Company Announcement No. 8 - 2025

Management commentary 

Revenue
In Q1-2025, revenue grew by 28%, amounting to DKK 26.4M and is in line with management expectations. This increase is almost evenly distributed between the company's two main revenue streams: MaaS rider revenue and MaaS B2G and B2B.

Rider revenue grew by DKK 2.7M compared to Q1-2024, amounting to DKK 14.0M. This is partially due to fleet expansion in license-based cities, for example in Copenhagen, where Donkey Republic continues to increase its presence due to solid demand. However, the main driver behind the growth in this segment is higher utilization of the existing fleet. E-bike usage, in particular, continues to grow following a significant investment initiative in 2024 to improve availability across all cities. Consequently, the company is seeing a strong increase in rider revenue in cities like Antwerp and Geneva. A seasonal effect in Q1-2024 further underlines this year's strong growth as Easter fell in Q1-2024, a period traditionally accompanied by higher usage, especially from tourists, which will positively impact Q2-2025.

B2G and B2B revenue in Q1-2025 amounted to DKK 11.0M, an increase of DKK 2.9M compared to Q1-2024. A significant driver behind this growth has been the full ramp-up of Donkey Republic's operation of 1,000 bikes in Hannover, which was launched at the end of March last year (see Company Announcement no. 25-2023). The company is also recording similar growth in another core market, Belgium. This region not only benefits from increased e-bike usage but also from the continuous expansion of Donkey Republic's B2G revenue in and around Antwerp.

The above is reflected not just in the company's financials but also in the overall increasing number of trips and riders, underscoring the strong demand for its products.

During Q1-2025, the company deployed additional new bikes in some of its larger cities, including Copenhagen, Antwerp, and Geneva, while also renewing the entire fleet in Amsterdam. Furthermore, the company continued its efforts to refurbish its older fleet to prolong the lifetime of the bikes from the current 5-7 years to an expected 8-10 years. While these efforts had a limited impact on the company's performance in Q1-2025, they are expected to positively drive its performance for the remainder of 2025 and contribute to achieving the 2027 ambitions.

EBITDA
EBITDA improved by DKK 0.3M to DKK -6.3M in Q1-2025, in line with management expectations. The higher cost compared to the previous year is mostly connected to increased operational costs related to the company's fleet growth and the ongoing rollout of new bikes. This is necessary to ensure the proper maintenance and, therefore, availability of its bikes and to be ready for the upcoming high season. Additionally, as outlined in previous reports, the company continues to invest in its organization to utilize growth opportunities and professionalize core functions.

While the company expects its costs to remain relatively stable throughout the year, especially its fixed costs, its revenue in the first quarter constituted only 15% of its total revenue in 2023 and 2024, a trend it expects to continue in 2025. The company, therefore, anticipates a strong increase in profitability over the coming quarters, as it has also seen in previous years, especially on the back of the positive revenue development explained earlier in this report.

KEY PERFORMANCE INDICATORS Q1-2025 (01 January 2025 - 31 March 2025)

Guidance
Positive Q1-2025 results support the previously issued 2025 guidance:

Revenue: DKK 165M-185M
EBITDA: DKK 27M-37M
EBIT: DKK 1M-6M

Events after the period
Donkey Republic welcomes Rolf Bladt as a new member of the Board of Directors
As announced in company announcement no. 7-2025, Donkey Republic held its Annual General Meeting on 1 April 2025. The proposals put forth in the agenda were resolved, and Rolf Bladt was elected new member of the Board of Directors and commented on the election: "Joining Donkey Republic's board is a very exciting opportunity. I deeply resonate with their vision of redefining urban mobility and creating more livable cities. The management team's ability to deliver on their growth strategy has been particularly impressive, which is why I became an investor. I look forward to supporting the journey and sharing my experience in tender sales."

Financial reporting
Going forward, Donkey Republic aims at improving the depth and quality of reporting in the Half-Year and Annual Report to increase the transparency of Donkey Republic's performance and its business model.