GreenMobility A/S ($GREENM)

Welcome to today's presentation where we have the pleasure to present GreenMobility. To help us through today's presentation and answer questions at the end of the presentation, we are joined by CEO, Kasper Gjedsted. Today, your annual report 2025, you had preannounced preliminary figures and guidance. But of course, this is your full report with cash flow and balance. So this is what we are going to go through. And of course, the world is changing on a very fast pace, so maybe also some comments on the uncertainty out there. As always, there's a box down below. You are very welcome to ask questions here too in Danish. I will try and translate to the best of my ability. But for now, I will hand the call over to you, Kasper.

Thank very much, Michael. So after this disclaimer, I can tell you, for those of you who haven't participated before, GreenMobility is a car-sharing company, electric car-sharing company. We have 100% of our cars are electric. The majority of the fleet consists of the Renault Zoe, that's the core. And then we have a couple of what we call premium cars or bigger cars with longer range. It's the Polestars and the Meganes. And then we have a fleet of vans as well. Our product works very simple. It's a very simple product from a customer perspective. You download our app, you open the car by swiping in the app. Then you drive to your destination. And then after arrival, you just swipe that and we are charging your credit card automatically. And that's as simple as it is. And a lot of people have found out how simple it is. We have more than 135,000 trips per month now, around 1,400 vehicles in the fleet. And 2025 was a good year for GreenMobility all in all. The latest revenue growth guidance we made was between 17% and 19%, and we ended in 20% growth. And the latest EBITDA growth guidance in '25 was between 47% and 52%, and we ended in 57%. So a very good year. A lot of the initiatives that we initiated, we actually succeeded with, also more than expected. That is the background for us making upward guidances or adjustments of guidance 4 times last year, simply because it's -- all of the ships that we were putting in the sea there actually reached the harbor. So a very good year for GreenMobility, and I'm here very proud to say that our turnaround has succeeded and we are today a very sound -- financially and operationally sound company with a good growth rate and a good profitability. If we take the highlights from the operational part, yes, as I mentioned, 20% increase in revenue, 57% increase in EBITDA. It was mainly driven by all of these different commercial and operational projects that we have. We have a cost management which is super, super tight. And we have a cost of acquisition for customers, which was also going downwards. We have been more and more efficient across most of the parameters that we set up prior to starting out of the year. If you look at the depreciations, they are a little increased, but that is only due to higher average number of vehicles in Denmark in '25 versus '24. You can also look at our financial expenses. They are lower. And they're lower because we have a lower debt. So the profit and P&L for the period was driven by better results and the tax asset. We had a tax asset that we discussed with Deloitte, and they sort of said that we could use that as an asset and, thereby, put it on to the results here after tax. So that was quite significant. It's an asset that comes from the losses that we made prior to the turnaround. So yes, those are, I think, the major highlights on the operations. If we look at the balance of the cash flow, the loan and lease liabilities, they have decreased with 18%, lease liabilities 18%; the loans downward 30%; and the net book value of the car is down 20%. With regards to the lease liabilities, we made new agreements with financing partners that we have, which are primarily leasing companies, whereby we sort of made the same length of leasing for all of the vehicles. That was prior to this maneuver, a little bit fragmented. So some cars had a certain expiry date from a leasing perspective and other cars had a long-term expiry date. So we sort of made that even between the cars. And on top of the flexibility on debt, it also increases our cash flow because some of them were extended, hence, we should pay less per month on them. So a very good cash flow maneuver there. Our cash flow, excluding these loan repayments, is around DKK 16.4 million, and our cash position has increased by DKK 7 million, up to DKK 6.5 million. That means that our equity ratio is up tremendously from 1% the year prior to 22%. And the stronger balance gives a better foundation for improved financing terms. We can see that because -- I can say that for sure because, one, we can get financed now that we are above 20%. That was like one of the key metrics for a leasing partner, our leasing partners, is that the equity ratio should be above 20%. And that's also why we could go out and secure leasing for around DKK 30 million for new cars to the fleet, that we also communicated just a few minutes after the publication of annual report. So yes, I think this shows that we have today a resilient company. We have a good model for having a business. And we are, compared to 3 years ago when I started here, in a much, much stronger position and also ready for further growth. Late in 2025, we communicated our targets for 2028. And for those of you who haven't seen it, I just want to go through them quickly here. We have 4 strategic priorities. Number one is that Denmark remains as the core market. We see a lot of opportunities in the Danish market. A lot of untapped revenue growth, revenue pockets. And we have been on the international markets that didn't go well at that time. So we have taken the decision to focus solely on the Danish market. And then we believe that car sharing is still in its early adoption phase. There is still a lot of potential uptake in the market, even in the market with Denmark here. And that's why we basically say that we, over the last -- excuse me, over the next 3 years' time up until 2028, we can grow with around 8% to 12% and we can improve EBITDA with 12% to 16% per year. So that's an organic growth and that's what we can see all the models points to, that is definitely what we should be able to reach. And then our priorities have also been to strengthen the balance sheet with an ambition to redistribute excess of cash. As I showed before, our balance sheet has strongly improved. And we have also communicated openly that the Board will consider options for capital allocation, including buybacks of shares when the solidity is about -- is above 20%. So I mean it's not up to me, if anyone wonders. But it's essentially up to the Board to decide on this. But as you know, as you can see here and as we have also communicated, there is a strong indication that this is something that we will definitely have a serious look at. And then the fourth of our strategic priorities is to bring autonomous driving to Denmark. And why do we even bother? Now we have a very good company, good growth rate, good profitability. Why do we even bother thinking about autonomous vehicles? I'm just going to do it very short. If you take one of our own cars, the current model that we have, they're driving between 3 and 6 trips per day. An autonomous vehicle is driving between 22 and 26 trips per day. We know that because they are operationally -- they are in operation across the world right now. One of the operators have 750,000 trips per week. It's just 1 of the operators, without a driver. So 750 trips per week with paying passengers. In comparison, we have 135,000 per month. That was just one of them. That's Waymo in the U.S. The same goes for Baidu in China and a lot of other newcomers that are really producing a huge volume. So from the top line perspective, we are -- it's definitely interesting for us to utilize the assets much more than we do today. And if you look at the cost of operating these cars, the autonomous vehicles, they make around 90% fewer damages than vehicles driven by humans. 