Company announcement no. 1-2025
*Contains inside information*

Management commentary

"New records are set in our improved performance. We have successfully achieved positive EBIT as a milestone in 2024. We're growing at a higher pace than the market, and our growth is selective in our current 6 focus markets. In many ways Donkey Republic is demonstrating industry leadership and we also strengthened the company balance in 2024 by successfully onboarding equity" says Niels Henrik Rasmussen, CEO.

Donkey Republic achieves record Q4 revenue and EBITDA jump of DKK 6.5M 
Donkey Republic achieved a revenue of DKK 34M, an increase of more than 47% vs. last year. A main driver behind this strong growth is the good performance of the company's e-bike fleet, which especially benefited from investments earlier in the year that aimed on improving quality. The payback that was originally expected not before 2025 already materialized in Q4, resulting in a significant uptick of rider revenue compared to previous periods. 

Another contributing factor to the strong Q4 performance was the recognition of  breakage income generated through our wallet product. This income stream, derived from unutilized customer balances, has been accumulating since the wallet's launch over two years ago. While a significant portion of this accumulated income was recognized in Q4, going forward, we anticipate recognizing breakage income on a recurring quarterly basis, further contributing to our financial performance.

This significant revenue growth was the primary driver of the substantial increase in profitability, culminating in a positive EBITDA for Q4. This achievement marks a historic milestone for the company, representing a DKK 6.5M improvement compared to the same period last year.  In addition to strong revenue performance,  prudent operational cost control further bolstered the bottom line.

Positive EBIT for the full year on the back of record revenue
For the full year Donkey Republic achieved DKK 145M of revenue, which is a plus of 25% vs. last year and puts the full year performance in the upper end of the revised guidance, published in the company announcement no.12-2024. The strong Q4 performance also led to a positive full year result in regards to profitability. With EBITDA of DKK 23M and EBIT of DKK 1M the company is also on the upper end of its guidance and shows a significant improvement to the last year. 

"Reaching positive EBIT for the first time is a big milestone for us as a company, especially in a challenging year like 2024. Our strategic investments in our operations and e-bike fleet fueled record revenue and a significant improvement in profitability. We are proud of what we have accomplished this year and to be an industry leader now also when it comes to profitability." Christian Dufft, CFO.

Full year table vs. guidance 

Please note that figures shown in this report are unaudited. The complete audited financial statements will be published on 17.03.2025.

Events after the period
As published in Investor News no. 01-2025, Donkey Republic secured DKK 61M in debt facility to fuel further growth and to refinance existing debt with improved terms. This is an important milestone for Donkey Republic and demonstrates strong confidence in the company's significant improvements in operating results. 

The inclusion of Sydbank, a leading Danish commercial lender, that also has a subsidiary in Germany, further underscores the strength of Donkey Republic's business model and its potential for long-term success beyond 2025.

Donkey Republic remains committed to providing convenient, affordable, and environmentally friendly mobility solutions for urban residents across Europe. With this new funding, the company is well-positioned to accelerate its expansion and further contribute to creating more livable and sustainable cities.

KPIs
KEY PERFORMANCE INDICATORS Q4-2024 (01 October 2024 - 31 December 2024)

*Following a review of our ridership data, we have revised the Q4 2023 rider count to 146K. 

KEY PERFORMANCE INDICATORS 2024 (01 January 2024 - 31 December 2024)

Guidance 2025
Revenue
Expected at the level of DKK 165M-185M (2024*: DKK 145M DKK)

EBITDA
Expected at the level of DKK 27M-37M (2024*: DKK 23M)

EBIT
Expected at the level of DKK 1M-6M  (2024*: DKK 1M)
*2024 figures are unaudited

Assumptions
2025 guidance is based on the following assumptions:

Revenue

• A fleet growth of 10-15% until end of year. With the deployment of approximately 1.500 bikes in the first half of the year and another 1.000 to 2.000 bikes in the second half of the year. The first batch of bikes is already on stock, whereas the funding for fleet expansion in the second half is already secured by growth loans as announced in Investor News No. 1-2025
• Continued ability to operate subsidized operations within the service level agreements and ongoing increase of the fleet utilization 
• Continued demand and operational condition for our existing bike sharing systems, i.e. no significant changes within the competitive landscape, no larger deviation in precipitation compared to the last years average and continuous functioning of the bike fleet as expected

EBITDA and EBIT

• Current scope of operation as well as reliability and maintenance needs of the fleet remains on the expected level 
• Roll out of new bikes is not significantly delayed or does not result in extraordinary cost 
• Scope of capitalized work and development projects are in line with expectations
• Scope of sales and administrative activities stays in line with expectations