Welcome to today's event where we have the pleasure to present GreenMobility A/S. As always, very welcome to the audience and welcome to you, Kasper Gjedsted, CEO of GreenMobility A/S. Today, your Q3 trading statement. Not heavy on numbers, so I guess it will not be a long presentation. Let's focus on the Q&A, as always, when you do the trading statements. As always, you're very welcome to ask questions in the box down below during the presentation, but we will take the main part of the questions in the end. We will conduct this in English, but very welcome to ask questions in Danish, and I will try and translate to the best of my ability. For now, I will hand the call over to you, Kasper.
Thank you very much, Michael, and welcome to all of you who are viewing today. After this disclaimer, very shortly on myself and GreenMobility here. I come from the old-fashioned car rental industry. I've been CEO for Davis Budget Group in Denmark and in Sweden. I also have been with Sixt for a number of years. I came to GreenMobility in the beginning of 2023. For those of you who don't know GreenMobility, it's a super easy product to use if you need a car. You just download our app. You open the car in the app by swiping, and you get into the car. You drive to your destination. You leave the car behind you, and then remember to lock it, of course. We charge your credit card for the minutes, the hours, or the days that you have used the car. We have around 1,400 vehicles.
The majority or the backbone of our fleet is the Renault Zoe. It's a small city car with a very, I mean, for the size of the car, it has a very big battery. We also have some premium cars, which are the Polestars and a few Renault Meganes. We also have cargo vans, also EVs, which is also a very good revenue generator for our fleet. We recently, before the summer, introduced the ID. Buzz seven-seaters. It's a category that we haven't used or tried before. It's gone well. It's super for the purpose of groups and sports clubs, and if you have a lot of luggage going to the airport and so forth. We are the leading free float car sharing platform in Denmark. We have now more than 135,000 trips per month. We have a market cap of DKK 425 million as of yesterday.
Also, as of yesterday, the share price is up 117% year to date. I think it's one of the best performing shares on Nasdaq OMX this year. We have a guidance of 13% to 15% revenue growth, and we're expecting EBITDA growth of 32% to 42%. If we dive into the Q3 and look at some of the highlights from Q3, if you take the first nine months of this year and compare it to 2024, we see a 23% increase in the revenue. If you take the same nine months and compare it to the same nine months of 2024, we see a 60% increase in EBITDA, a 60% increase in EBITDA. If we zoom in on the Q3 alone, we see a 14% increase in the revenue compared to the Q3 2024, and a 60% again here on the EBITDA compared to Q3 2024.
I think it's a solid quarter for us. We are continuing on executing on our operational excellence. We're continuing on executing on our cost management. We have some very strong marketing customer acquisitions. We are very data-based on our marketing. We are award-nominated in several categories on our marketing. We've seen a summer demand for this quarter, July-August, that was very good. Some of the changes for the company from a revenue perspective are actually what you can see in this map. This is a map from a normal summer day, I would say, in Denmark. Prior to me stepping in, we were actually having some challenges on what did we do during the summertime when all our normal day commuters were leaving the city, going on an airplane to somewhere down south or whatever they were doing. They were leaving the city.
One of the successes we have had from a revenue point of view is that we have been able to transform the company from these short trips, intra-city trips, 10, 15, 30-minute trips, and then convincing new and existing customers to take one of our cars and go on a vacation with it and use it for longer trips. This is what the map shows. We have cars everywhere on a summer day, everywhere in Denmark, even in southern Sweden, as you can see to the far right. That is one of the success factors driving the revenue, the continuous revenue growth here over the summer. Yeah, we have had two, we had two adjustments of the guidance, positive adjustments of the guidance. We had one in July where we went from 17 to -13% on the revenue to 10- 13% guidance.
Then on the EBITDA on 40, we had 40% growth guidance, and then we narrowed that up to 25 to 40% growth year on year. In September, some months later, we revised our guidance again upwards. Going from that 10 to 13% and up to 13 to 15% on the revenue, and then again from 25 to 40%, going up to 32 to 42% growth year on year on the guidance. That is the latest guidance as we see here. The latest news is that maybe some of you heard it, I'm not sure. There's a very popular podcast in Denmark called Millionaire Club, Millionaires Club, in lack of better translation. I was on it earlier this week, and I talked about self-driving cars in a GreenMobility context and self-driving cars in general. It's something some of you have heard me talk about before.
I can talk for hours about it. I promise to make it short here. It's not as far away as a lot of people think with autonomous vehicles, and that's why I'm starting to talk about it and not even talk about them. We're actually having a plan for that with GreenMobility. The reason why I talk about it and the reason why I'm spending my time on it is because if you take these cars, if you take, you know, the Google-owned Waymo or Alphabet-owned Waymo, which is running in the United States at the moment, 350,000 trips per week without a chauffeur, 350,000 trips per week with paying passengers. These cars are making around 90% fewer damages. That would have a significant impact, of course, if we can make the same statistics for Denmark and apply it here. That will have a significant impact on our costs, right?
