Welcome to today's presentation, where we have the pleasure to present GreenMobility. Today's event, the presentation will, of course, surround your Q1 2026 trading update you released yesterday, so it will not be an in-depth into the balance and everything. It's primarily the operational metrics you released yesterday. As always, we are joined by CEO Kasper Gjedsted to take us through the presentation and answer questions in the end. As already, there's a box down below. Some questions have come in. Do feel free to put in more questions. Do feel free to do it in Danish. I will try and translate to the best of my ability. I think for now, I will leave the presentation to you, Kasper.
Okay. Thanks a lot, Michael. After this disclaimer, just a quick intro to any new viewers in this presentation. GreenMobility is a car-sharing company. It works very simple with an app. You just download the app on your phone, then you swipe on your app when you're next to the car, and the car opens, and you drive to your destination. Then you swipe on the app again. Leave the car, of course, swipe on the app again, and then we're going to charge your credit card for the rented time. Our customers can rent the vehicles here between five minutes and up to 30 days. This year, we are going to have around a total of 1,600 vehicles. All of them are electric. We have the core backbone of the fleet is the Renault Zoe.
It's a small, compact size city car with a relatively big battery for its size. We also have some what are called premium cars with bigger batteries, more space to them. We have the Polestars and the Megane at the moment. We also have some minibuses, and we also have vans, which are also a very popular category for us. Before I dive into Q1, just want to give you a recap on the 2025 performance. It has become a quite popular product or services, car sharing in Copenhagen and in Aarhus, where we're represented today. More than 135,000 trips are being taken on a monthly basis. We have had in 2025, 1,400 units in the fleet. We're going to add around 185. I'll come back to that. 185 more vehicles to the fleet.
Our market cap as of yesterday was around DKK 450 million. Then we made four adjustments to our guidance, positive adjustments to our guidance last year. The latest that we communicated was a 17%-19% growth in the revenue and a 47%-52% growth in EBITDA versus the year before. We actually surpassed that. We had a 20% growth on the top line, and we had a 57% growth on the EBITDA. Our growth continues into Q1, where we see an 8% increase in revenue. The 8% increase in revenue is very important to say that is in the lowest of our quarters in Q1, in January, February. People don't have as much money as they do in other months because they spend it all in Christmas, in the Christmas month. That's one thing.
The second thing is that the underlying demand is just not so big. There are not so many people going to summer houses or to visit whatever places in Denmark. There's not such a big demand as in other quarters. We had a very rough winter. If some of the Danes watching this, you remember there was a lot of snow and quite a considerable amount of time in Denmark this year, this winter. That also halted our operations, I would say, in some of the worst days. In spite of that, we actually have an increase with an 8% in revenue. Also, I also want to say that this was with the existing fleet. For the quarter, we didn't add any vehicles yet. We saw a 60% increase in EBITDA, which is quite a substantial increase in the EBITDA.
That also comes from the continuation of our operations excellence program, our razor-sharp focus on our cost, and a continuation of the lowering of the cost of acquisition of the customers. As a consequence, we also see that the EBITDA margin increased from 21% in Q1 2025 to 31% in this quarter. Then, on other news for the quarter, was that we launched our new app. It has a lot of benefits, not just for the customers, but also on the back end for us. The customer has a much better customer experience prior to the old app. For us, it opens up more opportunities in terms of yield management. We can start to work with that. The old app didn't permit for that.
We also had some back-end deficiencies, like that's a part of our operational excellence plan, that we can now start activities on that which are app- related. A lot of good things are coming from that. I think there was a very good migration that we did to the new app. We have also continued the digitalization of the whole fleet with the rollout of damage sensors, with cameras, AI-enabled cameras. We have some smoke and vaping detectors across the fleet. That was also continued in Q1, and we also saw results of that. That has also been a factor in increasing our EBITDA. I've talked about this before. There is some revenue in that, in particular on the damage, also on the cameras, the AI-enabled cameras, smoking, vaping, also revenue. What we really want to do is. It's fine with the revenue.
I call it toxic revenue. We'll take it because it's there. Obviously, we're going to pick it up. All of the things that we're doing is actually to make a better customer experience. That's the target. That's the end goal. We think that's much more profitable in the long run to have an even better customer experience than just charging people for smoking. We want to prevent that instead. Then the very first of the 185 additional vehicles were in fleet, but it was at the very end of the quarter, so it didn't have any effect, I would say. The full in-fleet of all 185 cars and vans are expected to be finalized in Q2 in line with the seasonal demand, which is picking up now. That's about that. Speaking about the new vehicles, they're all financed.
