Half Year 2026 DonkeyRepublic Holding AS Earnings Call

Speaker #1: Welcome to today's event, where we have the pleasure of presenting DonkeyRepublic. As we can see here on the front plates, the H1 report, the expectation for the rest of the year, and the achievements through the first half of the year will be the topics of today's presentation.

[Analyst]: Welcome to today's event, where we have the pleasure to present DonkeyRepublic. As we can see here on the front page, the H1 report, the expectation for the rest of the year, and the achievement through the H1 of the year will be the topic of today's presentation. Through today's presentation, present the results and answer questions. In the end of the presentation, we are joined by CEO Thor Möger and CCO Signe Storgaard. As always, there is a box down below. Do feel free to ask questions. Do feel free to do it in Danish. I will try and translate to the best of my ability. There has already come in some questions, see whether this has already been asked, but do still feel free to ask questions. With that introduction, I think I will hand the stage over to you, Thor.

Moderator: Welcome to today's event, where we have the pleasure to present DonkeyRepublic. As we can see here on the front page, the H1 report, the expectation for the rest of the year, and the achievement through the H1 of the year will be the topic of today's presentation. Through today's presentation, present the results and answer questions. In the end of the presentation, we are joined by CEO Thor Möger and CCO Signe Storgaard. As always, there is a box down below. Do feel free to ask questions. Do feel free to do it in Danish. I will try and translate to the best of my ability. There has already come in some questions, see whether this has already been asked, but do still feel free to ask questions. With that introduction, I think I will hand the stage over to you, Thor.

Speaker #1: To help us through today's presentation, present the results, and answer questions at the end of the presentation, we're joined by CEO Troy Muir and CCO Sine Storgård.

Speaker #1: As always, there's a box down below; do feel free to ask questions, and do feel free to do it in Danish. I'll try and translate to the best of my ability.

Speaker #1: It has already come up in some questions—see whether it's already been asked—but do still feel free to ask a question. With that introduction, I think I will hand the stage over to you, Troy.

Speaker #2: Thank you very much, Michael, and thank you for hosting this event. Also, thank you to all participants for taking the time to listen in. My name is, as you mentioned, Michael Troy Muir-Pildersen, and I am the CEO of DonkeyRepublic. I'm joined by my good colleague, CEO Sine.

Thor Möger Pedersen: Thank you very much, Michael, and thank you for hosting this event. Also, thank you for all participants taking the time to listen in. My name is, as you mentioned, Michael, Thor Möger Pedersen, and I am the CEO of DonkeyRepublic, and I am joined by my good colleague, CCO Signe.

Thor Möger: Thank you very much, Michael, and thank you for hosting this event. Also, thank you for all participants taking the time to listen in. My name is, as you mentioned, Michael, Thor Möger Pedersen, and I am the CEO of DonkeyRepublic, and I am joined by my good colleague, CCO Signe.

Speaker #3: Yeah, I'm Sine Storgård, and I'm the CEO of DonkeyRepublic.

Signe Storgaard Sørensen: Yeah. I am Signe Storgaard, and I am the CCO of DonkeyRepublic.

Signe Storgaard: Yeah. I am Signe Storgaard, and I am the CCO of DonkeyRepublic.

Speaker #2: And we have had the honor of leading DonkeyRepublic now for a bit more than 12 months, and we are very excited to present these H1 results, also showcasing the great efforts done by the organization and the team in implementing the company strategy, and also showing the effects of the transformatory decisions we made back in 2025.

Thor Möger Pedersen: We have had the honor of leading DonkeyRepublic now for a bit more than 12 months, and we are very excited to present this H1 results, also showcasing the great efforts done by the organization and the team in implementing the company strategy and also showing the effects of the transformatory decisions we made back in 2025. Let's get to it. If we start with the overview, what has defined H1 2026 for DonkeyRepublic, the main headline is that we have delivered on our strategy and have really been in execution mode. We launched our strategy, Ride into Growth, back in Q3 2025, and since then, we have been very focused in actually executing the strategy. What we see is that we are improving on profitability alongside a continued growth path for the company.

Thor Möger: We have had the honor of leading DonkeyRepublic now for a bit more than 12 months, and we are very excited to present this H1 results, also showcasing the great efforts done by the organization and the team in implementing the company strategy and also showing the effects of the transformatory decisions we made back in 2025. Let's get to it. If we start with the overview, what has defined H1 2026 for DonkeyRepublic, the main headline is that we have delivered on our strategy and have really been in execution mode. We launched our strategy, Ride into Growth, back in Q3 2025, and since then, we have been very focused in actually executing the strategy. What we see is that we are improving on profitability alongside a continued growth path for the company.

Speaker #2: But let's get to it. If we start with the overview, what has defined H1 2026 for DonkeyRepublic, the main headline is that we have delivered on our strategy and really been in execution mode.

Speaker #2: We launched our strategy, Ride Into Wealth, back in Q3 2025, and since then we have been executing the strategy very well. What we see is that we are improving on profitability, alongside a continued growth path for the company.

Speaker #2: Importantly to highlight is that we have implemented a stronger operating model, transforming our organization. This means, in essence, that we now have a very efficient and cost-effective HQ organization in place, enabling us to onboard new cities without increasing central cost. We also have regional accountability and regional execution power, enabling us to pursue commercial opportunities with greater speed compared to the previous setup.

Thor Möger Pedersen: Importantly to highlight is that we have implemented a stronger operating model, transforming our organization. This means, in the essence, that we now have a very efficient and cost-effective HQ organization in place, enabling us to onboard new cities without increasing central cost. We have regional accountability and also regional execution power enabling us to pursue commercial opportunities with a greater speed compared to previous setup. That is the foundation enabling us to deliver profitability and growth at the same time.

Thor Möger: Importantly to highlight is that we have implemented a stronger operating model, transforming our organization. This means, in the essence, that we now have a very efficient and cost-effective HQ organization in place, enabling us to onboard new cities without increasing central cost. We have regional accountability and also regional execution power enabling us to pursue commercial opportunities with a greater speed compared to previous setup. That is the foundation enabling us to deliver profitability and growth at the same time.

Speaker #2: That is the foundation enabling us to deliver profitability and growth at the same time.

Speaker #3: Yeah, and from an operational perspective, we have also launched our two new regions in Germany: Ruhr and Düsseldorf. We had a great launch event in Ruhr on April 1st and launched in Düsseldorf on July 1st.

Signe Storgaard Sørensen: Yeah. On an operational perspective, we have also launched our two new regions in Germany, Ruhr and Düsseldorf. We had a great launch event in Ruhr 1 April and launched in Düsseldorf 1 July. Furthermore, the Gen4 platform has now really shown to be successful also at scale, and we are now harvesting the first benefits from a greater and more qualitative bike, and that is also what will be supporting us for profitable growth going forward.

Signe Storgaard: Yeah. On an operational perspective, we have also launched our two new regions in Germany, Ruhr and Düsseldorf. We had a great launch event in Ruhr 1 April and launched in Düsseldorf 1 July. Furthermore, the Gen4 platform has now really shown to be successful also at scale, and we are now harvesting the first benefits from a greater and more qualitative bike, and that is also what will be supporting us for profitable growth going forward.

Speaker #3: Furthermore, the Gen4 platform has now really shown to be successful, also at scale, and we are now harvesting the first benefits from a greater, more qualitative bike, and that is also what will be supporting us for profitable growth going forward.

Speaker #2: Exactly, and on top of the operational improvements, we have also successfully executed a capital raise at the beginning of the year. Following that capital raise, we have finalized and completed a comprehensive restructuring of our debt, meaning that we now have the company in a very solid capital position. The outlook for our growth expectations from a capital perspective is that we now have the setup to fund our expansion towards 2030 without additional equity raises, which is, of course, a positive situation to be in.

