Company Announcement No. 14 - 2026
Donkey Republic delivered a resilient performance in Q1 2026 despite unusually harsh winter conditions across its Nordic markets. Revenue increased year-on-year, while EBITDA improved significantly following the implementation of organisational and cost efficiency measures initiated during 2025.
Activity levels were impacted by lower temperatures, particularly in January and February, resulting in fewer trips and riders compared to the same period last year. Performance normalised towards the end of the quarter, with March developing in line with expectations as the Company is preparing for the high season.
[01 January 2026 - 31 March 2026]
| Total for Q1 2026 | Compared to Q1 2025 | |
| Total Revenue | DKK 29.0M | +9.9% |
| EBITDA | DKK -1.2M | +80.2% |
| Monthly revenue per bike | DKK 413 | +1.5% |
| Riders | 163k | -1.4% |
| Trips | 1.3M | -6.2% |
| Fleet size (average active bikes) | 23,381 | +8.2% |
Revenue growth in the quarter was primarily driven by continued fleet expansion, supported by a modest improvement in revenue per trip and per rider. Furthermore, the Company's B2G business performed slightly better than expected during the quarter.
EBITDA for Q1 2026 reached DKK -1.2 million, representing an improvement of 5.1 million year-on-year up from -6.3 million in Q1 2025. The profitability improvement was primarily driven by the full implementation of cost-saving initiatives following the reorganisation carried out during Q3 and Q4 2025.
Based on the performance in Q1 2026, Donkey Republic confirms its full-year 2026 guidance:
| 2026 Guidance (DKK) | |
| Revenue | DKK 179m - 194m |
| EBITDA | DKK 34m - 45m |
| EBIT | DKK 1m - 9m |
In February 2026, DonkeyRepublic Holding A/S completed a private placement raising gross proceeds of approximately DKK 75 million. The proceeds strengthen the Company's financial position and support continued execution of the strategic roadmap.
Thor Möger Pedersen, CEO of Donkey Republic, commented:
"Q1 2026 demonstrates the positive effects of the organisational and efficiency measures implemented during 2025. Despite unusually harsh winter conditions, we delivered revenue growth, significantly improved EBITDA, and we are entering the high season with good momentum."
Please see the attached KPI Report Q1 2026 for further information.