CMD 2021

Aug 18, 2021

Welcome to our Capital Markets Day. This is a very exciting day for Matus because today we present a simple and bold strategy for Matus. This strategy will make METAS a bigger company and it will make us a company that is better positioned for long term sustainable growth, which has been one of our issues over the last few years. It is a very simple strategy because the centerpiece is really that we want to sell more to existing customers. And that is really the simplest strategy that you can have. And we will do so by expanding the range, the offer to customers on the number of products, brands and categories we offer. And in fact, once we are at the end of this journey that we now start, the customer will be able to buy and choose from a selection that is 10 times as high online as compared to the META store down the street from where they live. It is also a bold strategy because it represents the biggest change and investment program in our recent history. And ultimately, this is a strategy where we as a company aim to play a bigger role in the lives of our customers and also in society. And now, of course, timing is everything when you start out on a new strategic journey. And right now, times are unusual, to say the least. Yet, we believe that this is the best time to start out on a new journey. And why is that? Well, 1st, Metis is in really, really good shape. We're looking at all the indicators and we see nothing but green lights. So we launched this strategy from a position of strength rather than being a company on its heels, and that is always a good thing. 2nd, we've just been through 3 years of very dramatic and very fast digital transformation, and we are now way ahead of the competition on digital. And really there is no reason to wait for others to catch up before making the next move. 3rd, it is evident that we were one of the companies who were playing lucky to be at the right place and the right time to benefit from COVID. The current tailwind will surely not last forever, but we believe that the best remedy for us and for the company is more ambition, more initiative and more speed. So I look forward to sharing our plan with you today for how we're going to grow Matas towards 'twenty five, 'twenty six. The agenda that we put together for you, I will start out by looking back at what we have been through, our point of departure, and then put a few words to our new strategy, which we call growing Matrix Group. Then I will hand over to my good colleagues to take you through the different areas of our business and how they will change over the coming years and what their key initiatives are to support our strategy and reach our financial ambitions. Our CFO, Anders, will then take over at the end to talk about our financial ambitions and how we manage the risk in our strategy. And I will close with a few remarks and then open for Q and A. And this is the team that you're going to meet, my good colleagues, Anders Grollsensen, who many of you know Brian Anderson, our E Commerce Director Lisa Rivell, our Commercial Director Christian Smit, who runs the stores Michael Shin, our recent international addition and Brian Paulsen, our Logistics Director, who has a huge task ahead of him. Now it is very, very important to understand that Metis is a different company now than Metis was just 4 or 5 years ago. And I will spend some time just to go through what is it that makes us different and what is it that makes us positioned to grow and to even have an ambition to cross the €5,000,000,000 threshold at the end of the strategy period because it's only possible because we are the company that we are now. We launched a strategy called Renewing Metis, and that's what we've been working on for the last more than 3 years. And the results of that strategy has been very compelling. I have seen very fast and very secure and able execution in all aspects of the business. Our brand position is historically strong. Our online journey, we have talked about many times, but it is very, very impressive and very, very fast digital transformation that positions us for long term growth. At the same time, the doomsayers that said the stores are going to go away, they've been proven wrong. We have a great store footprint that we have adapted over the years of profitable stores, and we have even upgraded a lot of those over the last 3 years. We've also been able to get new growth both through acquisitions and especially in the health and well-being area, we've seen spectacular growth. At the same time, if you visited Metas, you would have noticed a lot of changing around on the internal parts of the business with a lot of cost savings in some areas of the business and reallocation of those costs to new areas of the business. We've executed the strategy mainly organic, but also with a few acquisitions and investments over the years. And what is the bottom line? Well, the bottom line is that Metis is now a digital company, and we don't use that word in vain and we don't only think about our e commerce business. We think about the whole company having been on a transformation, making us digital across all functions in the company, all roles in the company. And just to highlight a few examples, so the core of what we're doing, the core thing that Matrix is able to do, whether it is how we set the range, now starts out with an online view of the customer and an online range and then adapts it to the store, whether it's how you are a member of META's and our very important Club META's, that is a fully digital experience right now. And even the way we run our stores, it is a much different job to work at a META store now than it was 3, 4 years ago with a lot of new gadgets and a lot of new ways of interacting with the customer and serving the customers. And even our media business, which used to be mainly physical leaflet distributed to the most of Denmark, is now also a digital business with social media and a lot of other digital media to support the sales and the brand building. Now we are also a digital company in the way that we lead the online market. We are the definite market leader in beauty. We crossed the €1,000,000,000 threshold milestone in the last financial year. 26 percent of our revenues last year were digital, of course, affected by COVID. But having just reported on the Q1, that level of 26 percent, 27% is still what we are running on in the Q1 of this financial year. So a quite dramatic change to our business composition. Now you could be caught up in the fear that going digital means losing earnings and losing margin. And what we have seen over the years is that we have been able to grow the business without materially sacrificing the gross margin, even though as we go online, there is some gross margin erosion because there are more campaign sales online. So we've been able to grow our gross profits broadly in line with our top line growth. And perhaps even more importantly, because this speaks directly to the business model of the company and why it's competitive against pure pay onlineers, we have seen that omnichannel businesses that both have stores and online, they are capable of delivering better margins from their online business because there are a lot of synergies in sales, in sourcing, in marketing, in fulfillment and in how we share the back end of the business. And that's going to increase even more with some of the initiatives that we're going to talk about today. So really a proof that going online doesn't mean sacrificing your long term profitability. Now it is also the case that we expect and have been expecting and have seen a lot more competition online, and we have been really focused on building competitive advantages in all parts of our business so that we can fight the likes of Amazon or pure players or new entrants to our market. And we think that we have built a quite impressive list of what we call modes against competition or competitive advantages that will help us resist and help us defend our market position even though online competition increases. And I would encourage you to go through this list, but maybe just highlight 1 or 2, namely the fact that we are not just a retailer, we are also a retail media company. So we are the best place to launch new brands and to reach Danish consumers and to build the brand premium if you own a brand, if you want to take a brand to market. And we think that position is very defensible. And also, we have a good share of the house brands, which we aim to increase, but we also have selective distribution agreements and that means really that you won't find the goods in our stores just anywhere. So there is some kind of protection against commoditization. I think the most important thing to take away from the transformation and from the fact that we are now a different company is that we have better long term growth prospects now. We used to be constrained by the number of physical stores and the size of the physical stores. There really wasn't a lot of room to build more stores in Denmark. It was fully penetrated. We had our market leadership. But now having built our digital position, we have a lot better long term growth prospects. Now precise market data for the Danish Health and Beauty market is hard to come by. We have just taken one supplier market data Euromonitor and what they expect to see for the coming years and what they have reported for the past years is something that we have seen through and through, namely that the health and beauty market is a market that grows a bit more than inflation. You will, of course, see some volatility over economic cycles. You will see a lot of volatility due to COVID and post COVID, of course. But underlying, this is a market that is growing faster than GDP. And even though we in the mass beauty area see some drag on value, but still a growth in volume, then in the high end business where we are strongly positioned and in particular in the health business, we expect growth rates to be markedly higher than inflation, and that is an interesting opportunity for us. So the market the health and beauty market is very attractive from a commercial point of view. First of all, as I mentioned, it does tend to outgrow the general economy, and that is also due to demographic changes. People simply start being interested in beauty earlier in their life, and they are very interested in living longer and staying younger for longer, as we say in the business. So there is this underlying growth in the market, and there is an eternal need for the products that we have on the shelf. We even saw in the most dramatic crisis that we have ever seen or have seen for at least in my lifetime over the last few years that the need to take good care of yourself doesn't go away. It's also a market with large profit pools that can be shared across the entire value chain. So no matter what player in the value chain, if you're in it, it's an attractive place to be. And the main reason for that is that consumers, they like brands, they like newness, they like experience, they like advice. It's not just commodity products where price is the only thing that makes the consumer happy. It is also an interesting space in the sense that we see consumer health, digital health as an area with massive innovation, massive product innovation, massive innovation in services. And as I mentioned, it is also a business that is quite resistant to economic cycles. So if you were to choose a category to compete in, we are fortunate to have chosen one that is attractive both from an underlying growth point of view, from a resilience point of view and from a profit point of view. Now as we look ahead to the coming years, we still expect that outgrowing of the general economy to be the headline for the entire market, driven by 3 things in particular. 