Earnings release
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DONKEY REPUBLIC HOLDING A/S Skelbækgade 4, 4th floor 1717 Copenhagen, Denmark CVR No.: 35 67 82 63 1 Key Performance Indicators Company Announcement No. 21-2026 Q3-2026 1 JULY – 30 SEPTEMBER 2026 DONKEY REPUBLIC | KPI REPORT Q3 -2026
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½ 2 DONKEY REPUBLIC | KPI REPORT Q3 -2026 Letter from the CEO Dear shareholders, partners, and stakeholders, Management Commentary During Q3 2026, Donkey Republic continued to deliver on our company strategy “Ride and do well”. Revenue grew by 10.9% to DKK 61.3M and EBITDA by 8.9% to DKK 23.1M, despite less favourable weather conditions in our key markets compared to Q3 2025. Comparing our full high season with 2025, i.e., Q2 and Q3 combined, revenue grew by 14.6% to DKK 119.0M, trips by 4.1% and riders by 7.3%, while the EBITDA margin improved from 31.4% to 37.6%. We are pleased with this performance, which confirms that we can increase profitability while continuing to deliver topline growth. Our new German systems were the main growth driver in the quarter, lifting revenue from our city and partner contracts (B2G and B2B) by 34.0% compared to Q3 2025. This contracted revenue gives us high visibility and helps balance weather effects and seasonal swings. With the roll- out nearing completion, both systems will be fully operational by the end of 2026. Based on our performance in the first nine months, we confirm our full-year 2026 guidance, as narrowed upwards in the Half Year Report, of revenue of DKK 184M-194M, EBITDA of DKK 38M- 45M and EBIT of DKK 4M-9M. Preparations for a potential uplisting to Nasdaq Copenhagen Main Market are progressing as planned, in line with our ambition of an uplisting in 2026, as previously communicated. A final decision has not yet been made, and the expected one-off cost of approximately DKK 5M related to an uplisting is not included in our guidance. During the quarter, we completed our debt restructuring. Our new financing structure, including a dedicated credit facility for fleet investments, allowed us the flexibility to place an order for a significant number of new Gen4 bikes for delivery during 2027. With long lead times on certain components and cities increasingly asking for rapid roll-outs, this puts us ahead of the curve and allows us to act quickly on new market opportunities. Looking ahead, we expect 2027 to benefit from the full-year effect of the growth initiatives executed in 2026, including our German systems and lower financing costs. We will continue to execute on our “Ride and do well” strategy with the same focus on profitable growth. I would like to thank our employees across all markets for their dedication through the high season and the roll-out of our German systems, our city partners for their close collaboration, and our shareholders for their continued trust and support. Thor Möger Pedersen, CEO of Donkey Republic
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3 Q3-2026 highlights Revenue Management Commentary EBITDA Guidance Based on our performance in the first nine months of the year, we confirm our full-year 2026 guidance, as narrowed upwards in our H1 2026 report: Revenue: DKK 184M to 194M EBITDA: DKK 38M to 45M EBIT: DKK 4M to 9M Total revenue for Q3 2026 reached DKK 61.3M, an increase of 10.9% compared to Q3 2025. Growth was primarily driven by the roll-out of our new systems in the Ruhr region and Düsseldorf, which lifted our average fleet by 14.1% to 26,228 bikes. As contract-based operations, both systems generate fixed fees from our city partners alongside rider revenue, which explains why B2G (Business to Government) revenue accounted for a large part of the growth in the quarter. Rider revenue also grew, though at a more moderate pace. Riders increased by 9.1% to 406k and trips by 2.8% to 3.4M compared to same period last year. Due to supply chain delays, part of the new German fleet entered service later than originally planned, and this delay in roll-out had a slightly negative impact on monthly revenue per bike. In 2026, looking at our full high season of Q2 and Q3 combined, revenue grew by 14.6% to DKK 119.0M, outpacing fleet growth of 9.2%, and monthly revenue per bike increased by 4.9% to DKK 792. Trips rose by 4.1% to 6.5M and riders by 7.3% to 628k. By 30 September 2026, our Düsseldorf system was fully rolled out and more than 70% of the Ruhr fleet was in operation, all on our Gen4 platform. As of the date of this report, 95% of the Ruhr fleet is in operation, and we continue to expect the full fleet to be operational by the end of 2026. EBITDA for Q3 2026 was DKK 23.1M, an increase of 8.9% compared to Q3 2025, corresponding to an EBITDA margin of 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. As in previous quarters, central platform costs remained below last year’s level as a result of the restructuring completed in late 2025. Across the full high season, the development is even clearer. For Q2 and Q3 combined, EBITDA increased by 37.2% to DKK 44.7M (2025: DKK 32.6M), lifting the EBITDA margin from 31.4% to 37.6%. This confirms that our more efficient operating model allows us to combine robust profitability with continued growth. DONKEY REPUBLIC | KPI REPORT Q3 -2026 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.
