ISS A/S (ISS) Earnings Call Transcript & Summary

Never heard such a long period of silence. Like Troels, our COO, just told me, every minute counts. And here we are well on time. Good morning, everyone, and welcome to our Capital Markets Day. On behalf of the full team at ISS, I would like to welcome you very much to the Capital Markets Day 2026. We are delighted to host this at our friend's site, PwC in Hellerup, Copenhagen. Thank you so much, PwC, for creating this opportunity for us here today. Today is an opportunity for us to showcase our strategy, to showcase the progress we've made so far as well as our ambitions for the future. Most importantly, it's an opportunity for you guys to touch -- get in touch with the management team, ask the questions and see firsthand how ISS creates value for our customers on a daily basis. Before we begin, let me just briefly walk you through today's agenda. Throughout the day, our leadership team will create insights into the strategy, how we accelerate quality growth and how we create long-term shareholder value. We will start up with Kasper in a moment. He's our CEO and has been so for a bit more than 3 years, but he has a very long history with ISS. Kasper will share the strategic direction for the company, and he will share the opportunities ahead. Then up to Carl-Fredrik. Carl-Fredrik, prior to meeting the EGM team, Carl-Fredrik was heading up ISS Norway. During his leadership in Norway, ISS Norway turned into the most -- one of the most profitable and efficient markets. You will also see that discussed later on in the presentation. Then we will head on to Steven. And Steven, he is heading up the Americas region for us, and he's a facilities management industry veteran. Steven has spent more than 25 years successfully growing FM businesses and has obviously today going to spend time on his perspectives for the North American market and as well as the opportunities for ISS. Following the morning sessions, you will enjoy a good ISS lunch. Then Troels will take the stage, and he will discuss how we will strengthen operational performance in the business. He will talk about how we further drive workplace efficiency. Troels's history with ISS also goes back. Troels is currently the Chief Operating Officer. Prior to that, Troels has been heading up and growing efficiency along some of our most important contracts, including Deutsche Telekom. Troels has also had several regional operational roles throughout his tenure in ISS. Then we will hear from Liz. Liz covers people, and she will cover tech, and she will showcase how specifically this enables the strategy that we do, how it accelerates even further and how being the industry's leading frontline employer really matters to ISS. Some of you might recall this from the last Capital Markets Day in 2022. At that time, Liz was heading up the UK&I, where she successfully led the turnaround of that business. After that, Mads, our CFO, who's got a background in oil and gas as well as banking, will take the stage. He will tie it all up in terms of the financial implications from the various inputs during the day. And he will do that in such a way that you will understand the financial targets that we've set out for the coming period in ISS. Finally, we will conclude the day with closing remarks from Kasper, also with a little bit of a longer Q&A session and the takeaways from today's discussions. Before we get started, let me just talk briefly about safety. At ISS, safety is a prerequisite in terms of what we do. In the unlikely event of an emergency today, please take note of the fire exits today. And also do be aware that you walk around in the room, there are some extension cables on the tables. Please be careful not to trip in any of those. Should you need any assistance during the day, feel free to reach out to any ISS staff that you will see plenty of here today. And that, of course, includes Investor Relations. So with that, I would like to set the scene for today's discussions. While we are gathered here in Hellerup at, as I said, one of our customer sites, the ISS story unfolds every day around the world. Placemakers spend their times often behind the scenes. They make sure that things are working and that our customers can drive growth in an efficient and attractive way. The video that you will see in a short minute illustrates why we at ISS believes that we're doing the right things. We will talk about ISS as an investment opportunity, and we will all tie it all together in terms of the purpose, our strategy and our execution. We will also give you a brief glimpse on what we do on a daily basis behind the scenes at more than 50,000 customer sites during the day. Let's begin. [Presentation]

Kasper Fangel.

Good morning, everyone, and a very warm welcome to our 2026 Capital Markets Day. It is very nice to see so many familiar faces, but it's also very nice to see a lot of new people in the room. I know that we have a lot of people that are following this event online through the webcast and also a very warm welcome to each one of you as well. Today is a very exciting day. It's a day that we have been looking very much forward to because today, we have an opportunity to explain to you all the significant progress that we have made in the business over the last 3 years. And we're also excited about the fact that we have an opportunity to explain to you why we believe that we have a successful future ahead of us. But today also marks what I think has been a very fruitful internal process because we have spent many long hours on preparing for this Capital Markets Day. And that is not only benefiting you, it's also benefiting us internally. We have had an opportunity to get full transparency to our expectations for the financial performance in the next foreseeable future until the end of 2028 and align that with the broader leadership team in ISS. And that means that today, you are seeing a plan that is not only my personal commitment, not only the commitment from the executive group management team, but the commitment from the broader leadership team in ISS. And that's important because in ISS, we are executing our strategy in our countries, and we are delivering our financial results in the countries. So it's very important that our country managers also understand where we're heading and are committed to deliver. In my session, I will focus on 3 things. The first thing that I will explain to you is the market that we are operating within. Secondly, I would like to explain to you the details around why I say that we have made significant progress over the last 3 years. What does that mean? And thirdly, I will tell you how we are using our stronger platform to unlock the potential that we have in ISS. Let's start with the market. We are very excited about the market that we are operating within. As I said in the video, there's plenty of opportunities, both for ISS and the competition to grow. If we look at the whole outsourced market today, then we have less than 1% of that market share. And the market is expected to grow in the foreseeable future, both outsourcing as a trend, but also the demand for single-service cleaning and integrated contracts. And it's very important to convey the message and that you understand that the market that we are operating in today is very different compared to how it was before COVID-19. The conversations we had with customers before the pandemic was almost always centered around price. Today, the discussions we're having with customers are much more value-based. And that is the case because all businesses and all decision-makers appreciate that square meters is not just space. Square meters has to be an experience. It has to be something that is better than the alternative for staff, which is to work from home. And therefore, the investments that are going into office environments is bigger than what we saw before COVID-19. It's also clear that, what is creating engagement among staff is that you're working physically together. And when people are engaged, then they work in a more productive way. Outsourcing as a trend is growing. And it has to do with the fact that there's a lot of uncertainty in the world at the moment. And I'm not only talking the geopolitical tensions that we have, the uncertainty at local level and regional level. And what we see is that, that is pushing outsourcing as a trend. Customers want to focus on what is core to them and are interested in liaising with strong partners that can take care of services that are still important to them, but not core. And that's exactly where opportunities comes up for ISS. And lastly, on AI, artificial intelligence, that is pushing how work are getting done. And customers are expecting that their facility service partner can adapt accordingly. But AI is also producing commercial opportunities. The number of data centers that are being established today is significantly more than what we've seen historically. And lastly, AI is, of course, also giving us an opportunity to improve how we are working with our processes internally. So the market is significant. How do we then get our -- how do we get our arms around the opportunities in the market? We have completed a significant survey where we asked more than 4,000 current customers and potential new customers. We asked them about what are they basing their decision upon when they are choosing which partner to use for facility services. And there are 3 things that comes up. The first thing is efficiency and standardization. In other words, price. If we are not competitive from a price point of view, then we're disqualified in a commercial process. Secondly, on the experience part, I alluded to it before. It's clear that all businesses appreciate that if they don't invest into the office environment, then it's not better than the alternative and people will work from home. That is not creating engagement and you're lacking productivity. They are expecting that their facility management partner can help at a strategic level to design the setup for how that is done and created and help to run the facilities accordingly afterwards. And on sustainability, customers are expecting from their facility management service partner that we are helping to accelerate their ESG agenda. On the environmental part, remember that approximately 40% of all CO2 emission is coming from facilities. They're expecting that we can help them to create a baseline and then help drive energy savings accordingly. And the theme that is getting more and more traction across local markets is social sustainability. I will explain later what I mean about that, and Liz will also double-click on that in the session that she has later today. So of course, the key question is, how do we -- how are we then positioned to deliver on the needs of our customers. And we believe that we are uniquely positioned. And a big reason for that is that we self-deliver our services to our customers. And because that's essential to understand, I have 2 slides following this one where I would like to explain the details about that. We provide all the services that you can think of in a facility, and we do that with one point of contact. And we are a global company that are represented in 57 local markets, which is important because we are providing our services in a consistent way regardless of the geography. And lastly, we know how to scale. So when best practice is being spotted somewhere on a site, then we know how to scale that across the enterprise. And the same goes for innovation when that is invented. So let me spend a bit of time on our operating model, the self-delivery model. The competition are providing their services through an account management team. And that account management team is liaising with subcontractors that are providing the services on the customer sites. In some instances, we see that the way that model is working is that you have one third independent party providing cleaning services, another one providing food services and a third one looking after technical services. In our model, we have an account team and that account team is managing our people, our workforce. And why is that a benefit to our customers? Well, first and foremost, we own the user experience. It's our people that are providing the experience at our customer sites every single day. That is hard to do if you don't self-deliver the services, but you provide the services through a subcontractor, a third independent party. Because it's our people and we are managing the workforce and the cost base, we can also provide cost leadership to our customers by using productivity benchmarks. And then we do things across our enterprise in a consistent way with the same processes, the same methods and the same tools. We train and we engage our people. In ISS, we handpick the people that we hire. And then we educate them in what good service and experience looks like. We meet them every single day, making sure that they are encouraged and motivated so that when they see the customers at their office premise, then they are thriving, they are operating at the best. You will see, for those of you that are here in the room, when we have the site tour later today, you will see an example of exactly that. And on social sustainability, we have more than 325,000 people in ISS in our workforce. And what we can do together with customers is that we can assess what is the so-called swing factor in a local community and give people opportunities that they not necessarily would have had if that partnership didn't exist. And let me give you a few examples of that. In India, we are helping people that lives in poverty to have something meaningful to wake up to in the morning, something they could be proud about, a role with ISS where they're working at the sites of our customers. In the U.S. and the U.K., we are running programs around homeless people and disabled people. And lastly, on compliance. Because we recruit people ourselves, we onboard them ourselves, then we can give the assurance around that we live up to the national legislation from a compliance point of view and also if there are specific requirements that are related to customers. All of this, just to say that if you don't self-deliver your services, it's incredibly hard to drive those benefits to customers. So I said in my introduction that we have made significant progress over the last 3 years in ISS. And I'd like to give you some additional color on that. When we had our last Capital Markets Day at the end of 2022, we spoke about the so-called 4 hotspots. U.K., Deutsche Telekom, France and Danish Defense. All of those hotspots have been resolved in the past 3 years. And I'm also incredibly pleased with how we are operating the business today, which is very different compared to where we were 3 years ago. Those of you that have followed the company in that period of time will remember that I reduced the executive group management team from 13 people to 5 people, and it's working. It's working to give the best qualified, the best people a bigger avenue to provide the leadership upon. It takes bureaucracy of how we work, and it accelerates the momentum. I'm also very pleased with the fact that we have simplified our strategy, and that is important because if people don't understand what we aspire to do, then of course, they're not running through the same avenue. And in a company where we have more than 325,000 people, then that articulation needs to be crisp and clear. I think we have managed that in a very good way, taking a lot of complexity out of how we have designed the strategy and how we are executing the strategy, which provides us -- which makes it easier to communicate. And I have to say that the engagement, the spirit, the enthusiasm that I experience in the company today is at the highest level that I've seen in the 17 years that I've been with the company. And the good thing is it's coming nicely through in the numbers. This year, you should expect that the organic growth is greater than 6%. You should expect that the operating margin is around 5.25% and you should expect that the free cash flow is greater than DKK 3.1 billion. That is quite a significant improvement compared to where we've been historically. And we have learned from the past. So what we have in place in how we are operating today is a very strong governance where the right things are being discussed when that is needed. So as an example, we have in our governance that everything above a certain threshold is being discussed with the executive group management team and signed off as well. What that ensures is that we won't get hotspots in ISS again because we won't commit to things that we aren't able to deliver exactly what happened on the Deutsche Telekom contract. And we will not repeat the mistake that we did with Danish Defense. So we have in place that if we are not sure about the data set that we have been provided that we are basing our pricing upon and therefore, have received from the customers, if there is a possibility that that's inaccurate, then we have a legal clause in our MSA, making sure that we can adjust the pricing a couple of months after we have gone live. And the way that we operate our business today is with closeness. And I'm very, very pleased with the fact that we have a system in place that isn't rocket science, but needed in a low-margin business like ours, where there are business unit meetings taking place. Troels will explain a little bit more about it in his part with the countries on a regular basis. It goes down to business unit level and all the way down to site level. And then we have a thing in place, which a lot of people are laughing about, but I don't care because it matters. It's important. And that is a daily cash flow tracker. So every single day, we see the cash that has been delivered at the lowest units across our global enterprise. And why is that important? That's important because when you know your cash flow, then you can do a proper quality of earnings assessment. And when you can do that, then you can see if there are smoke coming out of the system. When you address issues, when there's smoke coming out of the system, you prevent the fire to happen, incredibly powerful. And I'm also very pleased with the fact that we have found a balance between how we work with what is mandatory and pushed and owned by the group versus what is executed locally. So when you -- when I speak about strategy later on in my presentation, you will see that we have a few strategic initiatives that are group initiatives, global initiatives that grows across the portfolio. And those are, of course, chosen because those are the ones that gives us scale benefits. That also means the things that are not global, that's anchored locally with the strong governance wrapped around that. The team -- executive group management team, as I said, consists of 5 people. And today, you will not only hear from Mads and myself, you will hear from Liz, Troels and Carl-Fredrik. And Michael gave a good introduction on their background. But I will just say that it is really, really fruitful to have people in the executive group management team who understands how our business is working in the countries. And with that wealth of experience that we have in the executive group management team, that's important because that means we are discussing the right things and we are making decisions that are meaningful and powerful for our business in the countries. Our platform today is in 57 countries. And you should not expect that we will divest any countries. You should not expect that we will enter into new markets. We are where we need to be to grow this business. We also have the service capabilities that we need in order to unlock the potential in the business. And we will continue to focus on segmentation, because our customers don't want to talk to a generalist. Our customers and potential new customers wants to talk to a partner that can advise them at a strategic level, and that you can't do if you're trying to be everything with everybody everywhere. So we have a stronger platform. How are we then going to unlock the potential from the stronger platform? Well, as I've said several times already, then we have taken a lot of complexity out of how we have designed the strategy and how we are executing the strategy. And that is important in a very decentralized organization like ISS to align people. And what that means in practical terms is that our strategy can be displayed on one slide, and that's the slide that I have behind me here. I would like to take you through the components of this slide because that will make you understand the strategic decisions that we have made and how we are prioritizing. So as I've said, we operate in a market that is full of growth opportunities. We have the right geographical footprint. And the reason why that is the right geographical footprint is because it mirrors the footprint of the customers that we want to serve. And the customers that we want to serve are customers in the following segments: financial services, professional services, technology, life science and local selective segments. The scale benefits across each of those segments is our self-delivery model because when we are delivering our self-delivery model at the highest quality, then we meet the needs of our customers. And those are price, it's the experience part and it's sustainability. And when we meet the needs of our customers, then we also deliver our mission to our customers at their sites. And our mission is that we make space for people and businesses to thrive. And in order for us to continue that and deliver that to more and more customers, we are prioritizing. And we are prioritizing the following activities, categories, customer-centric growth, leading frontline employer and efficiency. On the customer-centric growth, we have a great offering, but we need to be better at commercializing it. We will continue to invest into becoming the leading frontline employer. We are a people company. And when our people are thriving, then we're unbeatable at the customer sites. And we will continue to work with our cost base and become more and more efficient. Troels will talk about that in his session around workforce management, and Mads will also touch upon that with shared -- the journey on our shared service center. The shared service center is a great example of how we are providing operating leverage in our business. And each of our priorities and initiatives is powered with technology. We have evolved our thinking around technology a lot since the last Capital Markets Day. Today, we are only investing in technology that is linking to our priorities, not the other way around. And specifically, what we are investing in is what will be covered in the sessions from Carl-Fredrik and Troels and Liz later today. But one thing that I would like to single out is the work that has been done around cybersecurity. Many of you will remember that in 2020, ISS was hit by a severe malware attack. And we've used that opportunity to build a cybersecurity setup, which is not only keeping the company safe, but we're also using it as a competitive advantage, and it's well acknowledged by our customers. And the good thing is that our strategy and the execution that we are making is all -- is paying off. It's working. So our cNPS is up with 10 points compared to the same period last year. Our employee turnover is down with 3 percentage points, and we work with our cost base in a much more efficient way today compared to what we have done in the past. And that's important because, of course, that is increasing our operating margin, but it also gives us an opportunity to be much stronger when we are putting prices forward in commercial processes. So going forward, you should expect that the average annual organic growth over the period 2026 to 2028 is greater than 5%. What we have assumed in that target is that the contribution from prices, which is currently 4%, is decreasing in 2027 and 2028 to 2% to 3%. And we have assumed that our like-for-like growth, so growth with existing customers and new customers, is at least 2%. And then we have assumed a decent growth coming from project and above-base work. On operating margin, you should expect that our operating margin is increasing from the current level at 5.25% to between 5.5% and 6.0% in 2028. And you should expect that the margin next year in '27 is higher than the margin that we are having this year in '26. So margin is increasing in '27 and then increasing further in '28. And you should expect that the cash conversion for each of those years are greater than 60%. Mads will cover the details around our capital allocation policy, but just a few words on it from my side. We are not changing our capital allocation policy. So our leverage range will stay at 2.0 to 2.5x. We'll continue to pay dividends of 20% to 40% of net adjusted profit. We are still interested in doing bolt-on acquisitions to the same extent as you've seen in the last 3 years in -- where we have opportunities that is a good strategic fit for us in markets where we have a strong platform and where we have a management team that have a proven track record and where, of course, that it works, the business case works from a financial point of view. And when you take the targets that I've just explained and you wrap the capital allocation around that, then, of course, -- that also means that there will be quite a significant amount of excess capital in the business for '27 and '28, and that will be returned to shareholders through additional share buyback programs. So what I want you to take away from this session is the following things. First of all, that we operate in a market that is very attractive, that we have a platform today that has improved significantly, a platform that is ready to absorb growth and that we are incredibly focused in our execution. You will hear from Carl-Fredrik exactly what we do and what we do different today compared to what we have done in the past around customer-centric growth. We will zoom in on the United States of America or North America with Steven Quick. Clearly, that is a market where we have a lot of growth opportunities. Steven will cover where we are with the business today, and he will cover what we are focusing on in the future and also explain why that is different compared to the many attempts that ISS have had previously in the -- in North America. And then Troels will cover efficiency. And Liz will talk to you about the initiatives that we have around becoming the -- continue to improve our position as a leading frontline employer. And all of those things are, of course, converting into our new midterm targets that Mads will double-click on. And I'm sure that all of you have either put whatever I mentioned around the targets and the capital allocation policy into a spreadsheet or done the calculation on the back of an envelope. And it's, of course, clear that with the plan that we are presenting today, then we are expecting that the earnings per share in 2028 and beyond is significantly improved compared to where we are today. With that, I will close my session, and I will give the word to Carl-Fredrik. Thank you.