1 is the continued shift towards digital. We're simply able to reach more customers more times every day, and customers seem to have an ever growing need to represent themselves online in new ways. Also, and I think that's what we're seeing right now, the expectation is in the business is summarized on the headline, the Roaring 20s, that we believe that this is going to be an era of high growth and a lot of partying for the foreseeable future. And then finally, as I mentioned, health demand, this is the greatest course humanity has ever been on, on taking care of ourselves, and we think a lot of the lessons learned on health are going to be sustained and fueled even further by demographics and product innovation. On the other hand, we do expect people to go traveling again at some point. How fast and how many and how often remains to be seen, but of course, that is going to work a bit against us. We do expect physical retail to consolidate as online grows, and we do expect intensified competition in the online space for the attention of the consumer. But overall, we see tailwinds as we look ahead. Now as a new business and as a business in an attractive market, we see that we have new growth opportunities mainly related to expanding the assortment and also building our own brands and even opening the door to the world, and we will talk about that today. Our absolute overriding intention with this strategy is to position Matrix and put Matrix on a long term sustainable growth trajectory and get out of these limitations and constraints that we have been living under and leveraging the fact that we are a digital company. So that is our overriding concern and challenge to ourselves over the coming years. Now the strategy itself, we call it Growing Matrix Group. We have a purpose and a purpose that we take very seriously. That is that we want to be the partner for the consumers and be the partner that helps them be healthy and happy, stay beautiful all of their lives from the very first time that they start thinking about these things to the very last time they think about these things. And beauty is something that you think about a lot when you're young and health is a thing you think about a lot when you're older. So this is really holding the hand of the consumer all the way through their life. Our ambition and why this next strategy is different from the one we have just been through, where it was mainly a matter of making sure that what we lost in the stores we gained online and that we got that number one position online. We are now positioned to grow the online business without materially sacrificing sales in our physical stores. So as we look ahead, our business model is really evolving if you look over a 10 year stretch from being on one leg, the physical stores, to being now on 2 legs, the physical stores and online, to eventually being on 3 legs, the physical stores online and a good portfolio of brands that you find nowhere else but in Matrix. So vertical integration as part of our strategic viewpoint for a number of reasons. Now I don't think that there's ever been a time where business and society has been so closely intellect and the role that businesses play in society. And we have thought about where can we make a difference to society. And there are really three areas where Matrix as a company can make a difference. First is sustainability, that as shopping goes online, it actually becomes less climate positive. We aim to be CO2 neutral in 2,030. We aim to play a big part in what we might call the plastic revolution in figuring out how we can reduce or reuse plastics. That is an area where we can play a big part in being innovative and finding new solutions. We've just seen through COVID that our contribution to public health is significant. So we want to increase access to digital health solutions for all, and we want to bring more products with health benefits on the shelves, both online and offline. And then finally, we take great care of our great colleagues in the stores and in our HQ, and we aim to be the best place to work in retail despite all these changes going on. As for our long term ambitions, we have set out 2 ambitions and a price tag, And we have set a target of reaching more than DKK 5,000,000,000 in the financial year 'twenty five, 'twenty six. And that is driven by growth in the online sales and some consolidation in stores. It does not include significant M and A. For our EBITDA margin, slightly down from where it is today, but still sustained at a high level and a very competitive level. It is affected by 2 factors. 1 is that we do get some margin expansion from growing the business from our investment in the warehouse and from vertical integration, but that is we expect counteracted by the fact we will get more competition and we need to respond to that competition. And also with more growth ambitions comes more growth investments as in when we enter new categories. So the price tag, excluding M and A, we expect a CapEx of $1,000,000,000 to $1,300,000,000 over the strategy period with the Matrix Logistics Center, of course, being the absolute main part of that. As we look at what's going to happen to the business in an illustrative way and we compare to a situation before COVID, we think that the pressure on the stores is going to continue even though we're seeing quite compelling performance from the stores in Q1. We do think that over the long term, there is going to be pressure on the number of stores. We think Matrix DK will be the biggest growth driver in the foreseeable future. We believe our investment in VERTEL, which has paid off very nicely, will continue to deliver growth and our newest acquisition in Web Sunhill, positioned just right for digital health, will also drive growth. So what is our strategy? Well, our strategy is to become the 1st choice for health and beauty. It is to have absolutely the most attractive offer when it comes to the assortment. It is to be the number one choice online. It is to be the number one choice offline. And it is to own or have rights to the products that the customers most desire. And then the Big Change project is to be a very efficient operator of both store logistics and e commerce logistics, and we will return to that. So with that introduction, I look forward to introducing you to my good colleagues who have been absolutely instrumental in driving the results over the last 3 years. And the first one I'm pleased to introduce is Lisa Rivell. Lisa is our Commercial Director. She comes from an industry background in FMCG and L'Oreal, Maas Denmark and L'Oreal. She's had experience with travel retail from Copenhagen Airport and she's now with METAS. And her mission is quite clear. She's going to be the one to lead the assortment expansion. So with that, I will hand over to Lisa. Thank you, Gregus. So my contribution to this new strategy, I can say it in a very simple phrase. I'm going to triple our assortment. I'm going to sell more products to our current customers. In this way, we will have our customers to spend more money with METAS and thereby increase the customer lifetime value. It seems simple. It will be very simple. But let me just explain during the coming few minutes. Let me explain more in details. Historically, METAS has been a mono channel retailer. We've been market leaders, but we have been mono channel. So physical stores, 300 stores nationwide. In each and every store, in average, people would be able to find 10,000 products in a store. Some stores bigger, 18,000 products, but in average, 10,000 products. Now since the last 3 to 5 years, we have grown to become an omnichannel business, an omnichannel retailer. We are still market leaders. And what we see is that having people to spend money both online and in store actually is very valuable for Metas. Actually, what we see is that omnichannel customers, they spend twice the amount of money with Metas as does an offline customer. So this is really valuable. We have also seen that we have been able to grow the assortment to 50,000 products. So products that you will find only online, but also can be bought via connected retail. Now in the future, our strategy is to triple the amount of SKUs that we have today, so to offer a lot of new products to our current customers. We will stay within our categories, our core categories. We might go into adjacent categories, but within Health and Beauty and the close area around Health and Beauty, this is where we want to expand. And 100,000 extra products, that is massive. These products will be available mainly online, and we know that the biggest part of the turnover will come online, but also via our stores, our connected retail, also via these Endless Eyes. We are training our assistants and our advisers in store to be much better in not just offering the 10,000 units on the floor physically in the store, but also looking into and offering the full endless aisle assortment, which we offer online. Now to describe that a bit differently, it means that typically a customer that would historically come into the store and find these choose between these 10,000 SKUs, they will now be presented to 15 times that amount of products. And putting it into another context, we would offer twice the amount of what a consumer will need when they enter a BILCAR warehouse. So it is a huge expansion that we are planning to do. But we believe that with the distribution system we have and with the machinery or the marketing machine, etcetera, that we have, that we will be able to do so. And this is what this slide actually shows us. We have a second to none distribution and marketing power, and we have built that over the last 10, 20 years. First of all, distribution wise, we have the 2 64 nationwide stores from Skagen to Gesser. We have our very strong online channel. We have the app that people are downloading and using every day to find products. So distribution wise, we are second to none within our categories. Furthermore, over the past 10 years, we have built Clubmatis. Clubmatis today is one of the strongest loyalty teams in Denmark. We have 1,700,000 loyal consumers. We know exactly what these consumers are interested in. We know exactly what they've been buying over the past 10 years, and we will also be able to tell what they would be interested in buying in the future. So this is a great strength for Metas. And finally, we have our very strong media portfolio, a media portfolio that we have also built over the past 5, 10 years and where we every single month are in contact and communicate and reach 1,800,000 Danish consumers. So adding a whole lot of new products and using this distribution and marketing machine to build awareness, desire, bring offers directly to the consumers, by doing that, we believe that we will be successful with this new Beauty market, huge market, DKK 8,000,000,000. We are by far market leader today. But when we go a bit further into details, we experience sub segments where we are either not present or very, very small. Furthermore, the Health business, it's a bit smaller, €5,000,000,000 market, but growing very fast. We are underrepresented in this market. We believe we have a much higher fair share that we can reach. So we have we will be able to grow the market by adding further products to assortment, and we will be able to win market shares. Let me go in detail. So to begin with the beauty market, as mentioned, an €8,000,000,000 market and especially in high end beauty matters is very strong and by far market leader with 50% to 60 percent market share. But when we go beneath, we see, for example, a segment like the Professional Hair Care segment, where really we are not present at all. We have less than 5% market share. It's €500,000,000 market. And with less than 5% market share, it really does not make sense. And it doesn't make sense to me that we are not present in this market, but what is lucky is it doesn't make sense to our consumers either. Our consumers, they are used to buying styling products and hair care products in Macy's, so why not professional hair care? So professional hair care will be the 1st subsegment that we will enter. We have made agreements with the biggest 18 brands within Professional Hair Care to distribute their brands. So from August on, we will have these brands, 18 brands, 700 products online, and we are planning to add another 15 to 20 brands within the coming year or 2. But launching brands is not all. We want to win this market, and we want to become number 1 in this professional hair care market. And to do so, we need to be very professional. We can't just sell products and put everything on a very low price. We want to be professional. We are all about advice. So of course, we should be the best in giving advice to our consumers also in professional hair care if we enter this market. So on the 23rd August, we will launch a new destination on MatrixD K, a destination where we have hairdressers, we have hairstylists that are giving tips, that are showing how to guidance, tutorials, that is doing live chat. They will do one to one consultations with our customers. So all in all, probably the best destination, the most professional destination you can go to find information on professional hair care and, of course, the full assortment. Jumping into Health. As I mentioned, slightly not as big market, but growing quite strong. We have a low market share of 20%. We believe our fair share should be closer to 30% or 40%. And it is actually within all categories that we believe there is an attractive market position for us to grab into. And it's with OTC over the counter supplements and even personal care where we do believe that we have potential. And when going into health, for sure, we want to build our we want to become a trusted health adviser. Historically, Meta, in many consumers' minds, we are stronger in beauty than we are in health, and we know that. So apart from launching products, we will also go out and do partnerships in a stronger degree than we do today with experts that do know have details about products and markets that we don't have, and we will deliver all the good knowledge we have from ClubNatus, from customers, what they buy, what they want. And when we put those two things together, we believe that we can be in great partnerships, we can develop new products. So apart from the partnership we have with Novozymes, we are planning to do more partnerships with experts. We want to be the trusted adviser in health in Denmark. We have taken in pharmacist technicians. We are training our +2,000 advisers in the store to become even more competent within health. That's going on as we speak. And second and finally, we want to we know that the health market is under communicated, simply not a lot of money spent in marketing in health. So we do believe that this is a way for us to take a larger market share as well to use our media machine and to spend money and thereby to grow our position in the Health market. So finally, an example of a sub segment where we do believe that we can make a difference, the Dermatological Skin Care. Dermatological Skin Care will be the 1st sub segment within Health where we will increase our number of products. Today, it's a 600,000,000 market. We have less than 5% market share. We do believe that we