GreenMobility A/S (GREENM) April 2026 Capital Markets Day Transcript

Welcome to today's presentation where we have the pleasure to present Green Mobility. Today's event, the presentation will, of course, surround your Q1 26 training update you released yesterday. So it will not be in-depth into the balance and everything. It's primarily the operational metrics you released yesterday. As always, we are joined by CEO Kasper Gester to take us through the presentation and answer questions in the end. And as already, there's a box down below, some questions has come in. Do feel free to put in more questions. Do feel free to do it in Danish. I will try and translate to the best of my ability. But I think for now, I will leave the presentation to you, Kasper. Okay, thanks a lot, Michael.

So after this disclaimer, just a quick intro to any new viewers in this presentation. green mobility is a car sharing company it's where it works very simple with an app you just download the app on your phone then you swipe on your app when you're next to the car and the car opens and you drive to your destination then you swipe on the app again leave the car of course swipe on the app again and then we're going to charge your credit card for the rented time our customers can rent the the vehicles here between five minutes and up to 30 days this year we are going to have around a total of 1600 vehicles all of them are electric we have the core backbone of the fleet is the renazoa it's a small compact size city car with a relatively big battery for its size then we also have some what we call premium cars with bigger batteries more space to them we have the pollsters and the began at the moment and and then we also have some minibuses and we also have vans which are also a very popular category for us so before I dive into Q1 I just want to give you a recap on the 2025 performance. I mean it has become a quite popular product or services car sharing in Copenhagen and in Aarhus where we're represented today. So more than 135,000 trips are being taken on a monthly basis. We have had in 25, 1400 units in the fleet. We're going add around 185 i'll come back to that 185 more vehicles to the fleet our market cap as of yesterday was around 450 million danish crowns and then we made four adjustments to our guidance positive adjustments to our guidance last year the latest that we communicated was a 17 to 19 percent growth in the revenue and 47 to 52 percent growth in EBITDA versus the year before and we actually surpassed that we had a 20 growth on the top line and we had a 57 growth on the EBITDA. And our growth continues into Q1, where we see an 8% increase in revenue. The 8% increase in revenue is very important to say that is in the lowest of our quarters. In Q1, in January, February, people don't have, well, they don't have as much money as they do in other months because they spend it all in christmas in the christmas month so that's one thing the second thing is that the underlying demand is just not so big there are not so many people going to summer houses or to visit whatever places in denmark so there's not so such a big demand as in other quarters and then we had a very rough winter if some of the danes looking at excuse me watching this uh you remember there's a lot of snow and quite a considerable amount of time in denmark this year this winter that also halted our operations i would say in some of the worst days so in spite of that uh we actually have an increase uh with an eight percent in revenue also i also want to say that this was with the existing fleet so for the quarter we uh we didn't um add any vehicles yet um and then we saw a 60 increase in in EBITDA which is a quite a substantial increase in EBITDA and that also comes from the from the continuation of our um operations excellence program our you know ratio sharp focus on our cost and a continuation of the lowering of the cost of acquisition of the customers And as a consequence, we also see that the EBITDA margin increased from 21% in Q1 25 to 31% in this quarter. And then on other news for the quarter was that we launched our new app. It has a lot of benefits, not just for the customers, but also on the back end for us. but the customer has a much better customer experience prior to the old app for us it opens up more opportunities in terms of yield management we can start to work with that the old app didn't permit for that we also had some back-end deficiencies like you know that's part of our excellence plan that we can you know operational excellence plan that we can now uh start activities on that which are app related so a lot of good things are coming from that and i think there was a very good migration that we did to the new app then we have also continued digitalization of the whole fleet with the role of a rollout of damage sensors with cameras AI enabled cameras we have some smoke and vaping detectors across the fleet that was also continued in Q1 and we also saw results of that and also that has also been a factor in increasing our evita um i've talked about this before there is some revenue in that uh in particular in in the on the damage uh also on the cameras the ai enabled cameras smoking vaping also revenue what we really want to do is to i mean it's fine with the revenue i call it toxic revenue we'll take it because it's there obviously we're going to pick it up but all of the things that we're doing is actually to make a better customer experience that's that's the that's the target that's the end of end goal we think that's much more profitable in the long run to have an even better customer experience than just charging people for for smoking we want to prevent that instead right and then the very first of the 185 additional vehicles were inflated but it was at the very end of the quarter so it didn't have any effect i would say um and the