried both of the form factors, so both the bikes and the scooters, they start to use the service much more. So having a broader product suite seems to drive increased usage and retention, because, yeah, we just have a wider portfolio. Last point, not fully related to e-bikes, but another thing we are very excited about is this year is the first year we have also started to add on new revenue streams, where we have several, what we consider to be very valuable assets. We have a large user base, we have a large fleet, we have operational network in all the cities, we have good city relationships, we have the brand and so on, where we started sell, for example, advertising, deeper, broader partnerships, with the likes of Klarna and foodora and so on. More developed B2B offering. Over the next couple of years, there were so many benefits by having scale. Scale on network coverage in cities, scale on the user base and so on, that we will be able to use and monetize more, the coming years than what we did during the first years. Great. Thank you. Questions from the audience. We have several. We can start, yeah, maybe Ina Djupsund, SEB. Yes, thanks for taking my question as well. You talked about improving operational efficiency and making the hardware much more durable. Do you think much of this kind of optimization journey is already done, or do you think there is scope to improve efficiency further? We are far from done. The numbers are starting to look good now, but we on the inside are looking very much on input metrics, and there are so many things we can improve, both on the hardware side and on the operational side. Imagine, that is a bit out. If you look at our COGS, our cost base, it is very manual labor-intensive today. It is not far-fetched to think that in a couple of years, more of that will be done more robotically in various ways. You also mentioned that the revenue per vehicle per day has improved, and it is up year-on-year. Could you talk a little bit of drivers behind this? Has it been about city mix or pricing or what? A mix of all of them. We have added some very strong cities. A city like Paris is driving it up. It is a mix of the things, and it is really on a city level. Okay. Yep. Thank you. Thank you. Yeah, we had. Yeah. Thanks a lot, Fredrik, for a very inspiring presentation. Thank you. I just wonder what crazy dreams you have about Voi, where it would be in five years. Something what you are not doing right now. Something different. What is your five-year vision? If I start from—t he vision is a bit related on how I think transportation in cities will look like, which will be much more autonomous and really like point A to point B, also on the more heavy vehicle side. Voi is some kind of in between public transportation but not fully public transportation, since we run the consumer apps and so on. I think Voi will be much more prevalent and central part in what we today think about public transportation. Then we are figuring out what role we will play in this move towards autonomous transportation. Thank you so much. Thank you. Linus. Yeah, thanks. I have two fairly quick questions. One, you obviously had a strong quarter in Q2. Have there been any sort of adverse weather effects or regulatory setbacks that would, say, diverge from normal seasonality patterns in Q3? The second question is just if you could share anything on the current progress in London. The first question is, have there been any adverse effects you should know of? Not that I know of. We can leave it by that. In London, so context here, this is the first year we are really pushing forward in London. We see more demand than what we budgeted and forecasted for. We also see that London is more complex to run at scale. It is 32 boroughs operating quite autonomously and so on. So it takes time. But we are on the right trajectory now, given the encouraging user numbers, we will continue to build and grow London over the coming years. Maybe just to add to London, I think we mentioned in the Q2 report as well, but the opportunity in London is by far the biggest opportunity we have ever seen. So the revenue for the London market itself is as big as the entire revenue base of Voi right now. So it is a huge opportunity, and I think historically, you see the development of our financials here, I think we have been historically extremely disciplined and try to be best in what we try to do before we move on to the next path, and the advertising and those commercial partnerships, that has been on the table for several years, but we deliberately try to wait. The push into London is also one of those things that we did not have the capital, the bandwidth, and so on, but now we see regulations start shaping. TfL will do pan- London tender in a couple of years, hopefully, or 18 months is the best guess right now. We are doing these investments in London in this hugely complicated market to position ourselves for that tender. That is the primary goal. We are obviously happy that the demand was stronger than we thought. [inaudible]. Yeah. Maybe for you, Mathias, but if you look at, first of all, I am coming from Luxembourg, and public transport is free. You see discussions going on, let us say, in Sweden, that public transport should become much cheaper. Do you see there is a risk that the willingness to pay drops if, let us say, I do not know what called here in Stockholm, SL card or whatever, you pay EUR 1,200. If that drops to, let us say EUR 500. You also have a lot of cobblestones, I think, that does not. But I think in real time, we have actually seen exactly that here because the government lowered the public transit passes to cut the price in half. It had zero impact on our revenues and riders. Just to take an example, I think in Stockholm here, where we have been for a long, long time, I think our year-over-year growth is over 50%, despite that effect, for example. It is not something that bothers us that much. If that happens, more people will leave their cars and go on public transit, and then we will be there as well to help them with the first and last mile. Yeah. [Staffan]. Thanks. I didn't feel that you properly answered Dennis' good question on unit economics for bikes. Since if they grew from 1% to almost 30% over the last year, I would assume that you haven't really had them for that long. So what's the number of years that you amortize those on, which should be a great difference, and that really changes the profitability, I guess. It's a good question. I'll drill deeper. The bikes are roughly 20% more expensive than a scooter, give or take. What you see when we have a market with bikes and then one with scooters is that people tend to use it longer. The price is normally the same, the offers in market, but people are using it for a longer distance, a longer time. So the revenue per bike per day is normally higher. The payback in number of days for bikes, now it becomes a little bit city-specific. But what we see in aggregate is that it's shorter or at the same level as scooters. When it comes to depreciation, amortization of our assets, I think we depreciate our new vehicles now over 10 years. But remember as well [inaudible], that all the batteries, which takes up a pretty big portion of the overall cost of the entire vehicle, we depreciate over four years. So on average, it's seven years, something like that. If that helps. Great. Thanks. Georg Attling, Pareto, and then we have one more in the back, I think. Okay. Yes. Thank you. Two questions on the fleet. Fleet growth is obviously important to drive revenue growth. I am wondering, can you continue to grow the fleet without winning more tenders? Is there still room to run, so to speak? Second question relating to that, do you see any sort of macro trends where cities that find this service good or contributing to society, have they started increasing the fleet allowance, if you want to call it that? Yeah. On your second question, the short answer is yes. That is part of a driver in cities where we have been a very long time, like Stockholm, where it is working well, we get to expand over the years. Paris is another example where we have been allowed to expand the fleet over the last year. That is also a big, big reason why we are so excited about the potential in the existing cities as well. Which relates to your first question as well. We have been positively surprised over the last two years how much more opportunities open up on the, this is a good place to put vehicles, both existing ones and new cities as well. I think I have one final question from Fred. Yes. Thank you for the presentation. I was wondering, as you said, the high season is the summer season. How much of that revenue you see during the summer is contributed by foreign tourists coming into the cities versus the domestic residents? Do you see any difference in such case in spending habits? Yeah. Again, in our business, it is super city-specific. Some tourist-heavy cities, take like Paris. We see, of course, that the tourist proportion of the rides is much higher than you can call university city like Oxford and Cambridge. On the spending side, yeah, the tourists are less price sensitive than the daily commuters for understandable and natural reasons. Last question. Maybe this is too far ahead in the future, but have you started even thinking about any opportunities to expand to the Southern Hemisphere just to achieve more recurring revenue? Where their summer is during our winter? You mean the— Like Australia. Like Australia? Yeah. No, we are not looking at that part of the world at the moment. Thank you. Okay, I think that's it. Thank you very much. Looking forward to the next CMD, where growth has accelerated even more, and you're even more profitable. Infinity. Round of applause for Voi. Now we welcome up HousingAnywhere, presented by the, well, not really new anymore, but since a year back, new CEO, Antonio Intini. So super happy to have you, and the floor is yours. Thank you, Dennis. Thank you Per and VNV team for having me. It's a real pleasure. I'll probably start with a quick introduction of myself. Antonio Intini, CEO of HousingAnywhere, joined the company last year. Before then, I was working at Immobiliare.it, the largest real estate classifieds in Italy, and I spent the rest of my career in the digital tech space, ranging from launching startup to navigating large corporate like Amazon. I think we haven't been presenting for the last two, three years, so I'll probably go over who we are, current status of the business, and recent changes that we brought, and clearly where we're heading and our ambition for the future. Press twice. Is it this one? It should be this one, yeah. I can use the laptop as well. There we go. That works. Okay, perfect. All right, let's start with a snapshot on the group. HousingAnywhere is a mid-term rental platform connecting tenants, which are primarily students and young professionals, with landlords listings furnished rooms, students, and apartment on our platform. We run three different complementary brands. HousingAnywhere is a transactional-based marketplace, so basically, tenants can book directly a place to stay on our platform. We earn a fee from them and a commission from the landlord. It is present across Europe, focuses on international mobility, and supply is coming from primarily property manager, and to a lesser extent, also private landlord. Studapart, similar business model as HousingAnywhere, but active in France and Belgium, where we have a solid and consolidated brand. As the name suggests, focused on students, mostly domestic, and with a solid also position in the market on PBSA, purposely built student accommodation, and private landlords. Finally, Kamernet, a more standard classifieds, where basically tenants pay a subscription to get access to landlords. Active in the Netherlands, heavily supplying a straight market, hence the type of business model that we have. Skewed on domestic with a large majority from students, and supplies coming from private landlords, concentrated on rooms. Active since early 2000s, also very strong and consolidated brand. I will talk more about it later, but we are leveraging this complementarity across brands to build a stronger value proposition, consistent high-quality experience for students into an integrated platform that combines basically the strengths of the different brands. With EUR 39 million in revenue over the last 12 months and more than 60,000 net booking under our transactional model, so