Donkey Republic delivers first positive H1 EBIT in company history, demonstrating scalable profitable growth
Company Announcement No. 19 – 2026
Donkey Republic delivered its first positive EBIT in the first half of a year in company history, as the “Ride and Do Well” strategy continues to translate into profitable and increasingly scalable growth. Revenue increased 15.8% to DKK 86.8M, while EBITDA increased to DKK 20.3M, corresponding to an EBITDA margin of 23%, compared with 7% in H1 2025.
EBIT improved from a loss of DKK 8.1M in H1 2025 to a profit of DKK 4.7M. The improvement reflects continued revenue growth, stronger contribution margins and, importantly, the ability to grow the business without a corresponding increase in central costs following the organisational and efficiency measures implemented during 2025.
On the back of this performance and the positive business outlook, Donkey Republic narrows its full-year 2026 guidance ranges upwards to revenue of DKK 184–194M (previously DKK 179-194M), EBITDA of DKK 38–45M (previously DKK 34-45M) and EBIT of DKK 4–9M (previously DKK 1-9M).
Key Performance Indicators H1 2026
[01 January 2026 – 30 June 2026]
| Total for H1 2026 | Compared to H1 2025 | |
| Total Revenue | DKK 86.8M | +15.8% |
| EBITDA | DKK 20.3M | +302.6% |
| Monthly revenue per bike | DKK 611 | +8.7% |
| Riders | 434k | +4.7% |
| Trips | 4.4M | +1.8% |
| Fleet size (average active bikes) | 23,594 | +6.2% |
Revenue growth in H1 2026 was supported by continued rider revenue growth, B2G revenue growth and the initial contribution from the Company’s new contract-based operation in the Ruhr region.
EBITDA increased by DKK 15.3M year-on-year to DKK 20.3M. Contribution margin increased to 52% from 45% in H1 2025, while Platform OpEx decreased despite continued growth in revenue. This demonstrates the increasing operating leverage of the business and the impact of the organisational and cost measures implemented during 2025.
The Company also continued to execute on its long-term expansion strategy. The contract-based bike-sharing system in the Ruhr region was launched in April, followed by Düsseldorf in July (event after H1). Together, the two systems will add more than 8,000 bikes to the operational fleet during 2026, supporting the next phase of growth. The majority of the financial contribution from these operations is expected from 2027 as the fleets reach full operational scale.
Following the DKK 75M private placement completed in February, Donkey Republic has completed a comprehensive debt restructuring, transitioning to commercial financing and securing a revolving CAPEX facility to support future fleet expansion. The new financing structure strengthens the Company’s ability to fund continued growth while reducing its cost of capital.
Based on the H1 2026 performance and positive business outlook, Donkey Republic narrows its full-year 2026 guidance ranges upwards:
| 2026 Guidance (DKK) | Previous | Narrowed |
| Revenue | DKK 179M–194M | DKK 184M–194M |
| EBITDA | DKK 34M–45M | DKK 38M–45M |
| EBIT | DKK 1M–9M | DKK 4M–9M |
Thor Möger Pedersen, CEO of Donkey Republic, commented:
“H1 2026 marks an important milestone for Donkey Republic. For the first time in our history, we have delivered positive EBIT in the first half of the year. At the same time, we are continuing to grow the business, demonstrating that the organisational and efficiency measures implemented over the past year are allowing us to scale without central costs increasing at the same pace.
This is ‘Ride and Do Well’ in practice: improving profitability while expanding through long-term city partnerships. With our major German contracts now moving into operations and a stronger financial foundation in place, we are well positioned for the next phase of our growth.”
Please see the attached H1 2026 Financial Report for further information.
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Date: 19 August 2026
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CONTACT INFORMATION
DonkeyRepublic Holding A/S
Skelbækgade 4, trappe B, 4. sal.
1717 København V
www.invest.donkey.bike
Thor Möger Pedersen, CEO
investor@donkeyrepublic.com
Certified Adviser
HC Andersen Capital
ca@hcandersencapital.dk
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https://invest.donkey.bike/donkey-republic-company-new
Founded in 2014, Donkey Republic has a strong focus on contributing to the development of sustainable transport to improve the quality of life in cities and for the sharing economy. To date, Donkey Republic’s services have converted millions of car and bus journeys to bicycle transport. Donkey Republic has continuously increased the number of users year by year.
The business model is based partly on Donkey Republic cooperating and entering into long-term contracts with cities that pay Donkey Republic with long-term earnings over typically 5-10 years where the city and its citizens get access to bikes and services, and partly on the company also receiving revenue from private users who rent the bikes as well as from corporate agreements and partnerships.
Donkey Republic has its own developed platform and through this offers bike sharing, where the bikes are accessed digitally for both private and corporate users, who can use the services in real time via a mobile app. Users register via the app and can then take advantage of the services. In addition to the main business, operations, support services and data are offered. Operations are carried out in Europe with headquarters in Copenhagen.