Welcome to today's event, where we have the pleasure to present GreenMobility. To help us through today's presentation and answer questions in the end of it, we are joined by CEO Kasper Gjedsted. Today's presentation, preliminary 2025 results, guidance for 2026. We'll go shortly through them, but also take questions to kind of get around these cases. As always, very welcome to ask questions in the box down below. Very welcome to do it in Danish. I will try and translate to the best of my ability, but I think for now, I'll hand the call over to you, Kasper.
Thank you very much, Michael. I have this disclaimer for those of you who haven't participated in these events before, just a quick introduction to who GreenMobility is and what we do. So we are an electric car-sharing company. We have around 1,400 vehicles in our fleet. The core fleet consists of the Renault Zoe. It's a smaller car with a large battery for its size. We have a premium fleet, what we call a premium fleet, mainly the Polestars and the Renault Mégane, and we have a growing cargo fleet. Then the latest addition is the ID. Buzz that we also have a few of in our fleet. Our model works relatively simple for the customers.
You just download our app, then you swipe, then the car opens up. You drive it to wherever you wanna go within our zone, and then when you're done driving, you just step out, swipe again, and you're done, and we'll send you an invoice and gather the money from your credit card. So today I'm here to talk about the 2025 results and our guidance for 2026. So I think Green Mobility in 2025, we delivered on our promises on our financial guideline. We said we would have a revenue growth of 17%-19% in our latest guidance update, and we said that we would have a 47%-52% EBITDA growth in our guidance in 2025 latest guidance there.
And for the revenue, we were up 20% versus the year before, and for the EBITDA, we were up 55% versus the year before. And I think that's, it's a strong tribute to our business model and our operation here, and the execution of the strategy. The profit from continuing operations was DKK 32 million versus DKK 8 million in 2024, and the cash at hand was DKK 17 million versus DKK 10 million in 2024, and the equity is now up to DKK 35 million versus DKK 2 million in 2024. And, last but not least, the solvency is now up to 21% versus 1% in 2024. So across most of these very important variables, we have improved tremendously. So that was it for 2025.
Also in 2025, we launched our financial targets for 2028. We called it Driving Towards an Autonomous Future, where we sort of stated that Denmark will remain the core market as we see a lot of untapped growth opportunity here. We also said that the average revenue would grow between 8% and 12% a year, with an EBITDA growth of 12%-16% a year. We believe that car sharing is still in its early adoption phase, and that's why we also believe, and we have identified already lots of revenue pockets that we can tap into.
At the same time, we also have identified already multiple pockets of operational excellence improvements that we can execute on in the years to come. We also believe that it is extremely important that we are improving our balance sheet, and as you saw in 2025, we are strongly going towards the right direction there. We also communicated that we would consider options for capital allocation, including share buybacks and communicate considerations in due course. It's not gonna be on this meeting, I can already say that I will communicate that. That is completely up to the board of directors and eventually the annual general meeting where that will be a decision about that will be made.
I can, however, just say, because maybe a few of you will be interested in that, I think, I think why is it 20%? And I think it's important to just reiterate why it's 20% here. And the reason is that, the primary reason is that, you know, we have financing companies, and if we wanna continue to grow, and we wanna have, you know, new cars and additional car financed, these financing companies have a rule of thumb of, you know, 20%, as, as, as, you know, one of the primary green flags when they wanna give more credit to companies like us, financing and credits. And then the last but not least, we also said that we would bring autonomous driving to Denmark.
In November, we presented an autonomous car in front of the Danish parliament, and the day after, at the Municipality Square in Copenhagen, a US-made car called Tesla, and that was sort of the kickoff for that. And if we have some time at the end of this presentation, I can tell you much more about why, why we are doing that as a company. Some of these revenue pockets that we have identified is also presented here. I mean, we still have a lot of untapped opportunity with a growing population in general. Copenhagen Municipality, I also think that Aarhus is growing as a population. We still see 52% of all families in Copenhagen without a car, so there's definitely a big untapped market in that we're still missing out on.
A lot of new customer opportunities, you know, there's a lot of planes landing in Copenhagen and Billund and Aarhus Airport every day. I come from the traditional car sharing, which is car rental, CEO for Avis and also for Sixt, and I know how much potential revenue there is among those customers. And we already have distribution dialogues with mobility partners to tap into this. Yesterday, we sent out a press release with regards to a cooperation with Viking Assistance. It's, I think they're number two after Falck in Denmark, and they are, you know, whenever a car is broken or has hit a tree, then they will supply their customers with a replacement car.