90% fewer damages than vehicles driven by humans. That means a significant reduction in cost for repairments and services of the cars, and will also lead to a significant reduction in insurance prices, for example, insurance premiums. So these cars represent a much higher revenue per vehicle and a lower operational cost in terms of damages and insurance, for example. And so why do we do it now with regards to autonomous driving? Well, we do it now because the technology is mature. As mentioned before, just one of the operators have 750,000 trips per week with paying passengers, no drivers whatsoever. And they are producing these magnificent numbers in terms of damages, which are significantly lower than a vehicle driven. And it's based on the much higher computing power that we've seen over the last just 3, 4 years that have entered the market and the existence of AI, sophisticated AI models whereby the cars are in a much better position to determine what to do in any given situation with the use of a lot of computing power and a lot of AI. So super interesting. We had an event in November where we had a kickoff in front of the Danish Parliament, together with the Minister of Transport and Mayor of Copenhagen, and that was because we made an LOI with an American company called Tensor that are producing these cars. One of the big challenges of producing of this model is to get the cars. So we have been out very early in securing the supply chain. And I think that's a tremendous advantage to us. The other advantage to us is that we have the operational capability to do this. We are already operating 135,000 trips in a very complex operational environment, with a lot of cars placed all sorts of places. So we have an advantage. And the third reason why we're doing it is because we have all the data. We know where the cars are going, we know where the customers are. We know the customers. We know how much they're willing to pay. We know the distances and so on and so forth. So we are sitting on a pile of data, a pile of gold in the form of data, that we can utilize for this project. And then just very quickly, Michael, on this topic. One of the surprises on the autonomous vehicles was that after the premier in front of the parliament in November, we got a lot of press on that. But that was that the municipalities in the regions and transport companies in Denmark started to call me up and say, hey, can we do something together, GreenMobility and us? Because the Danish municipalities, regions and transport companies are using billions of krones to subsidize bus routes and public transportation in areas of Denmark, both in the rural areas, but also in the cities, where they can really see the upside of autonomous vehicles because we can simply produce the trips at a much lower rate than they can themselves with manned buses and trains at the moment. So as an outcome of this, we are now in serious negotiations with several municipalities on setting up projects on autonomous transport as well. So I think that's very exciting. But back to our current model, which I spend 98% of my time on, and that is the model where people have to drive the cars themselves still. We still see a lot of potential revenue. And this is just a few examples on where we have identified revenue pockets that we're going to grow on from over the next couple of years and to support our 8% to 12% organic growth. But if we just take the existing customer base, we can actually expand that with 17-year olds. There are around 14,000 new potential customers in Copenhagen alone. There was a new rule, a new law in place last year, whereby 17-year olds could actually be allowed to drive cars. So obviously, we have 18-year-olds that are allowed to drive, so why not let 17-year-olds drive it? There's a little bit of development on our platform to allow them to do that because they're only allowed to drive in certain times and we're also going to -- probably also going to have special insurances for them. But it's one of the low-hanging fruits, I would say. And I'm also happy to say that we have a new platform. I normally look tired, but I look extra tired today because I was up all night migrating the platform -- well, I was not migrating it myself, obviously, but I was supervising it. It is the foundation of our company to have a well-working platform. And I'm happy to say that it went very well. It's working. I encourage you to all go and update your app, the GreenMobility app on your phones. It gives a lot of new advantages from a front-end customer perspective, but also from a back-end perspective. One of the advantages that it has is that we are -- taken version 1.0 in terms of dynamic pricing, revenue management, yield management. We couldn't do that with the old platform. But now we have a much better situation in terms of adjusting the prices according to demand. Because why should the car cost the same on a Friday afternoon in downtown Copenhagen when everybody wants to go home as it does on a Tuesday in sunshine at 11:00 a.m. when everybody is sitting at the office, right? So there's a lot of opportunity there. We also have a lot of opportunity for customer segments that we are not tapping into today, but where we are definitely going to tap into it this year. We already sent out the message, communication around our cooperation with Viking Assistant. It's the second biggest assistance company in Denmark. Whenever car breaks down and Viking is sent to rescue, they will actually bring a GreenMobility car on the trunk because they picked it up from somewhere in one of our many zones, or they will drive their customers to one of our zones. So that is an example of where we are seeing new customer segments. We also have some amazing opportunities in terms of inbound bookings. We have Copenhagen Airport where we have some premium location, P7. You can actually walk without getting wet to our cars, straight from the terminal and straight into a GreenMobility car. In comparison, the old-fashioned car rental companies, I know them very well, I've been CEO for Sixt, for Avis in Denmark and Sweden. If you want to take a car from them, you have to go