GreenMobility: H1-2026 Full report confirms preliminary figures, balance sheet and cash flow underline earnings quality

GREENMAnalyst Comment09.07.2026, 08.00

Summary

GreenMobility's H1-2026 report confirms preliminary figures, with revenue increasing by 4% to DKK 77.2m and EBITDA growing 19% to DKK 28.8m, resulting in a margin expansion to 37.3%.
Net profit more than doubled, growing 112% to DKK 12.5m, driven by improved operational results and reduced financial expenses due to lower debt.
Cash flow from operations remained stable at DKK 19.3m, with a working capital increase noted, while the cash position decreased by DKK 2.8m due to share buybacks.
The balance sheet shows a decrease in loans to DKK 13.8m and an increase in equity to DKK 44.6m, raising the equity ratio to 27%, supporting both fleet investments and shareholder returns.

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GreenMobility today published its full H1-2026 interim report, confirming the preliminary figures released on 7 July to the letter. Revenue grew 4% to DKK 77.2m (H1-2025: DKK 74.2m), EBITDA grew 19% to DKK 28.8m (DKK 24.1m) with the margin expanding to 37.3% (32.5%), and net profit more than doubled with growth of 112% to DKK 12.5m (DKK 5.9m).

The adjusted FY2026 guidance of 5–9% revenue growth (from 8–12%) and unchanged EBITDA growth of 12–16% is likewise confirmed. The revenue softness mainly reflects the temporary headwinds already communicated, with delayed fleet deliveries, road closures on Amager and a slower ramp of the platform migration benefits.

The new information in the report lies below the EBITDA line and in the balance sheet, and it broadly supports the earnings quality story.

The EBITDA improvement is driven by lean operations and cost management, with external expenses declining 6% to DKK 36.0m (DKK 38.5m) despite the higher activity, supported by the data-driven marketing approach. Depreciation and amortisation was flat at DKK 13.9m despite a growing fleet, as new fleet additions counter depreciation on the older fleet, leaving the car book value flattish at DKK 103.8m (DKK 103.5m at year-end 2025).

Financial expenses fell 43% to DKK 2.4m (DKK 4.2m), driven by lower debt following continued loan repayments. The 112% net profit growth is thus the combined effect of better operational results and lower financing costs, and the operating leverage from EBITDA to the bottom line is becoming increasingly visible.

Cash flow from operations was flat at DKK 19.3m (DKK 19.6m), as the improved operational result was countered by a working capital increase of DKK 8.7m (DKK 4.0m), primarily reflecting timing in receivables and supplier payments, which is worth watching but not a structural concern at this stage.

Adjusted for loan repayments of DKK 6.5m and the share buyback, the underlying cash generation was around DKK 7.1m (H1-2025: DKK 4.5m). The cash position decreased by DKK 2.8m to DKK 13.7m, mainly due to the share buyback, where GreenMobility had acquired 47,331 treasury shares for DKK 3.5m as of 30 June, corresponding to 0.80% of the share capital under the programme of up to DKK 6m running until 1 August.

On the balance sheet, loans decreased to DKK 13.8m (DKK 20.3m) on repayments, while lease liabilities increased slightly to DKK 88.0m (DKK 84.9m).

Equity increased to DKK 44.6m (DKK 35.6m at year-end 2025), lifting the equity ratio to 27% from 22%, well above the company's 20% threshold for considering capital distribution.

The combination of debt reduction, a rising equity ratio and an active buyback programme confirms that the capital structure now comfortably supports both the fleet investment programme and shareholder returns.

Management presents the report tomorrow, Friday 10 July at 12:00, with an opportunity to ask questions. Focal points include the phasing of fleet deliveries in H2, the platform migration, the competitive impact from the expanded Copenhagen taxi supply, and the working capital development.

HC Andersen Capital receives payment from GreenMobility for a Digital IR/Corporate Visibility subscription agreement. CEO of HC Andersen Capital, Tue Østergaard, owns shares and is the Chairman of the Board of GreenMobility. /Michael Friis, kl. 08:00 09/07-2026

GreenMobility is a Danish company in the Mobility-as-a-Service space. GreenMobility operates a free-floating carsharing business of more than 1,000 electric vehicles across larger cities in Europe, aspiring to grow this number to around 10,000 in 2025. More than 100,000 people have signed up on the service, and users have access to the GreenMobility cars through the GreenMobility app. With thousands of daily trips, GreenMobility helps reduce congestion in cities with a climate impact. GreenMobility is listed at OMXC Small Cap in Denmark. The share was transferred to the Nasdaq Main Market in December 2020 from Nasdaq First North.