Thor Möger Pedersen: Exactly. On top of the operational improvements, we have also successfully executed a capital raise in the beginning of the year. Following that capital raise, we have finalized and completed a comprehensive restructuring of our debt, meaning that we now have the company in a very solid capital position. The outlook for our growth expectation is, from a capital perspective, that we now have the setup to fund our expansion towards 2030 without additional equity raises, which is, of course, a positive situation to be in. Looking at the numbers, Q2 has been a strong performance quarter. We have seen revenue grow more than 18% compared to the same period last year. Especially, we have also seen EBITDA and thereby profitability increase significantly to more than DKK 21 million for the period, and the KPIs are also showing in growth in monthly revenue per bike.

Thor Möger: Exactly. On top of the operational improvements, we have also successfully executed a capital raise in the beginning of the year. Following that capital raise, we have finalized and completed a comprehensive restructuring of our debt, meaning that we now have the company in a very solid capital position. The outlook for our growth expectation is, from a capital perspective, that we now have the setup to fund our expansion towards 2030 without additional equity raises, which is, of course, a positive situation to be in. Looking at the numbers, Q2 has been a strong performance quarter. We have seen revenue grow more than 18% compared to the same period last year. Especially, we have also seen EBITDA and thereby profitability increase significantly to more than DKK 21 million for the period, and the KPIs are also showing in growth in monthly revenue per bike.

Speaker #2: Looking at the numbers, Q2 has been a strong performance quarter. We have seen revenue grow more than 18% compared to the same period last year, and especially, we have also seen EBITDA—and thereby profitability—increase significantly to more than DKK 21 million.

Speaker #2: For the period, and the KPIs are also showing growth in monthly revenue per bike. We have also seen trips and riders increase more than our fleet has expanded in Q2, sort of delivering a very solid foundation for the half year, and translating into the full half year, where we did see back in Q1 a bit of headwind due to tough weather in the Nordics. We do see an H1 performing as planned, with growth of almost 16%, and especially again highlighting that our profitability for the period is at an acceptable and planned level, and much improved compared to H1 2025.

Thor Möger Pedersen: We have also seen trips and riders increase more than our fleet has expanded in Q2, sort of delivering a very solid foundation for the half year and translating into the full half year, where we did see back in Q1 a bit of headwind due to tough weather in the Nordics. We do see an H1 performing as planned with growth of almost 16% and especially, again, highlighting that our profitability for the period is at an acceptable and planned level and much improved compared to H1 2025. That is also the reason for us to narrow our guidance for the full year performance. We are narrowing our guidance upwards. So now we do expect a revenue between DKK 184 million to DKK 194 million, and profitability on EBIT level between DKK 4 million and DKK 9 million.

Thor Möger: We have also seen trips and riders increase more than our fleet has expanded in Q2, sort of delivering a very solid foundation for the half year and translating into the full half year, where we did see back in Q1 a bit of headwind due to tough weather in the Nordics. We do see an H1 performing as planned with growth of almost 16% and especially, again, highlighting that our profitability for the period is at an acceptable and planned level and much improved compared to H1 2025. That is also the reason for us to narrow our guidance for the full year performance. We are narrowing our guidance upwards. So now we do expect a revenue between DKK 184 million to DKK 194 million, and profitability on EBIT level between DKK 4 million and DKK 9 million.

Speaker #2: That is also the reason for us to narrow our guidance for the full-year performance. We are narrowing our guidance upwards, so now we do expect revenue between DKK 184 million and DKK 194 million, and profitability on EBIT level between DKK 4 million and DKK 9 million.

Speaker #2: This is, of course, reflecting the strong H1 performance, but also a solid outlook for the rest of the year, with high season already in place here in August. We are, of course, very focused on actually delivering this performance, because it will require full attention from both management and all team members to actually execute on these guidance expectations. However, given the H1 performance, we do have confidence in our ability to actually execute these expectations.

Thor Möger Pedersen: This is, of course, reflecting the strong H1 performance, but also a solid outlook for the rest of the year with high season already in place here in August. We are, of course, very focused to actually deliver this performance because it will require full attention from both management and all team members to actually execute on these guidance expectations. However, given the H1 performance, we do have confidence in us with actually executing these expectations. Just double-clicking on what is actually driving the profitability improvements of the company's performance. We are coming from a situation same period last year, where we actually saw a negative EBIT of -8.1 million DKK. This first half year, we are delivering a positive EBIT result of +4.7 million DKK.

Thor Möger: This is, of course, reflecting the strong H1 performance, but also a solid outlook for the rest of the year with high season already in place here in August. We are, of course, very focused to actually deliver this performance because it will require full attention from both management and all team members to actually execute on these guidance expectations. However, given the H1 performance, we do have confidence in us with actually executing these expectations. Just double-clicking on what is actually driving the profitability improvements of the company's performance. We are coming from a situation same period last year, where we actually saw a negative EBIT of -8.1 million DKK. This first half year, we are delivering a positive EBIT result of +4.7 million DKK.

Speaker #2: Just double-clicking on what is actually driving the profitability improvements of the company performance. We are coming from a situation same period last year where we actually saw a negative EBIT of DKK 8.1 million, and this half year, first half year, we are delivering a positive EBIT result of DKK 4.7 million. That is the first positive H1 performance in the history of Donkey Republic, and of course, we're very proud and pleased to see this development.

Thor Möger Pedersen: That is the first positive H1 performance in the history of DonkeyRepublic, and of course, we are very proud and pleased to see this development. We see several effects building up to the positive result. One is increased revenue. We also see that within our city operations, we have managed to improve contribution margin to being more cost-effective within each city operation. On top of that, we see the effects of the organizational changes made in Q3 and Q4 2025, lowering the central HQ cost and thereby contributing to the overall profitability. We do see also an extra depreciation effect coming from the fact that we are increasing our fleet. Nevertheless, we are transforming a negative -8.8 to a positive +4.7 EBIT performance results, which is in line with our plan and a testimony to the effects of our strategy.

Thor Möger: That is the first positive H1 performance in the history of DonkeyRepublic, and of course, we are very proud and pleased to see this development. We see several effects building up to the positive result. One is increased revenue. We also see that within our city operations, we have managed to improve contribution margin to being more cost-effective within each city operation. On top of that, we see the effects of the organizational changes made in Q3 and Q4 2025, lowering the central HQ cost and thereby contributing to the overall profitability. We do see also an extra depreciation effect coming from the fact that we are increasing our fleet. Nevertheless, we are transforming a negative -8.8 to a positive +4.7 EBIT performance results, which is in line with our plan and a testimony to the effects of our strategy.

Speaker #1: We see several effects building up to the positive result. One is increased revenue. Then we also see that within our city operations, we have managed to improve contribution margin—so being more cost-effective within each city operation. On top of that, we see the effects of the organizational changes made in Q3 and Q4 2025, lowering the central HQ cost and thereby contributing to the overall profitability.

Speaker #1: We do see also an extra depreciation effect coming from the fact that we are increasing our fleet. Nevertheless, we are transforming a negative €8.8 million to a positive €4.7 million EBIT performance result, which is in line with our plan and a testimony to the effects of our strategy.

Speaker #1: Now you've seen it, we'll take over and give you some insights into the regional performance, and sort of with the last 12 months' perspective.

Thor Möger Pedersen: Now Signe, you will take over and give us some insights in the regional performance and sort of with the last 12 months perspective.

Thor Möger: Now Signe, you will take over and give us some insights in the regional performance and sort of with the last 12 months perspective.

Speaker #3: Yes, exactly. So over the last 12 months' performance, we're showing that we're both increasing revenue and also the number of trips, and have also been able to increase our contribution margin, meaning that we have delivered growth without trading profitability.

Signe Storgaard Sørensen: Yes, exactly. Over the last 12 months performance, we are showing that we are both increasing revenue and also numbers of trips, and have also been able to increase our contribution margin, meaning that we have delivered growth without trading profitability. Overall, we have focused on both increasing utilization in all our markets, and that has been done through both activating more riders through specific city offerings, but it has also been done by our ability to now price our offerings more strategically and also have variance across different periods depending on the situation, events, weather, and so on in the cities.

