Donkey Republic launches new strategy and financial ambitions towards 2030; Targets break-even EBT in 2026 and plans DKK 8.3M private placement

Contains Inside Information

Company Announcement No. 14 - 2025

Donkey Republic Holding A/S today announces the launch of its updated long-term strategy, "Ride and Do Well”, outlining a clear roadmap to becoming the most trusted micromobility partner in Northern European cities towards 2030.

The strategy is accompanied by clear financial ambitions, committed cost savings to secure near-term profitability, and a planned private placement.

New Strategy Focus: Profitable Growth and Scalability

The new strategic roadmap is built on three core pillars: being a Trusted City Partner, offering Integrated Bike Sharing, and maintaining Highly Efficient Operations.

• 2030 Vision: Donkey Republic aims to become the most trusted micro mobility partner to Northern European cities. This vision is supported by the expected doubling of the European bike-sharing market by 2030, with a shift toward multi-year city contracts and deep integration with public transportation.
   
• Strategic Initiatives: Implementation of the new strategy is already underway with the launch of a significant cost savings program and the rollout of a new operating model to enhance efficiency and scalability. The successful rollout of the Gen4 e-bike is a key element of the efficiency drive.

Ambitious Financial Targets and Planned Private Placement

The Company is committed to executing the new strategy with a focus on delivering profitable growth, backed by a plan to strengthen its capital base.
 

1. Near-Term Profitability Target (2026)

The ongoing cost optimization initiatives and the new operating model are critical to delivering a significant improvement to the bottom line. Donkey Republic targets to deliver a break-even EBT (Earnings Before Tax) result in 2026. This objective reflects the management’s focus on translating operational growth and efficiency into positive net results.
 

2. Mid- and Long-Term Financial Ambitions (2027 and 2030)

The following targets are strategic ambitions that illustrate the scale and value creation potential of the new strategy, and do not constitute formal financial guidance.
 

	Mid-term Ambition (By end of 2027)	Long-term Ambition (By end of 2030)
Fleet Size	30-35 thousand units	60-70 thousand units
Revenue (DKK)	220-270 million	400-480 million
Free Cash Flow (DKK)	15-22 million	30-50 million
Target EBIT Margin	10-15%	app. 15%
Target EBT Margin	5-10%	app. 10%

Note: Due to the prolonged tender processes mentioned in company announcement no- 12-2025 and the revised strategy, the previously published 2027 ambition (35 thousand bikes, revenue DKK 300 million, EBIT 15%) has been adjusted.
 

3. Planned Private Placement

To fund the runway, and reduce implementation risk of strategy execution, Donkey Republic intends to carry out a private placement of DKK 8.3 million. The issuing of new shares will be done against a cash contribution at a subscription price of DKK 6.12, corresponding to the average trading price during the 5 day trading period 20 - 24 October 2025, with no discount applied. 1.4 million new shares will be issued if the private placement is completed.  

The intended private placement of new shares is led by Bladt Invest ApS, owned by the board member Rolf Bladt, who will have above 20% of shares after the private placement. He is accompanied by Bankinvest, an institutional investor, participating in this private placement.

The private placement is subject to authorisation from the general meeting. The board of directors will convene for an extraordinary general meeting as soon as practically possible. 

The successful completion of this financing will solidify the company’s path towards becoming cash flow positive.
 

Management Statement

Thor Möger Pedersen, CEO of Donkey Republic, commented:

"The launch of 'Ride and Do Well' and our commitment to a break-even EBT in 2026 mark a decisive step forward for Donkey Republic. We are translating our improved performance - evidenced by our strong Q3 results - into a scalable growth strategy. The planned private placement secures our runway, reduces implementation risk, and strengthens our ability to win new city contracts.”