For those who have not previously heard of Donkey Republic, could you tell us a bit more about your business, what you do, and which markets you address?

Donkey Republic is a provider of bike-sharing solutions operating across Northern Europe. We work with municipalities, public transport authorities, businesses and riders to integrate reliable and affordable bike sharing into urban infrastructure and everyday mobility.

Our model combines technology, operations and long-term city partnerships. We operate both contract-based systems and protected licence models, with increasing focus on strategically selected cities where we see strong long-term product-market fit and attractive operating conditions.

Today, our core markets are organised across the Nordics, Benelux and DACH regions.

In connection with the launch of the “Ride and Do Well” strategy, which three operational milestones do you consider most central to achieve during the year to ensure that the company develops in line with the long-term 2030 targets?

The first priority is continued operational scalability. During 2025, we implemented a strengthened operating model designed to support profitable growth without a proportional increase in central costs. Continuing to mature that structure is an important milestone.

Second, we remain focused on improving unit economics across the platform. This includes initiatives related to fleet utilisation, maintenance efficiency, pricing and operational optimisation.

Third, successful execution of large-scale city partnerships is key. The implementation of recently awarded German contracts is an important step in strengthening our contracted revenue base and scaling the platform responsibly.

You have communicated a target of a fleet of 60,000–70,000 bikes by 2030. What physical, logistical, or operational constraints do you see as the main obstacles to reaching this scale?

Scaling urban mobility platforms requires disciplined execution across several dimensions. One important factor is ensuring that growth happens in markets with the right long-term economics and operational conditions.

Operationally, the ability to deploy, maintain and rebalance larger fleets efficiently is critical. That is one reason why we continue investing in technology, operational processes and hardware improvements such as evidenced by the Gen4 platform.

At the same time, scaling in our industry is closely linked to public procurement cycles and municipal infrastructure planning. While these processes can impact timing, they also create structural barriers to entry and increasingly favour operators with proven city partnerships, operational scale and strong execution capabilities – strengths we continue to build on at Donkey Republic.

The Gen4 bikes are an important part of the effort to improve operational efficiency. What reduction in maintenance costs have you seen so far compared with previous bike models?

It is still relatively early in the rollout of the Gen4 platform, and we do not disclose detailed maintenance KPIs.

That said, the platform has been developed specifically to improve operational efficiency, durability and serviceability at scale. Early operational experience supports our expectations that Gen4 will contribute positively to maintenance efficiency, lifecycle economics and overall operational performance over time. And most importantly, our Gen4 platform allows us to deliver an even stronger rider experience across our markets.

What is the current capital allocation plan for the DKK 75 million raised in February, and how is the capital expected to contribute to the company reaching its next profitability target?

The capital raise was completed to support the company’s next phase of scaling, particularly in relation to the rollout of recently awarded contracts in Germany and future fleet expansion opportunities.

The proceeds strengthen our ability to invest in fleet deployment, operational execution and continued development of the platform while maintaining a disciplined approach to capital allocation and supporting the ongoing optimization of the company’s debt structure.

More broadly, the capital provides the flexibility required to execute larger deployments and support the company’s next phase of development.

Where do you see Donkey Republic in one year, and what is the strategy for getting there? (not a forecast)

In one year, we expect to look back at a successful rollout of our new bike sharing systems in Ruhr and Düsseldorf and another year where we have strengthened the foundation of the company operationally and commercially.

For us, the focus is not just growth itself, but executing profitable growth in the right way. That means continuing to improve how we operate across markets, strengthening collaboration with our city partners and making the platform more efficient as we scale.

If we can combine strong execution with continued operational improvements, an even better rider experience, and satisfied riders and partners, then we believe we will be in a very strong position going forward.

Could you mention three reasons as to why Donkey Republic is an interesting investment today?

First, we operate in a structurally growing market driven by urbanisation, sustainability ambitions and increasing integration of shared mobility into public infrastructure. Overall Donkey Republic is a great investment opportunity due to being strongly positioned in an attractive market, with strong growth targets and profitability expected already in 2026.

Second, we believe the rollout of our Gen4 platform strengthens both our competitiveness and long-term operational efficiency. The platform has been developed specifically for scalability, durability and large-scale urban systems, supporting improved lifecycle economics over time.

Third, the company has implemented important structural changes to support clearer accountability and stronger regional execution. Our operations are now organised into regional business units across the Nordics, Benelux and DACH, each with local P&L responsibility, supported by a scalable central platform structure.