Welcome to today's presentation, where we have the pleasure to present GreenMobility. The occasion for today's event is, of course, your H1 2026 results.

You also out warning a little bit on the top line of guidance, but kept your earnings guidance earlier in the week, and Thursday we had the results. That will be the topic for today.

To help us through today's presentation and answer questions in the end, we are joined by CEO Kasper Gjedsted. As always, there's a box down below.

Ask question, do it during the event, after the event. Do it in Danish or in English.

I will try and translate to the best of my ability if in Danish. I think that was that from me.

I will leave the stage to you, Kasper.

Thank you very much, Michael. For the ones who don't know GreenMobility, we are a car-sharing, car-rental company.

We have around 1,500 vehicles in our fleet. We are in Aarhus and in Copenhagen.

The way our product works is that you download our app, then you use the app, you swipe it when you're next to a car, and the car opens, unlocks. Then you go to wherever your destination is within our operating zone, and then after you are done driving, you just get out of the car, you swipe again, and then the car locks, and we send you an invoice.

It's as simple as that. We have that for more than 135,000 trips a month now, a lot of people have found out how easy it is to use our services here.

Our fleet is an all-EV fleet. We have our premium cars, which are the Polestars, we have some Renault Meganes, and we have just very recently added also some Kia Niros on that, with a very long range, they also work as ordinary cars if you have a need to go to Jutland or Sweden or Bornholm as many of our customers have.

Then we have our core fleet, which consists of primarily Renault Zoes, that's the workhorse in our fleet, a very good small-sized car, group B car with a relatively long range for a car of that size. We've just added Nissan Micras to that one too.

That's the car of the year 2026 in Denmark. Then we have a fleet of cargo vans, both smaller and bigger vans, all EVs as well.

Then we have also minibuses with space for seven people in them. How did the first half of 2026 go?

In the first half of 2026, we saw a 4% increase in our revenue, and that was disappointing if you look at it from a guidance perspective. The first half didn't live up to our expectations, and the reasons for that I will talk more elaborately about that.

We've seen a couple of temporary headwinds on that. That was on the negative side.

On the positive side, we have seen a 19% increase in EBITDA. We are still increasing our margins due to this lean operations.

Our operational excellence program is still running. We still find costs that we can cut down on and lower our cost of acquisition in marketing, and so on and so forth.

If we look at our depreciations, those are flat due to the unchanged fleet size versus first half of 2025. Our financial expenses are down.

They're driven by lower debt. I'll also talk more about that.

Then we see our ability to make money, to make profit, has doubled versus the same half 2026, and I think it speaks in volumes in terms of how efficient we are and, in spite of not reaching our guidance target, I think it's very good that we are in a position where we are just being better and better at earning money. So 112% increase in profit for the period, and the cash flow from the operations is the same as for the first half of 2025.

Let's continue on the balance and cash flow here. I think what is very important for me to stress here is that the free cash flow, excluding our loan repayments and the share buyback that we have also initiated, improved to 7 million, up from 4.5 million in first half of 2025.

In spite of these loan repayments and in spite of the share buyback, our free cash flow has actually improved quite heavily versus first half of 2025. Our cash position decreases by 2.8 million to 13.7 million.

This is mainly due to the share buyback program that we initiated a little earlier on, where we have spent 3.5 million on that. Then we can see that our lease liabilities have a slight increase, but this is due to the fleet additions.

I'm going to talk more about the fleet additions later on. Our loan decreases due to the loan repayments.

We are paying off quite big chunks of the loans that we have. We have some high-interest loans from iPhone/FCO that was made before my time here.

I want to stress in connection with loans that we have absolutely no operational debt. It's only loans that are connecting to cars, and these loans will, by the way, be out of the way in 2027.

If we look at the net book value of the cars, those are flat. We have added more cars, and especially towards the end of the half-year, and the old cars are depreciated according to the plan.

I'm also super happy that our equity ratio is now up. It's 27%, up from 22%, and that gives us a lot of comfort within our target zone here, which is 20%.

For those of you who have seen me on these calls earlier, we had talked about a target zone of 20% for us to be able to buy back shares, for example. That's also for our ability to get financing to our cars at good rates.

That's also a very important factor in that. Equity ratio up from 22% to 27%.

Let me take you back to where we started on the revenue growth, which has been disappointed. There are, I would say, two main factors for that.

