Thanks, Ian. Good morning, everyone. I am Chris Sikora, Investor Relations at Diebold Nixdorf, and welcome to our 2025 Investor Day. It is great to see all of you here with us today. We appreciate you being here, both live and broadcast. As usual, before we start, just my typical reminders on slides two and three that you'll be hearing forward-looking statements, and we will also be discussing certain non-GAAP financial measures. You can find additional information on these forward-looking statements in the company's filings with the SEC, and reconciliations between GAAP and non-GAAP measures are included in the supplemental slides of the presentation. Taking a quick look at the agenda for today, you can see that we have a full morning prepared for you with a number of presentations from our senior leadership team.
We are planning to have a 15-minute break about midway through the prepared presentations, and we will end the general session with Q&A. So we ask you all to please keep your questions until the end, and we would be happy to address them at that time. Lastly, once we wrap up the general session, our banking and retail teams are located in the room next door, and we have product demonstrations set up for you. So please stop by once we wrap up Q&A, spend some time with those teams, and we think it'll be a nice way to end the day. And so, without further delay, I would like to introduce Octavio Marquez, President and CEO of Diebold Nixdorf, to officially get us started. Thanks, Octavio.
Thank you, Chris, and good morning, everyone. So I'm super excited to be here today, you know, seeing a lot of old friends and some new friends as well that we hope can learn a little bit more about our company. As Chris said, I've had the honor of being Diebold Nixdorf President now for a little bit over 2.5 years, and I couldn't be more excited about the future of our company. Today, I'll try to walk you through the progress that we've made as a company, the important markets that we serve, and the great opportunity that we have ahead of us, and also talk a lot about how the team is focused on delivering growth, profitable growth, and extraordinary free cash flow in our company. Over the next couple of hours, hopefully you'll get the themes that we're trying to convey to you.
They fall into these three categories. One, the important market tailwinds that we have that support the solution set that we deliver to our customers. Whether we're talking about banking, as banks look for more efficiency, a different way to optimize their retail branch footprint, I believe that, or I am convinced that the solutions that we provide banks really help them transform their operations and minimize their costs. Or whether we're talking about retail, where consumer behavior has dramatically shifted, and self-service is now one of the preferred checkout mechanisms available. Again, you know, not only do we have the right solutions for our customers, we have expanding markets that, you know, my colleagues will talk about how we're addressing. Another key point that is important to remember, the team is very focused on driving profitable growth.
We started on a lean journey a little bit over a year ago. This is the key operating system for our company, where we look at getting better every single day and drive better results. To us, we're just at the beginning of our journey, but this is a never-ending journey. We want to make sure that today, you know, today we become a little bit better for tomorrow, tomorrow for next week. That way we win every week, we win every month, and we win every quarter, and then deliver on an outstanding year, so to us, this focus on continuous improvement is key for us, and probably a very important part of our story is last year in 2024, we delivered record free cash flow since the company was formed in 2017. We believe that there's ample potential to keep improving our free cash flow.
So as we go through the day, keep in mind what we're targeting at Diebold Nixdorf. We want to make sure that our Adjusted EBITDA keeps growing at double digits until 2027, and by then we're delivering over 60% free cash flow conversion. In order to do that, over the past couple of years, we've assembled what I consider a world-class team. I would like to take, you know, some of the, you know, you heard in the agenda presented by Chris, we will have presentations from Tom, Joe, Ilhami, and Frank, but let me give you a little bit of background on the team that we've formed. I'll start with our CFO, Tom Timko, you know, my partner in this endeavor.
Tom joined the company eight months ago, and before that, Tom spent his career at major iconic companies like GE and GM, where he was crucial at making sure that those companies delivered on the promise of creating great shareholder value. So I'm extremely fortunate to have Tom as part of the team. The company is structured in two operating segments, banking and retail, and I think we have great leaders in both those parts of the company. Joe Myers, a truly global financial services executive. Joe has worked at U.S. Bank, at Elavon, and he has had truly a global career, starting his career in South Africa, working for many years after that in Europe, and for the past 11 years here in the U.S. So the breadth of relationships that Joe brings across the global banking ecosystem is a great asset for the company.
Ilhami, who runs our retail business, you know, has deep, long-standing relationships with our top European customers. So as you will hear in the presentation, we have a great European franchise that we're expanding globally, and Ilhami is key in maintaining those key customer relationships for us. I'll jump to, you know, how we're transforming our company, and that, you know, we're all working on that, but the leader that's helping me with that is Frank Baur. Frank joined us from GE and Parker Hannifin, where Frank was instrumental in creating a culture of continuous improvement and implementing lean principles across the enterprise. I've been fortunate to work with Frank now for, you know, a little bit over a year, and he keeps reminding me the importance of every day getting a little bit better and never being satisfied with our results.
We have a strong team that is supported by very competent support functions. I'll start with probably the best Chief Legal Officer in the industry, Lisa Radigan, who I'm proud to have worked with for a long time now. Teresa Ostapower, who is our Chief Information Officer. Teresa is responsible for making sure we optimize our IT infrastructure to keep in this continuous improvement journey and, more importantly, keep building a more efficient operation that can deliver significant cost savings. And lastly, our company is based on our people. I believe that people are the biggest asset that this company has. I'm fortunate enough that Kathleen Creech joined us a few months ago to help me drive that people journey across the company, making sure that we really create for our employees the best place to work.
I'm extremely proud of our management team, but no management team can be successful without proper guidance, and I'm extremely proud that over the past two years, we have built probably the best board of directors in the industry, one with ample experience in operations, deep industry expertise both in banking and retail, and it's led by probably the most amazing chairman that I've ever worked for. I've only worked for two, but, you know, probably the most amazing one is Pat, you know, so I want to thank Pat, who's here in the room and who has been a great supporter of the company and really, really helped us down this journey.
With that, you know, for those of you that are newer to our story, let me give you a quick picture of Diebold Nixdorf and what we have accomplished so far to kind of level set what we will be discussing today. Last year, we delivered $3.7 billion of revenue. Again, I would say that the importance of this is that we expanded our margins and expanded our Adjusted EBITDA significantly. Our revenue mix falls in our two operating segments, banking and retail. As you can see from the chart on the bottom right-hand side, 75% of 74% of our revenue comes from banking, truly a global business. 24% comes from retail. When we break that down by solution set, you can see that almost 60% of our revenue falls under our service operations.
This is probably something that I will keep referring to because this service revenue, you know, the majority of it is recurring in nature and provides strong gross margins and strong stability for the company going forward. So again, you know, we are very proud of the way we've set up two complementary industries delivering value for our customers. We also are fortunate to operate in over 100 countries. This global scale really helps us address the needs of large retailers globally or banks that require a competent solution provider across the globe. Bragging a little bit about what other assets that we have, we have the largest installed base of ATMs globally with roughly 800,000 ATMs. The importance of this is that 90% of the time, every device that we sell has a long-term service annuity attached to it, which lasts between five to seven years.
So again, we have a very solid business that we're very focused on improving and growing. As I mentioned, our global scale is something that provides a significant advantage for us. We have the number one installed base in ATMs globally. We're the number one provider of ATM management and ATM operating software and a huge installed base globally. In retail, two years ago, we set on a journey to become the number one self-checkout provider in Europe. We started from a very small position and through very focused efforts on the team, two and a half years later, we achieved the number one position in the self-checkout market in Europe and the number two position in the electronic point of sale market.
Again, the importance of winning with our products in the market is the same as when I spoke about banking and ATMs having a 90%+ attach rate of services and software to every product. In retail, the expanding install base of self-checkout devices that we have, 115,000 to date, also has a very high attach rate of close to 90%. So once again, the more devices we sell, the more we grow our service annuity. And remember, these devices are meant to stay in place anywhere from four to eight years, producing this very sticky service and software annuity for us as a company. So our mission is very simple. When we talk to our customers, both in banking and retail, our goal is to help them transform the way people bank and shop. We do this with a very broad solution set.
Once again, what we have is what customers want. When I think of our banking solution ecosystem, every day, and you know, I get to spend a lot of time here in New York talking to many of the banks here, there is a clear need for how do we become more operationally efficient and how do we serve our customers better. What we have to offer there, whether it's our branch automation solutions, which Joe will talk a little bit later today, how do we optimize the branch footprint for a bank, how do we automate transactions and move transactions away from a teller line into self-service devices, helping banks achieve efficiency and really focus their personnel not on transactions, but on really creating added value for their customers and selling to their customers.
Or the way we are making sure that the self-service ecosystem and the branch ecosystem becomes a part of the broader digital transformation that all banks are embarking on. So we feel that the, you know, the solution set that we have helps us win in the market. When I think of retail, it is clear that consumer preferences have shifted. Self-checkout is now the fastest part of the hardware retail ecosystem, and we believe that our open, modular, secure way of deploying self-checkout creates a huge competitive advantage for us.
We've also invested heavily over the past couple of years in building the best point of sale software solution in the market, one that is cloud native, API driven, microservices architecture that really helps retailers change and accelerate how they integrate their stores, how they manage their stores, and how they become part of this omnichannel world where all of us live in today. In retail, not only have we built a world-class software solution for point of sale, we're addressing some of the key pain points from retailers with our AI-enabled solutions, whether it's removing friction from the checkout line with our produce recognition or age verification, computer vision solutions, or helping retailers address one of the biggest problems that they have regarding shrink. Our AI-powered shrink solution is really gaining traction in the market.
