ANNUAL
REPORT
2025
GreenMobility A/S I Landgreven 3, 4.sal I 1301 Copenhagen I Denmark I CVR-nr. 35521585
MANAGEMENT REVIEW
1 FROM THE CEO
2 HIGHLIGHTS & FINANCIAL REVIEW
5 OUR BUSINESS
7 GUIDANCE 2026
8 OUR SUSTAINABILITY FOCUS
9 ESG INITIATIVES
10 CORPORATE GOVERNANCE
12 ESG STATEMENT
17 SHAREHOLDER INFORMATION
19 RISK FACTORS
20 EXECUTIVE MANAGEMENT
21 BOARD OF DIRECTORS
22 COMPANY DETAILS
STATEMENTS
23 STATEMENT BY MANAGEMENT ON THE ANNUAL REPORT
24 INDEPENDENT AUDITOR’S REPORT
FINANCIAL STATEMENTS
28 CONSOLIDATEDFINANCIALSTATEMENTS-GROUP
65 FINANCIALSTATEMENTS-PARENT
CONTENT
1
Following the successful turna-
round in 2024, GreenMobility has
further accelerated its sustaina-
ble profitability in 2025, delivering
record results.
Realised revenue reached DKK 154
million, representing 20% growth,
while EBITDA increased by 57% to
DKK 54 million. The profit rose sig-
nificantly to DKK 33 million.
Our financial foundation has
been substantially strengthened
throughout the year. This devel-
opment ensures the stability and
flexibility required to continue the
growth journey with confidence.
Continuous efforts are being made
to optimise the company and its
operations. A primary focus is lever-
aging technology to ensure a better
customer experience. Investments
in sensors and new software
improve safety and operational
efficiency while enhancing overall
service satisfaction.
Long-term financial targets
through 2028 have been commu-
nicated. The objective is an average
annual revenue growth of 8% to
12% and EBITDA growth of 12% to
16%. Denmark remains the primary
focus, as substantial growth oppor-
tunities continue to exist within the
home market.
Our long term targets include enter-
ing the market for self driving cars.
In 2025, we hosted the first public
display of an autonomous vehicle
in Denmark at the Danish parlia-
ment with the attendance of the
Minister of Transport. Leveraging
our operational excellence and data
from millions of trips, we are ideally
positioned to manage autonomous
fleets. To prepare for limited vehi-
cle availability, we signed an LOI
with Tensor and are negotiating
with other global manufacturers
to secure future access to these
technologies.
With the successful turnaround
of the company and the strong
2025 results, GreenMobility is now
well-positioned for the coming
years to lead the green transition
in urban mobility.
With green regards,
Kasper Gjedsted
Group CEO
FROM THE CEO
ACCELERATED PROFITABILITY &
THE ROAD TO AN AUTONOMOUS FUTURE
2
HIGHLIGHTS
FINANCIAL REVIEW
GreenMobility delivered strong finan-
cial performance in 2025, marking a
pivotal year of profitable growth and
value creation. The company's strong
results demonstrated the success of its
strategic focus on the Danish market
and operational excellence. Both reve-
nue and EBITDA are within the adjusted
guidance, and the results are consid-
ered very satisfying. These results have
required a significant effort from all
parts of the organisation.
With no discontinued operations in
2025, the strong financial results are
primarily a result of the performance
of the Danish parent entity.
Revenue Growth
Revenue increased by 20% to DKK
153,9 million (2024: DKK 128,2 million),
continuing the strong growth trajec-
tory from the 70% increase of 2024.
This represents the company's highest
revenue to date and reflects increased
market penetration in Copenhagen and
Aarhus, improved fleet utilisation, and
strong customer demand for sustaina-
ble urban mobility.
Profitability
GreenMobility achieved a significant
improvement in profitability across all
key metrics:
• EBITDA: DKK 54,0 million (2024: DKK
34,5 million), representing a 57%
increase and an EBITDA margin of
35%.
•
Operating Profit: DKK 26,2 million
(2024: DKK 10,6 million), more than
doubling year-over-year.
•
Profit before tax (continuing opera-
tions): DKK 18,1 million (2024: DKK 0,03
million).
•
Net profit for the year: DKK 33,2 million
(2024: DKK -18,6 million).
The substantial improvement in prof-
itability reflects operational leverage,
improved pricing strategies, technol-
ogy-driven efficiency gains, and the
benefits of scale in the Danish market.
With no discontinued operations in
2025, the company's full focus on
Denmark delivered strong financial
returns.
Balance Sheet and Financial Position
•
Total assets decreased to DKK 162,4
million (2024: DKK 167,0 million), pri-
marily due to fleet depreciation offset
by increased cash positions, as well as
an increase in deferred tax assets.
• Property, plant and equipment: DKK
104,7 million (2024: DKK 131,2 million),
reflecting the operational deprecia-
tion of the fleet.
• Cash: DKK 16,5 million (2024: DKK 9,5
million), representing a 74% increase
and improved cash generation.
•
Equity: DKK 35,6 million (2024: DKK 2,1
million), a substantial strengthening
of the balance sheet with an equity
ratio of 22%.
The significant improvement in equity
from DKK 2,1 million to DKK 35,6 mil-
lion demonstrates the company's
return to financial health and provides
a solid foundation for future growth
investments.
Capital Structure
Liabilities decreased to DKK 126,8 mil-
lion (2024: DKK 164,9 million), reflecting
improved financial management and
deleveraging. Loan and leasing liabilities
remain solely related to fleet financing.
GreenMobility secured a bank facility of
DKK 5 million in July 2025, but has not
yet had a need to utilise this facility.
Investment Activity
Investment in property, plant and
equipment totalled DKK 0,2 million
(2024: DKK 4,2 million), reflecting a
more measured approach to fleet
expansion as the company optimized
its existing asset base for profitability.
Stock Market Performance
GreenMobility's strong financial per-
formance was reflected in exceptional
stock market returns. The share price
increased 279% from DKK 33,00 to
DKK 125,00, making GreenMobility
the best performing stock on Nasdaq
Copenhagen (GREENM) in 2025. Market
capitalization grew from DKK 195,2 mil-
lion to DKK 739,6 million, while average
daily trading volume surged 652% to
DKK 636.170, indicating significantly
increased investor interest and market
confidence.
Outlook
The strong financial performance in
2025 validates GreenMobility's strategy
of profitable growth and positions the
company to execute on its Strategy 2028
targets of 8-12% average annual reve-
nue growth and 12-16% average annual
EBITDA growth. With a strengthened
balance sheet, positive cash flow, and
an equity ratio exceeding 20%, the com-
pany is well-positioned for sustainable
value creation.
Events after the balance sheet date
In March 2026, the company signed
leasing agreements for 185 vehicles to
increase the current electric fleet. The
leasing agreements comprise a leasing
asset and a corresponding leasing lia-
bility of approximately DKK 30 million.
No further events have occurred in the
period from the balance sheet date
until the presentation of the financial
statements that materially affect the
assessment of the consolidated finan-
cial statements.
3
Electric
car sharing
Electric
car sharing
HIGHLIGHTS
3.995
TONNES CO
saved in 2025
1.486.243
TRIPS IN 2025
1.400
EV FLEET
DKK'000 2025 2024
1
2023
2
2022
2
2021
Revenue 153.905 128.246 75.263 75.604 62.414
Operating results before depreciation and amor-
tisation (EBITDA)
54.038 34.466 5.190 (14.685) (28.321)
Operating result (EBIT) 26.165 10.628 (18.489) (36.363) (48.922)
Financial items (8.025) (10.599) (5.695) (2.491) (2.656)
Profit/loss before tax (continuing operations) 18.140 29 (24.184) (38.854) (51.578)
Profit/loss - continuing operations 33.163 8.417 (24.971) (37.996) (51.578)
Profit/loss for year from discontinued operations 0 (27.033) (57.385) (39.228) 0
Profit/loss for the year 33.163 (18.616) (82.356) (77.224) (51.578)
Assets 162.440 166.972 205.062 285.586 266.105
Property, plant and equipment 104.651 131.219 150.556 209.371 119.306
Cash 16.535 9.526 36.227 43.613 130.132
Other assets 41.254 26.227 18.279 32.602 16.667
Equity and Liabilities 162.440 166.972 205.062 285.586 266.105
Equity incl minority interests 35.591 2.094 10.227 65.702 144.084
Liabilities 126.849 164.878 194.835 219.884 122.021
Investment in Property, plant and equipment 175 4.217 0 99.344 7.816
1
Comparison figures for 2024 have been restated due to recognition of prepayments from customers. Comparison figures for 2021-2023 have not been restated.