HousingAnywhere and Studapart, we are the leading mid-term rental platform in Europe. We are present in more than 400 cities across Europe, powered by more than 25,000 landlords. The largest countries are France and Belgium, primarily through Studapart, the Netherlands through Kamernet, and then Germany, Italy, and Spain through HousingAnywhere. As I said, we earn a fee from the tenants and a commission from the landlord. Fairly similar contribution that add up to more than EUR 500 in net revenue per booking, for an average of about 10% take rate. The average stay is around six months. Now, if we take a look at the user journey, the typical user journey, it resembles that of short-term rental more closely, but with some specificity and additional complexity. Landlord lists for free in our platform. They set availabilities. They set the pricing, typically a monthly rent. Tenants can browse on our platform without the need for physical viewing. When they find something interesting, they can apply by verifying their ID and providing any other additional document that the landlord is requesting or engage in a conversation if they have any specific questions. Then landlord clearly screen the application. They accept or decline. When they accept, the booking is in. Then the tenants pay the first month rent, the platform fee, and the deposit. Then they have to sign a lease agreement, and this is another peculiarity of longer-term stay. While money stay with us until they successfully move in and verify that everything is as advertised, or they get fully refunded and reprotected. Landlords also get the fair amount of protection, but I will go over it a bit later. Once the booking is in, basically, the booking is secured. If you think about it, we and other platform have optimized over time the part of the journey that goes from discover to book. This is the moment where we monetize. What we believe is that a great opportunity is also what happens after booking. It has been partially unaddressed so far because it is complex, it is hard to crack, but it is precisely because of that we believe is where we can build a strong, real competitive advantage. In terms of financial, we have grown our revenue over the last three and a half years by 65%, but most importantly, we have turned profitable. Over the last 12 months, it was the biggest leap forward into this. We generated EUR 5.6 million in adjusted EBITDA at a 14% margin, primarily through cost optimization and efficiency gains. We want to keep this disciplined approach moving forward. We will continue to apply it to preserve our strong financial position while we continue making sustainable investment, while clearly the main focus is now on accelerating growth moving forward. In order to do that, at the end of last year, we have kind of revisited our strategic direction in order to make sure that we were on a big enough opportunity where also we had a sizable right to win. International mobility, as I said at the beginning, was HousingAnywhere has been HousingAnywhere initial target, and also where we had found the best product market fit. If you think about it, students and mature working professional are two completely different animals. In the meantime, we had been growing our penetration into students a lot faster, especially after the integration and the acquisition of Studapart and Kamernet. This, along with the need of channeling our energy on fewer bets rather than spreading ourselves too thin across too many areas, has led to this strategic refocus, driven by primarily two main shifts. On one side, from targeting international mobility to student first, so international and domestic student alike. From tier one cities across Europe to all relevant city in EU-5, so the five largest country for us, which are Germany, France, Italy, Spain and the Netherlands, and which basically account for 80% of the market. By taking into account all the student inflow per city in EU-5 that needs housing, typical total contract value, and our take rate, we end up with a EUR 1 billion opportunity in serviceable addressable market. This is real revenue pool available under our model. If we consider that we are already at a 10%+ penetration in some cities, bringing the same penetration for EU-5 will already 3x our current revenue. We also believe that our obtainable market will grow much bigger than that as rentals move more and more online, they become more managed, the market matures, and we also improve our overall value proposition. In any case, we see this as a starting point, as after consolidating Europe, we can move outside, but we want to focus on Europe now and also extend into young professional as we tap more and more into the domestic market, so into renewals as a natural extension then from students. Clearly, this strategic reshift has reshaped our priorities in 2026 and beyond. We have already been working this year on becoming an AI-native rental platform. Clearly, we have full integrated AI in our customer service with a very high case coverage and resolution rate. We have also built our own AI assistant to power and streamline our booking operations, so basically the interaction between tenant and landlords. We have gone through already multiple iteration of it. After having reached a solid performance in terms of coverage and customer satisfaction, the AI assistants has started to qualify tenants earlier in the funnel and pushing them down to landlords when high intent lead. Up to now, where the assistant is present in the chat with landlord, so basically combining the speed, availability, and consistency of AI with the human touch of a landlord. Including also some early agentic features like, for example, the ability to update listings autonomously with information that it finds in the chat from the landlord so that we can improve quality supply at scale and prevent tenants from asking the same question again and again. On top of that, by Q2 2027, we will have HousingAnywhere and Studapart integrated into a single seamless platform, operated by one organization into a single operating model that combines the strengths of the two platform. The goal here, as I said before, is really to have a solid, high- quality experience for students across Europe, a streamlined operation, and build clearly a more scalable product foundation. We also see this as a stepping stone towards building a real competitive advantage and possible M&A opportunities down the line. While our agenda, as I said, is squarely on accelerating organic growth, we think that we will be in the best possible position if and when those opportunities will arise and make sense. Last but not least, clearly we want to win students across EU-5. We have already started repositioning our brand accordingly, working on supply, so both on expanding our approach in EU-5, going deeper in these countries, but also fine-tuning the supply acquisition, doubling down on university partnership, clearly, and also sharpening our product proposition. While all this is underway, we continue to refine our long-term view to make sure that we accelerate our path towards becoming the go-to destination for students across Europe. As I said, at the moment, we monetize one precise moment, which is the booking, but the experience that we enable spans across months. The vision there is to go deeper into the rental cycle in order to build our potential right to win also in the tenancy phase, so whatever happens after the booking. By doing so, we want to make it so good for tenants and landlords alike that it will make pointless to go off platform. The reason for that is, of course, we want to tap more and more into recurring revenue, tap into renewals, and this will extend our LTV and build a stronger moat. The good thing about this vision is that it perfectly aligns with what tenants and landlords are already asking and screaming at us. A high share, for example, of negative tenant experience are linked to the deposit. It is too high, it is not returned, and I have a dispute with the landlord, while landlords want to feel more protected against damages and clearly unpaid rent. That is exactly what we want to tackle. As a stepping stone towards that direction, we have just launched, quite recently, a pilot of what we called a Worry-Free booking experience, which basically offers tenants zero deposit, removing, as a matter of fact, the biggest financial barrier that they have, while at the same time protecting landlords against damages and any unpaid rent. We want to make real for landlords, so we also offer fast payout whenever there is a claim within 48 hours up to a certain threshold, and also more visibility for these listings on our platform. This is a truly unique proposition at the moment in the market, which is already showing very early promising results in terms of conversion uplift. Why we are doing this is also because, I talk about this a lot, trust is potentially one of our most important intangible KPI, and by owning the full experience, making it consistent across the board, instead of leaving it to the goodwill of landlord and tenants, we believe this is the single greatest opportunity that we have to build a stronger moat moving forward. There is also another reason why we want to earn this trust, and it is because we have also understood that we are on a bigger mission than just helping students find a place to stay. The good thing is that it is students themselves echoing those reasons back to us. In their own words, we are already perceived as an enabler of new unforgettable experiences, of more confidence through uncertainty, fresh starts, new chapter in life, new connection, all allowing them to find a trusted place to stay so that they can get settled and go further. Thank you. Great. Thank you, Antonio. You know the format by now. I will start off, and then we will do some questions from the audience. It has been a bit over a year since you took over the helm at HousingAnywhere. Walk us through when you got the call, what were your thoughts, what was the decision-making process, leaving Immobiliare— Yeah. —joining. How has the first year been for you at HousingAnywhere? I think the reason was clear. I saw an opportunity to build something big at a European level, and that was the kind of challenge that I wanted to get on at that time. I think the realization a year in, a year and a half in, is that I think the opportunity is even bigger than I thought. Also having the opportunity to go through the numbers, do the strategic review, and get a first-hand real knowledge. At the same time, the complexity, I've spoken a little bit about it, the complexity and the challenge that is also higher in this. They usually go hand in hand, so that was kind of expected. I think in this, there's also the big opportunity, right? Because solving that complexity for the market will create that competitive advantage that we need, that we're looking for, basically. In terms of how this year has been, I think it's been a kind of a roller coaster. But I think I appreciated a lot the variety of things that I had to handle. Just to do a quick summary, we went through a review of the kind of mindset and way of working in the company, and then of course, onto building a stronger team, especially in the leadership. After that, we did the strategic review. We changed the operating model, clearly as a consequence of that. Last part of last year was dedicated to strengthen the financial position. I think we're in a position now where we went from the need for funding operation now to the opportunity to fund growth if and when the opportunity is, up to now, where basically we need to build that oiled machine that Voi was also mentioning that delivers. While we're not fully there yet, I think I'm super happy about how the team has been navigating these changes. Very exciting. You alluded to this in your presentation. You said the serviceable addressable market is north of EUR 1 billion. Today, a large share of that revenue doesn't happen on the marketplace model. Walk us through how those transactions happen, and how you see that competition, if you will, or what you have to convert from to. Yeah. I think there's a big difference between, if we stay on students, clearly, which is our target now, there's a big difference between international and domestic students. For international students, we're kind of a lifeline. They don't have that many options. As a consequence of that, our penetration in that market is much higher. We also have