DonkeyRepublic Holding (DONKEY) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 10.9% to DKK 61.3M and EBITDA increased 8.9% to DKK 23.1M despite less favourable weather; German system roll-outs were the main growth driver.

• For Q2–Q3, revenue grew 14.6% to DKK 119.0M and EBITDA margin improved to 37.6% from 31.4%, combining growth with stronger high-season profitability.

• Full-year 2026 guidance was confirmed at DKK 184M–194M revenue, DKK 38M–45M EBITDA and DKK 4M–9M EBIT.

Financial highlights

• Q3 revenue was DKK 61.3M vs DKK 55.2M in Q3 2025; EBITDA was DKK 23.1M vs DKK 21.2M.

• YTD revenue increased 13.6% to DKK 147.9M; EBITDA rose 65.3% to DKK 43.4M vs DKK 26.3M.

• Q2–Q3 revenue reached DKK 119.0M, up 14.6%; EBITDA increased 37.2% to DKK 44.7M from DKK 32.6M.

Outlook and guidance

• FY 2026 guidance confirmed: revenue DKK 184M–194M, EBITDA DKK 38M–45M and EBIT DKK 4M–9M.

• Full Ruhr fleet operation remains expected by year-end 2026; 95% was operational as of the report date.

• 2027 is expected to benefit from the full-year effect of 2026 growth initiatives, including German systems and lower financing costs.

• Potential Nasdaq Copenhagen Main Market uplisting preparations are on plan; a final decision is pending, and estimated one-off costs of ~DKK 5M are excluded from guidance.