Signe Storgaard: Yes, exactly. Over the last 12 months performance, we are showing that we are both increasing revenue and also numbers of trips, and have also been able to increase our contribution margin, meaning that we have delivered growth without trading profitability. Overall, we have focused on both increasing utilization in all our markets, and that has been done through both activating more riders through specific city offerings, but it has also been done by our ability to now price our offerings more strategically and also have variance across different periods depending on the situation, events, weather, and so on in the cities.

Speaker #3: Overall, we have focused on both increasing utilization in all our markets, and that has been done through both activating more riders through specific city offerings, but it has also been done by our ability to now price our offerings more strategically, and also have variance across different periods depending on the situation, events, weather, and so on in the cities.

Speaker #3: Furthermore, we have had a strong focus on operational efficiency, both really planning the budget for each city in a really strong and tight way, and then we have also really improved on our spare part management setup, making sure that we are only ordering what we need, and have been more firm in also how we are basically supporting the bikes in the cities.

Signe Storgaard Sørensen: Furthermore, we have had a strong focus on operational efficiency, both really planning the budget for each city in a really strong and tight way. We have also really improved on our spare part management set up, making sure that we are only ordering what we need and have been more firm in also how we are basically supporting the bikes in the cities. If we look at the DACH region, we have seen a good revenue growth despite both scaling the numbers of trips. We have been managed to keep the operational cost under control, leaving us with a strong and stable contribution margin now on 56%. We do, however, also continue to have full focus on the rollout in both Warsaw and Düsseldorf, focusing both on getting the utilization up, but also making sure that we continue to keep our tight cost focus.

Signe Storgaard: Furthermore, we have had a strong focus on operational efficiency, both really planning the budget for each city in a really strong and tight way. We have also really improved on our spare part management set up, making sure that we are only ordering what we need and have been more firm in also how we are basically supporting the bikes in the cities. If we look at the DACH region, we have seen a good revenue growth despite both scaling the numbers of trips. We have been managed to keep the operational cost under control, leaving us with a strong and stable contribution margin now on 56%. We do, however, also continue to have full focus on the rollout in both Warsaw and Düsseldorf, focusing both on getting the utilization up, but also making sure that we continue to keep our tight cost focus.

Speaker #3: Yes, if we look at the DAC region, we've seen good revenue growth despite both scaling the number of trips, but we've managed to keep the operational costs under control, leaving us with a strong and stable contribution margin, now at 56%.

Speaker #3: We do, however, also continue to have full focus on the rollout in both Worr and Düsseldorf, focusing both on getting the utilization up, but also making sure that we continue to keep our tight cost focus.

Speaker #3: We expect overall that the effect of these 8,000 new bikes on the streets will have full P&L impact in 2027. Moving forward to the Nordics, we see continued improvement in performance with a 23% increase in revenue, and also an improvement in contribution margin, even in markets where we see very high competition.

Signe Storgaard Sørensen: We expect overall that the effect of these 8,000 new bikes on the streets will have full P&L impact in 2027. Moving forward to the Nordics, we see a continuous improved performance with a 23% increase in revenue and also an improvement in the contribution margin, even in a market where we see very high competition. What we have done to respond to this competition is that we have focused on dynamic pricing structure and also strengthening our membership offerings across the cities. In Benelux, we saw a slight decline in the revenue, still due to the downscaling of the Netherlands. However, we are on the right track to stabilize this region. That is key for us, and we do see an underlying uplift in the contribution margin over the past months. So we are confident that we are on the right track and will stabilize even further.

Signe Storgaard: We expect overall that the effect of these 8,000 new bikes on the streets will have full P&L impact in 2027. Moving forward to the Nordics, we see a continuous improved performance with a 23% increase in revenue and also an improvement in the contribution margin, even in a market where we see very high competition. What we have done to respond to this competition is that we have focused on dynamic pricing structure and also strengthening our membership offerings across the cities. In Benelux, we saw a slight decline in the revenue, still due to the downscaling of the Netherlands. However, we are on the right track to stabilize this region. That is key for us, and we do see an underlying uplift in the contribution margin over the past months. So we are confident that we are on the right track and will stabilize even further.

Speaker #3: What we've done to respond to this competition is that we have focused on a dynamic pricing structure and also on strengthening our membership offerings across the cities.

Speaker #3: In Benelux, we saw a slight decline in revenue, still due to the downscaling in the Netherlands. However, we are on the right track to stabilize this region, which is key for us, and we do see an underlying uplift in the contribution margin over the past months. So, we are confident that we are on the right track and will stabilize even further.

Speaker #1: Thank you, Cindy. I will just give a status update on our company strategy, which has been the key driver of our improved success, and will also be the key direction for us going forward this year and onwards.

Thor Möger Pedersen: Thank you, Signe. I will just give a status on our company strategy being the key driver for our improved success and will also be the key direction for us going forward this year and onwards. We have three highlights of defining key trends for the bike-sharing market towards 2030. First of all, we do see a very high growth in demand, both from users and cities, with bike sharing becoming an increasingly integrated part of urban infrastructure and modern mobility. In addition, we see public transportation being more and more interested in integrating bike sharing into already existing public transportation platforms and systems. As a third key trend, we do expect long-term contracts, meaning tender-based contracts and protected licenses, to be the dominant regulatory regime for bike sharing going forward.

Thor Möger: Thank you, Signe. I will just give a status on our company strategy being the key driver for our improved success and will also be the key direction for us going forward this year and onwards. We have three highlights of defining key trends for the bike-sharing market towards 2030. First of all, we do see a very high growth in demand, both from users and cities, with bike sharing becoming an increasingly integrated part of urban infrastructure and modern mobility. In addition, we see public transportation being more and more interested in integrating bike sharing into already existing public transportation platforms and systems. As a third key trend, we do expect long-term contracts, meaning tender-based contracts and protected licenses, to be the dominant regulatory regime for bike sharing going forward.

Speaker #1: We have three highlights defining key trends for the bike-sharing market towards 2030. First of all, we see very high growth in demand, both from users and cities, with bike sharing becoming an increasingly integrated part of urban infrastructure and modern mobility.

Speaker #1: In addition, we see public transportation being more and more interested in integrating bike sharing into already existing public transportation platforms and systems. And as a third key trend, we do expect long-term contracts, meaning tender-based contracts and protected licenses, to be the dominant regulatory regime for bike sharing going forward.

Speaker #1: Based on the trends and also our point of departure as a company, we aim to be number one within trusted city partnerships, integrating bike sharing into urban transportation infrastructure, and also being number one in operational efficiency.

Thor Möger Pedersen: Based on the trends and also our point of departure as a company, we aim to be number one within trusted city partnership, integrating bike sharing into urban transportation infrastructure, and also being number one in operational efficiency. That is our key value proposition and the focus areas constituting our daily operations and also our strategic priorities. What have we achieved so far in the last 12 months where we have had the pleasure of leading the company under the new strategy together with the rest of the team? We have seen margin increase due to a combination of cost control and increased growth.

Thor Möger: Based on the trends and also our point of departure as a company, we aim to be number one within trusted city partnership, integrating bike sharing into urban transportation infrastructure, and also being number one in operational efficiency. That is our key value proposition and the focus areas constituting our daily operations and also our strategic priorities. What have we achieved so far in the last 12 months where we have had the pleasure of leading the company under the new strategy together with the rest of the team? We have seen margin increase due to a combination of cost control and increased growth.

Speaker #1: That is our key value proposition, and the focus areas constitute our daily operations and also our strategic priorities. What have we achieved so far in the, yeah, last 12 months, where we have had the pleasure of leading the company under the new strategy together with the rest of the team?