clear evidence, especially from Studapart that has been focusing on student all along. Studapart is generating already more bookings in the domestic market than international. While the challenge there is clearly that there's a lot more optionality, than your network, real estate agents, local classifieds. I think the idea is exactly what I was explaining at the end of presentation. We want to make our proposition so good, that there are those optionalities, especially for domestic students. Imagine, for example, you are renting on a personal contact, still you have to pay your deposit, and still the landlord is exposed to risk on damages or unpaid rent. The idea is exactly that. The domestic market is clearly more challenging than the international one. Definitely by improving our overall value proposition, I think this is the way to go to have a higher chance to penetrate it. Great. Looking at the audience, opening up for questions. Try any. We have one down. From [Staffan]. Thanks. I would like to learn a bit more about students as core customers. It feels to me like they, well, there's a large market, but they tend to go to the one who's offering the lowest price, and they might even be willing to take the less convenient alternative if the price is lower. What level of contribution margin can you have, and what level of EBIT can you have long term? We don't see that much of a difference between, for example, students and young working professional, honestly. If you think about supply like PBSA, the pricing point is not that low. It's true that they're definitely more aware, but what we're trying to do is by introducing, for example, the Worry-Free booking experience, is lower the barrier in things like the deposit. At the end of the day, we don't see that much of a difference. With the current unit economics that we have, even if we go 100% students, which is our goal, we don't see any impact in the unit economics moving forward, considering the money that we're spending to acquire students and how the operation that we have at the moment on the platform. Which concrete numbers should we then expect? You mean net revenue per booking or? No, in total, just looking at the P&L. Okay. The P&L, I think, we're already at 14% EBITDA margin. We are projecting the next two, three years to improve that dramatically, and this is going to be through continue marketing efficiency. Building a brand is a big topic that we have. We have clear evidence from Studapart how this spins the wheels and it reduce the dependency, for example, from Google. University partnership is a big thing as well. A big portion of bookings generated on Studapart is coming from those university partnership, which is basically free traffic for us. We are replicating this best practice across the board. Now that we're going to have an integrated platform, this is going to be one of the thing that we're going to leverage also for the HousingAnywhere part of the business. Great. Thanks. Thank you. [Fred], and then Georg. Do you see any opportunity that customers of Studapart then later convert to customers of HousingAnywhere when they graduate and become professionals? Are you tracking that? Have you seen any high conversion rates? Renewals are very low at the moment. That is exactly what we want to tap in by stepping into the tenancy phase of the business. If any, this will be more than welcome because then at the end of the day, we are going to run two different brands still. We are not going to integrate the brands in this first phase because we believe that the major positive impact will come from integrating the platform, which is what we are doing right now. Moving forward, if there is going to be a share of audience between the two is just more than welcome. Thank you. Georg Attling, Pareto. Thanks. First, just on penetration, you said if your core cities reach that 10% penetration, you will 3x your revenues. Yeah. What is the strategy to drive that penetration starting? That is the first question. Second question is on these no deposits, et cetera, these new initiatives, the economics behind that, because I guess that leaves you at some financial risk, and also the early results of those investments. Sure. In terms of penetrating the five largest countries that we are targeting right now, it is really about applying the playbook that we have developed in the biggest city, right? Bringing in supply, and of course, we are going to target more the supply that we know converts better with students. Again, best practice from Studapart are of paramount importance because we are going to target PBSA whenever in markets where this is a thing, because it is not everywhere, and then private landlords at scale. It is really about, yeah, applying the same playbook also in tier two and three cities where also the competition is lower. In terms of the investments in things like the Worry-Free, the investments, it is paid back with a 16% conversion uplift. We are already seeing a much higher, it is just early results, so I want to be cautious at the moment because it is a pilot that we launched just a few months ago in a few cities. But the conversion uplift that we are seeing is much higher than the one that get us to break even. Yes, there is going to be an investment, but this is the kind of investment that we want to, in case, propose to our investors, rather than just funding operation. But the early results are already showing a much higher conversion that more than repays the investment. I guess fair to say also, Antonio, that risk is outsourced for you guys. It is not a risk on your— Exactly. —on your end. Because we have a partnership with insurance that are developing this product with us kind of exclusively, that is definitely on them. Yeah. Also one, I guess, leading question from me, but one thing is obviously applying that playbook, as you said, on tier two, three cities. Yeah. But you're also doing a lot on the product side of things, right? There are a lot of funnel conversion improvement product stuff that you're doing. Walk us through the ones you believe have highest impact this year and next. Yeah, absolutely. As I said, we have a definitely more complex user journey, even compared to short-term rental. Aside of what we already have on the platform, all the remaining friction are the main target of our product development. I think initiatives like what I said, the AI assistant, are primarily targeting exactly that, right? Trying to qualify tenants as much as possible so that we can tend to much more an instant booking experience like you have on Airbnb, rather than having tenants interacting with landlords and start a conversation. That is the vision, lowering the friction as much as possible. This is done at every single stage of the funnel. The AI assistant is probably the biggest investment that we've done, but there's also tiny little improvements that combines over time that are meant to just do that, right? Qualifying the tenants and move the tenant as much as possible into the funnel so that when they get to the landlord, it's a booking request that gets accepted automatically. Excellent. Any final question from the audience? If not, I think we've broken some type of VNV record. We're actually bang on time. With that, thank you, Antonio, very much— Thank you very much. —for a great presentation. We will take a break and meet back in 20 minutes. I think there is coffee and some refreshments. We will be back at 10 past. [Break] All right. Welcome back, everyone. I am Björn von Sivers, I am the CFO of VNV Global, also part of the investment team. I will take you through the coming three presentations of the day. First out is Jeremy, who is the Founder and CEO of Collectiv Food, an exciting business based in the U.K., digitalizing the food and beverage procurement, essentially, for the hospitality and restaurant business. Please, Jeremy, welcome. Thank you. Good afternoon, everyone. I guess we have talked about how people move in our cities, how and where they sleep, and I guess now we are going to talk about what we eat. Collectiv Food, basically, we have been focusing on trying to automate and digitize a very physical world, which is about food supply chains and think about warehouses, trucks, stock, inventory, payments, pricing, all these kind of things, which is currently owned basically by large incumbents, which have been doing that for the past 50, 60 years. The objective here when we started Collectiv Food was to try and see if we could bring something radically better to the industry without becoming an asset-heavy logistics business. I guess fast-forward, we did it. We now work with the top 10 fastest-growing brands in the U.K. in terms of restaurant groups. They see us as their sole food supplier, so we come to them on a daily basis with all the ingredients they need across their food, and even packaging and chemicals. Think about hundreds of kitchens every morning getting thousands of different SKUs on time, fresh, delivered by us. But the beauty of it is we are only 20 people, and these are software engineers and salespeople. We do not own any truck. We do not own any warehouses. We are basically a pure tech orchestrator there, from the farms up to the restaurants and the kitchen. It is easy to talk about it now, but I guess it was five years since actually the inception and VNV Global supporting us back in 2021. Five years of building the infrastructure, the technology, everything to really coordinate that show to get that output to our restaurant groups. I think something super exciting around it, and we talked about mobility too, is I guess food is. Hopefully, we are going to keep eating. So it is a massive market. It is highly fragmented. Our competitors are mostly transport and logistics businesses. They do not have the 360 view. They are all specialized. They do the meat, or they do the drinks, or they do your fruit and veg. They do not have the infrastructure or the capabilities we have built, thanks to technology, to actually bring everything at once to a restaurant, and this becomes a key competitive advantage in our business model. To be honest, most of them actually do not even have a tech stack. I am not going to pitch AI right now, but we will touch about it, but they do not even have the tech infrastructure just to manage finance or invoicing or POs or stock management into their businesses. Asset heavy, thousands of people, drivers, trucks, versus, I guess us, more asset light and digitized. Massive market. We are currently mostly in London, in the U.K. That is our core market. We segment or target more the fast-growing casual dining. These are operators with maybe five restaurants up to 100. We just won a huge deal with Joe & The Juice as an example, which you know well in the Nordics to do all the distribution in France. These are the kind of player fast-growing, where they need to simplify the chaos of their operation. Food supply is one of the number one. Now we are expanding into other elements in their kitchens, around the regulatory, around inventory management, where we can actually deploy the tech we have built towards them. Just London, the segment we target in terms of ICP is probably EUR 3 billion-EUR 4 billion for us to go after, just to give you an idea. Of course, from a European perspective, we are talking about hundreds of billions to go after, basically. So massive, fragmented, and really old school in a way. I have talked briefly around the inception, but we started as a chicken supplier. Not really fancy. Doing everything manually. We went up to about 100 employees at some point. We had to go through all the complexity of the supply chain. We are talking about demand planning, procurement, pricing, stock availability, different temperature regime, shelf life, last mile. All these elements are quite technical, regulated, and manual. The objective here was to start building our own kind of proprietary tech stack to slowly remove and automate all these pieces. The big inflection point was 2023, 2024, when we started being able to supply everything a restaurant group might need. When I say everything, it is really everything, including packaging, chemicals, and cleaning products. We can really do everything. Now we are really into that phase of acceleration where the infrastructure has been built, the technology is there, the team is amazing. We have onboarded three of our biggest customer this year. We have not hired anyone more. The infrastructure here, no pressure on the team. I