CEO Kasper Gjedsted, welcome to today's presentation, H1 preliminary figures. Of course, showing a rather good growth. I think it was 29% on revenue and 76% on EBITDA. I think a lot of companies would be satisfied with that. Also, you bumped up your bottom range of your guidance range. I think I have joked with you that you are in the second year of your strategy period. That's always the toughest one because the first one is not easy. It means a lot of stuff needs to be done. The second year is where you need to grow. Something seems to be working. At least if we should look at the share price, I think it's up around 65% year to date. Let's dig a little bit deeper into that or how far you can go before we have the full set of H1 results.
As always, you're very welcome to ask questions down in the box down below. We have already had some in, but do feel free to do it. I think we will take a very short presentation and do the most by the Q&A this time. For now, I'll hand the call over to you, Kasper.
Thank you very much. Let's just take the next slide, please. Roll over that one. Just a short introduction to those of you who don't know me. I come from the traditional car rental industry. I was with Sixt in Denmark at a very young age. We made that the most profitable company and highest growing company during the financial crisis. We surpassed Hertz and other big of the old car rental companies back then. I came to Avis. In Avis, they had five consecutive years of losses. We turned that around in 18 months to make the biggest profit in 50 years for that company. That's the legacy I have now with GreenMobility. If we go to the next slide, those of you who don't know GreenMobility, we are what I call the modern-day car rental company. It's a car sharing company.
We have around 1,400 vehicles in our fleet. We have more than 100,000 trips per month. We are in Copenhagen and Aarhus. We've been through a major transition as a company, going from an internationalization strategy with very rapid growth, but also with very high cost, to now focusing on the Danish market. The results that we are seeing today, I think they speak for themselves in terms of the success of this whole turnaround. Next slide, please. Just a little bit on our fleet. The core fleet is a Group B segment. That's city cars. It's our very popular Renault ZOE. It's all electric. All the cars and the vans in our fleet are electric and have been from the birth of the company, hence the name GreenMobility. That's the core fleet, the smaller cars. We have some premium cars, Polestar, especially good for the longer trips.
We also have quite a few vans, electric vans that are also very popular. We just, a month or so ago, added seven-seaters, the ID. Buzz to the fleet, also very popular. OK, let's have the next slide, which is about the revenue. As some of you know, we had a good growth in revenue in the first half of 2025 compared to the first half of 2024. We saw a 29% growth. That got us a revenue of around DKK 74 million. That's a really good growth considering where we come from. Next slide, please, is about the EBITDA. We saw an improvement of 76% compared to the first half of 2024. The underlying operations, I think, are really on a good track. I think these numbers show that. Next slide, please. This is about our guidance.
Based on these numbers and what we see in the future, we have increased the lower end of our guidance and narrowed that. Our updated expectations for 2024 is to have a revenue growth of between 10% and 13% and an EBITDA growth of between 25% to 40%. That was the short, short introduction, Michael.
Yeah, let's jump into some questions. Actually, let's jump into when we're anyway under guidance. Guidance indicates a flat development in the second half of 2025. Why don't you see momentum continuing?
There are multiple reasons for that. I mean, it's not because I forecast major changes to the business as such. In the short term, there might be some risks ahead of us. We see Bolt has entered the market. Uber entered the Danish market early on in this year. I don't know if they're going to make a price war that can impact us. If it impacts us, it's not going to be substantial. We will feel probably a bump in the short term. In the long term, you know, based on the fundamentals of our business, we're able to beat them from the fact that their costs are substantially higher than ours. They have a chauffeur that they have to pay no matter if he drives or not, and no matter if he waits or not, they have to pay the chauffeur.
In our business model, our customers are the chauffeurs. The fundamentals, we have a much stronger proposition than they have. I'm not so afraid of it. I don't know what, you know, in the short term, with a new entrant and new strong entrant into the market, what that can have for a consequence. The second part of that answer to that question, Michael, is we are also trying to build some trust in the market here. It's no secret for those of you who have been following us over the years here, that prior to me taking over here, we had a lot of disappointments before. I just don't want to overpromise anything. I have a more cautious approach. I really want to wait for more data over the important summer season here before we do anything else.
With the current data that we have, this is the guidance that we see.
Perfect. On the maybe competition, I think Bolt also had some short-term offers when they came into the market. Do we have data from that period supporting you that it might be short term and it might be a minor effect? Do we have data that indicates that that was the case?
The reason why it's short term is because it's Bolt or Uber. They're paying the full cost of it. If you give an 80% discount, that's not sustainable, not even for a big San Francisco-based, only European-based company. That's why we know it's short term. We saw it with Uber. We're probably going to see it with Bolt. Let's see what, you know, with a new entrant here, what will happen. That is what is making us a little bit cautious. In the long term, we're not cautious about that at all.
