Welcome to today's event where we have the pleasure to present GreenMobility. To help us through today's presentation, the results, and answer questions in the end, of course, we are joined by Kasper Gjedsted, the CEO in GreenMobility. Today's event, of course, covering your Q3 trading statement that is pretty light. We are seeing the results, of course, the focus here, but I also think we will focus on the strategic movements you have made through autonomous or self-driving cars in this quarter. We will also cover that, so maybe that is even more important than the results. As always, there is a box down below where you can ask questions during the presentation, but we will take the questions and answer session in the end of the session. But for now, I will hand the stage over to you, Kasper.
Yes. Thank you very much, Michael. For those of you who do not know GreenMobility, we are a car-sharing, car-rental company. We have around 1,600 vehicles. All of them are electric vehicles. We have a variety of vehicle groups, of which the smaller Renault Zoes is our core, but we also cater for people and customers with other needs than a small car. We have bigger cars like the Polestars, the Renault Megane, and the Kia Niros. We also see a growing tendency in our van fleet, which is also a very popular segment. The product is very simple from a customer perspective, at least.
You simply download our app, and with that app, you open the car, you get in, you drive from any point in our operating area, and then you can drive outside of the operating area, and you can return it at the current, any point in our operating area. So it is what we call a free-float model. Essentially, you can pick it up from anywhere and then drop it off anywhere within our operating area. And thankfully, a lot of customers are doing that. We have seen a good Q3 after some delivery problems with the cars that should drive our growth for the Q2. We could see that after getting the cars in, we are back on track in terms of revenue. So just to reiterate, our revenue here is it was 9% up compared to Q3 2025, and we also saw a continuation of the operational efficiency.
Our EBITDA is up 12% compared to Q3 2025. And if we take the first nine months in total and versus the same nine months of 2025, we are up 6% in revenue and 16% on the EBITDA. I am also glad to say that we have had the first round of share buyback earlier in the year, DKK 6 million round one, and very recently, we have started on our second round of share buyback, which is of up to DKK 5 million. I think the Q3, the quarter in itself was satisfactory. I think we have done well, both in terms of operational excellence but also in terms of the demand that have picked up with the new cars that we have inserted into the fleet. So all in all, I am happy about that. We also within our guidance here for the year, we have not changed that.
We've said that the updated guidance for 2026 is a revenue between 5%-9% growth versus 2025 and an EBITDA improvement of 12%-16% versus 2025. We are on track with that. The 6% increase in revenue is checked. That's within that guidance for the first nine months, and the 16% is at the top range of the guidance. That is also satisfactory. Then, of course, what we also said was that we have lived up to the communicated capital allocation strategy. That was something that we communicated around a year ago or so. The publicly communicated capital allocation policy was that we would consider to redistribute cash once the solidity exceeds 20%. This is what we've seen, not just once, but twice this year.
Therefore, we have already made this, as I mentioned, share buyback program round one, and now we are also executing on round two on that. I think it speaks in volumes of where we are as a company now that we have that ability to pay back our investors with excess cash. That was on our existing business. As we also communicated earlier, we are also pivoting into the autonomous vehicle space. We're doing that for two primary reasons. As I say, I normally say the one reason is because of fear, and second reason is because of greed. The first reason, fear, is because we don't want to stand in a situation, let's say, in 10 years' time where we'll experience the same as Nokia did when iPhone entered the market or when Kodak experienced whenever the digital camera came.
We see a little bit of the same tendency with AVs coming in. We would rather be a part of that instead of making them our enemies from day one. That's the fear aspect. The greed aspect is also very clear. Companies, excuse me, cars like this, they make around 22-26 trips per day, and the current business model we have, which is a good model, they make around three to six trips per day. Obviously you can make more revenue on each asset that you finance. The second part of this equation is that these vehicles make substantially fewer damages than cars driven by human beings. What we see in all of the data that we have is that they make actually 80% fewer injury-causing crashes.
That's the big crashes and even fewer parking damages and so on, which we have a lot of, obviously, with the kind of customers we have. Higher revenue per asset that we finance and lower operating costs through lower damage cost and thereby lower insurance cost makes this a very interesting case. On top of that, we know from abroad, from international markets, that customers are actually willing to pay more to drive these cars compared to, for example, an ordinary taxi or even to a car sharing car. The reason that we are going into it is because we have the operational expertise. We have millions of trips in large fleets in cities. That is actually what makes us interesting for these very big tech companies to work together with us. We have this operational expertise.
