Company Announcement No. 5 - 2025
Financial report for the period 1 January 2024 - 31 December 2024

Key Performance Indicators 2024

*Growth: Year on year growth compared to 2023

Guidance 2025
Revenue
Donkey Republic expects revenue at the level of DKK 165M-185M in 2025 (2024 audited revenue: DKK 146.5M)

EBITDA
Donkey Republic expects EBITDA at the level of DKK 27M-37M in 2025 (2024 audited EBITDA: DKK 25M)

EBIT
Donkey Republic expects EBIT at the level of DKK 1M-6M in 2025 (2024 audited EBIT: DKK 1M)

Business highlights 

​​EBIT
In 2024, the company achieved positive EBIT of DKK 1.0M, marking a significant improvement compared to negative DKK 11.6M in 2023. This DKK 12.6M improvement was driven by enhanced unit economics and a streamlined company structure, which were key focuses for the company throughout the year. Furthermore positive one time effects impacting revenue and other external expenses (see comments to financial statement) positively were another key driver for the improvement in profitability.

Improved unit economics
The company's unit economics continued to improve in 2024. 

Revenue per bike increased from DKK 483 per month to DKK 577 per month, a 20% increase, or a 14% increase when excluding one-time effects (see comments to financial statements). The contribution margin per bike increased from DKK 253 to DKK 302, corresponding to 19% growth. 

The improvements can be attributed to efficient maintenance of the fleet, allowing to increase the utilization without significantly increasing the cost. Improving unit economics is a key performance driver and will continue to be a main focus for the company.

More users and rides
In 2024, the company recorded 680K users, resulting in 8.4M trips. These trips contributed to the replacement of 3.4M car and bus rides.

Continuous monitoring, data sharing and utilization, and collaboration with partners and cities played a key role in delivering a product with sustained high utilization, demonstrating the product's attractiveness and market fit.

Expansion of new operations 
In 2024, the company opened its new operation in Hannover, deploying more than 1,000 bikes. 

The company experienced longer selling cycles in the MaaS B2G segment, leading to the postponement of winning new tenders during 2024. However, the fleet is still expected to increase by 2,500-3,500 bikes in 2025.

In 2025, there will be an increased focus on winning new tenders to open new cities, supported by a stronger financial foundation to attract competitive financing for fleet expansion.

2027 ambition
*Inside information*

At Donkey Republic, we are shaping the future of urban mobility. Our ambition for 2027 is to become a leading provider of sustainable and accessible transportation solutions, transforming cities and improving lives. By 2027, we aim to:

• Expand our fleet to 35,000 bikes
• Generate DKK 300M in revenue
• Achieve 15% EBIT margin

Our Strategic Roadmap

We will achieve our ambition through a multi-faceted strategy focused on:

Operational Excellence

• Continuously improve bike utilization through optimized pricing, maintenance, and user experience.
• Streamline operations and enhance efficiency through technology and data-driven decision-making.

Strategic Growth

• Secure new contracts in existing and new cities, expanding our market reach and diversifying our revenue streams.
• Focus on onboarding 3-5 new cities within our core markets, leveraging existing infrastructure and expertise.
• Deepen penetration in existing cities by expanding fleet size and optimizing service offerings.
• Develop strategic partnerships with businesses and municipalities to foster sustainable urban mobility ecosystems.

Innovation

• Invest in research and development to enhance our technology platform, introduce new features, and explore emerging trends in micro-mobility.
• Develop new service offerings and explore innovative business models to cater to evolving customer needs.

Financial Strength

• Maintain strong margins and optimize cost structure to ensure sustainable profitability.
• Secure funding for fleet expansion through a balanced mix of debt and equity financing.

Progress and Milestones

Our 2024 performance, marked by a positive EBIT and strong operating cash flow, demonstrates our ability to execute our strategy and deliver results. We are confident in our ability to continue this momentum and achieve our 2027 ambition.

Our current guidance anticipates a fleet size of 25,000 bikes by the end of 2025, representing significant progress towards our 35,000-bike goal. We are actively pursuing opportunities to expand our fleet and market presence, with a focus on onboarding 3-5 new cities within our core markets while deepening penetration in existing cities.

Forward looking statements
Statements about the future expressed in the annual report reflect Donkey Republic's current expectations for future events and financial results. The nature of these statements is affected by risk and uncertainties. Therefore, the company's actual results may differ from the expectations expressed in the annual report.

Join our CEO and CFO for the annual report webinar
Date: 19 March 2025

Time: 10:00-10.30 (CET)

Hosted by HC Andersen Capital - registration LINK