Thank you very much, Kasper, and good morning, everyone. My name is Carl-Fredrik Langard-Bjor, and I am the Group Chief Commercial and Revenue Officer in ISS. I've spent 25 years in the service industry coming from an American global staffing company as the CEO and Head of Corporate Accounts, Group CEO for the Nordic Staffing company and 15 years in ISS, 8 of which the country CEO for ISS Norway, one of the largest and most profitable countries we have across the world and 5 years together with my colleagues in EGM, the first 3 years as the regional CEO for Northern Europe and UK&I and the last 2 years as heading up growth, revenue and commercial. And the cornerstone of all those things that I've been doing has been about profitable growth. It is a privilege today to speak with you on the topic of customer-centric growth and to build on our recent H1 announcement where we did 8.2% organic growth. And I want to take a moment to also recognize all the commercial resources in the ISS enterprise for a very, very strong performance in that time period. This growth is well above historical levels ISS has delivered over the last 25 years. And importantly, this growth is being driven by new business wins, account expansion, strong retention and with a stable impact from price increases. And at this point, I could end my presentation here. But sustainable growth does not happen by chance. Today, I will explain how we built the culture, the capabilities and the operating model that supports sustainable growth into our midterm outlook because growth does not happen by chance. I'll turn first to how we created a stronger enterprise-wide growth culture to drive this commercial performance. Through sharpening our focus, as Kasper mentioned, we have made customer-centric growth 1 of 3 enterprise strategic priorities. But it does take targeted actions to make this come to life and to ensure that a commercial mindset truly lives and breaths throughout the full organization. To this end, together with my group management colleagues, we've implemented a number of targeted initiatives to strengthen the growth culture. And these include, among others, bringing our commercial community closer together through an annual growth summit. And this was not a thing of the past. So embarking on the journey where we share best practices, we make sure that we come together as one team, and we're also dare to recognize has been a pillar on the growth journey so far. We've also launched global sales competition to involve everyone in ISS in what we are trying to achieve. And last but not least, not being afraid to celebrate our success while also making sure that we do learn from all our losses. And together, these initiatives has helped us make growth a shared responsibility by creating stronger commercial alignment, understanding of our common growth ambition and an awareness of growth accountability throughout ISS. We apply the same principles of transparency externally, regularly communicating both our large successes and the losses to the external market and everyone in this room today. However, while sustainable growth starts with culture, we also know that culture alone is not enough. It must be complemented with a clear strategic approach to growth firmly embedded throughout the organization. Our customer-centric growth strategy spans every revenue lever across the customer life cycle, ensuring that customer needs and priorities are reflected in how we win, how we keep and how we grow our customer base. And this is why I'm presenting today as the Chief Commercial and Revenue Officer rather than the Chief Commercial Officer because growth is much more than just winning the new business. Accordingly, accountability now extends across the full growth agenda with dedicated initiatives focused on winning new customers, strengthening customer relationships and retaining existing customers under the leadership of one single function. Next, I would like to showcase what this looks like in practice. We have implemented a very systematic approach across the full customer life cycle. It's steered by a single global function and built around the 3 priorities of win, keep and grow. Winning starts with focused segmentation, a consistent sales approach throughout the enterprise and a compelling IFS solutions tailored to the customer needs with efficient, standardized solution in our cleaning business. Customer retention and expansions are supported through a range of initiatives implemented across our key account portfolio, representing 900 strategic accounts and as much as 71% of our revenue. These include, among others, structured customer listening programs, customer development plans and a strengthened approach to above base. And consistency is key. Our global initiatives provide a common framework on our systematic way of working while allowing the countries to adapt these with local initiatives. Steven Quick will explore this in more detail in the next session when we go into North America. I will now take you through the specific initiatives we've implemented, how these are supported the growth we are currently seeing and why this demonstrates that growth also is sustainable going into the future. And let me start by winning new customers. I referenced the expansion of growth accountability across all the revenue levers, but let's make no mistake. New sales remain strategically important as we continue to expand our already significant customer base. And over recent years, we have significantly strengthened our ability to win new customers. And in this section, I will explain the key initiatives that has driven exactly this progress. Our winning approach starts with identifying the most attractive segments for ISS, where demand for our services is the strongest and where ISS has a proven ability to create value. A clear segment-based approach to bidding across the markets provides a consistent structure for prioritizing opportunities across the enterprise. And across all of these markets, financial, professional services, technology and life sciences remains priority segments, reflecting their attractive global market dynamics and strong alignment towards the global ISS capabilities. But at the same time, countries do retain the flexibility to pursue opportunities in attractive local segments, for example, industry and manufacturing and defense, and they are all based on local robust business cases. This approach creates alignment across the organization. Countries understand where we want to grow and understand where to prioritize their efforts, reducing the number of opportunistic bidding and promoting bidding based value on the win probability. I will now move to the criteria behind our segment choice and how this enable us to target a significant portion of the market opportunity. Our segment-focused commercial strategy across all markets is built upon opportunities where ISS has a clear right to win with profits. These are defined by our unique value proposition, established customer references, market attractiveness, profitability and payment terms. Together, these factors helps ensure that new wins continue to translate into sustainable margin and a very strong cash conversion. We are not constrained by opportunity. Given the size of the market, success is not about pursuing every opportunity. It is about identifying where ISS is the best positioned to win and to create value over the long term. By maintaining a clear focus on our 4 prioritized segments, we ensure that ISS is well positioned to capture a meaningful share of the global outsourced market. And in addition, prioritized local segments provide a strong foundation to continue to grow into the years ahead. That said, identifying the right segments is only the first step. Now I'll take you through the initiatives we developed to ensure we engage proactively with target customers and demonstrate how ISS can create value for them from our first intervention and onwards. To support this proactive customer engagement, targeted segment campaigns are specifically designed to show thought leadership on the most relevant topics for our prioritized segments. For target customers, we combine these segment campaigns with account-based marketing initiatives, which is focusing on the issues that matter most to them individually and promote where ISS can make the greatest difference. This is reinforced through our enterprise sales methodology, the ISS way of selling, which provides a structured approach to customer engagement across all the markets, always based on value. This also ensures we're not only engaged in the segments we want to compete, but also with the customers we want to win in a way that positions ISS as a strategic partner in the language that speaks to their core needs. Differentiation is also equally important. Our leadership in workforce management under Troels Bjerg, our self-delivery model powered by more than 300,000 placemakers and our ability to create measurable social impact under Liz Benison's leadership creates a competitive advantage based on leading price competitiveness, exceptional customer experiences and an unrivaled measurable sustainable outcomes on a global scale. The result is a disciplined and consistent approach that keep customer needs and value-based outcomes at the center of every single interaction with a winning value proposition built on our global footprint and definitely a competitive advantage. On the next slide, I will show the outcomes these initiatives have achieved. The impact of our approach is clear. And I've highlighted -- what I've highlighted has not been achieved through one single initiative. By focusing all the commercial resources on the priority segments, engaging proactively with customers throughout their buying processes and tailoring our scalable solution to their needs, we increased our new sales hit rate by almost 50% between 2023 and 2025. I will say that again. We increased our hit rates by almost 50% between 2023 and 2025. This improvement gives us the confidence that the strategic choices we have made are strengthening our commercial performance. To further illustrate how these choices have translated into tangible performance outcomes, I would like to share a case study. The U.K. is a strong example of how segment-focused approach in action, transforming from a commercial hotspot in the past to a best practice example for the wider organization. Through a relentless focus on priority segments and proactive customer engagement, our U.K. business increased revenue won by 340% between 2021 and 2023, alongside a significant reduction in opportunistic bidding. Significant new business wins have continued to be announced across priority segments since 2024. And as you see, the Department for Work & Pensions, the Foreign & Commonwealth Office, West Sussex County Council and the Bank of England are all announcements of more than DKK 100 million through a structured process in the U.K. to win more and bid less. This demonstrates the success of the model and its scalability through repeated commercial performance over time. I will now move to the second section, focus on how we keep, how we retain and how we grow our customers. And as mentioned in the outset, our approach to growth does not stop with winning new customers. Some of our most attractive growth opportunities exist within the current customer base. And by focusing efforts on the customer relationships we have built over time and further strengthening these, we created a platform for both sustainable retention and future growth opportunities across our full portfolio. I'll now turn my focus to the structured initiatives we have taken to keep and grow our existing partnerships. At the heart of our customer-centric growth strategy is the annual customer engagement survey, covering more than 900 key accounts and over 4,000 customer stakeholders. Each and every year, we receive feedback from a range of stakeholders across participating accounts, giving us the structured view of customer satisfaction. While the scale of the program is important, the real value lies in what we do with the feedback. Customer insight only creates value when it drives actions, transforming customer listening from a measurement exercise into a genuine driver of growth. For us, the customer engagement is not simply a measurement exercise. Through our listen, think, plan and act framework, customer feedback is translated into targeted account actions to drive retention and account expansion with senior leader sponsorship of action plans. The program continues to evolve through initiatives designed to improve both coverage and effectiveness. For example, targeted pulse surveys for risk accounts that allows us to monitor progress, enhance existing action plans and ultimately turn retention risk into retentions secured. This disciplined approach has been a significant contributor to the 95% retention rate achieved in H1 2026. And let me also be clear, the ambition going forward is also to maintain the 95% retention rate. This has also helped to drive a 10-point improvement in customer Net Promoter Score, demonstrating that value of systematic customer listening, combined with effective follow-through initiatives on a global scale. And the improvement in customer satisfaction are important, and they are a testament of the strength of the relationships that we have. And more importantly, they create a platform for further growth within the significant opportunity we have in our key account portfolio, which I will now go further into on the next slide. With our key account portfolio alone, we have identified an estimated additional DKK 80 billion share of wallet opportunity through services that are not currently with ISS. Beyond this, further opportunities exist through cross-border account growth and above base. This is one of the most attractive opportunities available for us because it's built on relationships that already exists. We already understand these customers, their operating environments and priorities, allowing us to focus on expansion rather than acquisition. As such, these opportunities typically benefit from higher win rates, shorter sales cycles, allowing us to further enhance our efficiency in deploying the commercial resources. And this opportunity, everyone, is significant. But what truly gives confidence is our growing ability to convert that opportunity into revenue. And I will now move to this by highlighting the outcomes that we have achieved. I've spoken about new wins and retentions and the results for account increases are equally compelling. Through our structured approach to customer engagement and account development, we have increased the hit rates of major scope increases by more than 130% between 2023 and 2025. This performance reflects the strength of the customer relationship we have and the effectiveness of our commercial initiatives built on data-led capabilities we have developed over the recent years. And importantly, our established goal operating -- global operating platform enables us to more than just expand locally. It allows us to support customers consistently across geographies, which I will elaborate on very shortly. The growth opportunities with existing customers extend beyond major scope increases. They also support above-base revenue, which remains a significant growth lever. I will take you through what we've done to ensure we maximize opportunities, especially within above base. And to capture this opportunity more effectively, we have increased visibility of above-base opportunities, strengthen the sharing of best practices across markets, enhanced initiatives for both operational and commercial colleagues and supported execution through targeted global campaigns involving everyone at ISS. And together, these initiatives help us to embed a more proactive approach to identifying and converting expansion opportunities within the current customer base. And this is contributing to a continued positive momentum. And we look forward to demonstrate how these initiatives translate into tangible customer value and commercial outcomes at the site level during later this afternoon. I have referenced international expansion of customers, which owning to our global footprint and consistent delivery model presents an attractive avenue to grow our customers into the future. And like in the first section, I will end this section with a case study to demonstrate how international customer expansion comes to life. The example you see is customer-centric growth in practice, delivering for customers locally to turn this into strong local key accounts and then growing these customers across countries and regions throughout the globe. In this case, success in Spain, which grew the local relationship, leading to an extensive local customer expansion with a satisfied customer growing from DKK 5 million to DKK 100 million account. This satisfaction and proven ability to deliver locally developed the relationship to a point where we saw the opportunity to deliver across multiple ISS geographies. Through offering the same standard solutions across markets, we have continued to grow the account to DKK 260 million with further recognized expansion opportunities globally with the potential to double existing revenue to more than DKK 600 million with a value proposition based on unmatched operational efficiency. This is what Troels also will speak to later in his session. This demonstrates that once trust has been established in one market, we are positioned excellent to support customers as their requirements evolve and expand our business alongside them internationally. Our customer engagement survey helps us to identify satisfied customers with expansion potential, and we are further supporting international account expansion through dedicated farming resources to enable these opportunities to be converted at scale. I've taken you through the actions we have implemented across the pillars of win, keep and grow and the commercial outcomes that they have delivered and we will now look forward with regard to what this means to sustained future growth. In combination, the initiatives I have shown have created a more disciplined and scalable approach to growth across ISS. And it is strengthening our ability to win new customers, retain the strategic accounts and also expand the current customer base. As a result, we have built the capabilities, the processes and the customer relationships needed to support sustainable growth at scale, which are now embedded across the organization. Let me turn to why we remain confident in the sustainability of our growth outlook and the opportunities that do lie ahead. The commercial outcomes we have delivered are encouraging and importantly, increasingly broad-based. We continue to announce contract wins and scope increases to the markets. And year-to-date, we have announced 11 positive new contracts, tracking very strongly against the 20 announced in 2025. And as you see, already exceeding the total for the full year of 2024. We're also seeing the benefits across the wider organization. The share of countries delivering positive volume growth before pricing has increased by 36%, demonstrating that growth is becoming more deeply embedded across ISS with contributions from multiple revenue levers and a broader range of markets across the full enterprise. And at the same time, our commercial pipeline continues to strengthen with a 44% increase compared to 2024 with RFP stage and late-stage pipeline opportunities for new sales and scope increases also increasing with more than 40% compared with the same period 2 years ago. And this provides a greater visibility into future revenue opportunities. Combined with improving hit rates, these trends reinforce our confidence that the customer-centric approach we have built is continuing to translate into sustainable growth momentum. I will now turn to what this means for our midterm outlook for growth. Looking ahead, we expect like-for-like growth to remain at 2% in each of the years 2027 and 2028 and improved contribution from projects and above base while the contribution from price increases is expected to below 2026 levels. More importantly, our growth profile is becoming increasingly balanced and resilient. Growth is supported not only by new business wins, but also by stronger customer retentions, account expansion and deeper customer engagement across our full portfolio. Having built the capabilities, the processes and commercial discipline outlined today, we remain confident in our ability to deliver growth above historical averages over the medium term, supported by a growth model that is increasingly scalable and customer-centric. And before we conclude this session, I would like to leave you with 3 key messages. First, we have implemented a growth strategy that spans the entire customer life cycle from winning new customers to retaining and growing existing relationships. Secondly, this approach is delivering tangible results across every growth lever, highlighting that the growth we are delivering today is increasingly being driven by factors that are within our control. Thirdly, we now have the capabilities, the culture and the operating model in place to support sustainable profitable growth over the long term. And taken together, these factors gives us confidence in our growth outlook and our ability to continue creating value for customers, colleagues and for shareholders. Thank you very much for your attention. I look forward to your questions during the Q&A session, I really do, and to demonstrate the elements of our strategy in action during the site tour. But as a final comment, there's one important part that I would like to say. All of the things that you have seen through the growth journey has been about absolute focus to win where we wanted to win and to make sure we drove everything as well into the direction where we're improving. And on that note, I am confident continue to grow this company into the future. Thank you. I'm now going to pass it over to our CEO for the Americas, Mr. Steven Quick.