outside, you have to wait in the rain and the wind. And unfortunately, the bus maybe have just driven away and you have to wait 10 minutes, then you get out of the bus at the same time as everybody else, and then you'll have to wait. So during the waiting time and the time it takes you to go to the traditional car rental center, you have already driven to your destination with GreenMobility. So we have a very, very strong product there, and I think we will really sell on this year. And then we are investing in new technology that also increases our revenue and lowers our cost. One of the things -- or some of the things that we have done with our fleet is that we have digitized it. So our fleet is completely digital on so many more levels than just being able to open and close the doors remotely on your app. Today we have or are about to install sensors, a lot of different sensors. So we have damage sensors in the app, that means that -- excuse me, in the cars. That means that we can detect the damage real time. It was actually the Achilles' heel of car sharing that we weren't able to detect damages in our position to the traditional car rental where we are inspecting all of the cars, we are not inspecting the cars after each rental. So we had a lot of customers who could actually go away -- walk away from a damage, not a big damage, obviously, where the car couldn't drive, but small dents and scratches and so on, or even a bumper, and they could walk away without paying essentially. That's not possible any longer because we have these damage detectors that now will detect the damages real time. The customers will be warned and say, "Hey, we have discovered that you might have made a damage to our car. Can you please fill out this damage report." Another sensor that we have introduced in some of the cars is acceleration sensors. And it's not even a sensor per se, it's an acceleration curbing mechanism, whereby we can decrease the acceleration. In electric vehicles, the acceleration is very aggressive. They are super fast, even in small cars. They're super fast compared to the old-fashioned ICE cars, the internal combustion engine cars. And there's a lot of wear and tear when you accelerate hard, which some of our customers unfortunately do. There's a lot of wear and tear on the chassis and also on the tires, in particular. And by introducing this curbing mechanism on the acceleration, we can actually reduce the acceleration by 20%, 30%, 40%, whatever is needed. It's also something which is really good. And then we have a fourth sensor installed, which is the smoking and vaping sensors. The smoking and vaping sensors are actually also real time telling us if somebody is smoking and vaping. I know you like to vape, Michael, so unfortunately, you can't do that in our cars any longer. Well, you can, but we are going to charge you. And it's a technology that actually brings in revenue, but I'd say revenue that I call toxic revenue. It's not revenue that I actually want. I prefer that people are not smoking or vaping in the cars to give a much better customer experience for the next customer and the next customer. We also had situations where before this was installed, we could accused someone of smoking in the car without having -- without them having smoked because it was actually the person who was renting the car prior to the one who smoked in the car. It was -- sometimes it's difficult if you only driven 10 minutes in a car and the next customer can smell the smoke and reports it to us without the sensors, that was some really bad customer experiences there. So all this new technology is about improving the customer experience and, of course, also our profitability. And it works very well. So yes, as you probably have seen, our guidance remains at 8% to 12% revenue growth versus '25 and our EBITDA is projected to be 12% to 16% up. And I'm very comfortable around that guidance. So after the balance sheet dates here, we had a few events that we also communicated. As mentioned, we have secured a DKK 30 million lease facility for new vehicles. We're going to buy around 185 vehicles. And when I say buy, we're going to finance them through our leasing partners. Good thing about that is that we are in a financial state where we don't have to make a down payment on them. So there's 0 down payment on these cars. And with the 185, it's also the first step towards modernizing our fleet. So it will actually support our growth over the next year -- over the next 3 years in this strategy period. We are inflating the cars along with the seasonality. We have some seasonality demand spikes. And that means that the first cars will actually -- well, the first cars actually came in yesterday, because with spring is better uptake of the demand. So we will increase the fleet gradually here over the early spring and in spring. Some of the cars, actually, the majority of the cars are a little bit bigger. It's a 1 class, 1 to 2 classes bigger than the current majority of cars, which is Group B car, the Renault Zoe. That means that we have more use cases. There can be 4 adults in those cars. What we have bought is Renault Megane, which is a bigger car, it's a Group C car. And we're going to have -- introduce Kia Niros and then we're going to introduce Nissan Micra, which is the same as Renault 5, completely the same car, Car the Year, by the way, in 2026. And then we're going to add some more vans to the fleet as well. The good thing about these cars, there are a lot of good things about these cars, but there are more use cases because, for example, in the Meganes and the Niros. You can actually be 4 adults or even 5 adults in it. You can theoretically do that in the Zoes. I won't recommend it for long trips, honestly, it's going to be a little tight. But for the new cars, you can definitely do it. So that means more use cases. They also have a better range than the current Zoes, even though the Zoe has a very good range compared to its age and size. All of the new cars have a better range than the Zoe. That also means more use cases. You can actually go on more long trips because they also charge much faster with these cars. And then last but not least, these cars have a lot significantly lower TCO. They're cheaper, much cheaper than the Zoe. From an operational level, they have a full warranty in the lifetime. So let's say we keep them for 5 years minimum, they're totally covered on the guarantee there. They have a lower consumption because they have more efficient engines. And they have much more equipment to avoid damages. So that means that, for example, the old Zoe fleet they don't have front detectors, parking detectors, for example, most of them don't have that. But all of these have that. They have automatic stops. They have, when you back out from a parking lot, it will automatically detect if there are any crossing traffic, et cetera, et cetera. So I expect that we will also see a significant decrease in damages on these cars. So yes, I think we -- I think it's also a testament to where we are today as a company that we can now grow our fleet and start to modernize the fleet. I think that was it for me.