Perfect. There is a little bit of a question about you had a lot of cars in Roskilde on the festival. There is a question here. Will they stay there? Is it possible to park in there if you're going to Copenhagen? Congratulations on the self-driving cars. Maybe we should take that in a separate question. The question about Roskilde, do they stay out there or was it only for the festival? Is it possible to go between those two cities, Copenhagen and Roskilde?
Yes, that's a good summer question here. No, Roskilde has actually been a zone for quite a long time with us. For years, it has been a zone where you've been able to take the car to the central part of the Roskilde City. We made a commercial cooperation with the Roskilde Festival. They have a very good brand. They have a lot of customers. I think we saw more than 400 cars parked there at once during the festival. The good thing was that the customer took them back to Copenhagen. All of the cars were actually back on Sunday and Monday last week. We saw a tremendous operational success with the Roskilde Festival here. It was a great success having them in and a very nice cooperation. Roskilde is still there. It will remain there. It's a good zone for us.
We have different zones like that around Copenhagen. I just want to say go and check out our map and see all of the good zones they can actually park in.
Maybe a little bit about the self-driving cars that she also alludes to down there. I even had an interview with you, so I know a little bit about it. Can you talk a little bit about where you are right now? Are you talking to any partners? Is it legal that hinders that? Maybe a little bit about why you still see that you have a value proposition by self-driving cars, because I think that removes the driver, right? Some of your value proposition might go a little bit away.
Yeah. We have reached out to some of the major players on that scene from the manufacturer point of view, supplier point of view. I don't think that's the really interesting part about this. It's because the technology is there now. The technology is there now. I think Waymo has 250,000 paid trips per week. The technology is there now. The same goes for some of the players in China. What we're waiting for is actually the authorities, from an EU level and down to the Danish parliament and then even further down to the municipality. We have some very good talks with Danish politicians about this. I'm going to a meeting tomorrow discussing it on an EU level and so on. I think this is actually what we're waiting for. It's not the technology. The technology is there now.
We're not talking about Tesla, of course, because that's not quite—the other technology providers are actually far ahead. We are ready in GreenMobility. We're ready. We're ready to start tomorrow if the politicians were ready tomorrow. They're not. It will probably take some years before we can get the first revenue drivers driving cars on the street. I think we have a very strong advantage over others because, first, we're local. We have a lot of data. We're sitting on a gold mine of data. We know where the cars need to be placed, located. We know the pricing of it. We know the whole operation about this.
No matter if we're doing this alone or if we're doing it with a partner, there is no better partner in the Kingdom of Denmark or even the Nordics to do a setup that we can do and change it within 24 hours almost. Personally, I'm looking very, very much forward to us being able to put the first cars on the street with the self-driving technology. The other advantage, why I'm ready for it, there's a security, there's a safety issue. They are six times safer than ordinary cars to drive in. We will see significantly lower costs on running a fleet because we'll see fewer damages, right? They will be able to run much more than the current cars. The positioning of the cars will be much better. All in all, we're looking into a substantially better company when we are getting access to this new technology.
I think I can't remember what I asked you when we were sitting on the back seat of a car doing an interview. Do you need to exchange all your fleet? Or is it there also Bolt-on technologies? I mean, if it's coming in a couple of years, you also need to worry about the depreciation on your current fleet. How do you think about that? Where is the technology? Is it Bolt-on, or do we need a totally new fleet?
There are two ways of doing it. You have two different directions. You have the ones where you have the total integration from the car manufacturers, where they've built all the lighters and the software and all that into it. You also have the Bolt on, as you mentioned here, Michael, it's where you actually purchase the whole solution and put it onto your existing fleet. Obviously, it's something that we're looking at when we are buying new cars, that they have to be prepared for that. We're not dependent on any supplier in terms of having one particular type of car. We can put it on existing cars, put on the technology and the radars on existing cars, get the software for some existing suppliers, and so on. That's why I'm so happy about the setup that we have here.
Basically, we own all of the customers that's going to use that. It's just plugging it in, the hardware and the software. Then we have a good-to-go company already for that.
OK, let's jump back to the, what is it called, not the future of baggage, but to the present. There's a question here. You hopefully don't have any plans to go abroad. It might be a little bit leading, but I have asked it. Any comments on your plans about going abroad? Is it fully focusing on Denmark right now?
It's fully focused on Denmark. We have plenty to do, plenty of other things, activities that we can improve our business with and expand our business with here in Denmark. For now, we don't have any internationalization plans.