We will reduce our costs significantly and our insurance costs as well. We are running around with our current model. We're running three to six trips per day. A Waymo car or an autonomous vehicle is running between 22 and 26 trips per day. For those, I mean, and for those two arguments, it's super interesting for us to look at that. The third, and I think a very important argument is why I'm looking at this is because GreenMobility, we have, we're sitting on a ton of gold. We're very well positioned because I think the technology is there now. We've seen that 350,000 trips per week, plus the millions of trips that you have from autonomous vehicles in China and the Middle East and so on going on now. The technology is there.
From an operator like us, we have a very huge advantage because we're so well positioned because we have all the data. We know where the customers are driving. We know how long they're driving. We know exactly where they're driving from and to. We know how much they're willing to pay and so on and so forth. We have eight years of data of millions and millions of trips in our company that we can utilize and apply as soon as we get our hands on these cars. The second part, which is also the most important, one of two most important things is that we are now, right now, we have the customer relation. We own the customer, so to speak. It's for us and for me personally, I can hardly wait until we get these cars.
Obviously, I'm in talks with the big manufacturers and operators of these cars around the world to get them in as fast as possible. It's not the technology that we're waiting for. It's actually the authorities. Obviously, we're also in talks with the authorities around this. It's not because it's going to change GreenMobility next year or the year after. It's not like we're changing 1,400 cars into autonomous vehicles. It's going to be a gradual change of our fleet into that. Eventually, whenever the authorities are working with us on that to get the permit and all that. I'm talking about this because I think this is what we see is the future of GreenMobility, and it has some very, very interesting potential for us. I recommend that you go in and listen to Millionaire Club.
It's from this week where I was in and I talk a lot more about it. I think that's it for me, Michael.
Perfect. Let's jump to the Q&A session. No worry, I wasn't there that day, so you will not need to hear my voice. You can also only get to Kasper's interview. There's a question here about how do you work on improving your Trustpilot ratings? There has been some discussion about your Trustpilot ratings, the experience in the car. Have you improved your Trustpilot rating or are you still in progress? How do you actually work with improving that, I guess, customer experience in the car?
With regards to the reviews, if you look at Google, they look very different from Trustpilot, thank God. That's a whole other discussion on Trustpilot and whatever. We are very focused on this. If you sort of group the customer complaints, there are two major groups of customer complaints. You have complaints over the previous driver who had the car because he or she may have left the car dirty with trash or with a smell of smoke, for example. We're addressing this with, I think, three major operational excellence plans or a three-part plan on that. We have professionalized the cleaning standards. Before I came into this company, there was one cleaning standard for every employee doing the car.
Right now, our goal, and now we also have this McDonald's level consistency where the customers are met with exactly the same standard of a clean car, no matter which employee has been with the car. For smoking, we have installed smoke detectors in our cars now. It's actually a revenue generator, but it's toxic revenue, as I normally coin it. It's toxic revenue because it's not revenue we want. Of course, we'll take it. We actually prefer customers not to vape and smoke in our cars. Right now, we can charge customers for that. That also has a preventive effect so that when customers are starting to find out that we have smoke detectors and when we have given them the first administrative fine on it, it will also discourage them from smoking.
We have also added AI cameras into our cars where the cameras can actually detect trash when somebody has left the car and left a McDonald's bag after themselves. We are addressing this and we're taking it seriously. The problem is we're not inspecting every car after rental. It's not like the old-fashioned car rental industry where they're inspecting every car. These cars are left. We might see them every fifth time or every sixth time, whatever. There will be customers who are not as well behaved as we are. You and me, Michael, probably, I hope.
I have no idea.
That's where we're using technology to mitigate these issues, right? I think we will see much better results on that. The second very big chunk of customer complaints that we're getting is actually from parking fines, which essentially has nothing to do with GreenMobility per se. We have one very big problem on parking fines, to be honest with you. We have some, especially in Copenhagen, signage from the municipality that says this parking spot is for a car sharing car. We are a car sharing company, right? Our customers obviously think they can park on these spots for a car sharing car. Now, here's the key. Here's the problem. They cannot park on those. The reason is they can only park on the ones with the parking sign saying electric car sharing spot. We've talked to the ministry about this. It's the transport ministry.
Those are the ones who are actually deciding on the names and what can be in a signage. We talked to the municipality about it. It's really, really annoying. Of course, we're talking to the customers. We're communicating it to the customers. Please don't park there. You can park here. We're putting stickers in the cars. We are sending emails, newsletters, and so on and so forth. As you know, sometimes people don't read what you say. Those are the two, I think, major reasons why we have those reviews. Those are the major triggers about it. We are taking it seriously and we are actually working on it. I think we have a very good mitigation plan for that. I'm sorry for a long, long answer to a short answer.
