GreenMobility today adjusted its FY2026 guidance, lowering expected revenue growth to 5–9% (from 8–12%) while keeping EBITDA growth guidance unchanged at 12–16%. Pointing to earnings quality holding up despite topline disappointing.  

Alongside the adjustment, the company released preliminary H1-2026 figures showing revenue growth of 4% to DKK 77.2m (H1-2025: DKK 74.2m), EBITDA growth of 19% to DKK 28.8m (DKK 24.1m), and net profit up 112% to DKK 12.5m (DKK 5.9m). The EBITDA margin improved to 37.3% from 32.5%.

The key message in today's announcement is the composition. The downgrade is isolated to the topline, while the earnings guidance is maintained. H1 EBITDA growth of 19% is already tracking above the full-year range of 12–16%, despite revenue growth of 4% running at or below the low end of even the new revenue guidance. In other words, the cost discipline and operational streamlining are more than compensating for the softer topline.

The maintained guidance also leaves headroom in the second half. With FY2025 EBITDA of DKK 54.0m, the unchanged 12–16% range implies FY2026 EBITDA of approximately DKK 60.5–62.7m. With DKK 28.8m delivered in H1, that leaves an implied H2 EBITDA of DKK 31.7–33.9m against DKK 29.9m in H2-2025, corresponding to H2 growth of roughly 6–13%, well below the 19% delivered in H1. If the H1 margin trajectory continues, the EBITDA guidance looks well underpinned.

It is worth noting, though, that Q2 in isolation showed clear deceleration, with revenue up 1% to DKK 41.7m and EBITDA up 3% to DKK 17.8m, but it should be noted that the new revenue guidance further supports the earnings guidance with expecting growth

With FY2025 revenue of DKK 153.9m, the new guidance of 5–9% implies FY2026 revenue of DKK 161.6–167.8m. With DKK 77.2m delivered in H1, that leaves implied H2 revenue of DKK 84.4–90.6m against DKK 79.7m in H2-2025, corresponding to H2 growth of roughly 6–14%. Even the low end of the adjusted guidance thus requires an acceleration from the 4% delivered in H1 and the 1% in Q2, resting primarily on the delayed fleet deliveries arriving and contributing in H2.

This makes the timing and ramp-up of the fleet expansion the central variable for the topline in the second half.

On the reasons for the adjustment, it is relevant to distinguish between potential temporary and potentially structural factors.

Delayed vehicle deliveries (due to supply chain disruptions from the Strait of Hormuz closure) and road closures in Amager are timing and infrastructure issues, where the fleet expansion effect shifts to H2-2026 rather than disappearing. The platform migration is an execution delay, with benefits still expected to materialize over the coming quarters.

The one factor with a potentially more structural character is the increased supply in the Copenhagen taxi market, where the company itself states the demand impact is not yet quantifiable. This is the element that adds genuine uncertainty to the guidance range and warrants monitoring.

The balance sheet continues to strengthen, with equity increasing to DKK 44.6m from DKK 35.6m at year-end 2025, and the operation remains cash flow positive.

GreenMobility publishes its full H1-2026 interim report on 9 July, and management will present the figures on Friday 10 July at 12:00 with an opportunity to ask questions.

Sign up here:

https://www.inderes.dk/videos/greenmobility-presentation-of-the-h1-2026-interim-report

Focal points for the presentation include the phasing and expected contribution of fleet deliveries in H2, what the problems are and expected progress on the platform migration, how the company assesses the competitive impact from the expanded taxi supply, and the sustainability of the margin improvement and the cash flow derived from the earnings.

HC Andersen Capital receives payment from GreenMobility for a Digital IR/Corporate Visibility subscription agreement. CEO of HC Andersen Capital, Tue Østergaard, owns shares and is the Chairman of the Board of GreenMobility. /Michael Friis, kl. 07:48  07/07-2026