<a id="bm-comp-b451355d-8ccd-4765-8596-566ddb3e7213" name="bm-comp-b451355d-8ccd-4765-8596-566ddb3e7213" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b451355d-8ccd-4765-8596-566ddb3e7213" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 revenues +6% vs. ABGSCe, EBITDA strong at DKK 21.5m</li><li>FY'26 guidance raised</li><li>Expect consensus '26 EBITDA up 2-5%</li></ul></td></tr></table><a id="bm-comp-5116af90-da72-4be6-b51e-6e259793676e" name="bm-comp-5116af90-da72-4be6-b51e-6e259793676e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5116af90-da72-4be6-b51e-6e259793676e" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 numbers vs. ABGSCe</h3><p>DONKEY delivered a very solid Q2, with +19% y-o-y revenue growth (vs. ABGSCe of +12%). Revenues of DKK DKK 57.7m was 6% above ABGSCe of DKK 54.5m. Revenue/bike was DKK 806, +14% y-o-y (ABGSCe DKK 738), while the fleet grew by +4% to 23.8k bikes (ABGSCe 24.6k). Q2 EBITDA of DKK 21.5m came in 27% above ABGSCe of DKK 17.0m. Finally, DONKEY's contribution margin rose to 52% in H1, up from 45% the year before.</p><h3 class="bm-h3">FY'26 guidance and outlook</h3><p>DONKEY lifts its FY'26 guidance. It now expects revenues of DKK 184m-194m (previously 179m-194m, ABGSCe 193m), EBITDA of DKK 38m-45m (previously 34m-45m, ABGSCe 42m) and EBIT DKK 4m-9m (previously 1m-9m, ABGSCe 9m). We understand that the main variables for the remainder of the year are associated with the roll-outs in Germany (including the cost level and utilisation), as well as execution in the important August and September months.</p><h3 class="bm-h3">Consensus estimate revisions and share price reaction</h3><p>We expect consensus to raise '26 EBITDA by 2-5% to the higher end of the new guidance range.</p><table id="bm-img-04c9a472-bd7c-4c5e-9f84-8e17b417a063" 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="04c9a472-bd7c-4c5e-9f84-8e17b417a063" bm-img-original-height="87" bm-img-original-width="802" bm-img-svg="image:image_upload/98069_0fda13d6-4502-4bfc-bb4c-2d57443e4f51.svg" bm-img-width-hint="100%" id="bm-id-04c9a472-bd7c-4c5e-9f84-8e17b417a063" src="https://abgsc.bluematrix.com/images/image_upload/98069_0fda13d6-4502-4bfc-bb4c-2d57443e4f51_732.png" svg="/nas/web/clients/abgsc/images/image_upload/98069_0fda13d6-4502-4bfc-bb4c-2d57443e4f51.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-ec7c78f7-5c4c-4f73-9c9e-0cf1fdef3973" 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="ec7c78f7-5c4c-4f73-9c9e-0cf1fdef3973" bm-img-original-height="257" bm-img-original-width="810" bm-img-svg="image:image_upload/98069_da5102ed-fcd4-496b-accc-e62ce5358353.svg" bm-img-width-hint="100%" id="bm-id-ec7c78f7-5c4c-4f73-9c9e-0cf1fdef3973" src="https://abgsc.bluematrix.com/images/image_upload/98069_da5102ed-fcd4-496b-accc-e62ce5358353_732.png" svg="/nas/web/clients/abgsc/images/image_upload/98069_da5102ed-fcd4-496b-accc-e62ce5358353.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>