would not say it is just flawless, but basically, we are only demanding to grow now and getting more and more customers on the other end. Quick snapshot, basically. The key challenge when we started Collectiv Food, the challenge we were getting, including from investors, were some were pessimistic thinking, okay, you are going to end up like having your own trucks and your own warehouse because it is all about the service levels and the output to the restaurant groups. We really focus on the KPIs and the throughput and output of our supply chain in terms of delivery window accuracy, fulfillment rates, all these elements which are key for chefs. They are super demanding. If you do not bring the food on time, they cannot cook, they cannot open their restaurant. It is really demanding, high- pressure environment, and we actually perform much better than our competitors in terms of delivery, guaranteed delivery window, in terms of getting all their products, and in terms of fulfillment rates and getting freshness, the right products from the right farms they want at any given time. Whilst minimizing waste. We have almost zero waste, actually zero bin waste, and a few donations to charity. This is all thanks to our tech stack. Competitors, 4%-5% of their revenue goes to the bin on a yearly basis. We have 0.3% not going to the bin, going to charities. That is to give you an idea of the overall supply chain and all the complexity we tackle as Collectiv Food, but it is really from the farms, direct from the farms, big impact in terms of sustainability and transparency, up to delivering to these restaurants on a daily basis. From a restaurant perspective, because I have told you the how. They don't really care on how we are making that happen. I guess from the restaurant perspective, we become their sole supplier. This is one of the big food halls we work with in London. They used to have 92 suppliers. We have to think about chefs buying tomatoes there, onions there, whatever, their milk somewhere else. Every day, they have 92 drivers showing up with their truck to their door. This is, we've quantified every sous chef spends probably 15 minutes just to receive the goods, put them in the fridge. You do 92 deliveries, 15 minutes. You're losing days of labor, basically, during your week just to receive these goods. I'm not talking about then processing the invoices, the credit notes, the POs, the quality controls, the quality issues. This is chaos, basically. When you have one restaurant and you can call your butcher, that's fine. When you become a Joe & The Juice, you need to simplify operation, and these days, it's all about for these restaurant groups, most of the time private equity-owned, it's all about profitability, efficiency on the cost of goods, but also their labor. This is where we really come in. We're not just basically their supplier, we are their partner for growth, where we help them optimize all their cost base and better profitability so they can focus on cooking the food and their growth. Yeah, tangible impact, and I guess the acceleration of growth we're seeing these days probably comes to the fact that we're really behind some of the most exciting brands, and so chefs, it's network effects. We don't have any CAC, we don't do any marketing. We don't have any big campaigns yet. It's been word of mouth, and basically chefs and people are talking to each other. The more we land these big groups, the more it's kind of a snowball effect, and we see more and more exciting customers coming on board. We've talked about the size of the market, highly fragmented. Another thing which is super exciting from my perspective, it's super sticky. We're talking about it's not a SaaS business. It's not totally like a recurring commitment in a way, but there's definitely a recurring element in our revenue in the fact that restaurants need their products. It's kind of six orders, 6x every week. We have assessment in terms of volumes. Then there's a huge amount of cross-sell. That's new categories we launch with them, or naturally, we follow that growth with new openings. Our 2021 cohort is still growing, basically, and still with us. Churn is minimal, and I think that's one of the beauty behind food wholesale, highly complex, annoying people sometimes. But basically, when you get through the door and you land them, then it's for the long term, even more if the service is there and the benefits are there, and then it's a compounding effect. We're estimating in the coming years, with our target of at least EUR 20 million of EBITDA by 2030. Almost 30%-40% of that growth is actually sitting already in the compounding effect we're going to have with existing customers, basically. Quickly on AI. I guess that's been three years of internal development, but I think two key things we're quite proud of is we have our own dark factory in terms of Collectiv Food. That is our proprietary IP, which is basically all the management flow in terms of tech development from inception to the push in live of new products. We've assessed probably a factor of 10x. We have a team of about 15 engineers. It is probably as if we had 100- 150 engineers as we speak. This is to push new product development and automation across all the different elements of the supply chain I have mentioned. Something we are now currently doing is we have a big pull from our customers saying, "Okay, cool, you are coming to our kitchen and our fridge on a daily basis. What else can you offer to us?" We have realized that a lot of the tech we have built for ourselves, like demand planning, waste management, pricing fluctuation or monitoring, all these elements could benefit these restaurant groups in how they are also driving their efficiency and their data. With two of our biggest customers, we are currently running a pilot right now where we have deployed native agents, which is also our proprietary solution, into their stores capturing all the data lake, and then triggering actions at site level in terms of staff scheduling, in terms of production and prepping of ingredients and things like that, which become really tangible for the restaurants. This will be a bonus. Basically, I think the core focus is organic growth. We will talk a bit about the roll-up strategy, but this is an interesting point, mostly for us around stickiness, potentially additionally EBITDA points, but more around the stickiness and the acceleration of growth in terms of how we introduce Collectiv Food to these restaurant groups. I have talked a bit about some of the brands. I guess maybe just Joe & The Juice. Others are probably not yet in Stockholm, but all these are really fast-growing brands. PE-backed for most of them, which are opening many sites, basically, and were in need for a partner. The U.K. market, either you are small and you can call your butcher, but when you become of that size, the only alternative you have are really big guys like Bidfood, Brakes. They are all doing billions of revenue, tiny or nonexistent EBITDA because it is really super heavy with tens of thousands of employees, but the service is not there. They are mostly designed for KFC, for McDonald's or Starbucks. Even if you are Joe & The Juice doing EUR 800 million of sales or revenue, the service, you are still small into the bigger picture of things. This is our opportunity, and this is where we see the most of growth. We think we are quite lucky not to be on the small independent market, the end tail which is actually more suffering and where you see some churn. These are actually growing with good predictability. It is interesting, some years ago when I guess Per and the team made the bet, the complexity of food supply chain were scary for some people. They were like, "Wow, that is going to become asset heavy," or, "This is too complex," or, "The margin might become too thin and things." I think today, the shift, there has been a huge shift of dynamic to the fact that we have something physical. That became our moat, basically, in effect. We are tackling one of the biggest topic, I guess, on Earth or in our cities, which is about food distribution, which is growing, not really going to disappear. It is not modernized. I think the fact we built our network, we have the direct relationships, we have that positioning, we have our proper technology, all that becomes kind of our moat, where it is not just a replicable AI that we have built. It is really we have cracked kind of a really complex topic around supply chain. Most of the food tech businesses we have seen to date were more either pure marketplace or on the ordering side of things, but never went into the complexity of what is really behind the scene. I guess that were the hard four or five years of efforts. I think now we have that engine which delivers and is only willing to grow basically over time. Just a small thing. Where we are, we are at that inflection point of fast growth. Starting generating some EBITDA, I think the plan internally is to get to a level of EBITDA in the next 12, 18 months, which becomes very interesting for private equity groups. We are already in touch with a number of different PE which are heavily invested in food and hospitality, so they see us as a way to optimize their portfolio, both in terms of restaurant groups and hotels, but also to do a roll-up strategy more as an asset- light platform into a huge market, highly fragmented, where there are so many opportunities to buy revenue, basically. What that strategy is about is, if you think of London, you have thousands of specialized distributors, people who have been delivering just fruit and veg for the past 50 years. The owner wants to retire. No one is going to buy his business. His family does not want to take over the business, so they usually disappear. But they still do EUR 10 million, EUR 20 million, EUR 30 million of revenue. Bit of EBITDA. Paper-based chaos, basically. But you come in, you give a retirement to that owner, so it is kind of cheap in a way. You kind of spin off the logistics side of things and just keep the amazing relationship they built with restaurants over time. You can incrementally start building up a lot of top line with a nice arbitrage, of course, on valuation and everything. This is, of course, big focus on that EUR 20 million of EBITDA by 2030, which is pure organic growth, compounding effect with our existing base and new customers we are going to get. But this is something PE group has started mentioning around us in terms of being really enthusiastic about the next phase of growth. I think that is going to be next, maybe when I come back in 12, 18 months the plan may be more around the growth strategy and grow even faster. That is internally a bit what we have in mind, but we definitely are asset light in a massive fragmented industry. We are currently at 75% growth for the year, aiming to cross the 100% by year-end. That is the push. EBITDA level, we think we should be above the 20%. Cash is kind of highly converted and the roll-up strategy we think would be the little additional thing to get to that unicorn status, basically, which is the ambition here. Thank you so much. Thank you, Jeremy. Thanks a lot for an exciting presentation. Maybe to start, if you could just sort of go through how a typical customer, maybe Arcade London, sort of actually use or interact with you on a daily, weekly basis. How is that flow and how do you engage over time? Yeah. One of the key points we wanted to do is not to be another app. When we started Collectiv Food, we did not want to force restaurants to shift onto a new SaaS or software and train their staff. We have an app, but we also integrate to all the existing inventory management systems or POS or things they might be using. Through our onboarding team, everything would be set up on their end, and then they just place orders as if they were doing that with their tens of different suppliers, except that everything is flowing into one order, one PO, one invoice, one delivery through Collectiv Food. That's as smooth as that now, basically. But then it's usually six deliveries a week per site. If you take a side project, they have now about 30 sites. That's 30 sites getting six drops a week. Every morning, we guarantee a one to two hours delivery window every morning. Everyone wants to be delivered in the morning. Everything is just super easy for them in terms of access to traceability, transparency, CO2 emission report, waste reporting. All that is basically part of our offering and tech