Once again, these great solutions that we have led to us building strong and very long-lasting relationships with some of the best customers that you can have in the world. Once again, this time I'll start with retail, where again, 25 of the top 25 retailers in Europe are our customers. Whether we're talking about the grocery space with companies like Tesco, Lidl, Aldi, or Ahold, where we help them run the most efficient checkout solutions in their stores and maintain their stores operational during key periods, you know, we clearly have a winning solution, and that's what's led us to winning the number one share in Europe. We also have industry-specific solutions in retail, where eight of the top 10 fuel and convenience companies globally rely on our solutions to integrate the pump with the convenience store to provide a seamless solution.
Companies like BP, Shell, or Total count on us to deliver a complete solution to each of their gas stations globally. At the end of the day, when we think of our self-checkout or point of sale solutions, normally people gravitate towards the grocery ecosystem where we're very used to using the self-checkout devices. However, we see multiple use cases evolving where self-checkout is moving, not is growing in grocery, but also creating new use cases in general merchandising and fashion. We can see multiple examples of that with companies like H&M or IKEA, where self-checkout is becoming a key component of how they manage the customer experience in their store. Turning to banking to banks, and I know, you know, I see many familiar faces from banks here, so I'll try to be, you know, talk a little bit about everyone.
Whether I'm talking about the largest financial institutions that have global operations like a Citibank, a Santander, or a BBVA, who rely on us to deploy our technology literally in tens of countries globally with consistent product quality, consistent service level, we are proud of these long-standing relationships. Whether it's strong regional players in the U.S. like PNC or Fifth Third, where we help them really deliver to their customers and transform the experience that they're creating, you know, we are proud to partner and have these very long-standing relationships. Some of the largest banks in the world, like JPMorgan Chase or BNP Paribas, or our European customers, where our software solutions help deliver huge transaction volumes, not only across their ATMs, but across their entire payments ecosystem. Again, the power of these relationships is something that can't be understated.
As I talk of my company, the thing that I'm always proudest about is the long-standing relationship we have with customers, how deep they run, and how important what we do is to our customer success. And I've talked a lot about the great technology that we deliver for these customers, but when I think of what it takes to be successful in the market, it is clear that deploying great technology is just the beginning. As I mentioned, every ATM, every self-checkout device that we have carries a strong service annuity. 90% of the time, our ATMs and self-checkouts have a, you know, five-to-seven-year service contract. So this is probably one of the most underappreciated parts of our business. We have a $2.2 billion service business, 70% of it recurring in nature.
Again, we can do everything from the basic break and fix of devices in the field with our 16,000 service technicians globally, a scale that is unmatched in the industry. Not only do we have great scale in our technical workforce, we use technology to enhance how we do that work. Through what we call our AllConnect Data Engine, we have the ability to monitor every new device that we have in the field, predict when it might fail, and schedule people to be there with the right skill set and the right part before that machine fails. So we can do that for our customers, but we're also seeing a big trend where customers want to, in the banking world, want to offload a lot of the internal tasks to a competent partner.
You'll hear from Joe's presentation how we're doing that, not only just for ATMs, but expanding into the branch ecosystem. You will hear us talk about how 70% of the expense in a retail bank is in running their branch infrastructure, and we can create a compelling value proposition on how to do that better through our managed services and our outsourcing capabilities. Once again, you know, this is a great asset that we have, you know, a $2.2 billion business with high margins that we are very focused on driving and growing this business as we go forward. I will take a step back now and kind of orient you on the size of the market opportunity that we have. When I think of the addressable market that we have in banking, it's a $20 billion market.
You know, this market, you know, we are expanding it by not only focusing on the ATM, but thinking about the branch cash ecosystem. This really helps differentiate the company because once again, when you think of the cash at a branch, some of it sits at the ATM, some of it sits at the teller or the vault. We are the only company with the solutions capable of looking in a holistic way at the complete branch cash ecosystem and providing better ways for our customers to manage it and better ways to provide service to their customers. So we're excited that we're expanding our addressable market in banking. In retail, as I mentioned, you know, it's a market that's growing at a faster rate.
We think that the solutions that we have around complementing our self-checkout and point of sale solutions with AI-driven models based on computer vision to help address key pain points in consumer and staff journeys at the store are critical for us to expanding our position in the market. I think that the most exciting thing about these markets is that there's a huge service component in all these markets, and we're very focused on continuing to expand our service footprint in both these industries. Once again, providing that sticky long-term annuity with high margins that provides stability for the company. This is probably one of the slides that I always like to talk about because whenever I'm talking about our company, people ask me, "Can you tell me what is the reality of the ATM market?" Is this a growing market?
What could we expect into the future? So let me start, but what is the industry? And then I'll jump in the next slide to what is our reality because it's a little bit of a different picture. So when I look at the industry, it's a very stable global industry. Two million ATMs are installed globally, and as you can see, it's a very stable base. Remember, you know, every one of these ATMs in our case has this sticky service annuity. When we look at the value of transactions happening at ATMs globally, you can see that the value of transactions is increasing 4.5% across the globe. Even in the U.S., one of the more mature markets, you know, the value of transactions is still increasing close to 1%.
I was looking at the Federal Reserve's market, you know, journal of payments, and cash has remained a very consistent part of our payment ecosystem. We have seen that the volume of cash transactions remains very stable, and as new payment mechanisms like debit, credit, or others, they're just added on top of the already, you know, important cash payments ecosystem. That is the reality globally. Let me tell you what the reality for us at Diebold Nixdorf is. As I mentioned, we have an 800,000 device install base across the globe. Two and a half years ago, we launched our new family of products, the DN series family of cash recyclers and cash dispensers. Over the past two and a half years, we have upgraded roughly 200,000 devices. This is a pace of roughly 60,000-70,000 devices for each of the past two and a half years.
The important part for us is that the opportunity ahead of us is still huge. 75% of our install base over the next, you know, four to five years will need to be refreshed. Again, these devices have a long life in branches, but again, we see that the replacement cycle of roughly 10%-15% of all devices keeps happening in a consistent fashion. So the opportunity for us is to go and refresh that additional 75% of our install base. Putting that into perspective, if we were to continue at the current pace of refresh that we've been without thinking of the market shares that we're planning on doing with our unique solutions, this gives us visibility of our product revenues for the next five to seven years. So clearly a great opportunity.
As we refresh all this equipment, as I mentioned, you know, we will keep adding additional services to the install base. We will keep adding our software to our install base and keep building this very strong service annuity. So important to us when we think of our, you know, our banking business, very strong service recurring revenue and very clear and high visibility of the ATM refresh cycle that will continue fueling our software and services growth. Let me switch gears to retail. And once again, I'll give you an industry perspective in this slide, and then I'll talk a little bit of where we are focusing our efforts. Retail has, you know, we play in different markets. On the top half of the slide, you will see the global electronic point of sale market.
That, as you can see, it's a growing market, but also a very stable one. On the top left-hand corner, you will see the global self-checkout install base, and once again, you can continue seeing how year in, year out, the install base of self-checkout devices in the world continues to grow, so again, the install base continues to grow, and something very important that I referenced before, when I look at the amount and different formats of stores that are deploying self-checkout, you can see how the number of stores with self-checkout solutions will continue to grow at a very accelerated pace over the next couple of years, so this is why it is such an attractive market for us.
Not only is this demand for more automation in the consumer journey there, the need to digitize the store and integrate it into the omnichannel environment that all retailers are trying to create for their brick-and-mortar stores. But clearly, labor efficiency will also be a key driver on the adoption of self-checkout globally. You will hear from Ilhami, our head of retail, how our growth strategy for the next three years is very focused on capturing the North America market. On the right hand of the slide, you can see that the North America market, the largest self-checkout market in the world, with roughly, you know, last year, roughly 60,000 devices shipped in the market, is growing at a considerable pace. Now, this being the largest market and the most mature market, you know, presents a huge opportunity for us.
On the left-hand side of the slide, I'm depicting our market position in Europe and our market position in the North America market. You can see that in Europe, we have the number one market share position with 40% market share. And as I mentioned, we started in this journey two and a half years ago where we noticed that there was a shift in consumer behavior, a shift in the retailer's need for more efficiency at the store. Europe had been a laggard in deploying self-checkout technologies. So we were at the right moment with the right product set, the right solution set, and the right services to really capture a significant part of the market. Now we're turning our attention to the North America market. Let me give you a little bit of a flavor of the North America market.
North America was the first place where self-checkout was deployed at any significant scale. However, those solutions that were deployed 10, 15 years ago are very tightly coupled, closed solutions where if you deployed the self-checkout device, you needed to deploy the software from that same provider and probably use their own services, creating a very strong lock-in and creating a very inflexible environment. Our approach is totally different. We believe in open modular architectures, both in our self-checkout devices, on our hardware, as well as in our software. So we believe that as we talk to retailers, we are helping them address some of the pain points that they have. How do I uncouple this very tightly scripted solution? How do I use my point of sale software to really effect change and improve consumer and staff journeys? So we believe that there's a huge opportunity.
As you can see, with only 9% market share in the U.S., we have ample opportunity to grow. We believe that our opportunity is, you know, obviously we're going to aim to replicate the success we've had in Europe. In the next three years, by growing our share from, you know, the high single digits to the mid to high single digits of market share, we will almost double our business, fueling significant growth for us as a company. We're excited about the opportunity. Ilhami will talk a little bit later on why we're so excited and why we think we will win in this market. Hopefully this gave you a good view on who we are, the products and solutions that we sell, and why we are critical to our customers in banking and retail.