full inflatable on 185 cars and vans are expected to be finalized in q2 in line with the seasonal demand which is picking up now so that's uh that's um that's about that and speaking about the new vehicles they all financed we don't even have a down payment and we can do that now because of the you know the 2025 report and the results from 2025 was in such a good shape that we can actually get credit lines now um so we secured a 30 million lease facility for new vehicles no problems whatsoever uh and um there was zero down payment as i mentioned and and this is the first step on on supporting the growth of the next three years strategy period here it's also a modernization it's the first step in modernizing our fleet which gives a better customer experience and we also can use can get more customers because of the the new cars and what we see here is the small car we also have some mcgans coming in so all the mcgans are actually in fleet now um this is a bigger class uh car compared to the zoe's compared to the to the micras here it just gives them more use cases because they have more space and more range and a better comfort so more people can actually see themselves into that and then of course also very important what we see is that we're getting a lower tco a total cost of operation on these cars the cars are cheaper they're much cheaper today than they were when the zoe's were acquired they have a full warranty over the lifetime they have five to seven years of warranty all of these cars and that means that we are looking into substantially low operational cost on them they have a slightly better consumption per mile so you know we talked about petrol cars in the old days not many years ago where they had a we talked a lot about consumption but actually evs also have a consumption element which is super relevant to us because all of our prices are including electricity right and then they have a lot of new safety equipment that the zoe's don't have safety features safety assistance and all of these safety assistance will also lead to fewer damages going forward on these cars compared to the current fleet that we have so all in all i'm super glad that we the company is now in state where we can say that uh you know we can go out and finance also the growth going forward over the next three years by leasing facilities and recapping here we are keeping our guidance it's still eight to twelve percent versus 2025 on the revenue side and it's still 12 to 16 on the EBITDA side and then just to wrap up this short presentation on the q1 i just want to reiterate that in 2025 i think was the fall of 2025 we communicated our financial targets towards 2028 and we have basically four strategic priorities four strategic pillars that we are building this strategy on the first pillar is that Denmark is going to remain the core market for the foreseeable future we have a lot of on tap well first and foremost this company has already tried its luck on an international growth strategy didn't go well now we're focusing on Denmark we have changed the whole organization we have changed the whole company basically it goes very well so you know don't change a winning horse is is sort of what we are doing right now. But we also have a lot of untapped revenue growth. We have identified a lot of revenue pockets for the Danish market. So it makes a lot of sense to go here and utilize all the untapped potential that we have here. We believe that car sharing is still in its early adoption phase. And that's why we are confident in the guidance on the 8 to 12 percent annual growth on the top and we also can see some levers some levers on on the EBITDA growth and the continuation on making the whole operational side of the of the company even more efficient in the years going forward and then as you could see from our annual report 25 our balance sheet has strongly improved that means that we will also consider options for capital allocation and that includes share buybacks and and our aim is actually to be able to redistribute cash when the solidity is above 20 percent and if you look at our annual report the solidity is actually above 20 percent so that is uh not up to me but it's up to the board to decide what's uh what will happen there and just if there are any questions around the 20% I can say why is it the 20% solidity there that we have as a rule of thumb and that is actually because that's what the finance companies are telling us that the solidity have to be around that number in order for us to have new cars financed so everything is actually it fits right and then the last of the pillars is that we want we have communicated that we want to bring autonomous driving to denmark and i can see that was coming up a couple of questions around autonomous driving so maybe i should just i don't know michael maybe it's the time it's the last slide here so maybe i could just communicate excuse me i can just comment on that right away so why why is green mobility um you know all of a sudden talking about autonomous driving we have a very good company now we have a profitable company with a good growth some tremendous efficiency gains and you know we've communicated uh going forward that that will continue yeah actually there are some more specific ones you know uh there's uh the

perspectives of of the self autonomous autonomous driving or self-driving cars i know you hate the word robot taxi because you're not a taxi company but uh and the also out in the in the outer areas of denmark you talked a lot about you had a lot of discussion with the municipalities in denmark also for the outer regions not only the bigger cities so any comments on the perspectives of the self-driving cars how much have we moved since we last spoke with you and and maybe also the perspectives outside the bigger cities um yes this technology sure i can comment