should have closer to 30% market share. On top of that, we see that it is a market that is underdeveloped. In Denmark, only 19% of the skincare market is dermatological skincare, whereas in Western Europe and in Sweden and Norway, it's 30% to 36%. So together with dermatological skincare brands and suppliers, we want to build further the market as well as gaining market share from some of our competitors. So in June, we launched the first 3 dermological skincare brands, AGO, Neutrogena and Zitaphyl. And within the coming 3 to 4 months, we will launch another 6 brands, some of the very biggest brands within the dermatological skincare, and we will take this position not only to what brands and products that we launch, but also build online destination with the Green Cross and with the advice from specialists on dermatological skincare. So these are two examples of how we believe we can grow our existing categories. We can grow the number of products tremendously and thereby make our customers spend more money our existing customers spend more money with METAS and finally, growing the customer lifetime value. Thank you. And thank you so much, Lisa, for that presentation. To me, the key takeaway is a change in mindset at METAS. Over the last maybe even a decade, we have been defending our market position against new entrants and making sure that we're still the number one choice for consumers. Now we are moving into the offensive. We are driving a massive increase in our assortment and using our strong digital position to win market share and sell more to existing customers. Now online is going to be the big driver of our growth, and therefore, I'm happy to present to you Brian Anarson. Brian has been very close together with Lisa, very close teammate on the last 3 years' journey and done an amazing job of actually 10xing and 10x or increasing our online revenues by more than 10 times. And now we hand him the next challenge. And the next challenge for Brian is to double online revenues by selling more to the 600,000 customers that are already shopping both online and offline with Matrix, but also to keep on the impressive acquisition of new customers that maybe only shop at our stores or shop with other onliners to matus.dk and our colleagues at Fiatel and Web Stonehill. So with that, I will hand over to Brian, who brings more than 20 years of pure e commerce competence to the table. Thank you. Thank you, Gregor. Today, I will share how we deliver growth through our free digital platform, Matters DK, Fiatel and our collaboration with Web Baltic DK. First, I will focus on Matters DK and how we through broad assortment and strong customer experience will grow the turnover. First, it is important to understand our point of departure. In the last 3 years, we have had a tremendous growth at Matters DK. 3 years ago, we were the 20 most used web shop in Denmark, but the last 3 years we had outperformed all our major competitors in growth and last year we was the 2nd most used web shop in Denmark. And this strong growth also has an impact on the Danish consumers brand perceptions about METAS. Each year, YouGov asked English consumers about which brands they believe are the strongest in Denmark. 3 years ago, METAS was not in top 10, but last year or this year, we were the 3rd strongest brand in Denmark. And we have a lot of indicators that shows that this lift in brand perception is mainly driven by our digital stronger experience. If we focus more on our internal number, we have the last 3 years, we have had more than 600% growth in our digital turnover in METAS. 2018 2019 was very strong, but it really accelerated in 2020. And as we just shared today, we had in the Q1 of this financial year, we have been able to deliver lower number double digit growth in this. So we believe that we have a sustainable level that will grow from top up in the future. If we should focus on why had we been able to deliver this growth, we have really focused on improving the customer experience. The last 2 years, we have improved the customer NPS by 13% at Mates SDK. If I should share some examples about what have driven this, we have I have three examples with me today. First of all, we're really focused on the delivery experience. Now we deliver same day delivery to 50% of the Danish consumers and we get some very strong customer satisfactions for customers that had used this delivery service. We also introduced live advice and guidance from our stores. So at Matrix DK, you can be guided by a trained Matrix person direct from a store. And therefore, we can deliver the same guidance experience at Majesty K that the consumers has loved Majesty's stores for decades. Finally, we have introduced a lot of engaging content. Majesty is one of the global leaders in using live video shopping. And the last year, we have hosted more than 100 live events from our web shop and they are driving very high customer satisfactions and also strong conversions. So to follow-up on our leases section, we believe that there are a lot of headroom in our both insisting in new categories to drive digital growth. If you first look at the high end beauty and the mass beauty, Matters is a clear market leader and we are pretty sure that these categories will continue migrating online in the future and this will impact a lot of our gross numbers of very high numbers of turnover going digital. If we look at the new categories and the upcoming categories for METAS, well-being, derma cosmetics and professional hair care, we have larger market shares in these categories, but we see this as a double opportunities for growth. Both the lease categories turn online in the future and that will impact growth for matters and we also have a possibility to grow our market shares in these categories. So I should sum up our strategy for matters to go in the future to strengthen and expand our market leader position. It first of all start with we will offer the broadest assortment. Next, we will give the strongest guidance and inspiration localized to Danish consumers. We will offer the fastest delivery and a lot of research shows that fast delivery is very important both for conversions and customers loyalty. We will also use our strong true matters data gathered both in stores and digital to provide personalization in these touch points and we will do a lot of 1 to 1 communications to secure share of wallet and win the consumers across categories. 5th, we are at our digital platforms, we are in contact with most of the Danish consumers. And based on that contact, we can build a very strong pool of first party data. And we'll use these data to be very relevant and then the largest share of voice online to be in contact with the Danish consumers on a continuous basis. Final, but not least important, we will be build very strong digital partnerships with our suppliers and we will use our internal digital media and external media both to build new brands and growth existing brands. If we combine these six elements, we are pretty sure that they would enforce things over and expand our market leading position that we have at the Danish market today. Okay. So now I will shift to Fiatel that has a pride led niche position and a portfolio of web shop with a very low cost overrated model. We acquired Fiatel 3 years ago and since the group has outperformed our investment case. 3 years ago, Fiatel has a turnover annual turnover around 140,000,000 and last year we almost had a turnover of 350,000,000. So we have a 2.5% growth. But also very important, they have a very strong margin compared to peer players online retailers. Fiatel operates with around 10% profit margin and if you compare that to peer group that has the same growth, there around 1%. And this is driven by very strong operational focus. We have very strong e commerce system and expertise and we also have some strong synergies with METAS. And then finally about the background about Firtel, it is that the 2 founders, Migla and Jesper is still on board and they're really focused on building a scalable team and keep their learning culture there, they educate their own staff direct from school and therefore they have a very strong internal company culture. We also recently gathered the services they had developed under the brand Ginnie and we will use this focused shop company of Fiatel to further develop these services and we also started delivering these services to other part of the group and a selected number of external customers. So for the future, we believe that Fiatel has a strong platform for future profitable growth across their portfolio of web shops. The 2 strongest brands Fiatel has is Helzibixon and Helzikost. And then we measure these positions and compare them to peer groups on perceived price and perceived value, they have some very strong positions. Since they are price fired up positions, they of course perform strong on price, but they also perform very strong on the perceived value they deliver to consumers. And this value is driven by large assortment, strong customer service, fast delivery, and they also gives very strong category expertise to their consumers. So we believe that Fiatel will be able in the future to sustain their margins and they will deliver a low end double digit growth. We believe there is still a strong possibility to enhance their assortment and keep the Firefighter strategy. And then we also have a platform if the right bolt on acquisition shows up that we could include these new brands on the platform. And we believe that through keeping focused on the low cost operating model, we will be able to sustain our margins and we have still have some synergies that we collaborate with purchasing together with METAS. Okay. So finally, I will focus on Web Appeticket and Web Sunhill that are our most recent digital platform. Their goal is to deliver very strong customer experience to the Danish consumers should go online and buy health and pharmacy services. Web Sun has worked closely together with WebIvo Teigen and Webberteggett was the 1st pure player on the digital pharmacy market and has a clear ambitions, I believe the Danish market leader on the pharmacy industry. Webberteggett consists of 4 services, storage logistics, purchasing, IT platform and marketing services and they deliver that to Web Appetite DK that is the platform that's owned by Trina Pearson that is a pharmacist and she runs the customer handling the pharmacy operations and the commercial strategy including pricing, assortment and the campaign timing. So from an investment perspective, we believe there are 4 very broad rationale behind these acquisitions and the collaboration with Web Appeticket. First of all, we believe that the Danish pharmacy industry will be digital will stand before digital transformation in the year to come. A lot of our industries has gone through the digital transformation, but the pharmacy industry has not yet in Denmark. So only around 2% to 3% of the Danish transactions in the pharma industry is digital. And if we compare to Sweden, the same number is 8%. And also if we look to UK and Germany, there are high degree of digitization in pharmacy industry. So we believe that there is a huge opportunity when this market share will increase in Denmark. We also believe that the collaboration with matters and where I will take it can speed up this transformation and we can deliver a better shopping experience for Danish consumers going online to buy health and pharmacy services. We can give Weber particular access to a stronger assortment, we can deliver best in class delivery services and we can deliver very strong digital marketing services. And in this collaboration, the pharmacist, Trina Pearson, can focus on the core pharmacy operations since she outsourced some of the core operations to matters. And finally, if the Danish pharmacy industry will be further liberalized in the future, we have a strong position to be part of this. So to sum up my 3 sections, I will tell short about how the 3 section the 3 platform can reinforce its offer. If you look at the assortment, Matters DK contributes the potency power and very strong scale advantage to our large suppliers. And these large agreement can in many cases be shared with our platform in the group. Fiatel is very strong in corroborating with a lot of suppliers. They have a system for integrating with hundreds of small suppliers and therefore they in an efficient manner can make a long tail assortment. And they can also offer this and already do that for our part of the group so that we can access to a large number of long tail products in the other parts of the group companies. And then finally, we've certainly contributed consumer insights on health products and they are very strong in niche products from the niche health industry. And in the future, we can also make relevant of these products relevant for our part of the groups. So combined, we believe that these 3 approaches on assortment can make that matters will have the strongest assortment to offer Danish consumers on the Internet. And then, we also can make relevant services available across the group, so we can share best practices on our areas. Thank you, Brian. To me, the key takeaway from what Brian has just said and from how the business has developed over the few years is that 5 years ago, the digital revolution was really bad news for META S and a structural threat for META S. But now it is an opportunity. We are very well positioned, both to protect and maybe even expand our position in our existing categories towards existing customers. But