Let me tell you a little bit about how we're planning on running our company or our strategy. So one of the most important things for us is we want to position our company for long-term success. We've made solid progress. You know, the past two years have been years of a lot of hard work to put us in a good position to earn the right to grow in the market. The important piece is there's significant runway ahead of us. We have key metrics that we judge ourselves against and key actions that we've already taken. Tom will talk a little bit later about our improved capital structure, how important it is to us to maintain a fortress balance sheet, one with low leverage and high liquidity that will enable us to continue growing. I talk a lot about a continuous improvement journey that we're in.
This, to me, is a cultural shift going on in our company where we are constantly focused on how do we get better at every action that we take. We've seen early proof points of success. Last year, we focused a lot of our efforts in our manufacturing, supply chain, logistics, and procurement areas where we doubled our profitability of our product set. Our gross margins doubled within a year. We believe that as we take this continuous improvement mindset and deploy it to our service operation and to our functions, we will once again replicate that type of success. So the important message that I want to give you is we're driving consistent, profitable revenue growth for the company. We're focused on accelerating our higher margin recurring service revenue, and the opportunity ahead of us is much bigger than what we have accomplished so far.
And when I talk about those changes that we've done as a company, you know, I'm happy to have some of our analyst friends and talking to some of them earlier today. They were telling me how long they have followed our company. I think somebody was telling me 20 years, 20+ years. And, you know, one of the questions that's always asked, you know, what has changed in Diebold Nixdorf? We see progress, but what is the, how can this progress be maintained? So let me tell you what we're doing differently as a company and the areas where we're focused.
As you will hear from Joe and Ilhami, the solution set that we're creating with our branch automation solutions, our fit for purpose devices for emerging markets, and our focus on the U.S. market will change the company's revenue from one that was cyclical and very variable to one that will be consistent, balanced, and recurring as we keep adding service revenue to these solutions. I remember, you know, a couple of years ago when I took this role, I had 18 direct reports. So we had an extremely complex organization. We've taken the efforts to simplify and focus our organization to clear go-to-market segments, banking and retail, with one strong backbone of operations with service product that supports both segments and provides scale for us. We've shifted our culture from one of short-term focus operations always focused on one-time cost reductions to a culture of performance.
We like saying that every day, every year, we want to improve our say-do ratio. What we come here and tell you we're going to do, we will do it. And we're basing this cultural transformation on our lean principles and our continuous improvement philosophy, getting better every day. More importantly, as we do these things, we are very focused on creating significant free cash flow for the company that then can be reinvested in the business or returned to our shareholders. Tom will talk about our capital allocation strategy, but you will see how focused we are on making sure we create significant value for our shareholders. As I try to wrap this up and pass the stage to my colleagues, I would like you to think of what we're going to try to communicate to you in the next couple of presentations. One, we're expanding our core business.
We're making sure, whether it's geographic expansion with retail, geographic expansion in emerging markets with banking with fit-for-purpose solutions. We want to make sure we expand our core, that we keep adding service revenue, whether it's our traditional services or our outsourcing capabilities. We want to make sure that we keep expanding our core. We want to unlock new opportunities. This flywheel of continuous improvement is something that we're very proud of. We know that we've made progress, but we want to accelerate that progress. So continuous improvement is key for us. This is not a fashionable thing that we're doing. This is a new way of operating the company. We're trying to permeate this culture of continuous improvement from the CEO to every level of the organization.
We're very encouraged on, and you will hear from Frank, how we're deploying this across the enterprise to make sure everybody is aligned with this vision. Again, as we do these three things, it will be clear that we will deliver significant Adjusted EBITDA growth and significant free cash flow generation. Again, before, you know, I get off stage, probably the slide that you were waiting for. Here are our three-year targets. We're very focused on making sure that by 2027, our revenue is growing mid to single digits, you know, delivering close to $4 billion. We want our EBITDA to grow in the low double digits by that time, somewhere in the range of $550 million-$600 million. More importantly, we are very focused on our free cash flow conversion.
So we expect by 2027 to be delivering 60%+ free cash flow conversion on a constant basis. Once again, Tom will talk a little bit to each of these targets and the solid plans that we have to achieve them. I know that these goals might seem ambitious, but at the same time, we have clear line of sight and confidence that we can achieve them over the next three years. So with that, I would like to thank you for being here once again. I would like to introduce Joe Myers, Head of our Global Banking Group, to talk a little bit about how we are going to grow in the banking space. So thank you very much.
Thanks very much, Octavio. Good morning, everybody. My purpose this morning is very simple: to get you as excited about the banking opportunity as I am. I'm going to do this by spending a little bit of time on where we are today and then exploring the significant opportunity we have available to us to grow this business. I've been with DN since August of 2022, and since starting, my focus has been on growing the business and simplifying our solution set. Today, DN brings our DN Series, market-leading hardware capability, offering clients best-in-class availability and superior security.
From the software perspective, we have a modern API stack that is capable of delivering the entire branch network in our solution and services. Octavio mentioned it earlier. Our services set us apart from the competition with increasing density, improving efficiency. Let's dive in. First up, the banking business in 2024 delivered nearly $2.8 billion in revenue.
As Octavio mentioned earlier, this is split between our service and product offering, 60% of which was coming from our recurring service base, and you will see it's regionally dispersed, giving us protection against geographic shock and stability through political change. From a secular trends perspective, there isn't a banking CEO that won't tell you that the most important thing for them is improving their efficiency ratio, and we're exceptionally well positioned to do just that. From a consumer's demanding choice, they want to conduct bank transactions at any time on any device. Branches are modernizing, and the footprint is becoming a place for people to meet and to discuss more in-depth transactions rather than completing traditional transactions that can be completed by a machine. Cash usage persists.
This is not a differentiator for any bank, and banks are looking to minimize the cost and become more efficient in management of their cash. Consumer preference continues to shift from physical to digital, and banks must enable customers to start transactions wherever and whenever they like. Maybe they start a transaction on a mobile phone or online and end it in the branch or at an ATM. The common thread behind all of these trends is that banks are looking to differentiate what they offer their customers, allowing them to attract new customers and retain their existing ones. So why do banks need DN? DN is uniquely positioned to maximize branch network efficiency. A comprehensive solution set across software, hardware, and services enables banks to run their operations more efficiently.
Our aim is to automate bank transactions, maximize the value and speed that they've done at, all with the convenience of 24/7 availability. This enables branch staff to be more focused on advising clients and selling fee-generating products. You'll hear us talk a lot about recycling. This is exactly what it sounds like. The notes deposited in a machine are reused for withdrawals, significantly reducing the need for replenishment and servicing, delivering cost efficiencies. Our model is simple. We win with industry-leading hardware, and then we wrap that sale with high-margin recurring services and software. The secular trends for banks to improve efficiency across the cash and branch ecosystem is a significant opportunity for Diebold. We are the undisputed market leader serving the world's financial institutions. As Octavio said earlier, we have two number one in the world positions.
With 800,000 units in market, we are the global leader in deployed ATMs. We also brag more ATM software and monitoring solutions than anyone else in this market. This slide is a good opportunity for me to start to segue into how we've designed our growth strategy, and I want you to think about this in two markets: our developed markets covering the U.S. and Europe, and our emerging markets covering the rest of the world. With that in mind, let's go first into our developed markets. We're increasing market share, capitalizing on the replacement cycle, and expanding our attach rate with customers through broader software and software integration. The focus here is optimizing branch efficiency. Next, in emerging markets, we focus on increasing our recurring revenue streams.
In geographies where DN has ATM unit growth opportunities, we have purpose-built strategies that will give DN long-term competitive advantage in these large markets. In total, we believe our banking business is strategically positioned to win and can generate mid-single-digit growth by 2027 and margin expansion in the quarters and years to come. Turning to branch automation solutions, I wanted to explain in detail why this is a large driver of our growth across hardware, software, and services. This enhanced solution set expands DN's addressable market from the traditional $12 billion to approximately $20 billion. It starts with expanding recycling technology across ATM and the teller line. Teller cash recycling is an emerging opportunity that some of our largest clients are starting to adopt, representing a significant untapped opportunity for DN. Next, the common components between DN, ATMs, and cash teller recyclers allow for increased servicing efficiency.
Think of this as more DN recycling units in the market, driving high density of assets under management. We already have a world-class global service organization, and this drives higher utilization without incurring much additional cost. On the software side, hardware and services are wrapped in our software, allowing for better control, visibility, and ultimately reducing the amount of cash needed on-premise and minimizing expensive cash-in-transit and vendor visits. The direct benefit of this is reduction in total cost of ownership and improved efficiency ratio. Next, I wanted to detail the operational and cost improvements we can drive for our bank partners. The ROI to banks from branch automation solutions is highly attractive. Let me walk you through a typical example. So Octavio mentioned the 70% of expense tied to the branch network. This is a key area that bank executives are targeting for reduction.
Our BIS Solution delivers on this need by addressing both operational and cost improvements. On the operational side, a typical branch has three teller lines, and this allows them to reduce that number. Staff focus shifts from transaction management to high-value fee-generating activity. Transaction availability improves, resulting in improved customer experience and loyalty to the bank. On the cost side, cash recycling at the teller line allows for less branch staff. The real tangible ROI comes from the reduction in CIT visits, resulting in full payback on the investment in hardware within a year of deployment. As you can imagine, there are broader benefits of reduced branch footprint, which give banks the flexibility to rethink their branch network and deliver additional efficiencies. This opportunity in our mature markets is vast. There are more than 300,000 potential branches in scope.