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4 Key performance indicators Q3 Q3-2026 (1 July 2026 – 30 September 2026) Management Commentary 1 Total revenue is unaudited figures 2 EBITDA is unaudited figures 3 Riders are users with a minimum of one rental 4 Trips are defined from when a bike is unlocked until it is locked again Metric Q3-2026 Q3-2025 % change vs Q3-2025 Total revenue¹ DKK 61.3M DKK 55.2M +10.9% EBITDA² DKK 23.1M DKK 21.2M +8.9% Monthly revenue per bike DKK 779 DKK 801 -2.8% Riders³ 406k 372k +9.1% Trips⁴ 3.4M 3.3M +2.8% Fleet size 26,228 22,986 +14.1% (average number of active bikes in period) DONKEY REPUBLIC | KPI REPORT Q3 -2026
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5 Key performance indicators Year-to-Date Year-to-Date 2026 (1 January 2026 – 30 September 2026) Management Commentary 1 Total revenue is unaudited figures 2 EBITDA is unaudited figures 3 Riders are users with a minimum of one rental 4 Trips are defined from when a bike is unlocked until it is locked again Metric YTD-2026 YTD-2025 % change vs YTD-2025 Total revenue¹ DKK 147.9M DKK 130.2M +13.6% EBITDA² DKK 43.4M DKK 26.3M +65.3% Monthly revenue per bike DKK 671 DKK 646 +4.0% Riders³ 693k 662k +4.8% Trips⁴ 7.8M 7.6M +2.2% Fleet size 24,484 22,405 +9.3% (average number of active bikes in period) DONKEY REPUBLIC | KPI REPORT Q3 -2026
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½ 6 Contract pipeline Our strategic contract pipeline as of publishing date Management Commentary Our strategic B2G tender pipeline, detailed in the accompanying table, comprises city opportunities that we have prioritised based on geographic relevance and strict financial criteria. We focus on tenders and protected licences within our core markets that demonstrate a strong product-market fit and align with our profitability benchmarks. Looking ahead, our pipeline remains robust and is categorised by stages of maturity. It includes several attractive opportunities, some already in active tender processes and others where the process is expected to start shortly. While we have successfully navigated these processes to reach Final Awards in the past, we remain mindful that municipal timelines are subject to administrative and legal variables that can extend the evaluation period. Despite the inherent timelines of public procurement, we are optimistic about our conversion potential. The current pipeline underscores our significant growth trajectory and reinforces our continued focus on securing the long-term, high-value city partnerships that play a pivotal role in our Donkey Republic business model. MATURITY CATEGORY APPLICATION BEING PREPARED APPLICATION IN PROCESS INTENT TO AWARD FINAL AWARD Tender or licence opportunity is reviewed and prepared Tender or licence application submitted, municipality decision pending Intent to award achieved, binding contract pending Final tender or licence award and binding contract achieved, roll-out pending Number of opportunities Above 10 4 1 1 Total bike numbers Above 30,000 7,500 to 10,000 100 to 1,000 +5,700 (+5,500 have already been rolled out) Category description Applications for announced tenders are in active preparation and internal review. Opportunities may be deprioritised if they do not align with our strategic and financial criteria. The process from this stage to an Intent to Award typically takes 6 to 18 months. In parallel, protected licences are considered for cities with strategic partnership potential. The company has submitted its application and is actively participating in the formal tendering process. This stage includes prequalification, indicative offers, and best and final offers. Opportunities are excluded only if we do not qualify to proceed to the next stage. The process from this stage to an Intent to Award typically takes 0 to 12 months. The tendering authority has selected the company as the preferred provider. This decision is not yet a binding contract, as it can be legally contested by other parties. The timeline for a final award is subject to the outcome of this legal process, which, based on prior experience, can extend up to 12 months. The tender has been legally awarded to the company, and a binding contract is in place. The rollout of the fleet is typically initiated within 3 to 12 months of the contract being signed. DONKEY REPUBLIC | KPI REPORT Q3 -2026
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7 Events after Q3 2026 Management Commentary Continued roll-out in the Ruhr region Since the end of the quarter, we have continued the roll-out of our contract-based bike-sharing system in the Ruhr region. As of the date of this report, 95% of the Ruhr fleet is in operation, and we continue to expect the full fleet to be operational by the end of 2026. DONKEY REPUBLIC | KPI REPORT Q3 -2026
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8 Company Strategy & Business Model DONKEY REPUBLIC | KPI REPORT Q3 -2026
