Welcome to today's event where we have the pleasure to present GreenMobility. To help us through today's presentation, present the result and answer questions in the end, we are joined by CEO Kasper Gjedsted. In today's presentation, we will cover the H1 report you sent out last week, following also a guidance upgrade during the summer. As always, there's a box down below. Do feel free to ask questions. We will run the presentation and take the questions in the end. Do feel free to fill in questions down there. Also, do feel free to do it in Danish. I will try and translate to the best of my ability. For now, I will hand the word over to you, Kasper.
Thank you very much, Michael. After this small disclaimer, just a quick intro to me for those of you who haven't met me before. I come from the traditional car rental industry. I was very young. At a very young age, I took Sixt from $17 million to $100 million in revenue in four years' time and profitability throughout all of the years. I did the same for Avis. Transformed that company from a loss-making company five years in a row to making the biggest profit in just 18 months and also going from 2,300 vehicles to 5,000 vehicles in the same time. I've been in the software industry. I've been working for A.P. Møller - Mærsk . In early 2023, I came to GreenMobility. For those of you who don't know anything about GreenMobility, it's a car sharing company, car rental company. A digital car sharing company, I may say.
You know, you can rent our cars just by having an app in your hand. You can stand next to the car, swipe on the app, open the car, drive to wherever you need to go. When you're done with the car after 10 minutes, 10 hours, or 10 days, you just swipe again and we will take the money from your account and you will get an invoice from us. It's as easy as that. More than 100,000 people are doing that on a monthly basis now. GreenMobility, just very shortly on our story here, on our journey, when I came in in March of 2023, GreenMobility was an international car sharing company with an international growth strategy. We changed that over 2023.
The textbook international growth was no longer valid because of the interest rates going up and all the things that happened in the world with inflation and so on. We changed the strategy and moved all of the cars from the international markets, closed down our subsidiaries in order for us to focus just on the Danish market. As you can see on the results that I'm going to present in the first half of 2025, I think that strategy has worked very well. Our fleet consists of primarily Renault Zoes. I'm sure that if you have ever been to Copenhagen or Aarhus over the last 12-18 months, you've seen one of our cars. Renault Zoes is the backbone of our fleet. It's a small city car with a relatively big size battery. We also have vans, cargo vans. We have premium cars, primarily Polestar and Renault Megane.
This year we have introduced a seven-seater car, the I D. Buzz, you know, for groups and sports clubs and all sorts of activities where you cannot fit five in a car. That has also worked very well. It's also very good for the airport, by the way. I know that because my wife is not traveling light. We took one to the airport with all of our bags, all of her bags, I should say. Anyway, that was about our fleet. Now let's have a look at the results for the first half of 2025. The revenue increased by 29% up to DKK 74 million. A very good growth rate that we see for the revenue that has really picked up. On the EBITDA level, that's an even better improvement, 76% up versus the first half of 2024.
Not least, our profit here is now around DKK 6 million compared to the first half of 2024, where we lost around DKK 24-25 million. It's an improvement of more than DKK 30 million in just 12 months. I think that speaks volumes of where we have moved in the direction that we're moving for this company. If you just look at some of the highlights I just mentioned, the increase in revenue 29%, I mentioned the 76% increase in EBITDA, which is a result of this change of strategy and our ability to implement the strategy. Our operations have become much, much better, much leaner. We have a laser focus on our costs, and we can see that the cost of acquisition of customers is also going in the right direction. I think we have a very well-driven company now.
I still think there's a lot of opportunities to make it even better. Maybe we get a chance to talk about that a little bit later here in the presentation. What is also important is that we now see the financial expenses are lower driven by a lower debt. I have a slide on that after this one. Combined, we were able to raise the lower end of our financial guidance for the whole on July 8th that we communicated to the market there. Really, really good, strong cash flow development from operations, as you can see as well, up more than DKK 15.5 million compared to last year. Also, a very, very big positive change in that. One other, I think, noticeable event is also that we had a court case.