2
Comparative figures for the consolidated income statement for 2022 and 2023 have been restated due to discontinued operations.
4
HIGHLIGHTS
Financial highlights and ratios 2025 2024 2023 2022 2021
Revenue growth (%) 20,0 70,4 (0,5) 21,1 80,1
EBITDA-margin (%) 35,1 26,9 6,9 (19,4) (45,2)
EBITDA growth (%) 56,8 564,1 (135,3) (48,0) (35,0)
EBIT-margin (%) 17,0 8,3 (24,6) (48,1) (78,4)
Invested capital 147.578 134.966 145.561 223.493 123.986
Return on invested capital (ROIC)
1
17,7 7,9 (12,7) (16,3) (39,5)
Return on Equity (%) 176,0 (302,2) (216,9) (73,6) (52,8)
Equity ratio (%) 21,9 1,3 5,0 23,0 54,1
Basic earnings per share for the year 5,61 (3,23) (18,41) (17,40) (15,39)
Diluted earnings per share for the year 5,60 (3,11) (17,59) (16,88) (14,74)
Number of shares, end of period (thousand) 5.919 5.917 5.338 4.449 4.422
Market value, end of period (DKK million) 739,6 195,2 192,7 197 420
1
ROIC calculated for continuing operations.
Definitions
Revenue growth Revenue current year - revenue last year divided by revenue last year
EBITDA
amortization of intangible assets
EBITDA-margin EBITDA as a % of net revenue
EBIT Earnings before interest and tax
EBIT-margin EBIT as a percentage of net revenue
Invested capital
Return on invested EBIT net of tax as a percentage of average invested capital.
Return on Equity
Equity ratio Equity at year end as a percentage of total assets
Earnings per share
Diluted earnings per
5
VISION
MISSION
Our mission is to make urban car transportation
cleaner, more accessible, affordable, and flexible,
while providing significant benefits to cities and
their inhabitants by way of reduced private car own-
ership and reduced air pollution. We aim to offer a
mobility solution for both individuals and companies
that is in accordance with their climate awareness
and conscientious environmental choices.
Our vision is to create more liveable and less con-
gested urban areas and to become the leading
provider of green shared mobility in this endeavour.
Our purpose is to provide an on-demand mobility
platform of the highest quality in terms of our value
proposition and the service we provide, while gen-
erating value for our stakeholders.
PURPOSE
OUR BUSINESS
PURPOSE, MISSION AND VISION
WHO WE ARE
GreenMobility aspires to create cities with fewer cars,
less noise, and zero emissions. We seek to change
urban mobility for the benefit of current and future
generations. We do this by reducing the use of pri-
vately owned vehicles, by contributing to cleaner
urban air, and by reducing carbon emissions from
the transportation sector.
GreenMobility was established in 2016. We are head-
quartered in Copenhagen and listed on NASDAQ
Main Market Copenhagen
BACKGROUND
Urbanization, Sustainability and the Sharing
Economy are the three pillars, GreenMobility was
founded upon, and remain to this day, as important
as ever. Utilising our electrical fleet of cars, we strive
to improve mobility in cities through shared use of
the resources. Through our service we help reduce
private cars in the cities, improve ever annoying
issues such as parking, noise, traffic and naturally
pollution.
Since the launch of GreenMobility in 2016, we have
proven both our business model, but also our ability
to reduce CO
2
emissions. Simultaneously, we can
help reduce the number of private cars in the city.
Over time, this factor is expected to increase to the
benefit of our environment.
6
OUR BUSINESS
PROVIDING FLEXIBLE & SUSTAINABLE
OUR FLEET
In addition to our well-known Renault Zoe’s, which is our widely used EV in the
fleet, we also offer small and large cargo vans for whenever you need to move
something or if your shopping ended up taking a bit more space than expected.
We also offer premium rides with Polestars. Over time our fleet will be more diverse
and offerings will grow.
BUSINESS MODEL
Our fleet of electric vehicles which we operate across our cities is measured on a
per-car basis, as the car is our revenue driver as well as our cost center. Revenue is
typically comprised of minutes, packages, subscriptions and fees. Cost includes all
cost relevant for that city, including cost of the car, salaries, marketing as well as a
relative part of shared services.
We report on our progress on a quarterly basis to ensure a transparent performance.
OUR APPROACH & SERVICES
GreenMobility offers a free float carsharing service, using only 100% electric vehicles,
of which we have approximately 1.400 (as of 31 December 2025). The vehicles are
easily located through our app, where you can also reserve the car until you get to
it. Once at the car, you simply unlock the car via the app, and you are ready to go.
The service is available within a defined zone in each of our operational cities. You
will also find additional sub-zones away from the main zone. It will enable you to
drive to an airport or suburb and to drive to neighboring cities. For all locations, you
have to be in a zone or sub-zone to start and end the trip. You will be able to find
much more information as well as our various price models for use per minute,
hour, day or month.
To enable our customers to have a better access to our cars, not least when time
may be critical, we also offer a prebook service where the GreenMobility car will be
delivered to you.
Our service is on-demand whenever and wherever our customers need mobility.
With our operational experience and strong platform development, we can pro-
vide availability when it is needed and thereby ensure optimised usage of the car
around the clock.
7
GUIDANCE 2026
In 2025, GreenMobility successfully
accelerated its path of profitable
growth, achieving a record revenue
of DKK 154 million, EBITDA of DKK 53
million and a significant increase in sol-
vency to 22%.
Following this strong performance, the
company will continue to focus on its
Danish home market, where substan-
tial growth opportunities remain within
urban mobility and new technological
segments.
Our key focus points for 2026 are:
- Market Leadership: To continue
expanding our customer base as an
integrated part of urban transport
needs in larger Copenhagen and
Aarhus.
- Technological Evolution: To leverage
data from millions of trips and invest
in new software to enhance user expe-
rience and operational efficiency.
To run an efficient and cost effective
operation second to none.
- Autonomous Readiness: To pre-
pare our position for the entry into
the self-driving car market, including
securing future supply chains through
strategic partnerships.
- Financial Discipline: To maintain a lean
management structure and disciplined
cost control while evaluating options for
shareholder value.
This guidance is based on current
market conditions. We do not anticipate
significant changes in the regulatory
and competitive landscape for the
coming year.
FORWARD LOOKING STATEMENTS
Statements about the future
expressed in the annual report, reflect
GreenMobility’s current expectations for
future events and financial results. The
nature of these statements is affected
by risk, uncertainties and other ele-
ments that are out of GreenMobility’s
control. Therefore, the company’s actual
results can differ from the expectations
expressed in the management report.
SUSTAINABLE GROWTH AND
STRENGTHENED SOLVENCY
For 2026 our guidance is the
following:
Revenue growth of 8-12%
EBITDA growth of 12-16%
8
OUR SUSTAINABILITY FOCUS
ENVIRONMENT
GOVERNANCE
Avoiding carbon emissions
Promoting green charging
Safer driving
Private car reduction
Promotegreenandexible
transportation
Permanently change mobility
patterns in urban areas
Employee
retention rate
Public policies
Board composition
Supplier due diligence
Track 2.
Responsible
business
conduct
Track 1.
Adapting to
the green
transition
SOCIAL
ON MATERIAL ISSUES AND HOW THEY RELATE TO
UN’S 17 SUSTAINABLE DEVELOPMENT GOALS
ON MATERIAL ISSUES AND HOW THEY RELATE TO
UN’S 17 SUSTAINABLE DEVELOPMENT GOALS
We have coupled the material issues
with our sustainability agenda under
two headlines: ‘Track 1. Adapting to
the green transition’ and ‘Track 2.
Responsible and ethical business con-
duct and practice’.
Based on our materiality assessment
and an analysis of the United Nations
Sustainable Development Goals, we
have identified SDG 11 (Sustainable
cities and communities), SDG 12
(Responsible consumption and pro-
duction), and SDG 13 (climate action)
as the goals providing us with the best
opportunities to impact the green tran-
sition and society the most.
9
Measuring our business development
and success beyond our financial fig-
ures has always been an inherent part of
GreenMobility. GreenMobility is born on
the idea of contributing actively to a sus-
tainable future. Here is a select overview
of our ESG initiatives:
CALCULATING CO
2
EMISSIONS
With our fully electric fleet our focus is on
powering the fleet with electricity from
renewable sources. The calculation of
avoided emissions is only calculate for the
the actual number of cars in our fleet even
though we believe that there is a signifi-
emissions due to the amount of privately
owned cars one shared car is expected
to replace.