Good day, everybody. How are you? So you can see from my background here, I've spent about the last 2 decades working in various companies in this industry, whether it be service companies or large commercial real estate companies. All those mandates involve some sort of strategic transformation that involve growth. What I want to do today is talk to you about really 4 areas of the North American business. I first just want to define the size of the market. I'm going to spend a minute and just talk about where we are today. I'm going to spend the bulk of my time talking about the investments that we've made and the changes that we've made to enable growth. And then I'm going to round it out with just talking about some leading indicators. Sounds good. All right. So let's talk about the size of the market. The North American market is the largest FM market in the world at 29%. If you look at it through a slightly different lens and you think about the Global 2,000 largest corporations, 33% of them are in North America. The market remains fragmented, and we have relatively low market share. So really, what that translates into is we've got a lot of headroom in North America. So let's talk about the business today. We're organized in an East and a West region, and I'll talk about the rationale for that in a minute. You can see in these 2 regions, we're pretty equally distributed through revenue and employees. Our services are weighted toward food, and that's a function of a 2017 acquisition we did of Guckenheimer. And the rest of our services are really part of an IFS bundle, and you can see the distribution here. Our segments are heavily weighted toward those global segments that Carl-Fredrik talked about. And I'm going to spend some time getting into that in the following sections. So that's our business today. So I've been in this industry a long time. I know ISS well. I competed against ISS when I was based in Europe. I partnered with ISS when I was at Cushman & Wakefield. And so when Kasper called me about this role, I was really excited because I absolutely believe the North American market is ready for a disruptor brand like ISS. There's a couple of macro trends that I think are really important to keep in mind here. One is that I'm going to apologize right now. No one wants to talk about COVID, but the reality is corporate real estate departments are still struggling in a post-COVID world. Yes, we've seen people come back to the office, but not quite at the rate and not the consistency. And they're still struggling with amenities, what do you do, carrot, stick, all those kind of things that we've seen happen. This is not really resolved. But a couple of things are really clear and that the conversation with corporate real estate commerce departments, it's no longer about assets. It's about people. And that really plays well into our hands at ISS. The other macro trend that we're seeing is the effect of AI. It's a slightly different perspective than everyone is talking about AI in kind of their daily lives. And that is that as AI becomes more prolific in the workplace, there's a premium put on the human experience. I was having a conversation last week with one of our large technology companies. They're in the AI space. They're a hyperscaler, and we had this exact conversation, that as AI becomes more prolific, those limited human experiences are going to become that much more precious, that much more powerful. And that serves us so well because we do have this hospitality mindset. It's rooted in the Guckenheimer acquisition, but it's not just food, it's all of our services come together. Think about a really terrific hotel experience. We're translating that from the hotel to the workplace. That's what I mean by hospitality. This is in our DNA. We've done this for years. We're really good at this. The other thing that's really translating well into the North American market is, again, something we've done for a lot more than a century. And that is our care around our people and the communities that they live. We're leaning into our placemakers and the communities in what they live and they work. You can see this in our social media. It is a true differentiator in North America. And self-delivery, you're going to hear about that a lot today. You're going to hear some more from me in a few minutes. But self-delivery in North America is something that's a little more -- I look at it from a slightly different perspective. The North American industry has been predominantly a property management model. What do I mean by that? It means that companies that were getting paid to manage a budget and to manage the subcontractors. That's not us. You know that by now, and you're definitely going to know it by the end of the day. But in order for us to really realize growth, we had to deal with some things that we've done in the past. So we've done that. I mentioned our regions. Up until 18 months ago, we were organized separately with the food business. We never integrated Guckenheimer. And then we had the IFS business organized by some vertical markets. And what that realized -- what that really resulted in is we didn't -- we weren't realizing our scale. We weren't getting close to customers and we weren't cross-selling. So 18 months ago, we brought all the businesses together. We organized into regions. We're customer-centric. We have all of our capabilities now to bring to those relationships. And we're already seeing the results of that in retention rates and growth rates of those existing customers. We didn't know who we were. Our focus was everywhere. Today, I can tell you our focus is crystal clear. And that's those global segments, financial professional services, technology, life science, and we also have an aviation segment, that is what we're focused on, nothing else. It's really important. We've got an enormous market. We've got an enormous opportunity. We've got to stay focused. Why those segments? Because we have references there, and we've got the right to win. Our differentiators are really resonating with those markets. We know that, so we're focused on them. We're not focused on anything else. One of the other things we've done in the past is we didn't consistently bring strategic initiatives. Maybe that's a function of some of the leadership turnover. I don't know. But we have created this framework. Carl-Fredrik talked about it. We brought this to the business. Keep, grow, win, simple. Simplicity in this case serves us well. If we are not putting every initiative through a filter about delivering for clients and retaining those clients, growing that existing relationship or winning new work, it doesn't matter. We have to stay focused. The market is too big. Our opportunity is too immense. That's what we're doing today. We have invested in the business. We invested in leadership and organization. One of the things we had to do is we had to upgrade our sales force. We had to bring people in that knew the North American market. But more importantly, the market had to know them. Because I had to show up with people that said, wow, ISS is here, they're here to play. They're serious and they're here to win. I had to send that signal, and we've done that. We've also trained our key account managers. At ISS, we are very good operators, not so great at growth. So what we've done is we've trained those key account managers, not to be salespeople, but to identify opportunities for growth and then bring in those salespeople that we had, we didn't invest in. So we're forming win teams now with our key account managers and those salespeople with very disciplined plans. I talked about reorganizing the business, and I'm going to spend a minute on the next slide talking about my organization. Operationally, we invested in the platform, 3 areas. On the operational side of the platform, things like workforce management, which Troels is going to go into in a minute, strategic sourcing. We've also invested in technology. I want to have a scalable technology platform. So we've invested in digital recruiting, which Liz is going to go into some detail this afternoon. And also, we've invested in a procure-to-pay program. So now I've got a scalable backbone of technology. And that hospitality framework I talked about, we've invested in that. We had to go grab people from the hospitality industry that really knew how to do this well because it is an art and to translate that again from that great hotel experience that you picture to the workplace. This is so crucial for today. Commercially, we've done a few things as well. We've invested in our growth channels. We had to understand where the opportunities are coming from. Let me give you an example of one of these growth channels. In the North American market, more than 50% of the private sector opportunities are coming through a handful of bid consultants. Historically, we didn't know that. We didn't recognize that. We didn't manage it that way. Today, we manage that as a growth channel. We've got relationships with them. We've got a formal program. And informally, there's not a day that goes by that myself or one of my senior leaders are not talking to one of these bid consultants, a huge difference from what we've done before. Capital projects is an adjacency to our business. It's a natural adjacency. But when you identify those opportunities, you have to have the subject matter expertise that can come have a conversation with the client to change that from an opportunity to a close. So I brought in some leadership and some capital market -- some capital projects expertise that really knows how to do this. I'm going to spend some time in the following slides around the investments we made in digital marketing and to talk a little bit about pricing as well. So my leadership team. We have very purposely created a leadership team that's a blend of ISS veterans and industry professionals. I needed to have the ISS veterans because they need to understand that DNA, that ISS DNA around workforce management, around those CSR programs. That was an important bedrock. But I needed to bring people in that had run businesses, bigger businesses than this is today, so they're scalable, and they were winners. And once again, the industry had to know them. I purposely hired people that we put out an announcement and the market said, wow, ISS is serious this time. And it's really resonating. So I brought in a management team that the market knows. And they know exactly what good looks like and they know our competitors, and they know how to compete against them. So 7 of the 10 are new. I talked about digital marketing. When I got here 2 years ago, what I realized was the North American market didn't know who ISS was. They weren't really sure. With this Guckenheimer brand, we had some false starts and they really didn't know. And so that could be a blessing or a curse, but we took it as an opportunity. So we've defined ourselves in the market in exactly the right way to accentuate those differentiation points that I talked about. So we've leaned into those announcements. We've leaned into hospitality. We've leaned into our CSR, and you can see that in our social media presence. It's huge. And one of the things about hospitality that I love is we announced hospitality and this whole idea around bringing that hotel experience to the workplace and our competitors, I started seeing it on their websites. All of a sudden, there's a hospitality tab. I love that because getting momentum in hospitality plays right into our hands, and that's really powerful. Self-delivery is synonymous at ISS, right? They're really one of the same thing. You heard a lot from Kasper. You're going to hear more from Troels. But one of the things that we had to do in the Americas to just show up and say, we self-deliver, people said, so what? We had to translate the feature of self-delivery to the benefits to the clients. And that has not happened before. And we've done that, and we're doing that. One of the serendipitous things that I also found is kind of interesting is that when you do self-deliver all this work, you provide really great opportunities for your placemakers. So we've got all these opportunities I've joined the business for people that started as an entry-level jobs and now they're managing groups of people, they're directors, their managers, there's executives, another really great impact. But you can see here the benefits for ISS and there's benefits for our clients. They're not mutually exclusive. As a matter of fact, they're complementary, and that's really, really powerful. So if you take this away, the reality is if you really want to boil it down, self-delivery, higher quality and it's more efficient. But one of the things we struggled with was how to price and discuss that efficiency. This is an important element. Go back to my property management model. In that property management model, there was a myopic focus on the management fee. And again, that management fee was to manage a budget and to manage subcontractors. We had historically not been pricing on an apples-to-apples basis because we didn't understand the game. So we weren't getting past the first or second round and opportunities that we should be. We've changed that now. We're now competing at the apples-to-apples level at the management level so that we can now get to the next round and have the conversation around the benefits, not the feature, but the benefits of self-perform. Let me give you an example. We're in the final stages of a large media company, and they had come to market through one of those bid consultants. They had out-tasked, which means they had hired cleaners, technical services, et cetera, right? But they hadn't really bundled it all. So they're looking for a couple of things. They're looking for someone to manage that bundle, that property management model. They were looking for consistency of quality and delivery, and they're looking to reduce the total cost of delivery. So we didn't do the old thing that we did. We priced on an apples-to-apples basis the management fee. So we got past that first or second round and then allowed us to have the conversation with the client around exactly the benefits that ISS has to offer, a subtle but a really important -- a really important point. So we were able to grab all that data and develop an operating plan, sit down with their senior executives and show them exactly where we're going to save money. In the past, we wouldn't have ever had the opportunity to have that conversation. because we weren't pricing it the right way. So back to my keep, grow, win mantra. On the retention side, one of the early indicators that we're really happy with is it's 9% improvement on the last 12-month basis. So what we're putting in place, I think, is really working well. In 2025, we've grown our existing book of business by 30%. You may have seen a couple of announcements, one a few weeks ago, one actually Friday, 2 of those growth opportunities that we're seeing that are over DKK 100 million. So that's starting to work as well. And on the win side, our qualified pipeline is up 300%. Let me tell you why this really matters. The first thing you need to really focus on is qualified, because it's exactly in those markets that we said we're going to focus in on, financial professional services, technology, life sciences, aviation, that's it. So they're not just -- it's not just great. We have a bigger pipeline. It's we've got a bigger qualified pipeline in exactly the sectors where we can win, and we have the right to win. One of the things that I love to see and is starting to take root is we're learning how to say no to opportunities. Now they might sound counterintuitive to growth, but I'm starting to see the team develop a discipline in the go/no-go process where they're actually talking themselves into, we're not going to chase this one. Why is that important? Because it tells me they've now got the confidence that we can win the stuff we're focusing in on. That is a huge mental shift from where we were before. So look, we've got a large, large market here that's ready for a challenger brand like ISS. I think we've dealt with some of the issues of the past. We've got a management team that's diverse, scalable, experienced. We've been able to take that self-delivery model and make it come to life in the North American market. So look, we've got a lot of work to do, but those early indicators are really giving me -- making me really proud. Thank you very much. Appreciate it.