stack. Thanks. Before we open up for potential questions in the audience, maybe sort of on that typical customer, do you service sort of the full long tail down to the sort of independent one restaurant type of operation? Or does it have to be sort of a small group for it to make more sense for you? I think it is quite recent, but 12, 18 months, I think we have really identified our sweet spot ICP kind of market fit, which is not the small entered independent or the Michelin star, where you actually see the churn and the struggle in the industry too. But usually they are still at a size where they would just take their phone and call their butcher and things. We are not yet to the size of a McDonald's, despite the fact that Joe & The Juice is quite massive. So we are moving slightly toward more the QSR, but everything else in between, which is that kind of mid-market, casual dining, fast- growing portfolio of different brands or strong brands with multiple sites. This is our sweet spot. And that comes to the fact of when they get to that growth ambition and phase, this is where the chaos is way too much. If you have 30 sites, 90 suppliers, each site calling the supplier, "You are late. Where are you? I have a quality issue. I do not have my PO. Where is my credit note?" It is chaos. So this is where we come as their partner for growth. I think it is a big learning for the business and probably where we see an acceleration of growth. I think now we have clearly identified our sweet spot. We really know who we should be working with. Thanks. Any questions in the audience so far? Otherwise, I will follow up with another one. In that sort of, when you talk with these more, I guess, professional clients or actual groups like Joe & The Juice or Arcade, what is important for them when you sort of present your offering? Is it sort of pricing on the actual sort of goods, or is it the complete package where you sort of essentially offer them better margins? Yeah. I think, and actually that is what has also boosted our profitability in a way, is early days when we were just trading chicken, you are competing on price, a few cents on your chicken wings. I think now the dynamic is more about how we bring them in terms of efficiency, so they are not expecting necessarily savings. Despite the fact we usually bring some savings, but they are looking at all the efficiency we are going to bring from an operations standpoint, labor standpoint, which is a big impact on their P&L, basically. Arcade, they had three contractors on finance just to reconcile invoices, PO, and credit notes, which are now gone, basically. Because all thanks to Collectiv Food. HOP Vietnamese is another one. They had a full-time, I think almost EUR 150,000 a year data analyst to purely look at ordering patterns, demand planning, forecasting orders, because when you have that many suppliers, you also need to know when to place orders and manage your stock and stuff. That role disappeared using Collectiv Food. It is more around the efficiency now, less about the pure saving, and I think that is a win for us because if you only talk price, that is an issue. That has really also changed our confidence in how we go to the market and talk to people. Linus here, down. Thank you very much. Perhaps I missed something during the presentation, but if I recall correctly, you entered this year growing somewhat 65%, and now you are talking about more than 100%. Can you just tell us a bit what has happened during the year? We are already at 75%, and we are aiming to cross the 100% by the year-end. I think it is getting to that level of maturity and having the right logos means that our sales traction and pipeline is much busier than last year. We have landed really large accounts. Yesterday, we actually launched a new large one called BAO, which is 10 sites, part of a really large group in the U.K. That is going to be another maybe EUR 3 million-EUR 5 million of sales revenue per year, which is just materializing as we speak. I think it is that feel of market fit traction accelerating in a way, including our confidence to launch that typology of customers. We have launched BAO yesterday. Smooth. No pressure on the team. No need to hire new people. Still early days, so I need to be careful, but it is going well so far. I was on the phone with them right before. [Jake]. Could you just say a little bit more about how you charge? Are there layers to it? Is it a markup on the food? Is it a platform fee? Is it a percentage of the savings? Is it some of all those things? How do you— As of today, it is purely a margin factored into the price of the ingredients. We invoice the restaurant groups for the products we sell to them, and we keep a gross margin on this, which is approximately 22%-25%. Now, with the technology and the other services, we might add some pure monetization around these products, because we are removing some SaaS and people. But that would be extra bonus. Is your margin transparent to them? We don't share it. Okay. One of the reason for that is they usually want to see how our pricing compare to others. This is what they focus on. They don't necessarily need to see the breakdown. But why it's a winning element for us is because we do all categories. We can compete. If someone is doing only meat, he's going to be fighting for his prices purely on the meat. To win a BAO, we might have a lower margin on the meat because it was needed, but a much higher one on fruit and veg, basically. We've realized that these groups, they're really being totally differently one by one on all these product categories. The full consolidation enable us to do what we call a blended margin, which is basically looking at the profitability and the blend margin of each of these accounts. Each price is different per customer. They usually know, as any distributor, that we will be on the 20%+ in terms of margin, and this is totally acceptable in the industry, and we have not much to hide, basically. Sometimes they have already existing relationship with specific producers or farmers, and we will onboard these, so they also know what might be our margin on these products. Yeah. Sorry, just a couple more on this. Has the margin been pretty stable over time? To win the account, do you have to promise them something on this, or do they just think the simplification of the chaos is worth it for the same price, maybe? We moved from a gross potentially around 12% to now towards 25%. One of the key element was initially chicken is like a cheap commodity, so we were fighting on price on something quite cheap. Now, having the full consolidation enabled us to diversify massively the sales and the revenue we are doing. Fruit and veg, we are closer to 30%, which is now one of our biggest category, or dairy. That blend had a massive impact on actually our gross, our margin, our unit economics, which was a big boost. The discussion is different. Early days, more price-driven. Today, we are saying that we are as competitive as others, but we are not focusing on guaranteeing savings. We focus on the ops efficiency and being there for them to grow. Right now, it is a massive pain point because you struggle to get the right labor, to get the right people in your restaurants. It is training, staff is churning. To give you an idea, like placing orders. It could be a chef which is drunk at the end of the night. It could be a new chef. It could be someone who is sick. All that is basically chaos, which is impacting the EBITDA at the end of the day. That becomes really important to that typology of ICP and customers, right? Not the tiny independent. But when you get into something more systemized and growing, you are really focusing on that efficiency and optimization. I would think that it is also helping us in terms of valuation and investors, because when they come in, they would see that there is an infrastructure behind which is much more healthy and controlled than the chaos of handling everything themselves. Ina in the front here. Yes. I wanted to ask, does it take a long time for you to onboard a new customer, and does it require a lot of resources on your behalf? It takes about fastest we have done was about three weeks, up to three months, I would say. Realizing that an account, that ICP is probably in terms of sales for us, probably around GBP 3 million-GBP 10 million on a yearly basis. Our profitability and the target of EUR 20 million of EBITDA, we need 150 customer accounts. We need to do basically about 2x, 3x to get to that target in the coming years, which shows you how big a customer is by definition and how big is the market. This is kind of the lead time we are seeing. In terms of resourcing internally, not that much. We have kind of a hybrid team, which is onboarding, product knowledge, buyers, if you want. There are three. It is kind of the bench. They are the ones proactively making sure everything is set up on the customer side to get the first orders flowing. After maybe two, four weeks of the first weeks where there is extra focus, then it is just rolling. Then it is customer support on, "I need a new product" or "Can you price that?" or menu changes. It becomes kind of a live dynamic in terms of relationship. We are still EUR 20 million. I guess our aim is to stay as small as possible and just focus on growing the EBITDA from here. We have not seen any correlation in terms of our team and labor and the growth. You do not have any type of service component in your revenue. It is purely kind of transaction. Sorry? You don't have a service component in your revenue. Not yet. As of now. No. Which might come through the technology side of things if we start monetizing some of these services we can bring to them. We take that as a bonus. We don't want to see it as a distraction. It's more around the stickiness and how we work with our partners. But it could be pure cash flowing to the EBITDA at some point. Thank you. Yeah. Unless there is any other questions, I guess I will finish with one, you are still early in a very large U.K. market. Yeah. Could you talk a little bit about your geographic ambitions and where you are at currently? Yeah. London- centric, expanding to other U.K. cities. With some of the brands we are working with, like Big Mamma, Gordon Ramsay, we naturally expanded following them. These are big operators who want to open into new cities. The big, big launch, which is the heavy pressure of these coming days, it is Joe & The Juice, launching their food distribution for France. There is going to be a big footprint into the French market, as an anchor customer who is willing to almost double in size within 8-12 months. I think that is going to be, in effect, our French market around massive brand and massive operations. Part of our discussion is how similar other European markets are. I think, Germany, whole area, Brussels. I would love the Nordics. I think they are and Stockholm, great relationship to food. Not all the countries. If we think about Italy, more difficult, maybe Milan. Again, city-based model in terms of expansion. Most of these geographies share the same similarities in terms of fragmentation, no tech stack, everything to be changed. U.S., very different, much more consolidated. Three massive players like Sysco. We have one comparable, GrubMarket, pre-IPO, I think valued about $4 billion as we speak. They have grown through roll-up, so they have validated that, but they have kept the assets. They have, I think they have 20,000 employees as we speak. Ideally, I want to get there, but with maybe 40 employees, that is going to be the bet of our model. I guess there is a huge amount to do. For our first target of that unicorn, at least EUR 20 million of EBITDA, in effect, just London could be our market and still be 2%, 5% of the market penetration. Perfect. Thanks a lot, Jeremy. Thank you so much. Next up is Niklas Grawé, CEO of Bokadirekt, the leading beauty SaaS marketplace of Sweden. Welcome up. Thank you very much. Yeah, we did transportation to the restaurant, and we do the getting pretty before going to the restaurant. For you that are not familiar with Bokadirekt, we are the number one consumer platform marketplace for beauty and health in Sweden. A very popular platform. We are also the number one SaaS provider for merchants within health and beauty. For the past years, we have seen a revenue CAGR of 23%, and we currently run EBITDA margin of 26%, and that is while investing heavily in a new payment platform and in AI. I will get back to that in a few