CAR SPARE PARTS
RECYCLING
All parts of our cars are either reused,
recycled or rematerialised. We store all
spare parts from old and used cars, and
all spare parts can easily be re-used.
This leads to significant optimisation of
resources. In this way, we limit scrap and
new purchases. Cars that are damaged
to an extent that they cannot re-enter the
fleet are disassembled. Parts from the car
that need to be rematerialized into scrap
metal, are recycled. Our team of techni-
cians and mechanics always stand by to
repair cars with minor or major damages.
Depending on the size of the damage,
ESG INITIATIVES
the different parts are either changed
or disassembled for recycling and reuse.
The EV batteries from cars that need to
be completely disassembled are reused
in other cars in the fleet or resold.
SAFE DRIVING
Safe driving has our full attention. We
continue to track the speed in our cars
and ban reckless drivers from using our
cars, to ensure safety for drivers, passen-
gers and people in the city. We continue
to implement new and improved fea-
tures to ensure and promote safe
driving in our cars as opportunities arise.
EMPLOYEE SAFETY
AND HEALTH
Like for our customers, and the people
of the cities we operate in, we are vigilant
in keeping our employees safe. We keep
track of injuries and react appropriately.
Regarding Labour Management, our
Employee Handbook covers a variety
of relevant employment issues.
EMPLOYEE
SATISFACTION
Measuring employee satisfaction helps
us evaluate and improve our work envi-
ronment and cultural environment,
encourage active engagement, and
attract and retain talent. To compare,
measure progress and initiate new ini-
tiatives, we will continue to conduct
employee satisfaction surveys.
PRIVACY AND DATA
SECURITY
We leverage cloud providers to give us
high security and every access to data
is logged. Data is stored encrypted at
third party data centers. Privacy of users
is a priority and access is restricted so
that only required people have access
to customer data.
CLOUD
SUSTAINABILITY
Due to the nature of our business,
we produce and process a lot of data.
Therefore, we have selected a cloud
service which has actively taken an
environmental stance on the energy
consumption related to data centers,
as data centers consume a lot of energy.
On that basis, we have chosen Google
Cloud, as they disclose transparently,
and they continuously seek to decrease
their Power Usage Effectiveness (PUE)
1
.
1
The data centre industry uses PUE to measure the efficiency of power consumption. A PUE of 2.0 means that for every watt used for the IT part itself, an additional 1 watt is used to cool and 14
distribute power to the IT equipment. A PUE closer to 1.0 means that almost all the energy is used for the computing itself
10
11
CORPORATE GOVERNANCE
12
NOTE METRIC 2025 2024
ENVIRONMENTAL
GHG Emissions 1.1
Indirect on premises (scope 2)
Indirect on fleet (scope 2)
Other Indirect (Scope 3)
tonnes CO
2e
tonnes CO
2e
tonnes CO
2e
36,9
1.554,4
10,2
9,7
1.310,9
51,5
Avoided emissions 1.2
From electric vehicle fleet
Accumulated
tonnes CO
2
tonnes CO
2
3.995
16.079
3.429
12.084
Energy consumption 1.3
Indirect power consumed MWh 4.818 3.998
SOCIAL
Employees 2.1
Total number of full-time employees
Total number of part-time employees
Nationalities
Qty
Qty
Qty
12
63
7
17
82
6
Employee well-being 2.1
Satisfaction (index 1-100)
Employee injuries
Employee turnover - total
Employee turnover - voluntary
Index
Qty
Percentage
Percentage
N/A
1
43%
29%
81
0
52%
25%
Gender diversity 2.2
Overall female/male
Management female/male
BoD female/male
Ratio
Ratio
Ratio
24:76
25:75
20:80
24:76
17:83
25:75
Salary 2.3
Gender pay gap
CEO pay ratio
Reports on CEO pay ratio in regulatory filings
Percentage
Ratio
-18%
2,5:1
Yes
-22%
2,7:1
Yes
Customer satisfaction
Customer satisfaction rating
2.4 Percentage
46% 46%
GOVERNANCE
Board composition 3.1
Total board members
Independent/non-independent board members
Average age
Qty
Ratio
5
100:0
55
4
100:0
51
Nationality 3.3
Danish/non-Danish Ratio
100:0 100:0
Board meetings 3.1
Board meetings
Board attendance
Qty
Percentage
5
100%
8
89%
Data security
Total data security breaches
3.4 Percentage 0% 0%
ESG STATEMENT-
PERFORMANCE
AND PROGRESS
* ESG figures reported are based on group level including discontinued markets.
13
NOTES ON THE ESG STATEMENT
About the statement
The report is compiled to ensure a
high degree of transparency between
GreenMobility and our stakeholders on
the issues related to the Environment,
Social impact, and corporate Governance.
The report is based on internal data
retrieved from our own databases, as
well as data retrieved from our vehi-
cle software provider. The Scope 2
emissions are aligned with the method-
ology recommended by GHG Protocol
Scope 2 Guidance and electricity grid
data is retrieved from the European
Environment Agency’s database. The
Scope 3 emissions are aligned with the
methodology recommended by GHG
Protocol Scope 3 Guidance.
ESG data collection and quality
Since we reported first time in 2020, we
now have at least 6 years performance
available for all KPI. We are presenting the
current years result and last years result
for comparison.
1. ENVIRONMENTAL PERFORMANCE
It is important to measure and manage
our environmental performance to
reduce current risks and mitigate future
risks stemming from our business. The
following section describe what KPI’s we
have chosen to measure this year, as we
believe that by increasing the awareness
of our own footprint, we can effectively
plan and set a strategy for reduction
action. One of the risks we have identified
to potentially have a negative impact is
related to our energy consumption. Our
main source of energy consumption is
charging our fleet of electric vehicles.
To reduce the impact, we have imple-
mented an environmental policy stating
this fact.
GHG emissions
(Scope 2, location-based emissions)
Tonnes C0 2025 2024
Office 36,9 9,7
Cars 1.554,4 1.310,9
Total 1.591,3 1.320,6
1.1 Greenhouse gas emissions
The purpose of the KPI is to measure our
direct and indirect greenhouse gas (GHG)
emissions. GHG emissions, whether
indirectly or directly consumed by the
company, are significant determinants
of climate change and is therefore a crit-
ical KPI for us to measure. Furthermore,
by measuring our carbon emissions, we
may understand where we can make
a significant change and decrease any
potential negative impacts identified in
the process.
2
https://ghgprotocol.org/scope_2_guidance
3
https://www.eea.europa.eu
Accounting policy
Scope 1
As a service company, it is evaluated
that the COe emitted from primary
sources of production remains below
our minimum threshold. The source of
production considered is the fugitive
emissions from air condition systems and
domestic refrigerators.
Scope 2
Our indirect consumption of COe emis-
sions stem from the consumption of
electricity in our offices and from the
electricity that our electric vehicle fleet
consume.
Location-based emissions reflect the
average emissions intensity of a country’s
grid on which the energy consumption
occurs. The grid-average emissions factor
data is the most recent published by EEA
for each country that we operate in.
14
NOTES ON THE ESG STATEMENT
Scope 3
Scope 3 emissions are a consequence of
the activities of the company but occur
from sources not owned or controlled by
the company.
Our Scope 3 emissions are related to the
purchase of new cars. The production
includes the extraction of raw materials
and their processing, the manufacturing
of parts and the assembly of the vehicle.
Production also includes logistics from the
supplier to the end customer. The down-
stream Scope 3 are the transportation
of the fleet from one of our locations to
another and business travels followed the
distance-based method described in the
GHG Protocol and outsourced distribution.
GHG emissions (Scope 3)
Tonnes C0e 2025 2024
Upstream 0 0
Downstream 10,2 51,50
Total 10,2 51,50
Avoided carbon emissions
Tonnes
2025 2024
From electric
vehicles
3.995 3.429
1.2 Avoided emissions
Measuring avoided emissions illustrates the
benefits of an electric vehicle fleet com-
pared to an ICE vehicle fleet. The progress is
measured in tonnes of CO
emissions saved
from the combustion of ICE vehicles, as
electric vehicles’ combustion is estimated
to not emit any carbon emissions.