We're now gonna be supplier to Viking Assistance. So it's just an example of where we can sort of get new customers from that we have not tapped into yet. We also have the 17-year-olds as an example of a revenue pocket here. We want to allow 17-year-old to drive our cars because that's what the government has allowed them to do, so why not? 18-year-olds can already drive it. So that's definitely also something. We talk about technology improvements, new platforms, and so on. One of the things that we can do much better is to have this dynamic pricing. You know, why should a car cost the same on a Friday afternoon when it's raining and everybody wants to go home, compared to a Monday, when everybody-- Monday at 11:00 A.M.
when everybody's sitting at the office? And then we are also investing in safety, and security technology. And, you know, we, we can see already that people are driving much better in our cars than they used to. We're simply taking out the worst of the customers and prohibiting them from driving. So, I think a lot of good opportunities there that are supporting both the top line and also the operational excellence that we are basing our 8%-12% growth on, as we see here. Because that is the guidance for 2026, as we know it, a revenue growth of 8%-12% and an EBITDA growth of 12%-16%.
So that is, you know, as I mentioned before, revenue growth pockets, digitalization, and operational excellence, and I think we already come quite far with that. So I'm looking forward to 2026.
Perfect. Shall we jump into some questions? There's a little bit about this Viking deal. Can you handle this Viking deal with your current fleet? And I think there's a question more how big is this deal? And a little bit about other partnerships, but let's talk a little bit about can you handle it with your current fleet size you have now, this deal with Viking Assistance?
So I don't want to quantify, the, the Viking, deal or per se, but I mean, some parts of our growth needs more cars, you know, seasonality, Viking deals, et cetera, et cetera. Some of it can already be, sustained through our existing fleet. I mean, if you look at, revenue management, for example, that is the existing fleet that will bring more, revenue. But, you know, we cannot grow indefinitely, with the existing fleet, so at a certain point, in a, in a not so distant future, we will also have to add, cars to our fleet. But I don't want to give a volume on that and the timing on that at this meeting.
And perfect. A little bit about this deal, I'm not sure, do they drive the driver to a car by you, or do they actually facilitate the rental? So it's actually Viking who is the customer by you, and then they do facilitate it to the customer. Just a little bit maybe clarification on this.
Yeah, sure. So, Viking is our customer for us. So what they're gonna do is that if they have a breakdown from one of their customers, they will either take the customer to our zone and then drop the customer off in front of our cars, and the customer can go on. It's a rental by Viking.
Yeah.
So they can pick up the customer, or the customer can go to one of our cars themselves. So it totally depends. What this gives Viking compared to their current setup with, for example, Europcar, whatever they're using, is that they have 24/7 access to the cars in our zones, and that's covered not only from Copenhagen Airport as their current supplier, but throughout our zones. We have not just Copenhagen and Aarhus, as many believe, we also have Roskilde and some of the municipalities north of Copenhagen and Høje-Taastrup and places like that. So we are actually covered geographically for a customer like this, we are covered very well, but obviously we cannot cover everything.
Yeah
... for them. But where we can, we, we will try to help them.
... So when I call in, I have a car I'm going to pick up. It's either broken down or it's then they will actually offer you want a replacement car for the next 24 hours? Do you want a replacement car, and then they actually rent that out to the customer. In old days, they did it through rental companies, now they do it through you. Is that how we should understand it?
Yes, that's exactly how it's possible.
Good.
Yeah.
Then a little bit about more of these partnerships, because I think that actually increases your potential for revenue, getting more partners in that that is using your service. There's a question here: Could you use some of the big apartment associations in Denmark, maybe giving them one or two cars, having them parked earlier there? We have very big associations of renters or owners here, and then actually go through those and market that as a... Then they could offer a service to their renters and you would also get a bigger increase in other partnerships.
I don't know whether you wanna go into details and offer some of that to your competitors, but is that a way of you thinking, the partnerships, and especially this with the rental associations? Is that a way we should look at you in the future, that you wanna do a lot more of these partnerships?
Yeah, I think we are right now, we're in talks with some very interesting potential partners. But I cannot reveal that now, but obviously, as soon as we have something tangible about it, we can discuss it. And so I think it is a part of our strategy to go towards more and more partners. Rental associations is one of them. But one thing is very clear, we're doing it on a profitable. We're only doing it if it's profitable for us. So we're looking very much into the customer acquisition of one such customer or partner. We also already have partnerships with, from a marketing point of view, for example, with Magasin, the retail chain, or warehouse chain, where they're communicating about us.