on that just for any new viewers very shortly why are we doing this um we have a very good company now in the existing business that we're doing the two two main reasons first one we don't want to have a nokia moment right where we don't develop alongside the technology second thing which is the most important is that our current fleet they run up to six trips per day self-driving cars we know that from other countries they are driving between 22 and 26 trips per day at the same time these self-driving cars are making 90 fewer damages than cars driven by humans they're simply much better driving cars than we are that means for a company like us we're looking into a substantially higher revenue per unit per asset and a substantially lower operational cost in terms of damages and in terms of insurance costs for example which is also a very high post post on our expenditures so that is that is the the primary reason and the technology is is it's uh it's right now it's we we are actually seeing that the technology is working we see that in the us we see it in china in the middle east and the cars are also coming to europe now they're driving in london now since 2nd of january three uh three operators are driving with uh self-driving cars they are probably going to drive without drivers already this summer our safety drivers so we have millions of people on a weekly basis already that up being transported in self-driving cars with no chauffeurs at all. In November last year, we did an introduction in front of the Danish parliament where we had our self-driving car exhibited. We had the minister of transport there. We had the mayor of Copenhagen who was there attending it and giving some speeches and saying this is what they want. and what happened after that when event was actually i was contacted by several municipalities around around the country here who said you know can you help us bringing autonomous vehicles to our municipalities the thing about Denmark is that the municipalities have a very high cost for uh mobility in their areas there's a very high um cost associated with running buses and trains and what have you in in those smaller municipalities around so they said could we set up some projects around helping us doing that so we are actually looking into various projects with all sorts of big and small municipalities around the around denmark now so let's see what what what comes out of that but i think it's super interesting and it was and it was not an angle to this whole autonomous driving that i had foreseen that demand from from small municipalities would be so big but it's it's a really problem that we i think green mobility can help them with and if you should be a little bit more specific how is the regulatory i i guess you uh you you you yourself but you have an employee who is punching into that regulatory environment in denmark trying to to make this happen uh how are those uh talks uh going or or if i should uh i don't know whether you want to give us the details to that but but some kind of a feeling on how is that side going in those discussions with with the authorities and without being too detailed with the risk of putting you to sleep i i would say that we are talking on different levels so you have the eu level where we have talks and and trying to push the agenda on the eu level because but that's a very slow moving machine as you know and then we have the national level and when i speak to the minister of transport he's very very clear that this is something he wants to do and the danish government has actually set up and the danish parliament has set up some rules and legislation that actually allows us to drive with self-driving technology uh around denmark already now um through um yeah a a a a special uh tool that they have from a from a law making uh perspective so we can actually go and start our operation now now the big challenge in this game is to get the cars right. The self-driving cars are an extremely scarce resource because the bigger countries have all of a sudden woken up and say, hey, we wanna have that. It gives us tremendous opportunities to bring much more mobility at a lower cost. And it gives us an opportunity to increase road safety tremendously. so we are in a fight right now i would say or a race not a fight but a race but all the big countries who also want that and i think we have a very very very big advantage seen from a green mobility perspective because we have already at a very early age excuse me a very early stage been out and securing this supply chain and we did a loi with tensor in the us on 2000 vehicles we're also speaking to other uh manufacturers at a very early stage uh last year we started that and we have we are very far ahead with that and we also have an advantage from an operational point of view because we are already in a very very from an operational point of view a very complicated um operation i would say because handling 135 150 000 trips a month is quite substantial and that's actually what what you need to be to be successful in this game and then the third thing that i want to say from the perspective of green mobility is that we also have a lot of data we sort of own a very large chunk of the population in in copenhagen and in almost the two biggest cities of denmark and that we can utilize because we already know where they're driving from and to we know their patterns we know how much they're willing to pay

we know them by name and we can communicate to them and so on and so forth so we're sitting on a pile of gold from a from a data perspective that really can come into uh to work now with the autonomous vehicles and of course there was a lot of news though when you presented this tensor car and the capacity calling has those talks continued uh are you now presenting the cases on savings and they are giving you the idea on how expensive it is for them to run a bus with two passengers in i i i was it uh you know you say you want talks but but but have they continued if if you understand what i mean besides the new flow uh yes i i know you can't mention any

specific projects they are and i actually have a meeting with the municipalities today later today which is a continued talk with them we are trying to set up projects try to scoping projects with them let's see where that ends but we are trying to do that together with them there is a tremendous demand for this among the municipalities in denmark because of the huge cost they have in for subsidization of a hugely loss making uh bus routes i talked to a municipality the other day they said they were paying this was the worst example they were paying actually paying 3 000 danish crowns per passenger right it's just an absurd amount of money that they're paying to uphold mobility in very sparsely uh populated areas of general perfect and and there's a

question here will will you also be able to call a self-driving app in the rural rural areas maybe it's a little bit premature to piece your specific i have asked you now but i guess it's maybe a a little bit premature to see that specific.