slides. Yes. Our product portfolio stands on three pillars. We have our marketplace with a very loyal user base that use the marketplace to find and explore new salons, to compare prices, to find recommendations, to read comments, and also to find deals or last-minute pricing. That coupled with our SaaS system that helps our businesswomen manage bookings, manage advertising, manage staffing, manage insights and performance, and also work as a CRM system. We really offer a full suite that really enables the merchants to focus on what they love. Then last but not least, we have the payments, which is fully integrated, supporting both offline and online payments. It is integrated, of course, with our system and simplifies the reconciliation and bookkeeping. It also brings a no-show protection to our merchants. No-shows is a big problem within healthy and beauty, where it is quite common that you book, and you have got that time at that beautiful hairdresser, but then realize at the same day, "Oh, no, I cannot go because I have this or that," and people cancel. That is a huge problem for our merchants. Our payment system allows merchants to actually safeguard against that. We also see that when we get a full suite, when we get our merchants to use and stand on this three legs, then they become more profitable for themselves and for us, and they stay. They do not churn, if they have payment, utilize the SaaS completely, and the marketplace. Looking at our market, we are operating in Sweden only. We have a market of 76,000 merchants, businesswomen. We see and know that the businesswomen we work with, they have a passion and a love for their trade. They do not necessarily love doing admin. That is what we help them with. We help them to ensure that they put the time in where they make the big difference, and we help them with new customers, we help them take bookings 24/7, and just make life easier. Also, looking at this market, 50% are still using pen and paper. So it is still very much an untapped market for us. Also going forward, looking at the payment side of things, we have a potential GMV of close to 10x of our current levels, which gives us a lot to grow with in Sweden going forward as well. On the other side, as said, we have a loved product. We have an NPS of 68. We know that when customers churn, it is quite often they actually come back in 6- 12 months because they have lost customers. Our users do not like to book a merchant or a salon if it does not exist on Bokadirekt, because it is a stamp of approval that it is the right quality and it is an honest and sincere merchant. This really activates the flywheel for us. The more active and the more loyal and the better our marketplace is, the more consumers or bookings we can provide to our merchants. The better we are at that, and the better, of course, our SaaS is, the more users the merchants bring to us when they sign up. I think this is really, for us, the secret sauce, and this is what we now are also replicating into adjacent verticals going forward. We have also actually done it two times before. Looking a bit back and looking forward. In 2021, we were a pure SaaS. Now we stand on the SaaS revenue, we have the marketplace revenue, and we have the payments revenue. We are growing these every year in proportion to SaaS. Of course, the marketplace is something we love and want to extend even further, now with 3 million downloads. The power of the marketplace is key for us going forward, where we see that we can utilize the entire consumer ecosystem within services for Bokadirekt going forward. Of course, in this day and era, our tech platform is now working completely agentic, and we are also moving forward to be agentic in marketing and sales as well. I should say as well that also the merchant side has an NPS of 40. We by far have the most comprehensive SaaS system in the Swedish market. Looking at our financial profile, we are this year so far at 21% net revenue growth, and that is mainly volume driven, I should say. We are doing really well in acquiring new customers and also acquiring the right customers. Coupled with that, we have year to date a margin of 29%, and again that is while investing in AI and a new payment platform. We are managing to grow both revenue and the margin in a really nice way. As I said, the revenue split is heavily on the SaaS, but now we are growing it with payments and marketplace quite significantly, which we will see in a few slides. Looking forward, we see four areas for future growth. We have the marketplace, which of course is super important and is the driver of our flywheel. It is an area that we do not really monetize on from the consumer side today. We have payments penetration. We launched a new payment platform in May. We are already at 20% penetration, but this of course gives us a future to continue to penetrate that, but also start working with yield year-over-year. Vertical expansion, we have several closely adjacent verticals like veterinarians, training, fitness that we are looking at. As you might know, we bought Zoezi in Q1, which is a really significant training platform, ERP for gym and fitness chains and merchants. Digging down a bit further then in vertical expansion and payments. Again, launched in May. We already so far this year see a 56% growth of the TPV. I would say it is now that it actually starts accelerating. We have a product that is unique and functions really well together with our marketplace. The fact that it supports, well, of course, we have brilliant pricing, but also with the no-show protection and integration with our platform, we have a very unique product that our customers actually truly love. It is not a hard sell. We have Zoezi, small company, 600 merchants, which we are now onboarding to the marketplace to activate the flywheel. This is for us, well, to use the playbook that we used before, activate the flywheel and start growing. I think what is exciting with this vertical is that there is a quite large, slow incumbent, where the merchants are actually willing and want to talk actively with us to move, to get the benefits of the marketplace. This gives us an additional then untapped potential of 38,000 in Sweden only. Thank you. Thanks a lot. Exciting. To kick off maybe on that last slide, on the payment side, which is doing fantastically well now, what kind of constraints is your biggest challenge there? Is it getting hardware out to your existing merchants? Is it changing the consumer habits, or how should one think about that? Yeah, well, it is a little bit of everything. I think the main one is that our merchants in some cases are in binding. It is an easy sell, but we have to wait 12 months, six months to actually activate them. I think that is the biggest constraint we have today. Thanks. Maybe as a follow-up, next to you showed the example of Zoezi, the acquisition you completed quite recently. When looking at other potential target, how does that sort of idea look like? Is it as little overlap with the current offering as possible or something in between when you look at? No, I think they match quite well, where Zoezi has a solution for the bigger gym chain. So if there is a question of a gym growing, they can grow into Zoezi or if it is something that is shrinking, they can grow into, Bokadirekt. So yeah, I think we complement each other really well. So it will not be a question of integration of platforms here. It will get the full effect of the flywheel on the marketplace that we focus on. Thanks. Any questions in the audience so far? Georg in the middle here. Thanks for taking my question. I have one to start with. So when you expand into adjacent verticals, is it or will it be solely acquisition- driven, or will it expand organically as well? No, it will be both. So we already have a good market fit with dentists, as an example. So it is more a question of focus and doing some minor tweaks in the product. So it is a combination of both. Yeah. Should we see it as you started with health and beauty, then the next vertical is fitness, and then you ramp that, and when you are done with that, you enter the third adjacent vertical, or can you do things in parallel here? We can do things in parallel. We have [Fred] as well, a few rows back. Thank you for taking my question. I can imagine a lot of these merchants are, especially in Sweden, immigrants who may not be so fluent in Swedish or even English for that matter. Is that something you've adapted to? How many languages is the service available for merchants? No, we haven't adapted to that, to be honest. But it is a challenge. Today we offer it in Swedish, and it's not a big problem. I think the biggest problem comes with customer success management. It's easy to get them on board, it's easy to get them started, but when you want to start developing the relationship with them, then that could be a challenge. You haven't seen cases where potential customers decline due to it not having their native language? No. Okay. Thank you. I will jump in with a question in between. Looking at slides and as you describe, marketplace revenue is only 6% of total revenue, which seems a little bit surprising given the sheer size of consumers and booking that you generate on the monthly basis. How should one think about that, and what are you doing to scale that revenue, which of course is typically high margin and contribution? Yeah. No, I think one way to look at it is, it is a big portion of our SaaS revenue comes from having the marketplace. I think that is important to remember. The other one is that, yes, it is a huge potential for us, looking forward, especially since we have such a loyal user base. I think we are now in a position where we are able to tap into that as well, and yeah, without digging too much into AI, I think that is a great opportunity. Because looking at Bokadirekt, yes, we have a marketplace, we are a SaaS company, but I actually see it as a data company, where we have data on close to 3 million Swedish women, what they prefer, what they want to pay for, how often they want it, coupled with a dominant position on the merchant side, where we know what do they charge, what does their cost base look like, when do they have available time slots in the calendars. I think here we can really offer something with great value, to both users and merchants. Thanks. Ina? Yeah. I wanted to ask how you work with pricing previously. Has price hikes been a significant thing, or has it been more about building, getting market share? How do you view pricing in the future? Yeah, no. Pricing for us historically has been a challenge. But we've learned from that, and we're actually going through price and product migration and optimization at the moment, actually affecting the entire customer base. We see no increased churn from it. I think it's a question of how we communicate, where we actually highlight the value we bring. When people or merchants understand that value, they don't mind paying more money for it. It's really a question of how we work with it. We are working with it every year, every day of the week at the moment, and will continue to do so as well. If marketplace and payments is growing faster, do you think in the longer run you will be more of a marketplace company or a SaaS business? Yes. Yeah. For sure. Thanks. As a follow-up on that, maybe margin has drifted upwards from the mid-20s to closer to 30% now— Yeah. —despite investing quite a lot on re-accelerating sales and in the product. If you look out more the medium term, what kind of EBITDA margins would you expect to be able to deliver in next two, three years? Yeah, for sure north of 40%. We see with acceleration of our payment that that will happen. Looking forward to that. Perfect. Any other questions from the audience? Then I think I've—t hanks a lot, Niklas. Thank you very much. Thank you. Next up we have Martin Rohland, who is the CEO of BALY, our investment in Iraq's leading ride-hailing and food delivery company. So very exciting to hear his presentation. Welcome up. Hello, everybody. I think we've been discussing quite a bit of transportation and food today already, but I thought I'd take you straight back to it, but this time in the Middle East. As a quick intro from my side of the start, Martin from Germany. I've been building tech companies in the Middle East for the last 10 years, actually. Studied at Cambridge, worked with McKinsey & Company, did some private equity. Figured let's do something really exciting, so I joined Rocket Internet. I helped build Delivery Hero, which just got acquired by Uber for $13 billion. Then I went to Pakistan to sell our e-commerce portfolio to Alibaba. 