we are also positioned again to go on the offensive and sell more to our existing customers of new categories, especially within professional hair care and health and maybe even more to come eventually. So this was assortment. This was digital. Now it's time for the stores. And I'm very pleased to introduce Christian Smith. He's a new colleague, joined us from a long and impressive career in running physical retail jobs in Aldi, in Top Toy and in selling group where he started out. He is responsible for the stores. And I can't say this clearly enough, we believe in the stores. We believe that stores are part of the future, and we believe that well run stores are super attractive to consumers of all ages. So Christian has a very, very exciting job to use all the new opportunities for integrating with digital and connect our stores, but also drive the consolidation of the store network and continually make sure that major stores are the number one choice when you're on the street and continually make sure that we can protect the profitability of our wonderful stores. So with that, I will hand over to Christian for a review of our store strategy. Thank you. And as mentioned, I'm Christian Smit, responsible for the Retail division. I look super much forward to take you through our retail strategy, and I will start with providing you with our perspective on the markets and afterwards go through our strategy. As most market participants, we believe that the pressure on the physical retail market will continue. However, we are confident that our strategy of operating, consolidating and connecting the stores can mitigate this. The COVID-nineteen restrictions and lockdowns has pushed the customers online to an extent we haven't seen before. But if we compare our online share, MetasDK, versus our offline share, as shown on this chart, we clearly see a picture that once the restrictions are lifted, the customers know where to find our stores. In the coming strategy period, we will change focus from a conventional store renewal program to a digital store renewal program. We are focusing on 3 areas to be successful, operate, consolidate and connecting the stores. These three areas are equally important and we need to balance our attention on each of these. I will walk you through each 1 by 1, starting with operating the stores. I actually look very much forward to share this page with you because I think it's very impressive. Matt has a long history of being a strong store operator. Even during a pandemic with several restrictions and lockdowns that limits the traffic to the stores, we have been able to sustain profitability across the store network. Despite for 2 stores I need to remember to say. Even though we have been able to keep positive profitability and sustain flat development in our store salary percentages, we have in several years, we have some major improvements that will ensure continued profitability despite a heavily market pressure. The 3 major categories are staff optimization, and that's basically for me that we improve our capability to match our staffing with the consumer footfall. We have what we call ease of payment through digital products, such as a mobile POS terminal in order to free up staff to spend on better customer service and more sales. Last but not least, we are working with best practice. Best practice mean for me that we are benchmarking our stores in clusters in order to improve the staff efficiency. On top of operating the stores even better than we do today, we also see a potential in continuously adapting the store network or consolidating the store network, I mean. The current store fleet situation is that we have 264 with a nationwide coverage filled with more than 2,000 trained health and beauty advisers that provide a very strong customer satisfaction. Our store network has undergone a significant transformation the last 3 years and we have reduced our fleet by 13 stores. Behind this number comes large work of consolidation and relocation in order to adapt to the consumers' needs and behaviors, but of course also increase the traffic. We have closed 12 stores. We have consolidated 14 stores into 7 stores. As an example of this, we have Radabrzea, where we in a distance of 200 meters had 2 stores. We combined these 2 to 1 big stores that allows for more customers and products. We have also relocated 9 stores to new addresses with higher traffic. On top of this, in the last or in the past 3 years, we have also been able to open 6 new stores in white spot areas. This store network transformation has only been possible due to our best in class agile lease terms. All our stores are rental spaces with a arreward exit term below 6 months. Historically, we have been able to exit the leases at a cost below the upfront deposits. And what does that mean? That means actually that we can exit a store without having a cost, and therefore it allows us to do as we please. These facts actually also allows us to have a very agile and dynamic, you could say, aggressive store fleet strategy to continuously adapt the store network to get fewer, bigger, better stores and, of course, also push the rent cost down. This also means that there will be no 5 year store number target that we are working towards. And that's because, as mentioned before, that the store network need to adapt the consumers' needs and behaviors. The final part of our digital store renewal program is our connecting the stores, and this is probably the most exciting thing of today's presentation. In the renewing meta strategy, we launched a conventional store upgrade program, which gave good learnings that we can achieve same customer satisfaction with a less CapEx intensive store refresh program. We are now building upon this learning to refresh more stores by upgrading the look and feel and adding a lot of digital store features, such an in store app mode for the Club Aetas mode, easier or convenient payment and much more. Our connected store is a conventional mattress store, but with a layer of multiple digital services. Our connected store have endless aisles with the full mattress decay assortment that the staff can offer. Currently, it will give us a SKU uplift from 11,000 articles to 50,000 articles. At the end of this strategy period, it will actually increase to 150,000 articles. Mattress DK currently provides traffic to the stores as customer come to pick up their online orders. We can upsell to more than 25% of the currently 1,100,000 customers that come to pick up their orders. As Medici DK continue to grow, this number will only goes up. We have also live event in the stores through Facebook with 50% conversion rate and best and a super strong after sale in the period after. It is now possible for customers to get access from anywhere to their beauty advisors to solve their problems. Ease of payment is, as mentioned before, also a part of the connected store in order to release staff time spent on transactions. It is also possible that customers can book a 1 to 1 shopping session with a specialized advisor in the stores. Product subscribers have a 25% higher spend and buy products at a 20% higher frequency and therefore has a high value to the Matrix Group. We are able to recruit these products, these customers directly in store while they are doing their regular product purchases. Through Click and Reserve, we can both make low cost fulfillment from store but also increase store traffic. As you can see, we have the model in place for connecting the stores. Now it's basically just about rolling it out across the network. As an example on the potential, we have the Endless Isle. And if we lift up all stores to the level of the 10th best store in terms of Endless Isle, we will have a revenue uplift on DKK80 1,000,000 to DKK100 1,000,000. This example is actually before the assortment expansion, which provide an even higher long term potential. If we combine just these three examples, it will allow us to have an uplift in revenue above DKK200 1,000,000. To sum up or to wrap up the presentation, I want to conclude this. We do see or we do foresee some physical retail market pressure that limits store traffic, but we expect to mitigate this through our digital store renewal program focusing on 1, operate the store even better than we do today. We still have much to do here. 2, continuously adapting the store network to match consumers' needs and behaviors by leveraging our best in class agile lease terms, 3, rolling out the connected store model across the entire network. Thank you. Thank you, Christian, for that presentation. I want to make clear that we believe in stores. We think stores are going to be part of the future. We will continue to invest in refreshing our stores. But I want to highlight the fact that our store network is so flexible. That is a massive advantage that ultimately the customer will decide how many stores we have in Denmark and we can get in and get out very cheaply and very quickly. But also to highlight that a store is no longer a store of the past. The way we operate stores, the services we offer in the stores, that is a massively new experience. And it is not only a new experience, it is an experience that allows us to have a digital footprint that is even larger than just the physical footprint of the stores. And talking about footprint and talking about what we offer in the stores, now it's time to move to our next team member. And in a moment, I will introduce to you Michael Shin, who is a recent addition to the team. He is the 1st full fledged international member of the team. And his job is really to build what we call the 3rd leg of our strategy, namely to widen the portfolio of what we call house brands, brands that are particular to Matus to support our differentiation and to improve our margin. And then his job is also to open the door to the world and initiate international sales of some of our own brands. And with that, I will hand over to you, Michael. Thank you, Gregas. Hi, everybody. My name is Michael Shin, and I joined Matters in April of this year. I have more than 30 years of experience working in the beauty market, beauty industry, working for companies such as L'Oreal, Elizabeth Arden and the Icelandic Biotech company, Bioeffect. And it's my pleasure today to tell you more about our plans on building a portfolio of Scandinavian beauty brands. Now brands, as you know, has been an integral part to the Matters business. And over the years, we've been very successful in commercializing both health and beauty brands. But today, we want to go one step further by becoming a stronger brand owner and thereby increasing our share of own branded sales. Now this means that ultimately, we will be able to improve our margins, and we will be able to find new avenues of growth when it comes to net sales, both in Denmark and in international markets. Now this is not a new model. We've seen other retailers go down this route, such as Boots with the number 7 brands or Sephora, who have their brand incubator, Kendo. Also online, we have retailers such as the Hut Group that have both commercial platforms and are owning their own brands. Now the objective of the brand ownership strategy is to improve our differentiation because we will be able to control where our brands are being sold and how they are being positioned, And this will help us differentiate ourselves against competition. And secondly, it will give us an option to also expand our portfolio international and add incremental growth to our Danish business. Now we've developed a 3 step strategy in order to execute this vision, which I will take you through. In step 1, we want to upgrade our brand building competencies. Then we want to expand our portfolio of house brands and partnerships. And in step 3, we want to test the appeal of our Scandinavian beauty brands in international markets. I'd like to go into each one of those steps in a little bit more detail. First of all, step 1. Now when it comes to developing and launching new beauty brands, today, it has become much easier and much financially much less riskier than years ago. Previously, what you would do typically is to develop your brand and then you would have to put quite a bit of money upfront to invest in TV and print to build awareness, image and pull for the brand to be commercially successful. Once that model had been proven, you would then roll it out internationally. In today's digitalized world, that model is slightly changed. We're now able to launch frontally in a number of different geographies at the same time, and we're able to do so with less investment upfront because we can use very targeted social media, online media. We can use PR and word-of-mouth. So the risk to develop our own brands has become more mitigated. The way to upgrade the brand building competencies is also very important, and we've looked at our internal processes. And as you know, we are world class when it comes to launching brands. Where we see opportunities to grow is when it comes to product development and brand building. And here we will be recruiting talent with an international mindset who've done this before, both when it comes to product development, branding, both from the digital point of view and also from the more classical point of view. And by having the full scope of the process in house, we think that we can really gain major benefits in the value chain. Now to step 2, on how we will execute and how we'll go to market with our various brands. We will deploy these in 3 different routes. The first one being with the