DonkeyRepublic Holding (DONKEY) Q1 2025 earnings summary

Executive summary

• Q1-2025 revenue rose 28% YoY to DKK 26.4M, in line with management expectations; EBITDA improved DKK 0.3M to DKK -6.3M.

• Growth was driven by higher utilization and e-bike use, fleet expansion, and the ramp-up of B2G operations in Hannover.

Financial highlights

• Revenue increased 28% YoY to DKK 26.4M; rider revenue was DKK 14.0M and B2G/B2B revenue was DKK 11.0M.

• EBITDA was DKK -6.3M versus DKK -6.6M in Q1-2024; higher fleet-related operating costs and investment in organizational capabilities continued.

Outlook and guidance

• FY2025 guidance reaffirmed: revenue DKK 165M–185M, EBITDA DKK 27M–37M, and EBIT DKK 1M–6M.

• Revenue in Q1 represented 15% of total revenue in 2023 and 2024; the same seasonal pattern is expected in 2025, with profitability expected to increase over coming quarters.

• Costs, especially fixed costs, are expected to remain relatively stable through 2025.