Speaker #1: We have seen a margin increase due to a combination of cost control and increased growth. In addition, as stated at the beginning of this presentation, we have implemented a new operating model, allowing us to scale without central costs growing at the same pace as our revenue. This means that we now have in place a scalable model where we can onboard new cities and harvest the economies of scale, which is a necessity for an asset-based business like ours.

Thor Möger Pedersen: In addition, we have, as stated in the beginning of this presentation, implemented a new operating model allowing us to scale without central costs growing in the same pace as our revenue, meaning that we now have in place a scalable model where we can onboard new cities and harvest the economies of scale, which is a necessity for an asset-based business like ours. Now we are growing our footprint across Europe, and as you said, Signe, with Düsseldorf as milestone projects for this year. We do also see a good market outlook regarding tenders and protected licenses, putting together with our performance, full comfort in our 2030 ambitions being realized step by step.

Thor Möger: In addition, we have, as stated in the beginning of this presentation, implemented a new operating model allowing us to scale without central costs growing in the same pace as our revenue, meaning that we now have in place a scalable model where we can onboard new cities and harvest the economies of scale, which is a necessity for an asset-based business like ours. Now we are growing our footprint across Europe, and as you said, Signe, with Düsseldorf as milestone projects for this year. We do also see a good market outlook regarding tenders and protected licenses, putting together with our performance, full comfort in our 2030 ambitions being realized step by step.

Speaker #1: So now we are growing our footprint across Europe, and as you said, Cindy, with Wroclaw and Düsseldorf as milestone projects for this year. We do also see a good market outlook regarding tenders and protected licenses. Together with our performance, we feel full comfort in our 2030 ambitions being realized step by step. I have already mentioned that we are upward narrowing our guidance range for this year, and we still see business in 2027 and onwards towards 2030 in line with our communicated strategy plans, thereby bringing the business up to a profitable and scalable position.

Thor Möger Pedersen: I have already mentioned that we are upwards narrowing our guidance range for this year, and we still see the progress of our business in 2027 and onwards towards 2030 in line with our communicated strategy plans, and thereby bringing the business up to a profitable and scalable position.

Thor Möger: I have already mentioned that we are upwards narrowing our guidance range for this year, and we still see the progress of our business in 2027 and onwards towards 2030 in line with our communicated strategy plans, and thereby bringing the business up to a profitable and scalable position.

Speaker #2: Yeah, and just showing again our strategic pipeline that is now included in the reports that we publish, but it really underpins that the market is there and it's growing, and it is in line with, and also our ability to deliver on, our strategic ambitions.

Signe Storgaard Sørensen: Yeah, just showing again our strategic pipeline that is now included in the reports that we publish, but it really underpins that the market is there and it is growing, and it is in line and also our ability to deliver on our strategic ambitions. We remain dedicated to achieve our disciplined growth, and we will continue to pursue the strategic opportunities within the three defined regions. As you can see, we do still look into a number of possibilities that we are working hard on within the organization.

Signe Storgaard: Yeah, just showing again our strategic pipeline that is now included in the reports that we publish, but it really underpins that the market is there and it is growing, and it is in line and also our ability to deliver on our strategic ambitions. We remain dedicated to achieve our disciplined growth, and we will continue to pursue the strategic opportunities within the three defined regions. As you can see, we do still look into a number of possibilities that we are working hard on within the organization.

Speaker #2: We remain dedicated to achieving our disciplined growth, and we will continue to pursue strategic opportunities within the three defined regions. As you can see, we are still looking into a number of possibilities that we are working hard on within the organization.

Speaker #1: Thank you, Cindy. And of course, we also have a few events after the reporting period, which we have highlighted. We have already touched upon the launch of Düsseldorf in Germany; we have also communicated that we are expanding into Helsinki, Finland, and are now present in the city center of Helsinki, increasing the fleet throughout August.

Thor Möger Pedersen: Thank you, Signe. Of course, we have also a few events after the reporting period, which we have highlighted. We have already touched upon the launch of Düsseldorf in Germany. We have also communicated that we are expanding into Helsinki, Finland, now present in the city center of Helsinki and increasing the fleet throughout August. As I mentioned earlier, we have completed our debt restructuring. So going forward, our company will not be exposed to state-backed financial institutions, but we will be financing our investments through commercial banking facilities with AL Sydbank as our main lender partner. Also, we have welcomed a new board member to DonkeyRepublic. Lars Kristensen joined the board July 2026. We look forward to the collaboration in the board.

Thor Möger: Thank you, Signe. Of course, we have also a few events after the reporting period, which we have highlighted. We have already touched upon the launch of Düsseldorf in Germany. We have also communicated that we are expanding into Helsinki, Finland, now present in the city center of Helsinki and increasing the fleet throughout August. As I mentioned earlier, we have completed our debt restructuring. So going forward, our company will not be exposed to state-backed financial institutions, but we will be financing our investments through commercial banking facilities with AL Sydbank as our main lender partner. Also, we have welcomed a new board member to DonkeyRepublic. Lars Kristensen joined the board July 2026. We look forward to the collaboration in the board.

Speaker #1: And as I mentioned earlier, we have completed our debt restructuring, so going forward, our company will not be exposed to state-backed financial institutions. Instead, we will be financing our investments through commercial banking facilities, with AL Sydbank as our main lending partner.

Speaker #1: Also, we have welcomed a new board member to DonkeyRepublic. Lars Christensen joined the board in July 2026. We look forward to the collaboration in the board.

Speaker #1: We have also communicated a change in executive management, with Jonas Bech stepping down from his position, with full effect from the end of this month.

Thor Möger Pedersen: We have also communicated a change in executive management with Yumas Beck stepping down from his position with full effect from the end of this month. Thank you for your patience and for your listening in. We have tried to time it in a way where we also have time for Q&As. Michael, do we have received any questions?

Thor Möger: We have also communicated a change in executive management with Yumas Beck stepping down from his position with full effect from the end of this month. Thank you for your patience and for your listening in. We have tried to time it in a way where we also have time for Q&As. Michael, do we have received any questions?

Speaker #1: Thank you for your patience, and for listening in. We have tried to time it in a way where we also have time for Q&As. Michael, have we received any questions?

Speaker #3: Yes, yes, perfect, perfect. I think it will fit actually perfectly. So you have one intended award contract—is that the July 2022 Helsinki deal you show there in your...

[Analyst]: Yes. Perfect. I think it will fit actually perfect. You have one intended award contract. Is that the July 2022 Helsinki deal you show there in your-

Moderator: Yes. Perfect. I think it will fit actually perfect. You have one intended award contract. Is that the July 2022 Helsinki deal you show there in your-

Speaker #1: No, it's not a Helsinki setup. It is based on an open license, and what we show in our strategic pipeline are tender-based opportunities and protected licenses.

Thor Möger Pedersen: No, it is not. Helsinki setup is based on an open license, and what we show in our strategic pipeline that is tender-based opportunities and protective licenses. The intended award is not Helsinki.

Thor Möger: No, it is not. Helsinki setup is based on an open license, and what we show in our strategic pipeline that is tender-based opportunities and protective licenses. The intended award is not Helsinki.

Speaker #1: So the intent to award is not Helsinki.

Speaker #3: Perfect. And then, staying at Helsinki, you go in, as you said, on a different—without public support, and there's already a public-supported bike operator up there.

[Analyst]: Perfect. Then staying at the Helsinki, you go in, as you said, on a different without public support, and there is already a public-supported bike operator up there. Your thoughts about going into such a market with the strategy in mind as we read there and some of the future perspectives for this city. So why this city and in this way?

Moderator: Perfect. Then staying at the Helsinki, you go in, as you said, on a different without public support, and there is already a public-supported bike operator up there. Your thoughts about going into such a market with the strategy in mind as we read there and some of the future perspectives for this city. So why this city and in this way?