In our emerging markets, we've been very successful in creating market-specific fit-for-purpose solutions. Our Dual Tower solution, which boasts the world's highest capacity note recycler. This is targeted at high cash usage markets, particularly in the Middle East and Africa. Also, the more innovative banks in the Middle East are deploying full-service kiosks that replace traditional branches, allowing the branch's full transaction set, from authentication to account opening to bill payment. These targeted solutions have allowed us to increase market share and have contributed to significant product margin expansion in 2024. Additionally, we plan to expand on this fit-for-purpose strategy and will be rolling out a locally produced small-footprint standard functionality machine in the APAC market. Our strategy is to only attack markets with very high attach rate of both service and software, supporting our improved recurring revenues.
With this tailored approach, we're expecting our fit-for-purpose unit to deliver double-digit unit growth through 2027. No bank presentation is complete without highlighting our key customers. Our customers help inform our approach, and here are just some of the names who are on a journey with us. Our partnerships expand across the Americas, Europe, Middle East, and Asia-Pacific, showcasing a strong global presence and trusted reputation. We are deeply committed to our partners' transformation journey. Our innovative solutions are driving improved efficiencies and enabling them to scale their operations efficiently. But don't just take my word for it. I've got a video here of Mike Rampershad, who's from TD Bank. Mike has gone on this journey with us, and TD Bank has gone on this journey with us, and they're almost end to end.
We invited him to a conference to come and share his thoughts and the value that TD gets from DN. Take a minute to watch this.
The way that I think about it is a touchless cash ecosystem. Cash is there. We recognize in Canada and in the U.S., cash continues to be important, b ut what's unique about the cash ecosystem and the way that we're thinking about it is the number of transactions are going down with ATMs, but the size of transactions are actually going up. The float of cash in Canada and the U.S. is actually increasing.
With the regulatory environment changing so fast, we have to be hand in hand with our partners to appreciate the quickly evolving fraud, other types of emerging risks, whether it's through vandalism or ATM attacks, and leveraging our vendors to provide those types of solutions and help us be able to respond really quickly. Now, the reality is we're full service with Diebold end to end, but that doesn't necessarily mean that our strategy is full service. There might be things that we push and pull from Diebold, and having that flexibility is really important to us. This product's been so good that it allows us to actually be fully invested, feel good that we are going to be able to accommodate evolving customer needs while driving down cost, being more efficient, and then ultimately being scalable, which is really exciting. If we can create a 360 cash ecosystem across the branches, our payments process, and ATMs, that's a really exciting proposition.
Thanks, Mike. And he's clearly a lot more comfortable on stage than I am. So that was TD Bank. And many of the customers that I showed before are on the journey with us at various stages. And our whole reason for being is taking those customers along that journey. So let me summarize. Across all our markets, we have the right to win. We will use our market-leading position to help banks solve for branch automation and improved operational efficiency. The secular tailwinds for more sophisticated needs, paired with our deep capabilities, will drive higher value recurring revenues. We're driving our growth across two dual paths in developed and emerging markets, leveraging our strength across hardware, software, and services.
In developed markets, while ATM count is stable, for Diebold, there is a large growth opportunity in upgrades of our installed base and the increasing need for cash recycling, both at the teller line, inside, and outside the bank branch. In emerging markets, we're implementing a fit-for-purpose approach to drive high unit growth with very high attach rate of software and services. Being a holistic partner makes Diebold more important and valuable to our customers, and we will grow share of wallet as a result. And finally, we believe the strategy translates to mid-single-digit top-line growth by 2027, with expanding margin and cash flow. Thank you very much. And with that, I'd like to introduce Ilhami, who's going to share with you the story of our retail business.
Hello, and thank you, Joe. As Joe mentioned, my name is Ilhami Cantadurucu, and I'm really excited to be here and to talk about Diebold Nixdorf's significant opportunity to grow our retail business, so within our $1 billion retail business, we provide holistic in-store solutions in both product and services to blue-chip global retailers. Our comprehensive offerings help them and enable them to operate mission-critical journeys at the checkout for the customers. We developed a market-leading position in Europe with our automation solutions, and specifically at the self-checkout. We are excited about the opportunity to expand our business in Europe, to generate and unlock new growth with self-service solutions in North America, and to help retailers to continue to automate, digitize, and transform their customer and staff journeys in the stores. Retail is an extremely dynamic industry, heavily influenced by macro forces and trends in the environment.
And retailers are continually looking to address these challenges. And what we see, particularly with our customers, they are grappling with four key challenges: increasingly high consumer demands and expectations, demand to make the checkout experience more automated and also more digital, the challenge of volatile labor market dynamics, which is really creating a big challenge for them in the store unit performance or also in the customer satisfaction, the pressure to manage sustainability commitments they have given to their customers. So these key trends place really a growth into our growth story into Diebold Nixdorf, as the retailers are looking to us and asking for the technology solutions to help them to address these challenges. So there is a, sorry, can we please go one slide back here? Thank you. So Diebold Nixdorf, one forward, please. Sorry for that.
Diebold Nixdorf's retail business has a significant potential, but in different ways around the globe. In Europe, which has historically been our core market. We are number one in self-checkout and number two in electronic point-of-sale systems. We have further created a strong position in our point-of-sale software and in our technology services that's demonstrating our end-to-end capabilities. Our growth strategy in Europe is to expand wallet share and increase operating efficiencies. In North America, where we have historically been underpenetrated, our strategy is to go and win with customers that are looking for retailers for more open and self-service solutions and for strategic partners with broader service capabilities. The North American market is also shifting.
It was mentioned retailers were accepting closed systems in the past, but are now looking for really unbundling the point-of-sale software and also the point-of-sale and the self-service solutions. Finally, our third avenue of growth is to enhance our core offerings with AI: computer vision-enabled self-checkout solution. With these enhancements, these are enabling us to unlock new cases in the store beyond the checkout, create additional target operating and growth potential for us by harvesting our existing self-checkout installed base and opening up new go-to-market entries in North America. We see the execution of this strategy providing us with a mid-single-digit growth in our top line and expanding margins across all elements of our integrated and end-to-end portfolio. What enables our right to win to drive this level of growth?
We bring a differentiated and holistic hardware, software, and services approach to the market. So self-checkout and self-ordering kiosks are in the upswing. And these units installed will be the primary driver for our growth as consumers are not only demanding but expecting really self-checkout options. We also see different verticals beyond grocery implementing self-service solutions like quick-service restaurants, food and convenience retailers, and even fashion and specialty retailer. So we supplement our hardware offering with leading software solutions supporting new evolving omnichannel journeys, increasing demand for personalization, speed and agility to deploy new functionalities into the market, modernizing the technological architecture they have. And thirdly, services. As you heard from also my colleagues, we offer the best-in-class services, which is becoming more important because there is more technology in the stores which needs to be maintained and kept on the highest levels of availability.
So let me go a little bit deeper into the portfolio lens. There is a significant technology replacement wave in retail across the self-service space. Our unique selling proposition highlights several points of differentiation. Firstly, we build on a modular platform, enabling both a high degree of flexibility in deployments and also much easier management of common technology components. Secondly, it's built on an open software-agnostic approach. This is important because this open approach and our open approach is in stark contrast to the closed approach of our competition. We have heard the frustration of the market about this closed approach from our competition, and this gives us the possibility to have customer takeaways like Marks & Spencer's or Tesco, just to name a few of them. Thirdly, availability.
Built to be much more easier to maintain via our remote services capabilities, as our devices are not just connected, but they're also intelligent. So hence, they are really helping us to drive down the cost to serve as we are sending less technicians out into the field. Fourth, it's more sustainable. So a high percentage of the materials in our touchpoints are recyclable. And also, a high portion of the components we are using are produced with recycled materials. And furthermore, we have demonstrated our hardware has a much higher, significantly higher energy efficiency than the competition, which means lower cost on energy consumption, which means that there is a higher value to our retail customers in terms of value, so in terms of total cost of ownership. Finally, we have a more innovative application of computer vision technology to create a greater checkout efficiency and also consumer experience.
So we see all these unique selling propositions really important for us to win against the competition in North America. As in the past, it was really difficult for us to penetrate this closed system. But as retailers are demanding more open modular systems and are looking for the best technology solution, our offerings are meeting exactly these demands. So now let me go through the software. Digitalization is driving the change in retail, and we are capitalizing on this by generating higher value recurring revenues with our Vynamic Retail Platform.
Our Vynamic Retail Platform is the next-generation store commerce platform, which unifies key elements requested by the market: broader functionality and advanced checkout experiences, which redefine traditional point-of-sale software boundaries, industry-tailored solutions incorporating deep retail expertise in multiple verticals like grocery, food, and convenience, or also specialty retail, and software delivered as a service in a modern retail-optimized architecture with comprehensive business intelligence capabilities to transform raw transactional and also operational data into actionable insights for the retailer, so retailers' digitalization is a significant opportunity for us for our expansion in the core European market with our customer base there and for a long-term value in our portfolio. The third leg of our solutions is services. The end-services leadership in the industry is a competitive advantage in driving down cost of ownership and optimizing functionality and also uptime of our self-checkouts.
As Octavio mentioned earlier, we have the competitive advantage given our capabilities to manage complexity along with our smart, predictive, and proactive algorithms and our global scalability with local responsiveness. At the end of the day, it's important for the retailer to meet the consumer's demands, and they demand more technology options in the store, but it's really difficult for them to find the labor to keep all this technology up and running in the store, and this is a real pain for them. And we can help to eliminate this pain for them with our services solutions. The holistic solution suite I just detailed, showed you, and explained has powered DN's leading position in the global market. So as mentioned, we are a clear leader in EMEA with 40% market share.