We have it with some amusement parks, we have it with cinemas, where we are sort of utilizing each other's communication tools. So they will communicate to their customers, and we will communicate to our customers. We have some, you know, in the summertime, we also have with some of the zoos far away from Copenhagen, for example. And I think that works well because it also taps into the strength of our partners' customer base that we can actually utilize at a very, very low contact cost. And it also gives a lot of, I think, benefits for the partners because we also have a very big customer base, I think more than 100,000 people, right? So it's a mutual of mutual benefit-
Yeah
... or mutual exploitation, if you will.
But still profitable, that's the bottom line that cannot be crossed. Yes. And then there's a question here, I think leasing companies have talked about, we sometimes hear about it in the press, vanvidskørsel, and I am not sure I can translate that to English, but where someone actually using your car steps over the 100% speed limit, and then the police simply takes your car. I know you have a probably. So there's a question here, can you avoid that somehow? Is there any technical monitoring? Can you stop the car? Or how are you securing in your contracts that if the car actually gets taken by the police, that you have it covered by the customer?
There's a little bit of a question on how you are handling this part.
Yeah, sure. It's a good question. So it's, it's about, reckless driving-
Yeah
... I think it's called in English. What we have seen is, over the last few years, that we have actually seen fewer and fewer of those. Well, first, one of the questions was, are we securing that in our terms and conditions? Yes, we are. If a customer is having a car which is confiscated by the police, that customer will have to pay the full value, plus whatever days we haven't had our revenue in. So that, I think we have that, a very strong process for that. Secondly, the reason why it has gone down is because we have become much better at taking out customers that we don't want in our business, and those are the reckless driving customers.
We have done—we have been able to do that because we have invested heavily into digital solutions, whereby we can monitor reckless, reckless driving much better than we were able to do before. And much better, by the way, than the traditional car rental companies, who don't know and don't know where the car is driving, how fast they're driving. We are actually measuring, you know, the G, the G-forces, when, when people are driving, and if, if it's going above a certain level, then when a flag comes up, and we can take out these people. A lot of our cars are also having cameras in now. It's an extra layer. We also have added, and this is not something with reckless driving, just to tell you what we also have added.
We're also adding smoke detectors across the fleet, damage detectors across the fleet. So basically, what we have done over three years, last three years, is that we have digitalized our fleet, coming from a place where we couldn't sort of, on a large scale, figure out how many people were driving, but we can do that now thanks to AI and also this whole digitalization with boxes installed and so on. So, and I think that is paying off very well.
Check. So you say smokers are reckless drivers? I don't like that, Kasper. No.
No.
I understood it. You can measure the G-forces, that is actually a powerful tool, you know. Perfect. Then there's a question, how much of your revenue is coming from minutes that is bought in packages and never get used? Do we have a round figure on that, or is that something maybe-
To be honest, I don't have that on the top of my head here. I can figure it out. I mean, shoot me an email, and I'm happy to dive into it if it's something that we can, we can share.
And then there's a little bit about guidance. You know, you guided a bit, but because of that, below that, you also have your financing cost and your leasing cost. Maybe more or less like depreciations in the more you move to that part of the model. So any thoughts about actually giving some guidance, you know, below the EBITDA, going forward?
Yeah, I think it's a discussion that we've also had, have had here internally, but I think right now the focus is on the operations and how we can improve that. So I think we are giving the right kind of guidance right now, but, I mean, we're always open to discussion if the market needs more. We are giving a lot more numbers in our half-year reports as well, so that's also a place where you can look at that. But, I mean, we're always open for discussion, but right now this is where we find the most valuable to you guys.
Yeah. Then there's a little bit about the IT platform. You have said that you want to give a much more user-friendly and new IT platform. Also, what I guess could help you with the surge prices and so on. So any guidance on when we can expect to see that going to help you during this year?
I really hope that we will introduce it in Q1 here. Famous last words, right? When it comes to software development, they sometimes are a little bit delayed, but I think we are in a very good place now. I think the quality is very high, and we are actually running the last tests on a final product. So it is my hope that we can be out soon, and in Q1 here. But again, it's famous last words when it comes to software, right? All of a sudden there's a bug and something needs to be done. But I think where we are now, we stand in a good place from a quality point of view.
Perfect. And then there was a question here also, do you need more cars for to deliver on your growth guidance? But I think we kind of covered that by the Viking, right? Can you talk a little bit about, you know, maybe remention this, and I also caught up on you saying, you know, it's also not about, you know, more customers. Of course, it is that some is driving, some is not.