Speaker #3: Your thoughts about going into such a market with the strategy in mind, as we read there, and some of the future perspectives for this city. So, why this city in this way?

Speaker #1: We have assessed the Helsinki opportunity very thoroughly, both as a business case and as a strategic focus area. First of all, looking at the business case isolated, we are quite confident that we can supplement the public-based system and deliver a profitable operation in Helsinki, and that we actually also see that our bikes are a good contribution to the urban infrastructure in Helsinki.

Thor Möger Pedersen: We have assessed the Helsinki opportunity very thoroughly, both as a business case and as a strategic focus area. First of all, looking at the business case isolated, we are quite confident that we can supplement the public-based system and deliver a profitable operation in Helsinki, and that we actually also see that our bikes is a good contribution to the urban infrastructure in Helsinki. We have been in close dialogue with the municipality administration, and see a good fit for us. So that is sort of the one aspect we do. We wouldn't have entered Helsinki if it wasn't a healthy business case in itself. In addition, our presence in Helsinki is also a strategic move.

Thor Möger: We have assessed the Helsinki opportunity very thoroughly, both as a business case and as a strategic focus area. First of all, looking at the business case isolated, we are quite confident that we can supplement the public-based system and deliver a profitable operation in Helsinki, and that we actually also see that our bikes is a good contribution to the urban infrastructure in Helsinki. We have been in close dialogue with the municipality administration, and see a good fit for us. So that is sort of the one aspect we do. We wouldn't have entered Helsinki if it wasn't a healthy business case in itself. In addition, our presence in Helsinki is also a strategic move.

Speaker #1: We have been in close dialogue with the municipality administration and see a good fit for us. So that is sort of the one aspect we do. We wouldn't have entered Helsinki if it wasn't a healthy business case in itself.

Speaker #1: In addition, our presence in Helsinki is also a strategic move. We do want to have a close relationship with the city administration and the people living in Helsinki, because we think we are a good match for the future public bike-sharing system, which is expected to be tendered out within the short term.

Thor Möger Pedersen: We do want to have a close relationship with the city administration and the people living in Helsinki, because we think we are a good match for the future public bike-sharing system, which is expected to be tendered out within the short-term horizon. So it also gives us hands-on experience operating a fleet in Helsinki, which can be a strategic advantage going forward.

Thor Möger: We do want to have a close relationship with the city administration and the people living in Helsinki, because we think we are a good match for the future public bike-sharing system, which is expected to be tendered out within the short-term horizon. So it also gives us hands-on experience operating a fleet in Helsinki, which can be a strategic advantage going forward.

Speaker #1: Horizon. So it also gives us hands-on experience operating a fleet in Helsinki, which can be a strategic advantage going forward.

Speaker #3: And then a little bit about the initial reception in the war and Dieseldorf—I know it's early, but can you say a little bit about this? And I think there's a question about the rollout of bikes, but let's start with the initial receptions, and your feeling about the efficiency of the bikes or the takeoff of the bikes.

[Analyst]: A little bit about the initial reception in the Ruhr and Düsseldorf. I know it's early, but can you say a little bit about this? I think there's a question about the rollout of bikes, but let's start about the initial receptions and your feeling of the efficiency on the bikes or how the take-up of the bikes.

Moderator: A little bit about the initial reception in the Ruhr and Düsseldorf. I know it's early, but can you say a little bit about this? I think there's a question about the rollout of bikes, but let's start about the initial receptions and your feeling of the efficiency on the bikes or how the take-up of the bikes.

Speaker #1: Will you take that?

Thor Möger Pedersen: Will you take that, Signe?

Thor Möger: Will you take that, Signe?

Speaker #2: Sure. Yeah, so I think, as we have also described, we do see a small delay in the rollout in Düsseldorf, meaning that we have not had as many bikes as we had hoped for at the current moment in time.

Signe Storgaard Sørensen: Sure. I think as we have also described, we do see a small delay in the rollout in Düsseldorf, meaning that we have not had as many bikes as we had hoped for at the current moment in time. That also means, obviously, that the utilization of the system is not where we had hoped it to be. The delay here we are talking about is around 2 to 3 weeks, increasing the number of bikes, you can say, more sort of heavy here in the last end of August and September, whereas we had planned for a more sort of even rollout from 1 July. That means that right now we are not seeing the number of trips that we had hoped for, but we have initiatives both to get utilization up and also to have campaigns to really showcase that we are there now.

Signe Storgaard: Sure. I think as we have also described, we do see a small delay in the rollout in Düsseldorf, meaning that we have not had as many bikes as we had hoped for at the current moment in time. That also means, obviously, that the utilization of the system is not where we had hoped it to be. The delay here we are talking about is around 2 to 3 weeks, increasing the number of bikes, you can say, more sort of heavy here in the last end of August and September, whereas we had planned for a more sort of even rollout from 1 July. That means that right now we are not seeing the number of trips that we had hoped for, but we have initiatives both to get utilization up and also to have campaigns to really showcase that we are there now.

Speaker #2: And that also means, obviously, that the utilization of the system is not where we had hoped it to be. The delay here, we're talking about, is around two to three weeks, increasing the number of bikes, you can say, more sort of heavily here in the last end of August and September, whereas we had planned for a more sort of even rollout from July 1.

Speaker #2: That means that right now we're not seeing the number of trips as we had hoped for, but we have initiatives both to boost utilization of, and also to have campaigns to really showcase that we are there now.

Speaker #2: So, we do not expect that it will have a long-term effect.

Signe Storgaard Sørensen: We do not expect that it will have a long-term effect. In Ruhr-

Signe Storgaard: We do not expect that it will have a long-term effect. In Ruhr-

Speaker #3: And I don't know whether you want to go into such specifics, but there were 1,300 out of 8,300 bikes as the status at half-year. Do you want to give us a status now, and how that looks, or is that too much downstream to the lines which you don't publish?

[Analyst]: I do not know whether you want to go into such specifics, but there is 1,300 out of 8,300 bikes was the status at H1. Do you want to give us a status now and how that looks, or is that too much down to the lines which you do not publish?

Moderator: I do not know whether you want to go into such specifics, but there is 1,300 out of 8,300 bikes was the status at H1. Do you want to give us a status now and how that looks, or is that too much down to the lines which you do not publish?

Speaker #2: Yeah, but what I can say is that the system is divided, so we have 5,500 bikes, around that, in the war area. We have delivered the parts that we've also published in April there.

Signe Storgaard Sørensen: Yeah, but what I can say is that the system is divided. So we have 5,500 bikes around that in the Ruhr area. We have delivered the parts that we have also published in April there, and the 2,500 bikes that we have planned in Düsseldorf will be on the streets around mid-September. So basically coming back to the question, we do also see a month or so delay in the rollout plan for Ruhr, leaving us with the exact same challenge that we see in Düsseldorf. But again, we are not seeing it having a sort of a long-term impact, but we have had some challenges with one of our suppliers.

Signe Storgaard: Yeah, but what I can say is that the system is divided. So we have 5,500 bikes around that in the Ruhr area. We have delivered the parts that we have also published in April there, and the 2,500 bikes that we have planned in Düsseldorf will be on the streets around mid-September. So basically coming back to the question, we do also see a month or so delay in the rollout plan for Ruhr, leaving us with the exact same challenge that we see in Düsseldorf. But again, we are not seeing it having a sort of a long-term impact, but we have had some challenges with one of our suppliers.

Speaker #2: And the 2,500 bikes that we have planned in Düsseldorf will be on the streets around mid-September. So, basically coming back to the question, we do also see about a month or so delay in the rollout plan for Aarhus, leaving us with the exact same challenge that we see in Düsseldorf. But again, we are not seeing it having any sort of long-term impact, though we have had some challenges with one of our suppliers.

Speaker #3: Perfect. Let's then jump into the next topic. There has been some debate about bike sharing. I guess that by debate, they mean how do they ride their bikes for us living here?

