Freetrailer Group A/S presents quarterly report Q3 2023-2024

The third quarter of the 2023/24 financial year at Freetrailer shows revenue growth of 31.7% and rental growth of 46.8%. Freetrailer upgrades expectations for the year's overall performance.

High growth in revenue, operating profit and number of lettings 
Revenue in the third quarter of the 23/24 financial year totalled DKK 22.4 million, corresponding to an increase of 31.7% compared to the same period last year.

For the first nine months of the year, revenue totalled DKK 74.2 million. This corresponds to an increase of 36.2% compared to the same period last year.

Operating profit EBITDA totalled DKK 1.4 million in the third quarter of 23/24 compared to DKK -1.8 million in the same period last year - an increase of DKK 3.2 million.

The positive development in the number of lettings continued in Q3, with growth in the quarter totalling 46.8% compared to Q3 22/23. The total number of lettings in the quarter was 287,222 compared to 195,690 last year. The positive development stems from all markets, with the Norwegian market as the main growth driver.

Growth in the rental portfolio
The rental portfolio continued to grow in the third quarter, with an additional 151 products added during the period. The total portfolio at the end of the quarter totalled 4,681 units. In the third quarter, new partners and locations in Norway and Sweden have primarily contributed to the growth in the number of rental products.

As of 31 March 2024, Freetrailer has more than 150 rental products on order that are either in production or en route.

Freetrailer raises expectations for 2023/24
Freetrailer continues to experience strong customer demand for trailers and bicycles, and as a result, the company is upgrading its revenue and EBITDA guidance.

Freetrailer now expects revenue for 2023/24 of DKK 100 - 104 million. For the financial year 2022/23, Freetrailer achieved revenue of DKK 75.1 million. The updated guidance corresponds to an expected revenue growth of 33 - 39%. 

EBITDA is expected to increase to DKK 15 - 18 million. Freetrailer achieved an EBITDA of DKK 8.1 million in the financial year 2022/23. The new guidance corresponds to an expected growth in EBITDA of 85 - 122%.

Freetrailer also adjusts the forecast for the total number of rentals in 2023/24 upwards from the previously announced +1,180,000 to +1,260,000. The expectation for the total rental portfolio in 23/24 is adjusted from +4,750 to +4,850.

Comment from the CEO

"We have managed to continue the solid growth in the third quarter of the financial year, that we experienced in the first two quarters. The results show great increases in revenue, EBITDA, number of rentals and the rental portfolio, which clearly shows that Freetrailer's concept is profitable and scalable.

At the same time, Freetrailer continues to invest in growth. Since January 2023, we have recruited more than 50 new employees, including strengthening our IT-team to ten developers with experience in scaling IT-platforms. Freetrailer's platform is the foundation for further development and growth," says Freetrailer Group CEO, Nicolai Frisch Erichsen.

The Netherlands is the next growth market for Freetrailer

On 18 April 2024, Freetrailer announced Christian Tepper as the new Sales Director in the Netherlands. Christian Tepper has many years of experience selling and operating trailer solutions in the Netherlands. The website freetrailer.nl has been created and the company aims to launch the Freetrailer concept in the Netherlands by the end of March 2025. 

Freetrailer estimates that there are currently +800,000 privately owned trailers in the Dutch market, which matches the Danish market. The Netherlands is also a mature market for trailer hire, making it Freetrailer's fifth market.

Freetrailer Group A/S presents financial statements for the first nine months of the financial year from 1 July 2023 to 30 June 2024.

Q3 GROUP KEY FIGURES IN DKK 1,000 (1 January 2024 - 31 March 2024)
(in parentheses is the corresponding period last year)

• Net revenue 22,433.5 (17,029.2)
• EBITDA 1,372.5 (-1,792.6)
• Profit before tax 958.0 (-2,433.5)
• Profit after tax 635.6 (-1,988.3)
• Equity 37,979.1 (29,373.0)
• EPS (Earnings Per Share) 0.07 (-0.21)
• Equity ratio 67.2% (62.8%)

9 MONTHS. GROUP KEY FIGURES IN DKK 1,000 (1 July 2023 - 31 March 2024)
(in parentheses is the corresponding period last year)

• Net revenue 74,207.0 (54,490.3)
• EBITDA 12,954.0 (5,808.0)
• Profit before tax 10,849.3 (4,429.2)
• Profit after tax 8,310.1 (3,254.5)
• Equity 37,979.1 (29,373.0)
• EPS (Earnings Per Share) 0.87 (0.34)
• Equity ratio 67.2% (68.2%)