W.A.G payment solutions plc (EWG) Earnings Call Transcript & Summary

Good morning, and welcome to Eurowag's first Capital Markets Day. Thank you for all of those who have come here today. Thank you for those who've actually flown in for the event. We really appreciate it. And thank you for those who are joining us online. Welcome also to our Exco, who have joined us today. We also have our Chairman and a few of our Board members who are also in the audience today. It's no coincidence that this week actually marks the 2-year anniversary of Eurowag being listed on the London Stock Exchange. As many of you know, we've been incredibly busy over the last 2 years, with growing the business organically and inorganically. We hope today -- after today that you don't -- not only just understand Eurowag a little bit better. Some of you are new to the story. But you really understand our ambitions and the exciting opportunities that lie ahead of us. Let me run very briefly through the agenda before I hand over to Martin Vohánka, who will start us off with our strategic overview. We'll then move to commercial, where Martin will be joined by Miroslav Novak, who's one of our country managers. He looks after Czech Republic and Slovakia. We will then take a half hour break. For those who are in the room, you'll have the opportunity to go outside and look at the display tables, talk to our colleagues out there. And as I say, you've got the Exco here too, if you want to have that -- those conversations. We will turn back into the room where we'll have the session that I'm sure you've all been waiting for, our product and platform, and that will be presented by our CPO, Martin Strigac. And finally, Oskar Zahn, our CFO, will finish with some financials. At this point in time, we will have the opportunity to ask some questions. For those who are online, there is an ask question tab on your screen. Please feel free during the presentation to ask your questions. And we will answer them whilst we are doing the Q&A session at the very end with all of those in the room. And finally, one point for me -- so sorry, if you don't have to rush off, we'd obviously left you to join us for some lunch outside. One last point for me. For those who are in the room, we're trying to be eco-friendly today. So if you want some of the slides, we haven't printed them. But if you look on your lanyard, we've given you a QR code, which will take you straight to our website where the presentations are available. With that, before I hand over to Martin, I'd love to just show you a quick video. Please enjoy. [Presentation]

