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GreenMobility Investor Presentation 2025

Nov 17, 2025

3437_rns_2025-11-17_faffc4bb-c9b6-490b-a41d-f4b7c1fd6e18.pdf

Investor Presentation

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Our all-electric fleet of ~1,400 EVs

Our main fleet component. A small car with a spacious feel, perfect for

C A R G O

Niche offering to support transport of small goods. Cargo trip duration is longer than our average.

BUS

Our newest offering, for groups, families, clubs, institutions or a trip to the airport with loads of luggage.

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GreenMobility is the leading free-float car-sharing platform in Denmark

GreenMobility at a glance

t r i p s p e r m o n t h

~1,400 u n i t s i n f l e e t

DKK ~500m m a r k e t c a p1

15-17% e x p . r e v e n u e g r o w t h i n 2 0 2 5

42-47% e x p . E B I T DA g r o w t h i n 2 0 2 5

Revenue growth in Denmark DKKk

We have steady revenue growth in part due to increasing trip volumes and higher average revenue per car.

EBITDA growing significantly

Better operations (with scale) and disciplined cost control have been main contributors to EBITDA growth.

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Our purpose: We enable zero-emission, urban mobility today and are building the platform for an autonomous future

We launched with 400 cars as the first electric car fleet in Copenhagen. With that, we brought a new mobility option to Denmark.

We are now the leading free-float carsharing with +1,400 cars in the fleet. We have proven electric fleets are scalable and profitable.

We execute early on new technologies and now we want to redefine urban mobility with self-driving cars in Denmark.

Urbanization Sustainability Sharing economy

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GreenMobility is a sustainable and profitable company

BLITZSCALING

2016 – 2023

GreenMobility intended to build the leading freefloat platform in Europe. We invested and scaled rapidly across markets and captured significant market share.

TURNAROUND

2023 – 2025

We evaluated our market presence and exited foreign markets in 2023 to focus on Denmark. We focused on efficiency and implemented cost discipline to create a profitable company.

PROFITABILITY

2024 – 2025

We achieved profitability in 2024, proving that carsharing can be profitable. We continue building a better GreenMobility through automation, fleet optimization, and lean management.

STRATEGY 2028

2026 – 2028

GreenMobility continue to have untapped growth in Denmark. We now intend to make focused investments into organic revenue growth.

AUTONOMOUS DRIVING

2028 –

We are developing our platform to service selfdriving cars in Denmark. We believe GreenMobility has the right foundation for a platform given our customer relationships and local market insights.

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Launch of Financial Targets 2028: Driving towards an autonomous future

Our four strategic priorities

  • 1 Denmark remains core as we see untapped growth opportunities
  • 2 Average revenue growth of 8-12% with EBITDA growth of 12-16% per year
  • 3 Strengthening the balance sheet, with an ambition to redistribute excessive cash
  • 4 Bring autonomous driving to Denmark

We are preparing for a future with self-driving cars

  • We have untapped revenue growth and remain focused on the Danish market. We do not believe the time is right for international expansion.
  • We believe car-sharing is still in its early adoption phase. We aim to grow revenues organically on average at a rate of +8-12% p.a. and EBITDA at a rate of +12-16% per year towards 2028.
  • Our balance sheet has strongly improved. We will consider options for capital allocation including share buy-backs and communicate considerations in due course. Our aim is to be able to redistribute cash when solidity1 is above 20%.
  • We will be the frontrunner of autonomous driving and bring it to Denmark.

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Delivering sustainable value creation: Achieving 8-12% organic growth with a focused strategy

We aim to expand market presence in Denmark and make focused investments in technology

Growing population

Copenhagen Municipality is forecasting 4.9% population growth from 2025 towards 20301 5% .

Growing customer base

17 y.o.

Legislative changes allows 17-yearolds to drive. It generates ~14k new potential customers in Copenhagen3

Families without a car

In the Greater Copenhagen Region, 52% of families do not have a car, in total 555k families. 86k of families have two cars for private use2 52% .

Dynamic pricing impact

Dynamic pricing technology can grow revenues by 5-15%4 and we will deploy it with our next-gen 5-15% platform in 2026.

New customers

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We have a limited market share among visitors in Denmark. We have distribution dialogues with mobility partners to reach more visitors in their trip planning stage.

We invest in safety and security technology (sensors) and see higher compliance rates, reduced costs and more customer satisfaction with the car-sharing experience.

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FINANCIALS

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We have stronger-than-expected performance in 2025 and revised guidance up 3 times during the year

Income statement ('000) H1 2025 H1 2024
Revenue 74,171 57,369
Other operating income 899 -
External expenses -38,457 -31,155
Gross profit 36,613 26,214
Staff costs -12,536 -12,563
EBITDA 24,077 13,651
Depreciation & amortization -13,960 -9,350
EBIT 10,117 4,301
Financial expenses -4,228 -5,262
EBT 5,889 -961
Tax on profit/loss - -
Profit/loss 5,889 -961

Strong execution in H1 of our strategic focus

  • We continue to streamline operations, execute on disciplined cost management, and our data-driven marketing efforts have lifted both customer numbers, revenue and earnings to an all-time high.
  • Our guidance1 is revenue growth of 15-17% YoY and EBITDA growth of 42-47% growth YoY.
  • Revenue grew by 29% YoY and reached DKK 74.2 million. EBITDA improved by 76% YoY and reached DKK 24.1 million
  • EBITDA margin improved to 32.5% for H1 2025 versus EBITDA margin of 23.8% for H1 2024.
  • Our profit reached DKK 5.9 million in H1 2025, up DKK 6.85 million year-over-year.