I think the customer experience and with that many customers is an important part of the equity story. Yeah, let's jump in. I think I have three questions here. You didn't upgrade your guidance. The numbers actually look pretty solid. If you look at the nine months, it's ahead of the guidance. I think I have three or four different questions saying, could there be more guidance upgrades and why haven't you upgraded here in the quarter?
As I said before, this company, before my time, was a company that, and everybody knows this, so it's no secret, it was a company that overpromised and under-delivered. I think one of my major tasks here has to be reestablishing the trust from investors. I'm not, you know, basing, or we're not basing our guidance on gut feelings. We want data. In this case, should we decide to do anything on our guidance, it will be data-driven and not based on hope or whatever. Before we even talk about any guidance adjustments, we simply need to get some more data in to be sure that we can maintain this momentum that we have from Q3 going into Q4. We also see some uncertainties from a competitive point of view that we also need to get some more data on. If you look at Bolt, they're running big campaigns now.
You can get a 50% discount on Bolt at the moment. It will take you from downtown Copenhagen to the airport for DKK 117. Maybe I shouldn't say this because it's a competitor, right? You have public transport companies who are spending a lot of taxpayers' money on campaigns for the fall holidays here. DKK 60, you can drive as much as you like to in trains and buses for a whole day. We are actually waiting for that data on how that is going before we want to make whatever potential adjustments. For now, it is based on the current data. That is what we are communicating.
There were actually also questions about, have you seen them run any more campaigns or is it still the same that I see on the taxi sides and we will not mention them anymore? Are they increasing the pressure or is it the same campaigns that have been running through the year?
The campaigns depend on the seasonality. Now we're going into the fall vacation here, the school's fall vacation. I think it's actually starting today. You see them become a little more aggressive because all of their business customers who are normally taking the taxis or the public customers, the authorities are spending a lot of money on taxis. They're gone, so they have to fill up the taxis there. For these periods, they are a little more aggressive. That's what we're waiting to see, what happens in terms of our revenue on that.
Perfect. There is a very detailed question. I don't know whether you have given data enough to the market on that. It's the unit economy on the cars they are talking about: revenue, utilization rate, and payback period. How have they improved, and what level do you expect to get in the short and long term? I am not sure whether you can talk a little bit, can tell us about that with you not being publishing it. If you can't, can you talk a little bit about the trend at least on some of these, you might say, these revenue utilization rate and payback period?
I would really love to talk in details about it. I could talk for hours about it, but not in the meeting around Q3 because that's simply not what is in our information on the Q3. I'm afraid you have to wait for the full year to tell more details in about that. Sorry for being so boring.
Is it new customers or existing customers that are driving the growth in this quarter?
That's a good mix, actually. We have a very good intake of customers, which is primarily driven by this data-driven marketing, as I mentioned earlier. We are very successful with our marketing, and we are very much on top of the metrics on the marketing, you know, the cost of acquisition, lifetime value, and so on and so forth. If you look into Google, which is a very important, you know, source of new customers, we are positioned better than any of the old-fashioned car rental companies. We are positioned much better there. We have a super position there. We have even been recognized in awards and so on for being able to be positioned like we are there. I think that drives a lot. We're also selling more to the existing customers. We have more products on the shelves, so to speak.
We are more aggressive in our communication to existing customers. We are much more focused on individual messages to the customers based on their behavior and so on. The whole communication has much more of an intelligence to it than it has ever had before.
By this Bolt driving, I guess you don't want to contend on 50-50, 60-40 or anything.
No.
Do you have more cars in your fleet now than when you went into 2025? How has the fleet developed? Maybe that will also give at least a parameter on the revenue on the total business if we know that. A little bit about the fleet. How has that developed in 2025?
It hasn't really developed at all. We had around the same cars throughout the years, 1,400. I say cars, it's actually vehicles. There's been some minor adjustments over the year where we had more vans and fewer cars, but it's very minor. It's very, it has been very flat throughout the year here.
The composition between, as you said, the vans has been moving up and down, but between premium and the Zoe, that has been pretty stable.
It's more or less the same. I mean, if we are seeing an increase on the revenue, it's because we have a better utilization of the current fleet.
Perfect. We start to look into next year, 2026. It's not an ask of you to guide because that will be left for you to do an announcement. A little bit about the sources of growth. Will it be geographic expansion, new vehicles, similar, more marketing pressure on existing customers, and so on? I know it's still a little bit ahead, but I guess you have started to think about the growth levels for next year also. Not telling us how much it's going to be, but the growth levels you're going to try and pull.
