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% to DKK 5M, driven by fleet expansion, higher utilization, and a 16% rise in monthly revenue per bike.

• Number of riders and trips grew by 23%, reflecting improved operational efficiency and regional expansion.

• Strategic investments in fleet maintenance, regional diversification, and business optimization supported operational resilience 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.

Financial highlights

• H1 2025 revenue reached DKK 75M, up from DKK 59.8M in H1 2024; rider revenue grew 29% to DKK 47.9M.

• EBITDA margin improved to 7% (DKK 5M), up from 5% (DKK 2.8M) in H1 2024, with strong cash flow from operating activities.

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

• Contribution margin in Benelux was 59% LTM (vs. 51% last year), DACH 54% (vs. 51%), and Nordics 57% (vs. 61%).

• Fixed costs increased by DKK 3.3M due to organizational professionalization; depreciation rose by DKK 3M linked to fleet growth.

Outlook and guidance

• 2025 revenue guidance maintained at DKK 165M–185M; EBITDA guidance adjusted to DKK 22M–32M; EBIT guidance revised to DKK (5M)–2M due to delayed city contract deployments.

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

• 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 with intent to award.