Good morning to everyone. I'm Martin Vohánka, and I'm super pleased to welcome you on our first Capital Markets Day. Carla was saying a lot of thank you to many people, I will need to say thank you to the team, which was preparing this day. You can appreciate this is a big thing for us. So there is a lot of excitement. A lot of energy was put into it, and that is a bit of nervosity, which I think is quite normal. But I do hope that you will, out of this day, you will bring home great feelings from what Eurowag is doing and that you will appreciate why we are so excited. So I would like to mention that, as Carla said, there was a lot of things done. There were delivered a lot of achievements, a lot of changes, a lot of deliveries, but one thing didn't change since IPO. And this is I think, very first message which I would like to convey, that simply our strategy didn't change. What we are introducing back then, 2 years ago, we were speaking about something that was totally new for your ears and for the industry itself. And this is industry first, end-to-end digital platform, which is totally digitizing trucking company operations. And this is one thing which didn't change at all. There are [ 3 ] key messages, which we would like you to take back home. The first is how critical importance Eurowag is having when comes -- when speaking about industry transformation. The second that after 5 years of heavy transformation, large investments, re-scaling of the organization. Now we are getting very close to launch of the platform. And that because of that, Eurowag is sitting on great business already today, but we are super placed, when it comes to our future. Now I would like to go back to routes to the basics. Trucking industry. This is one of the things which we realized when talking first with investors. The trucking is not really understood, that this is underestimated or overlooked industry. However, it's big and it's important. There is a 9 million trucks, which we are passing on the ways when we are traveling. 5% GDP is trucking. It's big. 20 million people are working there. And everything physical in certain moment needs trucks. So our homes will not be full. We would not have furniture, we would not have food, hospitals would not have medicals. Everything needs trucks, and this will not change. There are a lot of efforts to build railways. There are a lot of efforts for optimization, for [ multimodal ], et cetera, that this will change just a bit. And therefore, we do expect as well the industry analyst that trucking will only grow. One of the thing which we set at IPO, there will be enlarging our total addressable market, and we did. We started with certain amount of products, which represented approximately EUR 5.8 billion or EUR 5.9 billion total addressable market value. Nowadays, we speak about EUR 9 billion, because we were adding products into [indiscernible], and we were developing products in-house. And we see further opportunities for extension of total addressable market because we continue to develop other products, and specifically, load matching will be adding another x billions of total adversal market opportunity. Now we already know that trucking industry is important that we need it for our everyday life. But what is the kind of dark side or problematic side or what is the challenge of the industry. And they are multiple. At first, everything is stemming from the analog nature of the industry. This is really the industry which is on a tail of digitization. If you see all these like a -- studies, which industries are aware in terms of their journey for digitization, you will find typically construction and trucking on very end. However, it's very, very complex. So one will suggest that it's -- it's logical that it has to be digitized. There are 30 tasks, which needs to be performed for every route and they are doing multiple routes a week. They are working whole week. They are working entire year. So if you times it by the size of the fleet, you realize that this is a very demanding, operational demanding job, while not having modern digital tools. Market is super fragmented. 90% of companies are small. Medium-sized and small companies. Mamas & Papas shops, this average size of the fleet, 7 trucks only. So there are just a few people in a back office, then drivers, and they are running their company regardless what is the geography, whether we speak about U.K., Belgium, Spain or Romania or Czech Republic. It's an industry which is facing lack of interest from the parties to cooperate with. One of these parties are financiers, bankers. For them, it's difficult to assess the credit risk. Because there is a high fluctuation. There are a lot of companies coming in. In small businesses, a lot of businesses coming out. And banks are struggling how to sell them, how to bring cost of acquisition down, how to bring cost of acquisition -- cost to serve down and how to assess the credit risk. This is the challenge. The next one is utilization. 30% of trucks on European roads are empty. And if you look on average mileage of international trucks, it's around 7,000, 8,000 depends on a geography. Meanwhile, Champions can do 13,000, 14,000 kilometers a month. So you can immediately see what would be the impact on their top line and bottom line. And despite all these what was said, you would say, okay, so they are well paid at least. No, they are not. The margins are very thin, 3% to 5%. And last but not least, because of all these inefficiencies because of all these empty miles, which trucks are doing, this is the industry which is in urgent need for decarbonization. It represents 9% of total CO2, so which is a lot. So what is the answer on that? What is the answer on all these pain points? And I was, in fact, already answering that when speaking about the first problem of analog nature of the industry, is really total digitization of the industry. So how you can contextualize it. It's a very simple picture. They are truckers, we are bringing all the data, all the interactions into one platform. And through this platform, we allow them to interact seamlessly and change the value seamlessly with the rest of the ecosystem, be it Energy & Toll providers, which is our legacy business. To financiers. So to connect this -- a lot of money which are in the market with this specific segment through our platform through our data. These car manufacturers, these regulators, it's ever growing -- it's ever growing challenge for them. Again, think about small businesses, somewhere from Romania. And they need to comply with 25 European legislations. It's a real challenge, different languages, different legislative environment, how comes they can operate without support. They really need support. Shippers, freight-forwarders, no-brainer. There are a lot of middleman in between these 2, a lot of inefficiencies because simply, there is lack of transparency, like of connectivity and roadside service providers. This is everything possible through our digital platform. Last 5 years, we were building for it. This is the -- how our platform conceptually, of course, it's very much simplified, how it will look like. Many of you have seen it before, and Martin Strigac, my colleague, Chief Product Officer, will be talking about it in more detail. But you see, again, similar things, people which we interact with you see unified sales channels, unified pricing, 1 product stack of all mission-critical services and the data, which we are collecting and which makes the difference. And this brings me to really matter of data. I cannot stress it more. This is probably for me, almost the most important slide of the entire presentation. Because we do have all thinkable data about trucking companies. Never before, never before, was something like that seen and available on a market. Just let me illustrate. Here, you see the pictures of the acquisitions which we've made in order to collect that. And also, you remember, we were always talking that we are acquiring and focusing on companies which are -- our services and products which are producing mission-critical data. And this is how we are harvested and how we can stretch it. Truck information. We know everything about truck, age, temperature in a trailer, they open the door, what is the fuel level. We know what is the battery charge level. We know routing, we know typical patterns. We know how they are utilized, whether they are empty that they will reached the destination, and really unload it in order to create proof of delivery, simply everything about truck information online, real-time data. Drivers information. In the past, it was a challenge for the industry for fuel card industry because we give away fuel card and then we haven't seen driver. We had no clue what driver is doing, it was paradox because we distributed to the trucking company and we didn't have direct interactions. But you've seen that we invested into Road Lords in order to gain that experience. And therefore, now we can say that we have information about their behavior, about their habits. We know what they need to do in order to comply. There is a lot of regulation around that. Last acquisition was helping in this respect as well. We have lots of company information. Toll. It's obligatory service. They have to pay toll. So therefore, they need to register they need to give us all the thinkable data in order to be able to run through the toll network in Europe. Tax refund, very interesting one. Tax refund, typically they are using one agent and through Taxi refund, they are refunding all their spendings in abroad. So in fact, what we know if they are buying something outside of Eurowag ecosystem, for what prices, when they were buying it, from -- on which places, what were the suppliers. We know simply everything about it, because we are doing tax refund for them. Receivable financing. These give us information about customers of our customers. So when a customer issue the invoice, and we finance it, then we know for whom they are working, extremely valuable information. And indeed, through our payments, et cetera, we know the payment history, we know how they are diligent. There is a lot of learning, which we are taking away from it. And shippers information, customers of our customers, I already mentioned, our transport management system is managing their loads. We know what is the utilization. Again, through the invoices. We know what are the names for whom they are working, what is the current trading, and we even know for whom they are delivering what is the destination, which is the opportunity, again, to sell and to find new customers. So if you think about it, we have literally everything, maybe except of personal data. And even this, we sometimes know as we are talking with them and having long-term relation. It's not just for the sake of having data. I have to say that we do not need to sell data to third parties, not at all. We have great 2 use cases. First, to totally digitize their operations, to bring efficiencies, et cetera. I will be speaking about it a lot. And then secondly, to improve Eurowag sales and marketing efficiency. Just for that, we will be changing the industry. And with that, we will be improving dramatically our economics and our growth trajectory. I'm sorry. Now you can think how we get to this point. Those of you who are you, I think, for you, it will be very, very instructive material. Actually, company history started in 1995, I was 19. So I was starting with fuel trading, because next to my hometown was refinery and a coal mine. So trading this coal was not attractive as trading this refinery. So I started that. But a few years after we introduced our first fuel card. So which was kind of extension of what we are doing with fuel trading, but more sophisticated. And we realize soon after that this is really the completely new universe, a lot of opportunities ahead of us. So -- and that's what we start to do. We -- from regional fuel car from initial 14 stations in the network, we become regional, then we went abroad. And over the almost 20 years, we become one the leaders in Europe, providing fuel card and at a time as well toll and tax refund services. It was already achievement because the market was dominated by 5, 6 players. It's a oligopoly play, and we squeeze them. This was already great success. But back in 2017, we start to ask ourselves, is it all what we can do for the industry? Because at the time, we had already scaled, we had the loyalty of the customers because we were supplying them a large chunk of their wallet, we understood very well what the industry challenges are. And we said, okay, maybe this is the path forward. Maybe this is something what we can do for the industry and create something much, much bigger, much more valuable, much more impactful. When it comes to industry and consequently, human kind. And that's why we start to define our new vision to create this integrated end-to-end platform. And it took really 5 years. Now I'm very proud to be here in front of you and introducing with my colleagues, what we were working on, which I understand that at a time, maybe at IPO was still a bit blurry. So a lot of components were missing, the organization was not ready. But as said, on our very first slide, we are very close to launching this platform and start really changing fundamentally the industry. One of the key tools how to achieve that, not in 10, 15 years or 20 years or maybe never. But to do it in a few years' time was indeed M&A. And you may ask, so how was it? How you compiled your shopping list. And it was very rational and very strategically well thought through process. At first, we were asking, does it been in scale? Because any platform is viable and it is successful in case that it brings scale. Secondly, whether it's bringing capability coming back to the data. Capability means whether the system or product is really producing mission-critical data. The second was, if you are contemplating this capability, is it buy or build, what is better, can we build it in-house. In most of the [ induces ], we said, no, we need to buy it because these products where industries on its own evolving for decades, having all nitty gritties, all details and it would be nice to think that we can simply build it. And then we were asking questions, what is the cost of acquisition of 1 truck? Because we have in-house cost of acquisition to organic. So we were asking if we acquire scale, so what is the cost of acquisition of truck to M&A? And eventually, what is cross-sell potential? What is the current ARPO, when they are sitting in the target? And what is our ARPU and what is the Delta? And what it can do with our financials? And last but not least, we were asking whether this business is viable, that there before we really integrate it before we really harvest all the benefits of integration, whether it is viable, whether it is cash generative. And what is the result on competitive landscape? We were starting as a fuel card, as mentioned. Over the last 5 years, it was a great journey, and we get it to the point where none of our competitors ever was. The reason is that all of the ecosystem, and there might be much more logos, it would be even [indiscernible] then. They are typically providing 1 product or very limited product offerings. So they cannot think even about something what we are introducing to you today. And this brings me to the next slide. Because investors are typically asking how I should position you? And I think that this was one of the struggles when people ask me, what was the key challenge at IPO. And I said, "We are special [ beast ]. We are not fitting to existing boxes. We are creating something totally new". So indeed, we originated from the fuel card. That's where our competence, scale, understanding, loyalty of the customers and again, where it comes from. However, in the meantime, we have built the competencies and high margins in -- which are of the integrated payments. And we are now, and we will be talking about it, we are clearly shifting to software as a service model. And Martin Strigac will be speaking about it as well as Oskar, when it comes to our KPIs going forward. So simply, we took the best out of the all 3 segments. Therefore, we are simply unique. In terms of our CVP and positioning. What are our next 3 years' goals? I have to say that we'll simply continue in what we have on our plate. There is still a lot of work to be done. And you will be learning as well for Martin and we are talking about soft launch of our platform. You can imagine how complex it is. We are merging multiple industries together, payments, navigation, software, energy, e-mobility. You name it. There are so many. So it's a complex thing. So we will just continue in doing that. And for that, indeed, we need people. So we will be continuing to investing in human capital, upskilling, adjusting our operating model to be ready for this new tech-enabled era of Eurowag. When it comes to products, integrate everything. I'm sometimes using analogy of Formula-1 engine. It can be any other engine, but Formula-1 is more attractive, let's say. So what we were doing in the last 5 years, we were investing in various components. And I know that you are rightly unpatient, as a investors to see immediately maximum of the returns. But think about following. If you are building Formula-1 engine. And if you have 50% of the components, does it mean that you can put it on a race track and run on a 50% of the output? No, you cannot. You need to really have almost 100% of the components to really put it on a race track and start to tune it, test it and improve it. And that's what it was 5 years ago. first acquisition of Sygic 4 years ago, navigation. People were asking me, Martin, well, you need the routing, why you need digital expertise in that fuel card. This is so different to it. But we knew that Sygic is absolutely unique asset on a market. There are only 4 companies, other 4 companies globally, which you cannot buy. So it was difficult. But as I said, we were always buying thanks God, businesses which were viable on its own. So even though that we were not yet fully utilizing their capabilities. Still they were viable and they were bringing a growth of our EBITDA. So in products, simply, we are focusing now everything integrated into one platform. And when it comes to technology, data, AI, in order to enable everything else, in order to manage the company better in order to realize all the efficiencies. So I think no surprises here. Now I would like to briefly remind our strategic house. You can imagine that such a complex business is easy to get lost. Really the execution, the demand for execution is immense. So that's why we structure our approach into strategic house. On the top is our purpose, which you are familiar with, to make commercial road industry, clean, fair and efficient. Then we have 4 pillars, and I will be talking about and I will be introducing each of them on a following slide. So Attract, Attract is about scaling our capabilities to acquire new customers. And there is happening a lot of things. I will be talking about it in a second. Engage, it's mostly about the value which we deliver to the customers. because platform will be attractive, not only if it will fulfill our objectives, our KPIs, but it will deliver tangible difference, tangible benefits to our customers and Engage is exactly about it. Monetize. If you think what platform will be doing from Eurowag perspective, a key theme of it is cross-sell, accelerate cross-sell, stimulate customer on every single step to take more products to take it faster with all the benefits of growing lifetime value reducing churn, et cetera, [ Mittu ] and Oskar will be speaking about some of the relevant data in this respect. And Retain, it's about how to grow, how to evolve our business model towards recurring revenues represented by subscription. And when it comes to KPIs, Oskar will be providing you more light on it. So Attract. I will speak about it in section of commercial. So I will just very briefly commented. Our ambition here is to bring all these channels, which you already hear from us to talk about direct, indirect into seamless omnichannel experience, with strong digital -- this objective to bring cost of acquisition down from current approximately 500 to 300. This is the absolutely no-brainer that analog industry service analog, so face-to-face. And now we are shifting to digital. There are new generations of people which are managing these small businesses. So this is right time to do it. And our ambition by scaling our capability by increasing the funnel is to get into 1 million trucks serviced by our platform from current 250,000 -- both ambition, but we believe absolutely realistic. Engage. This is really the pillar where our vision comes through from customer perspective from improving and delivering efficiencies to our customers' operation. I think that the picture is quite instructive. You see a lot of systems, which now they need to handle, typing, copy-pasting, using Excel spreadsheets, writing on a wall. To moment when there will be only driver, his truck, nothing else, just application, which will guide him on every single step. Monday morning, he will activate or she will activate, there is a 4% of women being drivers. Activate the application, we will say where to go, where to pick up, where to stop, how to comply, we will secure payment financing. So that when drivers will get back home on Friday and sits -- this is live in front of this popular whatever comedy channel or whatever, that he really can concentrate on his family and he does not need to sit behind the computer and do all this amount of work. When it comes to value, real value, how we can quantify it. You know that we were talking about it -- about bringing costs down, increasing revenues on the customer side. And here is what we estimate, what is possible to achieve. At first, it's about 20% of our annual revenue growth. And we know that there is a -- where to build it, yes. Remember, empty loads, empty journeys and utilization of trucks being very low. Up to 10% of the cost savings. Back office, we already talk about it, better decision-making. And saving a lot of CO2 per truck per transported goods. These are very huge. These are very tangible benefits for the customers, why customers shall engage with our platform, why it's so much transformative for the industry. Monetize. As I mentioned, key economic reason for us to build platform is to create engine customer -- cross-sell centric aging, which stimulates on every single step customer to take more product. You already heard from us that first thing -- very first thing, which we did after every acquisition is to bring sales organizations together. The buy sales organization is already fully integrated. This Eurowag's organization. They are working like 1 agile team, multi-competency teams. This in a lot will be happening here in Q1. But this is just one of the layers, which we are one of the levers for cross-sell. We will be adding more. And again, Martin will be providing you more details, but it's about 1 brand, simplified bundled pricing, about 1 place where all the products are stored. It's about 1 data storage and it's about 1 hardware. All this is stimulating customers to take more. And when it comes to KPIs, again, you might remember that we are around 3 products per customer. We believe that we can double it. And the -- this path or the adoption rate or the speed of adoption might be -- could be much, much faster. And secondly, our ambition when it comes to financing, and you will hear more from us in every interaction is that we would like to finance 40% of issued invoices by customers, and we would like to be there and help them finance it. And to cover the gap in between when they get money from their suppliers and when they need to pay their own bills. And this is just highlighting, we are still on monetize, how we are supporting cross-sell. I think even from your perspective, you do not need to be experts and you see this is the jungle of the system, which they are facing today. We are here depicting Eurowag products and Eurowag platforms. But even though that he's sourcing it from some other suppliers, it's even more complex. And at the end, we are expecting something like that. 1 dashboard, 1 data, 1 brand, 1 pricing, everything simplified, brutally simplified and much more effective. And finally, obvious thing is that if we were negotiating with customer separately and negotiating about price on fuel price on tolling and arrangements on software and et cetera, there are multiple, multiple revenue streams, multiple negotiation with the customers. What we have now at hand, all the mission-critical services, which allow us to bundle it and get unique, somebody would say, unfair competitive advantage, against single product providers because simply, they cannot provide these bundles. They cannot provide all the things which are coming all the benefits of efficiency improvements of having multiple products and 1 platform. And when it comes to KPIs. You know that already now, we have -- after acquisition of Inelo, we have approximately half of revenues from so-called mobility solutions and half from payment solutions. While majority of the mobility solutions is subscription, we would like to move further and to have 60% of revenues from subscription and 20% from financing revenues. And finally, let me again reiterate what customer will be getting. Because, again, some people ask me they are poor truckers, low profitability, how they will pay for your fancy services. It's not like that. No, we'll be just getting a piece of savings. We will be asking for a piece of the revenue improvement. We'll be helping them with financing and eliminating a barrier of scaling because nowadays, if they want to deploy truck, they would need to have 3 months' money for fuel, for drivers for leasing, et cetera, because nobody is paying them earlier. So we'll be just sharing the piece or the part of the value, which we'll be creating for the customer. We are not asking something on top. That's very important to understand. And we will be helping to reduce carbon intensity of customers. And this nicely brings me to our sustainability strategy. I love to present it because personally, I'm very, very much keen, I'm passionate about our sustainability efforts. And I have to say partially, it's a luck. Because if you think what we are doing, efficiency improvements, better routing, better utilization, influencing drivers to have better driving style, is, of course, creating stimulus for a customer to stay with Eurowag to pay for a service. But at the same time, it's reducing CO2. So we are lucky to be in a place just to continue and strengthen all the activities and maybe be more structured around them in order to push you, let's say, the trucking industry, which is not unharming our environment. So -- and the evidence on [indiscernible] strategy house, you might overlook when I was showing the first time is embedded in our strategic house. So it's not something like on top something when we have time, that we do it. No, it's deeply embedded in our strategy. Here, I would like to pick up just the -- there are many things which we can do, but there are some which are having really the biggest impact, which are worthy to mention. The first one is climate action, enabling customers to reduce green house gas emissions, reduce the carbon intensity per ton of transported goods. Secondly, still, there will be some energy. Sometimes we are asked fuel card, there is no future. We are not a supplier of the energy. We are enabler of transactions in between energy suppliers and trucking companies. So I think it's quite easy. What we are doing is authorizing, identifying, exchanging the data, realizing the payments, realizing financing. It will stay with the trucking industry forever, regardless whether there is a diesel or charging or hydrogen or LNG, it's the same. So what I want to say by here that Eurowag is energy agnostic, but still, there will be energy needed. And it's about us to be part of the ecosystem, which is enabling a smooth transition to low carbon alternatives. The second area is customer success and wellbeing. Here in U.K., what happened in the last summer, there were no fuel station -- no fuel on a fuel station, Supermarkets were not having toilet paper, which is a small drama, but it is. And you see that the industry is simply not attractive, becoming not attractive for drivers. So that is something what we need to do. That's why [ we are ] fair, fair. Very important part. We shall not forget of it. Nowadays, drivers and trucking companies are having low profitability. A lot of middlemen. They are struggling to have a toolbox, which enable them to prosper better. So this is not exaggeration. We can really do a lot in terms of improving their life, improving their economics, make their lives not all the time being on a phone despite having holidays, but really to have meaningful life. And last thing, which in Eurowag we do very long time is community impact. I think this is basically a [ aging ] for early company. You know even here, Eurowag was innovative, when we introduced philonthropy, a new project. And in fact, we are engaging every single of our employee, we are providing them funds. They are -- in fact, it's a portion of our net profits, which they are deciding and distributing. So we are empowering our employees to do good to the society. We are very proud of it, and we have 80% participation. I think this is quite unseen number. And company governance and culture, I think that IPO-ing, doing listing is evidence that we are really aspiring for the best possible standards of managing company. Now let's have a look on decarbonization. There is a lot of things happening. It's full -- media are full of that. Therefore, I will not dwell into or go deep into the numbers, but you see that simply there are a lot of aspirations. And here, you see what is the response of truck manufacturers. Would I, however, has to say, and I need to manage expectation, it's a really complex job. I do not want to be in their shoes because if you think decarbonization is not a matter of producing electric trucks, it's entire ecosystem. There has to be energy available and offer you the energy available. There has to be great, there has to be production of hydrogen. There has to be retail. There has to be charging points near the truck routes -- does not exist. So it will take time. It will be gradual. However, as I already mentioned, Eurowag is uniquely placed because of 2 reasons. At first, we are energy-agnostic. Already now we are authorizing e-charging. We have made investment into LMS. So for us, it's just changing the kilo liters to kilos or to kilowatts. Secondly, the end-to-end perspective on decarbonization process. And that's why we feel natural obligation, natural duty to be part of the various associations and help to shape the -- help to shape regulation that this is really consistent end-to-end. And that really -- the transition is fast and effective to, let's say, new low-carbon future. And here, I would like to bring 2 numbers, which we committed in our disclosures. Probably really the fast -- the biggest impact to what we can make. And this speaks about decarbonization. I do not speak about Carbon Zero 2050. This is too far. So no one -- maybe none of us would really take this seriously. But the numbers which we are really serious is already what will happen in the next few years. So by 2030, we committed to reduce carbon intensity per ton kilometer by 20%, is huge. And this is the best way. This is the very first thing, carbon avoidance. And there are products, which are clearly are leading us to it. And we are measuring our progress every year. So we are not waiting for 2030 to wake up and learn that we are screwed. So fleet management, loads, utilization, drivers, FCO to calculate the reporting and offering again advice. Maybe it seems like a simple -- but again, think about small trucking company from Czech Republic, how they can know. They need European network. They are subsidies. There are a lot of things. They need to report plenty of things which needs to happen in order to change the fleet from diesel to electric or hydrogen. So advisory is very much needed. And as said, the remaining part of the energy is about to help them to find the right place to recharge or to get hydrogen or LNG. So we committed in this sense to have 80,000 trucks by 2030. Which will be on alternative powertrain. Out of current 250,000, you might say that this is a big number. but should really industry move forward as all the analysts are expecting track manufacturers, European commission, et cetera, we believe that this proportion is very much visible. So now I would like to summarize what is our ambition. We want to bring to our platform 1 million truck. You remember, 9 million in total, 1.5 million trucks, which are international trucks. So this is a big, big portion. This is our sweet spot. You have 1.5 million international truck where they need the biggest number of products and they have biggest ARPU, 1 million. Reposition, Eurowag has go to address for anyone who would like to do something with trucking, either newly established trucking company or supplier or regulator or OEM. And simply Eurowag will be no-brainer for anybody who would like to do something meaningful in the industry to connect to us. And 1 million truck is the ticket for it. We'll be moving our revenues, more and more subscription, more and more recurring. It's clear platform when they connect, they get everything they will pay for connectivity to their platform. And eventually, they will pay financials, final interest and ethics should they borrow money from Eurowag. But our ambition is to improve, as was mentioned several times, customer revenues and empower them to realize efficiencies. And last but not least, we know that by doing so, we'll be reducing energy intensity, and we will be helping customers to this transition to low-carbon future. And that's for the first part. Now I'll let you a bit breath, digest. So you will not see in the next few minutes me, but the lady. It's a special women. Is one of the 4% of women driving on European roads. In U.S., it's 7%. So we have something to do. We have a homework. But she is one of those. She's a prominent person in trucking industry. She's not only driving but owning her truck or actually now 2. She's having 1.3 million followers. So if you see, it's a really big thing on various platforms. And therefore, she is quite frequent participant on various conferences. She is invited by European conventions on various debates, et cetera. And last but not least as you will see, she's big fan of Eurowag. [Presentation]