We don't even have a down payment. We can do that now because of the 2025 report, and the results from 2025 was in such a good shape that we can actually get credit lines now. We secured a DKK 30 million lease facility for new vehicles, no problems whatsoever. There was zero down payment, as I mentioned. This is the first step on supporting the growth over the next three-year strategy period here. It's also our modernization. It's the first step in modernizing our fleet, which gives a better customer experience. We also can get more customers because of the new cars. What we see here is a small car. We also have some Meganes coming in. All of the Meganes are actually in fleet now. This is a bigger class car compared to the Zoes, compared to the Micras here.
It just gives some more use cases because they have more space and more range, and a better comfort. More people can actually see themselves into that. Of course, also very important, what we see is that we are getting a lower TCO, a total cost of operation on these cars. The cars are cheaper. They're much cheaper today than they were when the Zoes were acquired. They have a full warranty over the lifetime. They have 5-7 years of warranty, all of these cars. That means that we are looking into substantially lower operational cost on them. They have a slightly better consumption per mile.
We talked about petrol cars in the old days, not many years ago, where we talked a lot about consumption, but actually, EVs also have a consumption element, which is super relevant to us because all of our prices are including electricity. Then they have a lot of new safety equipment that the Zoes don't have, safety features, safety assistance, and all of these safety assistance will also lead to fewer damages going forward on these cars compared to the current fleet that we have. All in all, I'm super glad that the company is now in a state where we can say that we can go out and finance also the growth going forward over the next three years by leasing facilities. Recapping here, we are keeping our guidance.
It's still 8%-12% versus 2025 on the revenue side, and it's still 12%-16% on the EBITDA side. Then, just to wrap up this short presentation on the Q1, I just want to reiterate that in 2025, I think it was the fall of 2025, we communicated our financial targets towards 2028. We have basically four strategic priorities, four strategic pillars that we are building this strategy on. The first pillar is that Denmark has remained the core market for the foreseeable future. Well, first and foremost, this company has already tried its luck on an international growth strategy. Didn't go well. Now we're focusing on Denmark. We have changed the whole organization. We have changed the whole company, basically. It goes very well. Don't change a winning horse is sort of what we are doing right now.
We also have a lot of untapped revenue growth. We have identified a lot of revenue pockets for the Danish market. It makes a lot of sense to go here and utilize all the untapped potential that we have here. We believe that car sharing is still in its early adoption phase, and that's why we are confident in the guidance on the 8%-12% annual growth on the top. We also can see some levers on the EBITDA growth and the continuation on making the whole operational side of the company even more efficient in the years going forward. As you could see from our annual report 2025, our balance sheet has strongly improved. That means that we will also consider options for capital allocation, and that includes share buybacks.
Our aim is actually to be able to redistribute cash when the solidity is above 20%. If you look at our annual report, the solidity is actually above 20%. That is not up to me, but that's up to the board to decide what will happen there. If there are any questions around the 20%, I can say why is it the 20% solidity there that we have as a rule of thumb. That is actually because that's what the finance companies are telling us, that the solidity have to be around that number in order for us to have new cars financed. Everything, it fits. Then, the last of the pillars is that we have communicated that we want to bring autonomous driving to Denmark. I can see there was coming a couple of questions around autonomous driving.
Maybe I should just, I don't know, Michael, maybe it's the time. It's the last slide here, so maybe I could just communicate. Excuse me, I can just comment on that right away. Why is GreenMobility all of a sudden talking about autonomous driving? We have a very good company now. We have a profitable company with a good growth, some tremendous efficiency gains, and we've communicated going forward that will continue.
Yeah. Actually, there are some more specific ones. There's the perspectives of the autonomous driving or self-driving cars. I know you hate the word robot axi because you're not a taxi company, but also out in the outer areas of Denmark. You talked a lot about, you had a lot of discussion with the municipalities, in Denmark also for the outer regions, not only the bigger cities. Any comments on the perspectives of the self-driving cars? How much have we moved since we last spoke with you, and maybe also the perspectives outside the bigger cities?
Yes
On this technology.
