IN BRIEF
Danish bike-share operator Donkey Republic generated revenue of 61.3 million Danish kroner in the third quarter of 2026, up 10.9%. Its EBITDA rose 8.9% to 23.1 million kroner. Growth came mainly from its new contract-based networks in the Ruhr area and Düsseldorf, in Germany. The company confirms its guidance for the year and has given itself room to order a significant number of next-generation bikes for delivery in 2027.
Donkey Republic grows through Germany
A large share of this growth comes from revenue paid by local authorities (B2G), the clients of these contract-based networks. At 30 September 2026, the Düsseldorf system was fully deployed and more than 70% of the Ruhr fleet was in operation. Donkey Republic states that as of its announcement, 95% of the Ruhr fleet was in operation, with the whole fleet expected by the end of 2026.
These launches come at a cost. The EBITDA margin for the quarter stood at 37.8%, against 38.5% a year earlier: over the period, Donkey Republic absorbed most of the start-up costs of its two new German systems. Across the whole high season, the second and third quarters combined, revenue rose 14.6% to 119.0 million kroner, and the EBITDA margin went from 31.4% to 37.6%.
More bikes, slightly less revenue per bike
The average fleet of active bikes reached 26,228 units, up 14.1%. Monthly revenue per bike, however, fell 2.8% to 779 kroner.
Thor Möger Pedersen, CEO of Donkey Republic, is already looking ahead to next year:
“As our new German systems reach full scale, we expect 2027 to capture the full-year benefits of our 2026 initiatives.”
Thor Möger Pedersen, CEO of Donkey Republic
A Gen4 bike order made possible for 2027
The debt restructuring was completed during the quarter. It gives the company the headroom to order a significant number of Gen4 bikes for delivery in 2027.
After nine months, Donkey Republic confirms its guidance for 2026: revenue of 184 to 194 million kroner, EBITDA of 38 to 45 million and EBIT of 4 to 9 million. Preparations for a possible transfer of its listing to the main market of Nasdaq Copenhagen are progressing as planned.