I think the most important thing is that what we want to do and what we have actually created and the company as it is today is that we need to have a healthy growth, a profitable growth in opposition to early on where there was a different model for the strategy. For me, it's all about making profitable growth. I said it earlier this week as well, and I said it before, we're just getting started with this company. That's what the amazing thing is. Now we have stabilized it. I think we are building muscles now. We are introducing a new platform coming up and so on. We are looking into a lot of growth pockets that I can also talk about for hours.
For me, it's all the most important thing, and I think it's important for you to hear from me as well, is that we're not going to take some big adventures and going in all sorts of directions. This is a stable, good, profitable growth, and it's the profitability that underlines everything.
Perfect. I'll try and push you a little bit. Is it tapping more into the long-term rental market? Is it more use of directed campaigns and getting the drivers to drive more through the new platform? A little bit about, not the specific, but if you should mention the two most important ones you hope to, and I don't know whether you want to do it, but the growth levels that you want to really, really hope to push on in 2026.
I think instead of mentioning two, I think it's important to understand a business like this is that you have a lot of different growth pockets from a lot of different various sources, right? You have, we are continuing on that path because that is what we have found. We have been successful on executing on these growth pockets. As you saw before, one of the growth pockets was transforming ourselves during the summer to become sort of more of a rental company than a car sharing company per se for the longer trips, one, two, three days, two, three weeks, even four weeks. We even have customers who take the cars for four weeks during the summer. That is one aspect.
Another aspect that we will see, hopefully, a good growth and also some cost savings from is the introduction of a new platform, which will be much more friendly from a customer perspective. Hopefully, we'll also see some revenue management, yield management coming in next year, and then a continuation of our operational excellence plan. We're not done yet. We've seen some tremendous increases in our operations. You can see that in our EBITDA. We will continue to improve that. We have a lot of good things lined up, and it will take years before we have exhausted the current opportunities in the market.
Yeah, there's a question here who gets more specific on your cost saving on insurance and right depreciation on cars. Specifically, what you're expecting to make of cost savings there in 2026. I don't know whether you want to already give us some taste of it or wait until the guidance for who you're going to.
No, what I can give a taste of is that because we are becoming more and more digitized, I mean, we have the AI cameras. We can prevent more damages. We can also prove more damages. We have the damage. We have some small computers in the cars now, boxes in the cars that can actually detect damages. We're becoming better and better every day in terms of getting the money from a damage that a car has caused, which was very difficult before we could actually detect it digitally because we were not inspecting all the cars. You could make a damage on a car, and then you could leave it, and then it would probably, maybe it would be discovered by us or by another customer three, four, five trips later. That's not going to happen today. We are installing that across the fleet, right?
We already have some very good positive impacts from that. When you have that, you can also go out and negotiate better deals with insurance companies, for example. We have a much better baseline. We can prevent more damages and so on. That is for the negotiations for the insurance. Obviously, I'm pushing that really hard, and I'm also expecting to see savings on that. I don't want to put an amount to it, but this is what I expect.
Perfect. Actually, Bolt doesn't have anything offered to the airport, so you didn't promote, as someone said. You didn't promote.
It depends. It depends if you already use one of theirs. They're also very, you know, personalized in it. I was actually checking it this morning, and I could get 50%. This is the last time I say you can get 50% with Bolt.
I think we should just have stated it. Yeah. The final question, the liquidity in your share is a little bit limited. I guess it has improved lately with the results also. Any thinkings on how you might support that better? I know it's also the board, but whether you have made some discussion with the board about how to support the liquidity in this year, you know, getting the information more out to more investors and maybe trying to increase the liquidity in this year.
Yeah, I mean, the other day there were around 85,000 shares traded this week for one day. There is definitely more liquidity in it than there has been early on. That's one thing. We have also very recently introduced a new shareholder program, a shareholder advantage program. I also recommend you, I should actually have brought that up here. It's a very good question, by the way. The new and improved shareholder advantage program actually gives the one of you who are owning shares, more than 100 shares, even bigger advantages than you had before. We are also seeing a tendency before. What we can actually see is that we are getting more and more shareholders in. The shareholder base has actually increased in our company significantly, I would say, compared to just one year ago. I think it's good.
Of course, it's also something that we are discussing and we are planning. I had earlier this year or earlier this summer, late, late, late summer, we were also inviting for an analyst day. We're going to do that again. If anybody wants to speak with me directly, my door is always open. Just reach out directly and I'm happy to sit down and have a meeting. It's a part of my job and I love to speak to you guys out there. Also, getting your input on our business is always very, very interesting. Just reach out if you want to sit down and have a chat with me about that.
Let's see whether you now need a thousandth meeting next week, Kasper, but I think we will leave you on that note and say thank you to the audience for listening in and thank you to you, Kasper, for taking us through your results and getting maybe more deeper into it through a lot of questions. Thank you to all.