10 years ago, I went to Iran to build a ride-hailing company called Snapp!, which today does more than 5 million orders per day, making it the largest tech company in the Middle East. Five years ago, I said, "Let's do something similar, but in Iraq," and I built BALY, which is today the biggest tech company in Iraq. Today, I'd love to introduce you to Iraq, the Iraq tech economy, and of course, also BALY as the biggest tech company in the country. So what is it that we're trying to build? Our goal is to build the internet group of Iraq, right? There's role models around the world of super apps. In China, you have Alibaba's doing food delivery and e-commerce. In Iran, it's Snapp! who has 15 business models, including taxi, food, logistics, travel, e-commerce, and fintech. In Southeast Asia, you have Grab. Across the Middle East, you have Careem. I love the idea of building super apps because you acquire a customer once, and then you cross-sell them many different services. This is also the idea of what we have in mind with Iraq. Now, why do we have the confidence that we can do this specifically in Iraq? With three co-founders, we actually previously worked with Rocket Internet, and Rocket Internet is kind of known as being the world's leading internet company builder for emerging markets. Some of the companies that we and the teams have built before is, for example, Jumia, which was the first billion-dollar tech company in Africa. We also helped build Lazada, which got sold for $3 billion to Alibaba in Southeast Asia. I helped build Delivery Hero previously, which just got acquired by Uber. What I did before Iraq, indeed, was Snapp! in the Middle East, which today is by far the largest tech company in the region. To give you an idea specifically of Snapp!, because what I built in Iran is also a bit of a transition of what we're going to build in Iraq. Snapp! today is doing in Iran, a country of 90 million people, it has 80 million customers and does 5 million orders per day only in ride-hailing. With that, it's 5x- 10x larger than Careem, which got acquired for $3 billion and was previously known as one of the biggest tech companies in the Middle East. But what we've been doing in Iran initially is build ride-hailing, bring it to 300 cities, acquire 80 million customers, acquire 10 million drivers to do ride-hailing, and then use this as a platform also to do food delivery, logistics, grocery, fintech, telemedicine, and so on. So let's go to Iraq, to give you a brief of what we've been building there. Now, first time I came to Iraq was five years ago. Online taxi, food delivery already existed. Careem, Bolt, Uber, Talabat, Toters, all of them were present in the market years before we came. But we noticed that they barely scratched the surface because none of these companies really focused on Iraq like we were ready to. Think about Uber, for example. They launch in 100 countries. They throw some money around. They see where it sticks. But none of them had the same focus as we did for building a tech company in Iraq, which in itself can be a very challenging market. We figured, what does it take for transportation to grow 10 times? We realized that there is a lot of drivers who do not have mobile internet access, who are not as digitally savvy, and that is why we figured we have to go to where the drivers are. We have to go to the villages, to the streets. We have to educate them on how to use these mobile platforms. We ended up registering 1 million drivers, 10 million customers. We managed to lower the prices for transportation by half, and that allowed us to grow the size of transportation by about 10x for taxis. We did something similar with food. We also realized that food delivery is heavily under-penetrated in Iraq. We said, "Okay, we are already live in 20 cities. We already have 10 million customers. Let us cross-sell food delivery to these guys as well." We sent our team of today, 1,000 people in 20 offices across the country. We acquired 5,000 restaurants, and today we are actually the fastest-growing food delivery platform in the country. One of the main assets that we have is actually our team. We say we have 1,000 people because we care about going to the last village, the last city in the country. With this team of 1,000 people, we started to build taxi, food, logistics, grocery, and now we are doing fintech and buy now, pay later. Just in terms of scale of what we have at the moment, we are today doing close to 1 million orders per day, but we are still growing 3x year- on- year. But if you compare this with the size of Iraq, the offline market is doing about 5 million orders per day taxi. Food delivery or restaurants general is also doing millions of orders per day. Although today we are doing 1 million orders per day, which is $1 billion in top line, which is a few hundred million dollars in revenue, we are still growing 3x year- on- year, and we believe that the market today is only 10% online penetrated. We still see this as a journey of 5x- 10x growth. One of the main reasons why I think we are doing so well in Iraq is because we managed to find the strongest talents in the country. We also managed to bring Iraqis back from China, from the U.S., from the U.K., from the U.A.E., but we also managed to basically bring talent from all over the world to Iraq. I have been living in Baghdad for the last five years. It is beautiful if anybody wants to stop by and visit. I also managed to bring Delivery Hero VPs from Pakistan and Egypt. We hired ride-hailing talent from Saudi, from Iraq, from India, and that is why we basically figured out a way to go full focus on Iraq by bringing, let's say, the most experienced team to the country. Yeah, of course, we could not have done this without the support of the investors. We raised the largest funding ever in the history of Iraq. We did a $ 10 million pre-seed. We raised $ 15 million afterwards. VNV Global is actually one of our main backers from the start. Raising the largest funding in Iraq history sounds like a lot, but to be honest, building a company of $1 billion in GMV that is free cash flow profitable with $ 20 million investment, I think is also a sign that we are pretty efficient with the way that we spent our money. Let us look into Iraq in a bit more detail, specifically to explain on why we think it is the biggest under-penetrated opportunity globally for building tech companies. Iraq today has population of 45 million people, but it is actually growing by 1 million every year. It is basically the fastest-growing population in any mid or high-income country in the world. On top, Iraq has a healthy penetration of internet and mobile users, and because most of the population is below the age of 30, actually, adoption and penetration for new technology is very fast. If you look specifically as Iraq as a country, it is a high urbanization, 70%. Baghdad, few years ago, it was 7 million people. Today, it is 8 million- 9 million. Everybody has a smartphone there. It is one of the resource-richest countries in the world. That is why it is actually surprising that Iraq, a country of 45 million people, which is bigger than the Saudi and U.A.E. combined, has historically only attracted, let's say, $25 million in investment for us. Because we see Iraq as having a bigger opportunity than Saudi and U.A.E. together, places which have dozens of billion-dollar companies, and our main goal is to be the leaders in unlocking it. Today, doing 1 million orders per day, we are 10 times larger than our next biggest competitor. We are doing 1 million orders per day. The Careems, the Talabats, the Toters, all of these guys are roughly 10x smaller than us. Probably my favorite, let's say, message that I have about Iraq, it is actually the population pyramid and where this is going to go. Because today, Iraq has 45 million people. It is forecasted to be 100 million soon enough. What is our vision for Iraq and the country? Our main goal is for Iraq to become, say, one of the biggest tech ecosystems in the Middle East. Yeah. Basically larger than Saudi and U.A.E. combined. That is our goal. How do we get there? First, what we do is we always build ride-hailing to acquire customers. But once we have ride-hailing, we like to cross-sell it to food delivery, to grocery, to fintech, travel, e-commerce, telemedicine, supply. We see Iraq as a country that can be a $10 billion online opportunity. How do we get there? To be honest, just by keep doing what we are doing at the moment, because nobody is as focused as us on this market. We have been competing in ride-hailing against Uber, Careem, Bolt, inDrive, Yandex, and we have managed to beat all of them because we are that focused on Iraq. When it comes to food delivery, Talabat and Delivery Hero is known for winning the Middle East and all of their markets. Today, we're number one in half of the cities already. When it comes to new services like buy now, pay later, travel, logistics, they barely exist. We're right now faced with an opportunity where the biggest digital industries in Iraq are completely underserved because nobody has had the focus to build them. Let's go in detail to explain where we see this $10 billion opportunity coming from. First is ride-hailing. Iraq today has almost a million official taxis, but more than a million unofficial taxis. This represents more than 5 million taxi rides happening per day. We've digitized maybe 10% of that so far. But given that a country like Iran next door does 5 million- 10 million online taxi rides, the only thing we have to do is to keep identifying of what it takes for offline to turn to online. Why has nobody else done this before? What are actually the main challenges in Iraq? One of the biggest challenges in Iraq is actually that people enjoy paying in cash. Online payment barely exists. How did we fix it? We realized people don't like to pay online. They don't like to pay with cards. We built a cash collection network with more than 1,000 collection points so drivers can pay us back the commission. Next issue is how do we educate a million drivers who maybe haven't had a smartphone historically, or never had mobile internet or a mobile wallet on how to join our platform? We hired hundreds of employees. We sent them to the cities, we sent them to the villages to basically educate them on how to become digital employees for the first time. Today, we're doing close to a million orders per day. We think this market should be doing more than 5 million. If we continue on our journey of converting Iraq from being an offline to an online economy, we'll be doing $5 billion in top line just based on ride-hailing. The next thing is when it comes to food and grocery delivery. Actually, Iraq today is basically tiny for food delivery. But Saudi Arabia next door does more than 2 million food delivery orders per day. Iraq, population-wise, is bigger than Saudi. We believe that Iraq, at some point, will be doing 1 million- 2 million food delivery orders per day. What does it take to get there? Honestly, it's just custom education, right? Because food delivery hadn't expanded outside of Baghdad or Erbil basically for the last few years. We're right now the ones leading the charge to basically bring food delivery to 40 million Iraqis across 100 cities. Already today, we're number one in about half of the cities, and our goal is to basically lead the charge for growing food delivery also by 5x-10x, and we see this as the next $5 billion opportunity. The next big industry that we're focused on is fintech. You might have heard just a few days ago, it was announced that Tabby, the BNPL player in Saudi and U.A.E., raised at a $6 billion valuation for Saudi and U.A.E., which is smaller than Iraq. In Iraq today, it's basically impossible for an individual to get credit. In Venezuela, it is a similar situation. It was impossible for individuals to get credit. Cashea, a local company, just raised $100 million for BNPL. But if we are looking at Iraq is a bigger opportunity than Venezuela. It has a larger unbanked, uncredited population than Saudi and U.A.E.. Right now, it is impossible to get loans in Iraq because people do not know their customers. They do not know them well enough to give credits. Luckily for us, we have 10 million customers. They have been doing tens of millions of transactions on our platform. We are actually in a position