<a id="bm-comp-3f6ac524-d2ba-4436-9bff-4c8d405e6df9" name="bm-comp-3f6ac524-d2ba-4436-9bff-4c8d405e6df9" class="BMCustomAnchor"></a><table><tr><td bm-component-id="3f6ac524-d2ba-4436-9bff-4c8d405e6df9" style="vertical-align: top; width:100.000000%;"><ul><li>Q1 EBITDA of DKK -1.2m above ABG DKK -3.2m</li><li>FY'26 guidance unchanged</li><li>Expect mid-single-digit positive consensus EBITDA revisions</li></ul></td></tr></table><a id="bm-comp-b399c29a-7d07-442c-ab85-541f7717bed1" name="bm-comp-b399c29a-7d07-442c-ab85-541f7717bed1" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b399c29a-7d07-442c-ab85-541f7717bed1" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 numbers vs. ABGSCe</h3><p>DONKEY reported a strong Q1, delivering +10% y-o-y growth and reporting revenues of DKK 29.0m (0% vs. ABGSCe DKK 28.9m). Revenue/bike was DKK 413, +1% y-o-y (ABGSCe DKK 407), while the fleet grew to 23.4k bikes (ABGSCe 23.7k). Q1 EBITDA of DKK -1.2m came in better than ABGSCe at DKK -3.2m. The company experienced harsh weather conditions in key Nordic cities, but we note that activity levels normalised towards the end of the quarter (with March performing in line with expectations). The positive development in EBITDA is primarily driven by full implementation of cost-saving initiatives following the reorganisation carried out in Q3’25 and Q4’25.</p><h3 class="bm-h3">FY'26 guidance and outlook</h3><p>DONKEY reiterates its FY'26 guidance of revenues DKK 179m-194m (ABGSCe 192m), EBITDA of DKK 34-45m (ABGSCe 40m), EBIT DKK 1-9m (ABGSCe 7m). The company's pipeline appears unchanged compared to the Q4'25 report. We get the impression that the roll-outs in Düsseldorf and the Ruhr Region are progressing well and in line with the company's expectations.</p><h3 class="bm-h3">Consensus estimate revisions and share price reaction</h3><p>Q1 is a small quarter, but we still expect consensus to make mid-single-digit positive EBITDA revisions for FY'26e.</p><table id="bm-img-b5a60386-ca53-4e8d-baab-54cead0ab7d6" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">ABGSCe vs. FY'26 guidance</td></tr><tr><td><img bm-img-encrypt="b5a60386-ca53-4e8d-baab-54cead0ab7d6" bm-img-original-height="82" bm-img-original-width="801" bm-img-svg="image:image_upload/95323_cc5dd58e-b1f2-483d-813c-e796d20947ab.svg" bm-img-width-hint="100%" id="bm-id-b5a60386-ca53-4e8d-baab-54cead0ab7d6" src="https://abgsc.bluematrix.com/images/image_upload/95323_cc5dd58e-b1f2-483d-813c-e796d20947ab_733.png" svg="/nas/web/clients/abgsc/images/image_upload/95323_cc5dd58e-b1f2-483d-813c-e796d20947ab.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table><table id="bm-img-2088ad48-a245-4906-a8c9-29ae63903f81" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="2088ad48-a245-4906-a8c9-29ae63903f81" bm-img-original-height="248" bm-img-original-width="811" bm-img-svg="image:image_upload/95323_88a11c4b-5182-4167-8a92-c36e76b217c6.svg" bm-img-width-hint="100%" id="bm-id-2088ad48-a245-4906-a8c9-29ae63903f81" src="https://abgsc.bluematrix.com/images/image_upload/95323_88a11c4b-5182-4167-8a92-c36e76b217c6_733.png" svg="/nas/web/clients/abgsc/images/image_upload/95323_88a11c4b-5182-4167-8a92-c36e76b217c6.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>
Donkey Republic - Solid start to the year despite harsh weather
29 april 2026