We had a claim from the minority shareholders in the Belgian company that we decided to close down, that decided to run a legal case against us. We were very clear from the very beginning. We didn't think that there was any chance that they would win that, and the court agreed with us on that as well. Very satisfied with that. Obviously, they can take it to the next level court. Let's see. They have, I think it's this month, and let's see what the decision will be. A very strong foundation if they decide to take it to the next level. If we look at the balance on the cash flow, as mentioned, the loan and lease liabilities have decreased, and this is what has led to the lower financial cost.
If you look at the loan obligations, they're down 19%, and if you look at the lease liabilities, they're down 11%. Also a very, very good development in that. The cash flow, as mentioned, strong development in cash flow, and it actually means that we are now self-sustaining. This is a self-sustaining, profitable business. Cash position in the first half of 2025 was DKK 8 million. This stronger balance just gives us a whole better foundation for negotiating and making our financial terms even better with our finance partners and the banks. Very, very, very optimistic. When the ball is rolling in the positive direction, it's much easier to make it roll even faster, if you know what I mean.
Just a little notice, because I think the cash flow shows a very good, it paints a very good picture of our development as a company over the last three years. Since 2023, when I came in, we had a very weak balance sheet and weak operations. In 2024, we changed that. We moved the cars. Obviously, that cost a lot of money to close down all the international markets. We had a weak balance sheet and strong operations. Now in 2025, I think this is where we really can see the results of the change in strategy, because now we have an even stronger balance sheet and even stronger operations. Very, very, I think it's a good picture of the development that we have been through as a company. That ends up with the guidance.
On the 8th of July, as mentioned, we increased the lower end of our guidance so that the guidance is now there. There's going to be a revenue growth for the whole year of 10% - 13% and an EBITDA growth of 25%- 40%. That's for this year. I think it's one of the events and one of the things that was major in the first half was that I publicly went out and said we are ready for self-driving cars, robot cars, if you will. I went to Børsen, one of the biggest newspapers in Denmark, and made a very good article there. Because the fact of the matter is that the technology is there now, and we are ready.
I think we have a very, very strong case as a company for taking and owning this space of self-driving mobility in Copenhagen, in Aarhus, in general in Denmark, actually. We have the customers already. We know where the customers are going. We know when they're going. We know which cars they drive in. We know how much they're willing to spend and so on and so forth. We're sitting on a, I think I mentioned it before, we're sitting on a gold mine of gold or a pile of gold in terms of data that really has some strong, strong potential. I can't wait to get this technology phased in in Denmark. It will give us some tremendous positive changes to our P&L as well.
I don't know, maybe, maybe Michael, I think I could talk for hours about this, but maybe we should actually have a whole event about it.
I think so. Dig a little bit deeper into how can this actually boost your business. Where would it lower your cost? What are the ups and downs? How actually your business will look if you had running a self-driving car? I think we should take an event where we dig into the assumptions and all the parameters of that.
Yes, love to do that.
Perfect. Okay. Let's jump into questions. We have a lot. Lisa, is the Søllerød experiment your testing using satellite cities and seeing if it's profitable? How have those trials shown? Does it look like you can use satellite cities, meaning you can increase the area where you are situated? Which city could then be the next?
Yeah, we did tests together with the E.U. and Rudersdal and the region to check if it was viable business for us to be in what we call Rudersdal and Søllerød, whatever we call it up there. We have concluded that it was actually a good idea. We see a good business up there. We see that there's a good positioning of the cars between the major zone that we have and then all of these satellites. We also have satellites in other places like Høje-Taastrup and Roskilde. What we do is that we put a one-way fee on these satellites. If you drop the cars in one of these satellite zones, it's going to be more costly than just to take it within the main zone. It was a success and we're continuing to have it, and obviously we're looking into other zones as well.
I guess you don't want to tell your competitors what those zones are. Perfect. There's a question here. You had a negative bottom line in Q1. Why didn't you present that in the Q1 training statement? Why did you have this deficit in Q1 all the way down on the bottom line?
We didn't present it because it was not a part of our guidance. With regards to Q1, Q1 is always the weak quarter for us. It's like, you know, Tivoli has a weak quarter in Q1, I'm pretty sure as well. Not as many people want to take a car. First and foremost, they spend all their money during Christmas on Christmas gifts and partying there. It is the lower months for us. There are not so many customers in the city who are willing to take a car. They also don't have, you know, they're not going to whatever places they're going, like a summer day to the beach or something like that in January. Q1 is always lower than that.