Perfect. So we jump into some questions. There's a question here regarding the parking licenses and special treatments for GreenMobility compared to other, say, car sharing users in Copenhagen. So any comments to the parking situation special treatment, or I guess if they run the same model as yours, they get the same treatment. So I guess the special -- if I guess the special treatment is that you are the only one running this model. Am I totally wrong here?

Just some background on that, I think what the -- whoever has raised the question, he is referring to is the 1,000 parking lots that have been granted to our business model, so to speak, in the municipality of Copenhagen, which is amazing, right? 1,000 AAA location parking lots. Those have been allocated to car-sharing companies that are -- that is not fixed base. That means a car sharing company where you can take the car from Point A and then return it to Point B within the zone. We also have competitors who have a slightly different model, where they have a fixed base, where you have to pick up the car from one parking lot and then return it to the same parking lot. We don't have a situation where GreenMobility has been treated better than other car-sharing companies because everybody can actually who has the same model as us, can enter the market and utilize these spaces. In fact, there was a little discussion around the municipality elections here earlier on where there were some discussions on how much they will use these parking lots. I have 2 things to say to that. One thing is that these parking lots are used by many more Copenhageners than the parking lots of -- than the rest of the parking lots in the city, full stop, because even though it seems like they are empty at certain times, it's because they're used. You have to measure how often these parking lots are used, not by how long a car is standing there, but how many times a car is either parked there or taken from that parking lot. With our model, for the same square meters of public space, a lot of more people are using it. In our position to private -- private people who can leave their cars for 72% of the time during a week, they're just standing still there, and it's one guy who can utilize that public parking space for almost nothing, right? So we're paying for them, and we have a lot of Copenhageners who are using them, a lot more than all the other parking spaces. And if you compare that to our competitors who have this fixed parking spots, they are not being utilized as much. They are basically, if you have a 2-week rental, they're just standing idle. No one else can use these parking spots. In our position to us where the car comes in, someone else is taking it and then it's dropped off. So long answer short, no, we don't have any special privileges around it. It's open to everybody who wants to make a similar case. There was one thing I want to add around the discussion there was. And I think that was -- I think that maybe is where some of the critique came from, was because there was a communication error within Copenhagen municipality as there sometimes, it's a very big organizations whereby one department who put up the signs couldn't communicate sufficiently to the other department that these signs were actually ready and the car lots were ready. So unfortunately, we weren't given notice about being able to utilize the parking spots without a lot of delay. And hence, in the first couple of months, there were actually parking lots that were not utilized at all. But unfortunately, it was an internal error from municipality. It wasn't without goodwill. We can see now that there's a tremendous uptake of these parking lots. The customers are using them more and more. So I think it's very good. And Michael, it's -- the situation with cars in cities like Copenhagen and [ Aus ] is that there is simply not enough spaces. There's not enough parking lots above ground so that everybody can park there. That's why we need car sharing cars so that we can start to share not just the cars but also the parking lots with each other. That's a much, much more efficient system.