We already have a lot of data on the behavior. We own a lot of the customers that are already in the city because we are serving them on an everyday basis. We have the political connections, if you will, and insights. I think we are at a very good place and that also explains why these very big companies are interested in working with a relatively small player like GreenMobility in this field. For us, it is not just about the opportunity to have a lot of customers in the inner cities. One of the surprises from this project has been how much interest there has been from cities and municipalities outside of Copenhagen and Aarhus, the big cities. We have in Denmark a lot of support for public transportation. I think there is only one bus route that makes a profit in Denmark.
The rest is heavily subsidized by public funds, taxpayers' money. What we can see the tendency is that you are having around the municipalities, around the cities, is that it is becoming more and more expensive and less and less people are using this public transportation. We believe together with the municipalities, that autonomous vehicles is one of the major contributors to turning this tendency around. That is why they are very interested. There is a lot of business for us to gain for that, especially if we have the technology, the operational wisdom, and also the good cooperation with the various municipalities and regions. We are in talks with a lot of the regions, a lot of public transport companies, around building up knowledge around this so they can start to adapt their tender processes to include autonomous vehicles as well. Very exciting aspects on this.
Again, we want to work with basically all of these big software companies that it is essentially Waymo, it is owned by Google, for example, and WeRide is also, it is essentially software companies, all of them. We sit where the AV technology companies and the operations meet. We are the operations experts on this one. We essentially also own the customers. I think we have a lot of good opportunity in this space. The very fact that they even pick up the phone when we call them, it says a lot about where we stand on a strategic position also from their perspective. I am super excited to work on this. That was the quick introduction to Q3. Now it is over to you, Michael, if you have any questions.
Perfect. Let us jump into them. Yes, let us start by the first one. The announcement this morning by your CFO and selling of shares in GreenMobility. Any comments to that on a strategic level? There are some questions here about the signal and whether there is a disagreement between you all in the management team. Any comments about that? I know it is not common to comment on it, but maybe you have some comments to it.
Yes. I have a general comment around it. The company has established a warrant program for key employees to motivate and retain them. I am super happy that we are in a place where Mads can execute on some of his warrants here, that he has decided to do that. This is actually what the program is built for. So he is getting a sort of bonus on the good performance he has had because the warrants are at a stage where it makes sense for him privately to execute on them. He still owns warrants, or still has warrants in the company. I can say that this is what the program is built for, essentially. I do not have any problems around that. On my side, I have not executed any on my warrants. In fact, I am quite the opposite.
I have bought more shares when the window opened also in this round, and I have done that continuously. I will continue to do that continuously, because I see so many opportunities in this company as well. I also can say that our entire Board owns warrants and they are not, excuse me, own shares. They have not sold out of their shares for years, I think. So I think for me, it works. The warrant program works when we have someone that we work well with and who has done well, and he executes on his warrants, some of them. I think it is a very good testament to where our company is right now, and I do not have a problem with that at all.
You are just a little bit irritated that the press only writes when someone is selling and did not what you were buying any. Perfect.
Yeah, I think that should have had the headline instead, that I was buying and win all the time.
Then there's a very direct question. I will ask it here. I know you can't answer it because you don't disclose this in your trading statements. Can you please tell us what the level of cash and the level of financial debt, including leasing, is at the end of September?
We'll have to wait for the annual report on that one. Sorry for that. I think if you have that kind of questions, I think it makes sense that you have them. I think what you should look at is that we are in a position where we're able to buy back shares. That says a lot about our cash position, I think, and we have absolutely no plans on raising more shares, excuse me, making raising more cash in this company. We are today a very financially sound company, and I'm super proud about that.
And then a little bit back to the autonomous robot taxi. It has many names, self-driving cars. What approvals are you still needing to have to have the first car on the roads, and what is the next step, you might say, in this approval process or getting the first cars out on the streets?
Yeah. So you have to go through various phases when you want to have these cars on a commercial permit. So the very first phase is that you have a couple of cars that will troll the streets of your operating area, and they will essentially make a digital twin of the city. When they're done with that's the first step, and then you go to step two. That's, I would call it the documentation step. That's when you have to document that these cars are performing so well that the public authorities believes in you. You can only document that by driving a lot of kilometers and putting them into all sorts of variable situations and document all that. In Denmark, we have some assessors they're called, those are the ones who on behalf of the government and public authorities, are evaluating this documentation.