Good. So now this is just visualization what Ivana was talking about, the complexity before the journey on the road after the journey, times it, the size of the fleet, Imagine all this is manual fragmented, very, very difficult. Now I would like to refocus on the market size. We already talk about 9 million trucks. Here, I would like to highlight that a majority of the international trucking companies, vast majority is coming from the 2 regions, Central and Eastern Europe and Iberia. So you might -- here is simply to answer why we were focusing, why we are focusing on international trucks and why on these 2 regions. At first, Central and Eastern Europe and Iberia are leaders in international trucking, because of one key difference, lower wages. Simply when these countries were entering European Union, they were stepping, maybe they were weaker in other economic terms, but there was one advantage of lower wages, lower starting -- lower salaries for the drivers. And that's why they start to dominate very quickly to international market. That's why when you are driving on German or even U.K. motorways, you see so many trucks passing this Lithuanian, Polish, Romanian or Spanish or Portuguese number plates. So our focus is very cautious. However, the rest of the Europe is not something where we are giving up. We were already informing that last year, we opened our office in Germany. We have already office in Austria for more than 5 years. so, even the rest of the market is having some international companies, which are of our interest and will be growing as well in these markets. The second point is about why international trucks. And I was already hinting that. International truck is doing approximately 7,000, 8,000 kilometers. Domestic is doing only 4,000 -- less than 4,000. So half. So you see the potential for a number of transactions for financing revenues is 50%. So -- that's why we focus on international. Second reason is that if you are domestic, you do not need international tolls. You do not need more time management. You do not need tax refund. You need much less roadside services. So the ARPU potential is simply very smaller when it comes to domestic transport compared to international. When it comes to our existing customer base, it's very diversified. We have 18,000 payment customers. We have absolutely no concentration risk from obvious reasons. Our biggest markets are Poland, Ivana is from Poland, you probably learn, Czech Republic and Hungary. And we see that clearly, we have a huge avenue for growth. Simply, there is a huge headroom both on established markets and on new markets. And now I would like to invite Miroslav. I'm very grateful that Miroslav took the challenge because this is, of course, not usual format of presenting in front of investors but Miroslav is representing what real things are happening on a market being with the customer. So I hope that Miroslav will provide you now more in-depth insights Yes. Miroslav, over to you.

Thank you, Martin. Good morning. My name is Miroslav Novak. I'm a Country Manager for Czech Republic Slovakia. I've been with Eurowag since 2020. And before that, I spent my professional career in automotive industry or more blatantly, I was Managing Director at Jaguar Land Rover [ importership ] in Slovakia. As Martin mentioned, again, in 1995, since that many of the important milestones were coded such as in 2005, the opening of our first owned Eurowag [indiscernible] 2006 launched our toll service solutions. But most importantly, in 2008, Eurowag expansion started with Slovakia, as the first country opened outside of Czech Republic. And then followed by Poland, Hungary and Romania. Looking at the map now, almost entire Europe from east to west from Turkey to Portugal, from Baltic to Italy, where we have agent model of cooperation. Currently having offices in 18 countries with more than 630 employees. At IPO, our main product to book a customer was energy. It was really large contributor to our revenues and our legacy business. In Czech Republic and Slovakia, almost 80% of any interaction with our prospective customers are -- it's obvious because fuel represents 14% of our customers' wallet. And any cost saving on this is really closely monitored. As Ivana mentioned in the video, margins are very keen. But today, we have multiple entry points to our customer with fleet management system, meaning telematics, the second largest take-up product. Once we have customers sign up, we can immediately start to analyze their behavior, start offering smart routing optimize routing through out toll management system or transport management system or telematics. Once our customers start using multiple solutions, we actually create customer value proposition. They start to see the benefits with older services connected to 1 platform for receiving 1 invoice. Given Czech Republic and Slovakia is one of the most developed market in Eurowag portfolio, they're also used -- often used as a testing ground. So with pilot ideas before sharing them with other countries. We started and piloted the digital sales channels. We started it as a soft launch in 2021, slowly developed our digital sales team. And today, more than 30% of our customers are acquired digitally. We have also invested into our digital software and therefore, moved from manual onboarding of customers to digital onboarding. As we introduced new products, for example, tourist -- toll services, we have created digital sales campaign to drive cross-sell within our existing portfolio or acquire new customers. And finally, we have moved our sales team into new agile team structure, ensuring all our products are getting marketed to our customers. All of these have led the results shown on the screen, which I'm really proud of, looking at the left-hand side of the screen, more product we have with the customers, longer relationship we have with them. But most importantly, more product we have, higher net revenue margin we can generate. Looking at the churn decreased actually, it halves with any additional product between 1 product, second and from third to fourth. And finally, all this leads to higher average net remuneration rate. Despite Czech Republic and Slovakia are the most developed market, you see can that the initiatives I mentioned earlier has led to strong customer growth plus 26% since 2021. The chart in the middle shows we still have further opportunity to cross-sell our legacy products. And as I mentioned, having our services bundled on the same platform allows us to accelerate cross-sell to customer, which you can see in the fleet management system. Both the growth in our customer base and continued cross-sell opportunity shows our strong net revenue plus 25% since 2021. Thank you. I'm handing over back to Martin.

So you see when I was talking about that we have a lot of things to do in established markets. I think Miroslav and his team is a great living example of that. Now let's focus on our future. So all the changes which I was introducing and Martin will be detailing in a minute. What does it mean for commercial organization. I was already mentioning that now we have very promising 3 channels. I will be commenting in next 2 slides, digital and indirect. But what is the next step? What is the next layer is to create omnichannel experience. Omnichannel is well-proven model. First, I don't know whether Telco, but probably Telco is a good example of omnichannel approach. It's unifying sales strategy across all the channels. It's integrating end-to-end journeys. It delivers orchestrated messaging, and it works with centralized data from all the touch points. All this is designed in order to maximize the effect with least possible resources. So this is something what we are working on just now. Key component of this is digital. Miroslav already mentioned that this is not new to us. So we were working on it already the last 2 years. I said it was not easy because the industry was purely, purely analog. Used to be visited by salespeople for every single interaction. However, it's changing as well as our capabilities. So what you will see in the middle is Eurowag platform, so which will be servicing mostly small companies like Ivona and [ the similar ]. We do expect that this segment will grow. Again, if you connected what we were talking about that our platform enables them, gives them tools, which only the biggest companies are having. No surprise that this segment will grow. That's why we are betting so much on already sizable, but we believe, growing markets rapidly growing after we introduce all these things of small companies. When it comes to medium and large companies, they will be interacting as well with our platform, but we do expect that it will be as well cherry picking or opting simply for part of the solutions and not maybe all. So where direct sales, of course, will be very much needed, especially in a form of advisory sales. As well our marketing will dramatically change, while leveraging data. We collect from broad product suite. And for that, we will be indeed as well harnessing or utilizing the data from all the acquired companies. The next leg of the omnichannel is indirect, really never before were typical aftersales product sold as a part of the new truck, never before. Our application will have our brand. It will be in built by truck manufacturers in the infotainment. And its base is now navigation. But we have full discretion over the year to upgrade gradually and extend its functionalities to a full platform offerings, which Martin we'll be speaking about. So it's really absolutely unique trojan horse into the new truck sales, which provide us full and [indiscernible] avenue for providing full set of our services. However, I need to manage expectations, this is new for us. We need to learn how to really utilize it. As well as truck manufacturers needs to learn. It's -- these are complex businesses truck manufacturers. They have various arms, financial services, truck manufacturers, digital, dealers, et cetera. It's a rather complex environment. So as well, they need to learn how to stay with the customer through the life cycle with help of Eurowag. However, this is really unique. And I think already that we signed 3 deals out of 6 leading manufacturers in Europe is simply providing clear evidence, cleaned endorsement that Eurowag is doing something truly unique, which is not available elsewhere on the market. So in a summary, we will continue expand our market share. We'll be increasing our capacity to sell and reduce cost of acquisition. We will be leveraging our new platform. We'll be leveraging these deals with OEMs, and we will be further expanding our capabilities in Digital. And with that, I hand over to Carla.

All right. Thank you, everyone. We're going to take a refreshment break now. For those who are online, we will be back in half an hour. Before we leave, I just wanted to quickly introduce some of the Exco who are here today, just so you know who they are. If I can ask you to quickly stand [ Antonio ], who is SVP for Energy, Pablo sorry, Emma please stand. She is a Chief HR People Officer. Pavel is our CTO. Martin Strigac, I know you are presenting, but it's worth you showing who you are. And obviously, you all know Oskar, but in case you don't, That's Oskar. So please as they utilize the time outside to go and have a look at our -- sorry, Ivan. I was wondering where you were -- Sorry, Ivan Jakubek, he is our Chief Strategy Officer. So yes, please take this time to say we've got some display tables. We've got our colleagues who've flown all the way over here, who would love to show you more about our products and services. So go and grab a tea and a coffee and we'll speak to you outside. And we'll be back in half an hour. Thank you. [Break]