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½ 9 Ride and do well 2030 Vision Statement Company Strategy & Business Model “The most trusted micromobility partner to Northern European cities1” Easily integrated into everyday urban life, Donkey Republic’s smart, sustainable bike-sharing systems will connect citizens to work, education, transit, and communities through reliable mobility In partnership with cities and public transport, Donkey Republic helps reduce car dependency, improve air quality, and ensure affordable access to healthy transportation Strategic intent embedded in 2030 vision Position as a solution provider for urban and suburban liveability Move beyond fleet operations to become an integrated urban mobility partner Objectives supporting 2030 vision Focus on trust, reliability, and partnerships – especially with municipalities and public transportation Deliver solid shareholder returns and stakeholder value Top-tier position in the Nordics, Benelux and DACH regions with a fleet of 60-70 thousand bikes Reach 30-35 million annual trips across core markets Launch social mobility programs in partnership with cities Promote biking as the preferred last-mile transportation Note 1: Northern Europe defined as the Nordics, DACH and Benelux DONKEY REPUBLIC | KPI REPORT Q3 -2026
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10 Business model Operating model Description Long-term contracts with duration of 3-10 years with cities or transport companies, secured by winning a tender Licences awarded by the municipalities, either available to every operator living up to certain criteria, or awarded yearly or by multiple years to one or more providers Partner buys hardware from Donkey Republic and operates the bikes themselves using the Donkey App and backend systems, for which they pay a yearly licence fee Contract based Licence based SaaS Revenue streams Rider revenue B2B and sponsoring Recurring fixed fees Recurring licence fees Hardware sales Rider revenue B2B and sponsoring Number of operations 40+ areas in operation 9 large-scale areas in operation 8 areas in operation Fleet size (Q3-2026) ~14.7k ~11.4k ~3.5k Donkey operated bike sharing systems Partner operated cities LEGACY: NOT A STRATEGIC FOCUS Trusted micromobility partner Donkey Republic operates a long-term, partnership-based model developed to address structural micromobility challenges in cities, including access to work, education, and public transport. In collaboration with municipalities, we provide reliable and affordable bike sharing that strengthens urban connectivity and reduces car dependency. Long-term contracts and integration with public infrastructure Our strategy centres on multi-year contracts and protected operating licences, typically lasting 3–10 years. These agreements provide revenue visibility and structured market conditions that support disciplined capital deployment. As a trusted city partner, we integrate bike sharing into public transport systems and urban planning. In several markets, recurring fixed fees from municipalities reflect the role of bike sharing as part of sustainable city infrastructure, reinforcing demand stability and long-term alignment. Diversified revenue streams & capital-efficient asset model Revenue is generated from a diversified mix of city contracts with recurring fixed fees,direct rider payments, advertisement income, and corporate partnerships. This blended structure reduces dependence on any single income stream. In addition, the company generates minor revenue from hardware sales and software licences. Our bikes are designed for usability, durability, and low maintenance, forming the basis of a capital-efficient asset platform. While the accounting lifetime of a bike is five years with a 30% residual value, operational lifetimes typically extend to 7–10 years through continuous maintenance and refurbishment, supporting attractive unit economics. Operational excellence & scalable growth Operational excellence remains central to our model. Through standardised processes and data-driven optimisation, we enhance efficiency while maintaining high service reliability. This disciplined approach enables scalable growth, measurable urban impact, and attractive long-term returns. DONKEY REPUBLIC | KPI REPORT Q3 -2026Company Strategy & Business Model
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11 Ride and do well Favourable trends and strong value proposition to drive Donkey Republic towards the 2030 vision Donkey Republic’s value proposition Aiming to be number one within trusted city partnerships, public transport integration, and operational efficiency Public transport integration By 2030, bike sharing systems are expected to be integrated into public transport across numerous European cities, with software platforms increasingly connecting multiple vehicle types, operators, and modes of transport Key trends defining 2030 markets Long term contracts to dominate By 2030, city contracts with multi-year duration are expected to be the dominant regulation regime. Despite significant uncertainty, the market is projected to consist of 