DonkeyRepublic Holding (DONKEY) H1 2025 earnings summary

Executive summary

• Revenue increased by 25% year-over-year to DKK 75M in H1 2025, with EBITDA up 79% and rider and trip numbers both rising 23% compared to H1 2024.

• Strategic investments in fleet, product development, and regional diversification drove operational efficiency and future growth.

• The company is consolidating operations in Benelux, DACH, and Nordics, reducing single-city dependency and enhancing synergies.

• Challenges in the Netherlands with license renewals were mitigated by rapid bike redeployment and operational flexibility.

• Introduction of Gen4 bikes and upgraded software planned for Q3 2025 to drive future growth.

Financial highlights

• H1 2025 revenue reached DKK 75M, up from DKK 59.8M in H1 2024; Q2 2025 revenue was DKK 48.6M, up 24% year-over-year.

• EBITDA for H1 2025 was DKK 11.3M, a 79% increase from H1 2024; EBITDA margin improved to 7%.

• Contribution margin in Benelux was 49%, DACH 54%, and Nordics 57% LTM, reflecting regional performance shifts.

• Net loss for H1 2025 was DKK 12.8M, a slight improvement from DKK 13.2M loss in H1 2024.

• Monthly revenue per bike rose 16% to DKK 562 in H1 2025.

Outlook and guidance

• 2025 revenue guidance: DKK 165M–185M; EBITDA: DKK 22M–32M; EBIT: DKK (5M)–2M, reflecting delayed city contract deployments.

• Guidance does not include two large tenders under intent to award.

• Ambition for 2027: 35K bikes, DKK 300M revenue, and 15% EBIT margin.

• Market outlook remains positive, with a strong pipeline of city tenders, especially in Germany, Finland, Belgium, and Switzerland.

• Strategic tender pipeline includes over 10 applications in preparation and 2–5 in process or intent to award.