Hello. Hi. Welcome back after the break. See you again in the room. I hope you managed some time with my colleagues from [ Product Office ] during the break to see what we are cooking in the kitchen on the display tables. I will be your guide today to go through the Product and Platform insights at Eurowag. I'm the Chief Product Officer. And I'm the gig guy, not wearing suit that often with my colleagues, developing software from my childhood and work -- I used to work for large corporates as well as for small startups, more than 10 years in banking and fintech, [indiscernible], insurtech and the last decade spent with truckers as a CEO of Sygic, one of the companies who joined 4 years ago, Eurowag family. Talking about trucking industry, as you heard from my colleagues, as you heard from [ Ivana ], the industry is very fragmented. Most of our customers, most of trucking companies are very tiny, small SME, micro SME type of companies with less than 10 trucks. From technology product perspective, these are the companies not having any IT people. They don't know how to procure software. They don't even can imagine that they would need to integrate something. That's why they are using multiple systems, they are copy pasting data, they don't have time to search on the market for tools, which are available, that companies typically not even have people to reinstall their computers. And the legislation is not helping. I mean it's putting even more pressure on them, even more time. It's not going to be better. And by the way, many U.S. companies, many start-ups or tech disruptors from U.S., which are very successful in their homeland, just haven't succeeded or they are hardly penetrating European market. And one of the reasons is the regulation, probably the most recognized example would be Uber Freight, who left the European market just a few years ago, closed the business, sold it. I took the challenge to put the daily life of trucker and the tools they are using and systems and services on one screen, although it's not an easy task. Just let's imagine with me, let's say, Coca-Cola wants to ship their products to Tesco or Sony to Amazon fulfillment centers. What they do, they usually outsource the task of searching for transport capacities to freight forwarders because it is not their core business, because they don't have time, they don't have capabilities, it's easier. That's where we have freight forwarders, whether they're typical traditional ones, we know like DHL, GEFCO, Hermes, or more and more digital ones, sennder who bought, by the way, the Uber business, or are they just rely on some modern platforms or freight [ exchanges ]. But let's look at the bottom, let's look at the carrier. It's not that easy, isn't it? They cannot outsource, they don't have margins for that. They need to deal with the complexity of the environment, even though not having IT people. They need to use more than 10 to 15 systems for financing, of course, for payments, for tax, for toll services but also for procurement, for transport management to plan the trip, to send it to the driver to know where to go, of course, to monitor the transportation, take care of their fleets, ERP, payroll and so on, just a few mentioned on the slide. They are copying a lot of data. They are switching between context, all differently behaving system, differently looking systems. If I would mention just Eurowag Group as a one vendor, it's having more than 20 mobile apps and 15 portals, which is because of historical reasons, because of all the acquisitions, all the complexity we are providing. So if you want tax return, you go to one portal; if you want to see your payment transaction, you go to another portal. If you want to search for fuel stations, you open your app. If you want to do the transport management, use another app then for fleet management. Not integrated means less efficiency, more mistakes. Just imagine, all this complexity would be gone an integrated -- pre-integrated in one system, something like office, something that you do in the office, in a digital office, digital fleet office, let's call it. In the digital fleet office, which is based on more than 30 years of capabilities, reliability and proven functionality, which we acquired through many years, and we will utilize and we already utilize in building the office. Eurowag bringing the capability in fuel management and fuel economy, we're buying and the others like CVS, Inelo, Princip; by the way, I couldn't name more; bringing fleet management capabilities, fireTMS and some others bringing transport management, Sygic bringing location-based services, mapping and navigation capabilities, Last Mile Solutions, e-mobility, derivative mobile payments, [ Raemon Tax Services ], JITpay financing services. I could name all of them, but we are building an office where many become one. Because for the owner, the office is the place where he's meeting all his people, where he's dealing with the problems of financing of working capital. It is the place where he's receiving offers from other companies, from vendors, where he's searching for new tools and for a way of improvement. For dispatcher, office is the place where he prepares all the transportation, where he's searching for a new job, how to utilize better the trucks or how to fulfill the capacities. It is the place where he's solving most of the operational problems, most of the problems on the road but from the office. It is the place where he is issuing invoices, where he's taking care of payments. For truck driver, the office is the truck. He lives in the truck. He loves it many times. Many times, the truck driver is the owner. He is also dispatcher. So we cannot say that we separate these roles strictly. They need to be integrated. So it's not only integration of the tools and services, it is integration also of the functionalities and how they use the software into one seamless customer experience. Let me jump into some real screens from our kitchen, still fresh and hot. We are adding functionality every agile sprint, so it will grow over time. And I will talk about the road map. But just to tease already, next year will be the year when we release it. This, for example, as you can see, would be a typical screen where in the owner role, our owner would come and see just in one look, all the main important information. We have, of course, also mobile app, which is showing the mobile version of all the information because many times, owners are on the move, they don't have time to open the laptop and check everything. Just want to take out the mobile phone from the pocket and see what's happening. When we say they don't even have time to proactively check everything what's happening, so we are preparing notifications, alarms, push notifications to warn them before something can happen to guide on how to improve the efficiency. So instead of creating 200 reports, 300 more than our competition, we rather give them the guidance, comparing to some bigger companies or to peers, which are doing better, how to improve their performance. You can see that we're already integrating live operations, transport management, fleet management. Maybe the menu will not look the same as it is right now, but it's already showing that we are well ahead with the integration of business services into one customer experience. You can see that, as I mentioned, the office is the place where you receive also offers for new tools for the improvement, the incorporating e-commerce, the incorporating shopping cart, shopping experience into a self-service view, where you can buy, upgrade, buy new services. And it will be all over the places I will show also on the other screens, which we call even-based or even-driven sales model, where we don't offer something he doesn't need this today. We don't flood him with many e-mails. But rather than -- seeing how he's using the system, learning his profile, learning profile of the company, we will offer a tailor-made proposition that time when he has a problem where he is working on something. Let's say, he's planning a trip. He's preparing all the itinerary for the driver. So most probably, he has already the offer -- already has the order to transport. So guess what, we can already prefinance the order. We can already give him money before he starts the transportation to spend or his drivers to spend it during the transportation for payments for fuel, for tax, for parking spots and so on. Of course, when he finishes the transportation, we can offer premium proof of delivery, which can issue an invoice automatically, and we can fully finance the whole transportation. When he's searching for fuel prices, we can upgrade him to much better prices, which would come with some bundle of products which he doesn't have because we already know he has maybe fleet management from us. All we know that he has 7 trucks, but not all are efficiently using the network, which we have. On one screen, where usually you would be in a dispatcher or so-called transport manager role, and again, there is a alternative in the mobile phone as well, we can show him various information about particular driver and the vehicle, of course, telematics data. If we have sensors for temperature or the fuel probes where we are measuring very precisely the fuel management and also preventing the fraud, he can check whether some of his drivers are not in infringement with the law, with the legislation of work time, which is penalized heavily and you can lose your license. So it's a big deal for many of our customers to watch carefully whilst the remaining hours of service. And because we already know where he's going, so it's not like a telematics, just pure telematics like the dot on the map where you know where your truck is, you can share it maybe. You can see the telematics information coming from the onboard unit. But because we have transportation management, where everything is preplanned, we know at what time he will be for loading, what is the time window for unloading. And we already know he hasn't planned the backhaul. Is it because he's not fully utilizing the value we're giving him or it's just because he doesn't have work yet? So why not to propose from the destination the possible best matches for the next backhaul, even showing him economy of it and even they could model how would it bring to the numbers, which I will show on the other slide, to the KPIs of a truck, as we say. Of course, a big deal is drivers' behavior. Drivers are affecting the fuel economy, tear and wear, carbon emissions produced, they are affecting road safety but also driver safety and well-being based on also how they are changed to drive. So we prepare the whole module of monitoring and analysis of drivers' behavior. You could see my colleagues were showing also artificial intelligence, augmented reality we are utilizing and cameras we will bring to market, which will be very affordable. And then we say many companies are managing drivers' behavior, but not many are couching. Just imagine in trucking industry, it's different. After 1,000 miles, 1,500 kilometers, would you remember if I tell you, you are speeding somewhere on the 300-kilometer on the road? How would you improve? You don't know that you are harsh braking there. But if I tell you in a moment, you do that, you did that 3 times in a row. I tell you, come on, now is the time to come down. Your score is going down. So you will not get batch or maybe some reward at the end of the month if you don't improve your behavior that time when it's happening because it's all about real-time data that we have here that makes the difference. When I walk in into the office of our customer, and I was with many customers, typically, they have a big map, big map with postal codes. It's a very typical screen of an office, of transport office. By the way, I haven't shown, but we have also that layer on top of the map to mimic the paper map, so they can use the environment they will know. But the second thing they have on the wall is the whiteboard, classical, manual wall white board. They all have it. They put their like idea of a vehicle, like calendar and then the utilization, some problems like "Okay, do not forget to order maintenance of that truck" or "Do not forgot to order tires" because they are changing, by the way, tires a couple of times of year, so -- and the whole set of tires, tire management is a big thing. So we try to create a digital representation of their white boards. This is the age of [ digitization ]. They should not use paper and pen if they can have something more efficient. They just don't know it exists. But we went even further. We integrated all the services, all the available data, and we will add more and more into the screen. So just imagine if a typical dispatcher has 2 screens. On one screen, he would have the map, remember. Another one, he would have this one, this would give him like a complete screen of what's happening with his fleet he's responsible for. Not just that, he will already see, these blue ones, what are the possible next jobs, even with some ratings from the community. We all know KPIs, budgets, forecasts and whether we miss it or fulfill it, they have it as well. Every single truck needs to earn money to cover the costs and to generate at least a few percentages, as we heard, of the profitability. So they already know that after last -- after first week, if some of the truck is below the expectation, they will need to be very much searching the weeks after for more profitable jobs. Or the other way around, maybe the first weeks were excellent, so we should not spend that much time maybe in getting the next job because the economy of the truck is already good, and we have other challenges within the company, which, of course, on a few clicks, you can manage as well from this environment. And let's not forget about the driver. These are the warriors. These are the people in field, so we need to take care of their customer experience, everything seamlessly integrated. Whatever dispatcher changes in real-time, updates on the screen of the truck driver. Maybe you don't need to preplan everything in the beginning. You don't know where to stop because you don't know how the work time, the hours of service will look like. You don't know anything about the -- or you can predict the traffic on the road because we have some speed profiles and historical transportation data, but you cannot prepare everything. So as you want to add, for example, new secure parking during the transportation or you want to show preferred refueling spot, you change it in your office, as I've shown on the other screens, it updates immediately on that screen. If you want to get data from the driver immediately, it's all in the cloud, it's all available. If you are a driver and owner, you can use the same app for everything or if you have time, you open your laptop and work with more complex [ duties ]. If somebody would ask me how I would explain the value proposition in a simple sentence, it will be something like just connect your trucks and let us guide you because we do care, we do care to create a product which truckers will love. Let me jump into a little bit of modules and the architecture, not to be too technical, but to explain how hard it is to build and where we spend most of the time, but how easy to be used. So I already shown some screens from the integrated digital front from getting rid of all these 20-plus apps and 15 portals, replacing it with essentially one web portal and 2 apps, one dedicated for driver and one universal office app. To be able to build a lightweight but very nice looking, very usable front end, we are building so-called integrating business service -- integrated business services. We leverage on the capabilities we already have. To build such a complexity would take tens of years. It already took those years to build it to the companies we acquired, even to Eurowag, to build it, to fine-tune it, to introduce it to customers. So we don't rebuild something what we already have. But how to utilize it if all these systems, all these modules, everybody was writing in a different language that they are not speaking to each other. So like just imagine, they speak Spanish, German in the programming language, I mean, English, and we need to make sure that they all understand each other. So we created a middle layer or we sometimes call it integration bus. And we introduced technique where we can interconnect all these building blocks. We call it -- let's call it LEGO bricks. So where you can put all these LEGO bricks together and then on top of it, build the final experience. And we build the language they all understand. It's like Esperanto, big types. They understand each other. We went even further because there are repeating functionalities, something you can reuse, rebuild or build once and then reuse. Similar example to Volkswagen Group. They're very clever, by the way. I like it very much. They are building one platform, which then they use for Volkswagen Golf, Skoda Octavia, [ Salon ], even Audi A3, one platform. If you open Audi, you would probably find some Volkswagen or Skoda components in it, and it is the same vice versa. So we do the same. We built a framework of shared components, we call it technology platform, on top of which you can build the integrated business services, on top of which you build the integrated front end. Single sign-on document management system, ERP, pricing services, maps, all shared components. And what would it be a modern technology platform without the data? We need everything. We need data. Today, we have a lot of data. Martin already mentioned, we have a lot of data. Just imagine, it's all over the places, it's not synchronized, you cannot easily connect them together, you cannot convert the data to information, meaningful information. So you need to build, and we had to build first, an integrated data platform where we put data in the same format, they are connected to each other, so we know that this company has these vehicles. And it doesn't matter whether it's coming from tax system or it's coming from payments or it's coming from transportation management. Once we have data inside the ecosystem, they are already there, we should use it. And then, I don't care, like in Apple ecosystem, if you buy first the Apple phone or the laptop, once you are in the ecosystem. I want you to buy the other gadgets, the other systems because we have the data, we make it much more simple and easier to add another layer, another hardware, another software because it's all utilizing the same data platform, same cloud, same services. And talking about hardware, that's a hard stuff. I say it's hard to install, hard to convince customer to change it because you need to uninstall the previous one, you need to install the new one. It's also hard to get rid of. That's a lock-in, I call it, positive lock-in because we've hardware, we can get data we would not be able to get without it. Hardware is sometimes even mandatory, like for [ toll ], you cannot avoid it, legislation is very strict. But what we can do, we can simplify also the hardware portfolio and integrate it into one box with accessories and evolving it. And the infrastructure is just supporting everything, whether it's a parking infrastructure, whether it's a fueling infrastructure, these are the physical touch points when they meet the customer experience of Eurowag. Transport management, fleet management, navigation, payments that all exists. It's not new components, it's not integrated, they all exist. But I want to highlight one component, which in this industry is a brand new one. It's e-wallet. Just imagine it as a regular bank account. It's not like that today. If you want to pay for fuel, and you want to have a prepaid card, we give you a prepaid card. But what if you want to have a postpaid, we don't give you credit or we don't send your money on your bank account. We give you another card, which is postpaid card. What if we have a partner like DHL or Volvo, who is co-branding the cards, taking out the risk from us and then giving this kind of, we call it, [ vector ] cards or this kind of reseller partnership cards, so we get the third one. But if you want to have a safety card, which is an open [ Luton ], Mastercard, Visa, so you can pay on any [ post ] terminal, it's the fourth one. It's 1 vendor, 4 cards. And we talk about balance management properly, [ now ] we talk about extended payment terms. But now with our office, we will introduce e-wallet as it is well known from Revolut, from your business banking. As our owners, they all know it. The customer experience will not change. It will be just quite different because they are not used to it in our environment, balance management, ForEx, transaction processing, exactly as you would expect in Internet banking to see that it is expected in Internet banking or mobile banking. Various liquidity providers, customers can apply for Eurowag credit. They can apply also for some other credits from our partners who can offer it. They can receive factoring or invoice discounting, so we are actually financing the cost side as well as the revenue side. I already mentioned, we cooperate with OEMs, with automotive. We cooperate even with freight forwarders and shippers. They bring in customers to us because of rev share they can get as a new additional revenue stream, as well as to control the transportation flow with our services much better if the carriers are using it. So they can be [ awesome ] liquidity providers. We are designing it the way that at some stage because we are building community here, a club that even our customers can offer peer-to-peer liquidity, peer-to-peer lending within the system. And of course, we need to monetize it. We need to convert the users to paying customers, we need to upsell and cross-sell the existing amount -- the existing customers we have quite a large amount of. What we will introduce is going to be a freemium business model, which is based on already proven and tested models from ROAD LORDS ecosystem, from JITpay, which already is using some freemium; as well as fireTMS, which is our transportation management system offering, also freemium. And we will learn, we will evolve it. We will start introducing subscription-based bundles because it's not so easy. When I say we need to integrate services, we need to integrate data, we need to integrate also pricing. Martin, I think you had it on the screen. You had like -- there are transactional pricings because, yes, we are selling like payment -- payments are transactional or tolling and so on. But then you have fleet management system that's all around subscription per vehicle or so-called onboard unit. But then you have transport management, and that has nothing to do with onboard unit. So there's a subscription as per user per month or per company or per functionality. And now how to mix it all together in one reasonable long price list because you don't want to go through 200 options, maybe for the biggest customers. We can do with advisory sales because when you are buying SAP, you are not buying it the next day, you are not using it. That's a consultancy. But for majority of customers, it needs to be pre-integrated, prebuilt, prepared packages, they will believe are the best for them. That's what we will work on, and that's what we will evolve on the market. It's quite new, and it will significantly change how these products and services are sold. We already work on gamification not only for drivers but also enterprise gamification for the owners because we want to create a club with a loyalty program and to also support the engagement. And who are our customers? Obviously, we cannot immediately focus on all the type of customers in transportation industry. I think it was many times mentioned that primary focus is on the micro SMEs, it's the majority of the market anyway. If we want to have 1 million trucks, we need to start with it. And that's where most of our competitors, if not all of our competitors, are not focused on. They are not focused on majority on the market because of the return on the investment of acquisition, just not there. That's why we need to bring new digital channel even to cooperate with automotive OEMs because to reach 1 million, we need also partners to bring the truck companies to us. But of course, as the legislation is expanding to the domestic transportation or even to 2.5 tonnes vehicles, and it will come 2026, it's already approved. The work time management will go and will be applied also to 2.5 and more tonnes. And some other legislation is in preparation that will open a new market for us from 9 million to almost 50 million vehicles step-by-step. While we cannot focus on, and these are usually very specific solutions on the market, will be like construction, agriculture, emergency vehicles, taxi business, there are different players. So when to introduce it? We are already working on the platform for months. When you are building a house, you need to build foundation first. And you need to have a solid foundation that your house sustain. So that was the first beginning of what we started to build. Do you remember the picture, data platform, technology platform? These are the foundations, infrastructure, hardware, that's something we had to invest, time, money, analyze, communicate with customers, bring feedback back to the product department, cooperate with technical department to build it first. But what you could see already today, we are much further. We already have these LEGO bricks, not all of them. But as in LEGO, even you have a few LEGO bricks, you can already build something amazing. And then, we are already building all the digital touch points. We do believe the last quarter, next year, we'll launch it, that's a hard deadline for us because we can only fine-tune it and test it with real customers. It's pointless for us to have it in the kitchen too long. Of course, it's also not good to show something unprepared because they will lose interest and they might not cooperate. So we need to balance when it's a good time. And -- but we will welcome you next year, I'm pretty sure, on a show, where you will all be able to use it and feel it and touch it, even you are not truck drivers. I know how it is, you want to feel what you are investing in. And then it's not the end, that's the beginning of the journey. As in any Software-as-a-Service as in any technology company, they're just the beginning. And only through continuous evolution, and I know we will bring the revolution to the market, but we don't want to do it through revolution, but through evolution. So we will evolve it to more functionality to even more comprehensive business models, to bundles. We'll introduce more and more AI because the -- we need data first, then we need machine learning, and we need to give time to the algorithms to learn. And then we can benefit out of it. Do you remember internet before Google Search? You know how it was? Like drill through many categories to search for something. Then after 10 minutes you found it? How important it is to have one text box, how ridiculous complexity is behind it, we don't need to know. But for end customer it is one text box, for a user to search for something. Do you remember the picture I showed you with all the tools and services our customers have to use? Thank you for your attention.

