GreenMobility: 2026 outlook aligns with Strategy 2028 ambitions
This morning, GreenMobility released preliminary (non-audited) 2025 numbers alongside its first guidance for 2026. On the headline figures, 2025 appears to have landed ahead of the company’s latest guidance: revenue was DKK 154m (20% y/y) and EBITDA DKK 53m (c. 56% y/y), versus the most recent guidance calling for revenue growth of 17–19% and EBITDA growth of 47–52% versus FY2024. Investors should, however, note that 2024 comparatives have been restated due to recognition of customer prepayments, and that the 2025 figures are still subject to audit.
For 2026, management guides for revenue growth of 8–12% and EBITDA growth of 12–16%. Importantly, these ranges effectively mirror the company’s Strategy 2028 financial ambitions (average annual revenue growth of 8–12% and EBITDA growth of 12–16%), suggesting the company is framing 2026 as a “steady-state” year consistent with the mid-term plan after the very strong profitability acceleration seen in 2024–2025.
Balance sheet metrics also stand out. Equity is reported at DKK 35m and solvency at 21% (from 1% in 2024), which is noteworthy given the capital allocation framework in the Strategy 2028 update: the company communicated an ambition to redistribute excess cash to shareholders once the equity ratio exceeds 20%. It should, however, be noted that the improvement in solvency is partly driven by the company’s expectation to recognise DKK 15m in deferred tax assets in 2025 (DKK 8.4m in 2024), which has no cash flow effect and therefore does not in itself increase cash available for distribution.
With the preliminary solvency now slightly above that threshold, the upcoming audited annual report and any subsequent AGM-related steps could become a nearer-term focal point—balanced against liquidity needs (cash of DKK 17m) and any strategic investments tied to growth and longer-term autonomous readiness.
GreenMobility expects to publish its full-year 2025 report on 19 March 2026, which should provide more detail on the underlying drivers and the company’s view on capital allocation from here.
As the 2026 guidance is aligned with the already announced strategic targets, and as the 2025 results came in only marginally above the guided range, while we also lack full cash flow and balance-sheet details, we have not made any changes to our one-pager analysis. We therefore await the full FY 2025 report before updating the one-pager analysis.
You can read the lates One-pager here:
Disclaimer: HC Andersen Capital receives payment for a Digital IR subscription agreement. CEO of HC Andersen Capital, Tue Østergaard, owns shares and is the Chairman of the Board of GreenMobility. Mihcael Friis Jørgensen, 10:45, 19/01-2026