Company Announcement No. 15 - 2025
Financial and Operational Highlights for Q3 2025
The third quarter demonstrated the resilience and operational efficiency of our platform, allowing us to successfully translate continued revenue growth into significant profitability improvement despite facing temporary headwinds in some license based cities in the Netherlands.
Key Performance Indicators Q3-2025
[01 July 2025 - 30 September 2025]
| Total for Q3-2025 | Compared to Q3-2024 | |
| Total Revenue | DKK 55.2M | +8.0% |
| EBITDA | DKK 21.2M | +20.7% |
| Monthly revenue per bike | DKK 801 | +1.9% |
| Riders | 372k | +7.5% |
| Trips | 3.3M | +3.3% |
| Fleet size (active bikes) | 22,986 | +5.9% |
Revenue Development
Total revenue for Q3 2025 reached DKK 55.2 million, an 8.0% increase compared to the same period last year. This growth was primarily driven by our core rider revenue business, which grew by 14% year-on-year to DKK 40.7 million. This was achieved despite a temporary fleet reduction in the Netherlands due to the ongoing license situation in Amsterdam and Rotterdam. The affected bikes have been re-deployed during Q3 and the process is expected to be finalized Q4 2025.
A significant Q3 highlight was the successful rollout of the new Gen4 e-bike. The Gen4 e-bike has proven to be highly efficient to operate and has been met with strong customer satisfaction, reinforcing its potential to drive future usage and profitability.
EBITDA and Operational Efficiency
We achieved an EBITDA of DKK 21.2 million, a strong 20.7% increase year-on-year. This improvement of profitability reflects our efforts to enhance operational efficiency. Our commitment to efficiency is further demonstrated by stable cost levels compared to last year.
The strategic investments in our fleet quality are clearly paying off, resulting in higher rider satisfaction and a more robust operation. The profitability improvement reflects the scalability of our business model and the capabilities of our team.
Strategy and Outlook
The positive Q3 2025 results support the previously issued full-year 2025 guidance, which is maintained:
| 2025 Guidance (DKK) | |
| Revenue | 165m-185m |
| EBITDA | 22m-32m |
| EBIT | -5m-2m |
As announced earlier today, the company has launched its new strategic roadmap, "Ride and Do Well," which focuses on profitable growth and highly efficient operations.
The immediate focus is on executing cost optimization and rolling out our new operating model. These initiatives are critical to achieving the ambition of delivering a break-even EBT result in 2026. Furthermore, the company has with its recent private placement secured the runway and reduced the implementation risk of strategy execution, strengthening its ability to win new city contracts and scale toward becoming cash flow positive.
Thor Möger Pedersen, CEO of Donkey Republic, commented:
"Our Q3 performance demonstrates the commercial potential of our platform. We successfully delivered strong revenue growth and translated it into even stronger profitability growth, validating our focus on operational efficiency. With the new 'Ride and Do Well' strategy launched and runway funding secured, we have a clear roadmap. Moving forward, we are fully committed to executing our strategy and meet the first ambitious milestone of delivering a break-even EBT result in 2026.
CONTACT INFORMATION
DonkeyRepublic Holding A/S
Skelbækgade 4, trappe B, 4. sal.
1717 København V
www.invest.donkey.bike
Thor 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.