Ladies and gentlemen, good morning. You'll be pleased to know, I'm the last person standing here to speak to you. Martin will finish it, he's after me. It's the short period of time to questions and answers. I appreciate there's a lot you've had to take here in the last few hours, enormous amount of information. You've heard about KPIs, financial data, cross-sell, upsell, acquisitions, inorganic/organic growth, development costs, CapEx. So my task in the next few slides is to try and pull this together and put into a financial context what does this all mean in terms of our journey so far, where have we come from in terms of the financials, where are we going, how we're going to measure ourselves on that journey. So I'm Oskar Zahn, in case you didn't know, Chief Financial Officer. I've been here now 6 months, and I'm very pleased to have made this change. On these two charts, very simple. We've got the net revenue on this side and the EBITDA growth on this side. They are pretty impressive numbers. I feel a bit like Keith [ Summers ]. You are going to throw some litter on me. For those of you who don't know Keith [ Summers ], you may look into the news yesterday. So what we're showing here is simply the road, the journey we've taken from 2018 only, only a few years ago, to where we are today. The shaded part is the consensus number for revenue. Look at that impressive numbers, a great story, isn't it? 28%, over 28% CAGR for revenue. Even more impressive is the EBITDA. So this is what -- how did we get here? You've heard some of the stories behind it. It's been a mixture of organic. It's been a mixture of inorganic growth. If you upsell, the cross-sell. It has underpinned a lot of our acquisition strategy, the ability to continually sell more products to the existing customer base. It's getting rid of duplication, it's improving efficiency. That's how we've done it so far, and we're about to change the journey as we move to this platform that Martin has been talking about. Margins. Yes, they've been fluctuating earlier on. They are around between 44% and 46%. It's still an impressive story. Look at the CAGR of the growth, look at the margins. I defy you to find many companies that have this history. The mix just changed. Revenue has changed significantly over the time. Not only a lot long ago. In 2021, most of our revenues were from payments of fuel and toll. And look where we are today. As Martin Vohánka mentioned, we're almost half and half in terms of payment and mobility solutions. This has come through this journey of acquiring capabilities, acquiring different businesses as we started to look for the technology that we believe we needed to fix the pain points to help our customers on their journey. Fuel as a percentage of net revenue has fallen from 60% not long ago to less than 40% today. So again, it shows how we have progressed. And the mobility, which is mostly as Martin Strigac has mentioned, is subscription-based. Again, the terms of the stickiness of the revenue, the recurring revenue nature of these revenues, so the strength of these revenues are improving as we go along that journey as well. This bodes very well for what Martin Strigac was just saying earlier on about how are we going to price this new offering to our customers, having the spaces already in-house helps us enormously. How did we get here? What this chart shows is our cost base. This is essentially the building blocks, the financial LEGO blocks, so to speak, what Martin Strigac has been talking about. Our costs are mostly employee costs, technology and operating costs such as PLC costs, marketing, sales, et cetera. You can see it makes up about 3/4 of our revenues, our net revenues. It's a lot of money, but this is what we've been building over time. This is the -- we've been investing not only in the capabilities of individual people, we've had to evolve as the business has evolved. In a very short period of time, we've had to do thiswe've had to make sure we have the right people doing the right pieces of work. We had to continually evolve as our customers were evolved. And we had to deal with changing market circumstances. We've had gone through, like everyone else, COVID, war in Ukraine, and the terrible things we're seeing now in the Middle East. We've had to invest in talent, attracting the right skills, we have to be of the right size in order to be able to attract the right technology people into the business. So this is what we're seeing here. You're seeing that the absolute cost breakdown, and you can see a clear improvement of investment into technology as we move into what we will hopefully be seen as a technology business. Here, it's a number of employees. So not long ago, I don't even have the split of what these people were doing in 2019, about 900 people. And now more than double that and you can see -- you heard Martin talk about, we had one IT person, I don't know who that poor guy was, by the way, or woman in 2017. We're now with our technology, [ CPO-CT ] alone is over 800 people. Can you imagine that journey? You're a fuel card company, now you're a technology business, you're building something no one else has seen. I hope you've seen the complexity but also the huge opportunity that lies ahead for us. So big investment internally in people, in systems, in technology, cloud-based systems, huge, huge investment. But we've also spent it on M&A. We've heard -- you've heard we've been buying businesses. So the light blue has been a lot of M&A. You've heard Martin himself comes from Sygic. The blue -- the dark blue has been our CapEx. We talked about a 50 million transformational CapEx program. How do you define a CapEx program 3 or 4 years ago when you don't know what you're going to build? Trying to explain this platform that you've seen what presented today earlier on, it's pretty complex, isn't it? Yes, we went on this journey. We acquired all these specific technologies which were the sort of foundation, the platform of what we have today. Yes, it has had an impact on leverage. The bottom shows the net debt. We have been high before, and we've come down, we will come down. It is high. What we have here still is some deferred compensation payments that we're going to make to our existing portfolio, but we are determined to bring the net debt down to something much more comfortable, at between 1.5 and 2.5x EBITDA. Capital expenditure has been a complex program. What we've tried to show on this slide is very simply the ordinary CapEx, which is this strange bluish color, I don't know the names of blue. Infrastructure -- definitely, the dark one. We have truck parks. They need investment, they need continued investment as well. But we've also separated organic ordinary CapEx versus what we've recently acquired, and we started to show that in that -- this funny color, which is from our acquisitions. Why did we show that? First of all, the mix has changed. The recent acquisitions of WebEye and Inelo, they invested a much higher percentage of net revenues than we've had. You can see at the top, the percentage of net revenues, both Inelo and Sygic -- and WebEye invested a much higher percentage. A lot of it was OBUs, onboard units, the hardware that Martin was talking about earlier on. It's -- and you heard, in future, that's going to eventually consolidate into one. But at the moment, it's a significant capital investment. In the half-year results we just released a few weeks ago, we talked about medium-term guidance on ordinary CapEx falling to about 10%, going forward. So we do see the end has come on the transformational CapEx. There, of course, will be development as we continue to roll out this program and continually invest for the benefit of our customers. This is probably the question I get asked the most from people like [ Tensen ], what -- how does your working capital work? What is your cash flow? How do you look at it internally? And it is complex. So what I've done here, operating cash flows, in my terminology for this business, I see it as ordinary cash flows from operations before working capital but after allowing for ordinary CapEx. I'm already deducting from the previous slide the ordinary CapEx because I think that's right. And why have I not used working capital? Because it's a slightly different animal in our world. Working capital in Eurowag is driven by our gross revenues. So we are -- the pass-through of fuel, for example, we buy 2 billion liters of diesel, we sell 2 billion liters of diesel. The price of that diesel fuel changes over time, and you can see where it fluctuates. You can see the time of COVID where prices fell, demand fell, then came back up again. We're seeing some high prices today. It affects the overall gross payables, gross receivables. But at the end of the day, what you see here is it's pretty negligible, you divide it by gross revenues. And that's what we try and manage. It's a fairly complex within it. You can see other payables causing actually some of the fluctuations of working capital. But where there are certain receivables that are harder to forecast? I always pick on Spanish guys. Sorry. The tax authorities in the Basque region, you have no idea when they're going to pay you back. So what do we do? We factor some of those ourselves just to manage our cash flows ourselves. But by the way, it's not just Spain, it's every country has an issue with paying back taxes. Remember, we're collecting on behalf of government, so where we really try and manage our working capital very, very carefully. But it's easy to move. As you've got gross revenues of about EUR 2 billion, it's easy to move EUR 30 million to EUR 40 million on a single day. And perhaps on the 30th of the month or 30th of June or the 31st of July, or the 31st of December, I may not have received what I thought I would receive, and that's why you sometimes see in our working capital a fluctuation. So going forward, what is the expectation? We've heard a lot from Miroslav, who has lived and breathed Czech and Slovakia, already a very, very steady ship in Eurowag. It's the most mature businesses we have and yet is still able to cross-sell and upsell. You saw those charts very, very clearly. We haven't yet started Inelo. You heard Inelo will be doing the agile sales teams really from quarter 1 were bringing in. So the opportunities are still lying ahead for us. So I expect revenues to go up. We continue to look at new geographies. Through the Inelo acquisition, we acquired CVS, of course, different geographies than we were operating, again, new territories, new opportunities, cross-sell, upsell, all there. Our market has -- Martin Vohánka showed, the addressable market continued to go up. We expect that also to continue moving. And the movement to a more subscription-based model, 60% of our revenues being subscription and 20% finance. We don't have that today. But offering this e-wallet is, again, very unique in the offering. That's revenue. So we expect revenue to go. What about the margins? You saw very clearly cost of acquisition of every new customer today is about EUR 500. We want it to be EUR 300. You can do the math. 250,000 trucks difference and the new customers to come, that's clearly the move to digital, a significant reduction in a direct salesforce. You saw Miroslav's chart right at the beginning, 600 salesforce. Wow, that's a lot of people. We need them, going forward, when you've got a huge change in the way we go to market. Internally, we're rolling out SAP, ERP. Internally, my back office functions will improve efficiency. So margins should be going up. All of those, of course, combined, will have an impact on cash flow. At the moment, we do not believe we need any more M&A. We have what we need in-house. Yes, you can always accelerate the acquisition of new customers, new trucks, but in terms of technology, we have what we need to build the platform that you've just seen Martin Strigac present. So all of this will come, hopefully, and manifest itself in a lower debt level. And as a result of all of this, it gives me confidence to state that in the medium term, the guidance hasn't actually changed from the IPO. We did say high-teens revenue growth. We did say we'll go back to the high 40s in terms of EBITDA. We did say we'll have the CapEx program will come to an end. We are coming to the end of that. And you can see where I expect, how I expect the margins to come down. Yes, in the half year results, for the first time, I gave near-term guidance. We have never done that before. Why did I do that? It's because we continue to see some headwinds in front of us. The economic conditions are not great. We continue to see kilometers, less kilometers driven, but we can see a path to still continue to grow. It's not about mid-teens growth business. But we're also, you heard, going to be trialing a new pricing model. That will have some disruption to revenue. So all it was is about managing your expectations that in the near term, we did expect revenues to take a slightly different growth rate. So how are we going to measure ourselves, going forward? This transformation from where we are today to a hopefully conceived fintech business requires completely different KPIs that we have shown so far. Number of active trucks is the backbone of our business now. We have to continue looking at it. It allows us to see the scale of our market with the growth opportunities. It allows us to see whether there's any duplication across it. But importantly, as the average revenue per truck, as you can see there, is going to be a key driver behind the -- our overall growth in terms of revenue. You've heard a lot about customer experience. NPS has to be a very important factor for us. That experience that we've been trying to show over the last few slides, is so important if a customer doesn't believe what you're offering has got value, why are we doing it? Hence, we have to measure it. Number of products per truck, that is going to be a key indicator. We want -- as Martin Vohánka mentioned rightly, we want to double that from 3 to 6. We have to measure it. That is going to prove our business model. We also heard that every time you give an extra service, your churn halves, making that revenue even more sticky. So imagine you've got now more subscription, you've got less churn. That is what makes the business more stronger as we go forward. Of course, as a percentage of subscription, we've put out an ambition of over 60%. We have to start showing it. That is the recurring revenue that we're talking about. On the last one, R&D. At the moment, in the last few years, we've spent between 7% and 8% on research. Mostly, it's been development. Most of it has been capitalized in the last few years. But as you heard, we will continue to invest in development. We have to continue to do that. Of course, it will come down -- the overall spend will come down as we're getting to the end stage of this, but they will always have more -- there always have to be a development to ensure that we deliver the product that is right for our customer as well as make sure that we ourselves do not damage the strong business model we have today. So before I invite Martin Vohánka to come back on stage to wrap the session up, and I can hear people cluttering outside, and we'll have a Q&A session shortly, I personally just wanted to thank my colleagues. They presented something pretty complex in a second or third language, which, trust me, if you hear that a few words of Czech, I can speak, you don't want to hear it more frequently. Really well done. Thank you very much. Of course, today would not have happened with Carla. By the way, it's Carla's Market Day, not Capital Markets Day. So my gratitude to Carla. Martin?