Okay. There's a new updated app on the way. You mentioned no sleep. So I guess it's here asking where you can search for a specific type, a van, a charge van. I guess that's very easy to answer for you. I at least tried the app right now, and I can search for a specific type of car.

Yes, that's right. One of the features -- one of the new features is that you can actually search for a specific type of car, you can search for a van or if you want to have a Megane or Polestar, you can search for that. You couldn't do that in the old app. That was one of the many things that we wanted to improve on the new app here. So I'm very happy that we have that now. Another feature is that we can -- we have a radar functionality now that you can set up the radar and then you will have a notification on your phone whenever there's a car in your area coming in. There's a lot of good advantages to the customer from a customer perspective on the new app. There's a lot of good advantages on the back end for our team here. It's much faster, much more resilient. We can adjust the prices. We can set up more discounted cars, et cetera, et cetera. So I think it has really -- it's really going to give us an edge compared to where we were just yesterday.

Then there's a little bit on the surplus between the DKK 18 million and before tax and DKK 33 million. I think you answered that deferred tax assets being booked on the balance sheet that is -- that you sometimes see and it's the deficits you created in the past. So that's how it's accounting-wise. So I think that is answered. Then there's a little bit here on the guidance side. Firstly, 4x raised, you mentioned that boats put in the sea all went to Harbour. There's also a question here. Can we then feel comfortable because the world out is changing very, very fast. More uncertainty, we see the consumer sentiment going down. So a little bit about your comments and the guidance being kept and the environment you are seeing out there, the pluses and minuses for your company in such an environment to get a little bit comfort for the guidance side.

