GreenMobility: Strengthening the foundation for 2028 targets with record results and new fleet

GreenMobility today released its annual report for 2025, confirming the preliminary figures from January almost to the letter. Revenue landed at DKK 153.9m against preliminary DKK 154m, EBITDA at DKK 54.0m against preliminary DKK 53m corresponding to a margin of 35.1%, and net profit at DKK 33.2m against preliminary DKK 32m. Both operating metrics came in above the top end of the most recently upgraded guidance of 17–19% revenue growth and 47–52% EBITDA growth — guidance that was itself the result of four upward revisions during 2025.

The balance sheet shows a marked transformation. Equity increased from DKK 2.1m to DKK 35.6m and the solvency ratio from 1% to 21.9%. Cash flow from operations reached DKK 45.5m, and cash and cash equivalents increased from DKK 9.5m to DKK 16.5m. Total financial liabilities fell from DKK 164.9m to DKK 126.8m, driven by lease amortisation and repayment of loans, with remaining loan balances now standing at DKK 20.3m. The company also recognised DKK 15.0m in additional deferred tax assets, bringing the total recognised on the balance sheet to DKK 23.4m.

Alongside the annual report, the company announced a fleet expansion of up to 185 new vehicles in Copenhagen — approximately 10% growth in the total fleet. The expansion is fully lease-financed with no down payment and results in lease liabilities of up to approximately DKK 30m. The company states that the operating cost per vehicle is lower than for the existing fleet, reflecting that the new models are generally more energy-efficient and require less maintenance than the older Renault Zoé, which has hitherto dominated the fleet.

The new fleet introduces four models that together broaden the service offering significantly. Collectively, the new fleet addresses a wider segment of users than the current one and supports the company's ambition to become a more integrated part of the urban transport mix.

Guidance for 2026 is maintained at 8–12% revenue growth and 12–16% EBITDA growth — in line with the Strategy 2028 targets, and it is in that context the fleet expansion should be seen.

In natural continuation of the solvency ratio now exceeding 20%, and the company having communicated as part of its Strategy 2028 ambitions that capital allocation including share buybacks would be considered when this threshold is reached, the board has signalled that it will seek authorisation for a potential share buyback programme at the annual general meeting in April 2026.

In connection with the annual report, we are hosting an event with management next week, where we will look particularly at the outlook for 2026 and the increased investments in the fleet.

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GreenMobility - FY 2025 Event

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. Mihcael Friis Jørgensen, 10:45, 19/01-2026