Thank you, Oskar, for presenting where the rubber hits the road, as I learned, the English expression. So how it simply translates all what we do into numbers, perfect. So for me, really just in 1 minute to summarize key takeaways of our ambitions. First, 1 million trucks, so to go big, simply. Go big or go home, I would say. This will create like a multiplication effect. We are repositioning already Eurowag as go-to-address for anyone in trucking industry, be it trucking companies itself or partners or shippers or anybody else. We will be shifting as a consequence of all these simplifications. This is one of the [ objectives ], which you remember, probably you heard it throughout this morning multiple times. We'll be simplifying as well pricing towards something that is more recurring, what is much more simple, which is demonstrating our shift to Software-as-a-Service part. You remember dispositioning, so 60% of the revenues and 20% out of the financing, which is now a bit hidden in our deferred payments. But through e-wallet, we will be able to demonstrate it and grow it. We, in parallel or as a consequence of all these activities, will be improving customers' revenues, bringing costs down and helping them to decarbonize. So that's all. Now, I'll ask Carla to organize us for the Q&A session. Thank you.

Thank you, Martin. Thank you, Oskar. And thank you, Martin Strigac. Whilst we get Martin and Oskar comfortable on the stage, just a few things from me. Yes, if you could come and take a seat. [Operator Instructions]. Those of you who are in the room, we have 2 roaming mics, got [Isidora] and [Stone] on either side of the room. Please can I ask you to when you see your turn to ask the question, please can I ask you to speak clearly into the microphone, not just for us in the room, but as here, we've got some viewers online. All right. We're ready. Great. I will start, I have some few analysts at the break already trying to ask me questions. So let's start in the room. We should do Hannes first.

Hannes Leitner from Jefferies. I got a couple of questions for Martin and for Oskar. Maybe we'll start with Martin. You have introduced quite an ambitious goal with 1 million trucks from currently 250,000, not only that you want to get the reach, but you also want to increase revenues by 20% per truck. Can you help us to understand that why should trucks go basically within Eurowag? It sounds like you want to penetrate the more and displace other card -- fuel card businesses, which might not have the full functionality. But if you drive through Europe, maybe Eurowag's network is not that pleasant. And then the second question on the same remarks is basically thinking about why should Eurowag be better positioned to digitize a very manual industry? Compared to freight forwarders and their platforms, thinking like sennder, who acquired Uber Freight in Europe. That's the first two questions for you. And then for Oskar, you talked about the medium-term ambition and the KPIs and very thankful for drilling those in and repeating them. The only thing which is missing is free cash flow targets. And maybe you can talk there a little bit about the progression, how cash flow should come in? You mentioned a little bit the deleveraging process. Which will be kind of driven by revenue growth and EBITDA margin improvement. And the last question is -- oh, that's fine.

Thank you, Hannes, for the question. And I would just mention that feel free as well to ask our ExCo. So I'm sure that you might have a lot of questions on product, et cetera. So it's not only about us. We are ready to answer these questions. When it comes to growth and path to 1 million. Indeed, this was not, it's a round number. We love this number. It's easy to show and it's aspirational. But indeed, there was thinking behind that. And it has multiple components. At first, we, of course, want to continue in our growth path and leverage what we know, which is direct sales. We want to expand digital. You learn that there are a lot of small companies, which is difficult to reach is a high cost of acquisition, et cetera. So digital, we simply see, we already sense the substance. It's not something to come. We already can build the models based on our current experience, how digital will be contributing. The next component is truck manufacturers. I don't know whether I convey the message properly, but what else you would like to hear as endorsement of unique approach of Eurowag is having if truck manufacturers select Eurowag, because simply they do not see it anywhere else. And if you think from a certain moment, as the new line, new these models will be hitting the road, it will cover more than 40% of the market. So more than 40% of new trucks introduced on European roads. They'll have Eurowag application, Eurowag platform in their infotainment doing these great things, which Martin was talking about. So, and in total, it's representing 250,000 up to 300,000 trucks a year hitting the road, 40% out of it will have our application. So if you do simple math, you see this is a huge potential. Again, I was managing the expectation that there is a way to learn how to ensure that the conversion rate will not be 1%, but I don't know, much, much bigger numbers. So there is still way to go. And everything seamlessly in omnichannel. Plus Oskar mentioned that in terms of capabilities we have everything what we need, but I can imagine as we deleverage and as we integrate everything that we can go back and to look on a market and again, look on our companies and run the test. What is the cost to acquire 1 truck through whatever portfolio of fuel trucks or fuel cars portfolio or fleet management portfolio. So we will run this test and say, okay, what is the cost of acquisition? What is their current ARPU? What is the ARPU? So this might be additional driver of how to reach 1 million truck. So you see that we do not realize simply on one bet. We have multiple avenues how to deliver these 1 million trucks. Whether it will be a slightly different mix as we guess today, very likely. But we believe that all in all, it's very much possible. And when it comes to why, if I may condense your second question, why -- please correct me if I'm wrong, why they shall be selecting us, why we shall be able to replace the existing for instance, fuel cards, et cetera. And that's what I was trying to depict on this slide when I was speaking about reduction of the cost, increasing the revenues and solving the financial issues, which trucking companies have. Because the problem is that if you procure -- if the trucking company procure single product by single products from various suppliers, they are exactly not able to achieve this 10% of cost savings, because these are borne by the integration. So simply, we invested into this integration capabilities in order to unlock the inefficiencies and the value which is lying in these inefficiencies. And simply, single product providers it might be super nice fuel card company or it might be super nice fleet management solution. But because they are lacking integration, they are lacking this user experience. They are lacking these streamlined workflows and data and hardware sitting in one place. They cannot simply deliver it. That's why if you zoom out, Eurowag was providing discounts on commodities. If I brutally simplify that as a fuel card. That was the fuel card business. And now we are changing into somebody who is enabling efficiency improvements, which the way how the industry was done so far was not possible to be done. So that's why I was speaking about unique or somebody would say, unfair competitive advantage, against single product providers. So we believe that those companies, which will stay swimming in their silo, they will be marginalized over the time, and we will be expanding our market share primarily on account of those single product providers.

Do you need time to digest all that? Look, to me, cash flow, it's not a KPI. It's an absolute essential part of my financials. It's as important as the revenue as the cost as the balance sheet. So I don't even consider it as a separate KPI. The KPIs I've shown is how we want to monitor our growth drivers, making sure we're on the right track. Of course, cash flow is an essential part. We have to improve it. How is it going to improve? You've heard [indiscernible] expect the EBITDA to grow. The EBITDA as then as a conversion of how much has turned into cash clearly becomes a very, very important part. So to me, it's not a separate KPI. It is absolutely essential that we -- and I can assure you that internally, it's a huge focus for myself.

I don't have a cash flow question. Tintin Stormont from Numis. I have an ARPU question. If we think about the ARPU per truck and your ambition to get 3 products into 6 products, but also the limiting factor of what can you think they can actually afford in terms of what they're going to pay, for example, 1 supplier, what that ceiling could be? Could you kind of walk us through what that might look like? And then I'll just say all the questions. On the OEM side, sort of obviously very exciting, 3 out of 6 manufacturers. Could you remind us of the nature of the partnership or the revenue model with the truck companies? And realistically, when do you think we'll see the first trucks with Eurowag built-in into their hitting the roads? And then thirdly, from a product development standpoint, what is the biggest risk from now till the launch date, till the soft launch? What's the thing that's keeping up at night?