You talk about those peak periods, you know, I guess, where you really have a fill up in your fleet, and I guess you need considerations, "Should I have one more car, or more cars to cover these peak periods where there will be more standstill during the year?" Anything, can you work with some more flexible models where you actually could move maybe some cars into the market on a, in those three or four months where you have peaks? A little bit about that also.
Yes, so there is demand seasonality in this business. You know, there's now not so many people going to the beach at this time of the year or to the summer houses at this time of year as there is in the summertime and in the springtime. So that's absolutely a demand seasonality that we see there. And any phasing in of new cars will go in line with that demand fluctuation. And that will also need to take into considerations that some cars have to go out as a part of a natural modernization of our fleet. So I think that is what I can say about that. I mean, we are, of course, very much aware of the opportunities and also the risks that are involved with putting in new cars.
And as I said before, we still have a lot of revenue potential without adding new cars. As I mentioned before, you know, the smoke detectors, the yield management, more people driving in the odd hours, so to speak, higher usability, longer trips, et cetera, et cetera. So I think there's still an opportunity in the existing fleet.
Perfect. And I think you said that you wanted to talk about the autonomous driving cars, and we got a long question here saying, "Ole, you burned yourself a little bit by going into a lot of European cities." Here's the question: Should you await the technology? Should you follow the technology? Should you be more careful? Should you be the second mover when the technology are there, and such stuff, you know? Any thoughts about... It sounds very interesting, but the business also needs to be there, and the technology needs to be there, and not to move too fast, actually, I think is the question here.
Thereby also saying maybe you shouldn't spend too much money on it, but maybe you also can talk a little bit about your spend until it will actually start rolling out. So a little bit about should you take a more lenient stand and await the technology improving and so on? So I think that's a lot of questions. So your thoughts about this area?
Yes. How much time do we have? Because I think we have a lot more-
We'll cut you at some point in time, but-
So, let me just comment on the risks there. I think there is a risk to do it, but I also think there's a risk not to do it. I think the ones that have been following me for the last three years here in this company, I think you know that I'm not a guy who likes to take a lot of risk. I wanna have a profitable company, and that's number one rule for me. But if we're looking into a longer term, and that's what we do when we talk about self-driving cars, I mean, our current profitable, very well-going business is here for years to come. I mean, there's no doubt about that.
But if we look into 2028, 2029, 2030, there is a risk to our, not to our model as per se, but there's a risk that we are not taking the opportunity that we have, being the ones that we are. And who are we? We are the ones who have 135,000 movements right now. That's a lot more in a couple of years with the current growth rate that we're looking into. We have all of the data. We have all of the data needed with regards to the customers, where they're driving, how much they're paying, where they're driving to and from, and so on. A lot of that data is needed by these companies, so I think we're sitting on a pile of gold in terms of data.
If we look at it from a broader perspective, from an operational perspective first, these cars are making around 90% fewer damages than a human driver. That also means substantially fewer damages and damage costs to us as an operator. That means a substantially lower cost for insurance. So we will see a dramatic increase in the operational excellence when we have these cars in the fleet. If we look at the top line, our current cars, they drive maybe up to 6 times a day. These cars drive between 22 and 26 times a day. So that is a lot of revenue potential in each asset that you have to finance. That's why we're interested. We can talk about the maturity of this technology.
The thing is that the technology is, and that's... This comes as a surprise to many people, but the maturity of this technology is actually here now, and we can see that from the numbers that we have in the countries and the cities where they operate. So just one operator in the U.S., and there are multiple of them, but just one operator in the U.S., before the summer season, they had 250,000 weekly trips with paying passengers and without a driver, 250,000 weekly trips. Before Christmas, they had 750,000 weekly trips, the same, the same operator. And this year they are gonna surpass 1 million weekly trips without a driver. That was in the U.S., just one of them, one of the operators. They have multiple there.
If you go to China, they have now, I think, 25 or 30 cities where this operate in, fully driverless. I was in the UAE, here right after Christmas, and they have multiple operators there with paying passengers, no drivers in them, thousands and thousands of trips. There are three operators in London starting here 1st of January. They're driving in Switzerland as well. So I think it comes as a surprise to a lot of people where we are from a technology point of view, and that the technology is now very, very mature.
The reason for that, without going into too many details, is the AI that we got just 3 years ago, and the which was backed by the processing, the computing power, which is much, much, much higher today than it was, than it was just 5 years ago. Because if you looked at these cars 5, 6 years ago, I would be a little scared to go into them, to be honest. Now, I drove one just a month ago and, you know, you get used to it within a minute. And that's also what we can see from the numbers.