Sure. Let me give you a little historic perspective on this. So before me, to be honest, the situation was that this company overpromised and underdelivered. And one of the things that I wanted to do was to create much more trust in us and our communication. And I think we did that by having a very, I would say, careful and very diligent way of communicating our guidance. So I'm a conservative guy, I got to be honest with you on that. But we're always communicating based on data and not based on hope. And then you can argue that we are bad at making guidance because we had to adjust it 4x upwards, thankfully, last year. But the fact of the matter is that we adjusted it whenever we got new data that could support this guidance updates. And as you also mentioned and as I mentioned before, it was because many of the projects that we initiated were actually successful and successful faster and to a bigger extent than we dared to project. So that is...

And maybe a little bit about the uncertainties because maybe now people are starting to doubt the companies. People are starting to downwards adjust an uncertain environment out there. How do you see that affecting your consumer sentiment? Do we do less activity versus, I guess, don't we buy the second car because we actually want to keep a little bit of money in our pockets and see how this goes. So any thoughts about the current environment maybe?

Yes. So our company and our business model is affected both ways. When things go down from a macroeconomic point of view, we affected both positively and negatively. If we start on the negative side, this is to a certain part of our customers, a luxury thing to take a car because let's face the fact, a lot of our customers could take their bike or the train or whatever, which is sometimes -- well, the bike is definitely cheaper than taking the car. We're also a little negatively affected on the electricity prices because electricity is included in all our rentals. But we have hedged, I think 70 -- around 70% of our electricity has been hedged for months to come. So that is something that we eventually can absorb. On the positive side, when you have this kind of macroeconomic environment, people, in general, tend to wait with investments in, for example, cars. So customers, potential customers who thought they were going to buy their first car or maybe their second car, they might start to use the car sharing cars instead because what if I lose my job, I don't want to have a contract on a car. Let us see how far we can get with this. So we are actually seeing 2 tendencies whenever the environment is with a lot of uncertainty. And I think the net result of that is actually to our benefit because this is about cars that you're not owning yourself. This is something you share with others. It's cheaper. It's actually easier, and it's not a big investment. So I think actually, we will see some more customer segments who will await buying new cars and switch to see if they can use one car and then a car sharing car or if they completely avoid buying cars and then using car sharing cars.

Perfect. Then on the CapEx side, there's a question here, indication of CapEx and you're not guiding on it, but I guess, in your business model, the last slide you went through is quite a good guess on your CapEx side in '26, I guess.

Yes. So you can see this is actually what we have also communicated to the market. This is the EUR 30 million lease facility, which is the only thing that we have planned officially. That is the leasing facility here. So that's all our CapEx.

Yes. Because I guess your IT platform, if I understand it correctly, you are not investing into that. You are paying a fixed fee for them to update and run it. Is that correctly?

It's a fixed fee, and we're not paying extra. We have a better contract than we had before even so we can have a lot more things developed included in the price that we're paying. So very good that we don't have that CapEx on our side.

And of course, this policy about 20%, if we calculate, you will raise your balance a little bit by the cash and the debt, but you also must be guiding of some kind of profit. So all in all, you should be potentially able to pay it out. I already know the answer that you have answered. That's up to the Board. So you can, of course, not comment on that. There's also a little part of that question. Do you need the capital to grow? That must be the second part where you can as running the company. So a little bit of thoughts about needing cash to grow instead of potentially if the Board decides, which is not in your hand, to pay it out. So do you need the cash to grow? Is there a counterpart against those two? If you do that, you cannot grow as much?

No. I think the Board has, as myself, we have a very conservative way of looking at business and we don't want to give away cash if it's needed for growth. But the way I see it is that we don't need any additional cash at the moment. I think we have a very strong cash flow. We have secured our leasing. That is also going to back up our growth targets. So all in all, eventually, it's up to the Board to decide on the distribution of cash, of course, and that will be no later than the Annual General Assembly where that will be decided.

Yes. Then there's actually here -- there's some here say customer complaint that see the prices for last page increase with the new update. I don't know whether you can confirm whether there's any pricing changes -- and maybe some comments about the pricing environment out there and how that is baked into your guidance. So is there any pricing increases, new packages attached to this update of the new platform?

Yes. So there's one technicality around it. If the person who asks -- this comment is from Aarhus he or she has actually seen that the prices for our package is higher than it was yesterday. And that is due to a glitch in the update here. So don't worry, it will come down again. Hopefully, later today, no later than tomorrow. And you'll see the good old Aarhus prices, which are cheaper than the Copenhagen prices. Just as bread at the bakery we see lower prices in Aarhus.