While you would think 40% market share is really difficult to expand, we still see a lot of opportunity to broadly attach on this installed base. In North America, however, our opportunity is to take share from the incumbents. And our open and modular platform, coupled with broader services and solution capabilities, are our advantage here. So we know this strategy works and have proven it, and we have proven it in Europe with our retailers in Europe. And we are excited to continue this success in the North American market. The North American market retail opportunity is similar to the emerging market strategy Joe outlined in banking. As you can see, we control 40% of the shipment share in EMEA, but only 9% in North America. And every 10% share in North America represents 5,000 self-checkouts approximately and approximately $30 million of incremental revenue.
And it also presents additional upside in software and services attachment. And remember, this is a geography which is still growing with low to mid-single digits through 2029. What we are experiencing from our customers like Aldi, which is one of the biggest groceries on the planet, who are utilizing our self-checkouts in six markets, including the U.S., is that consumers demand self-service solutions and that retailers are still obtaining operational efficiencies with self-checkout, both of which are key tailwinds to the market growth. We also believe that another driver for self-service growth is the recent introduction of artificial intelligence. Now, we are still in the early and exciting days of how artificial intelligence or computer vision can be leveraged in retail journeys. But we started with self-checkout.
Our Vynamic Smart Vision solution is already generating benefits in three operational processes within the store, recognizing items like fresh produce or loose items to just speed up the transaction process up to 67%, reducing customer intervention on ID checks for age-restricted items like alcohol, which can yield up to 75% fewer interventions for a member of staff, minimizing the effect of inventory shrink or loss at the checkout, where our data has shown that we can improve shrink by up to 73%, and I think this is a massive benefit which comes to a time where it's really mostly needed, and just to give you a little bit of the feeling of what that means and how big this problem is, the inventory shrink approximately 3%-4% of retailers' total sales, and we estimate 30% of that shrink is occurring on the self-checkout side.
This is a large opportunity we are addressing here. While we just started this journey, we see a lot of potential to leverage the platform we have built to create new use cases within the store beyond the checkout, for example, safety applications or enabling shopper and smarter shopper routings or queue management. We are really excited here. And we are not only excited about these additional solutions because all these solutions are representing upsell opportunities for us, which drives software as a service revenues in the future. Later, we will invite you to experience our solutions firsthand, which you will have in the demo room. But for the moment, I would like to share a short video with the newest deployment we have in France. Groupe Les Mousquetaires is one of our first customers who adopt Vynamic Smart Vision.
They are already finding tremendous value and nearly immediate return on investment. This is a French retailer group with almost 3,000 franchisees operating roughly over 4,000 stores under the well-known seven brands like Intermarché, Netto, and Bricomarché. The Intermarché Division specifically is addressing fraud and reducing friction at their self-checkout solution with our AI-based solution. What we see in this video and what we have heard from our customers, and you can see it here, the ability to reduce loss, make transactions more fluid, and to remove friction for consumers marks the real turning point for our sector. Please have a look to the testimonial from Laurent Hugou, a key store leader within the Intermarché Group. Please note that the voiceover was translated from French into English for you.
Diebold Nixdorf's solution in three words: efficiency, simplicity, and performance. We chose Diebold Nixdorf's solution because it's native, meaning it's directly integrated into the self-checkout. Plus, the support from Diebold Nixdorf's team allowed us to quickly integrate the system and operate it efficiently. Thanks to the solution, we cut fraud and potential handling errors by a factor of three. We've also greatly reduced the number of interventions by our cashiers to unblock the registers, as customers usually handle it themselves. I'm thrilled with the relationships we've built with the Diebold Nixdorf teams. We truly work hand in hand as if we were the same company, so there's no hesitation. I recommend the solution because it's become essential for my teams. It's a real comfort and work aid for self-checkout stations, and in my view, going back to the old way without smart vision is not an option. As you can imagine, we are extremely excited about this.
Not because we are just starting several new pilots with several other retailers in Europe and also in North America, but we also really see this truly innovative solution has the real potential to expand our total addressable market and create new value streams for us in the near future. So everything I have showed you today and the differentiated suite of solutions, our global reach, and also significant customer base is what gives us confidence in our growth algorithm. As I said, we see the opportunity to grow in the retail business by mid-single digit by 2027 by expanding margin in every geography we serve. We will accomplish this by building on the strengths of our installed base in our core market in Europe and further expanding our wallet share with our comprehensive hardware, software, and services offerings.
We will capitalize on the shifting buying preferences for more open and modular self-checkouts in North America and leveraging our successful and proven model in Europe to overtake the incumbents. And finally, we will push technology leadership through new computer vision solutions, which increases our addressable opportunities and allows us to harvest additional value from our current installed base. With that, I would like to thank you for your attention and hearing about the exciting story and opportunity in retail. Thank you. With that, back to you, Chris.
Thank you, Ilhami, and thank you, Octavio and Joe, for the presentations. Like I mentioned, we're going to take a 15-minute break, so we'll pick up again around 10:30 A.M. Beverages, snacks in the back, feel free. Stretch your legs, and I'll let you know when we're about to get started. So thanks. All right, thanks everyone. We're going to dive back into the presentations, and so I would like to welcome Frank Baur to the stage, our Executive Vice President of Operational Excellence. Frank, over to you.
Thank you, Chris, and I would like to take you on our journey of continuous improvement. A journey we are early on, a journey where we deliver measurable impact and unlock further potentials for the company. Before the break, Octavio got us started with the strategy. Joe and Ilhami shared with us what we do. My part will be mainly focused on how do we lead, and how do we lead in Diebold and transform further. Be welcome. My name is Frank Baur. I'm leading global operations in Diebold Nixdorf. On our journey of continuous improvement, we are driving consistent execution. Consistent execution based on key priorities.
We put people first, safety, quality right after, and put the customer into the center, delivery, to unlock further value, cost. That we framed in a business operating system. We will call it the DnA Accelerator. It's our DNA. It's the backbone, and we drive accelerated business impact. And as you will see further, it's all built on two strong, on three strong attributes. It's culture, it's competency, and commitment. We started on that journey in 2024 by unlocking potential in supply chain, in manufacturing, logistics, and procurement. That drove more than 300 basis points of margin improvements. The focus is to unlock that potential across the company with a particular focus in service in 2025. So what's that DnA Accelerator? The DnA Accelerator is a flywheel. The flywheel what builds on culture, competence, and commitment.
And as we are targeting operational excellence, we transform, and it all builds on the firm belief what can get measured will improve. So we are building strong plans on the basis of company strategy and priorities. We execute to them in a very focused manner and build it in checkpoints. Checkpoints means leader-standard work. Octavio talked about how important it is to win the day, the week, the month, at the end to deliver the quarter. And we act on deviation by reinforcing structured problem-solving, and wherever needed, we adjust. That's the basis of our operating, lean operating system. If we look into that, it's all built on putting continuous improvement front and center, building and focusing the customer needs, and shaping and executing not just an initiative, building and shaping culture within the company.
Where we put lean principles and tools across all of our deploy, across all of our global team members, and building that skills and that knowledge. And that is our commitment from the management team, how we lead, how we act, and how we execute. Close to the point of impact, what we call close to gemba. In 2024, we started that journey and we introduced the world of Kaizen. Honestly, Kaizen is a Japanese word, means improve to better. And we hosted more than 45 of these Kaizen workouts with tremendous impact to the company. What is that impact? We are today 30% more safe, reduced our incidence rate 30%. We could increase our build quality, and we could increase further our on-time delivery by 20%. And that unlocked a total of $50 million annualized cost savings for the company. So how does that journey continue?
It's a great starting point. That journey will continue with approximately 25- 50 basis points of product margin improvements. How? We are leveraging our strong local-for-local manufacturing footprint. A competitive footprint where we deliver in the region for the region. A footprint where we are less exposed to potential tariffs. A footprint where we will further reduce long lead time purchasing sourcing structure, particularly reducing the dependency on China. An approach where we put waste elimination into the center. Waste elimination means also acting and executing on a reduced footprint and leveraging a contract manufacturer. Why? To target at the end an asset-light business model in operations. And that unlocks potential and value to customers. Why? Because we keep quality in the center, reduce further lead time to be faster to market, and utilizing our capabilities to act on customer needs by late customization.
That journey continues in supply chain, but even further, we expand in 2025 to service. Expanding that focus to service delivers additional value. And that value we quantified by 100 basis points of improvements year over year, 2025- 2027 for service margins. How do we do? By focusing on the core. The core is core rate reduction, first-time fix rates, and parts availability. We also utilize the muscle we build to return and repair to service a product over the entire life cycle. Tools and technology play and will play an even more important role. We are on the journey of deploying Oracle Field Service as our singular incident management tool globally. That will be enriched by artificial intelligence. And that is built on the analytic capabilities that we provide via the ACDE functionality.
That puts again the customer into the center where we will meet and exceed service-level expectations, reduce penalties, and long-running calls, so why I'm convinced that we will deliver these 100 basis points improvement. We have a very strong start into the year. We focus in North America with one workout in Canada, topics, and equally so in Mexico. The teams are this week in India focusing the Asia-Pacific market. We are focusing spare parts availability, process time, and creating a toolset, leader-standard work, daily management for our frontline leader who are leading our service technician on a daily basis, and the results are stunning. 15% productivity in the area of focus in these two works out for two workouts, 40% inventory reduction while deploying successful leader-standard work, and as we put people first, we are also solving and bringing our service technician in a safer environment.
15 safety improvements have been implemented. A very strong start into the year and a very strong start looking to 2024 and 2025 on our lean journey, and that lean journey is building culture. Lean is our DNA. We apply the lean tools and technology globally across our entire team members, and that is our management commitment, how we lead. So with that, we drive accelerated impact. Thank you, and I'm handing over to Tom.
