DonkeyRepublic Holding (DONKEY) H1 2026 earnings summary

Executive summary

• Achieved strong H1 2026 performance with revenue up 15.8% to DKK 86.8M, EBITDA rising to DKK 20.3M (23% margin), and first-ever positive H1 EBIT at DKK 4.7M, driven by the 'Ride and Do Well' strategy and operational efficiencies.

• Strengthened operating model and regional accountability enabled onboarding of new cities without increasing central costs and effective expansion across Northern Europe.

• Major launches in Germany (Ruhr, Düsseldorf) and Helsinki expanded the fleet and market presence, with over 8,000 bikes deployed in Germany and 520 Gen4 bikes in Helsinki.

• Capital raise of DKK 75M in February enabled debt repayment and refinancing, improving financial flexibility and reducing future capital costs.

• Strategic focus on long-term city partnerships, operational efficiency, and scalable growth underpins the company's ambitions.

Financial highlights

• H1 2026 revenue: DKK 86.8M (+15.8% YoY); Q2 2026 revenue: DKK 57.7M (+18.8% YoY); EBITDA: DKK 20.3M (+302.6% YoY, 23% margin); EBIT: DKK 4.7M (first positive H1 EBIT); net earnings: DKK 0.2M.

• Contribution margin improved to 52.4% (from 45%); operating cash flow increased to DKK 10.9M; cash position rose to DKK 52.7M.

• Gross debt reduced to DKK 45.2M (from DKK 69.6M); equity more than doubled to DKK 149.8M (from DKK 70.6M); net cash position of DKK 7.5M.

• Monthly revenue per bike rose 8.7% YoY to DKK 611 in H1 2026; EBITDA margin increased from 7% to 23%.

• Basic earnings per share: DKK 0.01 (H1 2026) vs. DKK -0.48 (H1 2025); equity ratio: 65.9% (H1 2026).

Outlook and guidance

• Full-year 2026 revenue guidance narrowed upwards to DKK 184–194M; EBITDA guidance DKK 38–45M; EBIT guidance DKK 4–9M.

• No further equity raises expected for 2030 growth ambitions due to new revolving CAPEX facility and improved capital structure.

• Full P&L impact from new city launches (Aarhus, Silkeborg, Ruhr, Düsseldorf) expected in 2027.

• Strategic ambitions for 2027 and 2030 include fleet growth to 60–70k units and revenue targets of DKK 400–480M by 2030.

• One-off costs of DKK 2.5M (debt restructuring) and potential DKK 5M (uplisting) anticipated in 2026.