Accounting policy
The measuring of carbon emissions avoided
by having only electric vehicles in the fleet,
is based on comparing the combustion
of an ICE vehicle with that of an electric
vehicle. This is in line with the reporting
method used in the previous years. Only
the combustion is compared, meaning that
the total amount of avoided emissions is
not fully displayed. Including these would
have a positive impact on the numbers,
as shared mobility is estimated to have a
significant impact on private car owner-
ship and urban air pollution. However, we
have still not found a reliable data source
for doing these calculations, and until such
data is available we will only calculate the
amount of avoided CO
2
emissions from
the actual number of cars in our fleet even
though we believe that there is a signifi-
cantly greater impact on the avoided CO
2
emissions due to the amount of privately
owned cars one shared car is expected to
replace
4
.
1.3 Energy Consumption
Measuring the energy consumption of the
company allows us to identify and manage
where we can optimise and reduce our
energy consumption. This is an important
KPI for us, as energy availability and resil-
ience directly will impact the company’s
ability to operate in the future.
Energy consumption
MWh 2025 2024
Total
indirect
power
4.818 3.998
Accounting policy
The energy consumption is the total power
indirectly consumed by the company, as
the energy consumed is bought from our
external energy suppliers. Our main energy
source is electricity and since our energy
suppliers have not been able to provide us
with accurate data, the amount of renew-
able energy compared to non-renewable
energy, we did not want to disclose an inac-
curate number.
15
2. SOCIAL PERFORMANCE
It is key for us to remain vigilant regard-
ing significant risks related to our work
environment and the well-being of our
employees. Risks concerning employees
could be illness, work-related stress, or
lack of motivation. Preventive measures
are performed in the respective depart-
ments in the close relation between
manager and employees. On a general
level, risks posed to our workplace and
environment are put into words in our
Employee Handbook, ensuring aware-
ness and support on topics of basic
importance to employees. Further, our
policies on Human and Labour Rights,
and Diversity address risks and prescribed
action. In this section, we describe the
KPIs we employ to measure our social
performance.
2.1 Employee overview
and well-being
The GreenMobility team form the basis of
the company’s operations and success.
An accurate overview of staff numbers
and distribution is essential to measure
our performance. Measuring employee
satisfaction helps us evaluate and
improve our work environment and
cultural environment, encourage active
engagement, and attract and retain
talent. To compare, measure progress
and initiate new initiatives, we conduct
an employee satisfaction survey across
all offices.
Accounting policy
A full-time equivalent (FTE), or part-time
equivalent (PTE), are units to measure
employed personnel in a way that makes
them comparable across time within
their respective category. The number
of employees accounted for is the total
number of employees registered at the
end of December 2024.
The employee turnover rate is based on
FTEs that left the company during 2024
relative to the total number of FTE in the
same period.
Employee overview
FTEs 2025 2024
Denmark 12 17
Total 12 17
PTEs 2025 2024
Denmark 63 82
Total 63 82
2.2. Gender Diversity
Gender diversity is important for us to
create and maintain an equal and equi-
table workplace. With more genders in
our teams, we benefit from multiple
viewpoints, approaches, and experiences,
which contribute to making our com-
pany more innovative and productive,
as well as enhance employee satisfac-
tion. We firmly believe that diversity is
good for business. We expect that the
number of female employees in the
organization will grow, as it is a focus
point for us and one of the implemen-
tation measures is ensuring that female
candidates are always considered in the
final stage of the hiring process for senior
management positions. Our Diversity
Policy is available https://www.green
-
mobility.com/investors/governance/
governance-documents/.
Accounting policy
The total number of employees are sep-
arated by their position and personal
specification of their gender. Mid/entry
level positions include positions below
manager positions. Senior management
positions include employees in manager
positions or in executive management.
The numbers represent totals at the end
of December each year. The street crew is
predominantly made up by men. Within
our office teams, the gender diversity is
more balanced.
2.3. Salary
It is our goal to have gender pay equality.
Thus, a gender pay gap is an important
KPI for us.
Accounting policy
To account for our gender pay gap, we
first calculate the median monthly salary
for all FTEs hired before December.These
figures can be derived from our internal
salary system. The figures do not include
pension contributions. The gender pay
gap median percentage difference is
calculated based on the median male
salary and median female salary. The CEO
pay ratio is based on the CEO’s monthly
salary excluding bonus and the median
paid fixed-monthly-salary employee. The
company report on CEO pay ratio metric
can be found on our website.
2.4 Customer
Satisfaction Rating
Customer satisfaction is primarily meas-
ured using publicly available Google
Review ratings across our locations
during the reporting period.
The rating is an important KPI for us to
measure, as it is a clear indicator of our
customers’ experiences and opinions
about our product and the service we
provide.
In addition to Google Reviews, we con-
tinuously monitor customer satisfaction
through our in-app cleaning rating
system, where users evaluate the con-
dition of the vehicle after each rental,
and through satisfaction measurements
related to customer service interactions.
Customer satisfaction remains a key
performance indicator for GreenMobility
and is monitored on an ongoing basis to
support operational improvements and
service quality.
Accounting policy
The percentage disclosed is the average
Google Review rating divided by 5 and
multiplied by 100.
NOTES ON THE ESG STATEMENT
16
3. GOVERNANCE PERFORMANCE
3.1 Board composition
and attendance
The Board has adopted a target of
40-60% female representation in the
Board. Currently the board consist of five
members (one female and four male)
and thereby 20% is realized.
The KPI exists to ensure that the board
is composed of competent and diverse
individuals who can ensure that the
business is overseen properly, move for-
ward on a continuous basis, and comply
with internal policies. Furthermore, the
KPI also illustrates our ability to attract
the right candidates and deliver the
high degree of variation of competen-
cies that a young company require.
The board is used actively as sparring
partners, both at board meetings and
outside the meetings.
The board meets on a regular and
pre-arranged schedule, according to
the yearly process in GreenMobility.
Additional ad hoc meetings can be
called for as a natural consequence of
our growth plans and close cooperation
with the board.
During 2025, the board held a total of
5 meetings, with a total attendance of
100%.
Accounting policy
The numbers in this table are accounted
for by the minutes-taker at every board
meeting during the year. This individ-
ual oversees collecting data and ensures
that the data is consistent.
3.2. Management body composition
and the underrepresented gender
Composition of the management body:
3.3. Nationality
The Board currently consists of five
Danish nationals.
3.4. Cyber security and data systems
We take data ethics very seriously
and this is how we comply with the
Danish Company Act, section 99d. Our
Data Ethics Policy is available https://
www.greenmobility.com/investors/
governance/governance-documents/.
GreenMobility is driven by technology
as a key driver in the sharing economy.
Thus, it is an essential KPI for us to meas-
ure on, as the company’s platform has
multiple interfaces, including an app,
which the customers use for all inter-
action with our fleet of electric shared
vehicles. On the backend side, all sys-
tems are cloud-based, which means
we do not store data locally and which
significantly reduce risk of security
breaches. All payment data between
GreenMobility and the customer is han-
dled in an encrypted form, unavailable
for our employees, thereby protecting
our customers’ credit card information.
Across all systems, a two-factor sign-in
security has been implemented on all
internal systems. The fleet of electric
vehicles are continuously tracked for
security purposes and cannot be acti-
vated without our app and a verified
customer profile, as activation of the
vehicle requires authentication from
GreenMobility’s system.
Female Male Total
Board of
Directors
1 4 5
Executive
Management
0 1 1
Management
1 3 4
Total
2 8 10
NOTES ON THE ESG STATEMENT
As part of its ongoing recruiting and
planning, the company’s goal for the
underrepresented gender in the Board
of Directors is described in ESG note 3.1.
For the Executive Management, the goal
on short term is 0%, as the Executive
Management has been reduced to one
person as of April 2024. For the second
management level, the goal is to have
20-40% representation which has been
achieved in 2025. This will however
depend on actual recruiting needs and
the continued size of this group. For
more information on our diversity policy,
see ESG note 2.2.
17
In 2025 GreenMobility’s share price
increased significantly. With a 279%
increase the market acknowledged the
major change and GreenMobility was
the stock with the highest increase in the
Danish market.
The volume of the stock has also increased
significantly over time and with a daily
average of 636.170 DKK per day in 2025,
compared to 84,555 DKK per day in 2024.
The change is due to a strong inflow of new
investors and an upturn in interest of the
company. The total turnover of the stock
was close to DKK 198 million.
We added more than 3000 new investors,
with a total of more than 7000 shareholders.