15% open licences, 60% tender based contracts and 25% protected licences Bike sharing market set to grow by 100% By 2030, the European market is expected to reach 800 thousand shared bikes, with 50% being e-bikes – doubling from 400,000 shared bikes in 2025 Trusted city partner Highly efficient operations Integrated bike sharing Tailor-made operational setup across cities to minimise cost and optimise profit In-house and partner-managed operations with growing efficiency and B2G/B2C synergies Playing the long game and continuously fortifying relationships with partners Pursue executive-level city relationships and commercial collaborations with relevant transport companies Strong relations with civil servants and transport companies in key cities Drive significant efficiency gains through data driven operations, local professionalisation and SOPs Flexible and integrable app and bike system for public transport and city planning Market standard software with proven track record of integrating with public transport Pursue co-creation and bike deployment linked to public transport and launch cross-app products DONKEY REPUBLIC | KPI REPORT Q3 -2026Company Strategy & Business Model
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12 Ride and do well Strategic roadmap to drive profitable growth through existing operations and new city contracts Short-term milestones & ambition Mid-term milestones & ambition Long-term milestones & ambition By end of 2026 By end of 2027 By end of 2030 30-35k Fleet 220-270M Revenue (DKK) 15-22M FCF (DKK) 25-30% EBITDA margin 10-15% EBIT margin 5-10% EBT margin 60-70k Fleet 400-480M Revenue (DKK) 30-50M FCF (DKK) ~30% EBITDA margin ~15% EBIT margin ~10% EBT margin Financial guidance Financial ambition Financial ambition Onboard 2-5 cities and increase fleet by 10-14k units Realise contribution margin of 55% Smart integration with 2-3 public transport systems Resilient and consolidated business units, leverage highly scalable HQ platform and mature pipeline Expand city contracts across key markets, with profitable fleet growth reaching 60-70k units Maintain contribution margin of 55% Smart integration with majority of public transport systems within operating cities Implement new operating model to enhance efficiency Optimise cost structure and improve profitability of fleet – several cost optimisation initiatives have already been launched Successful roll-out of Gen4 as new bike system platform Sign contracts of 10-14k units Strong and trust-based partnerships with all key cities Optimise CAPEX funding of fleet expansion Several industry partnerships established Optimise CAPEX funding of fleet expansion Note: The figures presented for 2027 and 2030 reflect Donkey Republic’s long-term ambition and strategic potential and should not be construed as financial guidance. 184-194M Revenue (DKK) 38-45M EBITDA (DKK) 4-9M EBIT (DKK) 179-194M Revenue (DKK) 34-45M EBITDA (DKK) 1-9M EBIT (DKK) Original 2026 guidance: DONKEY REPUBLIC | KPI REPORT Q3 -2026Company Strategy & Business Model
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Donkey Republic Holding A/S Skelbækgade 4, 4th floor 1717 Copenhagen, Denmark CVR No.: 35 67 82 63 Established: 4 March 2014 Municipality: Copenhagen 3rd Quarter: 1 July – 30 September 2026 Caroline Søeborg Ahlefeldt, Chairperson Jakob Have, Deputy Chair Jesper Lilledal Holmgaard Lars Kristensen Erdem Ovacik Karl Erik Wenngren Grace Roberts, Employee Representative 13 Corporate Governance Company information Board of Directors Executive Board Thor Möger Pedersen, CEO Signe Storgaard, COO DONKEY REPUBLIC | KPI REPORT Q3 -2026Corporate Governance
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About Donkey Republic Donkey Republic is a European micromobility company providing bike sharing solutions in partnership with cities across Northern Europe. Founded in 2014 in Denmark, the Company’s ambition is to be the most trusted micromobility partner to cities, supporting the development of more liveable, connected, and sustainable urban environments. Designed to integrate seamlessly into everyday urban life, Donkey Republic’s smart bike-sharing systems connect people to work, education, public transport, and communities through reliable and accessible mobility. Working closely with cities and public transport authorities, Donkey Republic helps reduce car dependency, improve air quality, and ensure affordable access to healthy forms of transport. Donkey Republic is publicly listed on Nasdaq First North Growth Market Denmark. 14 Contact Information Certified Adviser HC Andersen Capital Bredgade 23B, 2nd floor 1260 Copenhagen K Donkey Republic Holding A/S Skelbækgade 4, 4th floor 1717 Copenhagen Website: www.invest.donkey.bike Email: investor@donkeyrepublic.com Subscribe to our company announcements at: https://invest.donkey.bike/donkey-republic-company-news/ Contact information DONKEY REPUBLIC | KPI REPORT Q3 -2026
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15 Every Ride Counts DONKEY REPUBLIC | KPI REPORT Q3 -2026