to do credit scoring. What we are doing now is we look at our customers who have been doing taxi and food delivery for us for the last years, and we assess whether they are creditworthy. What we are doing right now is we are giving small credit limits to our taxi and food customers. We are giving them effectively microloans, and as long as we assure that our customers are creditworthy, we will be giving them larger limits, $50, $100, $500, to eventually turn into a BNPL player similar to Klarna. These are the three main pillars of what we want to build in Iraq. We want to build transportation, going into logistics, which is a $5 billion opportunity. We want to build food, going into grocery, which is an extra $5 billion. We want to build fintech, buy now, pay later, and credit, which can be bigger than all of them combined. Why are we so confident that we can win it? Because already today, we are the biggest tech company in the country by far. We got with $20 million investment to $1 billion in top line because we are so focused on Iraq as a market. Our main mission right now is to continue being passionate about solving problems in Iraq for local Iraqis to make sure that we keep growing the size of the tech economy. Our goal is to build a billion-dollar company in Iraq, a market where many people did not expect it. Based on everything that we have seen so far, this should be one of the biggest tech companies in emerging markets in the next few years. Thank you. Thank you, Martin. Please have a seat. Super impressive that you managed to build this scale of a business in only five years in Iraq. Just hearing those sort of large numbers, GMV annualized of roughly $1 billion. Maybe we can just start with how do you manage that in an almost 100% cash-based economy? It would be great if you can touch a little bit about this cash collection and how you work to also avoid misuse and fraud across the platform as it is very many transactions and merchants, et cetera. When I came to Iraq first time, I was wondering why players like Careem, Uber, and Bolt were all so small in Iraq. I think one of the main reasons was because they didn't know how to handle a pure cash economy. The problem is if customers pay to drivers in cash, you have to find a way that the driver gives the cash back to you. If you don't know the driver well and you don't trust that he's paying you the money back, he'll just run away with your commission. You have to block him, and you have to find new drivers. That's basically the challenge that most of the other players were facing in the beginning. What we ended up doing is we built localized fraud controls. We protected ourselves against drivers trying to fake their IDs. We worked together with partners like Zain, the big telco, to build cash collection points. Today, we have less than 0.1% default. What we initially thought was one of the main detracting reasons for the market to get big actually become one of our main advantages because competitors ended up just not registering drivers. Unless somebody had perfect documentation and could assure that they're going to pay you back the money, they wouldn't register them. We did the opposite. We registered everybody, and we just made sure that they pay us back. Thanks. Then maybe also a little bit on the verticals. Ride-hailing is still the vast majority of the business today. Food delivery is growing fast. I guess in food it's a little bit more competitive than other verticals. Could you touch a little bit about that? You have a formidable competitor in Talabat. How do you navigate when there is a little bit more competition compared to the ride-hailing space where I guess the other ones hadn't established themselves as good when you came in? Actually, in terms of growth, both of the businesses are growing 3x year-on-year, and they've been doing this for quite some time now. When it comes to the competition, we actually faced a lot of competition in ride-hailing. Since our business model is to be very aggressive for driver acquisition, we were able to basically beat the main competitor, including inDrive, Careem, and Bolt. When it comes to food delivery, obviously, Talabat is a pretty decent competitor, and they're kind of known as the largest food delivery in GCC. I think we have a couple of assets which are really important. First thing is our super app. Basically, in a city like Karbala, for example, a 1 million population, we already do 50,000 taxi orders per day even before we started food. When a player like Talabat or Toters is active in a city like Karbala, it takes them two years to get to a certain size, let's say 10,000 orders per day in food. When we launched Karbala, we got to the same size within a month because our user base of ride-hailing is so powerful that we can instantly cross-sell whenever we launch a new service. This is one of our main advantages that we're more efficient when it comes to marketing and customer acquisition for food. The other advantage is that we're very focused on Iraq as a market. Talabat, for example, outsources their logistics to third parties. We manage it ourselves, which means we have better margins, we have better control. I think the fact that we're so focused on building a super app, which already has the customers, and building a network that we manage ourselves, I think makes us financially more efficient, and in the long term should make us the winner. Thanks. Any questions in the audience? Linus, down here. Thank you very much. Obviously the growth story is extremely compelling, and I find that the long-term potential is very clear. What do you feel are, say, the main bottlenecks in the, say, very short-term? Well, we grew 3x year-on-year so far. We are doing 30% quarter-on-quarter right now. I do not see an insane bottleneck that would be stopping us from growth because we have very clean strategies for this. For ride-hailing, we want to grow the existing cities. The best way to do this is by becoming more and more affordable. We have so many drivers, which brings good economies of scale, that we can keep decreasing the prices for customers without losing income for drivers. Whenever we lower the price, the business ends up growing. As long as we can acquire enough drivers, done. When it comes to then city expansion, we launch one new city every month. Right now, we are in 15-20 cities. I want to be in 100 cities next year. As long as I can keep up the pace of city expansion, I do not see an issue there either. Now, what we do is every time that we think about our next steps for growth, we speak to the customers on the street, we speak to the drivers, and we ask all of them, not just our users, "What are you using today for transportation? What does it take for you to use us?" One of the things we realized, for example, is many customers do not have mobile internet. They have internet at home, but not mobile. Now we made a deal with the largest telco in the country that they can use our app without using their mobile internet. That is one of the ways that we say, "Okay, fine. Check." "Next quarter, extra 10% growth from that." Or when it comes to the drivers, we realized that there will be a finite supply for taxis at some point. Now we started to register tuk-tuks as an extra way of dropping the prices and increasing the supply. I do not see an insane blocker for growth in the short term, because I think the long-term vision that we have is very compelling, and every quarter we figure out what blocker we have to fix. Okay. Thank you very much. [Staffan] in the back. Yeah, you talked a lot about growth, as Rocket Internet and [BALY] has always been good at, but you didn't talk that much about profitability. What's your take rate, and where does that end up on the bottom line? We've been EBITDA and free cash flow profitable for the last two years. Right now, we reinvest most of our profits into growth. But yeah, we could be very profitable tomorrow if we wanted to. As long as I have the opportunity to grow 3x year- on- year, everything goes straight back into growth. Very impressive. What's the take rate on average? For ride hailing, we take between 15%-20%, depending on the service type and the city. But reference in the market is usually 25%, so we have the opportunity to increase it. When it comes to food delivery, we're on 30%-35%, which is a mix of commissions from restaurants and then also delivery fees from customers. Impressive. I guess the much better numbers than most other countries are partly due to more headache with handling payments and less competition. Look, to be honest, this payment thing is a pretty important topic. In other markets, you pay 1% or 2% to the payment provider. We don't. Cash collection costs almost nothing to us. There's different ways where we're just saving on the margin. Another topic is when it comes to our CAC versus CLV for the customers. We have an incredibly low CAC because our value proposition for the customers is so good. We have 1% of GMV that we spend on our marketing, and that's why the reason why we're so EBITDA and cash flow profitable is because our core business is very healthy. That's why if I want to launch one or two new cities per month, I can easily finance that from my cash flow. Great. Thanks. Thanks a lot. If there's no other questions, well, maybe we could touch a little bit on the very large and most green field opportunity around the fintech, and BNPL offering that you're essentially launching now. Would you say that you have to reinvent that business for Iraq, or can you just look at Tabby in the South and do something very similar? What's the challenges on? You touched upon the credit scoring that you will be able to do with your own data. It would be great to hear you speak about the vision for that. Well, actually, we are quite lucky because we built similar companies with Snapp! in Iran before. I think the challenge with Tabby and Tamara is that they do not know their customers as well. They start basically with big e-commerce transactions, and if a customer runs away with a few hundred dollars, it is very difficult to get the money back. For us, it is different because we know our customers so well from taxi and food delivery that we know who of them are, let us say, more familiar with online payments and digital services. So we first give credit to them. Secondly, we give a very small limit to them to make sure that they even pay us back. I would not say that the role model is Tabby and Tamara, maybe in the end for the $6 billion valuation. But I think in the short term, the role model is what was built at Snapp!, because I feel it is vastly more efficient for credit scoring your own customers rather than just giving credit out to people randomly that you do not know. So in the short term, we want to be efficient for the credit scoring to make sure that we do not have a major loss because of the default on the line. Got it. Is there a challenge or issue actually educating the consumer as this is a relatively new product in the market, and they do not really have it available elsewhere? That is actually our biggest challenge by far. Because there are some people who try to offer credit in the market, but they basically do a 20% markup for it. So basically shark loans. That is the only thing that exists. So us trying to educate the market that people can get credit without paying extra for it, like Tabby, Tamara, is something which is actually a little bit weird to people right now. So that is why our goal is we want to use the super app to educate everybody on this behavior, such that people are familiar with the idea of microloans on our app before we give it to third parties. Because of course, on our own app, money goes from one pocket to the other. Our goal is in the end to turn it into a profitable business by effectively giving our credit- worthy customer base to stores and e-commerce. Thanks. Any other question in the audience? If not, we thank Martin a lot for his great presentation, and then I will hand over the mic to Per to finish off. Thank you. Yeah, thank you. I think you share with us that the excitement over these six great companies and although BlaBlaCar and Voi will drive value in the very short term, I think you sense our excitement about doing more in this neck of the woods and hence launching new vehicles around emerging markets and stuff. Anyway, thanks for coming. You know where to find us if there is anything else you want to talk about outside after this or some time else. Okay. Thank you, guys.