[Analyst]: Perfect. Let's then jump into next. There has been some debate about bike sharing. I guess by debate they mean how do they ride their bikes for us living here. Do we see any angles in the debate? Is it just too much and it is actually not that bad, or will you try and teach your bike riders how to ride bikes a little bit better? Any talks about this debate? Because I guess it could be you don't want the public against you and this discussion. Any thoughts about this debate by you?

Moderator: Perfect. Let's then jump into next. There has been some debate about bike sharing. I guess by debate they mean how do they ride their bikes for us living here. Do we see any angles in the debate? Is it just too much and it is actually not that bad, or will you try and teach your bike riders how to ride bikes a little bit better? Any talks about this debate? Because I guess it could be you don't want the public against you and this discussion. Any thoughts about this debate by you?

Speaker #3: Do we see any angles in the debate? Is it just too much, and it's actually not that bad? Or will you try and teach your bike riders how to ride bikes a little bit better?

Speaker #3: Any thoughts about this debate? Because I guess it could be that you don't want the public against you in this discussion. So, any thoughts about this debate from you?

Speaker #1: Yeah, and I assume, Michael, that you're referring to the debate focused around Copenhagen.

Thor Möger Pedersen: Yeah. I assume, Michael, that you are referring to the debate focused around Copenhagen.

Thor Möger: Yeah. I assume, Michael, that you are referring to the debate focused around Copenhagen.

Speaker #3: Yeah, yeah. That's my assumption. It's not specifically said here, but...

[Analyst]: Yeah.

Moderator: Yeah.

Thor Möger Pedersen: Yeah, because

Thor Möger: Yeah, because

[Analyst]: That is my assumption. It is not specifically since we have one

Moderator: That is my assumption. It is not specifically since we have one

Speaker #1: We do see a lot of discussions around shared mobility, and bike sharing especially, being very positive around Europe, and also with much more integration focus on public transportation and urban infrastructure.

Thor Möger Pedersen: We do see a lot of discussions around shared mobility and bike sharing, especially being very positive around Europe and also with much more integration focus to public transportation and urban infrastructure. But in Copenhagen, it is completely correct that we have seen public debate and criticism around bike sharing in general and especially e-bikes in Copenhagen and the number of units we see. It is important to highlight that Copenhagen is an open license-based market. And we have seen an increase in number of units, especially e-bikes, being added in the city area. And that has, of course, led to frustration regarding the public space that the bikes are taking up, and specifically, the city council has decided that they would like to be able to regulate bike sharing in Copenhagen more than actually is allowed today. We have contributed to that process very constructively.

Thor Möger: We do see a lot of discussions around shared mobility and bike sharing, especially being very positive around Europe and also with much more integration focus to public transportation and urban infrastructure. But in Copenhagen, it is completely correct that we have seen public debate and criticism around bike sharing in general and especially e-bikes in Copenhagen and the number of units we see. It is important to highlight that Copenhagen is an open license-based market. And we have seen an increase in number of units, especially e-bikes, being added in the city area. And that has, of course, led to frustration regarding the public space that the bikes are taking up, and specifically, the city council has decided that they would like to be able to regulate bike sharing in Copenhagen more than actually is allowed today. We have contributed to that process very constructively.

Speaker #1: But in Copenhagen, it's completely correct that we have seen public debate and criticism around bike sharing in general, and especially e-bikes in Copenhagen, and the number of units we see.

Speaker #1: It's important to highlight that Copenhagen is an open, license-based market, and we have seen an increase in the number of units, especially e-bikes, being added in the city area. That has, of course, led to frustration regarding the public space that the bikes are taking up, and specifically, the city council has decided that they would like to be able to regulate bike sharing in Copenhagen more than they actually are allowed to today.

Speaker #1: We have contributed to that process very constructively. We are in close dialogue with the city administration of Copenhagen and also with the local politicians and mayors, around how to actually find solutions in Copenhagen where we can have the benefits of bike sharing, but without the identified downsides that have been discussed throughout the summer.

Thor Möger Pedersen: We are in close dialogue with the city administration of Copenhagen and also with the local politicians and mayors around how to actually find solutions in Copenhagen where we can have the benefits of bike sharing, but without the identified downsides that has been discussed throughout the summer. We are actively.

Thor Möger: We are in close dialogue with the city administration of Copenhagen and also with the local politicians and mayors around how to actually find solutions in Copenhagen where we can have the benefits of bike sharing, but without the identified downsides that has been discussed throughout the summer. We are actively.

Speaker #1: We are actually.

Speaker #3: Do you have your business model, which is where you place the bikes in special places instead of free riding? I guess that's part of the discussion here, that you stumble over bikes everywhere. So, do you feel you have a good business model to take this discussion with?

[Analyst]: Do you have advantage in your business model, which is where you place the bikes, the special places, instead of free riding? I guess that is part of the discussion here, that you stumble over bikes everywhere.

Moderator: Do you have advantage in your business model, which is where you place the bikes, the special places, instead of free riding? I guess that is part of the discussion here, that you stumble over bikes everywhere.

Thor Möger Pedersen: Yeah.

Thor Möger: Yeah.

[Analyst]: Do you feel you have a good business model to take this discussion with the?

Moderator: Do you feel you have a good business model to take this discussion with the?

Speaker #1: I think we have a good position in Copenhagen because we have been here for 10 years. When we look at our user data, approximately 70% of our users and trips are taken by locals and not by visitors.

Thor Möger Pedersen: I think we have a big position in Copenhagen because we have been here for 10 years. When we look at our user data, approximately 70% of our users and trips are taken by locals and not by visitors. We are the only operator in Copenhagen delivering both mechanical key bikes as well as e-bikes. So we have a very affordable offer in Copenhagen. What we see on the short term, that is for the whole bike-sharing industry in Copenhagen, but we would like to be a front runner, is actually working together with the authorities in order to find ways to make sure that Copenhageners and visitors still have the access to good and affordable bike sharing.

Thor Möger: I think we have a big position in Copenhagen because we have been here for 10 years. When we look at our user data, approximately 70% of our users and trips are taken by locals and not by visitors. We are the only operator in Copenhagen delivering both mechanical key bikes as well as e-bikes. So we have a very affordable offer in Copenhagen. What we see on the short term, that is for the whole bike-sharing industry in Copenhagen, but we would like to be a front runner, is actually working together with the authorities in order to find ways to make sure that Copenhageners and visitors still have the access to good and affordable bike sharing.

Speaker #1: We are the only operator in Copenhagen delivering both mechanical P bikes as well as electrical bikes, so we have a very affordable offer in Copenhagen, and what we see on the short term that is, for the whole bike sharing industry in Copenhagen, but we would like to be a front runner, is actually working together with the authorities in order to find ways to make sure that Copenhageners and visitors still have the access to good and affordable bike sharing, but at the same time we make sure to have more order in the streets, and to figure out clever regulation to safeguard the bike sharing of Copenhagen for the future.

Thor Möger Pedersen: At the same time, we make sure to have more order in the streets and to figure out clever regulation to safeguard the bike sharing of Copenhagen for the future. So we are very constructive in this process and recognize the frustrations that has been raised.

Thor Möger: At the same time, we make sure to have more order in the streets and to figure out clever regulation to safeguard the bike sharing of Copenhagen for the future. So we are very constructive in this process and recognize the frustrations that has been raised.

Speaker #1: So, we are very constructive in this process and recognize the frustrations that have been raised.

Speaker #3: Perfect. And then a little bit on the guidance: 54% of revenue already in, I guess July–August are big tourist months, but your earnings should also rise. So, you have narrowed it, but are you a little bit hesitant?

[Analyst]: Perfect. Then a little bit on the guidance. 54% of revenue already in, I guess July, August, big tourist months. But with revenue, your earnings should also rise. So you have narrowed it, but are you a little bit hesitant, a little bit conservative, or are there some costs or something we should know about? Is the H1 structurally better and may not that something that doesn't come in the H2? So a little bit explanation on normally a better H2, increased revenue should also increase margins. So guidance midpoint might seem a little bit conservative, looking at only that point between the 2 years.