Because there's also a question about who your colleagues are in the other European cities. I don't know how closely you follow them anymore, maybe as seeing how they develop and do good or maybe learn by them. Can you talk a little bit about whether you follow your colleagues in other European cities and whether you can benchmark or learn something from their way of doing it or the opposite?
I'm going to meet them actually tomorrow in Berlin, my colleagues from the major car sharing companies in Europe. They actually asked me to hold a speech about how we did this transition in Denmark and how we reached a profitable company. I think it goes both ways, right? I think we can learn a lot from each other. It's also to talk about, you know, on a European level, what we can do together here. That's the purpose of that meeting.
A little bit also to the present. I think in the last presentation, you talked a lot about those sensors, you know, cameras and sensors on the accidents and how that could save your cost. Have you seen anything in your numbers already?
Yes, we have. I think we have seen some very good results from that. I'm actually satisfied with how that, the performance of that. For me, the revenue that comes in, I think I've coined it a toxic revenue, right? It's toxic revenue. It's wrong to say that I don't want that revenue because I want all revenue, right? In fact, for me, it's all about changing the customer behavior and improving the customer experience. I don't want people to smoke in the cars. I don't want them to vape in the cars. I don't want them to leave trash in the cars. Hopefully, with the camera technology, with our sensors, with the smoke detection, eventually, the revenue from that, the revenue stream from that will run dry, hopefully, because that will show that the customer's behavior has changed.
They're taking a bigger responsibility for the cars, the way they drive them, and so on and so forth. The toxic revenue we're getting in now, it's nice because we didn't get it before. People were trashing the cars before. Now we're getting it, which is good. Going forward, we don't want that kind of revenue because I simply think that the savings that we can have of people driving the cars better, the customer experience becoming better because they don't see trash in cars and don't, you know, have smoke residues is so much more profitable for us than this toxic revenue that we're getting in right now.
There is a question also, how do you see yourself in the battle between Bolt and Uber? I think we touched a lot on that on the first question down there. I think that answers it. There is a question, what has gone better than you expected from the start of the year? Because if there is a guidance upgrade, something must have gone better. Has anything also disappointed you?
One of the big unknowns when we did the guidance in the beginning of the year was the uptake of the many, many more cars that we are putting into the market. I mean, it's no art just to put more cars on the street. The art is to actually get customers to use them, right? That was the big unknown. I think that has surprised—it has been a pleasant surprise that that actually went better than we forecasted. The question is if that will continue, you know, in the lower season. We have a lot of seasonality in our business. When we're moving into the lower seasonality, if that will continue. We simply don't know that yet. That was a pleasant surprise.
Has something gone worse? It's always hard to ask when you have a guidance upgrade. That's the thing. It hasn't fully delivered as you hoped for in this year.
No, I don't think so.
Perfect. There's still something about the competition, also your good results. What are you seeing on, maybe not on the taxi side, but on the other competitive landscape? It has been not good results the last couple of years, but now you are actually showing some good results. Do you see that lure any new competition into the market?
We don't see any new big competitors coming in at the moment. I won't rule that out. I always welcome competition because it can expand the market. A piece of advice is bring a lot of money if you want to go into our market because it's a very costly affair to go in here. I think we're ready. We have a total dominant strategy, in particular in Copenhagen. Nobody can beat us on the prices. They don't want to come in. We'll just match them. It's not going to be easy for them. If they come in, I think it will expand the total market. I will welcome that.
Perfect. There is a question. Is it new customers who drive the growth, or is it the existing customer base who you get more into to drive more? I guess, as you said, it's not enough to put the cars in. Someone also needs to sit behind the wheel. Is it existing customers that you target through marketing, or is it new customers coming in?
Yes, we sell more to existing customers, no doubt about that. The loyalty is going up. We also see a very good inflow of new customers. I think we also mentioned that in our statement here. It's actually a mix, and I think that's healthy for any business to have a mix of both selling more to existing customers and seeing an influx of customers as well.
Perfect. The final question is always, do you see more? Can you use your capacity on your fleet? Do you need to bring in more cars if this growth continues? Is there still capacity to utilize the current fleet? I think that revenue, of course, on the latter part is much more valuable. A little bit on the fleet development of your expectation. Do you still see enough capacity on your current fleet as it is right now?
If the growth continues, we obviously have to bring in more cars. With the current growth and in the foreseeable future, I think there's still plenty of room for a better utilization of the cars. I think we can actually increase our revenue and also our EBITDA and our margins by utilizing the current fleet even better.
Perfect. That was my last question. Thank you, Kasper, for taking us through as fast your results. I think it's the middle of August. We will see the full year results, and we will dig a little bit deeper into the first half year's results and so on. Thank you, Kasper, for taking us through and answering the questions. Thank you for the audience listening in.