GreenMobility: Launches share buyback programme of up to DKK 6 million

GreenMobility Fridau announced a share buyback programme of up to DKK 6 million, running from 29 May to 1 August 2026.

At current share price levels, this corresponds to up to 70,000 shares, or approximately 1% of the outstanding share capital of 5,916,553 shares.

The announcement is consistent with the capital allocation policy communicated in the FY 2025 annual report, where GreenMobility stated it would consider share buybacks once the equity ratio exceeded 20%. With equity of DKK 35.6 million at year-end 2025, corresponding to an equity ratio of 22%, that threshold has now been crossed, and the Board is following through on its stated framework.

In absolute terms, DKK 6 million is modest relative to the current market capitalisation of approximately DKK 483 million, representing roughly 1.2% of market cap. The significance lies less in the size and more in what it signals: that the company is generating sustained free cash flow beyond operational and investment needs, as also evidenced by Q1 2026 EBITDA of DKK 11 million and a net profit of DKK 3.2 million.

Crucially, the buyback does not come at the expense of growth. As highlighted in our investment case, the fleet expansion of 185 vehicles (DKK 30 million) is fully lease-financed with no cash outflow upfront, and GreenMobility's broader 2026–2028 growth strategy is designed to be executed within the existing capital structure. This means the company is not choosing between investing in growth and returning capital , it is doing both simultaneously. The investment case argument that excess cash can be redistributed to shareholders is now materializing.

The dual purpose of the programme, covering warrant obligations and potentially cancelling shares via a capital reduction, is worth noting. At year-end 2025, 182,000 warrants were outstanding, so part of the buyback may serve warrant coverage rather than pure capital return. Investors should track how the acquired shares are ultimately used.

Overall, this announcement is a modest but constructive step that validates the investment case narrative around capital returns as a component of the total return profile. The Board explicitly reserves the right to scale up the programme should financial performance and market conditions warrant it — leaving room for more meaningful capital returns as the 2026–2028 strategy continues to execute.

Disclaimer: HC Andersen Capital receives payment for a Digital IR subscription agreement. CEO of HC Andersen Capital, Tue Østergaard, owns shares and is the Chairman of the Board of GreenMobility. Michael Friis Jørgensen, 07:30, 01/06-2026