The first factor is a very heavy factor, and that is because we have seen some delays in our infleeting of cars. We were supposed to have cars infleeted at a much earlier stage.

That was what we planned for. We also saw some disruptions in the global supply chains from, in particular, the Hormuz Strait.

I got to be very honest with you, it wasn't a part of our risk assessment plans when we ordered these cars. A lot of them come from South Korea, those are Kias, that they would be so heavily delayed as we saw here.

That is a major contributor to this guidance adjustments. Then I have also written down the platform migration.

From a technical point of view, the platform migration has gone very well. When you do a platform migration to a completely new platform, there's a lot of risk associated with that.

I think that was mitigated very well. We didn't see any downtime.

We saw that all of our customers were migrated, and so on and so forth. From a technical point of view, that has gone well.

The new platform is also a prerequisite, the foundation for new features that I've also talked about earlier. Those new features, I was hoping for a big bang where all of the new features could be from the get-go of the migration, but unfortunately they have been postponed as well.

I think we have a very good communication with the developers delivering this to us, but unfortunately they haven't been able to deliver in time. We will see these features come second half of the year, where we can get the full effects from some of these features.

Another, but less significant, annoying thing which has also impacted our revenue has been this local road closures. Some of you who are familiar with Copenhagen probably know that Amager has been sort of closed off for public road driving.

Unfortunately, Amager is our biggest revenue driver in terms of areas of Copenhagen. Therefore, it has had a negative impact.

Then, if we look at the rest of the year, we're also seeing a little change or some change in the competitive landscape here. There will be a new taxi operator coming in.

We've seen that before when Bolt entered, when Uber entered the Copenhagen market. We saw that they were running very aggressive pricing campaigns.

The new competitor here will probably do that, too. We survived that before, right?

Fundamentally, we have, from a cost perspective, the fundamentals are just on our side, because, obviously, when you have a taxi, you have to pay a driver. If you have a cost every month of 20,000, 25,000 DKK on that, and our drivers are essentially paying to drive our cars, then you just have a fundamental different business model.

We will always be able to compete with them, but it could create some disturbances in the second-half year. There's no changes to our financial targets that we have also communicated before, the financial targets towards 2028.

We're still focusing on Denmark. We still expect an average revenue growth of 8% to 12% per year towards 2028, and we are also expecting a 12% to 16% growth in the EBITDA towards 2028.

We are strengthening the balance sheet. I think the first half is showing that very well, with an ambition to redistribute excessive cash.

We have also lived up to that. We are in the midst of a share buyback program is continuing here.

I'm very happy that we initiated that in the first half. Then we're still razor-sharp focused on bringing autonomous driving to Denmark.

We will be among the first one with full autonomous driving to Denmark. I'm not talking about the Tesla kind of autonomous driving; I'm talking about the full autonomous driving without chauffeurs.

Good. Then I also have talked about our revenue pockets and some of you might have seen them before.

I'm super happy that I'm able today to tell you that we're getting very close to opening up for the 17-year-olds to be able to drive our cars. This summer, 17-year-olds will be able to drive the cars with GreenMobility.

I think it's a very interesting growth potential that lies in them. Just a year ago, the law on 17-year-olds were changed so they are now allowed to drive cars between 5:00 in the morning and 8:00 in the evening.

Obviously, we should let them do that. Not in our premium cars, though, only in our Renault Zoes.

I'm looking forward to welcome this customer group as well. I think that was it for the half-year presentation.

Perfect. Let's jump into the questions.

As a guy living on Amager, I sometimes, when I hear CEOs, I can't really relate to it, but I can tell you that driving out from my runway, I have been in the lines [laughter] ever since. It is crazy.

First time I really could relate, not to the Hormuz, not to anything, but Amager, that I could relate to. Perfect.

Let's jump into the questions. Actually, the first one is is there any plans of launching a new design interface in your app?

There's a little bit of questions and the new features are delayed. Which features can we expect?

A little bit about what do we have now, is there a new layout planned, and what features are we missing, and what features do you hope to bring into this in the second half of the year?

That's a really good question, and super relevant, because our layout or the user interface is actually outdated. That's also why I'm super happy that we are expecting a new UI interface, which is much more modern.

One. Two, it gives us much better opportunities for upselling.

It just gives a better, more updated experience for the customers. We're expecting that in the second half here, probably in Q3.