Moderator: Perfect. Then a little bit on the guidance. 54% of revenue already in, I guess July, August, big tourist months. But with revenue, your earnings should also rise. So you have narrowed it, but are you a little bit hesitant, a little bit conservative, or are there some costs or something we should know about? Is the H1 structurally better and may not that something that doesn't come in the H2? So a little bit explanation on normally a better H2, increased revenue should also increase margins. So guidance midpoint might seem a little bit conservative, looking at only that point between the 2 years.

Speaker #3: Are you a little bit conservative, or are there some costs or something we should know about? Is the first half-year structurally better, and is that something that doesn't come in the second half-year? So, a little bit of explanation: normally a better second half-year and increased revenue should also increase margins, so the guidance midpoint might seem a little bit conservative, looking only at that point between the two years.

Speaker #1: I would say, looking at the company's historic performance, our guidance is very ambitious, and we have deliberately been very ambitious for this year. We have also been very disciplined in actually delivering what we have promised.

Thor Möger Pedersen: I would say looking at the company's historic performance, our guidance is very ambitious, and we have deliberately been very ambitious for this year and also very disciplined in actually delivering on what we have promised. What we see based on a good performance in H1, that is that we can actually narrow our range upwards. It is important for me to highlight that it will still require efforts across the organization to actually fulfill these ambitions. We do have a lot of components in our business, all from weather to external stakeholders that can affect our business, and therefore we really need to be super focused in achieving our targets, and we are so across the organization.

Thor Möger: I would say looking at the company's historic performance, our guidance is very ambitious, and we have deliberately been very ambitious for this year and also very disciplined in actually delivering on what we have promised. What we see based on a good performance in H1, that is that we can actually narrow our range upwards. It is important for me to highlight that it will still require efforts across the organization to actually fulfill these ambitions. We do have a lot of components in our business, all from weather to external stakeholders that can affect our business, and therefore we really need to be super focused in achieving our targets, and we are so across the organization.

Speaker #1: What we see, based on a good performance in H1, is that we can actually narrow our range upwards. It is important for me to highlight that it will still require effort across the organization to actually fulfill these ambitions.

Speaker #1: We do have a lot of components in our business, all from weather to external stakeholders that can affect our business, and therefore we really need to be super focused on achieving our targets, and we are so across the organization.

Speaker #1: And to supplement your more specific questions, as we also write in the report, we are planning with some cost tail for the ramp-up in Ruhr and Düsseldorf, and that is also why we highlight that the full P&L effect of these two very important operations will be seen in 2027.

Thor Möger Pedersen: To supplement your more specific questions, as we also write in the report, we are planning with some cost tail for the ramp-up in Ruhr and Düsseldorf, and that is also why we highlight that the full P&L effect of these two very important operations will be seen in 2027 and not for 2026. Of course, it will contribute in a positive way, but the full commercial value of these two operations will be seen in 2027.

Thor Möger: To supplement your more specific questions, as we also write in the report, we are planning with some cost tail for the ramp-up in Ruhr and Düsseldorf, and that is also why we highlight that the full P&L effect of these two very important operations will be seen in 2027 and not for 2026. Of course, it will contribute in a positive way, but the full commercial value of these two operations will be seen in 2027.

Speaker #1: And not for 2026. Of course, it will contribute in a positive way, but the full commercial value of these two operations will be seen in 2027.

Speaker #3: Then a little bit about the problems with the rollout in Ruhr. And you talk about one supplier—you know, I think it was during corona where suddenly you saw really big problems with the supply chain.

[Analyst]: Then a little bit about the problems with the rollout in Ruhr. You talk about one supplier. I think it was during the Corona where suddenly you saw really big problems with the supply chain. Any comments on the specific problems with, I do not know whether you want to say or give us some comfort that this is not a new total where bicycles will be delayed and so on.

Moderator: Then a little bit about the problems with the rollout in Ruhr. You talk about one supplier. I think it was during the Corona where suddenly you saw really big problems with the supply chain. Any comments on the specific problems with, I do not know whether you want to say or give us some comfort that this is not a new total where bicycles will be delayed and so on.

Speaker #3: Any comments on the specific problems? I don't know whether you want to say or give us some comfort that this is not a new total, where bicycles will be delayed and so on.

Speaker #2: Sure. So just to be specific on that, Michael, for producing just one bike, there are more than 100 components. So obviously, the supply chain is a key area for us, and we focus on making sure that we have several suppliers that can deliver more than one component, but also that we have multiple suppliers for each component to make sure that we will not end up in a situation like we've encountered previously.

Signe Storgaard Sørensen: Sure. Just to be specific on that, Michael, for just producing one bike, there is over more than 100 components. So obviously the supply chain is a key area for us, and we focus on making sure that we have several suppliers that can deliver more than one component, obviously, but also that we have more suppliers for each component to make sure that we will not end in a situation like we have done previously. So all in all, I would say our supply chain is pretty strong.

Signe Storgaard: Sure. Just to be specific on that, Michael, for just producing one bike, there is over more than 100 components. So obviously the supply chain is a key area for us, and we focus on making sure that we have several suppliers that can deliver more than one component, obviously, but also that we have more suppliers for each component to make sure that we will not end in a situation like we have done previously. So all in all, I would say our supply chain is pretty strong.

Speaker #2: So, all in all, I would say our supply chain is pretty strong. We have been a little bit delayed due to, you could say, the global supply chain crisis in general, but we have been impacted by that only a little bit because we have plans.

Signe Storgaard Sørensen: We have been a little bit delayed due to, you can say, global supply chain crisis in general, but we have been impacted by that, but it has only been a little bit because we have plans. We have had some technical issue at the factory, which has been solved, and something that you must also take into consideration once you work with assets that are produced at a factory, and sometimes there are breakdowns, and that happens. Those have been resolved, and therefore, we also do not expect any further delays in the rollout.

Signe Storgaard: We have been a little bit delayed due to, you can say, global supply chain crisis in general, but we have been impacted by that, but it has only been a little bit because we have plans. We have had some technical issue at the factory, which has been solved, and something that you must also take into consideration once you work with assets that are produced at a factory, and sometimes there are breakdowns, and that happens. Those have been resolved, and therefore, we also do not expect any further delays in the rollout.

Speaker #2: Then we have had some technical issue at the factory, which has been solved, and something that you must also take into consideration once you work with assets that are produced at a factory, and sometimes there are breakdowns that and that happens we have those have been resolved, and therefore we also do not expect any further delays in the rollout.

Speaker #3: Perfect. Let's stay by the bikes. Do we have a performance update on the Gen4 bike, or is it still too early? You know, how does it perform?

[Analyst]: Perfect. Let's stay by the bikes. Do we have a performance update on the Gen4 bike, or is it still too early? How does it perform? Is it part of your margin improvements? Do you see these efficiency gains by this next generation bike as you had hoped or expected for?

Moderator: Perfect. Let's stay by the bikes. Do we have a performance update on the Gen4 bike, or is it still too early? How does it perform? Is it part of your margin improvements? Do you see these efficiency gains by this next generation bike as you had hoped or expected for?

Speaker #3: Is it part of your margin improvements? Do you see these efficiency gains with this next-generation bike as you had hoped or expected?

Speaker #2: I yes, we have, and that's what was also what I was alluding to. So we basically have seen that the effort that we have put in to building a more and high quality bike, we are seeing now, especially obviously in Copenhagen where it has been live for almost a year now, and we expect obviously that the same will happen in both Germany and also Helsinki where we have also launched the Gen4 bike.