Sure, I can comment on that. Just for any new viewers, very shortly, why are we doing this? We have a very good company now in the existing business that we're doing. There are two main reasons. First one, we don't want to have a Nokia moment where we don't develop alongside the technology. Second thing, which is the most important, is that our current fleet they run up to six trips per day. Self-driving cars, we know that from other countries. They are driving 22-26 trips per day. At the same time, these self-driving cars are making 90% fewer damages than cars driven by humans. They're simply much better at driving cars than we are.
That means for a company like us, we're looking into a substantially higher revenue per unit, per asset, and a substantially lower operational cost in terms of damages and in terms of insurance costs, for example, which is also a very high cost on our expenditures. That is the primary reason. The technology is right now. We are actually seeing that the technology is working. We see that in the U.S., we see it in China and the Middle East, and the cars are also coming to Europe now. They're driving in London now since 2nd of January. Three operators are driving with self-driving cars. They are probably going to drive without drivers already this summer, our safety drivers. We have millions of people on a weekly basis already that are being transported in self-driving cars with no chauffeurs at all.
In November last year, we did an introduction in front of the Danish Parliament where we had our self-driving car exhibited. We had the Minister of Transport there. We had the Mayor of Copenhagen, who was there attending it and giving some speeches and saying this is what they want. What happened after that event was actually, I was contacted by several municipalities around the country here who said, "Can you help us bringing autonomous vehicles to our municipalities?" The thing about Denmark is that the municipalities have a very high cost for mobility in their areas. There's a very high cost associated with running buses and trains and what have you in those small municipalities around.
They said, "Could we set up some projects around helping us doing that?" We are actually looking into various projects with all sorts of big and small municipalities around Denmark now. Let's see what comes out of that. I think it's super interesting. It was not an angle to this whole autonomous driving that I had foreseen that demand from small municipalities would be so big. It's a real problem that I think GreenMobility can help them with.
If you should be a little bit more specific, how is the regulatory? I guess you yourself, but you have an employee who is punching into that regulatory environment in Denmark, trying to make this happen. How are those talks going? Or if I should, I don't know whether you want to give us the details to that, but some kind of a feeling on how is that side going, those discussions with the authorities?
Without being too detailed with the risk of putting you to sleep, I would say that we are talking on different levels. You have the EU level, where we have talks and trying to push the agenda on the EU level. That's a very slow-moving machine, as you know. We have the national level, and when I speak to the Minister of Transport, he's very clear that this is something he wants to do. The Danish government has actually set up, and the Danish Parliament has set up some rules and legislation that actually allows us to drive with self-driving technology around Denmark already now through a special tool that they have from a law-making perspective. We can actually go and start our operation now. Now, the big challenge in this game is to get the cars right.
Self-driving cars are an extremely scarce resource because the bigger countries have all of a sudden woken up and say, "Hey, we want to have that." It gives us tremendous opportunities to bring much more mobility at a lower cost, and it gives us an opportunity to increase road safety tremendously. We are in a fight right now, I would say, or a race. Not a fight, but a race with all the big countries who also want that. I think we have a very big advantage seen from a GreenMobility perspective because we have already, at a very early stage, been out and securing this supply chain. We did an LOI with Tensor in the U.S. on 2,000 vehicles. We're also speaking to other manufacturers at a very early stage.
Last year we started that, and we are very far ahead with that. We also have an advantage from an operational point of view because we are already in, from an operational point of view, a very complicated operation, I would say, because handling 135,000, 150,000 trips a month is quite substantial, and that's actually what you need to be successful in this game. Then the third thing that I want to say from the perspective of GreenMobility is that we also have a lot of data. We sort of own a very large chunk of the population in Copenhagen and in almost the two biggest cities of Denmark. That we can utilize because we already know where they're driving from and to, we know their patterns, we know how much they're willing to pay.
We know them by name and can communicate to them, and so on and so forth. We're sitting on a pile of gold from a data perspective that really can come into work now with the autonomous vehicles.
Of course, there was a lot of news flow when you presented this Tensor car and municipality calling. Have those talks continued? Are you now presenting the cases on savings, and they are giving you the idea on how expensive it is for them to run a bus with two passengers in? You say you are in talks, but have they continued, if you understand what I mean?
Yes.
Besides the news flow.
Yes.
I know you can't mention any specific projects.