Questions? Okay. Thank you, Frank. It's my pleasure to be here with everybody this morning. I've been with this company for nine months, and I'm extremely encouraged by what I've seen. When I think about my prior career with GE and GM for the last part of the decade, I see many similar characteristics here at Diebold that I saw at those two American icons.
That is the ability to improve revenue, grow revenue, expand margin, and improving free cash flow. Beyond that, do you know what else I see? At one point in each of those companies' journeys, irregardless of how size differential aside, what they had in common was a very undervalued stock and a very underappreciated ability to generate free cash flow. So I'm just going to shift gears here a little bit and talk about the finance team. In the past, finance was a small group within Diebold, mostly tactical in nature, reporting the numbers. So my first priority upon joining was to get out and hire a team. I've been very fortunate to date. I've brought some very strong experienced finance professionals on. And the idea is to begin to help transform finance into a strategic business partner for the operations. So what does that mean?
That means that we'll be able to improve transparency, maintain a disciplined approach, and make sure that with everything we do, we have a high level of rigor and, most importantly, accountability. So simply put, the goal of finance at Diebold is to deliver the right information at the right time to the right people to make the right decisions on a timely basis. So what will this team and I be accountable for moving forward? As I've mentioned, we've already made improvements and see more opportunities ahead to lock significant shareholder value. We've created a durable and sustainable framework which will deliver mid-single-digit revenue growth and double-digit Adjusted EBITDA growth over the long term. But most importantly, as we proved in 2024, we are capable of generating positive free cash flow. And that is something that we expect to improve significantly over time.
And then lastly, we are very committed to returning capital to our shareholders, as evidenced by our recently announced $100 million share buyback program. I would like to mention our first since the creation of Diebold Nixdorf in 2017. So we've made great strides, particularly in building a culture. And that culture, as you've heard from every single presenter today, is based on lean principles. Lean is not just meant for the factory floor. Lean is deployable into each and every function and every space across Diebold. This will help us achieve what we already know and believe is possible, which is the continued ability to be able to scale Diebold and expand profitability enterprise-wide. In my discussion today, I'll plan to cover our efforts, how they've impacted our financial results to date, and more importantly, detail our outlook for what lies ahead.
Our financial profile will evolve to include a larger base of recurring service revenue, again, which represents currently about 57% of total revenue today and comes with higher margins and better free cash flow generation. Since our corporate restructuring, we have created significant shareholder value. The Diebold of today looks very different from the Diebold of four years ago. We have taken a multi-prong approach to responsibly reducing our leverage and have bolstered our liquidity. We have received positive feedback from the credit rating agencies by our recent upgrades and positive outlooks. Our refinancing at the end of 2024 was a catalyst for us to begin returning capital to shareholders while generating, as you've seen on these slides, even stronger cash flow going forward. Put more simply, our leverage has significantly improved, and we have sufficient liquidity to manage the seasonality of our cash flow and drive disciplined profitable growth.
As you can see by the chart, the market has rewarded us for our efforts to date. As we have said, and we deeply believe as a management team, we are really just getting started. If I take a step back to look at the overall business, we have a lot of opportunity ahead of us. We will reach our long-term goals by executing on four primary initiatives. Firstly, as you've heard today, we're going to be able to accelerate revenue growth across the enterprise. Based on our core products and service, that's going to contribute what I believe entitlement is, which is 2%-3% of growth. Our banking and retail growth initiatives that Joe and Ilhami outlined, that'll contribute another 2-3 points of growth. Secondly, our margins will expand driven by our ability to sell these higher recurring services.
And we deliver value and efficiency to a massive global customer base, which is really the who's who of both the banking and retail markets that we participate in. Third, our free cash flow conversion is an opportunity the entire organization is aligned. We have weekly check-ins to discuss and identify new ways of increasing free cash flow over time. And lastly, we are committed to keeping our leverage ratio at a very reasonable 1.5x . That's really the foundation of our balance sheet and our approach going forward, all while increasing shareholder returns.
The strategy that we're introducing today will allow us to sustainably deliver strong financial results over time, and we are working towards achieving the following by 2027: $4 billion-$4.1 billion of revenue, $550 million-$600 million of Adjusted EBITDA, and $330 million-$360 million of free cash flow, representing 60+% free cash flow conversion. The real meaning of these targets is what we believe they represent to our intrinsic value as a company and to you, the shareholders. Octavio will frame this concept a little bit later, but I'll simply state that what is represented here is as powerful as it is achievable. The vast majority of what we have to do is within management's control. In terms of revenue expansion and how we're going to achieve mid-single-digit top-line growth, we have several initiatives.
We're going to responsibly handle our pricing across our portfolio of products, software, and services. We believe price is a real lever for us and one that we will earn given the value we provide to our customers. For banking, we will continue our expansion in developed markets with what Joe articulated, our branch automation solutions, where we can greatly increase penetration. We're there already. Additionally, we expect profitable growth in emerging markets from our new fit-for-purpose machines, which we'll begin shipping the first units of beginning in April. For retail, we've already got that playbook. We went from a distant number three competitor in Europe to number one in two years. We're going to expand the scope of those successes to the North American market and win.
Lastly, in the outer years of our journey, we may consider small bolt-on acquisitions as an option to accelerate our growth if an attractive opportunity comes along with the right returns. Again, to put it all together, we have a model that we believe can achieve mid-single-digit growth. Best of all, these initiatives are not sequenced, and we're working on every single one of them today. So as we continue to move down the P&L and onto Adjusted EBITDA, we see a path for even stronger growth ahead. Again, we're going to execute responsible pricing. Think of it as 2%-3% per year. The banking and retail growth initiatives will drive margins that will flow through to the bottom line. We'll continue to drive operational excellence based on lean principles that will help us expand profitability.
Some of those slides and experiences that Frank shared are pretty powerful and even more powerful when you're in the moment with those teams when they realize what the art of the possible is generated from lean, and lastly, we will continue to maintain operating expense discipline, and we are identifying opportunities now that will get us much more closer in line with benchmarking to our peers. Executing against these items over the next three years results in an approximately 15% Adjusted EBITDA margin, which is 300 basis points better than where we landed in 2024, so this slide is a little bit heavy, but we wanted to be transparent, and we wanted to share the details of the how on the bridge so you understand what we're going to be able to do to execute.
I'm only going to call out three items on this chart, two of which are gross margins for product and services, and then OpEx. So for product, we are driving towards incremental year-over-year growth improvement of roughly 25-50 basis points each year over the three-year period. And for services, we're driving 100 basis points of year-over-year improvement for each year of the three-year period. Lastly, we believe that we can reduce operating expense by over $50 million by tackling our legacy infrastructure. This efficiency mindset then flows down to free cash flow conversion, which we expect to improve to 60+% by 2027. There are multiple drivers at our disposal to do so, one of which is our recent refinancing of debt in Q4. That in and of itself provides $70 million of free cash flow from lower-interest cash payments.
We have initiatives in place to increase working capital efficiency, improving inventory turns, being more efficient at our collection process, and getting back to better terms with our vendors. And we will eliminate the majority of the professional fees that you've seen us incur related to our corporate restructuring. And then lastly, we are constantly seeking opportunities to optimize our tax footprint and lower cash tax payment and the associated rate. We believe our path to the 2027 target is highly visible and, again, with much of this improvement well within the control of management. Ultimately, we believe Diebold Nixdorf is a business that can generate 60+% free cash flow conversion on a double-digit growth rate of EBITDA, which is an extremely powerful operating model. Again, we wanted to share the details behind our free cash flow conversion bridge.
So starting with interest expense, while we had a very successful recent senior secured note offering, we see potential improvement in 2027, assuming things remain more or less the same. Our notes today carry 7.75% interest rate, while our comparable peer average is probably closer to approximately 6.5%. We are driving significant improvements across the cash conversion cycle, all aspects of it: DSO, DIO, and DPO. I think you'll agree that we have significant opportunities across all three of these metrics to improve and get better. We believe that we have at least two days of sustainable improvement against all these categories. And as you're aware, we had close to $50 million in cash outlays for professional fees in 2024 tied to our corporate restructuring.
These projects conclude in the first half of 2025, resulting in a 60% reduction in professional fees for the year. And going forward, the remaining majority are eliminated from our run rate in 2026 and entirely eliminated in 2027. Lastly, we paid over $60 million in cash taxes in 2024. So our new tax and treasury leaders are hard at work developing tax planning strategies that include legal entity reorganization and structural simplification to drive down cash taxes. Tax will take the most time to return to a more normal state, so impacts will be more creative in the out year. Mentioned earlier, we are utilizing a very disciplined capital allocation framework.
I should note here that we get to talk about capital allocation because we intend to generate $800 million of cumulative free cash flow over the three-year period, which, if you're doing math, is about 50% of our market cap today. Again, this is not the Diebold Nixdorf of the past. It all starts with the foundation, and I know this is repetitive, but with a target net leverage ratio of around 1.5x . You may see it drift down. You may see it drift up depending on the seasonality of our cash, but that's where we would expect to be, right around that number. This balance sheet will allow us to make capital investments in the business to drive innovation and profitable growth, and these decisions will all be based on a disciplined invested capital framework, return on invested capital framework.
And again, we remain committed to returning the vast majority of excess cash to our shareholders through additional buybacks. Finally, we will maintain the optionality, when appropriate for the right asset, to pursue opportunistic and accretive tuck-in acquisitions. Earlier this month, we announced our new share repurchase program of 100 million, which represents roughly 6% of our market cap. I can tell you the management team believes DN Stock is meaningfully undervalued and presents the strongest return on invested capital that we have right now. We will efficiently execute our $100 million buyback and expect moving forward, we will reassess opportunities for additional share repurchases given and demonstrating our ability to generate free cash flow. Finally, to the extent that we would consider an acquisition, we view this as a potential call option for accelerating our long-term growth algorithm.
