Donkey Republic realizes a positive EBITDA and 114% YoY revenue growth in Q2-2023.

Company announcement No. 20 - 2023

• Positive EBITDA of 6.2M DKK in Q2-2023 (+17.0M DKK from Q2-2022) is a strong testimony to the
focus on profitability of Donkey Republic in 2023.
The strong performance in Q2, has secured a positive EBITDA in H1 of 1.6M DKK, which is the first time
Donkey Republic reports a positive EBITDA for a half year period. This is especially remarkable as H1 is
due to seasonality normally less profitable than the second half of the year. The drivers for the improved
EBITDA performance are,
  - Better utilization of the fleet, coming from higher revenue per bike, without significantly increasing cost
of operation.
  - The completed ramp up of subsidized deals securing recurring revenue with stable cost.
  - In May 2023 the company carried out cost reductions measures within HQ, which will further support
the profitability of the company in the second half year.
The company sees itself therefore well on track to achieve its full year guidance of a positive EBITDA of 9.0M
to 10.5M DKK.

• With 33.8M DKK in Q2-2023 Donkey Republic more than doubled its revenue compared to last year
(up 114% from Q2-2022).
The growth is driven by two factors,
  - Increased revenue per bike, a better utilization of the fleet, but also the fully ramped up subsidized
operations in Antwerp, Turku and KielRegion lead to higher revenue generation per bike compared to
last year (+33% vs. Q2 2022).
  - Larger fleet; almost all bikes that were ordered after the IPO in 2021 have now been deployed on the
streets, this means an increase of 61% compared to Q2 last year or 7,300 additional bikes.
This shows the company’s ability to successfully onboard new major cities with long term contracts without
compromising performance of its existing operation.

Events after Q2-2023

• Private placement of 18.6M DKK - supporting the onboarding of new operations and future growth
of the company.
The company successfully carried out a private placement on the 25th of July securing the company
18.6M DKK in gross proceeds. As stated in the company announcement No. 17 the money raised is aimed
primarily to support the growth of the company in terms of onboarding new long term contracts.
 

KEY PERFORMANCE INDICATORS Q2-2023 (01. April 2023 - 30. June 2023)