In our case, it's a company called COWI. It's a very big engineering company who will assess the cars and how they behave in real traffic. Only after all of that documentation has been submitted, only after the assessors have approved it, and only after the road directorate has approved it, only after that the cars will be permitted to leave the chauffeur outside of the car and drive totally autonomously. I think we all have a very big interest in having all of the documentation in place. The car manufacturers that we write, we have the public authorities. Number one priority for us is safety, and that the cars are substantially more safe to drive than cars driven by humans. How long does that take you may ask, and that's difficult to say in a Danish context.
We know from other countries, in England, in U.K., London, it has taken around six months from going from the very first cars on the street with a safety driver behind the wheels until that safety driver can be left outside of the car. Six to eight months. I expect that to be around the same in Denmark. One thing you have to remember about these cars is that they're already driving around the world. They have millions of kilometers already driven autonomously. We have essentially all documentation in place already based on the fact that they have driven so much. Now it's only the documentation in a Danish context that is needed. I hope that we can see the commercial rollout sooner rather than later, but it will take the time it takes, and we have full respect for that process.
Yeah. The next step, very directly, it's seeing one of the cars with GreenMobility on the side, but there's a driver inside. That's what we should look out for the next as investors, I guess. Is that a little bit to call it hard, but that is maybe what we should look for as the next signal from you. Is that correctly understood?
Yeah, you can see that as the first hard proof of what we're saying, that actually that we are executing on it. Prior to all of that, the first cars coming in, obviously, there is a lot of work that has been going on. Very good collaboration with the public authorities. I think they're very, very proactively seeking out the opportunities for Denmark as a country, but also for Copenhagen as a city. They really want to do this. The authorities are full on supporting this one, so I'm very, very satisfied with the cooperation that we have with them.
And as a direct question, when do you expect to see the first revenue from one of these cars? I guess you don't want to go that far, but maybe
No, that's the.
say a reminder timeline.
That totally depends. Again, that totally depends on when the authorities have sufficient documentation that these cars are running according to the specifications, and that's only up to the authorities to answer that, and we'll see. It is my hope that it will be sometime in 2027. That's what I'm hoping for, but you'll never know. It's a big question.
I guess it's not part of your 2028 growth plan. It's not the revenue you're going for here, it's showing partners that they should do it with GreenMobility. I guess that's also a signal that you must think is maybe not more important than revenue. Revenue and earnings is always important, but I guess that must also be a part of your thinking is that that's a proven that someone should partner up with you. You have the ability to get that through, I guess. Should we focus more on that part than on the revenue side, maybe in the short to medium term?
No. I'm always focusing on the revenue and the earnings potentials. That's why we're doing this. Obviously, if you can make the revenue and you have the earnings, and you have proven that you have the operational success around this, we will also see other partners who wants to team up with us. First and foremost, we have to prove to them that we are good at it. I think we have a very, very good chance of that because we are so operationally strong on our millions of trips already taken in the current version of the company. I think that's. But we're in it for the money. We're in it for the profit, for the revenue, and as I said before, if you look at the fundamentals of this business case, they are much stronger than our current strong business case, and that's why we're doing it.
Perfect. Then, questions on the operational side of the Q3. Was all 185 new cars out on the roads in this quarter?
Yes. They were all on the road in this quarter. Essentially, all of them came in. I think a few came in during July. That was it. The rest has been driving since.
Can you indicate, you still indicate a little bit, 9% growth, 13% fleet growth on an estimate, so that's not far between them, but that's a little bit. How long does it take before these new cars are on the same operational level as, you might say, the average of the old fleet?
The funny thing is that new vehicles are actually taking off very fast because they're more interesting for a lot of customers to drive in a brand-new car. Isolated, those cars are being taken up. But obviously, that leaves some of the existing fleets less utilized. It's not until we have, we call it the long tail, and that is the existing fleet where the general demand needs to pick up to follow up that long tail. That totally depends on the seasonality and what kind of cars we have taken in. If it's van, if it's private cars, if small or big cars, and that's very normal for the industry. That's what we've seen so far.