It requires the right asset, the right target company profile, and clearly the right valuation metrics for us to consider putting capital to work on an inorganic opportunity over returning capital to our shareholders. And then I get to close on this slide. Our ability to generate free cash flow, the engine that we have, again, if you remember how I started off, what those companies had in common: undervalued share price, underappreciated cash flow. The plan that we've outlined here for you today results in approximately $800 million of cumulative free cash flow over the next three years, which is the equivalent to approximately 50% of our market cap. Let me just repeat that again. Over the next three years, we have a visible path to deliver cumulative free cash flow of about 50% of our market cap.
The entire management team is executing to deliver against this opportunity. This is a very compelling attribute of the company and, to be honest, one of the main reasons that I joined, and now I'll hand it over to Octavio to finish off our prepared remarks.
Thank you, Tom, and that's a very compelling presentation. It's hard to beat that, so I'll try to wrap things up for us, so hopefully, throughout this morning, you've seen the three things we started the day with. We have a great position in the markets, and the markets are moving in the direction of Diebold Nixdorf solutions. It is imperative for us to capture those secular tailwinds that we have and keep growing our business. As you've seen, and I love how Frank talked about our cultural shift.
We're focused on driving higher profitability in our business, but we're doing that in a measured approach, making sure we improve our business on a daily way by applying lean principles. And as Tom shared, and I won't repeat the $800 million that he's so happy that we're going to generate, but clearly our focus is on generating significant free cash flow. At the end of the day, let me remind you, we're targeting annual double-digit Adjusted EBITDA growth and by 2027, free cash flow conversion of greater than 60%. And same as Tom did, talking about giving you some food for thought, I'll also give you some food for thought. In this slide on the left hand, you see the things that we control, the things that us as a management team are very focused on.
I need to make sure we're delivering profitable revenue growth, strong adjusted free cash flow, and EBITDA growth. These things we control, and as Tom said, even though we have very aggressive targets, we believe that they're achievable, and we're all very focused on delivering against them. As we do that, I'd ask you to look at the right-hand side of the slide on how Diebold Nixdorf is valued compared to other industry benchmarks, so companies that actually grow in the mid-single digits, that deliver double-digit EBITDA growth and free cash flow conversion of greater than 60% are valued at a much higher rate than what we are valued today, so once again, we are excited about the future at Diebold Nixdorf. We believe that this exciting journey that we're on is just starting.
I would like to close the meeting before we go into Q&A by leaving you with the most important key messages for me. We're focused on improved operational efficiency and maintaining a fortress balance sheet. The solutions that we have for both banking and retail will help us continue expanding our target addressable market and fuel our future growth. Lean is a way of life for us now, and this continuous improvement mindset will continue fueling positive impact for many years to come. Again, when we meet again in 2027, you will see a company that's delivering 50% Adjusted EBITDA growth and greater than 60% free cash flow conversion. Once again, I want to thank you for spending this morning with us. I'll close my remarks, and I think we'll get ready for some Q&A.
So we have some people on the webcast, so if you allow us a few minutes to set up the stage for Q&A. But once again, thank you very much, and I appreciate your time this morning.
Thank you, Chris. For the Q&A session, so I have a mic that I can hand around to the audience members, and then there'll be a mic with the team leaders as well. Just to start off, one question for you, Octavio. We've heard it in the hallways. The revenue growth, particularly the double-digit revenue growth, just sort of curious, what gives you the most confidence about hitting that target by 2027?
Yeah. So our revenue growth, and I think Tom created a very compelling slide when he talked about it. It all starts with our pricing discipline. We believe we're entitled to 2%-3% growth just on pricing alone. So even in a flat to stable market, we should be getting that just out of pricing. But more importantly, when you think of the great addressable market opportunities or growth in the addressable market, whether it's banking, when Joe talks about how important it is for banks to optimize the cash ecosystem at the branch level, I think it's an underappreciated topic. A lot of the cost in running a branch network is managing that cash.
And we have built the solutions that allow banks to really increase their efficiency ratios. So I believe that that is going to be a very significant lever for growth. But fortunately, we have multiple ways of winning. When we think of our fit-for-purpose products in the emerging markets, Joe was highlighting our products being built in India. I'm going to put it in perspective, and we're sitting here in the U.S.
The top five banks in the U.S. have less ATMs than the largest bank in India. So I had the opportunity of being in India a couple of months ago and met with the Chairman of State Bank of India. They have 70,000 ATMs. If I add my great customers here, JPMorgan Chase, PNC, Bank of America, Citibank, etc., we don't get to 70,000. The most impressive thing is that State Bank of India is adding 10% every year to their fleet. So clearly, as we focus in that market, and again, there's competition, we need to prove that we deserve to win, but we have an ample opportunity to keep expanding.
And then when I look at retail, hopefully you've heard how compelling the message is that as retailers are shifting the way they think about the checkout experience, moving away from closed, tightly integrated, and flexible solutions to open, modular, both hardware and software architectures, we have the right to win. And when you couple that to our extreme focus on increasing our attach rate of additional services, I think that that's what gives me the greatest confidence.
Great. And then, one, just to make sure we don't let Tom off the hook. The free cash flow number is obviously a very big number, particularly relative to your market cap. And so you talked a little bit about what you think you can do going forward. Could you share some proof points about things that you've done or even seen in your relatively short time to say, "This is very achievable. This can be done"?
Yeah. I think, as I said a couple of times, this is all within our control. So let's use, for example, the jumping-off point that we had in 2024, about $110 million of free cash flow. So if the goal is to get somewhere between $330 million and $360 million, right off the gate, we're going to add $70 million that just drops to the bottom line because of our recent debt refinancing. Then let's think about the other opportunities that we have on just being able to expand the EBITDA. So we're going to drive additional EBITDA growth through the incremental volumes that we have, even in 2% to 3% every year.
And then you add on top of that 2%-3% from some of the potential growth initiatives. And also OpEx savings. I threw out a number of at least 50. We think that that's a very achievable number over this period. And I think I said at least 50. Excuse me. And then we've got the opportunity with the professional fees and the tax cash payments that we've made to reduce that by about 30. And then the bridge to the final 350-ish is working capital. I mean, we have at least two days of sustainable working capital improvements across the board to be able to get there. And again, just reiterate what Frank's been able to accomplish, what Joe and Ilhami will set out to accomplish here with these initiatives. We think, again, it's in our control and a very powerful statement, but also one that we believe is very achievable.
Great. We'll take from the room.
You'll get a free ATM or self-checkout if you're the first play.
No, you won't.
Can you just walk through sort of the payback on the teller cash recycling hardware and help with unit economics with respect to hardware, software, and services therein? And then this is a new $8 billion TAM that theoretically increases your banking TAM by 2/3. I imagine competition isn't going to sit idle and ignore that. So can you address what's happening from a competitive standpoint? And then I have a follow-up.
Sure, Matt. So let me start with the simpler part of it. Remember how Joe started his presentation. The biggest item in every banker's mind is improving their efficiency ratios. So, once again, when you look at the cost of running a retail footprint, and again, we're repeating this statistic, 70% of it is tied to the branch. Today, we're doing a great job of reducing the cost at the ATM through recycling technology. And it's a very compelling economics. A machine that the same cash that's deposited is the same cash that is withdrawn can reduce the amount of times a cash-in-transit company visits that ATM at least in half. And when you go to the demo room, you will see some of the demonstrations of what has been accomplished with recycling by key customers. That's a very important part, but then we have the opportunity in the branch. So the branch has the same challenges that the ATM. How do I become more efficient in this cash handling?
By moving the same technology that we have in the ATM into the branch, we can expect the same amount of significant savings in the cash handling of cash at the branch. Remember, we're talking about a complete cash ecosystem at the branch level. The economics for us are very compelling. The same components that you find in our ATM recyclers are the same components you will find in the teller cash recycler. As Joe mentioned, we are densifying our service footprint. Where before we had one ATM at the branch, now we will have one ATM plus one or two cash teller recyclers. This creates density for our service footprint at minimal cost because our service technicians are skilled in repairing those machines that have the same components. They run on the same software, and we can provide a very compelling proposition for the banks.
I think that's something that shouldn't be underappreciated: every bank is embarking on branch transformation. How do I make the branch more of a sales hub than a transactional hub? By doing this, you reduce the amount of teller lines. You can really modify your branch footprint, the setup that you have in it. So I think it becomes very compelling. Some of our team can also show you the type of consulting arrangements that we have with banks to really help them plan for the future and how to optimize their footprint. So we're very excited, Matt. It clearly adds a lot to our TAM. Let me now talk about the competition. So again, we have multiple competitors. We are the only ones that can provide a solution that covers the complete branch. Some of our competitors are very focused on optimizing the ATM network.
We've heard things like ATM as a service, something that we also can do. If you just want to optimize your ATM network, I'll give you the example of North America. We have over 20,000 devices that are under our managed services portfolio b ut we think that the opportunity is much broader. It's not just optimizing the ATM. It's optimizing the branch ecosystem. So when we think of the branch, there's clearly people that sell teller cash recyclers, but those people can't sell the ATM. So you start creating two separate worlds in a branch, one for ATMs and one for teller cash recyclers. That is incompatible. In our case, both technologies are the same. Both technologies can be managed with a common software layer, and both technologies can be serviced by the same company. So I think that this is what makes our value proposition more compelling.