Famous last words, but I think it's going to be Q3 that we're going to see that. Then

we would have a new user interface. Some of the features, I guess there's also some back-end you might be missing, maybe not what we are seeing, to be able to target your customers and dynamic pricing, and so on.

Is that also still missing in as a

From the back-end side, that's what you don't see as a customer, but that's actually where we have seen the biggest gains so far. That is the controlling of the fleet from our staff on the ground in the street.

They have a much, much faster user interface, we have a better overview of the fleet, and so on. I would say the biggest developments that we have seen is actually what you can't see, that is the back-end, the service app, our service center app, and so on, which are not visible to the customers yet.

Really soon, sooner rather than later, I would say, you'll be able to see a major upgrade to a much more modern look and feel and opportunities for us as a company to upsell at a much higher rate than we've been able to before.

Check. Then there's a questions: How many of the 185 new cars that the big plans you did are on the streets today?

Meaning how many have you implemented of these new cars? I don't know whether you want to put a number on that and where the cars are now.

Did I understand you correctly, they are in Denmark, it's you who needs to execute, it's no longer the supply chains that is a risk?

No, so, I'm happy to say that all cars are now having number plates on, running in the GreenMobility fleet, the status of today is that all are in. Of course, it takes a little longer.

One of the major reasons of this is that we're missing out on the revenue that we should have had when we were expecting the cars. They're coming in now, and they're coming in as the tail of cars, as we say, they will obviously have a lower revenue per car for the first months that they're in the fleet.

It's always like that. It takes a little bit of time to uptake these cars revenue-wise.

There will be a delay that has an effect for the whole year. The good thing is that they're all in the fleet now.

Perfect. Then there's a question: Your trade receivables are up from 12.1 million to 15 million.

Has there been more damages to the car, which I guess is something you could have outstanding, and have you had to make any meaningful provisions on the debtors, meaning I think I've heard you before say you really don't have a lot of losses on your debtors because you collect that on credit cards. Is the debtors are up or your receivables, is it more damages on cars, or do we have seeing more meaningful losses on your debtors?

No, so, we don't see any more damages in our cars on a general level. We have a high focus on our working capital, and we're continuously monitoring this development.

I think that's as much as I can say on that topic. Then

there's a question about it was nice to see a lot of GreenMobility cars in Roskilde to the festival. I needed one in Copenhagen, I was not so glad about it, but [laughter].

Then there's a question here: I hope that the municipality would give you some far fixed places so you can kind of do the mess of it in Roskilde. I think it's more a comment, but are you looking at Roskilde?

Are you trying to get the same deal as you have in Copenhagen with some fixed to kind of make this as a maybe more and just a hub, but a little bit of a permanent. Now you had the Roskilde Festival, I know that's a special, but are you looking at Roskilde, and are you trying to get maybe more support from the municipality to your fixed license or your parking places only for you and so on?

A very specific question for Roskilde.

Yeah. I'm always glad to hear when you can't get a car, Michael, because that means there's money in the bank for us, right?

[laughter] When the car is out driving, making revenue. I think what I want to say on the municipalities is that, for Copenhagen Municipality, we have an excellent cooperation with them.

They're very, very into car-sharing thought. It is one of the great solutions to the big problems that the big cities have, and Copenhagen Municipality, they're very mature in terms of understanding how we can help the city with the congestion and pollution, and so that not everybody goes out and buy a car.

We have a very good relation with them. We were given 1,000 parking lots.

Some of them will be rolled back, although they will actually not be rolled back, they will be paused, as they say, around one-third of them, which is okay. We have a very good cooperation with the municipality on pointing towards which makes sense and which doesn't make sense.

Then we can take back those parking lots should the demand be as expected.

Do you have any plans about near municipalities also to do something similar? I know the question is for Roskilde, but maybe you have these city hubs, I guess, where you are also trying to create something.

Are you working with the municipalities there, or is it not necessary? Is that really primarily necessary in Copenhagen to make a business case for having these hubs where you can drive to?

We are working with all of the municipalities within our zone. I think they are having a very proactive and very positive tone towards us.

I think it was last year we introduced a northern zone called Hørsholm, which was also in cooperation with the municipality up there. They were very, very happy that we came and tried to help them with the congestion, some of the congestion problems that they also have there, and increasing the mobility for their constituents.

That went very well. We kept it after a test period.

It's still good zone for us. We're working essentially very positively, proactively with all the municipalities that we're operating in.

The next question was actually on that, I think. You answered that.