Matters brands. Now as you know, Matters enjoys more than 90% awareness in Denmark as a retailer. However, internationally, we will be positioning Matters as a beauty brand. This means changing our mindset from being an owned label producer to a branded owner. So what we will do, we'll have Matters as the mega brands and then underneath, we'll have Strybene, Plisea and My Moments. Route number 2 will be via our acquired brands or brands where we have an investment. So we acquired Niel and Sjoerd, Denmark's largest makeup brand, some years ago. This has gone undergone some new branding for international markets, and we will be launching Njord in international markets in the coming months ahead. Secondly, our investments in Milt. Milt is a Danish sustainable ecological clean makeup brand founded by 2 makeup artists. We see great potential with this positioning, and we will be accelerating the sales of Milt, both domestically and in international markets. And because both of these are makeup brands, we see a lot of synergies in the back office when it comes to new product developments, but also when executing in the markets and in best practice sharing. And thirdly, our new brand incubator, Gren. The purpose of Gren is to feed the Matters House brands with new brands, and we're able to do so in 3 different routes. The first route being, for instance, creating brands from scratch. Secondly, what we'll be able to do is also have partnerships with fashion or lifestyle brands, brands that already have quite an awareness and who want to enter into the beauty field. And thirdly, we'll be able to make investments in existing or upcoming beauty brands in the Scandinavian region. So with these three routes, we're able to find brands and find products that are both in makeup, skincare and fragrance across the different price points. We've prepared a small video of Gren to show you a little bit more what our intention is, and I'm very happy to show that to you now. My name is Michael Shin from Gren, the incubator for Nordic Beauty Brands. I would like to invite you to co create new experiences in the international beauty industry. The world is changing. Digital transformation and the need for sustainable solutions call for new business models and value propositions. Trying times are times for trying. And in the beauty industry, the Nordic vision of beauty with its holistic approach is more relevant and more in demand than ever before. Our role is to conceptualize, foster and launch sustainable beauty ideas to serve this demand. We would like to co create beauty brands based on values that are earth friendly, have strong design aesthetics, can be up and recycled, only have pure formulas. You have the brand and vision. We have the craft, experience, distribution and governance. Gren, Nordic Beauty Brands, part of the Matas Group. Now to step 3, to test the appeal of our Scandinavian beauty brands in international markets. Now we've seen that in other categories such as furniture, design or food that the Nordic region has had a major impact in global markets, and we think that now is the turn for beauty. We think that Nordic beauty brands will have major appetite in international markets, and that is because the values that we represent are so relevant in today's world, values such as inclusiveness, sustainability, clean formulas and responsibility. We think that these values sit perfectly alongside existing brands coming from France, American beauty brands or Asian beauty brands. So we do believe that there is a major appeal, a major appetite for Scandinavian beauty brands, and we will be testing this in months ahead. I hope that this presentation has given you a good first overview of our strategy of building a portfolio of Scandinavian beauty brands, and I'll hand over back to Krikas. Thank you very much. Thank you, Michael, and welcome to the team. Two things I want to take away from this. Building a bigger portfolio of house brands is a good thing for the Metis business that you already know. It will provide differentiation in our stores and online. It will add margin to our business. So on that alone, this is a sound and good initiative. But it is also our license to play outside of Denmark. And I consider this a first step to meeting demand and request that we have heard over the years at a time where Nordic values are in vogue. But historically, we haven't had the competence or the people to respond to that demand. So now we will take a first step outside of Denmark with this initiative. So all of these ideas and all of these initiatives to support the growth, we need a backbone that is different from the one we have now. So our next speaker, Brian Paulson, I'm going to introduce in a slightly different way by taking you on a short road trip. And right after that, Brian will take over and go through the facts. I am so excited about this. In recent years, Essos have step changed the digital journey quite significantly. So they have managed to change the customer journey. I think what makes it really interesting and even more powerful is the combination of the stores and the online presence that made us develop in the last couple of years. It's one of the best executed models for, let's say, traditional frig and mortar retailers that I believe we have seen in Europe actually. I believe that Masys has this huge e commerce muscle that can help us go the next step further and actually get online pharmacy growing in a way that we couldn't do anymore. To be the future winner, we need the largest assortment, the fastest delivery and a scalable capacity. This will bring METAS into Champions League. The role of a company like ours, of the distributor like METAS is to be able to cover all the touch points where the consumer is. And one day consumer decides to buy online, one day consumer goes to the store. Our role is to be everywhere. What we can offer is the power of innovation, power of excitement around our brands, putting it inside the Meta's ecosystem, let it be online and offline, I believe, makes a big difference in attracting this new generation of shoppers in the stores. Younger consumers in the coming years will be looking for brands and retailers with a strong sense of purpose. And I think matters with the role that the company has in retail in Denmark today will have to continue to evolve in this area. In just one year, we I'm quite sure that this will be a massive advantage for METAS in the future. Thank you. My name is Brian. I'm the overall responsible for the supply chain in Metas. I must say, I have really looked forward to this because the reason why I'm here is to introduce you to a very exciting project, the new Matus Logistics Center. And in my presentation, I will try to reveal some of the backgrounds and some of the details about the project. As you already have heard, Matus have a strong growth strategy for the coming years, and a lot of elements in that strategy requires a lot from the logistics. So we need a step change in logistic to support the future strategy. We need a higher a larger assortment. We need faster delivery. We need a scalable capacity. And we need also, of course, the lowest cost. So in my presentation, I will have 3 main topics. 1, I will go through the current warehouse structure and also give you some insights on why we have to invest in logistics in maters. 2, I will take you through some of the details in the project about the new Matas Logistics Center, and I will also reveal some of the future performance in the Logistics Center. And finally, I will talk about the CapEx investment and of course also some of the benefits. All right. Let's start by looking at the current warehouse structure. We are currently operating 7 warehouses in Meters in Denmark. They're mainly located in El Arru, fairly close to our headquarter. We have a quite lean setup, but it is a very manual setup, and we work with a very low degree of automation. So in order to support the future strategy and when we look into the future, we see 2 things very clear. 1, this warehouse structure is not scalable up to the extent that we need in the future growth strategy. And 2, we will never get the operating cost down to the world class level that we need. So the conclusion is quite clear. We need to consolidate our warehouses, and we need a higher much higher degree of automation in order to drive the cost down. So therefore, we have decided to initiate the project, the new Matrix Logistics Center. It's a state of the art warehouse. And we expect it to be located in Linge, very near to our headquarter. And we expect by 2025, we expect to have consolidated 4 of our existing warehouses on this location. We expect the building to be about 25,000 square meters, and it will be designed for automation. And it will be designed in a way that we can so we can expand it if that's necessary in the future. If we take a look at the inside of the warehouse, we will design it in a way that it's channel independent. And that means that the capacity is fully flexible between online web orders and physical store orders. So we are not depending on a certain share of volume on one channel. It's fully flexible. We will have a strong focus on the sustainability when we build the building and also in the operation afterwards. We will work with a high degree of automation. We will have machine for picking. We will have machines for packing. And we will also have a high performing and well proven shuttle system in our warehouse. We will also have an advanced box storage system. And when we look at the products that we have in Metas, it fits perfectly into a box storage system. So that's, of course, why we chose it. So all right, let's look into some details about the future performance, and let's start by the storage capacity. If we look a few years back, we had the maximum capacity of about 20,000 products in our warehouse. And if we look at 'twenty two, 'twenty three, we expect the maximum capacity to be around 70,000 products in our warehouses. And this is a very big increase, and it is quite impressive in a few years. However, it's not enough. We need a step change in order to support the future strategy. So we have designed the Matrix Logistics Center to be able to have no less than 150,000 products. And furthermore, it will be possible to scale it up to 500,000 products on the same location. All right. Let's look at the order execution capacity, and that means how many web orders can we ship out of the warehouse every day. A few years ago, we only had the capacity of sending out 70 sorry, 7,000 web orders per day. If we look at the expected 'twenty two, 'twenty three, we expect no more than 50,000 web orders. It is still a very impressive increase. But again, it's not enough. If we want to support the future growth strategy, we need a step change. So therefore, we have designed the Matrix Logistics Center to be able to ship out more than 100,000 web orders per day, and we will also have the possibility to scale it up to 300,000 web orders per day. And when we look at the high degree of automation, we will also see a step change in the operating cost. We expect a 50% reduction in the staff cost for web orders. And with the increasing share of web orders, of course, this will have a very important effect on the future margins. All right. Finally, let's have a look at the CapEx investments and some of the benefits. The Matrix Logistics Center requires a quite significant investment on about DKK 500,000,000 and the investment is for the acquisitions of land, building and machines. And of course, it's a very big investment, but the benefits are also very significant. We expect a 1.0, 1.5 March EBITDA margin improvement effect from the new Matrix Logistics Center. And that, of course, is mainly coming from reductions in the staff cost for web orders. And that will have a huge effect on our margins in the future. If we look at the capacity and this Matrix Logistics Center will enable us to fulfill our strategy. And we will be able to, as I mentioned, to have more than 150,000 products in the warehouse, and we will be able to ship out more than 100,000 orders per day. We will have the possibility to have a very strong focus on speed to customers, and we will also make sure that we run a very sustainable operation. All right. I hope this presentation have shown how the Matrix Logistics Center provide a really step change for logistics And also how the Matrix Logistics Center will be a key fueling element in the future strategy or for the future strategy in Matrix? Thank you. Thank you, Brian. It's a big job you're taking on here. And my takeaway here is that we are building a big house. We are building a house that is capable of supporting the growth ambitions that we have set forward, supporting the expansion of our range, supporting our ambition to be super fast on delivery and supporting our ambition to be an efficient operator and modern operator. We use proven technology, so we're not threading into completely uncharted territory here. But this is what it takes to bring Metis into the next generation from an operational point of view. And now my good colleague, Anders, has joined me. And Anders, who probably needs no introduction as CFO of the company for many years, will take you through the financial ambitions. Thank you, Gregus, and thank you to the rest of the management team for the very interesting presentations. Let me begin this section, which focuses on the financial ambitions of our new strategy by making it clear to you that we believe that the growing the Masters Group