Welcome to today's presentation where we have the pleasure to present GreenMobility. Today's event, the presentation will of course surround your Q1 2026 trading update you released yesterday.

It will not be an in-depth into the balance and everything, it's primarily the operational metrics you released yesterday. As always, we are joined by CEO Kasper Gjedsted to take us through the presentation and answer questions in the end.

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. I think for now, I will leave the presentation to you, Kasper.

Thanks a lot, Michael. After this disclaimer, just a quick intro to any new viewers in this presentation.

GreenMobility is a car-sharing company. 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 vehicles here between 5 minutes and up to 30 days. This year, we are going to have around a total of 1,600 vehicles.

All of them are electric. We have the core backbone of the fleet is the Renault Zoe.

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 Polestars and the Megane at the moment. Then we also have some minibuses, and we also have vans, which are also a very popular category for us.

Before I dive into Q1, just want to give you a recap on the 2025 performance. It has become a quite popular product or service, this car sharing in Copenhagen and in Aarhus, where we're represented today.

More than 135,000 trips are being taken on a monthly basis. We have had in '25 1,400 units in the fleet.

We're going to 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.

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% growth in the revenue and a 47% to 52% growth in EBITDA versus the year before.

We actually surpassed that. We had a 20% growth on the top line, and we had a 57% growth on the EBITDA.

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 as much money as they do in other months because they spend it all in Christmas, in the Christmas month. 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, there's not such a big demand as in other quarters.

Then we had a very rough winter, if some of the Danes watching this, you remember there was a lot of snow in 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.

In spite of that, we actually have an increase with an 8% in revenue. Also, I also want to say that this was with the existing fleet.

For the quarter, we didn't add any vehicles yet. Then we saw a 60% increase in EBITDA, which is a quite a substantial increase in EBITDA.

That also comes from the continuation of our Operations Excellence program, our razor-sharp focus on our cost, and a continuation of the lowering of the cost of acquisition of the customers. As a consequence, we also see that the EBITDA margin increased from 21% in Q1 '25 to 31% in this quarter.

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 backend for us.

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 backend efficiencies, that's a part of our operational excellence plan that we can now start activities on that which are app related. A lot of good things are coming from that, and I think it was a very good migration that we did to the new app.

Then we have also continued digitalization of the whole fleet with the 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 EBITDA. I've talked about this before.

There is some revenue in that, in particular on the damage, also on the cameras, the AI-enabled cameras, smoking, vaping also revenue. 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. All of the things that we're doing is actually to make a better customer experience.

That's the target. That's the 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 smoking. We want to prevent that instead, right?

Then the very first of the 185 additional vehicles were infleeted, but it was at the very end of the quarter, it didn't have any effect, I would say. The full infleet of all 185 cars and vans are expected to be finalized in Q2 in line with the seasonal demand, which is picking up now.

That's about that. Speaking about the new vehicles, they're all financed.

We don't even have a down payment. We can do that now because of the 2025 report and the results from 2025 was in such a good shape that we can actually get credit lines now.

We secured a 30 million lease facility for new vehicles, no problems whatsoever. There was zero down payment as I mentioned.

This is the first step 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. We also can get more customers because of the new cars and now what we see here is the small car.

We also have some Meganes coming in. All of the Meganes are actually infleeted now.

This is a bigger class car compared to the Zoes, compared to the Micras here. It just gives some more use cases because they have more space and more range and a better comfort, more people can actually see themselves into that.

Then, of course, also very important, what we see is that we are 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 Zoes were acquired.

They have a full warranty over the lifetime. They have 5 to 7 years of warranty, all of these cars, and that means that we are looking into substantially lower operational costs on them.

They have a slightly better consumption per mile, so, we talked about petrol cars in the old days, not many years ago, where 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? Then they have a lot of new safety equipment that the Zoes don't have, safety features, safety assistants, and all of these safety assistants will also lead to fewer damages going forward on these cars compared to the current fleet that we have.

All in all, I'm super glad that the company is now in a state where we can say that we can go out and finance also the growth going forward over the next three years by leasing facilities. Recapping here, we are keeping our guidance.

It's still 8% to 12% versus 2025 on the revenue side, and is still 12% to 16% on the EBITDA side. Then just to wrap up this short presentation on the Q1, just want to reiterate that in 2025, I think was the fall of 2025, we communicated our financial targets towards 2028.

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.

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've changed the whole organization, we have changed the whole company, basically. It goes very well.

Don't change a winning horse is sort of what we are doing right now. We also have a lot of untapped revenue growth.

We have identified a lot of revenue pockets for the Danish market, it makes a lot of sense to go here and utilize all of 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% annual growth on the top, and we also can season levers, some levers on the EBITDA growth and the continuation on making the whole operational side of the company even more efficient in the years going forward.

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.

Our aim is actually to be able to redistribute cash when the solidity is above 20%. If you look at our annual report, the solidity is actually above 20%.

That is not up to me, but that's up to the board to decide what's what will happen there. 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.

Everything is actually it fits, right? Then the last of the pillars is that we have communicated that we want to bring autonomous driving to Denmark.