No. Well, they are, and I actually have a meeting with the municipalities today, later today, which is a continued talk with them. We are trying to set up projects, try to scoping projects with them. Let's see where that ends. We are trying to do that together with them. There is a tremendous demand for this among the municipalities in Denmark because of the huge cost they have for subsidization of hugely loss-making bus routes. I talked to a municipality the other day. They said they were paying. This was the worst example. They were actually paying DKK 3,000 per passenger. It's just an absurd amount of money that they're paying to uphold mobility in very sparsely populated areas of Denmark.
Perfect. There's a question here, will you also be able to call a self-driving app in the rural areas? Maybe it's a little bit premature to be so specific. I have asked you now, but I guess it's maybe a little bit premature to be that specific.
It's one of the things that we're talking to municipalities about, is that the use cases for this, and maybe we're going to set up the project so that we can also test out a scenario like this, described by this viewer. I think let's see where we're getting with them. We are a little faster than they are. That's how it is, right? Municipality is not that fast, but we'll see where we're at.
There's congrats to the good results, always also giving you more money to invest. There's a little bit of that question here. Will that actually mean that you will also put out more zones? You are zone driving, where you can drive into zones and so on. There's a question here whether you will actually expand those zones, whether that's now you have maybe more capacity to invest in that on the good results. Does it make sense for you to expand into more zones?
Yeah. We were actually very successful on expanding our zones into the very northern part of Copenhagen. Also, when leaving Copenhagen into an area called Hillerød. What I want to say about it is that we might expand our zones. It's definitely on the table, but we're going to do it in a very controlled manner. Whatever we are doing is from a conservative standpoint, we're going to do it gradually and not just open up the entire map. That's super important for me to say that everything is done in a controlled, data-driven manner in our company, but it's definitely on the table. Of course it is.
There’s a question here about the effect of new cars in the quarter, the new fleet. I think you already answered that very marginally because it-
Yes. It's hardly anything you could see. The effect of the new cars, we will see for the remaining quarters.
With the strong start to the year, earnings-wise on the EBITDA, what is keeping you from upgrading your guidance?
Well, I would say it's way too early. We wake up every day, and you don't know if there's a new war going on or another conflict or whatever is going on in the White House that can have a spillover effect, even on a small company like ours in Denmark. We think there's a lot of uncertainty in the world going on at the moment. One, two, it's just one quarter that we have to base this on. We are looking into our much higher season from a demand perspective. We want to have some more data before we communicate whatever we want to communicate on that matter.
The earnings growth is so much higher than the revenue growth. Anything unusual in this quarter, or is it you keeping your cost base flat and then the extra revenue is actually almost traveling all the way down to the bottom line? Anything extraordinary or is it you keeping the bottom line flat? Is it something else that is driving this much higher growth?
No, I think it's a continuation of the good work that we did in 2025, also where we did a lot of initiatives, where we are sort of reaping the fruits of that now. It didn't stop with the 31st of December, right? All of the initiatives that we have done in connection with this very big turnaround of the company that was heavily loss-making just a few years ago, that's what we are seeing the benefits of now. It's a spillover effect. It's just 2025 results that are continuing into 2026 here. No major one-timers on that one.
Yes. There's whether you could show the percentage of the cars, how many Zoes and so on. I know that in a later presentation, but maybe you can give us a. I'm just going to the cars here, a kind of a rough percentage of your fleet, on how it's-
Yeah, that's a good idea. What we are going to see is that we're going to have, before the Zoes, they were almost 100% of the fleet, I would say, or 95% of the fleet. What we are going to do, and the fleet strategy going forward, is that we're going to have a more diversified fleet. The reason is that we have different customer segments with different needs. That's one reason. The second reason is the residual values. These cars have a certain lifetime, and after that, they have to be sold again. It is from an average point of view, you're just getting better residual values if you have a diversification of the fleet. That's why we don't see, going forward, that we will have all of the cars from one manufacturer or even the same white color as you have been used to.
You will also see different colors of the cars because, on average, you will also get a better residual values if not all of your cars when they're being sold have the same color.
Perfect. There's, you've launched a new app. When can you expect to launch a flexible or surge pricing, maybe, a better word for that? I know it's one of your growth levers you want to pull when the new app is coming. There's a question here, when will that be possible for you?
Yes. I've been saying for quite some time that I haven't been satisfied with the old app and the lack of abilities for running professional revenue management, as you call it, or yield management. Yield management is something when you introduce it, and it's fully introduced, it gives you around 5%-15% of revenue increase on that one, actually. That's what the models say anyway. We have started the first steps towards that. The new app was introduced. What was it? Two weeks ago, something like that. We have started the first steps in that. If you look at the app today and the cars, you will see a substantial bigger amount of cars that have been discounted, for example, in particular in the areas outside of the central zone.