It's a trading statement you release in Q1 and Q3. Is that correctly understood that you only give the minimum? Is that correct? Yeah, I think so. How has the beginning of Q3 developed and which factors have been important? I think everybody is talking about the weather and how bad that has been. Maybe that's actually pushing people into your cars. I don't know. A little bit about how Q3 has started and these one and a half months since you reported and whether you see some factors being important for driving growth.
Okay, let's talk about the weather to begin with because it is actually a factor. In the wintertime, I'm always crossing my fingers that it's going to be rain and wind and all that because then you don't want to take your bike. You want to go into a warm, nice EV, right? Take that to work or wherever you're going to, your family, whatever arrangements that you're doing. In the summertime, it's the opposite because I really hope that it's good weather so that people will go to, you know, Møns Klint or to the beach or arrange something in Funen or wherever. It's a little bit different. That was the weather aspect. The second thing is that in the first half, we also put in, you know, compared to last year, we now have more cars in, substantially more cars in.
The big joke about that was the uptake to cover all of these new cars because one thing is you can put in as many cars as you want, but that doesn't give you an increase in customers necessarily. You have to fill out those cars that you put in. The big joke for us was if we could fill up all of these new cars to the markets in Copenhagen and Aarhus. I think we have succeeded in that. I think our growth numbers for the first half here show that.
Could you elaborate a little bit about how it has went since the end of the second half, July and this of August? I know you can't give us any figures, but is it running according to expectations?
I think it's too early. The summer is not over yet, so I prefer to wait until the summer is over. Today, I think it's 25 degrees and the sunshine outside of these office windows. Let's wait for the summer and we might come with an update there.
Perfect. What is driving the customer growth? Do we have any idea what is driving in customers to your platform? Can you see that somehow, what is actually driving this?
Yeah, I think we have become even better at utilizing the vast amount of data that we have here. We have become better at selling more to the existing customers based on the data that we have, all of the data that we have. We have millions of trips, millions of customer data. We have become even better at doing that, also automated. We've been doing a lot of automation for our communication. We have full control of the cost of acquisition of the customers versus the lifetime value and so on and so forth. The search engine positioning is quite unique.
If you are doing the search engine search on words like car rental, car hire, whatever in Danish or in English, GreenMobility is at the very, very top of that, which is quite unique compared to some of our competitors, which are the old-fashioned car rental companies and also the other car sharing companies. We are number one without comparison, have the best positions in Google, and that's worth a lot of money. That's worth a lot of money and a lot of new customers.
Perfect. Do you have total freedom to decide the prices of the car trips, or are they kept somehow regulated by the cities you are in, Copenhagen and Aarhus?
We have total freedom. One of the things that I actually want to do is to change the prices more regularly. Our current software platform is not working well in terms of that. I can comment a little bit about that platform as well. The current platform we had is not good at regulating prices. It's a very, very stiff system. The new platform that is coming, hopefully very soon, I think I promised it before the summer. It's unfortunately seen some delays that will enable us to steer the prices much more based on the demand situations throughout the day and throughout the week and throughout the months.
Perfect. As I understand you, you are not kept by, it's not like taxis or anything. You are not regulated by.
No, no.
There's a little bit about a listener in on the last podcast didn't understand how the competitive situation is, whether you are the sole car sharing company operating in Copenhagen, or do you have some small competitors. If you can kind of paint the picture on the competitive situation, which where I know there's competitors, are they big and do they, which operating model do they drive?
Yeah, I usually say we have a lot of competitors. Direct competitors we have, for example, Hyre , also a car sharing company. They're owned by Møllergruppen, Møller Group in Norway, which is a very, very big financially heavy competitor that we have from Norway. They're operating on that, what we call a fixed base scenario where you have to pick up the car and return it to the same location. They're also driving diesel cars, gasoline cars. That's not our model. Those are in. We have a few others that are also direct competitors. I say we have a lot of competitors, competition. We have, you know, the bikes in Copenhagen and Aarhus. There's a lot of competition from them. I took the bike myself today, right, to work because the weather was beautiful. I love to bike when the weather is good.