I can see that was coming a couple of questions around autonomous driving, maybe I should just I don't know, Michael, maybe it's the time. It's the last slide here, maybe I can just comment on that right away.

Why is GreenMobility 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 we've communicated going forward that that will continue.

Actually, there are some more specific ones. There's the perspectives of the autonomous driving or self-driving cars.

I know you hate the word robotaxi because you're not a taxi company, but and also out in the outer areas of Denmark. You have a lot of discussion with the municipalities in Denmark also for the outer regions, not only the bigger cities.

Any comments on the perspectives of the self-driving cars, how much have we moved since we last spoke with you, and maybe also the perspectives outside the bigger cities

for

this technology? Yes.

Sure, I can comment on that. Just for any new viewers, very shortly, why are we doing this?

We have a very good company now in the existing business that we're doing. There are 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're 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 are simply much better at driving cars than we are. That means for a company like us, we are 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 cost post on our expenditures.

That is the primary reason. The technology, it's arrived now.

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 operators are driving with self-driving cars.

They are probably going to drive without drivers already this summer, out safety drivers. We have millions of people on a weekly basis already that are 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 Ministry 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.

What happened after that event was actually I was contacted by several municipalities around the country here who said, "Can you help us bringing autonomous vehicles to our municipalities?" The thing about Denmark is that the municipalities have a very high cost for mobility in their areas.

There's a very high cost associated with running buses and trains and what have you in those smaller municipalities around. They said, "Could we set up some projects around helping us doing that?"

We actually are looking into various projects with all sorts of big and small municipalities around Denmark now. Let's see what comes out of that.

I think it's super interesting. It was not an angle to this whole autonomous driving that I had foreseen that the demand from small municipalities would be so big.

It's a really problem that I think GreenMobility can help them with.

If you should be a little bit more specific, how is the regulatory? I guess you have an employee who is punting into that regulatory environment in Denmark trying to make this happen.

How are those talks going, or I don't know whether you want to give us details to that, but some kind of a feeling on how is that side going, those discussions with the authorities?

Without being too detailed with the risk of putting you to sleep, I would say that we are talking on different levels. You have the EU level where we have talks and trying to push the agenda on the EU level, but that's a very slow-moving machine, as you know.

Then we have the national level. When I speak to the Minister of Transport, he's very, very clear that this is something he wants to do.

The Danish Parliament has set up some rules and legislation that actually allows us to drive with self-driving technology around Denmark already now through, yeah, a special tool that they have from a lawmaking perspective. 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 want to 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." We are in a race with all the big countries who also want that.

I think we have a very, very big advantage seen from a GreenMobility perspective because we have already at a very early stage been out and securing this supply chain. We did a LOI with Tensor in the US on 2,000 vehicles.

We're also speaking to other manufacturers at a very early stage. Last year we started that, and we're very far ahead with that.

We also have an advantage from an operational point of view because from an operational point of view, a very complicated operation, I would say, because handling 135, 150,000 trips a month is quite substantial, and that's actually what you need to be successful in this game. Then the third thing that I want to say from the perspective of GreenMobility is that we also have a lot of data.

We sort of own a very large chunk of the population in Copenhagen and in Aarhus, the two biggest cities of Denmark. 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.

We're sitting on a pile of gold from a data perspective that really can come into work now with the autonomous vehicles.

Of course, there was a lot of news flow when you presented this Tensor car and municipality calling. Has those talks continued?

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? You say you're on talks, but have they continued if you understand what I mean?

Beside

the news flow, I know you can't mention any specific project. Yes.

No. They are, and I actually have a meeting with a municipality today, later today, which is a continued talk with them.

We are trying to set up projects, scoping projects with them. Let's see where that ends.

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 for subsidization of hugely lossmaking bus routes.

I talked to a municipality the other day. This was the worst example.

They were 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 populated areas of Denmark.

There's a question here. Will you also be able to call a self-driving app in the real rural areas?

Maybe it's a little bit premature to be so specific. I have asked you now, but I guess it's maybe a little bit premature to be that specific.

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 projects so that we can also test out a scenario like this described by this viewer. I think let's see where we're getting with them.

We are a little faster than they are. That's how it is, right?

Municipalities are not that fast, but we'll see where we end. Then

there's congrats to the good results, always also giving you more money to invest, there's a little bit question here. Will that actually mean that you will also put out more zones?

You are zone driving where you can drive into zones and so on. There's a question here whether you will actually expand those zones.

Now you have maybe more capacity to invest in that on the good results, but does it make sense for you to expand into more zones?

We were actually very successful on expanding our zones into the very northern part of Copenhagen, and also when leaving Copenhagen into an area called Birkerød. What I want to say about it is that we might expand our zones, it's definitely on the table, but we're going to do it in a very controlled manner.

Whatever we're doing is from a conservative standpoint, we're going to do it gradually and not just open up the entire map. That's super important for me to say that everything is done in a controlled, data-driven manner in our company.

It's definitely on the table, of course it is.

Then there was a question here about the effect of new cars in the quarter, the new fleet. I think you already answered that very marginally.

Yes. It's hardly anything you could see.

