Company Announcement No. 13 - 2025
2025-H1 financial report
DonkeyRepublic Holding A/S today published its H1 2025 report. The company's performance was marked by strong growth across key financial and operational metrics, driven by a continued increase in ridership and strategic investments in fleet and technology.
"Our financial performance in the first half of 2025 strengthened significantly. Revenue grew by 25%, EBITDA increased by 79%, and monthly revenue per bike improved by 16% compared to the same period last year. We also made significant progress on our balance sheet: Restructuring loans and reducing debt have lowered our financial expenses and improved the loan-to-value ratio of our fleet. Looking ahead, we remain confident in our ability to achieve our growth and profitability ambitions, supported by our strong strategic tender pipeline," said Thor Möger Pedersen, CEO.
Strategic Highlights & Outlook
- Enhanced Reporting Transparency: The company is providing enhanced transparency in its reporting by introducing a stronger focus on the Last Twelve Months (LTM) period. This approach offers a more comprehensive view of the underlying operational performance by removing the seasonal effect inherent in the business model.
- Strong Regional Performance: The report now includes a detailed breakdown of performance across three key regions: Benelux, DACH, and Nordics. The Benelux region has emerged as the largest by revenue, while the DACH region has demonstrated significant revenue growth and improved contribution margins. In the Nordics, strategic price adjustments led to increased trip volumes and stable revenue despite increased competition.
- Strengthened Balance Sheet: The company significantly improved its financial leverage, with the Adjusted Loan-to-Value (LTV) ratio of its fleet decreasing to 0.5, from 0.7 in H1 2024. This demonstrates a stronger balance sheet and reduced debt linked to the operational fleet.
- Strategic Growth Pipeline: Donkey Republic's strategic tender pipeline continues to support its ambitious 2027 growth targets, reinforcing the company's focus on securing long-term, high-value city partnerships.
KEY PERFORMANCE INDICATORS 2025-Q2 (01 April 2025 - 30 June 2025)
| Metric | Total for 2025-Q2 | Compared to 2024-Q2 |
| Total Revenue | DKK 48.6M | +24% |
| EBITDA | DKK 11.3M | +20% |
| Monthly revenue per bike | DKK 710 | +17% |
| Riders | 327K | +23% |
| Trips | 2.9M | +20% |
| Fleet size (active bikes) | 22.8K | +6% |
KEY PERFORMANCE INDICATORS 2025-H1 (01 January 2025 - 30 June 2025)
| Metric | Total for 2025-H1 | Compared to 2024-H1 |
| Total Revenue | DKK 75.0M | +25% |
| EBITDA | DKK 5.0M | +79% |
| Monthly revenue per bike | DKK 562 | +16% |
| Riders | 414K | +23% |
| Trips | 4.3M | +23% |
| Fleet size (active bikes) | 22.2K | +8% |
Note: Total revenue and EBITDA are unaudited figures.
Join our CEO and CFO for the H1 report webinar
Date: 19 August 2025
Time: 10:00-10.30 (CET)
Hosted by HC Andersen Capital - registration LINK
CONTACT INFORMATION
DonkeyRepublic Holding A/S
Skelbækgade 4, trappe B, 4. sal.
1717 København V
www.invest.donkey.bike
Thore Möger Pedersen, CEO
investor@donkeyrepublic.com
Certified Adviser
HC Andersen Capital
ca@hcandersencapital.dk
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About Donkey Republic
Founded in 2014, Donkey Republic is a Danish purpose driven impact company active in the micro mobility industry. Donkey Republic provides a flexible, affordable and more sustainable way of transportation to the citizens by partnering with the cities.
Donkey Republic is a data driven technology company facilitating bike sharing, and we are able to provide cities and citizens a reliable bike sharing service. Sustainably at its core integrates with the city's public transportation system, by pursuing innovation Donkey Republic develops end-to-end products and services that solve city and riders problems. Riders are able to enjoy a more convenient and high quality ride, with our bike and ebike fleet, designed for durability and optimal maintenance through our servicing software platform. This collaborative dedicated software solution together with our bikes, seeks to improve people's health & well-being, the environment, reducing traffic congestion across cities as well as public space optimisation.
Donkey Republic is a publicly traded company listed on the Nasdaq First North Growth Market. The company was listed in 2021 to onboard investors and support its growth and expansion into the European Market, and to continue securing its foothold and developing its market position in the European Micro mobility space. With thousands of Donkey bikes successfully implemented, Donkey Republic aims to grow its business and fulfill its vision of making urban city life quality better through responsible bike sharing.