Okay. Now we've been through 3 presentations, and I'm pretty sure that some of you will have a lot of questions following the questions from the audience here today, and Sophie will have a microphone. She will -- then we will also go online. So any questions, raise your hand. Casper, I think you were first.

Casper Blom from Danske Bank. I'll take just one question. But Kasper, you mentioned in your presentation that you continue to have a very disciplined view on M&A and only will go for that in countries that are ready for it. But as we now also hear that the whole of ISS is in a better and better shape, and I suppose more countries would also be prepared to potentially do M&A. So if you think about it that way around, should we expect that M&A can be sort of geographically more broad-based going forward?

You should think about M&A exactly in the same way as we have explained it previously. And what I mean with that is that we don't want to buy anything just for the sake of buying. We want to buy because it's the right strategic fit. And we want to buy when we are comfortable that we can drive synergies out of it. So it has to be a business case that is appealing, and it has to be done in a local market where we have a strong and proven track record with the management team. And we don't see that there is a need for any transformational M&A, given the opportunities that you hopefully have grasped, we have covered all 3 of us in our presentations. Now it's about we are on the right avenue. It's about continuing to execute. It's about continuing to be better on articulating the value proposition to our customers. That's what Steve is talking to is better in the U.S., but we're not where it needs to be. It has improved but not still room for improvement. So if we are to buy anything, then it has to be because it allows us to better serve the needs of the customers. And at the moment, we don't see any need for that. And that's why the bolt-on M&A strategy remains.

Annelies.

Annelies Vermeulen from Morgan Stanley. Just on North America, you talked about what you've done about hiring people and showing the market that ISS is serious. So as a response to that, have you seen a change in the competitive intensity or any competitors trying to replicate what you're doing in response to the initiatives that you've taken?

Steve?

Yes. I think certainly, as we've progressed in the pipeline, the market has seen that and certainly, they're intense. I think other than the hospitality example I gave, that's probably the best example of how I can see people kind of starting to figure out how to compete against us.

Kristian Godiksen from SEB. So if I'm to play the devil's advocate here a bit, then you can argue that you've downgraded your target on the organic growth or the like-for-like more specifically as you previously expected a growth contribution of around 2% from existing clients and 1% to 2% from net contract wins. So just if you could help me bridge that a bit.

Yes. So what I can say is that the growth bridge that we put together with the assumptions around the above 5% for the period assumes if you just take all the components, that will help you understand how we look at it. Then we expect that the contribution from price is going to come down versus the current levels, which is 4% between 2% and 3%. So let me be clear on that one. If that's not the case, it is an assumption, then, of course, we expect that the growth will be that much higher. So if the contribution from growth remains at the same level as we see today, then we also expect that the organic growth will be that much higher. Then we are saying above 5%, and we are saying like -- and above 5%, of course, is greater than 5%. And we are saying like-for-like growth of at least the level that we are trending at today, which is 2%. So I will not say that we are downgrading expectations versus where we have been from a growth perspective before. We see, as it hopefully is clear from the presentation, lots of opportunities. The pipeline is reflecting that. And the pipeline to what both Carl-Fredrik and Steve mentioned is not just artificial prospects in there that has no substance. It has substance. So no reason to believe that we shouldn't improve from the current levels that we are at today.

And Kristian, if I may also add, you also recall the glide path that we had in the past Capital Markets Day presentation. We don't have a glide path in this one here.

Yes. So it's more of a math, that I'm alluding to.

Exactly.

Can we ask more questions? Or is it one at a time?

You can ask one more.

[indiscernible] more, one more.

I'll limit myself to one then. On the hotspot, so you've resolved all your hotspots, and I know it obviously has a negative -- it's a negative abbreviation. But so -- but what are then the hotspots of today's agenda? Can you comment a bit on that maybe?

Yes. But the hotspot that I spoke to the 4 was, if we are to be brutally honest, something that was caused by ourselves. And in the portfolio today, we don't have similar issues, things where we have promised something to a customer and we can't deliver accordingly or things where the pricing has been made on a dream scenario that we don't have such things. That doesn't mean that we don't have smoke coming out of the system, as I mentioned. We have that, of course, from time to time, but we spot it and then we can address it before it becomes a fire. So there is that proactive approach to it. So the pipeline or the business today, the book of business today is healthier compared to what has been the past because the past -- when you do a mistake and you have committed to it, it's legal binding, then it's hard to get out of. We don't have such things today.

