Donkey Republic: Raising guidance after a strong Q2 - ABG
* Q2 revenues +6% vs. ABGSCe, EBITDA strong at DKK 21.5m * FY'26 guidance raised * Expect consensus '26 EBITDA up 2-5%
ANNONS
Q2 numbers vs. ABGSCe
DONKEY delivered a very solid Q2, with +19% y-o-y revenue growth (vs. ABGSCe of +12%). Revenues of DKK DKK 57.7m was 6% above ABGSCe of DKK 54.5m. Revenue/bike was DKK 806, +14% y-o-y (ABGSCe DKK 738), while the fleet grew by +4% to 23.8k bikes (ABGSCe 24.6k). Q2 EBITDA of DKK 21.5m came in 27% above ABGSCe of DKK 17.0m. Finally, DONKEY's contribution margin rose to 52% in H1, up from 45% the year before.
FY'26 guidance and outlook
DONKEY lifts its FY'26 guidance. It now expects revenues of DKK 184m-194m (previously 179m-194m, ABGSCe 193m), EBITDA of DKK 38m-45m (previously 34m-45m, ABGSCe 42m) and EBIT DKK 4m-9m (previously 1m-9m, ABGSCe 9m). We understand that the main variables for the remainder of the year are associated with the roll-outs in Germany (including the cost level and utilisation), as well as execution in the important August and September months.
Consensus estimate revisions and share price reaction
We expect consensus to raise '26 EBITDA by 2-5% to the higher end of the new guidance range.