We consistently offer updated information,
conference calls and presentations to new
and existing shareholders.
In addition, our shareholder benefit pro-
gramme has been improved. The purpose
of the program is to combine the interest of
our shareholders and our customers.
The new and improved programme has
3 levels. With 100 shares shareholders can
get 200 driving minutes per year. With 1000
shares we add a saver25 subscription. With
10,000 shares we add a Saver50 subscrip-
tion and VIP access. The deadline is the 1
st
January and the 30
th
of June.
The market has taken this initiative posi-
tive. We will continue to invest in strong and
credible investor information to attract and
maintain investors.
OWNERSHIP
As of 31 December 2025, GreenMobility had
6.092 registered shareholders. The follow-
ing shareholders state that they own 5% or
more of the company’s shares/voting rights,
at the end of 2025.
SHARE CAPITAL
As of December 31, 2025, GreenMobility’s
share capital had a nominal value of DKK
2.366.621,20 divided into 5.916.553 shares
with a nominal value of DKK 0,40 each.
Each share carries one vote; therefore,
the shares are equal to 5.916.553 votes, all
with the same rights. GreenMobility A/S’s
shares are listed on NASDAQ Copenhagen
under the symbol “GREENM” and the ISIN
is DK0060817898.
Until 22 April 2026, the Board of Directors
is authorized, without pre-emptive rights
for the company's existing shareholders, to
increase the company's share capital by up
to a nominal amount of DKK 538.146,40. The
increase must at least be made at market
price.
GreenMobility had a market value of DKK
739,6 million at the end of 2025 (end of 2024:
DKK 195,2 million). The average daily trading
in 2025 was DKK 636.170 (2024: DKK 84.555).
SHARE PRICE
SHAREHOLDER COMPOSITION
(as of 31 December 2025)
AL Sydbank A/S,
17,7 %
Strategic
Investments A/S,
19,9 %
HICO Group ApS,
9,1 %
Larger
shareholders
(>10.000 shares),
16,5 %
Other
shareholders,
21,2 %
Board &
management,
0,7 %
SHAREHOLDER
INFORMATION
Kapitalforeningen
MP Invest,
7,1 %
• Strategic Investments A/S: 19,9%
• AL Sydbank A/S: 17,7 %
• HICO Group ApS: 9,1 %
• Kapitalforeningen MP Invest: 7,1 %
Kapitalforeningen
BankInvest,
4,9 %
18
SHAREHOLDER
INFORMATION
DIVIDEND POLICY
The balance sheet of GreenMobility
has strongly improved. In our financial
ambitions for 2026-2028 we have com-
municated that our main priority is to
invest in the continued development of
the company. We will consider options
for capital allocations including share
buybacks, when equity ratio is above
20%.
At the Annual General Meeting in April
2026, the Board of Directors expects to
receive authorization to possibly initiate
a future share buyback program.
CHANGE OF CONTROL
GreenMobility has a part of some of its
financing agreements related to its fleet
change of control clauses that can be
subject to exercise in the case the com-
pany delists from Nasdaq Copenhagen.
ANNUAL
SHAREHOLDER MEETING
GreenMobility A/S will hold its annual
shareholder meeting on April 22, 2026.
Details on exact timing and location will
be announced according to the articles
of association on the company’s inves-
tor website: www.greenmobility.com/
investors/
WARRANT PROGRAM
There is currently five warrant pro-
grams, which have been granted in
the period from 2020 to 2025, pur-
suant to the authorization from the
Annual General Meetings. The warrant
programs have been established with
the purpose of ensuring incentives for
retaining and motivating manage-
ment and employees. At the end of
2025, a total of 182.000 warrants were
outstanding for exercise, and an addi-
tional 70.000 warrants can be granted
in accordance with the authorization
to grant warrants in section 4.1 in the
Company's Articles of Association. The
warrant program is described in more
detail in note 8 to the consolidated
financial statements.
19
RISK FACTORS
OPERATIONAL RISKS
GreenMobility’s fleet is entirely electric
and therefore exposed to changes in
energy cost related to charging.
GreenMobility’s fleet is financed by leas-
ing agreements and/or asset financing
agreements on reasonable commercial
terms, where changes in interest rates
will impact the financing conditions
and thus GreenMobility’s cost levels on
a monthly basis. Interest rates are still
subject to uncertainty and may impact
GreenMobility’s business negatively.
Changes in prices of electric cars,
whether new or used ones, may impact
GreenMobility negatively. As GreenMo-
by itself, any drop in market prices on
used electric cars may have a negative
An outbreak of disease or similar public
health threat, such as the COVID-19
pandemic, may impact GreenMobility
negatively as a result of less overall mobil-
ity among GreenMobility users due to
quarantine measures or strict work-from-
home policies along with a decreased or
entirely dissipated travel demand from
airports, educational institutions, as well
as decreased social and cultural activities
in society.
Given the changes in society as a con-
sequence of increased living cost, a
change in consumer behaviour where
customers change their mobility prefer-
ences as a consequence, may also impact
GreenMobility’s business negatively.
As a data-driven platform GreenMobility
faces a general cyber security risk where a
hacker attack on the company’s backend
could potentially interrupt or damage the
operational functions with immediate
consequences for the customer relations,
revenue etc. This threat is addressed by a
vigilant oversight on our part.
Serious traffic accidents involving the
company’s vehicles can add additional
cost to the company, as well as impacting
fleet availability and brand reputation.
Additional cost can be caused by confis-
cation of vehicles due to reckless driving.
GreenMobility continue to practice a
policy of blocking certain customers that
are deemed reckless drivers or in other
ways not suitable to drive the compa-
ny’s cars and will pursue compensation
from any customer violating laws or
GreenMobility’s terms & conditions. We
are not threatened in a substantial way
by customers’ loss of ability or unwilling-
ness to pay. Pre-paid minute packages
contribute to secure timely payment and
protect the company from losses.
STRATEGIC RISKS
GreenMobility is dependent of a contin-
ued positive trend and response in the
market of car sharing. However, we do not
foresee a departure in the green agen-
da’s foothold in consumers demand or
with law makers and we are prepared to
accommodate surges in new forms of
transportation, like autonomous cars.
The continued sourcing of new electric
vehicles may be impacted by external
factors to manufacturers production
and ultimately impacting GreenMobility’s
fleet needs due to delays.
The market of free-floating car sharing
services is characterized by rapid changes
in technology, shifting user needs and
frequent introduction of new services
and offerings. Generally, we believe that
presence of direct or indirect competitors
in the market is positive as it increases the
combined availability of cars and services,
which is important to users. GreenMobility
looks to anticipate or react to changes in
the competitive environment or market
terms and compete successfully to attain
a leading car sharing provider position.