Just to add on to your question number one. When we say pipeline, and Steve alluded a bit to it in the Americas as well, it's not a pipeline because volume is important. It's a pipeline because quality is important. And when we say pipeline today, it's both increases as opportunities for increases and the new sales combined into one with the increase that we have been seeing. And also from a growth bridge point of view, you also see that we do call out the above-basin project work that we have the ambition that it is part of the growth bridge to reach the above 5% as an average for the period.

Thomas Lind Petersen from Nordea. Carl-Fredrik, you mentioned a significant growth opportunity with existing customers, I think, DKK 80 billion. Just wondering if you could put some numbers on what sort of share can you grab of that opportunity over the next 3, 5 years?

Yes. Thank you. I don't think I'm going to say that, we will capture the full DKK 80 billion over 3 years as a starting point. But what we see and when you see how we divided it as well, 1/3 is with competitors, 1/3 is in-sourced and 1/3 is with ISS. And if you look at what we have announced over the last 2 to 3 years as well, there's a lot of increases in there. That could be scope change, but it could also be geographically across in addition to. I think I'm going to stand by the growth bridge that we have done. So to capture the part of the 2% per year, it needs to come from that avenue because when it does, we secure as well that we are doing it with the right quality as well as with the right execution with regards to this one. But definitely, you are correct. This is one of the avenues that can contribute well to the future growth, where we're changing the profile to a more sustainable growth over price into the 2 next years.

And Thomas, maybe also just a few comments from my side because it's really attractive that opportunity. And what I mean with that is that we know the DNA of the customer because we operate with them already. That also means that we know who are making the decisions. So you are some steps ahead already in that process. And what is the most appealing and important thing for them when we are presenting our value proposition. So what has happened in the past is not that the opportunity has not been there. But to me, the biggest difference now compared to the past is that now we don't put those opportunities on people's day job and say, go make sure how you're getting -- have that as an additional task to secure that. Now we have people that are dedicated and it's their day job to make sure that they're working with this. So in a business like ours, people are busy with their day job. And if you add additional tasks on that, then the success rate is very low. That's different now. Dedicated teams that are working solely with those opportunities. And quite honestly, if you ask me, that's the reason why it has come through to the extent that has been the case in the last 18 months.

Mads.

Mads from Berenberg. This is one for you, Steven. So I think you alluded to it yourself. You have, I think, some very interesting clients in the U.S. You have -- I mean, they grow a lot. There's some good exposure there. You won something quite recently. If I slap on a couple of percent pricing next year, you have a decent retention rate. Is there any reason why we shouldn't expect growth in North America next year to be higher than the 5% or actually also meaningfully ahead of that?

I will let -- no, no.

I was going to hand it to you anyway.

Go ahead.

Look, I think we're doing all the right things, like we're pulling all the right levers. I've addressed those in my talk. So I'm not going to give you a number because it's a function of things that are beyond our control. We're doing all the things that we can control. And so we're cautiously optimistic is what I'd say.

And I think jokes aside because you're circling around the thing that, in my opinion, has been addressed in a wrong way in ISS historically because we pushed ourselves into a corner and promised certain things. I mean what is key to ISS now and of course, what is key to ISS now is that we're doing things right with a high level of quality. And then we know the opportunities are there. We know the team is there. We know the operating platform is there. The platform in the U.S. is ready to absorb growth without having to add overhead costs accordingly. So the operating leverage is really and it's operating in an efficient way. But if we start to panic because all of a sudden, we have promised that in a couple of quarters, you will see double-digit growth. We are -- the things we are in control over, we can see that we are improving on a daily basis with that. We are not in control over when customers exactly are making their decisions. What we can say is that the pipeline is better than what it has been ever before and that our value proposition resonates more with the customers compared to what has been the case previously. And those are 2 very important data points for us to determine that we are moving in the right direction.

Tim.

Tim Ramskill from Bank of America. I've got 2. The first is just around, I guess, when you're delivering an acceleration in growth, and you've obviously talked a lot about discipline, what incentive structures do you have in place for your sales teams to sort of achieve that right balance? And I'll come back to the second one after that.

Do you want to start and then I can add.

I think you're into something that is just key if we want to make sure that we have the motivation and inspiration for the resources also going forward. In general speaking, there is, of course, strong incentive plans in place for what we define as commercial resources. But we have also that we will showcase later in the site tour, incentivized our, let's call them, operational resources to look for further growth. Combining that has been definitely a strength because it's also in a way where you move towards the same target where growth is more in the center also strategically of what we would like to achieve. But this is also following a path that we have done in the past, but delivering on those outcomes, of course, is supporting also the commercial resources to become successful.

And Tim, just an add-on to what Carl-Fredrik mentioned. Our salespeople don't obtain the right to their bonus unless what has been bid is also coming through in operations. So there is a true-up period post go-live to make sure that what -- within, of course, certain thresholds, but to make sure that what has been sold is also coming out in line with expectations.

I think that is learning from the past. Hence, what Kasper presented, the fact that you're not just responsible for a revenue, but also with the fact that the business case that we have approved is coming through in a follow-up later in the year.

My second question was around your priority segments. I guess you must still have legacy business that's not in those priority segments. So how do you -- how large is that? And how do you manage that, sort of proportion of the business?

Yes. Yes. So first of all, the reason why we have prioritized the segments that I went through, Tim, is because those are the ones that are valuing the experience that we can deliver with our self-delivery model. And that's actually also the case for the local segments. So yes, it is correct minor, but it's minor legacy business, which is outside that framework, if you will, but it's nothing that is significant in any way whatsoever.

It's Nicole Manion from UBS. Steven, you talked a bit about how you changed your approach to pricing, particularly around the management service fee -- management fee. But as you also said, ISS obviously isn't a property management company. So is this simple sort of changing the approach to pricing? Or what else are you kind of considering, if you like, in terms of how ISS competes with property management companies?

Well, I mean, on the pricing side, it really is -- again, these bid consultants have a very rigorous process. So it's making sure that you're actually pricing what they're asking for. And then if there's costs associated with the delivery, then we put those in the appropriate buckets. So it really is that simple to try to have that conversation around where our benefits really lie, which is in reducing the cost of delivery, total cost of delivery. So it really is that simple on the pricing side.

And maybe a little bit more context and Steve can also add further to on the U.S. because that will help you understand. I think. I mean, the complexity, Steve made the reference point to COVID-19, the complexity of having to make sure in a big real estate portfolio that there isn't any no-show or other issues with providers showing up in the office environment is, of course, incredibly complex to manage across 1,000 subcontractors. And that is something that has really helped our conversations with customers in the U.S. That has been an eye-opener. Okay, we want to focus on what is core in our business. And if we, at the same time, have to deal with making sure that we are managing 1,000-plus subcontractors, then we'll never get the time to really focus on our business. And COVID-19 and what happened over that crisis period, I think that is really an eye-opener for many decision-makers in the U.S.

Just 2 follow-ups. So first of all, you mentioned that you do not expect to make any changes geographically, but you have no presence in South America or Africa and you have some white spots in Eastern Europe as well. There's no temptation to go to some of these markets, maybe some of your existing clients are asking you to follow them where they are there? That would be the first question.

Yes. So for us, it is so important to stay focused. And as long as the opportunities are so significant as they are in the current environment with the footprint that we have, then it's about getting our arms around those opportunities. So that is really our priority to make sure that we continue to become even better in our offering to the potential customers in the geographies that we are today. And we don't want to add complexity into the portfolio with all of a sudden moving into a different part of the world when that is not needed to grow the business.

And then just a second question for you, Steven. Just curious on how confident you are on whether the current platform is large enough when considering some of your competitors that obviously, it's a huge market and there are some large U.S.-based competitors. So, just if you could speak a bit about that.

Yes. I think that it's very much consistent with my prioritization component, like so the market is large. Yes, there's some large competitors, but we just have to be really good about finding those opportunities that we can deliver well, and I think we're doing a good job with that. So I think we're big enough to be relevant. We've got a great global brand and it's just articulating those differentiations. So there really doesn't seem to be an issue, quite frankly. We're progressing these opportunities. We're leaning in a little harder as you would do, but kind of being the smaller competitor, I show up in a lot of the presentations, other CEOs are not showing up. So we're doing those kind of things you do when you're trying to grow and get bigger, but it does not come up as an objection really at all, quite frankly.

[indiscernible] across the U.S.

Yes. We can deliver anywhere in the U.S. and Canada and it doesn't become an issue.

It's Karl Green from RBC. Again, a question for you, Steven. Just on Guckenheimer, which, as you said, until 18 months ago, was largely run as a stand-alone business. Just roughly what percentage of revenues in Guckenheimer are actually IFM rather than pure food. So just thinking about the opportunity there to sell in multiservice into the existing opportunity. And just thinking about sort of relatedly, Sodexo finally getting its act together and moving down the avenue of strategic pricing. Are you going to have to adjust the way that Guckenheimer targets pricing and thinks about those broader commercial dynamics?

I think there's -- first of all, to answer your first question, I think the slide I put up is the food business, that 52% or 53%, that's food. The rest of it is in those other segments. So that's very much -- that answers the question. That is what it is. There's no blend there. So that's -- those are pure numbers. And so if that was your question, I think that's what you're asking. Guckenheimer is doing corporate dining. And some of our -- really all of our larger food competitors are doing a lot of things. And so to stay -- we're a quality provider in the corporate space, and that's really resonating. And so we're not competing, of course, price is always important, but we're not chasing the lowest price. We're staying really focused on the segments that value our model because it's really, really different. And it's not -- if you look at some of those competitors, they're providing food to teenagers and feels. We're providing food in the corporate environment. And that's a big difference. And so with that, I think the conversation, we just need to be competitive on price, but the conversation is about quality. And again, that workplace experience is rooted in food.

And the parameter that weighs the most in terms of experience is food because everybody has an opinion about the lunch. And therefore, Guckenheimer is -- or the food business in the U.S. is incredibly important for us to grow the business going forward. And you have an interesting view there, which -- we have also been successful and we expect more from that. That is exactly to start with single-service food and then build on that platform and add further services. So basically make an integrated service offering out of food as the starting point. And the way there to get in is -- gets traction quickly because food is such an important thing for decision-makers given the fact that it's the emotional part that all staff is talking about.

In addition to that, I talked about bringing the regions together to provide all services. So as Kasper said, food could be a vanguard into a new opportunity, so could one of those others, too. But now that we're organized, we've got all of those arrows in our quiver, if you will, to then get in with whatever they're buying at that point. But he's right, food is one of the most emotional.

And I think if you look at it globally, right, very often, we are in contact with the right stakeholders when food is the centerpiece. So that means that you are able to drive not IFM, but IFS, hence, back to the self-delivery model and what we're trying to achieve. But we've seen that across many markets and definitely with the strength of the food business that we do have in the U.S. that drives opportunities going forward.

Casper.

Yes.

Just a question for Carl-Fredrik. One of the things I took away in your presentation was there was a lot of structure and a lot of process on how you handle customers, whether they're existing or potential customers. When you have all of these structures and systems, how do you combine that with the sort of ad hoc opportunities of project and above base, if you can sort of speak into how you combine those 2 things.

Thank you. Now I have 10 minutes answer to it. That was what I was looking for. But I think you're right, and it's a good catch as well. And maybe a bit in the past, we haven't built that much around structure, but more being opportunistic. And I think the U.K. example that is shown today is also saying, let's not try to do everything towards everyone. Let's be very focused on where we're good and what we want to do, put it into the right system, right resources, the right value proposition to make sure we win. But what we also have changed in that, even though the structure is still there, is doubling down on what are the opportunities with the existing portfolio we have. As an example, above-base and projects, right, which has increased over the latter years, and it doesn't come for free. You still have to do a commercial process to be in place with the customer to make sure it comes to you. But in addition to, I think that's why I started with culture today. because you can have the best structure in the world. But if the culture is not about winning that opportunity being small or large, you're not going to come through because that's also putting the best team in front of the customer to make sure we understand what they are needing, but also that we proactively come with solutions to them, sharing the best practices from customers maybe in the same area or even globally in order to do so. So it's the combination of strong structure with the things that we would like to do, also data-led. We use a lot of data to make sure that we understand which opportunities which is out there, driven, for example, with the probability. And why should we go after something with a probability, which is very low versus a probability that is very high. Their structure supports also on the -- what we've done in the past, but I'm not going to shy away from the importance of commercial culture to make sure you're actually winning those opportunities. And this is probably also why we dare to put in a ticket in the growth journey when it comes to above-base and projects that you will experience later today as well.

