TrueStory ApS

Ledelsesberetning

Key activitiesThe company's activity is sale of experiences and any related business. The company's vision is to help people experience more together.Development in the yearThe company's income statement for 2024/25 shows a deficit of DKK 10,635,515 and the company's balance sheet as of 30 April 2025 shows a negative equity of DKK 39,629,024.The past year and follow-up on development expectations from last yearThrough 2024/25 Truestory has worked purposefully towards our strategic ambition to create Scandinavia's most attractive experience platform. Throughout the year, investments were made in both market positioning, a higher range of different experiences within several categories as well as the functionality of the platform and thereby a strengthened competitiveness. A key evolution has been the strengthening of revenue (which increased from 27% in 2023/24 to 36% in 2024/25) and contribution margin (increased from 11% in 2023/24 to 18% in 2024/25) as a percentage of business volume. This improvement in the underlying fundamentals of the company is as a result of renegotiating commission rates with supply side customers, introducing new revenue streams such as fees for voucher extensions, and experimenting with marketing spend (becoming more efficient in the process). Despite the improvements in margin, the financial year for 2024/25 has not offered the expected revenue growth, which affects the result in a negative direction, and which, despite a significant cost optimization, has not produced the desired result for the year.A key driver of the decrease in overall business volume is in experience related to hotels. As we increased commission, we saw a decrease in engagement from hotel providers resulting in a decrease of business volume related to this. On the activities front, after some iterations in the first half of the year, the business achieved strong double digit growth.Capital resourcesThe company's owners have submitted a declaration of support to ensure continued liquidity. The company's liquidity is thereby secured for the coming 12 months.Targets and expectations for the year aheadThe company's strategy for 2025/26 is a continued focus on growth and optimization of the platform for both customers and experience hosts, as well as a focus on reducing the cost level and improving earning power. The company expects to continue to increase the range of new experiences within several of the most popular experience categories and ensure a wide selection of desirable experiences for both gift occasions and direct booking. The budget plan for 2025/26 focuses on an improvement in earnings as well as a general stabilization and improvement of the company's operations. Equity is expected to be re-established through future positive operating results.Additionally, in order to be more cost efficient and distribute the fixed cost of Truestory across a larger business volume base (and ultimately drive EBITDA profitably for Truestroy ApS), geographic expansion in Northern Europe and the possibility of a closer partnership with a business owned by the Truestory ApS’ owners in Sweden are currently being explored.Research and developmentThroughout 2024/25, the company has continued to invest in platform development to support business growth, improve performance, and enhance user experience. The mentioned initiatives represent selected highlights from a broader body of work carried out by the development team.Key commercial features launched include Extension Fee and Booking Request, which enable new revenue streams and help automate and extend the platform’s value proposition towards end-users. In parallel, new third-party integrations were implemented to support better partner collaboration and expand the range of experiences available to customers.The company also executed a number of infrastructural improvements aimed at increasing platform performance, reliability, and long-term scalability. These efforts included backend optimization, refactoring, and improvements to monitoring and deployment processes.Several of the projects have been partially completed and released to production across 2023/24 and 2024/25. The company expects these initiatives to have a positive economic impact, in line with the original project assumptions.Branches abroadTruestory currently has two branches abroad: Truestory AS in Norway and DGDA AB in Sweden. Trading for Truestory AS was broadly inline with the previous year, however investment and active marketing in DGDA AB was put on hold in 2024/25 at the request of the company’s owner due to an acquisition of a similar company in the Swedish market. Please refer to the “Targets and expectations for the year ahead” section for future plans related to branches abroad.Unusual eventsThe company's assets, liabilities and financial position as of 30 April 2025 as well as the result of the company's activities and cash flows for 2024/25 are not affected by unusual conditions apart from the conditions mentioned in the section "The past year and follow-up on development expectations from last year".Subsequent eventsAfter the balance sheet date, no circumstances have occurred which have a significant influence on the assessment of the annual report.