DonkeyRepublic Holding (DONKEY) Q2 2024 earnings summary

Executive summary

• Revenue grew 17% year-over-year to DKK 59.8M in H1 2024, with EBITDA up 75% to DKK 2.8M, reflecting strong operational execution and efficiency improvements.

• Positive operating cash flow enabled early debt repayment, significantly improving the balance sheet and reducing net debt by half.

• Successful capital raise in April 2024 supports fleet expansion and underlines investor confidence.

• ESG progress includes a reduction of 1.4M car, bus, and train trips, saving 172 tons of CO2 and generating DKK 30.6M in health benefits.

Financial highlights

• H1 2024 revenue: DKK 59.8M (+17% YoY); Q2 2024 revenue: DKK 39.2M (+16% YoY).

• EBITDA for H1 2024: DKK 2.8M (+75% YoY); Q2 2024 EBITDA: DKK 9.4M (+53% YoY).

• Net loss for H1 2024: DKK -13.2M, slightly higher than H1 2023.

• Operating cash flow: DKK 14.4M, a turnaround from negative DKK 10.8M in H1 2023.

• Staff costs rose 29% to DKK 38.7M, mainly due to increased hiring for fleet maintenance and HQ expansion.

Outlook and guidance

• 2024 revenue guidance: DKK 135M–160M (17–39% growth YoY).

• 2024 EBITDA guidance: DKK 15M–30M (58–215% growth YoY).

• EBIT expected between DKK 0M and 5M for 2024.

• Assumes stable fleet growth (0–5% H2), continued B2B/B2G expansion, and stable cost structure.