Donkey Republic delivers strong Q3 2025: Translates 8% revenue growth into 21% EBITDA growth and confirms its full-year guidance for 2025
Company Announcement No. 15 - 2025
Financial and Operational Highlights for Q3 2025
The third quarter demonstrated the resilience and operational efficiency of our platform, allowing us to successfully translate continued revenue growth into significant profitability improvement despite facing temporary headwinds in some license based cities in the Netherlands.
Key Performance Indicators Q3-2025
[01 July 2025 - 30 September 2025]
| Total for Q3-2025 | Compared to Q3-2024 | |
| Total Revenue | DKK 55.2M | +8.0% |
| EBITDA | DKK 21.2M | +20.7% |
| Monthly revenue per bike | DKK 801 | +1.9% |
| Riders | 372k | +7.5% |
| Trips | 3.3M | +3.3% |
| Fleet size (active bikes) | 22,986 | +5.9% |
Revenue Development
Total revenue for Q3 2025 reached DKK 55.2 million, an 8.0% increase compared to the same period last year. This growth was primarily driven by our core rider revenue business, which grew by 14% year-on-year to DKK 40.7 million. This was achieved despite a temporary fleet reduction in the Netherlands due to the ongoing license situation in Amsterdam and Rotterdam. The affected bikes have been re-deployed during Q3 and the process is expected to be finalized Q4 2025.
A significant Q3 highlight was the successful rollout of the new Gen4 e-bike. The Gen4 e-bike has proven to be highly efficient to operate and has been met with strong customer satisfaction, reinforcing its potential to drive future usage and profitability.
EBITDA and Operational Efficiency
We achieved an EBITDA of DKK 21.2 million, a strong 20.7% increase year-on-year. This improvement of profitability reflects our efforts to enhance operational efficiency. Our commitment to efficiency is further demonstrated by stable cost levels compared to last year.
The strategic investments in our fleet quality are clearly paying off, resulting in higher rider satisfaction and a more robust operation. The profitability improvement reflects the scalability of our business model and the capabilities of our team.
Strategy and Outlook
The positive Q3 2025 results support the previously issued full-year 2025 guidance, which is maintained:
| 2025 Guidance (DKK) | |
| Revenue | 165m-185m |
| EBITDA | 22m-32m |
| EBIT | -5m-2m |
As announced earlier today, the company has launched its new strategic roadmap, "Ride and Do Well," which focuses on profitable growth and highly efficient operations.
The immediate focus is on executing cost optimization and rolling out our new operating model. These initiatives are critical to achieving the ambition of delivering a break-even EBT result in 2026. Furthermore, the company has with its recent private placement secured the runway and reduced the implementation risk of strategy execution, strengthening its ability to win new city contracts and scale toward becoming cash flow positive.
Thor Möger Pedersen, CEO of Donkey Republic, commented:
"Our Q3 performance demonstrates the commercial potential of our platform. We successfully delivered strong revenue growth and translated it into even stronger profitability growth, validating our focus on operational efficiency. With the new 'Ride and Do Well' strategy launched and runway funding secured, we have a clear roadmap. Moving forward, we are fully committed to executing our strategy and meet the first ambitious milestone of delivering a break-even EBT result in 2026.