Signe Storgaard Sørensen: Yes, we have, and that was also what I was alluding to. So we basically have seen that the effort that we have put into building a more and high-quality bike, we are seeing now, especially, obviously, in Copenhagen, where it has been live for almost a year now. And we expect, obviously, that the same will happen in both Germany and also Helsinki, where we have also launched the Gen4 bike. And that comes down both to the spare part management, so less spare parts. It's also easier to repair. And then obviously it will last longer in terms of how many times you have to interact with the bike as a mechanic, simply because it has higher quality.

Thor Möger: Yes, we have, and that was also what I was alluding to. So we basically have seen that the effort that we have put into building a more and high-quality bike, we are seeing now, especially, obviously, in Copenhagen, where it has been live for almost a year now. And we expect, obviously, that the same will happen in both Germany and also Helsinki, where we have also launched the Gen4 bike. And that comes down both to the spare part management, so less spare parts. It's also easier to repair. And then obviously it will last longer in terms of how many times you have to interact with the bike as a mechanic, simply because it has higher quality.

Speaker #2: And that comes down both to the spare part management—so fewer spare parts. It's also easier to repair, and then obviously it will last longer in terms of how many times you have to interact with the bike as a mechanic, simply because it has higher quality.

Speaker #3: I guess you don't want to put any numbers on it—the question was also on that—but do you want to, or is that still too early, or is it too sensitive?

[Analyst]: I guess you don't want to put any numbers on it. The question was also on that, but do we want or is that still too early or is it too sensitive?

Moderator: I guess you don't want to put any numbers on it. The question was also on that, but do we want or is that still too early or is it too sensitive?

Signe Storgaard Sørensen: Yeah, we would like to wait a bit with that.

Signe Storgaard: Yeah, we would like to wait a bit with that.

Speaker #2: Yeah, we would like to wait a bit on that.

Speaker #3: That's perfectly all right. Then there's a little bit about the Lime IPO. Has that changed your way of, your access to capital, and the competitive situation—meaning your access to capital?

[Analyst]: That is perfectly all right. Then there is a little bit about the Lime IPO. Has that changed your access to capital and the competitive situation? Meaning your access to capital, is that easier by someone else going in front and IPO-ing, but does it also change anything in the competitive situation due to that they have picked up capital?

Moderator: That is perfectly all right. Then there is a little bit about the Lime IPO. Has that changed your access to capital and the competitive situation? Meaning your access to capital, is that easier by someone else going in front and IPO-ing, but does it also change anything in the competitive situation due to that they have picked up capital?

Speaker #3: Is that easier if someone else goes in front and IPOs? And, does it also change anything in the competitive situation due to them having picked up capital?

Speaker #1: I think it's a relevant question, and what we have seen is that our own ability to raise capital was proven in February, based on that capital raise, and that was prior to the Lime IPO.

Thor Möger Pedersen: I think it is a relevant question, and what we have seen that is our own ability to raise capital was proven in February based on that capital raise, and that was prior to the Lime IPO. We have focused on restructuring our debts, and now we actually have a mature capital setup, which will allow us to fund our fleet expansion towards 2030 without any equity raises needed. That is the outlook for the moment. Nevertheless, I think what is interesting around the Lime IPO is that we are in general seeing a maturing of the bike-sharing industry with more and more companies focusing, and some actually like DonkeyRepublic, succeeding by having profitability established, real profitability, positive cash flows, and therefore, yes, also an increased competition, no doubt. We believe that we are in a strong position in that competition, especially within our core geographical focus.

Thor Möger: I think it is a relevant question, and what we have seen that is our own ability to raise capital was proven in February based on that capital raise, and that was prior to the Lime IPO. We have focused on restructuring our debts, and now we actually have a mature capital setup, which will allow us to fund our fleet expansion towards 2030 without any equity raises needed. That is the outlook for the moment. Nevertheless, I think what is interesting around the Lime IPO is that we are in general seeing a maturing of the bike-sharing industry with more and more companies focusing, and some actually like DonkeyRepublic, succeeding by having profitability established, real profitability, positive cash flows, and therefore, yes, also an increased competition, no doubt. We believe that we are in a strong position in that competition, especially within our core geographical focus.

Speaker #1: We have focused on actually having a mature capital setup, which will allow us to fund our fleet expansion towards 2030 without any equity raises needed. That is the outlook for the moment.

Speaker #1: Nevertheless, I think what is interesting around the Lime IPO is that we are, in general, seeing a maturing of the bike sharing industry, with more and more companies focusing—and some actually, like DonkeyRepublic, succeeding by having profitability established, real profitability, posted cash flows. And therefore, yes, also an increased competition, no doubt. We believe that we are in a strong position in that competition, especially within our core geographical focus.

Speaker #1: And also, we do expect consolidation to be a part of the industry landscape going forward in the years to come. We actually welcome that maturation of the industry, and the fact that the industry is now focused on becoming profitable and sustainable from a business perspective.

Thor Möger Pedersen: Also we do expect consolidation to be a part of the industry landscape going forward in the years to come. We actually welcome that maturing of the industry and the fact that the industry is now focused on becoming profitable and sustainable from a business perspective.

Thor Möger: Also we do expect consolidation to be a part of the industry landscape going forward in the years to come. We actually welcome that maturing of the industry and the fact that the industry is now focused on becoming profitable and sustainable from a business perspective.

Speaker #3: So, if I should try and translate this into perfect: you say competition, yes, but more reasonable competition, because they need to look at their capital—they are going for profitability.

[Analyst]: So if I should try and translate this into Parvez, you say competition, yes, but more reasonable competition because they need to look at their capital. They are going for profitability. Is that kind of the way you see things right now? I know things can change, but is that kind of the picture you are-

Moderator: So if I should try and translate this into Parvez, you say competition, yes, but more reasonable competition because they need to look at their capital. They are going for profitability. Is that kind of the way you see things right now? I know things can change, but is that kind of the picture you are-

Speaker #3: Is that kind of the way you see things right now? I know things can change, but is that kind of the picture?

Thor Möger Pedersen: Yes. I think no direct effects from the Lime IPO, but more testimony to the fact that the industry in general is maturing and becoming a more, how can you say, normal industry in the way that we are focusing on profitability, return on capital, healthy cash flows, and so forth. I think that will also be the winners of future competition, those companies that can actually year on year deliver healthy business alongside funding fleet expansions.

Thor Möger: Yes. I think no direct effects from the Lime IPO, but more testimony to the fact that the industry in general is maturing and becoming a more, how can you say, normal industry in the way that we are focusing on profitability, return on capital, healthy cash flows, and so forth. I think that will also be the winners of future competition, those companies that can actually year on year deliver healthy business alongside funding fleet expansions.

Speaker #1: Yes, yes, I think no direct effects from the Lime IPO, but more testimony to the fact that the industry in general is maturing and becoming a more, how can you say, normal industry in the way that we are focusing on profitability, return on capital, healthy cash flows, and so forth.

Speaker #1: And I think that will also be the winners of future competition—those companies that can actually, year on year, deliver healthy business alongside funding fleet expansions.

Speaker #3: Perfect. That was the last question. We have one more, where you congratulate someone congratulating you on doing a very fine job, so maybe that's a good way to end this presentation.

[Analyst]: Perfect. That was the last questions. We have one more that is someone congratulating you with doing a very fine job. So maybe that is a good way to end this presentation. Thank you to you two for taking us through your results and answering questions, and thank you for the audience listening in. May everybody have a nice day.

Moderator: Perfect. That was the last questions. We have one more that is someone congratulating you with doing a very fine job. So maybe that is a good way to end this presentation. Thank you to you two for taking us through your results and answering questions, and thank you for the audience listening in. May everybody have a nice day.

Speaker #3: Thank you to you two for taking us through your results and answering questions, and thank you to the audience for listening in. May everybody have a nice day.

Thor Möger Pedersen: Thank you very much.

Thor Möger: Thank you very much.

Signe Storgaard Sørensen: Thank you.

Signe Storgaard: Thank you.

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