Thank you, Tintin. I will answer first two questions, and I will ask Martin to help me with the rest of the second question and may be third. So when it comes to ARPU, already when you read disclosures about Inelo acquisition or Webeye acquisition, you've seen that their ARPU of EUR 15, EUR 20 and it depends which company. Our ARPU, if you divide our net revenues by number of trucks, which you hear it was well over EUR 100. So there is a clear path. So what we can achieve. However, how, what is the maximum, whether we speak about EUR 300, EUR 200, EUR 150? This is to be seen. And this is a function of 2 things. First, the value which we unlock for the customer. You've seen that we measured and we estimated what we can release in terms of cost, what we can improve in terms of revenues. And that's what is the great challenge to measure it because unlike from Uber, which have -- which can demonstrate it on one single case of the taxi driver because there is nothing else which they are interacting with, in our case, trucker is working with various shippers, wages, they have different, et cetera. But still, this is what will be happening that we will be unlocking this value. And therefore, we will be constantly testing and iterating with the customers and testing what is the price elasticity, how much they are ready to pay for. So we have some theoretical view. Of course, our strategy department have. We precalculated all these things. But reality, they'll only show because we don't have a precedent. We do not have somebody before us who was testing it. But you see that value is immense, what we are unlocking. So already from that, you see that there is a lot of room for adding or increasing the ARPU over the time. But we do not want to do it sensitively. It's a new thing. We need to learn customers, how to buy, how to buy in a different way to gain their trust. Technology to gain trust in a new business model. And as we will be getting volume, as we will be getting traction, word of mouth, et cetera, I believe that our pricing power will be immense. You've seen what Miroslav was showing, how this every adopted product, the churn is going down. So if you just extrapolate this curve, if he has 5 or 6 volume -- 5 or 6 products from us, it's a real lifetime relation, the customers will never leave because we will be so embedded and so useful for them that it's a lifetime relation. So I think there is plenty of headroom but simply cut long story short, we'll be testing it. We will be learning. We are very excited from this opportunity, but we cannot say as of now. When it comes to the second question, and I would need the paper to write these questions. So do not forget. OEMs, OEMs, yes. So I will just answer the first part, and Martin will help me with the second. Nowadays, we are getting paid by the OEMs to place. Because I said that the core of it is navigation. It has a value, track navigation. They cannot use Google maps here because they will hit in the first instance, the bridge, which is too low or they will get into whatever residential area. So we are getting revenues for every installed application. But this is not our goal. This is more like a basic hygiene. Our goal is to make customer, make the happy owner of the new truck to register and to converge into paying customer. And Martin, please, if you can precise this.

I'm not sure where I should stay. Okay. So automotive, it is a super conservative industry. You cannot just come knock on the door and start supplying something or just sign some big global agreement. It just doesn't work like that. I'm not sure how many of you really know how the business is working there. So first of all, you need to get trust, to be trusted. Sometimes it's called that you need to be white listed as some approved supplier who can then go to RFQs and supply the offers and then in a complex procurement process either win or lose. So that's something we are trying already for a few years. We already have a signed contract. Some of them we can talk about, some not. As you again imagine, it's not easy to convince also the partner that when we can go public with it, but you can do your math because there are not that many trucking companies, OEMs, if we want to be like 40% of the market with 3 of them. And, we already succeeded with something that was the fastest for us to convince and to gain the trust. And that's the location-based services, navigation, truck navigation. It was a standard procurement process, every 5, 7 years, we are testing the market, whether they change the provider of the inbuilt navigation system into the infotainment system. And the automotive is transforming as well. So, so far, it was always like proprietary system based on some, these kind of LEGO bricks. Almost exclusively built for every time they procured something, it was built for them. This is the first time we convinced them. It's just a product. The technology product, which is evolving much faster than brakes or engines. And they should treat it like that. So a huge improvement in understanding of the transformation of our partners. We made this first step, the companies ordered 3 of them, big ones. And they already signed contract for like 5-plus years, which can be prolonged, that we start with this as a first component which is through cloud connected, updated every time it's needed. It's like not prebuild and it stays like that until you go to service to have a map update. It's just you can get a new feature whenever it's available. You get it at the same time maybe when you have it on the app store for a smartphone, we have it also in the truck. But more, they said, we understand we have more on the plate. So come and let's start discussing the other stages. So let's extend it to other services of the office over the time. And we just don't want to give them something to offer it to the end customer through the truck. They have something super important for us. They already have data. For us, it's a huge blocker that we need to install a black box into a truck through aftermarket installation. It's hard to test it, but you test the services. But you know what, you need to uninstall what you have, you install what we offer you and then after whatever 3 months, you tell us. It doesn't work like that. But what if we have data from OEMs, which they already collect for their own purposes anyway. They have it on cloud already, all the telematics data. What if we would get access to it? And we can just say, let's use the functionality for 3 months. You don't need to install anything. We'll just turn on in the office, some extended telematics view, and you feel free to decide whether you buy or subscribe long term or not. The same thing, tablet. Today, everybody is buying the new cars, new trucks with more and more displays. But guess what, you anyway after retrofitly install another tablet, because that just -- those displays don't connect to your fleet management or transport management system. So have even tablet from us. You have tablet from our competition. And then use that screen instead of what is already inside what costs something. You cannot avoid it because you need to pay for the screen. So there's another area we are discussing. So we have a navigation why not to extend it with the itinerary management with some additional information to connect it through the cloud. And to extend the experience through something what already exists, what you paid for as automotive, you as a customer you paid for it, but maybe you would subscribe for some more premium services where we can share the revenue, and again, because of, they need to transform as well. I mean the Automotives, they are listening, but the first step was to convince them that we are a trustful partner. We can win a procurement, which can -- you can imagine it was a very difficult time to win a procurement. We had to go through Automotive Certification. They came, they analyze, they audited us. They checked how we develop software. And automotive standards are very high level standards. They even gave us a stamp in how we develop software. It's a very quality way that we can win even to be white listed and even to sign the contract afterwards. So to keep it short, maybe. I will stay here. And I could talk about automotive a long time because it's super exciting, they are -- how they are changing and to be with them in the change is amazing. Biggest risk, the biggest risk would be that software development and IT is a very fragile ecosystem. So it needs to be very consistent and we need to take care of people, and we need to take care of the teams to stay with us long time because onboarding of new developers, onboarding of new designers and everything cost a lot of money, it takes a long time. So we need to do our best not to fiddle with CapEx, with the investments. So it needs to be very stable, and it needs to be consistent. We need to understand if we build technology, we build software is not a project which has a clear end, has a beginning and that is a lifetime investment. And that's a little bit I'm afraid of because yes, the market can fluctuate, the macroeconomics can be different. But our development needs to be continuous. And we pragmatically need to shift the teams or make it bigger or smaller. You cannot even make it 2x bigger where we would find those developers. We are stealing from each other, like the companies are stealing developers, the good talent. So we need to create an environment where they want to join, and we need to make sure that we retain the good talent within the team.

Thank you. Gautam Pillai from Peel Hunt. I have a follow-up on the product development cycle. So you, Martin, you kind of talked about how the integration has happened so far. Every acquisition means a different tech stack, a different core base and you're standardizing it, putting a middle layer on top of it. What needs to be done from now until the launch? What is left to do? So that's my first question. I'll just ask the next two questions as well. The aspirational 1 million trucks a target. Is that an organic target or kind of Oskar in your prepared remarks, you mentioned that you've done all the tech acquisitions you need. But if there is a truck acquisition or kind of acquiring a footprint, does that include in this 1 million kind of target? That would be my second question.

Maybe I'll answer that while, Martin thinks of the answers to the first question. We said we're growing in mid-teens to high teens in terms of revenue. So that implies you're going to double in size automatically just in 4 years' time. So you'd be where we are today and double again and still get, we didn't say when. So one good thing, I've talked Eurowag has never given a number and a date in the same sentence. So we didn't say when the 1 million will happen. But clearly, it's an ambition, and it's a round number. But we also said that's just growing organically, but the upsell cannot be underestimated. That going from [ 2 to 6 on ] your same customer base and then growing with markets as well as looking for new geographies as we continue to do that, we have not, we didn't build into our long, our medium-term models, a big number for acquiring, say, another 100,000, 200,000 trucks. But clearly, you can accelerate that growth if you felt -- if we felt we needed to. But again, we know what the cost to bring in a single customer. We know it takes time. We hopefully that's down to EUR 300 per truck. But if you had to suddenly the opportunity to accelerate and bring in 200,000 overnight at what cost? So that is, that's not in our model. So getting to them, we think organic growth is sufficient to deliver that. As and when the balance sheet allows, we can consider M&A. But until then, the answer is quite a strong no from us.

Got it. My last question on the OEM side, how important is to be integrated directly into the automotive OEMs because if you have with Android Auto or Apple CarPlay, you can have an app and kind of connecting to those infotainment systems. In a different way, is that a route which you have considered as well?

Yes, I would ask Martin to answer both questions.

I will start and I will ask my colleague, Pavel, CTO, to complement. With automotive, Android Auto we are already building. So that will be there next year. But to get the data from canvas, from inside the truck from all the data within what the automotives have to utilize it, that's a different story. Google, Apple, they are isolated systems. They are not allowed to read this data and to combine it with some other data. So this is really more like a -- is similar to what the OEMs they have their own fleet management systems. This is almost like getting into their fleet management area by expanding their capability with something they are missing. So we don't want to get rid or replace their super eco driving capability. They would be probably the best ones because they know the truck the best. They know how to utilize it the best. But there are multiple other components, as you could see within the office, which they don't want to build from scratch or it's costy, it's risky and they rather partner to create an ecosystem. And because we have these LEGO bricks it's not that hard for us to have one LEGO brick from OEM or from automotive, but the others from us. So then with the, what's left, of course, there are some things which we are building almost from scratch. That's the Digital Touch Points, the front end layer. So of course, there is work ahead of us as well the e-Wallet, I mentioned, that's like a new development. And there is a lot of stuff which needs to happen on the services layer and technology and data platform. And that's, maybe I will ask my colleague to answer who is more in deep with the teams.

Thank you. So you remember these 4 layers, basically, I think 2 layers like data platform and technology platform is already quite stable. We have enough data there. We can rely on them. So this is obviously also evolving. We are doing our, let's say, ERP migration now also for different reasons, but we are very much looking to that because from first of January, basically, we should have new ERP system. What I would mention, what is ahead of us is the integration part. As for me like 2 dimensions. First is to integrate acquisitions to integrate their customers. So this is, we will have new we call it group customers. So we'll be able to really do the cross-sell for all the customers. This is what we are right now doing and then integrating all the products because up until now, they were like really very much separated, very much in different systems. We have new [UX], which is really integrated. And this is what we are right now developing. We are somewhere in the middle of the development. And I believe very much that we are going to do that before the launch as planned.

It is Rory McKenzie from UBS. There's been load of focus on your customers and products. Can you talk about the challenges of connecting and collecting data from all the suppliers that you need in your platform as well? That dashboard shows that you'd need huge network coverage of all fuel and toll sites across Europe. You'd have integration with loads of freight forwarders to create all those offerings to give them. So can you talk about what you're doing to enable you to get the 1 million trucks to 6 products on that side? And then secondly, on the evolving pricing model, how should we think about pricing evolving for the traditional, I guess, payment services, so the nonsubscription side. How would the average spread of discounts on fuel levels in that bundle? How will the average take rate in tolls evolve? And do you see deflation risk as this kind of bundled approach grows? And then finally, on productivity, Oskar, you've only been there 6 months, and there's lots of growth ambition, clearly. For you as productivity about driving the growth to justify the cost base? Or are you thinking there's going to be some areas you need to optimize as well?