The effect of the new cars we will see for the remaining quarters here. Then

with this strong start to the year earnings-wise on the EBITDA, what is keeping you from upgrading your guidance?

I would say it's way too early. You wake up every day and you don't know if 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 even on a small company like ours in Denmark.

We think there's a lot of uncertainty in the world going on at the moment. One.

Two, 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. Check.

The earnings growth is 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?

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 fruits of that now. That didn't stop with the 31st of December, right?

All of the initiatives that we had done in connection with this very big turnaround of the company that was heavily lossmaking just a few years ago, that's what we are seeing the benefits of now. It's a spillover effect.

It's just 2025 results that are continuing into 2026 here. No major one-timers on that one.

Yes. Then there's whether you could show the percentages of the cars, how many Zoes and so on.

On a later presentations, but maybe you can give us I'm just going to the cars here, a kind of a rough percentage of your fleet on how it's

That's a good idea. What we are going to see is that we are going to have, before the Zoes they were almost 100% of the fleet, I would say, or 95% of the fleet.

The fleet strategy going forward is that we're going to have a more diversified fleet. The reason is that we have different customer segments with different needs, so that's one reason.

The second reason is residual values. These cars have a certain lifetime, and after that they have to being sold again.

It is from an average point of view, you are just getting better residual values if you have a diversification of the fleet. That's why we don't see going forward that we will have all of the cars from one manufacturer or even 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.

When can you expect to launch flexible or surge pricing? Maybe a better word for that.

I know it's one of your growth levers you want to pull when the new app is coming. There's a question here, when will that be possible for you?

Yes, I've been saying for quite some time that I have been satisfied with the old app and the lack of abilities for running professional revenue management, as you call it, or yield management. Yield management is something when you introduce it and it's fully introduced, it gives you around 5% to 15% of revenue increase on that one, actually.

That's what the models say, anyway. We have started the first steps towards that.

The new app was introduced, what was it, two weeks ago, something like that. We have started the first steps in that.

If you look at the app today and the cars, you will see a 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 people who might have thought, "Oh, Should I take my bike or should I take the car?"

We want them to take the car, of course, or just giving them a much better price point to grow demand. We are actually using it already now, and 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 can comprehend as a person, and then we have a robot to do it for us. It works like a charm 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 keeping the customers, keeping 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 backend 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 giving loyal customers and customers who use it actually lower prices when they have used it more than others?

We actually have a program called GreenSaver, which is a subscription program where if you subscribe, you are eligible for lower prices. Loyalty programs, as the traditional way of having loyalty 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 Ryanair, they would say definitely no. It just removes the transparency or the ability to communicate the lowest prices because you are sort of giving a hidden discount through your loyalty program.

If you ask some of the lossmaking companies in the airline business, they'll say definitely yes. We know it from SAS and Lufthansa and all of the rest.

It can be an asset. It's definitely something we discussed, but it's not something that we have right now.

Let's see, maybe in the future.

Then there's a comment to us, and it is great. We know we have a live audience that I commented that I heard you're not liking the robotaxi.

He's saying, "But aren't you not growing into being that type of company when the self-driving? We should not joke about it, and we should not put it away, that maybe is what part of your company will be in the future."

A little bit thoughts about that. Maybe we're a little bit harsh saying we like the phrasing autonomous driving vehicles and not a robotaxis.

There's someone commenting whether we are missing how the world will move. Any thoughts about that, Kasper?

No, I think it's a very good and relevant comment, actually. Because I want to keep it in our universe, I call it the autonomous car-sharing cars, right?

Autonomous car-sharing cars. Others call them robotaxis, and others call them AVs, autonomous vehicles.

The kid can have many names. The fact of the matter is that it can change our company, it can change the taxi industry, it can change the bus industry, train industry tremendously.

We're not that far away now with the occurrence of AI and the much bigger calculation power that the new chips from, for example, Nvidia has. 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 going to find our places in this.

We don't have a particular need to be the very first. I think we have a particular want 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 prerequisites and we have the operation knowledge, and we have the data, and we already have secured the supply chain on it. We have a lot of advantages as a company going into this space.

It's not going to be easy. Don't want to put up like someone else in the industry.

We definitely have a good chance, and that's why we're going to go for it.

Now you've removed my possibility from vaping when I use your cars. I actually also miss that I can put a bike on it.

Let's end with that. There's a little bit consumer tips here.

Why can't you put a bike on it, a bike rack like you can with the taxis that is sought after? Is that too impossible, you don't have a what do you call it, a hook on the end?

Would it be not wise for you to do that revenue-wise because it would take up more of the cars' time? Just to end with a little consumer question here about why can't we take bikes with us?

Yes. Michael, you're still welcome to vape in our cars, you just have to pay for it, right?

2,500.

No, I I come from the car rental industry, I've been CEO for Avis in in Denmark and in Sweden and for for Sixt, and it's just a hassle. We are running a very big factory here, 100 and millions of trips every year.

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, 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, Kasper, for taking us through your results, and I think we got a lot of question getting us around in the case, especially on the self-driving car. Thank you to everybody listening in.

May everybody have a nice weekend.

Thank you.