Perfect. So we also got some consumer or some customer supply here. I think we will stop it there. Then there's a question in general, you're getting more cars into the fleet now, more different types. Are you increasing your maintenance costs, not having like was at force who said you can get a car as long as it's black and then exactly the same because that makes it much cheaper. So any thoughts about whether this increase your maintenance cost to have a more diversified car fleet?

Yes. No, we are not. Quite the opposite. So all of these cars that we're getting in, all the vehicles that we're getting in is covered by a minimum 5 years warranty. That means that all mechanical errors will be covered by the importer, basically by the factories. That is a tremendous change to what we have now because practically none of our cars have any warranty because they have a certain age. So whatever happens on a mechanical level, and things happen, you know that from your own cars, whatever, could happen from a mechanical level, is actually covered. Then we have the scale opportunities when we have so many Zoes. Of course, our mechanics, we have our in-house repair shop. Our mechanics know the Zoes, but they will get to know the new cars. Remember, most of the things that we changed at our own mechanics are cosmetic things. It's a new bumper, it's new tires. And that doesn't change no matter if you have the Zoes or you have, let's say, the Kia Niros. And just a comment on that because the Niros are the ones that we're getting most of. That's what we call a world car. It has been on the market for years. The supply chain in terms of spare parts is extremely high. It's produced for all parts of the world. So we're talking millions of cars already driving. Also means that secondhand spare parts that we are also using, they are at a very low level. So a lot of supply on spare parts on those cars.

And then I think I'll have to let you go. A general question. What are the concrete initiatives you're going to do to drive the improved utilization of your fleet until 2028? I guess if you use revenue and you have the same amount of cars, so it's everything, but really some initiatives. You drive more customers in, I guess, but is there also some initiatives where technology and other stuff will help you to place the cars in the right places. So a couple of initiatives that will actually drive up utilization.

I wish we had a full hour more to explore that.

[indiscernible]

Initiatives. One of the things that -- I mean, one of the drivers is the new platform. With the new platform, we have the ability to communicate on an individual basis with our customers, also with the customers we've lost. So we can base all our communication on the full history of the customers. We weren't able to do that before. It's a tremendous opportunity for us to reignite customers who have left us or to let the customers that we already have drive more, pay more. So we have a lot of data there that we haven't been able to utilize fully. And I think that's a tremendous -- that can have a tremendous impact on our revenue and the lifetime value of our customers, which I expect to go up based on our opportunity with the new platform. Then we have the yield management, as you mentioned, we have the identified growth pockets as well that I also went through here. So I think over the few seconds I have to explain, I think that's 3. I have like a ton more of activities. And that's the thing about this company, even though we have good results and so on, what I really like is the plethora of opportunities we have for growth still. We haven't.

And then I guess on the technology side, I guess you want customers in, but you love self-driving cars because they will actually be where every customer are at the touch of a button, but there must be some steps also to placing the cars, bringing the cars through technology. So I actually will use them more.

Yes. So one of the things that we haven't discussed here is our utilization of AI across all the departments. And we are -- today, we are very, very few people in the organization. You can also see that in the -- I think in the annual report, you can see that in spite of the growth of 20%, we are not more people here. So we have AI that we are taking advantage of, and we have -- we were in AI already 3 years ago when I started, it was one of the first activities that we did. To give you an example, we have AI who are forecasting where the cars should be located based on the millions of data that we have. So now we can actually ask the AI to tell us where should the cars be located at any given time. And then we can ask the customers to take the cars there through what we call free mobility. We have thousands and thousands of trip where we are asking customers to place the cars for us from areas where there's not a lot of activity to areas where there is a lot of activity and projected a lot of activity. So we're using technology to improve that. But we use it across all departments now. And we're not talking ChatGPT technology, right?

Yes, you are actually able to use technology to automatically move the cars where the largest potential uptake would be.

Yes. So that's a very good thing. And then we're using it, just to make it, I mean, when we're talking about EBITDA as well, we are using it to become even more operationally effective, right? So we have a lot of opportunities for that.

Perfect. I think that was the last of our questions. Sorry if I -- there were some small ones I didn't catch. But I know I don't -- I can't keep you longer than this, Kasper. So thank you for the time of presenting the company, the results for '25, '26 guidance and answering questions. And to the audience listening in, may everybody have a nice day.