I mean, it's one of the things that we're talking to municipalities about is that the use cases for this, and maybe we're going to set up the project so that we can also test out a scenario like this, described by this viewer. So I think it's a, let's see where we're getting with them.

I mean, we are a little faster than they are. it's there's no that's how it is right uh music is not that fast but uh we'll see where we're in and then there's a congrats to the good results always also giving you more money to invest so there's a little bit a question here will that actually mean that you will also make put out more zones you know you are zone driving where you can drive into zones and so on so there's a question here whether you will actually expand those zones uh whether that's now you have maybe more capacity uh to invest in that on the good results but does it make sense for you to expand into more zones yeah so we were actually very successful on expanding our zones into the very

northern part of copenhagen um and also you know when leaving copenhagen into an area called um what i want to say about it is that we might expand our zones it's definitely on on the table but we're going to do it in a very controlled manner um so whatever we're doing is from a conservative standpoint we're going to do it gradually and not just you know open up the entire map that's super important for me to say that that everything is done in a controlled data driven manner in in our company but it's definitely on the table of course it is and then there's a question here about the effect of new cars in the quarter uh the new fleet i you guess you i think you already answered that very much yeah because yes yeah it's hardly anything you could say you could see so the effect will actually have the new cars we'll see we will see for the for the remaining quarters here and then uh with the with the strong start uh to the year uh earnings wise on the ebitda uh what is keeping you from uh upgrading your guidance well it's i would say it's way too early we have uh you know you wake up every day and uh you don't know if uh there's a new war going on or another conflict or whatever is going on in the white house that can still have a spillover effect uh even on a small company like ours in denmark um so we think there's a lot of uncertainty in the world going on at the moment um one two it's It's just one quarter that we have to base this on. We are looking into our much higher season from a demand perspective. We want to have some more data before we communicate whatever we want to communicate on that matter.

Then there's on the earnings growth, it's so much higher than the revenue growth. anything unusual in this quarter or is it you keeping your cost base flat and then the extra revenue is actually almost traveling all the way down to the bottom and so anything extraordinary or is it you keeping the bottom line flat is it something else that is driving this much higher growth no i think it's a continuation of the good work that we did in 2025 also where we did a lot of initiatives where we are sort of reaping the fruits of that now that it didn't stop with the 31st of December right so all the initiatives that we had done

in you know in connection with this very big turnaround of the company that you know was heavily loss making just a few years ago that's what we're seeing the benefits of now so it's a spillover effect is just 2025 results that are continuing into um into 2026 here so no no major one timers on that one yes um yes then there's a there's a whether you could show the percentage of the cars you know which how many stories and so on i don't i on a later presentations but maybe you can give us a i'm just going to the cars here a a kind of a rough percentage of of your fleet on on how it's yeah a good idea i mean what what we are having what we are going to see is that we're going to have before the zoe's was almost they were almost 100 of the fleet i would say or 95 of the fleet and what we are going to do and and the free strategy going forward is that going to have a more diverse diversified fleet the reason is that we have different market different customer segments uh with different needs so that's one reason the second reason is the residual values these cars have a certain lifetime and after that they have to you know be so being be sold again and it is from an average point of view um you are just getting better residual values if you have a diversification of the fleet so that's why we don't see going forward that we will have all of the cars from one manufacturer or even in the same white color as you have been used to you will also see different colors of the cars because on average you will also get a better residual values if not all of your cars when they're being sold have the same color perfect then there's you've launched your new app uh when can you expect uh to launch a flexible or search pricing maybe a better word for that uh i know it's one of your gross levers you want to pull uh when the new app is coming so there's a question here when will that be possible for you yes so i've been saying for quite some time that i haven't been satisfied with the old app and the lack of abilities for running professional revenue management as you call it or yield management your management is something when you introduce it and it's fully introduced it gives you around five to fifteen percent of revenue increase on that one actually um that's what the models say anyway and we have started the the first uh steps toward that towards that i mean the the new app was introduced what was it two weeks ago something like that and we have started the first steps in that if you look at the app today and and the cars you will see as substantial bigger amount of cars that have been discounted for example in particular in the areas outside of the central zone we're doing that to get you know people who might have thought oh i should i take my bike or should i take the car we want them to take the car of course or you know just giving them a much better price point to grow demand so we are actually using it already now and it's automatic it's automated it's based on a lot of it is based on AI that is actually telling us where the demand is and it's forecasting demand based on a lot of more factors than we can do and based on a lot of more data that we could comprehend as a person and then we have a robot to do it for us so it works like a term in the first phase and we're going to gradually build out the sophistication around that yield management perfect then there's a question about loyalty programs actually are you using that enough there's a question here wouldn't there be a lot of yeah keeping the customers clearing them in your cars using your cars more by trying to expand the loyalty programs i don't know whether the new app will do that or

