Company Announcement No. 21-2026
Donkey Republic delivered continued growth in Q3 2026, with revenue increasing 10.9% to DKK 61.3M and EBITDA increasing 8.9% to DKK 23.1M compared to same period last year. Across the full high season (Q2 and Q3 combined), revenue grew 14.6% to DKK 119.0M, and the EBITDA margin improved from 31.4% to 37.6%.
Based on the performance in the first nine months of the year, Donkey Republic confirms its full-year 2026 guidance.
Key Performance Indicators Q3 2026
[01 July 2026 - 30 September 2026]
| Total for Q3 2026 | Compared to Q3 2025 | |
|---|---|---|
| Total Revenue | DKK 61.3M | +10.9% |
| EBITDA | DKK 23.1M | +8.9% |
| Monthly revenue per bike | DKK 779 | -2.8% |
| Riders | 406k | +9.1% |
| Trips | 3.4M | +2.8% |
| Fleet size (average active bikes) | 26,228 | +14.1% |
Revenue growth was primarily driven by the roll-out of the new contract-based systems in the Ruhr region and Düsseldorf, with a large share coming from B2G revenue. By 30 September 2026, the Düsseldorf system was fully rolled out and more than 70% of the Ruhr fleet was in operation. As of this announcement, 95% of the Ruhr fleet is in operation, and the full fleet is expected to be operational by the end of 2026.
The EBITDA margin was 37.8% (Q3 2025: 38.5%), even though we absorbed the majority of the ramp-up costs for our two new German systems during the quarter. Central platform costs remained below last year's level.
With its debt restructuring completed during the quarter, Donkey Republic has secured the flexibility to order a significant number of new Gen4 bikes for delivery during 2027, positioning the Company to meet cities' demand for rapid rollouts and act quickly on new market opportunities.
2026 Guidance (DKK)
| Revenue | DKK 184M-194M |
| EBITDA | DKK 38M-45M |
| EBIT | DKK 4M-9M |
Preparations for a potential uplisting to Nasdaq Copenhagen Main Market are progressing as planned. If a final decision is made and the uplisting executed, it is expected to trigger a one-off cost of approximately DKK 5M, which is not reflected in the guidance ranges above.
Thor Möger Pedersen, CEO of Donkey Republic, commented:
"High-season performance remained strong, with solid revenue growth and improved profitability reflecting the steady progress of our `Ride and Do Well' strategy. As our new German systems reach full scale, we expect 2027 to capture the full-year benefits of our 2026 initiatives."
Please see the attached KPI Report Q3 2026 for further information.