Perfect. Then about your IT platform, is that fully in phase and are you starting to reap the benefits from this platform? The benefits you have talked about, both on your back end side, but also on the customer side, being more aggressive in your marketing.
Yeah. A platform like this, you will always build on a platform like this. There's always opportunities. Even if you look at giants like Uber, for example. They're constantly building on their platform, and so are we. We have several features that we have now implemented that are working well. The biggest changes are actually on the back end, so that's not something that you'll see as a customer. But we have a significantly better back end. We have significantly better access to data than we had before. Very soon, we will also have, or introduce a new UI that will make it look more fresh and young, if you will, and more up to date, for our platform in 2026.
Perfect. Then a little bit, some questions around the acceleration in growth. You have had very high growth the last two years, where you have moved cars to Denmark, and now this year, the 10% doesn't seem so much if you compare with the other years. You had a flat growth in Q2. It is now picked up, but it is of course not like what you have seen in the past. So there are some questions here. What should you do again to pick up the growth? What are the plans for picking up growth, or is this a new, you might say, a new level in the current plans? So there are some questions surrounding that.
Yeah, we have communicated that we are going to grow on average, I think 8%-12% a year towards 2028. This is excluding the AV that we are talking about. I think it is actually a very good growth rate if you also combine that with our potential EBITDA improvements. So based on that, I think we have a very good growth rate. Also say that the Q2 was significantly impacted by the delays in the new cars that we should have had delivered. As you probably all remember, we had the Hormuz Strait that was all of a sudden closed down by a man in the White House, I would say. So that impacted and had significant delays on the delivery of new cars.
As you can see on the numbers here for Q3, when those cars were delivered and they were driving in Q3, we also picked up again on our normal growth. So for me, it was like a blip on the radar in terms of the revenue growth in Q2 and Q3 as that we are back on track.
Other growth levers then fleet expansion. There is a question here, what do you need to pick up? You have earlier mentioned some growth levers that I guess some of are dependent on the fleet expansion, some are not. Are they still alive, those growth expansions? The 17-year-olds, I think you were in the press saying that they actually do not make more damages, which I do not understand, but there were some growth levers. Are they still alive, you might say many of the growth levers you can pull besides the fleet expansion?
For sure. Yes, definitely. I am happy to also that we are actually able to execute on what we say and identify growth levers. The 17-year-olds is a good example. I am also very happily surprised that they do not make damages to the extent that you could fear. They are actually better drivers, if you will, per kilometer than 18, 19-year-olds, the 17-year-olds. So we do not see the damages that we were fearing from this group. So our insurance company was actually right when they forecasted this. And yes, we got a lot of press on that one. I think it was in national radio news and so on in my summer vacation when we introduced it. So it is definitely something that is picking up, and I would say it is a good growth driver. We have other growth drivers also that I have talked about.
I think we also in good hands on that. We have a constant use, as you can also see on our EBITDA, we have a very strong focus on our cost side as well. So I think we are in control of what we are doing. Obviously, when you have these hiccups like the closure of the Hormuz Strait and we are waiting for cars coming in from South Korea, that always disturbs things a little bit. But except for that, I think we have a very solid plan for our growth.
Then there is a question here. What are your thoughts about expanding to other countries again and doing it profitably? I am terrible today. So expansion into other countries by a profitable model, or do you still have enough to do in Denmark organically?
Yeah. So again, referring to our 2028 growth plan that we have communicated earlier, we said that our core focus is on Denmark. As some of you know, I come from the traditional car rental industry. I have been CEO for Avis and for Sixt in Denmark and in Sweden as well. There is a lot of potential still. We have not even touched a lot of the segments where we can also utilize our fleet. One of the things that we have seen over the last three years is that we have actually totally changed the demand seasonality. When I came in, the lowest demand was over the summer. That is when all of our traditional customers, the one commuting from A to B or going to work on an everyday, they were leaving the city. Today, it is actually our high season.
That's when we have the highest revenues over the summer because we have adapted to some of the policies or the segments that the traditional car rental companies have. I think there's a lot of potential still in Denmark, and up until 2028, that's our focus.
