Donkey Republic: Q3 stronger than expected - ABG

* Q3 revenues in line with ABG, EBITDA 14% above
* FY'26 guidance reiterated
* Expect consensus '26 EBITDA up 4-6%


Q3 numbers vs. ABGSCe

DONKEY delivered a strong Q3, with +11% y-o-y revenue growth (in line with ABG of +11%). Revenues of DKK 61.3m was in line with ABG. Revenue/bike was DKK 779, -3% y-o-y (ABG DKK 737), while the fleet grew by +14% to an average of 26.2k bikes (ABG 27.8k). Q3 EBITDA of DKK 23.1m came in 14% above ABG of DKK 20.3m, impressive considering that the company absorbed the majority of its ramp-up costs for its German roll-outs during Q3.


FY'26 guidance and outlook

DONKEY reiterates its FY'26 guidance, expecting revenues of DKK 184m-194m (ABG DKK 191m), EBITDA of DKK 38m-45m (ABG DKK 43m) and EBIT DKK 4m-9m (ABG DKK 9m). Regarding the German roll-outs, DONKEY says that by the end of Q3, the Düsseldorf system was fully rolled out, and 95% of the Ruhr fleet is in operation as of today (2 November), with the full fleet expected operational by YE'26.


Consensus estimate revisions and share price reaction

We expect consensus to lift '26 EBITDA by 4-6% to the very high end of guidance.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/donkey-republic/Equity-research/2026/11/donkey-republic---q3-stronger-than-expected/