GreenMobility (GREENM) H1 2025 earnings summary

Executive summary

• Achieved 29% year-over-year revenue growth in H1 2025, reaching DKK 74.2 million, with EBITDA up 76% to DKK 24.1 million and net profit of DKK 5.9 million, reversing a significant loss in H1 2024.

• Strategic shift to focus solely on the Danish market, closing all international subsidiaries, including formal insolvency proceedings for Belgium, resulting in improved operational and financial performance.

• Fleet consists of approximately 1,400 all-electric vehicles, including Renault Zoes, vans, premium cars, and seven-seater ID. Buzz, addressing diverse customer needs.

• Over 100,000 monthly users utilize the app-based car sharing service, reflecting strong customer engagement and supporting reduced private car ownership.

• Belgian minority shareholders' claim dismissed by court, removing a legal uncertainty, though further appeals are possible.

Financial highlights

• Revenue for H1 2025 increased by 29% to DKK 74.2 million compared to H1 2024.

• EBITDA improved by 76% year-over-year to DKK 24.1 million, with EBITDA margin rising to 32.5%.

• Net profit reached DKK 5.9 million, a turnaround from a DKK 24-25 million loss in H1 2024.

• Cash flow from operations improved by DKK 15.5 million year-over-year, reaching DKK 19.6 million.

• Cash position at the end of H1 2025 was DKK 8–8.3 million.

Outlook and guidance

• Upgraded full-year 2025 guidance: revenue growth expected at 10–13% and EBITDA growth at 25–40%.

• Management remains cautious in guidance to avoid overpromising, especially given past performance.

• Sufficient liquidity secured through a new bank facility and strong positive cash flow.

• Awaiting completion of summer before further updates on second-half expectations.