We're doing that to get people who might have thought, "Oh, should I take my bike or should I take the car?" We want them to take the car, of course, or just giving them a much better price point to grow demand. We are actually using it already now, and it's automated. A lot of it is based on AI, that is actually telling us where the demand is, and it's forecasting demand based on a lot more factors than we can do and based on a lot more data that we could comprehend as a person, and then we have a robot to do it for us. It works like a charm in the first phase, and we're going to gradually build out the sophistication around that yield management.
Perfect. There's a question about loyalty programs. Actually, are you using that enough? There's a question here. Wouldn't there be a lot of keeping the customers, keeping them in your cars, using your cars more, by trying to expand the loyalty programs? I don't know whether the new app will do that, or it's the back end or whatever, but there's a question here about are you using the loyalty programs enough? Could you maybe get more out of your business by giving loyal customers and the customers who use it actually lower prices when they have used it more than others?
Well, we actually have a program called Green Saver, which is a subscription program where, if you subscribe, you are eligible for lower prices. Loyalty programs as the traditional way of having loyalty programs, that's a very big discussion. If you ask the most successful airline in Europe if a loyalty program is a good idea, that is Ryanair, they would say definitely no. It just removes the transparency from or the ability to communicate the lowest prices because you are sort of giving a hidden discount through your loyalty program. But if you ask some of the loss-making companies in the airline business, they'll say definitely yes. We know from SAS and Lufthansa and all of the rest, it can be an asset. It's definitely something we discussed, but it's not something that we have right now. Let's see, maybe in the future.
Then there's a comment to us, and it is great. We know we have a live audience that we did that. I commented, I heard you're not liking the robo taxi. He's saying, but I am not growing into being that type of company when they're self-driving, and we should not joke about it, and we should not put it away. That maybe is what part of your company will be in the future. A little bit thoughts about that, maybe we were a little bit harsh saying we like the phrasing autonomous driving vehicles and not robot axis. There's someone commenting whether we are missing how the world will move. Any thoughts about that, Kasper?
No, I think it's a very good and relevant comment, actually.
Yeah.
I've coined the autonomous car sharing cars ring because I want to keep it in our universe, so I call it the autonomous car sharing cars ring. Others call them robotaxis, others call them AVs, autonomous vehicles. It can have many names. The fact of the matter is that it can change our company, it can change the taxi industry, it can change the bus industry, train industry tremendously. We're not that far away now with the occurrence of AI and the much bigger calculation power that the new chips from, for example, NVIDIA has. No matter what you call it's definitely something that we are moving into. I don't think all of the pieces of the puzzle have been gathered yet. I think it's a matter of where we are going to find our places in this.
We don't have a particular need to be the very first. I think we have a particular need, not a need, but a want to be among the first of operators because we have so many good prerequisites for doing this. As I mentioned before, we have the operational prerequisites, and we have the operational knowledge, and we have the data, and we already have secured the supply chain on it. We have a lot of advantages as a company going into this space. It's not going to be easy. I don't want to put up like someone else in the industry. We definitely have a good chance, and that's why we're also going to go for it.
Now you remove my possibility from waving when I use your cars. I actually also missed that I can put a bike on it. Let's end with that. There's a little bit consumer tips here. Why can't you put a bike on it, a bike rack like you can with the taxis? That is afterthought here. Is that too impossible? You don't have a, what do you call it, a hook on the end. Would it be not wise for you to do that revenue-wise because it would take up more of the car's time? Just to end with a little consumer question here about why can't we take bikes with us?
Yes. Well, Michael, you're still welcome to vape in our cars. You just have to pay for it, right?
I guess that's V500.
No, I come from the current industry. I've been CEO for Avis in Denmark and in Sweden and for Sixt, and it's just a hassle. We are running a very big factory here, millions of trips every year, and if you want to have individual needs for very small consumer segments, which this is, it's just not working from an operational and cost perspective. That's the way it is. You have to take what's on the shelves, and otherwise, you will have to find someone else because it doesn't make sense from an operational and cost perspective, unfortunately.
Perfect. Let's end with that. Thank you, Kasper, for taking us through your results, and I think we got a lot of questions getting us around in the case, especially on the self-driving car. Thank you to everybody listening in. May everybody have a nice weekend.
Thank you.