strategy that you've just been presented with, combined with our strong omnichannel business model, will position Metas really well for long term and profitable growth. As Greg has already revealed, we are working towards 2 key financial targets by 'twenty five, 'twenty six, a revenue of at least DKK 5,000,000,000 and a solid EBITDA margin of between 17% 18%. And to reach these targets, we expect CapEx over the strategy period, so that's including this financial year and the years up to and including 'twenty 25, 'twenty 6. We expect that to be realized in the range of DKK1 1,000,000,000 to DKK1.3 billion with the establishment of the major statistics center that you just heard about being the biggest single investment, of course. In the coming few minutes, I will try to add a little more color to this financial guidance. On the revenue side, our growth ambition is to reach, as I said, at least DKK5 billion by 20 25, 'twenty 6. Growth will primarily be driven by our online channels, and we expect our flagship, that is measures. Dk, to be the main contributor in helping to double online sales. As you can see, we expect our physical stores to lose sales over the strategy period, in part due to store consolidation. I can, however, reassure you that Christian will do his level best to prove us wrong and especially this one. We also expect Fiesen to continue on their present growth journey, albeit at a more moderate pace. Finally, we are looking to expand our sales in the new acquisition, VoIPZONE. I would like to point out to you that this revenue growth target is purely organic and is expected to be delivered without significant international sales. We are confident in this organic and indeed domestic revenue target. We expect to make good use of what we believe will be continued growth above GDP in the health and beauty market, while we, at the same time, will see a situation where there's a lot of headroom for Metis to increase our market share in multiple categories as we are well positioned to benefit from a continued online shift in demand. With regards to our earnings ambitions, well, we are we think we'll reach our revenue target while maintaining a solid EBITDA margin of between 17% 18% by 2025%, 26%. As shown here, the growth in earnings will be driven by a number of factors. A growing top line will naturally create earnings as the underlying business remains both healthy, robust and profitable. A significant positive impact will come, as Brian talked about just a few minutes ago, from the establishment of our new Mesas Logistics Center, which on a stand alone basis is expected to add more than 1% to the EBITDA margin. And in addition, we also see further scale advantages from Mesas DK as the business grows. Finally, we expect earnings to go up due to an increase in the role our house brands play in the business overall and over the strategy period. As you can see, we expect all of these positive drivers to leave a substantial headroom, some of which we expect to use to respond to the increased competition we are seeing and also to fuel further growth. The end will be Aemetis in 2025, 2026, which has a turnover well above today but maintains a strong profitability, as I said, with 17% to 18% of EBITDA margin. Now naturally, there's risks and there are risks when you go forward and there are risks in any kind of plan and any kind of ambition. In the coming years, we foresee 3 major risk areas, but at the same time, we believe that we will be able to limit the damage they may cause due to our underlying strong business model and the decisive mitigating actions that we will be able to implement. An obvious risk is increased competition from multiple angles, but of course, foremost from online competitors and increased competition, which could pressure the price perception of Matrix and the margins. This is a risk that we believe is likely to manifest itself at least to some degree. But based on our historical experience, we are convinced that our strong omnichannel and brand owner business model will protect us and limit the damages. However, let me remind you that we have explicitly taken this risk into account in our financial ambitions. Naturally, Macy's doesn't operate on a desert island and thus, we are also subject to potential macroeconomic setbacks. Any such setbacks will, of course, affect the entire industry. But based on what we've seen over previous cycles, we remain firm in our belief that the health and beauty market will in itself show strong resilience to such economic cycles. And in addition, matters in particular will be protected by our broad assortment, which ensures that matters stays relevant for the customers both up in both up and down turns. And we've seen this demonstrated time and time again. Finally, we are fully aware that in the medium term, we are increasing our operational risk by establishing the new META Logistics Center. This is Greg has mentioned it already, it's a very big and very important investment for Matrix. And as such, it's good. It will drive efficiency gains and scale advantages. However, as is always the case, such projects entail risks. But we would like to point out, just again, point out that matters will be implementing proven and tested technologies. We are not going to be moving on the cutting edge. And we will also make sure to monitor the process very closely. And we will not, I'd say, transition to the new warehouse before we assure that everything works as planned. Given the significant investments that we're just talking about and the journey that we have to embark on, it's only natural to ask the question, how is the financing going to look like? Well, we expect Mesa's underlying operations to continue producing strong cash flows throughout the period, driven by our stable and strong earnings. CapEx obviously will be high in the first part of the strategy period due to the building of the new Massachusetts Center, but will decline significantly towards 'twenty five, 'twenty six and reach a level, a more stable level of between 3% 4% of sales. Now working capital is expected to remain fairly stable, seen as a percentage of sales throughout the strategy period. This in spite of the range expansion that we've been talking about. The burden on working capital is expected to be limited because the range expansion will be online only, while stock levels at our more than 2 60 stores are expected to be lower as store consolidation progresses. Finally, let me leave you with some thoughts on our capital allocation towards 2025, 'twenty six. Firstly, we will make sure that message remains financially sound by keeping our debt level in check and maintain a gearing level of between 23. That is not to say that the gearing level cannot exceed 3 for shorter periods of time, but the target remains a gearing of between 23. We will, of course, as we've talked about, invest heavily in the business to enable our medium- and long term growth. And as mentioned, we will be spending between $1,000,000,000 $1,300,000,000 of CapEx in the period, driven in part by the MagSafe Logistics Center, but also by the continued digitalization of both our on and off line activities. We will I think Greg has already mentioned this, we will continue to maintain and refresh our stores, but more CapEx intensive concept upgrades will only really be relevant when we are consolidating stores, when we are expanding stores significantly or when we are opening brand new stores. Finally, we will distribute at least 20% of adjusted net profit after tax annually, subject of course to maintaining our gearing target and any perceived near term risks. With these words, I will hand you back to Gregor for some concluding remarks. Thank you, Anders. The key takeaway, of course, is that we can finance our growth ambitions on our own and that we have a solid business throughout the strategy journey. And that is a very good point of departure for a new strategy. So closing remarks. What is our strategy? It is a profitable growth strategy where we aim to remain and even build our number one position in the market visavis the customers. We aim to offer the broadest assortment and the most attractive assortment, both offline and online. We aim to be number 1 in the online space and build on that impressive journey that we've been on for the last few years. We aim to refresh our stores and connect them even more to our digital business. We aim to integrate more vertically and build a bigger portfolio of house brands that nobody else can carry. And we are going to take a generational step change in our logistics to support all of this. The phasing of that, on the commercial part, you have already heard Lisa say that we will waste no time in getting started. So actually in the coming weeks, you will see the first couple of initiatives taken to market. And then gradually over the next few years, you will see an expansion of our assortment, particularly in the health area and then ultimately an option and possibility to enter new categories, not all over the place, but related to the Matrix brand and the Matrix customer base. On e commerce, it is going to be a continuous journey of growing the platforms we have and really marketing the new assortment and making the customers aware that it's that now they can use Matrix for even more. Our stores, the agenda will be to connect and consolidate the store network and in particular broadening out those digital best practices. For our brands, we will start out by building our brand portfolio and increasing the level of competence to be a good brand owner. And then we will try out our initiative to open the door to the world. And if demand is out there, we will be ready to scale to meet that demand. And then finally, on logistics, we will we have a logistics setup that is capable to carry us through the next couple of years while we build the Mesas Logistics Center. So it's a limited risk operation. We don't foresee any disruptions to our existing business, and we have capacity to grow for the coming years. So we are not under significant time pressure. But of course, the main thing here is the building and the opening of the Macy's Logistics Center. So what does this sum up to as an investment case? What you get if you invest in Matrix? Well, you buy into a case where the digitalization of Health and Beauty will drive profitable growth and the fact that we have a very strong foundation already. So really, our story is to leverage our historical strength, which has actually become even stronger over the last few years to drive profitable digital growth. We address a market that is in its nature around SEK 13,000,000,000 that is without prescription, which we're not allowed to sell, growing above GDP in a noncyclical market with low pressure on commoditization and with an underlying growth, in particular, in health that we think will be strong. We come from a position as the absolute market leader, and I will not go through those numbers once again, but just highlight that we are now well positioned to benefit from an online shift. And it's a position we don't only have in our own health and beauty market, but also overall as one of the or the 2nd most used web shop across all categories in Denmark. We have a strong financial position. We can finance our growth on ourselves, and we see positive scale effects of our initiatives going forward and a good headroom for addressing eventual competitors and launching new initiatives. And then I hope that with this presentation, you also get the impression that we have a leadership team with a very proven track record at Metis or outside of Metis who will be able to drive this journey to its conclusion. So the opportunity here is to grow towards $5,000,000,000 in revenues by expanding the range, winning market share in selected categories and becoming the preferred non prescription health destination. We believe we can maintain profitability around 7% to 18% due to online scale effects, gradual store consolidation and the effect of connecting the stores, vertical integration that is becoming more of a brand owner, automating our logistics and continuing the track record that we have of being disciplined about always running cost improvement projects. The ticket size for this is CapEx investment of SEK 1,000,000,000 to SEK1.3 billion in the coming years, which is basically the same run rate investment for the business that we have had and then adding on top the SEK500 1,000,000 investment in the Matrix Logistics Center. We as Anders mentioned, we have a capital allocation policy to distribute more than 20% of adjusted net profit after tax to shareholders. And what is not in the financial ambition is the options beyond 25 to expand further into more categories to see a real breakthrough of our international export initiative or even a major bolt on or adjacency M and A that is not part of the long term target that we have given. And then maybe finally, as Mymetis becomes more health oriented, we believe that we can gain access to more male target groups. Metis as it is today is not particularly relevant to male, but to men, but this is an option for the long term if we succeed on this journey and when we succeed on this journey. So with that, we conclude our presentation from myself, Anders and the rest of the management team, and we are now happy to take any questions. Anders and I will be answering as best we can. We have a question from the line of Magnus Jensen from SEB. Please go ahead. Thank you very much. Sorry about that. I have a yes, a number of questions that I would