DonkeyRepublic Holding (DONKEY) Q3 2025 earnings summary

Executive summary

• Q3 revenue rose 8.0% YoY to DKK 55.2m and EBITDA increased 20.7% to DKK 21.2m, despite tender delays and Dutch license-market headwinds.

• The new “Ride and Do Well” roadmap prioritizes profitable growth in the Nordics, Benelux and DACH, with a break-even EBT ambition for 2026.

Financial highlights

• Q3 revenue was DKK 55.2m, up 8.0% YoY; EBITDA was DKK 21.2m, up 20.7% YoY.

• Rider revenue grew 14% YoY to DKK 40.7m; stable cost levels and operational efficiency supported stronger EBITDA growth.

• Monthly revenue per bike was DKK 801, up 1.9% YoY.

Outlook and guidance

• FY2025 guidance remains revenue of DKK 165m–185m, EBITDA of DKK 22m–32m and EBIT of DKK -5m to DKK 2m.

• Break-even EBT is the 2026 ambition; guidance for 2026 is to be issued later.

• By end-2027 ambitions: fleet of 30,000–35,000, revenue of DKK 220m–270m and FCF of DKK 15m–22m; these are not formal guidance.

• By end-2030 ambitions: fleet of 60,000–70,000, revenue of DKK 400m–480m and FCF of DKK 30m–50m; these are not formal guidance.

• The 2027 ambition was revised from 35,000 bikes, DKK 300m revenue and 15% EBIT following the strategy revision and prolonged tender processes.