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We are focused on optimizing the balance sheet – we continue to bring down asset debt (1/2)

Assets ('000) Jun 25 Dec 24 Equity & liabilities ('000) Jun 25 Dec 24
Software 622 809 Share capital 2,367 2,367
Land and buildings 1,486 1,800 Retained earnings 12,527 6,638
Cars 115,978 129,419 Currency -2,703 - 2,703
Deferred tax asset 8,388 8,388 Total equity 12,191 6,302
Deposits 398 398 Lease liabilities 34,243 44,788
Total non-current assets 126,872 140,814 Loan 13,896 18,145
Total non-current liabilities 48,139 62,933
Inventories 3,092 3,092
Trade receivables 10,109 10,045 Lease liabilities 58,705 59,542
Other receivables 1,223 2,452 Loan 10,015 11,535
Prepayments 1,948 1,043 Trade payables 7,419 12,720
Cash 8,275 9,526 Other payables 15,050 13,940
Total current assets 24,647 26,158 Total current liabilities 91,189 97,737
Total assets 151,519 166,972 Total equity & liabilities 151,519 166,972

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We are focused on optimizing the balance sheet – we continue to bring down asset debt (2/2)

We reduced all liabilities from Dec 24 to Jun 25

Disciplined capital allocation to asset debt

  • We have taken decisive steps to improve financial resilience and lower our financing "base" costs.
  • We carefully evaluate the use of our cash flow to reduce exposure to "expensive" loans and leases.
  • We do not have debt related to our operations, all our loan and lease liabilities are committed to our asset base.
  • We continue de-risking our asset values as our asset base is depreciated. We find electric cars last longer than initially expected. Operational costs for aging cars does not accelerate.

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Our 2025 financial guidance: Revenue growth and continued improvement of EBITDA margin

Revenue

+15-17%

(vs. 2024)

EBITDA

+42-47%

(vs. 2024)

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Focus on building sustainable profitability

We have revised our guidance 3 times (July, September and October) in 2025 based on a better-than-expected performance. We expected revenue growth of 7-13% YoY and EBITDA growth of 32-42% growth YoY at the beginning of 2025.

We continuously monitor development in costs related to our operational business including spare parts, insurance and electricity.

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Capital discipline: Profitable revenue growth is our strongest priority

Priority remains sustainable and profitable growth We intend to return excess cash

  • Our capital base is sufficient to drive average revenue growth 8-12% and EBITDA growth at 12- 16% per year.

  • We will balance investing excess capital in growth and can return cash to investors when the threshold is exceeded.

  • We expect to receive authorization for share buybacks with the AGM in 2026.

  • We can redistribute cash if our threshold of an equity ratio of 20% is exceeded. (Equity / total assets).

Capital allocation strategy when equity ratio exceeds 20%

Excess cash can be returned via cash redistribution.

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TECHNOLOGY

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We are launching our next -gen app platform in 2026…

Technology as a driver for margin expansion

We have updated cars with safety and security measures (cameras, smoke and damage detectors).

With our next-gen app, we can implement dynamic pricing, better overview of car types etc.

Sensors are put in parking spots across Copenhagen – we can check and suggest available parking at the destination.

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… and we are looking to leverage and implement AI to become a fully AI-powered car-sharing platform

From a digital platform yesterday to an AI-powered service platform today

Expand revenues across fleet and services

  • AI-enabled pricing algorithms (implementing dynamic pricing with GreenMobility app 2.0)
  • AI-enabled car placement to fit demand patterns

Enhance our team – focus on strategic development

  • AI enables further automation of internal functions, increased efficiency and reduced costs
  • 95% of Q&A can be resolved with chatbots and we focus human enabled-support for complex issues
  • With more resources, our teams focus on strategic development activities

Better fleet and vehicle health management

  • AI can analyze data in real-time from sensors in vehicles to detect potential vehicle damages
  • With AI we can identify and address issues immediately

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We want to bring autonomous car -sharing to Denmark – no one has a better foundation

Our advantages in Denmark:

Operational excellence

Training data

Strong customer relationships

Political insights

Why we build for the future

Self-driving cars have 22-26 trips per day while we have 3-6 trips per day. Technology is being commoditized, while customer relationships remains key.

Fewer damages leading to lower damage costs and reduced costs to insurance.

Ride-sharing customers were willing to pay over $10 more for driverless rides than for a Lyft or Uber during peak demand periods2 .

… for better urban living

Ride-sharing with self-driving cars reduces the need for parking spaces, giving more space to urban residents.

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GreenMobility is stabilized, now we focus our doubledown on selected efforts in our Financial Targets 2028

Pockets of revenue growth

We seek to capture more trips in core markets from urban growth, new customer segments, and new offerings.

52% of families in Greater Copenhagen area do not have a car.

Deploy new technology

Technology creates a better user experience and allows to capture more revenue while reducing costs.

Cars with safety and security sensors reduce our operating costs and increase our revenue.

Operational excellence

Operational excellence remains key, we focus on disciplined cost control and lean management.

We invest in areas backed by data to grow customers, revenue and earnings.

Capital allocation

We continue to evaluate options to maximize shareholder value with cash redistributions.

We can redistribute cash if our threshold of an equity ratio of 20% is exceeded.

Prepare for self-driving cars

We believe GreenMobility has the best foundation to manage fleets of selfdriving cars, and we are building that platform.

We seek to be among the first in Denmark to offer self-driving cars.

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