But Casper, it's a fair question and don't think that structure is the same as bureaucracy because it's actually -- it's -- the structure in our ISS context is about building the framework, making sure that people understand what are the boundaries, how does the framework look. Then there are bespoke solutions that are obviously designed to fit in the local context and all things. So it's not bureaucracy around everything needs to be approved and it goes into SteerCo and all of that. It's just to make sure that people are running in the same direction on the same avenue. But then how you are selling in Turkey, of course, is different compared to how you're selling in Norway and third nuance that needs to be applied in the U.S. So rest assured, the entrepreneurship lives in ISS at a high level, but it's structured.

Thank you, Kasper. Thank you, Carl-Fredrik. Thank you, Steven. Thank you for all your questions. Now it's time for something we do really well at ISS. Now it's time for lunch. Before you head out to lunch, there will be a 40-minute lunch break. Then again, look at your name tags because when you hear the bell in 40 minutes' time, you need to find the sign for the person beholding a sign 1, 2 or 3 with your site tour group. So 40 minutes lunch, then on to the site tour and then back to here. Lunch is served right outside. Thank you so much.

Now we'll talk about efficiency, and I would like to welcome Troels Bjerg, our COO, to the stage.

Good afternoon. Okay. And welcome back. I hope you had a great site tour. I'm Troels Bjerg, the Group CEO, as Michael just mentioned, and I've been with the company for 17 years, all the time in operational roles. So it's the second time I'm the group COO. I have been regional CEO 4 times and over the years, literally have been responsible for all countries in IS. All of our country operations and our global key account setup reports up to the group COO. And I'm also the sponsor of a number of our large client engagements and partnership and involved in many others. In this section, I will take you through how we work with efficiency in operations and how this is becoming our single most important driver of profitable growth. We have always been strong operators in ISS. We have -- for 125 years, we have managed our hours and our costs closer than anyone else. In ISS, 1 minute per hour equals 1% profit, up or down. So we have to be close every minute, every hour, every day. But there was a period of time in our recent history where we started to lack some of that rigor. We moved our focus. We lost some of the closeness. We lost the touch. This touch is now back, and we are invigorating performance management, the ISS way in a big way. So this has got 4 elements to it. In ISS, we have passion for performance. The first element is a strong performance culture throughout the business, something I believe is critically important. We take pride in doing what we say and deliver our numbers always. We literally hate being off target. As a second element, we have simplified the organization and removed regional layers, so all countries report directly to the group COO via area COOs. This gives clarity, closeness and speed. As a third element, we have monthly business reviews with all reporting units, sites, accounts through the organizational layers and up to the group COO. And we all look at the same metrics. We use the same reports. We know our hours and our direct cash flow daily, and this gives transparency, accountability for results and it drives performance. This also means that I get involved in many performance issues across our business, and that is by design. As Casper said, we want to detect any smoke coming out of the system early before anything starts burning. We know how important this is, and we have our scars on the back to remind us. And that is also why that ISS early warning system in operations is closeness. As a fourth element, we are putting in benchmarks for all key metrics, and we rank performance to spread what works best from somewhere in the business to everywhere in the business. And that is how we constantly drive improvement. Invigorating performance management, the ISS Way has been a big driver for our improved financial performance over the last 1.5 years, and it will continue to yield further improvements. Before we start discussing efficiency improvements in operations, I would like to explain the nature of ISS portfolio business. Around 80% of our revenues is recurring portfolio business and the dynamic of this part of our business is that margins automatically decline over time by increasing wages and costs, customer glide paths, contract losses with mature margin profiles and contract wins with immature margin profiles. Our management task in operations is then to drive margins up again by price increases, most of which is contractual, and a number of other margin improving actions, including productivity uplift. This also means that on an ongoing basis, a certain proportion of efficiency measures in operations are utilized to get our margins back, so to speak, while the uptick in margins year-on-year requires additional measures. And this is what our workforce management program is all about. IFS customers in our strategic segments are looking for both experience and cost savings. The essence of our unique customer value proposition is that we can deliver the best service experience outcomes with the lowest input of hours and costs. And because we self-deliver, it is our people that we hire, train and develop to deliver great service moments for our customers, and it is our wage costs that we manage to drive efficiency based on global benchmarks and best practices in operations. And this is what makes our self-delivered IFS model a unique competitive advantage. Great service moments do not just happen. They are carefully curated. On this PwC side, we deliver IFS -- and the experience you have all had today from the welcome in the morning over the feeling of hospitality throughout the day and also from your site tours right now is all part of how we deliver great service experience through our ISS service experience system. First, we designed the customers' work journey. We define the touch points with our services, and then we decide what should the experience be for each touch point to best support our customers' employees in their work journey of Workday being enjoyable, being productive and being collaborative. We put standard operating procedures around each of those touch points so that we know that what worked fantastically well today can be repeated tomorrow. We hire for service attitude and we train for skills. You will hear this talk about our recruitment process just a little bit later. And all our new employees go through extensive service training, focusing on core service behaviors to deliver great service moments. And now they have become ISS placemakers. We also train our managers in leading service experience. With the Apple program, we recognize ISS placemakers and have demonstrated that they have found their purpose in delivering great customer experience. We start every day at our customer sites with a team board meeting for our placemakers, getting ready for delivering great service moments on all touch points and making sure that the ownership of exactly that is with the full team. You also saw this on your site tour today. Finally, we ask the users of our customers' workplace, how satisfied they are with the outcomes of our services and by understanding the relationship between satisfaction, importance and cost to deliver, we can, over time, create the best and most important service experience outcomes with the lowest input of hours and costs. So this is a structured continuous improvement process that never really stops. Because we self-deliver our services, our main cost component is wage cost, 65% of revenues and last year, DKK 55 billion. This is where we can create very significant scale effects by getting the best practices in terms of productivity and management of hours to all our sites. This is what we call workforce management, and this is one of the 8 strategic initiatives that Casper showed you this morning. Our wage costs are managed by our 10,000 first-line managers, so the first management level in ISS that has got P&L and people responsibility. In 2025, cleaning was 42% of ISS revenues, and we have worked with our global cleaning productivity program in an industrialized way across all our countries for 3.5 years now. And we can see that productivity levels are very different between local markets because of large differences in the relative cost of labor. In concrete terms, the difference between market productivity in Norway in the one end of the scale and Indonesia in the other end of the scale is factor 2.5. All other national cleaning markets where ISS works are somewhere in between those 2 points. And what this means is that what takes us 2.5 hours to clean in Indonesia, we can clean in 1 hour in Norway. By scaling our ability to create the highest outcome of cleanliness with the lowest input of hours as we do in Norway to all our country operations, we have a very significant potential for productivity improvements in cleaning far beyond the local markets, current productivity levels and our competitors cannot do that. We achieved this by scaling global productivity benchmarks instead of local productivity benchmarks to everywhere in the business. We use our tried and tested cleaning methods, which essentially is about taking waste out of cleaning processes. For example, in Indonesia, our employees would walk in and out of a room to be cleaned 17x on average. On those Indonesian sites where we have rolled out now our global cleaning productivity program, our employees now walk in once and they walk out once exactly as we do in Norway. This requires standardized tools, systematic training and engaged employees who understand what clean looks like and how to produce it. And finally, we document the outcomes of cleaning to our customers in terms of cleanliness delivered as opposed to just delivering the input hours. This makes ISS a global leader in cleaning quality and productivity. And we can achieve this without any significant use of technology, except our unique global cost calculation and productivity benchmarking system, ISS 1 cost. And we can see the results coming through for real, both in terms of productivity gains translating into increased margins and in our ability to win and grow customers based on our systematic approach. The case study of international growth with a technology customer that Karl Fredrik took you through this morning is exactly that. We have delegated to our 10,000 first-line managers to control our wage costs. Every day, around 1/3 of our scheduled workforce require proactive management because of sickness, time off, change of work plans, above base work and many other unscheduled events, which is normal course of our business. This morning, today, -- our 10,000 first-line managers across the globe took around 150,000 decisions on the use of overtime, extra hours, replanning activities and much more, all impacting our wage cost and thereby also our business results at the end of September. 150,000 decisions a day. That is DKK 36 million decentralized decisions on DKK 55 billion in wage costs, where the easiest decision to take is also the most expensive. And the most cost-effective decision is the hardest because it requires planning, training, transparency of data, effective processes and supporting systems. Workforce management is all about supporting our first-line managers in taking the best and most cost-effective decisions every day. 36 million right decisions a year, also freeing up time for them leading their teams and creating great customer experience. And our programmatic approach to workforce management is also taking complexity out of the business in a very significant way. Based on sampling the workforce management processes across our 4 best practice countries, Finland, Switzerland, Spain and Pacific, we have now implemented one end-to-end workforce management process across all ISS countries. The process starts by costing any new bids and any new site based on global productivity benchmarks. So we know that the waste cost productivity in all target hours is market-leading. Then we built the most effective rosters and work schedules to meet the target hours in the most cost-effective way. We manage our hours worked on a daily basis to meet the targets. And if we overspend hours on one day, we make sure to get those hours back before the end of the month to stay on plan. We monitor and control the hours paid, and we make sure to get the value out of the other end of that process and hold on to it. This is a complete end-to-end workforce management process framework, enabling us to effectively scale our productivity and hours management capabilities and potentials globally. I mentioned before that we now know how to create significant productivity and hours management uplifts without much use of technology. This is important because we do not need to wait for future technology developments, we can get to results now. But of course, we are working on AI enterprise solutions in our workforce management end-to-end process where it really matters and where the big values sit. -- to drive further wage cost efficiencies. And let me just give you 3 examples of that. We see an upside in moving from preventive maintenance of our customers' technical assets to predictive maintenance by applying AI solutions, leveraging the very large data sets that we already have in our asset registers. This can help us maximize asset uptime while minimizing maintenance cost and risk. We are currently working on an AI predictive maintenance solution for some of our very largest customers in ISS. Rostering and scheduling of large IFS contracts is an extremely complex process, involving a very high number of variables such as placemaker skill sets, formal trainings and certificates, labor laws, union agreements and pay rates across geographies, frequencies and timing, demand management of service outcomes and much, much more. We now have our first AI-based rostering and scheduling solution in pilot. First results are very promising with meaningful wage cost savings. And this is where our human experts work in tandem with an AI agent in an iterative process, building more and more efficient work schedules and all the time improving performance. It is really fascinating to see. I talked about our 10,000 first-line managers making -- yes, taking 36 million decisions a year on DKK 55 billion in wage costs. We've started the work on an AI agent to support our first-line managers in making the best and most cost-effective decisions every day by converting large dispersed and dynamic data sets into work planning intelligence, cutting through the complexity and time pressure to get to the most effective decisions real time. These are 3 examples of AI enterprise solutions in operations with swing factor potential. But in addition, our countries and accounts are developing and using thousands of AI-supported service solutions every day from food waste reductions over contract scope management to water quality controls and much more, all based on training in AI literacy and of course, with a proper governance. We have 850 cleaning cobots in action across our customer sites. And no one has more experience in this field than ISS, and we now understand in detail what the business cases look like. The fact is that today, we can only use cleaning cobots with a positive cost-benefit ratio in what is equal to 3% of our total cleaning scope, so large common areas in airports and hospitals, for example. And for sites where there is a positive business case, we can typically reduce total wage cost on that site between 0.5% and 1%. So we view the overall efficiency potential for ISS from increased use of cobots in cleaning as limited with the current technology standards and price points. We are potentially, but also cautiously more excited about humanoids. It is very early days, as I'm sure you all appreciate for humanoids as the technology has not yet matured. We have started a program to see if and how we can increase productivity and cleaning further with humanoids. And we believe that with our insights into best practices, both in terms of quality assurance and productivity based on taking waste out of cleaning processes, we are better placed than anyone else to train and coach the most effective and efficient cleaning humanoids in future. We do not know yet if this will be a game changer or a fad in cleaning. But if it works, it will be a competitive advantage to ISS that will complement the work we do with real people, delivering experience and productivity. We see workforce management powered by technology as the single biggest driver of profitable growth in ISS. We launched this strategic initiative at our Capital Markets Day in 2022. And since then, we have seen gross benefits ramping up. In 3.5 years, we have removed 28 million work hours from our business with this program. So far, we have mostly focused on cleaning. So to help you understand what 28 million work hours mean, it translates into approximately 9,500 FTEs, which is a reduction of our cleaning workforce against an end of year 2022 baseline of an estimated 6.5% in 3.5 years. And the future potential is much bigger. When freed up, this potential can then be used for supporting pricing and growth. It can be invested in new technology, including AI and robotics, of course, to drive further productivity uplifts. And it can be fueling margin expansion. In 2026, we take the first steps towards our updated margin target of 5.5% to 6% in 2028 with an increase in the dtac run rate following the agreement announced in May and an underlying improvement across countries driven by operating leverage and workforce management effects to get to around 5.25%. The stepping stones from there to 5.5% to 6% margin in 2028 will be an operating leverage component as our overheads are becoming more scalable following the execution of the OneISS strategy and a majority of the total margin uplift coming from continued workforce management effects, as I have just taken you through. I would like to leave you with 3 key takeaways. First, our sales delivery model drives the highest customer experience outcomes with the lowest input of hours and cost. Second, workforce management will continue to unlock large wage cost effects and the potential is significant. And third, ISS will be scaling AI technology to drive further efficiency potentials in operations. Thank you very much. I will leave over to my colleague, Liz Benison.