When it rains or if there's a little bit of wind, I always take GreenMobility. We have the trains, we have the buses, we have a very narrow network for that. We have a lot of competition, actually, a lot of opportunities, alternatives for people to choose another means of transport. We have the metros and so on and so forth.
The size in Copenhagen, do you have on the pure car sharing, do you have that, or do you want to?
Yeah, what I've said from the beginning is that we are pursuing a total dominance strategy. I think we are at least 4x bigger than our closest competitor. That's why I want to dominate the market completely and move away any opportunity for making huge gains in taking market shares. We will fight for every customer and for every car and put in more cars as necessary, expand our zones and so on, whatever it takes to defend our market shares as long as it is profitable.
To the autonomous vehicles or robot cars, whatever we should call them, that's a question. One is, in general, is there anything new you can elaborate on? I think let's do the event. Also, what's the next step for your autonomous vehicles? The next strategic step for you, is that choosing a partner? Is that the next natural step? Could it give meaning to have more partners, or should you choose a technology platform?
We're working a little bit behind the scenes here because what we're actually waiting for is not the technology. It doesn't really matter about the partner per se right now. What matters is the legal framework that is not done by the E.U., by the National Parliament of Denmark, by the municipality, and the Ministry for Road Transport and so on and so forth. We need that legal framework. Unfortunately, that can take some time because, as I mentioned, we are ready from our side. The technology is ready. In terms of technology, I think there are two, maybe three models.
The two predominant models that we see right now are that the OEMs are delivering a self-driving car completely, which is born self-driving, and the other model is where you are teaming up with a supplier that is delivering the lidars, the software, everything that is needed, and then you install it in your existing fleet or in a new fleet, which actually makes it totally a brand or OEM agnostic for us. We have a lot of opportunities. From a cost perspective, we can see that the development in cost for, for example, the lidars, the radars that you have to put on the roof to give you a 360 view, is also coming down dramatically these years. If we have to wait a couple of years, it only speaks in favor of the cost side because the costs are coming down.
We will see more producers, more suppliers in this space as well, for the software, for the hardware. We have reached out to the major players. We are ready whenever the municipality, the parliament, and the E.U. parliament are ready. I don't expect that to be this year or next year per se. It could go faster than anyone envisages. All of a sudden, it could be there. Then we are prepared.
Are you lobbying for it somehow, meeting with the politicians?
We are indeed, because this is, as I mentioned before, when we look into the simulations on how this can impact our P&L, the results will be outstanding. It is something that we really, really want to do. I personally, I can't wait.
Is the Denmark-only strategy permanent?
It is for now. I think it's only a couple of years ago that we changed our strategy from this internationalization strategy to focus on Denmark only. That is how it is for now, and that's what we have communicated.
The expectation for the second half is lower than what you realized. The growth expectation for the second half is lower than what you realized in H1. Are you expecting any kind of a slowdown in the market? Something you have seen out there that is making you less confident on keeping the growth?
I wouldn't phrase it like that, but what I'm, the story about this company is that we have overpromised and under-delivered. I mean, before my time, that's the fact, right? Everybody who knows that, everybody who's in this meeting who's been with us for years, they know that. I don't intend to do that. I think that's what I think we have shown that during my tenure, that what we're promising is also what we're delivering, at least. We have a competition right now. We see that between Bolt and Uber, for example, that entered the market, which is a bit fierce. It's the taxi market. I realize that. That is one of the bigger things that we don't know which direction that is going, if it's going to be a full-on war between two really masters of software and finance. A lot of capital is backing them up.
Let's see how that goes. One, and two, we also need to finalize the summer here. I need the summer to be completely done before we sort of sit down and take a look at the rest of the year one more time.
Perfect. How many cars are you running in Denmark, and how many employees do you have today?
We have around 1,400 cars. If we look away from our service center, we are only 12 people in the administration today. I think what is interesting is that if you look, I think you can also see that in the H1 report, even though we have grown 30%, 29% on the top line, and had a tremendous impact, a tremendous development in EBITDA and our costs, we haven't increased our total salary. It's the same amount of people who are able to increase the revenue with 30%. I think it's the same amount of people from an administration point of view who are able to increase it even further. Our economies of scale are really, really good here. We see a lot of good trickle-down effect from what we produce on the top line is also going straight down to the very bottom line.