That is at least on your current car fleet side. The question might also be because you're also talking to municipalities on the autonomous.

Is that also progressing, you changing out the 10,000 DKK bus tickets [laughter] per trip with autonomous? Have you seen any movement in those negotiations, or is it still too early and we don't have the legislation still here?

Yes, we do see movements on that. I think we are in very positive talks with some of the major operators from around the world.

We still have a vision of becoming among the first full self-driving companies in Denmark. When I say full self-driving, it's not to be confused with what Tesla is saying they're doing in Denmark, where you have to have a chauffeur.

Full self-driving is where you don't have to have a chauffeur. We're working towards that solution.

Speaking about that, the public transport system is using more than a billion kroner, more than $1 billion, I think it is, actually, on subsidization of taxis and flexbusses, and so on. A lot of them have reached out to us and asked when we can start working together with them.

I think there's a huge, huge potential in this as well, and I don't think that has been factored into the price of our shares.

Perfect. Then there's about this freemium system where you move the cars around by your customers getting money on top and getting a free ride, especially, I guess, from the airport because a lot of them are driving there and not so many are leaving, and at some point in time maybe you can match it, but it's a very cheap way of you to move cars around to higher revenue areas.

I think the question here is: Can it be too much? How do you measure it?

He has seen a lot of examples on you giving good offers for people to drive around free and topping up to move the cars. How sure are you that this is a good concept and not some money you deliver to someone else?

This concept is called FreeMobility. I think it's a really good question, though.

This is called FreeMobility. It's a concept that we introduced last year, I believe.

The point is that we want the customers to help us balance the fleet, to move the cars towards areas where there is more demands than the current areas that they're standing in. Three years ago, when I stepped into the company, we spent a lot of money on the payroll to have the fleet rebalanced by the use of our own employees.

Waste of time and money when we can let the customers do that for us. We are offering in the app FreeMobility cars that are being moved by customers to areas where we know, and we know this based on thousands and thousands of data points, these cars are not utilized, they're underutilized.

In areas where they're underutilized, we also know that if we're moving them to area B, we know that they can make much more revenue within the next 24 hours instead of letting them stand there. It is a really good business for us now that we have FreeMobility to let the customers, and it's a special segment of customers who want to spend their time on it.

We give them a reward. We are adding minutes to their accounts as a thank you, and then they can have the car for an hour.

All indications say that doing so, balancing the fleet, is much, much more efficient to let the customers do that. I think it's a really good idea.

We're getting a lot out of it. We have a small portion of our customers who are doing it for us, and that just gives a much better utilization of the fleet.

Check. It's data-driven.

If it wouldn't make sense, you would not move the cars around, you might say [laughter]

No, and I think it's also important to notice, or to mention, that it's AI-driven. We have millions of data points in this company.

AI is really, really good at connecting the dots from a data point perspective. Based on a lot of factors, it is able to make a forecast for the particular areas of Copenhagen on where these cars should be distributed to and from.

It's really good. We don't spend a lot of organizational time on it.

Then

about the energy prices. They have been swinging up, a little bit down, now a little bit up again.

How has they affected your quarter, and how will they affect you going forward if they stays a little bit elevated?

We don't see any major effects on that. The vast majority of our energy prices have been hedged.

Unless they are really taking a very, very big turn on up, we are not going to see a major impact on our profitability based on that. When I speak to some of the big energy companies and their forecasters, they don't see the average energy prices going up substantially this year.

Perfect. Then a little bit about the competition.

You talked about the taxi players as your competitive model might win over in the long run, it's in the period where they are giving large discounts that you get affected by. There's also a question here: Are you seeing any new car-sharing company coming in, Hyre and others, twinning the growth, or is it the taxi you are seeing right now and you don't know the amount of it, but what about your direct competitors?

Are you seeing anything from that side moving into Copenhagen?

We don't see any new ones coming in, but obviously we have Hyre, which is Norwegian-owned, backed by a very, very big company up in Norway. We see some others that are also foreign-owned.

I know they're looking here. Hi, guys.

[laughter] They are looking at this presentation as well. They're giving away their cars for free to attract new customers, I know that not all of their cars are out running, for sure.

It's a little bit annoying, but that's something that we can mitigate, I think.

Perfect. That was the last question.

I think I will wish everybody a nice weekend, and you, too, Kasper. Thank you for taking us through your results and answering questions.

May everybody have a nice weekend.