20
EXECUTIVE
MANAGEMENT
Shares: 10.048
Warrants: 80.000
Gender: Male
Joined: 2023
Kasper Gjedsted
Group CEO
Managing director of
Swiss Holding ApS
21
BOARD OF
DIRECTORS
Born: 1971
Joined: 2020
End of term: 2026
Gender: Male
Independent: Yes
Shares: 15.993
Warrants: 4.000
Director and owner of
HC Andersen Capital Holding ApS
CEO of
HC Andersen Capital 2 ApS
Chairman of the board of
Solitwork A/S
Board member of
HC Andersen Capital 2 ApS
Chairman
Audit Committee Member
Tue Østergaard
Born: 1965
Joined: 2019
End of term: 2026
Gender: Male
Independent: Yes
Shares: 17.261
Warrants: 2.000
Founder and CEO of
FORSKEL ApS
Director of
Danstrup Vin Aps
4Skel
Chairman of the board of
Copenhagen-Malmø Port A/B
Fors A/S
Fors Holding A/S
Board member of
Zeuthen Storm A/S
Nordea Invest
Board Member
Claus Juhl
Born: 1968
Joined: 2024
End of term: 2026
Gender: Male
Independent: Yes
Shares: 0
Warrants: 0
Group CIO of
Strategic Investments
Strategic Wealth Management
Chairman of the board of
Nord Insuretech Group
Ennogie Solar Group
Board Member
Kim Haugstrup Mikkelsen
Born: 1960
Joined: 2025
End of term: 2026
Gender: Male
Independent: Yes
Shares: 0
Warrants: 0
CEO of
Sixt Denmark
Chairman of the board of
HiCo
Board Member
Henrik Isaksen
Born: 1987
Joined: 2018
End of term: 2026
Gender: Female
Independent: Yes
Shares: 590
Warrants: 2.000
Owner of
Kolibri v/Levi Fenger
Levi Fenger Holding ApS
CEO of
Trefadder Danmark A/S
Director of
Ecosphere Holding A/S
Board Member
Audit Committee Chair
Mie Levi Fenger
22
COMPANY
DETAILS
Business Registration No: 355 21585
Registered in: Copenhagen, Denmark
Date of establishment: 24.10.2013
Financial year: 01.01.2025 to 31.12.2025
Company
Tue Østergaard, Chairman
Mie Levi Fenger
Claus Schønemann Juhl
Kim Haugstrup Mikkelsen
Henrik Isaksen
Board of Directors
Kasper Gjedsted
ExecutiveManagement
Company auditors
Deloitte Statsautoriseret Revisionspartnerselskab
23
Henrik Isaksen
Board of Directors
ExecutiveManagement
24
INDEPENDENT
AUDITOR’S REPORT
25
Key audit matters
Statement on the
management commentary
Management's responsibilities for the
consolidated financial statements
and the parent financial statements
Auditor's responsibilities for the
audit of the consolidated financial
statements and the parent financial
statements
INDEPENDENT
AUDITOR’S REPORT
26
INDEPENDENT
AUDITOR’S REPORT
Business Registration No 33 96 35 56
Identification No mne11681
Identification No mne45825
Report on compliance with the ESEF
Regulation
INDEPENDENT
AUDITOR’S REPORT
27
28
CONSOLIDATED FINANCIAL
STATEMENTS - GROUP
29 Consolidated income statement
30 Consolidated statement of comprehensive income
31 Consolidated balance sheet
33 Consolidated statement of changes in equity
34 Consolidated cash flow statement
36 Notes
29
CONSOLIDATED INCOME STATEMENT
DKK’000 Notes 31.12.2025 31.12.2024 (restated)*
Revenue 1, 4 153.905 128.246
Other operating income 5 4.733 1.118
External expenses 6 (79.273 ) (70.987 )
Gross profit/loss 79.365 58.377
Staff costs 7 (25.327 ) (23.911 )
Operating results before depreciation and amortisation
(EBITDA)
Amortisation & depreciation 9 (27.873 ) (23.838 )
Operating result (EBIT) 26.165 10.628
Financial expense 10 (8.025 ) (10.599 )
Profit/loss before tax 18.140 29
Tax on profit/loss for the year 11 15.023 8.388
Profit/loss - continuing operations 33.163 8.417
28 0 (27.033 )
Profit/loss for the year 33.163 (18.616 )
Distribution of profit/loss
Shareholders of GreenMobility A/S 33.163 (18.616 )
Earnings per share
Basic earnings per share – continuing operations 12 5,61 1,57
Diluted earnings per share– continuing operations 12 5,60 1,51
Basic earnings per share for the year 12 5,61 (3,47 )
Diluted earnings per share for the year 12 5,60 (3,35 )
* Comparison figures for 2024 have been restated due to recognition of prepayments from customers.
For further information see note 1.
30
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
DKK’000 Notes 2025 2024 (restated)*
Profit/loss for the year 33.163 (18.616 )
Items that may be reclassified subsequently to profit or loss:
Other comprehensive income - Exchange rate gain/loss 0 0
Total comprehensive income 33.163 (18.616 )
Distribution of comprehensive income
Shareholders of GreenMobility A/S 33.163 (18.616 )
Total comprehensive income 33.163 (18.616 )
* Comparison figures for 2024 have been restated due to recognition of prepayments from customers.
For further information see note 1.
31
CONSOLIDATED BALANCE SHEET
DKK’000 Notes 31.12.2025 31.12.2024
Software 13 434 809
Land and buildings 14 1.172 1.800
Cars 15, 16 103.479 129.419
Deferred tax asset 11 23.410 8.388
Deposits 473 398
Non-current assets 128.968 140.814
Inventories 2.572 3.092
Trade receivables 17 12.145 10.045
Other receivables 1.196 2.452
Prepayments 1.024 1.043
Cash at bank in hand 16.535 9.526
Current assets 33.472 26.158
Assets 162.440 166.972
32
DKK’000 Notes 31.12.2025 31.12.2024 (restated)*
Share capital 18 2.367 2.367
Retained earnings 1 33.224 2.430
Currency reserves 0 (2.703 )
Equity Shareholders of GreenMobility A/S 35.591 2.094
Equity Minority interest 0 0
Total equity 35.591 2.094
Lease liabilities 19 65.630 44.788
Loan 20 7.373 18.145
Non-current liabilities 73.003 62.933
Lease liabilities 19 19.225 59.542
Loan 20 12.884 11.535
Trade payables 3.504 12.720
Prepayments from customers 4.810 4.208
Other payables 21 13.423 13.940
Current liabilities 53.846 101.945
Liabilities 126.849 164.878
Equity and liabilities 162.440 166.972
CONSOLIDATED BALANCE SHEET
* Comparison figures for 2024 have been restated due to recognition of prepayments from customers.
For further information see note 1.
33
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
DKK’000
Share
capital
Retained
earnings
Currency
reserves
Shareholders of
GreenMobility
A/S
Minority
interests
Equity
Total
Equity at 01.01.2024 2.135 16.632 (2.703 ) 16.064 (5.837 ) 10.227
Adjustments, previous years* 0 (2.916 ) 0 (2.916 ) 0 (2.916 )
Equity at 01.01.2024 (adjusted) 2.135 13.716 (2.703 ) 13.148 (5.837 ) 7.311
Profit/loss 0 (18.616 ) 0 (18.616 ) 0 (18.616 )
Transfers 0 (5.837 ) 0 (5.837 ) 5.837 0
Capital increase 232 14.838 0 15.070 0 15.070
Expenses related to capital increase 0 (928 ) 0 (928 ) 0 (928 )
Share based payment cost 0 (743 ) 0 (743 ) 0 (743 )
Equity at 31.12.2024 2.367 2.430 (2.703 ) 2.094 0 2.094
Equity at 01.01.2025 2.367 2.430 (2.703 ) 2.094 0 2.094
Profit/loss 0 33.163 0 33.163 0 33.163
Transfers 0 (2.703 ) 2.703 0 0 0
Share based payment cost 0 334 0 334 0 334
Equity at 31.12.2025 2.367 33.224 0 35.591 0 35.591
* Comparison figures for 2024 have been restated due to recognition of prepayments from customers.
For further information see note 1.
34
DKK’000 Notes 2025 2024
Operating profit/loss 26.165 10.628
Amortisation & depreciation 27.873 23.838
Share based payment cost 334 (743 )
Working capital changes 24 (9.436 ) 5.030
Other non-cash operating activities 515 0
Cash flows from continuing operations 45.451 38.753
Cash flows from discontinued operations 0 (21.818 )
Cash flows from operating activities 45.451 16.935
Cars acquired (175 ) (4.217 )
Cars sold 0 3.506
Deposits paid (75 ) (73 )
Cash flows from investing activities (250 ) (784 )
CONSOLIDATED
CASH FLOW STATEMENT
35
CONSOLIDATED
CASH FLOW STATEMENT
Financial expenses paid (8.025 ) (10.599 )
Lease repayments made, lease liabilities 24 (20.744 ) (32.462 )
Proceeds from refinancing of cars 0 17.007
Loan 24 (9.423 ) (28.010 )
Capital increase 0 15.070
Expenses related to capital increase, recognised in equity 0 (928 )
Cash flows from financing, continuing operations (38.192 ) (39.922 )
Cash flows from financing, discontinued operations 0 (2.930 )
Cash flows from financing activities (38.192 ) (42.852 )
Increase/decrease in cash and cash equivalents 7.009 (26.701 )
Cash and cash equivalents at 01.01 9.526 36.227
Cash and cash equivalents at 31.12. 16.535 9.526
36
NOTES
37
NOTES
GreenMobility I To index
38
NOTES
39
NOTES
40
NOTES
41
8.Share-based
payment (continued)
NOTES
42
8.Share-based
payment (continued)
NOTES
43
NOTES
44
NOTES
45
11. Tax on profit/
loss for the year
continued business
(continued)
NOTES
46
NOTES
47
NOTES
48
NOTES
49
NOTES
50
NOTES
51
NOTES
52
NOTES
53
NOTES
54
NOTES
55
NOTES
56
NOTES
• Strategic Investments A/S, Reg. No 71064716. Ownership 19,9%
• AL Sydbank A/S, Reg. No. 12626509. Ownership 17,7%
• HICO Group ApS, Reg. No 21517909. Ownership 9,1%
• Kapitalforeningen MP Invest, Reg. No 28386540. Ownership 7,1%
57
NOTES
58
27. Financial risks and
financial instruments (continued)
NOTES
59
27. Financial risks and
financial instruments
(continued)
NOTES
60
NOTES
61
NOTES
62
30. Summary of
material accounting
policies (continued)
NOTES
63
30. Summary of
material accounting
policies (continued)
NOTES
64
30. Summary of
material accounting
policies (continued)
NOTES
65
FINANCIAL
STATEMENTS - PARENT
66 Income statement
67 Statement of comprehensive income
68 Balance sheet
70 Statement of changes in equity
73 Note
71 Cash flow statement
66
DKK’000 Notes 31.12.2025 31.12.2024 (restated)*
Revenue 2 153.904 128.536
Other operating income 3 2.941 1.126
External expenses 4 (78.654) (80.122)
Gross profit/loss 78.191 49.540
Staff costs 5 (25.430) (24.879)
Amortisation & depreciation 6 (27.873) (23.756)
Operating profit/loss 24.888 905
Results from investments in subsidiaries 13 783 (21.312)
Financial expenses 10 (7.970) (11.995)
Profit/loss before tax 17.701 (31.110)
Tax on profit/loss for the year 8 15.023 8.388
Profit/loss 32.724 (24.014)
INCOME STATEMENT
* Comparison figures for 2024 have been restated due to recognition of prepayments from customers. For further information see
note 1 in the consolidated financial statements.