Good afternoon, everybody. I feel like we're on the home straight nearly now. So it's been a long day so far. So I am Liz Benison, I joined ISS in 2021 after a career predominantly in technology companies and then a couple of leadership stints in Serco and AREVA. And a number of us met, as Michael mentioned this morning, at Capital Markets Day in London in 2022 when I was responsible for the U.K. and Ireland business. But for the last couple of years, I've been in the group center, and I'm responsible for our global P&C agenda and also the technology agenda as well. Now we've been talking a lot over the last -- the rest of the day around self-delivery. And that's where this ambition of ours to be recognized as the world's leading frontline employer really starts to kick in because our people are essentially the foundation of that self-delivery model and indeed of those great customer experiences that we've been talking about. So over the course of the next 20 minutes, what I want to talk to you about is how we're improving our employee experience through the use of technology and AI. And we're, therefore, creating measurable value for our employees, for our customers, for the business, but also for the wider society. And hopefully, I'm going to convince you in that time that this just isn't just the right thing to do, it's also a source of real competitive advantage. So self-delivery basically means that our people are our products, and therefore, everything starts and finishes really with our people. Now as Casper mentioned at the very outset today, our purpose is to create space for people and businesses to thrive. But we can only do that for our customers if first, we ensure that our people can thrive. Now within that 325,000 people that we employ, we have many, many nationalities. We say over 100 there. We think it's probably closer to 200. They speak many, many languages. At any point in time today, we have 5 generations operating within that workforce as well. Now that diversity is a huge strength to us as an organization, but it also makes it a real challenge to operate consistently at scale. But we believe that's a challenge that's worth us tackling because when our people thrive, they deliver those exceptional service moments to customers that we've been talking about. And ultimately, that powers this profitable growth, as explained there by that virtuous circle. Now of course, this isn't new. People have always been at the heart of ISS right the way back when we first started in Fredericksburg in 1901. In the middle of this slide is this wonderful lady called Gerda Bull. Now Gerda was with us in the 1940s, and we think she was one of the first HR directors anywhere in the world. And Gerder's job was basically to make sure that those lovely ladies in the top right-hand corner that they got to their jobs looking lovely in their very, very smart uniforms, but also ready and prepped to do a great day's work for the customers that they served. And so long before there were HR processes and policies and systems and whatever, ISS understood a really simple principle. And that principle is that people who are supported perform better. And that principle hasn't changed. What's really changed since then is our ability to deliver that consistently at scale. So over the past 3 years, we've been very deliberately focusing in on the operational impact of our people and culture processes. So people and culture has become much more of a core business function rather than a support function. And that's true at the global level, but it's equally true at the country level and right down the way at the site as well. And we've become much more data and metrics led. And we've really focused in on the very core processes that make a difference to this business. So that's attracting great people in through the door. It's enabling them to succeed throughout their time in their roles. And it's also engaging them, motivating them throughout that time. And the results after 3 years of going at this are already encouraging. So turnover in that 3-year period at a global level has reduced by 3 percentage points. And when we measure our engagement, which we do now globally on an annual basis, not only is that increasing, but it's also sitting at 8 percentage points above the external benchmark that we use, which is companies that look a lot like us. And also, we're now using the same platform to measure both that user experience that Charles talked about, the customer satisfaction experience that Carl Fredrik talked about and also our employee engagement. And therefore, we can form some very meaningful correlations through the data that we're generating there. And so we can really prove through data now that really engaged employees are a very deterministic factor in great customer satisfaction. So when Casper talked at the very outset of the day around the One pager, and he talked about 8 very focused initiatives that we were investing in to deliver on our strategy. And 4 of those sit under the banner of becoming the leading frontline employer. And that's what I'm going to spend the rest of the time on now. So of those 4 -- the first one is all around creating what we call a seamless people journey. And so this is really the people platform that is from the very first moment that somebody gets attracted to work for IFS right the way through how they join us and on board is how we make that a more scalable experience for our people. The second one is all around this thing called social sustainability, which again, Casper has spoken to, Charles mentioned as well. Steve mentioned its importance in the U.S. market. So what are we doing to really strengthen our approach to that. The third one is we have invested in making sure that our people data at a global level and a local level is as rigorous as our finance data because we need to really understand those people metrics and the levers and the drivers behind those metrics as well as we understand our financial measures. So we've invested in making sure that we have great enterprise-wide people data and can really provide those comparisons and hopefully help our frontline managers make those operational decisions that Charles talked about. And finally, as you would expect of an organization like us, safety remains incredibly important and part of our strategy going forward, and we're reinvigorating everything we do around safety with new processes, new systems and probably most importantly, we're really reinvigorating the culture around health and safety in our business. And again, concentrating much more now on psychological safety, which, again, in the world today is probably just as important as physical safety for our people and also for our customers who occupy the sites that we service. So I'm going to drill down on those first 2. But what I just want to explain first is how we're doing this because these are not big monolithic programs that are going to take us 4 years to deliver before we see any value. These are agile programs that are delivering value in small drops as we go along. And most of the heavy lifting on these will be done by the end of 2027. So seamless people journey. So what we wanted to do was make sure that ISS was a very easy and engaging place to work for, for our 325,00 pacemakers. So we've taken a global approach but a holistic end-to-end approach as well in going through each of those key steps along that journey and designing them to the point that they create these moments that matter to our people. So we talked in the room up there about onboarding a person's first day, their first week, their first month. It's really important to them within ISS, how that goes, how engaged they feel, how important they're made to feel during that time. So we've taken each of those moments that matter and designed processes and systems and culture that sits behind supporting those moments that matter. And -- we know that when we look after those moments that matter, the results are really, really tangible. So we know that if we look into recruitment, we can make it much faster to hire people, which then in turn creates less staff shortages, less need for overtime. We can really reduce the admin burden on those first-line managers and throughout the organization. And again, that then frees them up to do those more value-adding things. We can have higher engagement, which we know correlates to great customer service, and we can also importantly, lower that turnover. And this becomes a really key part of that customer value proposition for us because what a customer most wants to know, they want to know that the same site team that they saw last week who were here and motivated, engaged will be the same team next week, next month, next year, that they won't be constantly turning the faces in front of them and that they'll be engaged, they'll be switched on, they'll be eager to do the best that they can do. And they want to take pride in those people when they develop into becoming -- from being a cleaner to be a cleaning supervisor. Our customers take pride in those people and their development just as much as we do. And they want to know that we've got a system that sits behind all of that to make that happen, to make those great engaged placemakers be on their site in exactly the way that they value. So we're now going to go down into the first 2 steps on that journey. So the first one is all around explore and apply. So we know that we're operating in talent scarcity. Most of our countries in one way or another are struggling to get enough people through the door on a day-to-day basis. And that's a result of demographics. It's a result of not particularly helpful immigration laws in some countries as well. And so it is a fight to get these people to come and work for ISS rather than to work for Walmart, for example, or Amazon. And so what we did was we took -- we looked at our old processes, which were fairly traditional, a little bit fragmented, potentially slow for our candidates and also for our managers. And we gathered a set of our global expertise around this subject, and we've redesigned the whole process to say, to really understand where do we need the humans to get involved in this? Where does that human interaction really, really matter in that whole journey between iEXplore and iApply? Where can we make it much slicker, more effective using AI. So imagine for a second that you're a placemaker looking for a new role, you might be on a job board. And our AI agent will interact with you on that job board and we'll start to manage that process for you with you. So it will straight away pick up on what your native language is and it will switch to using your native language. And then it will guide you through the very, very simple steps to apply to work for ISS. But also in the background, it's looking at your skills, it's looking at your location, and it's working out which opportunities that we have will be best placed for you as well. So we're more likely to target you towards an opportunity that you're going to be successful in getting and that you're going to thrive when you join it as well. It then then helps the first-line manager as well because their role in this is also very, very critical. So the AI then helps them schedule the interview. So without them having to do anything whatsoever, the interview appears in their calendar. All the notes for the interview appear in the meeting invite. And again, the set of questions that we particularly want to ask this candidate will also appear as if by magic into the calendar invite. And that's really important when you go back to what Charles talked about because he talked about this thing about hiring for attitude. So this is one of the ways that we make sure our first-line managers are equipped to have those conversations to see if this is somebody that could really develop with us and that has that service mindset that we're looking for. Another nice piece of this is that it makes sure that we follow up with the candidate, whether they are successful or not successful. And again, that's really, really important because we want any candidate to go with a positive -- to go away with a positive experience with ISS. And that's really important to us because there could be another opportunity that they're a better fit for in a few weeks' time. But also, they'll be part of the community, and they'll be talking about what a positive experience they have with us. And we get an awful lot of our placemakers through recommendations of family and friends. So that whole candidate experience, whether it's successful or not, is really important to us as well. So this solution has been live now in the U.S. business. Steve mentioned it, and we're seeing really, really positive results from that and a really great take-up as well from those first-line managers. They're incredibly positive about the way this is working for them. We're seeing shorter times to hire, which is really, really cool. That was the sort of primary driver that we did this for. We're also seeing more candidates accepting offers. So we're getting more candidates per job and then more candidates accept our offers when we make them. But then interestingly enough, we're also seeing a really interesting reduction in that 3-month -- that early 3-month turnover as well. So they're landing with us in better shape because they've had a much more positive experience. They understand the role they're going to be doing, the site they're going to be working on, and therefore, they're landing better, too. So good testing in the U.S. market. We'll go live in 2 more markets in Q4 this year, and then we roll out at pace during 2027. We're working with a really great partner. And again, we are a really interesting case for them because of our breadth and our scale. And so we are a flagship customer for them, which means that we get a lot of access into their road maps to their product development and so on. So overall, we're providing a much better candidate experience and a much better business outcome. Now the next one, you've got a quick view of in the site tour, but a great recruitment process only gets us so far because we then need to onboard people and make sure that we give them continuous support throughout their time with us as well. And this is where the MSS app comes in. Now those of you who were here in '22 will remember, we did talk about this back in '22. It was very early days back then. But effectively, my ISS is our digital front door for -- ultimately for everyone in the company. So it's an off-the-shelf experience tool that we've put into an ISS wrapper. And obviously, we're developing custom content for that, both at the enterprise level, at the country level and then ultimately down to site level as well. So as of today, we've got just over 100,000 registered users. So they are people who've downloaded the app and created their own credentials within it. And we've got 70,000 who are using it regularly on at least a weekly basis. And as you saw earlier, it provides this globally consistent experience for everybody, but it also allows us to deeply personalize that experience as well. So it's, again, in their language. It's very useful in onboarding, but also beyond that, we can use it as a comms channel, so we can send them out news that is relevant to them about the organization. There's a lot of practical use cases like the pacelips and the rosters. There's also some really engaging things that we can do with this as well. Our Australian business, for example, providing access to discounts in local supermarkets and so on through that are only available to the pacemakers if they use this as their channel. And it also plays a very important role in our survey capability as well. This is the way that we gather survey data and therefore, create that great insight into how our placemakers are feeling and what we need to course correct on. So it's driving engagement. It's driving retention definitely. But it's also -- you should view this as the conduit by which we will send all other AI services to our placemakers and to those first-line managers in the future. It's also secure. So again, it means that our 325,000 people will be authenticating onto our network in a secure way, which again, when Casper talked about how proud we are of our cyber credentials, this is a very important part of that. Okay. Then coming on to social sustainability. And again, Casper talked about this at the beginning of the day. So this is something that we're immensely proud of. By the nature of what we do, we create opportunity for those who are, for whatever reason, distant from the traditional labor force. Now that could be because they've been long-term unemployed. It could be that they're youth people who haven't yet had any experience, any skills. It could be people with disabilities. And just in bringing those people into our organization and supporting them through a career with us, we create social value. It's inherent in the services that we provide. So that's not new. To be honest, we've been doing that all the way back through the years. It creates these brilliant stories that we can all tell about people who've had these amazing careers with us despite coming from a fairly disadvantaged background. But 2 things are new about social sustainability for us now. So the first one is that increasingly, this is becoming a very important part of procurement, particularly public procurement, but also in some cases, private sector procurement as well. So certainly, in the U.K., this has been important in public sector tendering for a long time now. And in the recent big wins that we've had in the U.K., social value has played a core part in the evaluation criteria. And our ability to be better than our competition in this space is something that's helped us win those bids when we've not always been the cheapest. So sometimes we can overachieve on the quality score, and that allows us a bit more freedom in pricing. But that's the U.K., but this is also -- Steve mentioned it, it's also an important criteria in bidding in the U.S. It's increasingly so in Australia. And then just last week, very helpfully, the EU proposed a new procurement framework for public sector awards. And within that, they are going to mandate a 50% quality weighting on labor-intensive public contract awards. And the examples that they used of labor-intensive contracts were facility services contracts. So that means that social value will be an important part of that 50%. And again, that gives us freedom then to actually put in some more quality into the overall bid and compensate for a slightly higher price. So this is, we think, is really exciting because this is becoming very, very important to customers and is a very important way that governments are making sure that public contracts return value to the society. So that's the first thing that's new. The second thing that is new, though, is we've been working on a way to quantify this because we know it's great to tell stories. But of course, what everybody wants to hear is well, what's the value in that? And they want to know that, that's an externally certifiable value, and it's something that is directly comparable country to country and also potentially bu versus our competition. So the way that we're doing that is we're partnering with an organization that's in the U.K. called the Social Value Portal. So the Social Value Pal was founded when the Social Value Act came into being in the U.K. about 10 years ago. And they have become the de facto methodology for sort of giving a monetary value to social value in the U.K. And what they've done is they've created proxy values for social actions that you take and turn them into hard currency. So what we're doing is we're working with Social Value Portal and some other organizations such as Accenture, Amazon and Roche. And together, we've created a task force, which is to take that methodology and get that rolled out across the globe. And so for ISS, we can now do this in 10 of our countries. And ultimately, we see the need to get to 17. So working through that task force and working with Social Value Portal, we'll roll that methodology out to at least 17 markets. But I think it's a little bit easier if I just bring it to life in an example. So this is a global banking customer of ours. And this is the sort of statement of the social value that we created operating that contract with them in 2025. So we created GBP 37 million worth of social value through that contract. Now the first bit is all around how we've created meaningful employment for around about 1,000 people that work on that contract globally. And this is things like we pay living wage on that contract. We don't have to pay living wage in many of the markets, but we've chosen together to pay living wage because we know that's the right thing to do. It also has some interesting business benefits as well. People tend to stay. They take less less sickness, less absence. We're also looking at how we bring in -- so we've agreed with the customer particular groups that are distant from the labor force that we're going to work together on bringing into that contract. So in this case, it's the long-term unemployed, how do we get them back into meaningful work and also new apprentices. And this is also one of the contracts where we're working on a small number of homeless people as well to break that cycle between I don't have a job because I don't have a home, I don't have a home because I don't have a job. Great stories. But again, we can now put a monetary value on that as well. We're supporting local communities and particularly, we work with local SMEs to create local jobs together, and we're supporting the well-being of our people. And we can sort of set our stall out with that customer at the beginning of the contract about the good we're going to do together. And now together, we can talk about the social value that, that's creating. So if I leave you with 3 key messages, it's firstly, that exceptional service starts with engaged and enabled employees. It was true in 1901, and it's still true today. Technology and AI are helping us create a better employee experience for our employees, whilst also driving those measurable business outcomes and social sustainability is a key differentiator for ISF and increasingly will become a strategic lever for customer loyalty and greater growth. Thank you. And I think we're on to questions now.

