Autostore Hldgs Reg S

Good morning, and welcome to AutoStore's Q1 2026 update. My name is Ylva Florskjær, and I'm the Investor Relations Officer at AutoStore. I will be moderating today's meeting. I'm joined here today by our CEO, Mats Hovland-Vikszent, and our CFO, Paul Harrison. We're standing ready to walk you through this quarter and answer your questions. As usual, we would like to remind you of our disclaimer with regards to forward-looking statements. It can be read here at your own convenience. Now, moving on to our agenda. Musk will begin with an overview of our operational performance and our strategic progress. Paul will then present the financial results in detail. We'll follow with a live Q&A session, and you can submit your questions via the webcast player or ask your questions directly via Teams. The link and information are available on our website. After this Q&A session, Mats will round off with some final remarks. And as a reminder, all financial figures are stated in U.S. dollars. With that, let's get started. Over to you, Mats.

Thanks, Eva. Good morning. Thank you all for joining our Q1 update. Over the past few months, I've spent quite a bit of time with customers across Europe and North America. And what I hear is broadly consistent and constructive. First of all, it is clear that we live in a world which is incredibly hard to predict, and all businesses need to assume that this will just continue. Against such a world, I'm hearing that it's more important than ever to build an end-to-end supply chain that has the resiliency and flexibility to thrive in a world of uncertainty. Supply chain is a strategically important area for all companies moving goods, and it's just getting more important with this backdrop, which is also reflected in those conversations. What we bring to market, which is market-leading robotics and software, and how we are doing that with our refresh strategy, i.e. moving closer to customers with a high pace of innovation, resonates well with how these businesses are thinking, and that's also showing through in our results and what we're bringing to market. If we look into our numbers, we are reporting a good start to the year today. Revenue came in at a solid $166 million, with an order intake of $179 million. Profitability remained strong, with a 73% gross margin and an adjusted EBITDA margin of 44%. Cash flow conversion was 82%, which really underlines the strength and cash-generating nature of our business models. Moving on to the business overview, in March we had our spring product announcement. This one was primarily focused on the launch of our new software platform, as well as new and exciting AI capabilities. I'll come more back to this in detail later. First, taking a step back, Autostore holds a clear position as the global leader in the market that is still in its early years. Our skill is unmatched, and as of Q1, We have almost 90,000 robots across nearly 2,000 installations. Central to our success is our land and expand strategy. And in Q1, we saw 55% of revenue coming from existing customers who are either expanding their existing sites or establishing new ones. In the quarter, we also added 25 new customers, bringing the total to more than 1,300. As we've talked about before, our commercial strategy is focused on building deeper relationships with strategic customers, and these numbers here reflect the importance of that. If you then look to the right side of this page, you'll see that our financial profile is highly scalable with industry-leading profitability and cash generation. This slide here shows our broad customer portfolio across a diverse set of end markets. In the quarter, momentum remained strong, and we saw continued positive development across several segments, including retail, 3TL, and industrial, and we saw an increased demand for high throughput solutions. Now, a year ago, we presented our product strategy, which is structured around four clearly defined pillars. Since then, we've delivered three separate product announcements, each directly advancing these initiatives across these pillars. Most recently, we announced our core software platform and AI capabilities, which is just further strengthening our product offering and the value proposition to our customers. I'm very pleased with the progress that we've made and the consistent execution against the strategy that we communicated a year ago. These milestones here demonstrate our ability to rapidly translate strategic priorities and customer feedback into tangible product outcomes and value for our customers. And the product that we have released and the direction that we're on has been very well received by our customers and the community overall. Not only are we seeing good initial traction, but it's also clear that we have increased our addressable market by now being able to help our customers address new types of use cases. So with that, let's now dive into our spring announcement where AI, cloud, and data were in focus. In this release, we announced Kubeverse, Autostore Intelligence, and Versa AI. Tubeverse is our new unified cloud and data platform that connects all of our applications, our AI capabilities, and integrations into a single ecosystem. Embedded in this, Autostore Intelligence acts as an AI layer that uses proprietary models to optimize operations, predict issues, and deliver measurable performance improvements for our customers. This is a significant step forward. We now have the platform and AI layer to turn decades of data into intelligence that just compounds with every new robot that we deploy. This is delivering real-time insights, actions, and continuous improvements for every customer at every site. And let me remind you that we have almost 90,000 robots deployed at almost 2,000 installations across the world, which is just giving us billions of data points from live operations. No other player in our segment has this insight. So if you take a step back, our world-class hardware, amplified by software, platform, and AI, creates this compounding competitive advantage, one that just deepens with every deployment and widens with every customer. This is what we call intelligent fulfillment. So now, before I hand over to Paul, let me show you a short video that talks to this.

When will warehousing be truly lights out? That question drives innovation at AutoStore. The answer takes automation that improves in real time, learning, adjusting, and optimizing continuously using live operational data. So we're redesigning how our software works at every level, building our stack from the ground up. Introducing KubeFirst, a unified cloud environment for AutoStore applications. It gives customers secure, future-ready software that's easy to upgrade and expand. For partners, it provides one connection point across AutoStore technologies, simplifying third-party integration and reducing complexity. At the core of this is AutoStore Intelligence, our purpose-built AI model, giving the system the ability to learn from and utilize data across our hardware and software products. These models absorb billions of data points from live operations, learn the patterns that drive performance, and refine decisions to maximize flow. AutoStore Intelligence is trained on something real. Millions of hours of warehouse operations, countless simulations, actual performance data from systems around the globe. Learning from real data to provide real outcomes. The result is a new standard for automation. Welcome to the next era of AutoStore. Intelligent Fulfillment. an evolution of our platform that enhances every step of your automation journey and powers a new generation of applications. Together, these innovations form a connected portfolio, spanning software and hardware to create intelligent fulfillment and move us closer to a future of true lights-out warehousing.