67
STATEMENT OF
COMPREHENSIVE INCOME
DKK’000 Notes 2025 2024 (restated)*
Profit/loss for the year 32.724 (24.014)
Other comprehensive income - Exchange rate gain 0 0
Comprehensive income 32.724 (24.014)
Distribution of comprehensive income
Shareholders of GreenMobility A/S 32.724 (24.014)
Comprehensive income 32.724 (24.014)
* Comparison figures for 2024 have been restated due to recognition of prepayments from customers. For further information see
note 1 in the consolidated financial statements.
68
DKK’000 Notes 31.12.2025 31.12.2024
Software 9 434 809
Intangible assets 434 809
Land and buildings 10 1.173 1.800
Cars 11, 12 103.479 129.419
Property, plant and equipment 104.652 131.219
Deposits 473 398
Deferred tax asset 8 23.410 8.388
Investments in subsidiaries 13 0 8
Receivables from group enterprises 16 0 0
Fixed asset investments 23.883 8.794
Non-current assets 128.969 140.822
Inventories 2.572 3.092
Trade receivables 12.146 9.967
Receivables from group enterprises 0 0
Other receivables 1.186 2.521
Prepayments 1.025 943
Receivables 14.357 13.431
Cash at bank and in hand 16.476 9.056
Current assets 33.405 25.579
Assets 162.374 166.401
BALANCE SHEET
69
DKK’000 Notes 31.12.2025 31.12.2024 (restated)*
Share capital 2.367 2.367
Retained earnings 32.909 875
Currency reserves 0 (709)
Equity 35.591 2.533
Lease liabilities 14 65.630 44.788
Loan 7.373 18.145
Provisions, subsidiaries 13 0 1.502
Non-current liabilities 73.003 64.435
Lease liabilities 14 19.225 59.542
Loan 12.884 11.535
Trade payables 3.479 10.806
Prepayments from customers 4.810 4.208
Other payables 15 13.382 13.342
Current liabilities 53.780 99.433
Liabilities 126.783 163.868
Equity and liabilities 162.374 166.401
BALANCE SHEET
* Comparison figures for 2024 have been restated due to recognition of prepayments from customers. For further information see
note 1 in the consolidated financial statements.
70
STATEMENT OF
CHANGES IN EQUITY
DKK’000
Share
capital
Retained
earnings
Currency
reserves
Equity
Total
Equity at 01.01.2024 2.135 14.638 (709) 16.064
Adjustments, previous years* 0 -2.916 0 -2.916
Equity at 01.01.2024 (adjusted) 2.135 11.722 (709) 13.148
Profit/loss 0 (24.014) 0 (24.014)
Capital increase 232 14.838 0 15.070
Expenses related to capital increase 0 (928) 0 (928)
Share based payment 0 (743) 0 (743)
Equity at 31.12.2024 2.367 875 (709) 2.533
Equity at 01.01.2025 2.367 875 (709) 2.533
Profit/loss 0 32.724 0 32.724
Transfers 0 (709) 709 0
Share based payment 0 334 0 334
Equity at 31.12.2025 2.367 33.224 0 35.591
* Comparison figures for 2024 have been restated due to recognition of prepayments from customers. For further
information see note 1 in the consolidated financial statements.
71
CASH FLOW STATEMENT
DKK’000 Notes 2025 2024
Operating profit/loss 24.888 905
Amortisation & depreciation 27.873 23.756
Share based payment cost 334 (743)
Working capital changes 19 (7.091) 1.630
Other non-cash operating activities (197) (259)
Cash flows from operating activities 45.807 25.289
Cars acquired (175) (4.397)
Deposits paid (75) (73)
Cash flows from investing activities (250) (4.470)
72
Financial expenses paid, less interest on lease liabilities (7.970) (11.995)
Lease repayments made, lease liabilities 19 (20.744) (27.149)
Proceeds from refinancing of cars 0 8.011
Change in external loans (net) 19 (9.423) (28.010)
Capital increase 0 15.070
Expenses related to capital increase, recognised in equity 0 (928)
Cash flows from financing activities (38.137) (45.001)
Increase/decrease in cash and cash equivalents 7.420 (24.182)
Cash and cash equivalents at 01.01 9.056 33.238
Cash and cash equivalents at 31.12. 16.476 9.056
CASH FLOW STATEMENT
73
1. Summary of
material accounting
policies
The Annual Report is presented in
accordance with International Financial
Reporting Standards as adopted by the
EU and additional requirements of the
Danish Financial Statements Act for
reporting class D enterprises.
The annual report has been presented
in DKK, which is also the functional
currency of the Parent Company. The
accounting policies are unchanged
from previous year.
Basis of recognition and
measurement
Assets are recognized in the balance
sheet when it is probable as a result
of a prior event that future economic
benefits will flow to the Company, and
the value of the asset can be measured
reliably.
Liabilities are recognized in the balance
sheet when the Company has a legal or
constructive obligation as a result of a
prior event and it is probable that future
economic benefits will flow out of the
Company, and the value of the liability
can be measured reliably.
On initial recognition, assets and liabili-
ties are measured at cost. Measurement
subsequent to initial recognition is
effected as described below for each
financial statement item.
Anticipated risks and losses that arise
before the time of presentation of the
annual report and that confirm or inval-
idate affairs and conditions existing at
the balance sheet date are considered
on recognition and measurement.
Income is recognized in the income
statement when earned, whereas costs
are recognized by the amounts attrib-
utable to the financial year.
Segmentation
The Company is only operating in
one segment, and its management
reporting does not include any other
operating segments, for which reason
no operating segment information is
reported in the financial statements.
Cash flow statement
The cash flow statement is compiled
according to the indirect method based
on the subtotal “Operating profit/loss”
in the income statement. Cash flows
show how the following three activities
have affected cash for the year:
•
Cash flows from operating activities
are composed of operating profit or
loss adjusted for non-cash operat-
ing items, working capital changes
for the year and income taxes paid.
•
Cash flows from investing activities
comprise cash flows from the pur-
chase and sale of intangible assets,
property, plant and equipment.
•
Cash flows from financing activi-
ties are composed of cash flows
from capital increases, loans from
group enterprises, and payments
(repayments and interest) regard-
ing leases.
Cash and cash equivalents comprise
cash and bank deposits.
INCOME STATEMENT
Revenue
Revenue primarily arises from users’ car
drives, and it is recognized when the
drive has ended. Revenue is calculated
net of VAT, duties and discounts.
Grants
Grants are recognised at their fair value
where there is a reasonable assurance
that the grant will be received, and
the Group will comply with all the
attached conditions. When the grant
relates to an expense item it is recog-
nised as income on a systematic basis
over the periods that the related costs
for which it is intended to compensate
are expensed. When the grant related
to an asset, it is recognised as income
in equal amounts over the expected
useful life of the related asset.