Thank you very much, Liz. Thank you very much, Ts. We will also bring Kasper to the stage. So feel free to raise your hand.

So a couple of questions from my side. Interested in the conviction in the road map for the margin expansion. So it seems to stem primarily from the workforce management. So yes, degree of conviction in that? And then what are the key levers in order for you to reach the 5.5% or the 6.0% operating margin target?

Yes. Thanks, Christian. It's not a surprise you're asking that question. So thanks for putting it out there. So let me start and then Tors will add accordingly. We are going to improve margins from the current levels through 2 levers. The first one is operating leverage. And operating leverage obviously means that we will absorb our growth without adding additional overhead costs. That has traditionally been an issue in ISS. We've not been able to do that, but things has changed over the last 3 years. And to give you some specific examples of what have changed, we have established a shared service center in Gdansk, where our key generic processes are automated. So no need for additional staff as we are absorbing additional revenue. And the evidence of that is actually in our first half report, where we are showing growth of more than 8%, 8.2% to be precise. And the corporate cost is flat nominal wise versus the comparable period, the same period last year. Additionally, I can give you another example, which is in the U.K., we are growing with double-digit growth at the moment and have not added overhead costs as -- in the mobilization of this additional volume. So that's different, but it's real, it's coming through, and that will continue to be the case over the next foreseeable future. Then we have on the other part on efficiency, where Troels will also add some color. First and foremost, it's important for you to understand that it's working because that part is the key component around us talking about a margin of 5.25% today and not where we initially were at the Capital Markets Day around 4%. The key component for getting us there significantly over and beyond what we had gained from improving the run rate on Deutsche Telekom is coming from that particular lever. And then that comes back to what I mentioned in the beginning of my presentation because, of course, you can have an aspiration about this is what you hope and you think and you believe. But in our case, these are opportunities that are signed off with our local business leaders, which is the country managers. That's the plan and confirmed and signed off by the business leaders. But it's also important for us to convey the fact that in this margin target of 5.5% to 6.0%, the reason why there is 0.5 percentage point of spend is that we don't want to lock ourselves into the position that ISS was in a while ago where we are guiding on 1/10 or 2/10. It has worked very well the last 3-plus years that we have the maneuver room to do what is right for the business. So in this margin target for 2028, where we're improving margins in '27 versus '26 and improving further in '28, there is also factored in a level of investments that we'll continue to do to make sure that this is sustainable because you will not see margins going backwards beyond '28. This will be the new level that ISS will operate at. So it's not that we're squeezing a lemon and then all of a sudden, the margins are starting to go backwards. Therefore, we have factored in the additional investments. And then you can say, so what is going to take us to the high end and what is going to take us to the low end? Well, investments is one part of it. If it's the right thing for the business to spend some -- to make some investments to make sure that we continue to grow the business with underlying growth, then we'll do that. And then, of course, there's also execution. Even though we have a plan and it's detailed and we can see it all the way down to site level, then it needs to come through. But there, we have a very good stomach. Troels, do you have anything to add?

Well, there's not a lot on the productivity side and the workforce management side, it is, as Kasper said, we have financial targets with our countries, but we also, below those, have very concrete targets on how much do we need to get out of workforce management and productivity. And there are basically 3 pools of value in this end-to-end process that I showed you. The first is, as I also said, to make sure that we always set our target hours based on global productivity benchmarks. So when you have a factor 2.5 between highest and lowest, then of course, there's a lot of value there. 100% confident in that. That's simply just how quickly can we scale. Then there's a mid-section where I also talked about that using AI technology to build even more effective and efficient rosters, which particularly for large contracts is a very complex thing. There's a lot of value there. There will be some time to invest in AI and get it really to work before you can scale that in a big way. And then at the end of the day, it is when you have target hours, how do you make sure to stick to those target hours and not use temporary workers, not use overtime, and we don't need much technology for that either. So these first and last source of value, we are already tapping into that. And therefore, I'm very confident to say that we have enough we have enough value coming out of workforce management to take us to that margin journey that we showed you, both the lower part and the upper part. And then it is, as Kasper said, we will take some choices then what do we invest out of that value into growth and what do we invest into technology, of course, always with a positive business case.

And one final tweak on that, which is different compared to when we have been talking about targets previously because there, we have been dependent on things that were partly or entirely out of our own control. So for instance, the Deutsche Telekom, yes, we were confident and the process were going according to plan. But you never know until you have a signed agreement. Here, we have a plan where the things that we need to execute are within our own control, which is something that we are very pleased with.

Just a quick follow-up on the workforce management opportunity. So is that fully exhausted in '28? Or is that fully implemented there?

It will not be fully implemented in '28. We have, as you know, 325,000 people. We have more than 50,000 sites. And there are some potentials where we can touch a relatively small part of our business and increase the value a lot, and then there will be others where there's a longer time and effort to get that value out. But the point is just that this year, we are ahead of plan. And I can see how we can scale faster than we believed we could 1 or 2 years ago. And therefore, I'm not nervous at all for having the firing power we need in order to deliver on the targets we have set out today.

It's Tim Ramskill from Bank of America again. So just probably a question for Liz. Just in terms of the employee turnover piece, what's the further direction of travel in terms of improvement? What do you think is feasible? And then related to that, as employee turnover has improved, how does that impact you in terms of the cost of your hiring function and all that goes with bringing people on board?

So again, a well-expected question. So we've gone 3 percentage points at a global level over the last 3 years. We're already running -- half 1 '26, we're running 2% or 3% below that 30%. So this looks like it will land yes, 2 or 3 percentage points below. Where do I think it can go? I honestly don't know because what's really interesting to us is the much more nuanced version of within a particular country and indeed even within a particular contract and a particular site, what is actionable for us. So -- because not all turnover is necessarily bad for us as well. And there's a different cost associated, obviously, country by country, but also skill set by skill set. So cleaner is relatively easy to train a new cleaner for a general cleaning purpose. So there's a relatively lower cost for that. But if we're losing technical services people, then, of course, there's a very, very different cost to that. So what we're driving to be able to do is to measure it at a much, much more granular level and then really pull the levers to get to that optimum per country of what the turnover needs to be. We're in an earlier stage of treating this like a core operational KPI than we are, for example, on productivity. But that's the sort of same logic that we're starting to apply around it. In terms of costs, there are direct costs, of course, you need less recruiters if you're recruiting less people. The digital recruitment business case includes some of that, but it also includes a switch out of the old technology as well, which is a good cost saving. There's obviously less administrative time. So it takes our managers' time to hire people. If we can squeeze that down, that's obviously time back again as well. And then, of course, there are operational benefits as well, but we need to be careful not to double count those with the workforce management ones. So for example, if we're not gapping post, then we're not having to pay overtime, we're not having to bring in temporary workers, but we need to be very cautious not to double count those ones.

Allen Wells from Jefferies. You've talked a little bit about, obviously, the opportunity from AI. But can I ask just your opinion on some of the potential structural threats from AI. Obviously, we read, we hear around kind of the white collar workforce reduction potential as this technology is implemented. Your key focus areas, financial services, professional services could be in the fiery line, if you believe some of the literature as well. How do you guys think about that as you plan for the next 3 to 5 years? What are your customers saying around office space planning? Yes, just quite interested if you can a little bit of color around that, please?

Yes, I can take it. It's -- within the segments, we have chosen that we also went through today, and this site is perhaps a good representation of that. A lot of the customers we speak to, they want to have people coming to the site. And then, of course, they work with AI in order to enhance and improve their processes. But most of the people we talk to, they don't see that they -- at least not on the medium term that there is a big change coming from working with AI. I'm sure you read the same reports as we do in terms of what could it potentially mean. But I think it's very much back to the point that Steve made this morning as people work more and more with AI than the human factor. So what people can do and the interaction between people becomes more important, and that means also that we see some of those customers where that is a factor starting to invest more in that because they see how important it is to attract the right human talent in that process.

Annelies from Morgan Stanley. Sticking with a similar theme, can I ask about the robots, please? So I'm surprised that the wage cost savings are so low for where you're automating the cleaning. So could you talk a little bit about what drives the decision to make those investments? Is it coming from the customers? Is it coming from you? And I think you said 3% of your total cleaning scope could be automated. Do you expect that to change? And therefore, will you continue to roll out this technology? And what could that mean for wage cost savings over time?

Yes. I spoke about the robots, and I also noted that with the current technology standards and with current cost and price points that it can, of course, change in future. But the way to think about it, you think about this building, for example, -- and then you think about these cleaning cobots, how relatively small proportion of the surfaces that such a robot would be able to do, cannot do the restrooms, for example. And when we clean, we don't only clean floors. We clean tabletops. We clean door handles, we clean all kinds of other things. And when you add the time we use on a site like this together, that is where -- not this particular site, but in average that we see that it's only about 3% of our scope where there is a meaningful business case with this. And of course, these cleaning robots, they also compete, so to speak, with our increased human productivity all the time. So that also means that probably our hurdle rate is different than many other people. And when we get everybody up to the same level as Norway, then that business case will look different again. But who knows about what the next generation of robots is, could we do restrooms? And if we could, we would, of course, look at it. So I'm not saying that we will never use robots. I'm just saying that don't expect that there is a huge uplift for us in that for those reasons I went through. And then as I also said, we are cautiously excited about humanoids, but we think that it's some time away before that it's a productivity game. It can be an interesting thing to do, but it's time -- some time to see the productivity uplifts coming from there, if ever.