The cars, that's 1,400 still, is that?
That's 1,400, yeah.
Is it the long-term leases or the short trips that are driving your growth? I know you have a strategy also looking at longer-term leases, weeks, months, maybe even, I'm not sure, but that's a big part of your strategy. Can you elaborate a little bit on which part of the business is driving your growth?
I think it's a good mix. I think one of the success stories about this is that we have been able to create a good mix. I'll give you an example. In the summertime, when all of our commuter customers are going out of the city for vacation, we are actually morphing into what we call it, you know, more of a traditional, except that it's not traditional, but more into a car rental company where the customers are renting the cars for three hours, five hours, one day, two days, even for weeks for their summer vacation. I think this mix is pivotal to the success that we've seen in H1, that we can take up some changes in demand over the year, and then we can substitute that with other types of customers. That has been very strong.
Perfect. There is a question to your balance sheet. I don't know whether you have the figures in front of you. Your total debt and how much are you paying off of that debt per month?
I don't have that on top of my head, but we have on the 27th of August, we have a live event actually where everybody's welcome and where our CFO is also present. That's where we can talk about the more nitty-gritty stuff in terms of that. Everybody's welcome on the 27th of August.
Is there a way you can cap the risk on the, you run on the resale price of the cars you get rid of?
Say that again, please.
Is there a way you can put a cap on the risk you run on the resale prices of the cars you get rid of? Is there any way where you're capping the risk of running a fleet?
Yes, so I can see, I can tell you that we have a mixed fleet. All cars that we have taken in after I got in, we have actually sort of an insurance built into that. The residual value insurance, as I call it, is an agreement where there's a buyback at a certain price. We can never go below that price. That's one way of mitigating it. That being said, I also think that we have a very good and conservative write-off strategy, and the residual values that we are looking at when the leases are ending are very conservative. I mean, it's hardly the value of the battery that we have put in there. We have a good development in writing off the cars, and also when they near the end of time in our fleet, I think we stand on very strong ground in selling them.
Also, mitigation on that is that we're not selling 1,400 cars overnight. It's a long process because we have a lot of the same white cars, and that's not good for reselling those cars. It would be a long process. It's the same as an airline company. They're also not changing their fleet overnight. All planes are changed. It's a long stretch. That's the same that we are doing with our cars.
Another strategy could also be lifetime prolongment. You have a better way of, I'm also seeing that, I'm working with that. I don't know whether that's possible on cars, prolonging the running lifetime of your car because as we can see now, they run in cash. They must have a value.
Yes, you're so right on that. It's also something that we're looking at. I think one of the big changes to the whole setup of ICE cars, you know, internal combustion engine cars versus electric cars, is that electric cars just run much more and much better when they're aging. That's also what we can see with our cars. I know, I've been in the rental car industry. I know how cars are developing over time in the rental industry. The fact is that electric vehicles do not need to change as many parts from a mechanical point of view as an ICE car. That means that it actually pays off to keep them a little longer and to get your TCOs lower on that one. It also gives you a security in terms of the residual values at the end here.
The longer you have them, the more security you have in your residual values. Yes, definitely compared to the old-fashioned car rental companies and the leasing companies, these cars can now be kept for longer. I think it's a change that we will see not just in our end of the business, but probably also in the leasing world where we will keep the cars being kept for longer because all of the reparations are not coming to the same extent as we see with ICE cars.
Perfect. Do you see any M&A opportunities?
Probably it's not something that I have any comments on for this.
It is not whether someone is bidding on you. Are you also looking at M&A opportunities? Is it a part of your strategy or would you like to grow organically?
It's not part of my job, so you have to ask the board about that.
Yes, I will redirect the question to them. Are you comfortable with your capital structure? Do you see any need for raising new capital?
I think I have to give the standard answer for that. We are constantly monitoring how that looks and we will act accordingly. That's the standard answer.
Perfect. Yeah, I think that was the last question. Thank you, Kasper, for taking us through your result and answering questions. Thank you for the audience listening.