like to ask. And by the way, thank you all for a very thorough and interesting presentation. My first question is to Anders on sort of on the margin, understand that you're targeting 17% to 18% in 20 6, 20 sorry, 25%, 26%. But what's the journey towards that? Because what should we expect in between? You don't have to guide for each and every year, of course. But is it going to be slightly going down from where we are today? Or what kind of development should we expect? Yes. Magnus, we probably guessed that either you or someone else would ask that question. So I think the long term ambition here, as you have seen, is composed of a lot of initiatives that improve margin and then headroom to fight off competition, to invest in growth, to invest in entering new categories. So we don't give a year by year guidance. We have decided to stay with our current practice of guiding every year because the margin will reflect the number and scale of new initiatives. It will reflect the intensity of the competition, market needs, economic cycles. So we think we know our business model well. We know the effect of our initiatives, and we believe that it's a super solid plan that is capable with the proof that we have given you and we have seen ourselves over the last few years that the omnichannel model can be can deliver real strong profitability. We believe that this is an achievable and realistic goal. But as to the finer details of the journey of getting there, I'm afraid that we can't help. Thank you, Vegas. Next question to your it's a significant expansion of number of products clearly. Is there a risk of having too many products on your website? I mean, basically confusing the end consumer with too much of a choice? Have you got any thoughts about this? Yes, that's a very good point. And you should not expect us to do like let's get to 150 as fast as possible. You should expect us to do what we have indicated today, namely to do drops of new assortment that we make sure to really market because this is as much an assortment game as it is a marketing game. And I think that's where you really have to take into account that Metis has this position of reaching 1.8 unique people every month with the media bandwidth that we have. So this is assortment plus marketing, and we will make sure that when we introduce new assortment, when we have to educate the customer that now she can use Macy's for something new, it's really also a marketing game. And that's why you will not see us just chasing the $150,000,000 target blindly. You will see us introduce new categories, building awareness, building the interest, seeing the performance, calling what doesn't work, adding and expanding on what does work. And that is very much in line with how we have been working over the last few years as well. Thank you. Very clear. And then a question to sort of your online business. So Mater is going to be clearly the most important driver, and still also benefiting and we've also do you include other sort of online outlets in your guidance? So Fiertel could add other sites or how about that? So we have successfully bolted on a couple of minor acquisitions to Fiertel. That is still in our strategy to do M and A that will accelerate our journey and get it in the right direction. As for our $5,000,000,000 guidance, it doesn't require significant scale M and A, but we might see smaller opportunities that will help us win a year or 2 in executing parts of the strategy, and we're open to doing that. And having seen the success of Fiorentel and our ability to bolt on to Fiorentel, having seen what we can do with brands like Niel and Shaw. I think we know what we should do and not do to accelerate. And then just one final question before I jump back in the queue. Michael talked about launching products outside Denmark, which obviously sounds very interesting. But what thoughts have you done in terms of how to distribute it distribute your products outside Denmark? Yes. So this is early days, and we are really setting ourselves up to respond to a demand that we have had over the years. We've had requests, I think, for as long as Matrix has existed. There's been people saying, oh, you're doing something in Denmark, something in the Nordics that's interesting. And we've only seen those trends of sustainability, of pure beauty, of Scandinavian aesthetic, Nordic values. We've only seen that demand increase. And at some point, the noise becomes so interesting that you think we should set ourselves up to try this out. So now we're making a serious commitment in terms of getting the right people on board, getting the competencies. It's not a huge financial commitment. And even if we don't succeed outside of Denmark, it will benefit our local business. As for distribution, we're quite open. We think that digital is going to be the main way to get our products out, but we have had interest from conventional retailers as well. So we don't have a set preference. We will follow demand and follow through on demand. Okay. And I think I heard you say that the international sales is not really part of your plus, 5 And that's important. You don't have to believe in our obviously, we believe that we can make headway internationally. Otherwise, we wouldn't have done what we're doing. But you don't have to believe in the international part of this equity story today to believe in the €5,000,000,000 That's the Danish story. Cool. Thank you. I have a call more, but I'll jump back in the queue and let others have the chance to ask. Our next question comes from the line of Paul Yesen from Danske Bank. Please go ahead. Yes. Thank you and also thank you for a good presentation. I would like to start by the EBITDA margin. You guide 7.5 percent 17.5 percent to 18.5 percent for this year and then 17% to 18% long term. That means a contraction of 0.5%. At the same time, you indicate the benefits of 1% to 1.5% on the new warehouse. That means total additional cost of 1.5% to 2% if we exclude these 2. Can you say something? Is where they are going? Is that the headroom you are having? Is it lower gross margin? Is it marketing? Where should we which kind of line should we look at to add those costs? Thank you. Yes. We have bundled it under the heading headroom for competitive response, which could be gross margin effective, but also our headroom to do growth investments. So if we enter a new category, we have to build awareness for Matters Now offering new categories. Then obviously, we would have to support that in the beginning with promotions, with a marketing effort and in the ramp up phase, except lower earnings on building those new categories. Still, we have the advantage that we don't have to spend what is usually the biggest cost in doing those things, namely acquiring the customers because we already have the customers. So it is really a combination, Paul, and we bundle it together to say, okay, we don't know exactly how the next 5 years are going to play out. There might be areas where we should really spend money on fighting new competitors and making sure to adapt the business, but also with headroom to enter new growth areas. You can say that as you pointed out, the initiatives that we have, they all point in the right direction, leaving headroom to address the world that's coming and our own ambitions. So it's not because the new product categories would have lower margin, it's more to have the headroom to follow the market prices. But there might be some of them that have slightly lower gross margins. But as Gregor's points out, it is a mixture of a lot of things. Some of it will be things that we do, some of it will be based on what the market develops. So yes, we are doing a lot of good things, and we are creating the headroom, but we're just not I mean, I think we'd be to be honest, be fairly naive to think that we wouldn't need to spend some of that headroom with regards to the competitive pressure that we're seeing going forward. And also, frankly, we are still moving ahead with moving part of the turnover from the physical stores to online. And that, of course, also has some entails some risks on the gross margin side. And on the cash side, euros 1,000,000,000 to 1 point 3,000,000,000 if I subtract the EUR 500,000,000 for the warehouse, then it's EUR 500,000,000 to EUR 800,000,000. Over 5 years, that's EUR 100,000,000 to EUR 160,000,000 a year. And I think in the past, when it was more normalized, we were below 100 every year. So this increase to move above 100, is that the upgrade of the stores? Is it IT investments? Or and is this the level we should look for on the really long term? First of all, I think what you should really look for is the 3% to 4% of sales that we're talking about as being the long term sort of where we see investments. And frankly, Paul, I don't know how the world is going to look in 5 years, neither do you, neither does anybody else. So there's a reason for this. But there's no doubt that you are seeing and what you've been seeing over the last years is that we've been moving to a world where we do spend more CapEx on the digital side of things. And I think I've talked to you about this before. The generations of IT systems is actually moving. They're becoming shorter, not necessarily something I love as a CFO, but it's the real world. So we are also seeing that we have to spend somewhat more on IT. Yes, as I think we mentioned on several locations, we will be working with our stores, but we will not be going through this big concept upgrade. We will do it in a more intelligent way and making sure that the stores stay relevant. So it's not we're not trying to hide some kind of big upgrades in the stores portion of investments here or CapEx, sorry. Okay. And the other side of the calculation is depreciation just to move below your EBITDA. How should we look at those going forward? I'm thinking should we look for depreciation on the new warehouse when it's fully completed and up and running? And when would that be? Well, yes, that's a good question, of course. We don't have a specific date as of yet. I think we just talked about it. I mean, we are damn sure it's going to be up and running by Black Friday in 2024, hopefully before that. But obviously, there will be an increase in the depreciations as we go along. We have not, as yet, specified exactly how we're going to depreciate. Well, I can tell you, we're not going to depreciate the land. We never do that. We're probably going to depreciate the physical buildings over a fairly long period. But as to the machinery and so forth and so on, we haven't actually discussed that yet. I mean, we're still in a fairly early phase. But this, of course, is going to be increased depreciation. That goes without saying. Okay. And my final question is on the high end beauty market. You've had a long high market share for a very long time. You now disclose it's 55% to 65 if we exclude the hair care in both that and in the mass beauty. Shouldn't we just expect that you grow with the market in those categories because it would be tough to increase shares there? Yes. That's probably guiding on too many specifics because there are so many moving parts. And there is also a dynamic that we haven't talked about, but we're seeing a premiumization of the mass beauty area, and we're seeing more selectivity in the mass beauty area as well. So I think to guide specifically on the different categories would be outdated soon because there's so much dynamic going on in that area. And I also think that I mean, one of the things that we're trying to demonstrate here is that, yes, if you look at selective high end on a general scale, yes, of course, we're not going to go to 85% market share. That's not going to happen. We're not unrealistically. But there are pockets within that area. I mean, a very good example of that is professional hair care. We are nowhere in professional hair care, and we should be a big player in professional hair care. So there, there's absolutely a lot of room for us to expand our market position. That doesn't mean that we're going to expand our market position across the board or we're going to sell a haircut for a lot more relatively more perfumes. But there are pockets out there. There are areas where we actually have not been anywhere close to a market share that reflects the overall market share of the business. So the picture is just a little more, I should say, complicated or differentiated than that. And the final question on the Hyatt Beauty. You can now in the past, you had to have a store to be in Hyatt Beauty. You needed to have a hairdresser or service to be in the high end hair care. Now you can do it with an online consultancy in the hair care. Is it moving in a way that in a few years, we should see that hypermarkets and others could go into the high end by launching an online service within their online stores and thereby be able to sell the high end beauty brands directly? Or do you still believe that, that is no go so far? It would be a quite significant departure from how the high end brands have operated for many years. What we are seeing right now is that they're becoming very clear about selectivity online, whereas they've been been super clear about what you need to do in the store. They've been more like something is going on in the digital space. Now they know that their ability to build their brands, protect their premiums is just completely linked to where they're distributed online. So what we're seeing is actually kind of a tightening of requirements and restrictions to be able to carry the high end brands. And