DonkeyRepublic Holding (DONKEY) Q3 2025 earnings summary

Executive summary

• Achieved strong operational performance in Q3 2025, with revenue up 8% year-over-year to DKK 55.2 million and EBITDA up 21% to DKK 21.2 million, despite headwinds in the Dutch license market and delayed tenders.

• Launched a new long-term strategy, "Ride and Do Well," aiming to become the most trusted micromobility partner in Northern Europe, focusing on the Nordics, Benelux, and DACH regions.

• Secured additional capital through a recent private placement, strengthening the financial runway and supporting growth ambitions.

Financial highlights

• Q3 2025 revenue reached DKK 55.2 million, up 8% year-over-year, driven by 14% growth in core rider revenue to DKK 40.7 million.

• EBITDA for Q3 2025 was DKK 21.2 million, a 20.7% increase year-over-year, reflecting improved operational efficiency and cost discipline.

• Monthly revenue per bike rose 1.9% to DKK 801; active riders increased 7.5% to 372,000; total trips grew 3.3% to 3.3 million; average fleet size expanded 5.9% to 22,986 bikes.

• B2B and B2G revenue remained stable at DKK 13.3 million, with no significant growth due to longer sales cycles.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: revenue of DKK 165–185 million, EBITDA of DKK 22–32 million, and EBIT of DKK -5 to 2 million.

• Ambitions for 2027: fleet of 30–35,000 units, revenue of DKK 220–270 million, and free cash flow of DKK 15–22 million.

• Ambitions for 2030: fleet of 60–70,000 units, revenue of DKK 400–480 million, and free cash flow of DKK 30–50 million; break-even EBT targeted for 2026.