GreenMobility (Investment case): Proven profitability, levers for the next growth phase identified
Summary
- In 2025, GreenMobility achieved record financial results with a 20% revenue increase to DKK 153.9m, a 57% EBITDA growth to DKK 54.0m, and a net profit of DKK 33.2m, significantly strengthening its balance sheet.
- For 2026, the company projects revenue growth of 8-12% and EBITDA growth of 12-16%, supported by organic expansion, technology-driven efficiencies, and a fleet expansion of up to 185 new vehicles.
- Key investment reasons include tapping into the growing car-sharing market, a 2026–2028 growth strategy within the existing capital structure, and potential growth in the self-driving car market, while risks involve competition, EV price fluctuations, and political support changes.
- Valuation shows GreenMobility trading at an EV/Sales of 2.6x and EV/EBITDA of 7.1x, with a justified premium on sales multiples due to a higher EBITDA margin, while trading at a discount on an earnings basis compared to peers.
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In connection with the publication of GreenMobility's annual report for 2025, we have updated our investment case.
2025 was a transformative year for GreenMobility, delivering record results across all key financial metrics. Revenue increased 20% to DKK 153.9m, EBITDA grew 57% to DKK 54.0m at a margin of 35%, and net profit reached DKK 33.2m. The balance sheet has been substantially strengthened, with equity rising from DKK 2.1m to DKK 35.6m and the solvency ratio reaching 22%, providing a solid foundation for the next phase of growth.
For 2026, GreenMobility guides for revenue growth of 8-12% and EBITDA growth of 12-16%, in line with the Strategy 2028 targets, driven by organic expansion in Denmark, technology-driven efficiency gains, and scale.
In connection with FY 2025 report GreenMobility announced a fleet expansion of up to 185 new vehicles, a ~10% increase in the total fleet, fully lease-financed with no cash down payment. The new fleet broaden the service offering and lower operating costs per vehicle, supporting the company's long term growth ambitions
Our investment case covers the key investment reasons and risks and valuation perspectives.
The key investment reasons center on GreenMobility tapping into a growing market of car sharing and the much larger rental market with a superior business model, the growing focus on inner-city mobility and traffic congestion driving increased support from cities and politicians, a 2026–2028 growth strategy that can be implemented within the existing capital structure - meaning excess cash over time can be redistributed to shareholders - and the optionality for growth after 2028 through early positioning in the self-driving car market, including an LOI signed for 2,000 robotaxis.
The key risks include competition from other transportation providers introducing price pressure and demand risk, short-to-medium-term price fluctuations on EVs creating a risk of fleet losses, the possibility that political support for reserved parking spaces could change, and the risk that faster-than-expected adoption of self-driving cars could erode the cost advantage car sharing has over taxis.
From a valuation perspective, based on the midrange of 2026 guidance, GreenMobility trades at EV/Sales of 2.6x versus a peer median of 1.9x, and EV/EBITDA of 7.1x versus a peer median of 8.8x. The premium on sales multiples is considered justified given an EBITDA margin approximately twice that of the peer group.
On an earnings basis, GreenMobility trades at a discount, and looking at 2028 expected results based on midterm targets, the discount widens further. It should be noted that the peer group is limited, as there are no listed pure-play free-floating car-sharing companies.
Looking at 2025 realised earnings per share of DKK 5.61, the stock trades at a P/E of approximately 10x, or approximately 18x when adjusting for the one-time deferred tax asset recognition.
For more insights into the results, the fleet expansion and the outlook, you can watch the management present the FY 2025 results and 2026 outlook here: https://www.inderes.dk/videos/greenmobility-presentation-of-the-annual-report-2025
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, 13:45, 26/03-2026
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