Nordrest Holding AB (publ)

Good morning. Tomas Dahlstedt is here. I am the CEO of Nordrestkoncernen and co-founder. I started this company ten years ago. A few months ago, we were listed on Nasdaq.

My name is Mattias Huckell, CEO of the company. I'm also here for today's presentation. It's going to be fun. This will be our first presentation, so please join us.

And the agenda we have is, we are going to talk a little bit about Nordwest again, because some of you have probably not heard, and it will take a few minutes. And then we will go through the quarter and the period. And then there is the opportunity to ask questions for about 10 minutes if you are interested, and you do so in the chat. Vi kommer inte svara på några frågor under själva presentationen utan vi drar igenom den först och sen efter vi är klara så kommer vi att plocka ut de frågor som har kommit in och förhoppningsvis så hinner vi med allihopa. Gör vi inte det så försöker vi välja ut de som är krispigast och där vi har möjlighet att svara. Vi kommer inte kunna svara på alla frågor förmodligen heller. But if we start with Nordest, it is a company that was founded about 10 years ago through a number of acquisitions. After that, we have grown incredibly much over 10 years. From roughly zero to, when we now noted, we were at 1.8 billion for the year 2023. We work within food service and our business is mainly based in Sweden in the current situation. But we have plans, which we also communicated in connection with the ICOs, to grow outside of Sweden and then especially the Nordic countries, Norway, Denmark and Finland. We have a business model that is systematic entrepreneurship, which I will talk a little more about. And we work very much in a value-driven way, where we have three values. Spread joy, surprise positively, and be accessible. So if we communicate to our staff and talk to them in general, every day, and that is what I would like to claim makes the difference in everyday life, and that is why we have such a high customer inflow of new contracts in our business, because we are good at delivering systematic entrepreneurship and living as we learn in the form of our values. If you look at the breadth of what we do, then we have a slightly larger breadth than what many of our competitors have, and we work with school food, older food, patient food, personal restaurants, model simpler personal restaurants, model more qualified. We are in Arlanda, we work against the defense forces. We have been in Sälen, among other hotels. We have a hotel that we run in Ulriksdal, in some parts of Stockholm. And we have also been in business for more than a year and a half, since we acquired Dinners Vägerestaurant. Overall, we would like to say that we are very uncomfortable with the fact that we have a wide sales mix and we managed to actually get through Covid with black numbers, although it was in some parts incredibly tough. I forgot to mention campus, which are universities and universities. From one month to another, from April 2019 to April 2020, we went from 18.5 million in revenue to 457,000. So it was of course a tough time. But we made it through Covid. We had plans to register for the stock market, I can also mention. Before Covid, we had planned for June 2020, but because Covid came and it was so difficult to predict our industry, we interrupted that notation. We are very happy and proud to have succeeded in noting this during May 23. Kollar vi på kärnan i det som är Nordwest och där vi tycker att vi sticker ut mot våra konkurrenter och definierar oss så är det ett antal saker. Den ena är affärsidén och det är att leverera eller tillhandahålla en schysst måltidsupplevelse. Och där trycker vi på då att We work with good quality, and good quality for us is a little bit of an uptick. It's also a level. We usually say that we are a 4 on a 5 degree scale. We don't want to be a 5, because that's usually not what the customers want to pay for. And we want to be a little bit better than average, so not a 3. And there we have defined ourselves with good quality. The other part of that is the meal experience. We do not deliver food, we deliver experiences. And there we emphasize that we work with meal environments, we work naturally with food, and we work with service. And sustainability has also been and will be the second M. We have a model called MSM. Environment, which is then divided into two parts, service and meal time. Det tycker vi att vi särskiljer oss lite granna mot våra konkurrenter. Det är naturligtvis så att många av våra konkurrenter jobbar med det här också. Men det är viktigt för oss för att få totalupplevelsen. För en person som går på restaurang, lite då som annan så vet man om att det inte spelar någon roll hur god maten har varit, om det är dålig service eller att det luktar illa eller luktar toalett på restaurangen. Å andra sidan kan man förhöja