DonkeyRepublic Holding (DONKEY) Q4 2025 earnings summary

Executive summary

• Launched the "Ride and Do Well" strategy, focusing on disciplined, profitable growth, scalability, and market expansion across Northern Europe.

• Strengthened market position by expanding in existing cities and as a trusted micromobility partner, including signing major contracts in Germany.

• Implemented a new operating model and achieved structural cost reductions to enable sustainable scaling.

• Completed an oversubscribed DKK 75 million private placement in early 2026 to fund CapEx and future growth.

Financial highlights

• Revenue grew 13% year-over-year to DKK 166 million in 2025, driven by increased rider and fixed fee revenue.

• Adjusted EBITDA increased 18% to DKK 29.6 million, excluding one-off restructuring costs.

• Active riders rose 10% to 749,000, and trips increased 12% to 9.4 million, outpacing fleet expansion.

• Monthly revenue per bike rose 5% to DKK 609.

• Profitability was impacted by legacy costs, restructuring, and timing effects in the Netherlands and delayed tenders.

Outlook and guidance

• Bright outlook for 2026, with confirmation of previously published financial guidance and funded CAPEX investments.

• Focus on operational efficiency, rollout of new contracts in Ruhr and Düsseldorf, and pursuing additional market opportunities.

• Strategic roadmap targets 30-35K fleet and DKK 179-194M revenue by end of 2026, with 25-30% EBITDA margin.

• Targeting 30-35 million annual trips and a fleet of 62,000-70,000 bikes by 2030.

• Expecting to increase contribution margin to around 55% by 2027.