Donkey Republic publishes annual report 2025

Company Announcement No. 08 - 2026
Financial report for the period 1 January 2025 - 31 December 2025

Key Performance Indicators 2025

*Adjusted EBITDA excludes one-off restructuring costs of DKK 3.6 million. 

Financial results
Financially, 2025 delivered results within the lower end of our latest guidance from July 2025. Revenue, fleet size and trip volumes increased - clear indicators of rising demand for our sustainable mobility solutions. Profitability in the financial year of 2025 was impacted by a legacy cost structure and timing effects related to licence and tender processes, while EBITDA was further affected by a one-off restructuring cost of DKK 3.6 million. Adjusted for this item, EBITDA improved compared with 2024, reflecting the early impact of our efficiency measures.

Launch of new strategy and operating model
We launched our new corporate strategy, `Ride and Do Well', reinforcing our focus on disciplined, profitable growth and strengthening our position as a trusted micromobility partner to cities and riders in Northern Europe. During the year, we further strengthened our operating model, reducing central costs and improving efficiency across city operations. This aligns the organisation closely with our business model and supports scalable growth within the urban mobility sector.

Introducing a new bike generation
The large-scale deployment of our Gen4 bike platform strengthened the quality and operational efficiency of our asset base. This new generation platform is key to improve our competitiveness, both on the streets and in winning future tenders.

Commercial progress
In December, we significantly reinforced our position as a long-term urban mobility partner in Germany by securing contracts to operate two major bike-sharing systems in Düsseldorf and the Ruhr region. These strategic projects are set to strengthen our position for further German expansion and will result in a fleet increase of over 8,000 bikes, all scheduled for rollout during 2026.

Positioned for 2026 and beyond
Donkey Republic enters 2026 operationally stronger and well positioned for its next phase of scaling. Having laid the foundation for profitable growth, we recently completed a DKK 75M private placement with a strong group of investors and announced the decision to initiate preparations for a transition from Nasdaq First North Growth Market Copenhagen to Nasdaq Copenhagen Main Market, targeted for execution during 2026. The private placement provides the capitalisation required to fulfil our ambitious German contracts and execute fleet expansions in the years to come.

Guidance 2026
The guidance for 2026, published in company announcement 01-2026 on 21 January 2026, is unchanged.

Revenue
Expected at the level of DKK179M-194M 

EBITDA
Expected at the level of DKK 34M-45M 

EBIT
Expected at the level of DKK 1M-9M

Assumptions
2026 guidance is based on the following assumptions:

• A timely roll-out of the Ruhr Region and Düsseldorf operations.
• Continued ability to operate contract-based operations within the service level agreements and ongoing increase of the fleet utilisation.
• Continued demand and operational conditions for our existing bike sharing systems, i.e. no significant changes within the competitive landscape, no larger deviation in precipitation compared to the last years' average and continuous functioning of the bike fleet as expected.

• Current scope of operation as well as reliability and maintenance needs of the fleet remain on the expected level.

Forward looking statements

Statements about the future expressed in the annual report reflect Donkey Republic's current expectations for future events and financial results. The nature of these statements is affected by risk and uncertainties. Therefore, the company's actual results may differ from the expectations expressed in the annual report.

Join our CEO and COO for the annual report webinar
Date: 19 March 2025

Time: 13:00-13:30 (CET)

Hosted by HC Andersen Capital - registration LINK