Perfect. Then there is some questioning. You have indicated, but there's some questioning. Why shouldn't they just build the app themselves, your AV partners? Also a mention here, WeRide is partnering with Uber a lot of places. Uber is also big in Denmark through the taxi market. I guess that's the question everybody's telling until you have proven it. I guess the proof will be in the pudding at some point in time. But I guess this question will be asked by you by a lot of investors. Why GreenMobility? Why don't they build themselves WeRide and so on, and maybe the WeRide Uber? I don't know whether it's in all countries they work together. I guess if I had looked at what their targets are, ambitions are as a self-independent stock, it's not a Uber partner. It's partnering with everybody they want to partner with.
But a little bit of comments on, I guess you must have a lot of pushback. Why GreenMobility in this big technology stack and so on?
Yeah. Obviously this is also what we identified before we even started on this pivoting towards this AV future. The strategic space for GreenMobility is actually the operational part of this. Obviously, we're not going to compete with the Ubers or the Waymos or the WeRides on the technology stack. Those are real hardcore software companies cutting-edge technology. Waymo has invested more than DKK 200 billion into this space just to get the cars to where they are today. We are in no shape or form trying to become one of those. Where our place in this space is on the operational side. Because if you look at a software company, they don't like the feet on the ground. They don't like the grease or the oil, if you may, between their hands. They like the bits and the qubits to work with them.
We are very good at a few things in GreenMobility. We are very good at communicating with our customers, and we have a lot of customers. Our customer base in Copenhagen is, I think it is more than 100,000 alone. So we actually own the customers. We know where they drive. We know when they drive. We know how much they are willing to pay. We know their names. Everything we know that Uber and Waymo and WeRide, they do not have access to per se, to the same extent that we do. So we have a lot of data that they can use and utilize when working together with us. Then we have the core operational power. This is something that a software company does not like.
It does not like to take the cars to repair shop, to wash them, to clean them, to charge them, to move them around in the city, to pick them up when there is something that needs to be repaired. That is not their core business. That is our business. We also have the local finance partners that we have a very strong relationship to, that we can also help on having the cars financed. Then I think what we also have is that we have the Danish roots. We are a Danish company, have always been a Danish company. We are not a big Chinese or an American company coming in. That is why I think we have a very strong asset is in the ownership is that we are Danish. That means that whenever I pick up the phone to call the transport minister, the transport minister picks up the phone.
They want a Danish company to succeed from a political side as well. So I think we have a very big advantage, sort of an asset, if you will, to be able to communicate directly with the lawmakers. You can see that when we held an event in front of the parliament in November of last year, the Minister of Transport showed up, the Mayor of Copenhagen showed up, a lot of politicians showed up, and that is a great advantage compared to being an American or a Chinese software company.
There is a counterargument here that, but if they make their own app, they can start collecting that data. I guess you have a jumpstart. I understand the two latter parts you have said here. The operational side, they can of course also copy, but it will come with a cost. The political side, you cannot maybe cover, maybe in the U.S. by a plane giving to the President, but maybe not necessarily in Denmark. But the app side, if they want to start up, I guess then they could start collecting the data. I guess your argument here is that a lot of them want to jumpstart with a lot of data and your current customer base. Is that what you would say is your protection here?
Yes. We are the plug-and-play solution. If you want to enter Denmark or any place in Denmark, you go to GreenMobility, and we are ready to go from day one.
I guess you also look at WeRide, Wayve and Waymo and Uber in this stack. The Wayve and the WeRide, maybe not necessarily interested in all those things. Waymo could be, but I do not know whether they will start by Denmark by the missing. Any thoughts about. Or I guess, as you said here on this slide, this thing on the Wayve and the WeRide and a lot of Chinese producers. I actually saw someone indicating that they have brought the robot taxi down on $23,000 because LIDAR now costs $200. It cost $75,000 a couple of years ago to build a LIDAR on a car. Chinese production processes now is down to nothing. I guess that is where you are going for, the WeRide, the Wayve, the technology partners here. Is that correctly understood, that must be-
Yeah. What we say is that we are supplier agnostic. We would like to work with all of them. The Ubers, the Waymos, the WeRides. We are happy to go in and make a partnership with all of them. At the end of the day, we want to be a part of this, and I think we have a very good and strong chance to be a strong partner for these cars if they want to start up in our area.
Perfect. Let that be the final question. This is going to be a discussion. I guess you actually want your pushback because the proof needs to be in the pudding. Thank you, Kasper, for taking us through your thoughts and answering the questions. Thank you for the audience for listening in. Everybody, have a nice day