70% of people who have been driving these cars, they've actually preferred to go into one of these cars, and they also wanna pay more to go into one of these cars, 70%, compared to going into an Uber, for example. So I think there's a very, very, very quick adaptation. I think it comes as a surprise to many. But again, it's not something where we're gonna change our current model with a very profitable company and with some good growth rates overnight. But we will prepare ourselves for it, so that we don't get surprises, right? And it's better to steer the development than to be surprised by it, one.
And two, it just makes a lot of sense as a company, both because of the revenue per asset and the lower operating cost per asset, and, and because there's a lot of growth opportunity. One last comment on this, not to tire you all. What happened after we introduced the Tesla car in front of the parliament here in Denmark was that we actually had multiple municipalities, both big, both the biggest and some of the smallest municipalities, reaching out to us and saying, "How can we get started with this? We wanna have that." We are giving support for public buses and taxi drives for children with special needs. You know, Copenhagen Municipality is spending DKK 75 million a year just on taxis for children with special needs, right?
They can see an idea in having these cars running at a much lower cost than a taxi today, and they need our help to do it, because we're the only one right now who can operate a fleet of that. So we're looking into that, speaking about revenue pockets as well.
There's a question here. What you mentioned risk. What is the risk? Is it only missed revenue opportunity, or is it risk also that someone else moves and steps in in front of you? So what are the kind of risks?
For me, the biggest risk is the missed revenue opportunity. That is the biggest risk in the shorter term. In the long term, you will see that the cost of running these cars will become much cheaper than running a traditional car, due to the fact that they are making much fewer damages and the utilization of the asset is so much higher.
Mm.
You will, you will see eventually, it's not gonna be this year, next year, or the next five years, but eventually it will go down there. We can see that on the metrics already.
And then maybe we should also restate that now we're talking about like you are throwing in a lot of money. I don't think you are, right? You, you have made a pre-booking, a pre-ordering on these cars if you wanna do it, but you haven't tied up a lot of capital.
Correct
... currently in this. Is that correct?
That is correct, yeah.
And then the question is, there's a little bit questioning here. You mentioned the U.S. figures, mentality. Do you think that can be transferred to the Danish? Have you tried—has anybody made a, what, an Ipsos poll? You know, I guess we more and more actually, because we tried it now abroad, has an opinion on it. So the question is, is it transferable to the Danish mentality, this one, American data, you think? Or have you actually—has anybody made a study maybe that, you know, like an opinion poll or something like that?
Well, we can see the adaptability from other markets is very high and very strong, and I think I've compared to the horse carriages when the car came in first. If you asked people back then if they wanna switch to a car, I think a lot of them said no, but after one or two rides, they were convinced, and, you know, the horse was sent to the butcher, right? So I think that's the same that we see here in terms of this. I've tried it myself. I mean, it didn't even take a minute for me to get used to it, and I didn't even discover that there wasn't a driver. I mean, I knew it, but it was something secondary.
So I think the adaptability, no matter if it's Denmark or any other country, in the world, especially some of the highly developed countries where we are used to, technology, I think it. For me, that's not the biggest, it's not the biggest threat to, to the adaption of this technology. The biggest threat is actually to get, to get the cars. It's a very scarce resource now with the, some of the biggest markets, some of the biggest cities now, waking up, seeing the benefits, seeing, from a, a national point of view, you know, fewer hospitalizations with, with the fewer damages, and so on.
So, that also, that obviously puts a strain on the supply chain when some of the big markets, so you can see the Middle East, the KSA is opening up, is coming up now. Europe is waking up, as I said. So what we're doing now is actually securing our supply chain. That was the Tesla LOI was a part of that, and we're also speaking to other suppliers with regards to securing our supply chain. So that is number one. And then number two is obviously, and that's what we do at the same time, is that we speak to the authorities about this. 'Cause it's also an authority thing, that you have to have approvals to drive it.
But what we see is that there's a lot of goodwill from the authorities, both on a ministerial level, where we talked to the Minister of Transport. He was actually joining the Tesla event that we had. He held a speech, and what he said was that he wants this to happen in Denmark as soon as possible. And it's election year, so it has to be very soon.
It has to be soon.
Talking about famous last words.
Yeah.
Oh, perfect, Kasper, I think we went a little bit through it. There's also, if someone is presented for this, the first time, it was a lot of nice things we got through to, a lot of good questions. But we also have an events where a pre-recorded events where we have went through this, regarding the Tesla deal and all the data and all your thoughts about this business. So if people wanna see more, they can go back and look at that pre-recorded event we had at that point in time. So thank you, Kasper. Thank you for the audience listening in. May everybody have a nice day.