Thank you, Rory. I will start with the second question. When it comes to pricing and evolution of the revenue mix, we are touching commercially sensitive area as well. So I will try to stay on conceptual level. One thing to assure you, the fact that we are adding more and more products means and that's what we've seen already in Eurowag, but as well in Inelo, by the way. So when we were doing due diligence, it was very clear to see whenever they were adding second product work time management and fleet management together that immediately their pricing power has increased. Because in subscription, typical things which subscription-based companies are facing that there is a pressure to decrease the subscription. So at the end of the day, at the second, it stopped. Yes, this erosion. So that's what we see simply that whenever we are selling more products to customer, simply, we have more revenues, and we have the higher pricing power. And that's what we will continue. And this will only deepen with more and more services added to the platform. So we do not necessarily see erosion of the margins, both in -- on both of these transactional services. But I said, and here I'm really touching commercial sensitive area. We do believe that overall, this overall mixture, it's possible to move and to manage more towards subscription. So in a nutshell, pricing power as a consequence of cross-selling, as a consequence of integrating everything and unlocking the value, they'll only increase. That's for sure. That's what we already know, and that's what we can state firmly. When it comes to the first question, Carla, can you help? Yes, the suppliers. In fact, there is only one group of suppliers, which is not yet to develop because we have the network, we have fuel network, we have toll network. We have the access to roadside service providers. There are very few truck manufacturers. We already signed 3. So there is only really one area, and this is providers of the load. You already have seen some real examples. These are not like a created pictures. These were really loads, which we have available. And that's what we are already commenting, I think, a year ago that we have pilots in this area that we have already in contracted multiple big production facilities, we were contracting as well freighters forwarders and that's where we are now developing more and more and we are strengthening business development team around that. To go around and contract these most obvious load providers. Initially, we are not like a bound to one category whether freight forwarders or large factory, simply we will be contracting all who will be keen to explore this path and who will be ready to establish such a data connection. So this is the only area of focus. However, we see again that we have a case, because the problem in between shippers and transporters, why they are all these middlemen, all these freight forwarders, which Martin was showing on his slide. The problem are 2 -- stemming from 2 reasons. First is lack of transparency. Shippers have no clue what the transport company is about, how big it is, how old their trucks, whether they are insured, what are the typical patterns. So total lack of transparency. And the second is fluctuating production, therefore, demand and supply is not matching. Therefore, that's why they are the freight forwarders. However, especially for full truckload, so the straightforward cases, deliver full track from point A to B we do not see space for the middlemen. And the solution for that is not digitizing part of the workflow. Solution for that is to harness the data about trucking companies and to pull the capacities, and that's what exactly we are doing. We are the only one who is having such a breadth of and depth of the data, and we already got 250,000 trucks. So whenever you expose it to shippers, you expose it to these. This is totally different game. So immediately, they do not need the middlemen because they know what they are procuring because we can rate truck, we can read company, we can rate the driver. We know whether they are experienced with such a roads. We know whether they are experienced is such a type of goods. So this is the new quality. On this basis, we believe that in long term, we can remediate the industry. So to cut long story short, in terms of partners, our focus -- business development focus is really shippers and freight forwarders.

And efficiency, back office efficiency. What does that mean? Imagine, we've just bought a huge company called Inelo. It's got its own reporting system, general ledger, HR system, health and safety system. We've got a different CRM, huge. You heard how important it is to keep the developers but also our customers, all different systems to what we have. We have Webeye, similar, different systems. You've got systems that are more up to date, got some old anti-credit systems. That's why Pavel was saying about the SAP going live in January. It's key to have the core done, but all the supporting systems have to be efficient as well. So how do you improve efficiency in the back offices, systemize, digitize. So what we do for our customers, we have to do internally as well. So having an integrated ERP system is hugely beneficial. But it's not just broadening the general ledger, it's about the working capital, it's about the information, making sure that the HR systems are supportive of the people that we have to support. This is all about people. You saw the biggest cost is employee costs. That's what we have to make efficiency, how I manage my working capital. It's a huge task. If I don't have the right data, those systems, it's manual, and that causes you finish your getting rid of duplication, getting rid of duplicate IT systems. That is where I'm going to have a huge benefit in the back office. So it's not about justifying. It's an essential part of moving forward.

Before I go back to the room, there are a few online. Martin, one for you and Oskar also one to you. So the first one is, do you have ambition to become a bank to your customers? I think they're referring to e-Wallet. And the second one, Oskar is the customer acquisition costs today versus tomorrow. What is that is the EUR 500 to the EUR 300, what is, what are the components of those? And how do they move from the EUR 500 to EUR 300 if I've correctly -- asked the question properly?

So a straight ford answer, yes. clever banking solution absolutely. And you heard me speaking about the future as we see it, just truck the driver who is owning the truck and he's just driving. And we are securing everything, meaning as well the banking services, financing, FX, payments, all this is included in e-Wallet. That's why I'm mentioning, that's why Martin was mentioning that this is revolutionary. So you can think about our platform in two dimensions. One is software, providing software, which connects everything enabling, doing these algorithms, clever algorithms. And then in order to interact with outside world, you need payments and financing, FX and other things which are in banking. So that's why it's sitting everything in 1 platform. So yes.

And a good question on the acquisition cost. You saw in Martin -- in Miroslav's presentation, in his very opening slide. We had 18 offices, 600 direct sales force. Well, as you go more digital, as you go more indirect, as we've been trying to explain through the OEM structure, do you really need 600 direct sales force? And the answer is no. A lot of the time today is spent on pricing, and most of that pricing is on fuel, as fuel becomes a pass-through, we will not need to spend all that time. So how do I go, how do I reduce that cost by 40%? Well, it's reducing the number of direct sales force by 40%, improving the systems that support them so that there is a very, very direct mathematical way of going from EUR 500 to EUR 300.

One question on geographic expansion, just in terms of road maps and priorities. Are there any countries that we are today versus where we want to be?

I already mentioned that Europe is our playground. So we have to win whole Europe. Sometimes I get to ask where there's some other continents, but I think the homework is clear. We need to be #1 and undisputed or go to others for trucking in entire Europe. And indeed, when it's speaking, for instance, about Nordics, Nordics are, their affinity to digital solutions is very high. And as I think Martin was mentioning introducing really seamless digital experience, we can have a different role to market, go-to-market strategies than so far. Because as the industry was direct, you need to at first open the office, employ the people, et cetera. And then we were bringing only digital. We can imagine that we will be flipping that around through OEMs being present in across entire Europe and through digital and only them bringing eventually direct sales when it comes to larger -- when we have certain penetration and bring direct sales more in consultative way of selling. So now, Central and Eastern Europe, Spain, where the biggest markets are, the open Germany, Austria, Germany is a huge market, and other markets will simply follow.

Great. One on our sustainability strategy. There's just a follow-on question from your presentation. Considering the expected progressive shift towards zero-emission vehicles over the next few years, how do we assume that our customers currently using our card today to buy fuel will be able to access then the alternative so electric versus the LNGs, et cetera? And how are we going to play our role against, I guess, the sort of competitors in this space?

Yes. We feel very comfortable when it comes to alternative energies. We already demonstrated LNG and all liquid type of energies are really almost identical like diesel. It's just different looking fuel side, which is having hydrogen or LNG. So there is not that much change. And we already have in our network, 50% coverage of LNG, which is the only viable alternative so far. Hydrogen is still to come. Maybe we will see something more sizable in 5 years' time. When it comes to e-charging, this will be different. And that's why we as well made investments into LMS. LMS is now a leader in e-mobility in Western Europe, having a huge number today, maybe it might be more than 700 of charge points connected to hundreds of thousands of charging points. And we acquired them because there are some specific technologies. There is energy management. There is a specific billing, et cetera. So just to ensure that we have access to this technology, these are -- and this technology would be already generating revenues. So we have the technology, and we already generate revenues through LMS through passenger cars. So we are very well positioned when it will come for trucks that we have the mature technology and we didn't bleed when it comes to investment cost because, of course, trucking will be picking up only step by step. What we specifically will see in charging will be that, first, it will be like a small island. Companies will introduce their slow charging overnight for the transport, which is around the church. Then we will see introduction of the e-charging on these big hubs, let's say, Amazon type of operations or supermarkets, and they are big warehouses. So we will see that their docking stations will be equipped either with slow charging or fast charging. And only in the last stage, we will see something what will be relevant for international haulage. International haulage will be definitely the last one electrified, and that we will see more and more truck stops alongside the motorways, which will have these speed chargers with 0.5 kilowatt or 350 or 1 megawatt chargers. But this will really take time because this is very costly, very demanding. And again, avenue to that is the slowest.

Any more in the room.

Martin [indiscernible], J&T. Martin, I have a product question for you. Great presentation, but there was one thing I was not quite sure about. And that is, are you aiming to basically create a marketplace where you have guys like Pepsi coming in and they're like, okay, I need to move this from A to B, and then you see it as an operator on the same app. And you're thinking, okay, I can actually pick this up for you because I have some spare capacity. So is that all going to be happening in the same app?

First, we are building tool or office for carriers. That's important to understand. So we need to scale it. We need to build the product our customers will love. Once we build it, it's similar to Amazon. Amazon started as a book shop. Digital one, the book shop, but it's converted to a marketplace similar to Allegro or Mall in Czecko Slovakia when they allowed also third parties to offer their products and services afterwards. To be offered through the marketplace, which is controlled by quality, by business models and some kind of protection of the community of the club on the afterwards once you have the scale. So, yes, we building the technology, we're building the proposition the way that lending. Yes, we can have third-party lending companies who can operate through marketplace. Fuel, we can have third parties who can offer energy services and energy as our partners. We can have road service partners who can offer road services through the marketplace. But we can have even different providers in the future. Typically, it would be the load providers offering capacities or offering transportation, but we are already thinking, for example, to create a job marketplace because just imagine, having so many drivers connected, being able even to profile them and because typically, on the market, you have a profile of a driver within a company you are driving for, just imagine the shift when we have a profile of a driver within his app, its own app. So it doesn't matter for whom he's driving at the moment. Maybe he was driving 3 times or during the 3 years for 3 different companies. Well, we keep all the data about his driving style where he's driving anything. It's like a curriculum we can build. So we can help, of course, with the driver shortage maybe in the future. I don't want to go to rush into too much future now because we have so much things to do in the next even 5 years that to rush something could actually jeopardize that value, which needs to be simple, that were to be end customer first and test it, and then we can focus on extension, so again, comparable to Amazon, if they would create marketplace in the beginning, would they succeed? No. They focused to be the best book shop online at that time.

And so in the presentation where you had the financials of the road. Where does that come from? Like who puts that information into the platform?

You mean the KPIs of the transportation?

No, maybe I just didn't understand it correctly, but I saw a route from, let's say, I don't know, Madrid to Brussels. And then you were saying that you can already see how much they can make on that route?

Okay, I understand. So that's a so-called transport management domain. Usually, that's a part of transport management systems. Where you are not managing your fleet like guarantee or tire pressure or temperature and all that, but you are really managing the transportation efficiency and planning of the transportation. Every transport usually starts with some order, let's call it, transport order. That's kind of contract between the shipper or forwarder and the transportation company. In that document, you have all the details about what you are going to carry, when you should be on loading, when you should be on unloading and so on and so on, conditions, payment terms, everything. That's a document which we need to be able to finance the transportation. And just imagine how simple it would be, if you drag and drop that PDF, I'm just with a mouse to the platform or to our office, we extract all the data with OCR. The same we do before tax. We are scanning and digitizing documents and extracting metadata automatically with artificial intelligence already for all the tax returns, tax refunds. So using the same or similar technology, let's extract all the data so we can even pre populate the transportation plan. Nobody needs to tie anything. We can already say and it was preapproved for financing. So on one click, you have money on your bank account from our e-Wallet type of bank account and start spending it. And that's the source of the data. If we have it, of course, every time you can type it in. So that's something we will encourage that let's start using the white board. Let's start instead of having the writing it on the wall, let's use the digital form, but we also need to improve in how to make it simple and more simple and more simple, maybe not in the first stage of the version we will introduce to the market, but these are our road map things to make it even and even more simple.

And I will just add that the cost side is something what we are calculating So really, Martin was introducing a lot of things, which seems like a no-brainer for you from your perspective to have numbers under control. But these type of businesses, sometimes they have a problem to differentiate what is the cash flow? What is the profit? So these things, despite they seem simple, what is the cost for the journey, what is the revenues, what is the total profit, these are having value of gold for them for many, many of them. So that's essential to our platform, yes to help them really to guide them, as Martin was mentioning in his slide.

So it was a screen shot of basically dashboard of your operator?

Yes. And to extend it with load data, that's another story, that's the business development with shippers, with forwarders. We are in early stage. We are not even in the stage as we are with automotive with the brand new industries like somebody mentioned sennder here. We want to partner with them don't want to steal the job from them. They take the liability during transportation. Do we want that? Absolutely not. We don't want to be liable for transportation. But we want to provide toolkit as SAP's ERP standard [indiscernible]. So we want to be the ERP, the SAP for carriers. And then everybody wants to connect to SAP. Everybody wants to have API with SAP. So why not sennder? Why not the freight exchanges? We need to scale first.

I think we have some great people, so we're going to close it there. Thank you for those who have asked questions online. If we haven't answered them, I will come back to you. If you have any further questions, please feel free to get hold of me. My email address is on the slide as we see it. At the end of today, I will send some feedback forms to those in the room and actually those who are online, please, if you have 2 minutes, we would love your feedback. It's always very helpful for me in terms of our communications. So if you wouldn't mind giving us some feedback at the end of the day, it would be great. Thank you very much again for everyone who's come as I would love to invite you outside now for some lunch and as they've got the opportunity now with all our colleagues to continue. Thank you.

Thank you for your attention and for coming.