we're also seeing the major brand owners becoming much more disciplined about gray market and parallel imports and being more sophisticated about that because they know that this that's one of the greatest threats to their business. I think it's very, very important to understand that the I mean, what we're seeing really is that they're becoming more professional about their digital distribution, which as Craig has pointed out, it was a bit of a strange creature for them just a few years back. They've really moved a lot and they've moved very quickly. So in that respect, I think that's an advantage for us because we are the professionals, we are the kind of people they want to work with. And the last thing Chanel would want was to BILKA or whoever else to have a small part of their online store suddenly present themselves as being, oh, by the way, we're also high end purveyors of Chanel products. That's simply not going to happen. They would hate that just as much as having their products physically displayed besides the washing powder in a filter store. Okay. Thank you. And we have a follow-up question from Magnus Jensen from SEB. Please go ahead. Yes, thanks. Thank you. Just have a couple of more questions. First, you say that you can sort of do around 70,000 deliveries a day in 2 years' time. What level are you at today in terms of web orders today? I mean, the thing is that the web is interesting insofar as on everyday basis, we have loads of capacity, and we have absolutely no problems. We can even run big campaigns and have no problems. There's basically just a very few days a year around Black Friday and perhaps up to and including Christmas where you need to be able to expand your capacity quite significantly. And we're not going to go in here and say, by the way, our hard cap at the moment is X, Y or Z. That would be very commercially sensitive and that we're not going to do that. We will point out that we think we have put in enough investment in our existing setup in order to accommodate for the growth that we foresee over the next couple of years. And that's the important part for you to understand. Secondly, I think there's another small point that sort of hides here, and that is the fact that there's a lot of bad things to be said about this more, how should I say, this more manual process. There's one advantage to it, however. It means that we have a lot more flexibility. So we don't have a hard cap. One of the issues that you're going to run into with a fully automated system, now we're going to build one that's big enough so that we're going to run into this, but you can run into the problems. If you underestimate your growth rates, then you will suddenly run into hard caps on your capacity. And I know for a fact that boosters, they were talking about this. So this is a real problem. And one of the things we do have is a lot of flexibility. But what we have been expanding, I mean, not to make amends of it, we just expanded our warehouse up in Hummelweg by another 2,000 square inches just in order to be sure that we are not suddenly going to be rushed into something because we don't have enough capacity. But we don't have gap problem between what we do now and what we expect to be doing at the MLC. And also last year, Black Friday is always the test bed for what we're saying right now, Anders and I. And I have to remind you that last year, we had to do a Black Friday where there was significant restrictions on store traffic, people had to wear masks, all these things. So we are well trained in those peak days. And as Anders says, it's the advantage of what we're doing now is it's super flexible. Very clear. And then to Christian's presentation on the physical stores. You talked about sort of the connected stores performing much better than or better at least than the average store. How many of your stores have you sort of are connected stores today? And how many is able to become connected stores? I guess some maybe wouldn't make too much sense. Could you give some flavor on this? Yes. So the slide that Christian talked to, you remember, it had a lot of digital features. And it's only quite few stores where we have all of those features implemented to the full degree because really the last 3 years have been about experimentation. So what we do is we want to test something out. We take 20 stores. We say, let's try this. We see how it works, and then we roll out. So what you're seeing from Christian is really the sum of those experiments that have gone well that we think a store in the future will be able to serve the customer with. So there's, I'm afraid, no answer that you can use for modeling for these purposes other than to say that we are damn sure that there is a potential in rolling out the connected store concept to all our stores. Okay. Yes. It sounds like that's a little bit Sorry. Go ahead. Yes, I was just saying that it sounds like there's a really good potential in doing this. Yes. And my final question, in terms of you talked about doing your own brands. Is the how many are you thinking that you can handle? Or is there limited? What kind of thoughts have you done in terms of increasing your share and number of own brands? Yes. You'll notice when you read reread Michael's section, there are not a lot of numbers in there. And this has to do with the fact that we think we are going to have to do things differently from the way we have built brand historically. And it's even in the name that it used to be that as a retailer, you would have private label. So a product that has the same specs as someone else, just a bit cheaper and not branded. So we want to be a brand owner, and that's actually a different game because it requires that we become good marketeers, that we treat our own products as brands and not just as something to put on the shelf. And we there is going to be a journey here. We started that journey with the acquisition of Cosmullet. We have a lot of in house brands already that we can ramp up and build awareness and turn into stronger brands. And then as Michael went through and with the initiative of Klein, we also strive to do this in partnership with beauty entrepreneurs with established brands who want to grow with established brands who are already well rolled out in Denmark, but would like a partnership to go outside of Denmark as well. So no numbers, but I hope a very clear direction that this is going to be a more significant part of our business in the future. Okay. Thank you, Vergas. And thank you all for this. Probably a good day. Thank you. I have no more questions. Thank you. And the next question comes from the line of Klaus Elmer from Nordea. Please go ahead. Thank you. Yes, I have a few questions. I'll take them 1 by 1. So the first question goes to your €5,000,000,000 revenue target. I guess that equals around a 4% average revenue growth assumption, which probably is above the underlying market growth. I hope I'm correct on that assumption. Do you agree? Math. So yes, I'm sure you can do your math. Yes, yes. Okay. So if that's the case, and I understand that you are moving into new categories, etcetera, etcetera, but still when you're taking market share, then someone is going to lose market share. Who do you think will be the ones losing market shares? And obviously, I'm not talking about specific names, but more types of competitors. That will be the first question. Yes, I think that's the wrong time and place to be answering that question because obviously when we enter new categories, when we do new bids, the first ones to hear about it will be the consumers and not competitors. So we can't really point out and say these people are going to lose market share, these people are going to lose market share. As Lisa mentioned, we think there is room in professional hair care immediately because we haven't had it on the shelves and people, our customers, they're asking for it. We think there is room in non prescription health, where we are well positioned to win a portion of that market. And then there might be other stuff that we can also go for. Okay. So, Usual, the way of thinking, and sorry if you have already mentioned this, but the way of thinking is that the market growth the market share gain is mostly all about moving into new categories. I think it's fair to say that this plan is not based on matters just winning market shares in our existing categories. This is a strategy of growing through a wider assortment, both in our existing core categories but also in adjacent categories. So it's not just that we believe, oh, despite more competition, we will be able to win market share in existing business or existing markets and submarkets. Just to be concrete here, I mean, we're talking about professional hair care. Obviously, we think we're going to steal some of the cheese from the hairdressers. But that's clearly because we think we're more traditional and also frankly after having spent a lot of time, long, long time with our suppliers, they've actually really come to the same realization that we are more efficient. So that's if you just want an example, that's an obvious example of somebody from whom we truly expect to steal market share. In a market, that is yes, it is selective. Yes, it's where we are already. But it is a submarket where we are not present. And I think, again, let me just come back to that and say there are lots of niches, there are lots of small submarkets where we are actually not represented in the right way and where we think there's lots of opportunities. And you can call that a category expansion if you want, but it's still within areas that are relatively intimates as we are we usually joke about, we're not starting to sell bicycles. Okay. That makes a lot of sense. So the second question goes to more broad based online sales. And it appears like health and beauty products have a lower price sensitivity than we see in many other industries. Have you looked into this, what's the key reasons? Is it the average basket size? People want to buy it close by a lot from an online or say outside Denmark? Is website set up and so on? It's a combination of all those factors, including the fact that and we see this in food as well. This is something that's super close to the body. It's something that you want to be perfectly sure that whatever you're using that there is a trusted partner selling this to you. So even though you do price comparisons and you find that perfume or that skincare brand on a site you don't know, you'd have to be pretty have pretty high risk appetite to buy it elsewhere than someone you really trust. And then there are all these other issues that you mentioned, Claus. Advice is super important, exclusivity, newness. We have a very quite high turnover in what products are selling every year. And brands are really aware that when they launch the new ranges and series and sub brands, they want to do it with professional partners, professional retailers. So there is a lot of protection against commoditization in this particular industry and the same goes for health. Obviously, it's a trust game and this is one thing that matters has built over more than 70 years is the trust of the consumer. Okay. Makes a lot of sense. Thanks so much. And we have a follow-up question from Paul Yeasten from Danske Bank. Please go ahead. Thank you. I have more overall question now that you have the new strategy where it's clearly that you want to sell more to the existing customers. I was just wondering if you would or will not give any insight into the thoughts behind it. I was just thinking you could have taken theater maybe more international. You could have said that the Matters online store should also be a dotdeor.se. Is it just because of focus and the easy fruits on your doorstep relatively seen that make you decide for this direction or yes, just to hear a little about the thoughts, the kind of not going that direction? Yes. So what you mentioned, the examples that you mentioned, I would not consider that to say something is out of scope for ATS. We will never do that. But we think there's such an obvious opportunity right now to leverage what we have built over the last years and really open the easy door first, as you say, and really build on what we have instead of doing something that is more risky, more speculative. But you're quite right in pointing out that this is not the end of the future, Mathesus, to do just what we've said today. We will continue to do what we've done over the last 3 years, have little experiments running of things that we're doing. And if we see them catching on, then maybe it's a headline in the next strategy or a future strategy update. So really one takeaway from this day, the new maters, the maters that we've built over the few years that got a boost from COVID, it is well positioned to grow sustainably. It has more business develop opportunities and not speculative ones, but ones that are right in front of us. And as there are no further questions, I'll hand it back to the speakers. Okay. Thank you all for joining for our Capital Markets Day. We have a simple strategy. It's a bold strategy. I hope that after this presentation, you also leave with the impression that is a very solid strategy, that we have concrete actions behind the strategy to grow towards €5,000,000,000 in 2025, 'twenty six. We're not going to waste a lot of time getting going. So in the next couple of weeks, you will see the first of our initiatives go to market. So please stay tuned, and we will see you at our next event. Thank you, operator. Thank you for today.