it's the back end or whatever but there's a question here about are you using the loyalty programs enough could you maybe get more out of your business by by by giving loyal customers and the customers who use it actually lower prices when they have used it more than others well we actually have a program called screen saver which is a subscription program where if you subscribe you are eligible for lower prices lots of programs as the traditional way of having lots of programs that's a very big discussion if you ask the most successful airline in europe if a loyalty program

is a good idea that is right now they would say definitely no it just removes the transparency from the ability to communicate the lowest prices because you are sort of giving a hidden discount through your local through your loyalty program but if you ask some of the loss making companies in the airline business they'll say definitely yes we know from SAS and Lufthansa and all of the rest it's it's it can be an asset it's definitely something we discussed but it's not something that we have right now and let's see maybe in the future and then there's a comment to us and it is great we know we have a live audience that we did that i commented that i heard you're not

liking the robot taxi and he's saying but i i am not growing into being that that type of company when they're self-driving and and we should not uh joke about it and we should not put it away that that maybe is what part of your company will be in the future so so a little bit thoughts about that maybe we're a little bit harsh saying we we like the phrasing autonomous autonomous driving vehicles and not a robot taxi so that there's someone commenting whether we are missing how the world will move uh any thoughts about that no i think it's a very it's a i think it's a very good and relevant comment actually um i i've coined the because i want to keep it in our universe so i

i call it the autonomous car sharing cars right autonomous car sharing cars others call them robo taxis and others call them avs autonomous vehicles um the kid can have many names the fact of the matter is that it changes it can change our company it can change the taxi industry it can change the bus industry train industry tremendously and it we're not we're not that far away uh now with the occurrence of ai and the much bigger uh calculation power that the new chips from for example nvidia has so no matter what you call it it's definitely something that we are moving into i don't think all of the pieces of the puzzle have been gathered yet i think it's a matter of where we are gonna find our places in this we don't have a particular need to be the very first we have a i think we have a particular need not a need but a one to be among the first of operators because we have so many good prerequisites for doing this as i mentioned before we have the operational uh prerequisites and and we have the operation knowledge we have the data and we already have secured the supply chain on it so we have a lot of advantages as a company going into this space it's not going to be easy i want to you know put up uh like someone

else in the industry but but but we definitely have a good chance and that's why we also gonna we're gonna go for it and now you remove my possibility from vaping in when i use your cars but i actually also missed that i can put a bike on it let's uh end with that if so so there's a little bit consumer tips here why can't you put a bike on it a bad bike right like you can with the taxis that is thought after here is that too impossible you don't have a what do we call it a hook on the end uh would it be not wise for you to do that revenue wise because it would take up more of the car's time just to end with a little consumer uh question here about why can't we take

bikes with us yes well michael you're still welcome to vaping our cars you just had to i mean and uh no i i come from the current industry i've been ceo for abuse in denmark and in sweden and for six and it's just a hassle i mean we are running a very big factory here a hundred and you know millions of trips every year and if you want to have individual needs for very small consumer segments which this is it's just not working from an operational and cost perspective and that's that's the way it is we you have to take what's uh you know what's on the shelves and otherwise you will have to find someone else because it doesn't make sense from an operational and cost perspective unfortunately perfect let's end with that

thank you casper for taking us through your your results and and and i think we got a lot of questions getting us around in the case especially on the self-driving car so thank you to everybody listening in. Everybody have a nice weekend.