måltidsupplevelsen eller maten som sådan genom att man har bra service och En trevlig måltidsmiljö. Och i det så är ju då våra värderingar väldigt viktigt. Som jag sa, sprida glädje, överraska positivt och vara tillgänglig. The second part is the business model, and there we build the model on systematic entrepreneurship. And what is systematic entrepreneurship? It is to have what you must have. When we make agreements, for example with Volvo or Ericsson, you have a purchasing department that has a manual on what is required of a supplier, and you have to check that in all boxes. For example, GDPR policy, IT policy, quality management system, environmental management system, and so on. It sounds quite boring, but it is not necessary. What we do, and where we think we are particularly different from the big competitors, is that we have an entrepreneurial spirit in the business. We have strong union leaders who run the restaurants, almost as if they were their own, but with the problem that they have to relate to the systematization. But we put very little into the daily operations, and we have a very large mandate to develop and run the business. And above all, listen to the customer and the guests and adapt to the offer. Which means that we have a high customer and guest satisfaction. If we look at the strategy we have, it is that we work towards natural guest flows. I have a slide that explains a little more what natural guest flows are. But it's about having natural customer flows where we don't have to invest in attracting guests to our restaurant. You are at a workplace, or you are a patient, or you are a soldier. But it may not be an evening restaurant in the middle of the city, in a city where we then get to invest every day in actually doing such a performance that the guests come. And it is very difficult to predict how many guests you will have from one day to another. Here we have tried to describe, this is with the prospect also for those who want to read a little more. Men vi jobbar mot sex stycken kundgrupper. Försvar då är ju anställd, både civil och officerare, men vänpliktig personal. Och där sitter vi ju då på långa serviceavtal för driften av militärrestauranger. Och vi har ett ramavtal med NATO där vi levererar en produkt som heter MRE. Vi har företag och det kan vara antingen i form av att man har ett avtal direkt med företaget eller att man är i en campusmiljö motsvarande business park där vi till exempel befinner oss i sådana business park. Så precis på samma sätt som om man hade haft ett avtal, för det finns inga garantier idag mot ett företag hur många ätande som kommer. Det finns några fåtal sådana kontrakt som vi har men överlag så bygger det på en egen risk. And either you have a long service contract or you have a rental contract. And then you also have a property protection, which gives a protection in the long term of the business. We have students. We are now on 11 campuses. And there we are often with long-term rental contracts and it is based on that the students actually come to the university and the universities. Det gick ju ner lite efter covid här mot innan, men det är fortfarande så att, och som när vi har varit på investerarpresentationer här, att man åkte ut till universitetet för man hade sina kompisar där och man kollade på respektive. De här människorna vill ju socialisera. Och det är en hel del undervisning som faktiskt pågår numera igen efter covidet. If we look at students, it's very simple. It's the number of students at a school, times school days. And there we sit on a framework agreement with several large school companies. Hospital and elderly care, it's mainly patients who are the base volume. And it builds on the number of care places, easy to predict. And then on it you have the number of visitors and employees. And it's like any personal restaurant, any open restaurant. In the main lunch. And on the road we have the MTR X-affair. We have Arlanda, which we are currently growing on, and we will open another one after the summer. It's a bit too busy, the whole marketplace in Arlanda, but it's on the way. And then we have acquired Dinners Vägrestauranger. We made the final acquisition here during the spring of 2024. If we look at our financial goals in the medium-long term, we want to have an organic growth that is more than 10%. If we look at it historically, it is quite defensive. But it was important for us, together with the budget, to not promise more than what we can hold. Until then, a part of the acquisition will take place, but it will be a small bonus in the context. The EBITDA level should be between 8-10% and it fluctuates a little between the quarters and that's why we think it's good to have an interval. But we feel safe with that. We will have a division of 50% of possible issuable funds and we will have a debt that is lower than two times the EBITDA. Mattias, now it's your turn.