It's not buying pieces of the puzzle. It's having a holistic solution to your cash needs at the branch level.
Thanks. And then just as a follow-up to Tom's point on pricing, two to three points per year, I can see that in the services side of the business. If you just sort of enforce CPI-based cost increases every year, how are you going to capture price on the product side? What are you baking in relative to that two to three in a business that I've obviously followed you guys for a long time, has never sustainably been able to capture price?
So I'll start, Matt. So I think that one of the things that you will see, we have an evolving business in the ATM space. I think we are very focused on pricing, and I would say that our competitors are also very focused on pricing. In this market, everybody has become more rational, and we believe that there is significant value that we can continue to extract based on our technology. When you think of the ATM, it's not only the hardware piece. Think about the additional software that goes with every ATM, the advanced functionalities. The ATMs of today are not the ATMs of the past. The ATM today can substitute a complete branch in many cases.
So clearly, as this becomes a central component of our bank's retail footprint optimization, we believe that these devices become more valuable, more function-rich, and that's how we will be able to, through continuous improvement, keep improving our cost position, but also not giving those gains away as pricing.
Yeah. The only other thing I'll add to that, Matt, when you think about what we talked about in banking and developing a fit-for-purpose product portfolio, we begin shipping that at the beginning of April for the first time, which it's not just the India solution. It's an APAC solution. So when you think about the growth that comes from that region and the profitability or the new profitability associated to that fit-for-purpose portfolio, that'll help us capture some of that price. And margins over that time, not necessarily revenue, but perhaps more EBITDA focused. If today our jumping-off point is 24.5 percentage points, we're probably seeing upwards of 27% when we're done in 2027 or when we achieve 2027 with that 25- 50 basis points increase. Yeah.
Thanks. Matt Bryson with Wedbush Securities. Thanks for putting this together today. I just want to ask the revenue question a slightly different way. So over, I guess, the past 12 months, you've clearly demonstrated that you can control costs and you can improve margins. And so it's really easy to take it at face value that you've got more room to make Diebold more efficient. But when I look back at the past, I don't know, two years, three years, five years, revenues have been continually declining, albeit at a slower rate. And I guess, when you look forward, why is 2025, or I would argue you're actually guiding for low single-digit type growth because of the currency headwind, why is 2025, 2026, 2027 different? Is it completely Diebold acting differently, or is it a difference in markets, or there are more opportunities that you guys think you can take advantage of that you haven't been taking advantage of?
Could you just walk us through? I know you talked to a number of different reasons why you can grow revenues, but can you just kind of talk us through what gives you confidence that you can shift to a revenue growth profile?
Yeah. Sorry. I'll start. You finish. Okay. Look, I think it starts in banking. The banking automation solutions that we offer, whether it's through the ongoing refresh of the recycler adoption or the automation of the teller process as well, and then that fit-for-purpose product in the emerging markets, we think that that's all new customer base. That's growth for us. That's real growth, and then you think about retail as well.
With the North American market, that's an opportunity that we know how to win, and we think we're at an inflection point where you are seeing these main retailers who are frustrated with the systems that they bought a half a decade, a decade ago, whatever the case may be. It's all one. They want the flexibility. They want choice. Obviously, they're going to drive some pricing with that as well. But we think that we've got the right product portfolio to be really competitive there and participate in that. And then you throw in the AI demonstration. That's real. Shrink is real, and the reduction of shrink that we're seeing in these pilots is significant. I think that's a real inflection point in that market for us.
Yeah. So I was going to start a step before, Matt, and I would like to tell you we had to earn the right to grow. So growing revenue and acting irrational in a market is very easy. When we talk about growth, it's profitable revenue growth. And I think that we've now broken that algorithm, as we like to say. We know what markets are growing. We know what needs to be done to grow profitably in those markets, and that's what we're focused on. I think expanding the target addressable market is key to us. Not only will we do better where we were traditionally playing, but we will expand the playing field, generating that additional growth, whether it's new solutions or new markets. So that's why I'm excited. And again, I think that the company has now earned the right to talk about growth.
We've proven that we can run an efficient operation. Now we need to keep, through our continuous improvement cycle, continue improving that operation, reducing cost as much as we can, but now we can actually talk about growing the business.
And then just a second different question. The free cash flow outlook is really impressive. I mean, it sounds like other than if there's an opportunistic tuck-in that meets all your metrics, given you kind of look like where you want to be from a balance sheet perspective, should we be assuming that most of that free cash flow ends up getting returned to shareholders?
Yes. That's a great assumption. By the way, Matt, I thought I made that pretty clear. Others? So I was actually asked a question in the hallway, so maybe I'll just take a moment to address it here. I was asked about our minimum cash balance and how do we see that today and how do we see that evolving over time. Our current view is, as we begin to generate this cash flow, if you think about how we ended last year, we took the opportunity to pay down and use capital of $138 million to lower our exit term loan to $950 million and then pay down the revolver. Theoretically, when we start off next year, we'll start off with $140 million more of cash. But right now, we believe our minimum cash balance is somewhere in the range of $250 million-$300 million. Conservative, agreed, conservative. We're going to stay there until we demonstrate our say-do ratio and start to generate this cash.
But over time, particularly as you get out two, three years, we would expect to see that float back down to a more normal level of $200 million-$250 million. Again, part of it is we are still five notches away from investment grade. And if you heard my comment about 2027, we clearly want to continue to make improvements along that journey and get better. So maintaining that minimum cash and that liquidity, that revolver that we have of about $310 millin, as just that liquidity is super important to us. So Sloan, let's give it one more minute to see if there's more questions.
Well, Frank used the term contract manufacturing. Could you just talk about your global kind of manufacturing or assembly footprint, where it is today and what it might look like in five years?
Is contract manufacturing an opportunity for you, or how do you think about that?
Yes. So first, David, thank you for the question. Today, we have four manufacturing hubs globally: Paderborn, Germany; North Canton, Ohio; Manaus, Brazil; and contract manufacturing in India. We believe that this footprint serves us very well. Why? Because through the efforts of the past year and a half, we've built local supply chains to deliver local product to local customers. So whenever we sell a product in the U.S., that product is manufactured in North Canton, Ohio. Whenever we sell a product in Europe, that product is manufactured in Paderborn, Germany. So we've created significant efficiencies logistics-wise with this distributed footprint. I think that as you see the trajectory of our margins, we believe that we are good at manufacturing. Frank has proven that.
So we still see that we can keep extracting cost and margin out of our manufacturing facility. Over time, I think that the footprint that we have provides us a lot of optionality. We can increase volume in our contract manufacturing in India if that were to become the right thing to do, or we could increase capacity in Ohio if we chose that for some reason it's more cost-effective to manufacture there than anywhere in the world. So I think that our footprint today is built to provide optionality. And as we've really strengthened local supply chains, I think that this gives us a great competitive advantage.
Yeah. Maybe I would just add to that by saying I think producing our own product and being able to innovate our own product and invest the right R&D dollars gives us a leg up on some of our competition that may have outsourced their manufacturing entirely to an outsourcer and therefore giving over the warranty aspect as well. We think that we can continue to innovate in this space. And with Frank's service team and global approach, we think we can be really profitable there as well. And the n Tom, just quickly on the tariff issue, is there anything you're seeing positively?
Well, obviously, still the question was for the webcast on the tariff issue, is there anything that we're seeing evolving there? And the answer is it's continuing to evolve. I would say that we've been able to really downplay the impact of any China tariffs on us right now, and really, as you think about the North American market between Mexico and Canada, we're already ahead of the game and really planning around how do we manage the spare parts that flow back and forth across those borders, but right now, whether it's China, Mexico, or Canada, we're not really seeing a material impact of any kind.
Yes. Good morning, Dan Moore, CJS Securities. Thanks for the presentation, taking the questions. Just gave a lot of detail, but North American retail specifically. Just talk about maybe a little bit more about kind of A, your right to win, B, how we think about the conversion rate to open architecture from sort of closed systems and maybe see the durability of your competitive advantage, how long of a in terms of that open architecture, how long is your lead, so to speak, versus competitors? Thanks.
Thanks for the question. And what I would say is if you look at our closest competitor, they're not manufacturing their products anymore. So we believe that we have a clear competitive advantage that we can continue investing R&D dollars where it matters, which is building our more open, more modular, and more secure self-checkout device. Again, hopefully, you got the feeling that the targets that we have while aggressive, we have a clear line of sight to doing that.
In retail in North America, I would tell you that every major retailer that I talk to is looking at changing their point of sale software for something that's more open, more modular, and they're doing that at the expense of the incumbents. So they're looking for new alternatives to really have more open software. That creates the great opportunity because open hardware can connect to that open software. So this strategy that we followed of modular open hardware, modular open software, I think creates a very compelling long-term value creation story for us. And again, it's small incremental steps that we will take in the U.S., but we're very confident that we will be able to achieve this over the next three years.
Okay. I think if there are no others, I'll turn it back to you, Octavio. So thank you.
With this, I'd like to thank the people on the webcast. We're adjourning now to the demo room. Thank you for your patience. Thank you for being with us this morning. To everyone in the room, I really want to thank you for your presence today. As you can see, we are very excited about the future of our company. We're extremely proud of what we have accomplished, but as we like to say, this is only the beginning. Thank you very much for your attention today. Once again, I invite you to spend some time in our showcase center and see these solutions that I discussed too, working live. Once again, thank you. Just before I let you go, I would just like to thank the whole investor relations team putting this together. As you can imagine, it's a lot of work.
Chris, thank you very much for doing this. Once again, all of us will be around during the demo center. Any further questions, we'll be happy to take. Thank you very much, and have.