Other operating income
Other operating income comprises
income of a secondary nature as viewed
in relation to the Company’s primary
activities. Other operating income con-
sists of non-recurring operating grants,
government grants, marketing grants
and income not related to primary
activities.
Other external expenses
External expenses comprise expenses
for the operation of cars, advertising,
administration, premises, bad debts,
etc. The Group recognizes lease pay-
ments for short-term leases (defined as
leases with a lease term of 12 months or
less) and leases of low value assets (such
as personal computers, small items
of office furniture and telephones) as
external expense on a straight-line
basis over the term of the lease.
Reimbursement of damage and
fine costs are recognized as exter
-
nal expenses and offset against the
related costs incurred. This includes
the deductible charged by the insur-
ance company, directly related costs
for towing and loss of revenue during
repair periods, as well as recharged
fines.
Staff costs
Staff costs comprise salaries and wages,
social security costs, pension contribu-
tions, etc. for the Company’s staff. All
pension plans are defined contribution
plans.
Share based payments
The Group has issued equity-settled
warrants to Board of Directors and
Executive Board as part of the Group’s
incentive plans in accordance with the
authorization given by the shareholders
to the Board of Directors.
NOTES
74
The value of services received in exchange
for warrants granted is measured at fair
value on the grant date using an appro-
priate valuation method. The fair value is
recognized in profit or loss as staff costs
with a corresponding entry in equity, over
the period in which the service conditions
are fulfilled (vesting period).
At the initial recognition of the warrants,
the number of warrants expected to be
vested is estimated.
Subsequently, the amount is adjusted
for changes in the estimated number of
warrants ultimately vested.
Depreciation and amortisation on
intangible assets and cars
Intangible assets and cars including
leased assets where an option to acquire
the assets is expected to be exercised is
depreciated over the useful life of the
asset. Leased assets without an option to
acquire the assets after expiry of the lease
term are depreciated over the shorter of
the useful life of the asset and the lease
term.
The expected useful lives and residual
value of the assets are unchanged com-
pared to previous years and are as follows:
- Leasing of property, plant and equip
-
ment: lease term
- Cars: 5-8 years
- Software & trademarks: 3 years
For leased cars the residual values are
estimated at the purchase obligation
price as contractually agreed with the
lessor.
For owned cars the residual values are
estimated at the expected fair value at
the end of the expected useful lives.
Gains or losses arising from the disposal
of items of intangible assets or cars are
determined as the difference between
the selling price net of selling costs and
the carrying amount at the time of sale,
and it is recognized in the income state-
ment as part of other operating income
or external expenses.
Income from investment in subsidiaries
The items ”Income from investments in
subsidiaries” in the income statement
include the proportionate share of the
profit for the year.
Other operating expenses
Other operating expenses comprise
costs of a secondary nature as viewed in
relation to the Company’s primary activi-
ties. Other operating expenses consist of
retirement of software acquired by the
Company.
Financial income and expenses
Financial income and expenses are rec-
ognized in the income statement by
the amounts attributable to this finan-
cial year. These items comprise interest
income and interest expenses, realized
and unrealized exchange gains and
losses on liabilities and foreign currency
transactions.
Income tax
Tax on profit for the year comprises cur-
rent tax on the expected taxable income
for the year and adjustments for the year
of deferred tax less the portion of tax for
the year which concerns other compre-
hensive income and changes in equity.
Current and deferred tax relating to other
comprehensive income and changes in
equity is recognized directly in equity.
BALANCE SHEET
Intangible assets
Software is measured at cost less accu-
mulated amortisation and impairment
losses. Amortisation occurs from the
time when the software is put into ser-
vice. Software is written down to the
lower of recoverable amount and carry-
ing amount.
Property, plant, and equipment
Property, plant and equipment comprise
land and buildings held under leases and
cars, both held under leases and directly
owned, and is initially measured at cost.
For assets held under leases, cost is
present value of future lease payments
plus lease payments made before the
commencement date and direct trans-
action costs and less any lease incentives
received. Leased assets where an option
to acquire the assets is expected to be
exercised is depreciated over the useful
life of the asset. For directly owned assets
the cost includes the costs directly attrib-
utable to the purchase of the asset, until
the asset is ready to use. The basis of
depreciation is cost less residual value.
The residual value is measured under
the assumption that the entity exercise
an option to acquire the assets after the
expiry of the lease term and is the esti-
mated amount that would be earned if
selling the asset today net of selling costs,
if the asset is of an age and a condition
that is expected after the end of useful
life. Leased assets without an option to
acquire the assets after expiry of the lease
term are depreciated over the shorter of
the useful life of the asset and the lease
term.
Depreciation methods, useful lives and
residual values are reassessed annually.
Property, plant and equipment are writ-
ten down to the lower of recoverable
amount and carrying amount, refer to
the section below on impairment losses.
Impairment losses on property, plant
and equipment
The carrying amounts of items of prop-
erty, plant and equipment are tested at
the balance sheet date for any indication
of impairment. If impaired, the recover-
able amount of the asset is estimated to
determine the need for any writedown
for impairment and the extent thereof.
The recoverable amount is calculated as
the higher of the asset’s fair value net of
selling costs and value in use. When the
1. Summary of
material accounting
policies (continued)
NOTES
75
value in use is determined, estimated
future cash flows are discounted at
present value using a discount rate that
reflects current market estimates of the
time value of money and the particular
associated risks, and for which no adjust-
ment has been made in the estimated
future cash flows.
If the recoverable amount of the asset
is lower than the carrying amount, the
carrying amount is written down to
recoverable amount.
Impairment losses are recognized in
profit or loss. In case of any subsequent
reversals of impairment losses resulting
from changes in assumptions underlying
the calculated recoverable amount, the
carrying amount of the asset is increased
to the adjusted recoverable amount,
however, not exceeding the carrying
amount which the asset would have had
if no writedown for impairment had been
made.
Investments in subsidiaries
Investments in subsidiaries are recog-
nized and measured under the equity
method.
The items “Investments in subsidiaries”
in the balance sheet include the pro-
portionate ownership share of the net
asset value of enterprises calculated on
the basis of the fair values of identifiable
net assets at the time of acquisition with
addition of any remaining value of posi-
tive differences (goodwill).
The total net revaluation of investments
in subsidiaries and associates is trans-
ferred upon distribution of profit to
“Reserve for net revaluation under the
equity method” under equity.
The reserves is reduced by dividend dis-
tributed to the Company and adjusted
for other equity movements in the
subsidiaries.
Subsidiaries with a negative net asset
value are recognized as DKK 0. Any
legal or constructive obligation of the
Company to cover the negative bal
-
ance of the enterprise is recognized in
provisions.
Receivables
Receivables are measured at amortized
cost, usually equalling nominal value less
writedowns for bad and doubtful debts.
Inventory
Inventories are measured at cost prices.
Lifespan on spare parts is long due to use
of the same car model, therefore now
amortization is assumed.
Prepayments
Prepayments comprise incurred costs
relating to subsequent financial years.
Prepayments are measured at cost.
Dividends
Dividend is recognized as a liability at the
time of adoption at the general meeting.
Dividend proposed for the financial year
is disclosed as a separate item in equity.
Lease liabilities
The lease liability is initially measured at
the present value of the lease payments
that are not paid at the commence-
ment date, discounted by using the rate
implicit in the lease. If this rate cannot be
readily determined, the Company uses its
incremental borrowing rate.
Lease payments included in the meas-
urement of the lease liability comprise:
• Fixed lease payments including lease
payments during periods covered by
an option to extend the lease if it is rea-
sonable certain that such options will
be exercised less any lease incentives
receivable;
• Variable lease payments that depend on
an index or rate, initially measured using
the index or rate at the commencement
date;
• The amount expected to be payable by
the lessee under residual value guaran-
tees; and
• The exercise price of purchase options, if
it is reasonable certain that such options
will be exercised.
The lease liability is presented as a sep-
arate line in the consolidated statement
of financial position.
The lease liability is subsequently meas-
ured by increasing the carrying amount
to reflect interest on the lease liability
(using the effective interest method)
and by reducing the carrying amount to
reflect the lease payments made.
The Company remeasures the lease
liability (and makes a corresponding
adjustment to the related right-of-use
asset) whenever:
• The lease term has changed or there
is a significant event or change in cir-
cumstances resulting in a change in the
assessment of exercise of a purchase
option, in which case the lease liability is
remeasured by discounting the revised
lease payments using a revised discount
rate.
• The lease payments change due to
changes in an index or rate or a change
in expected payment under a guaran-
teed residual value, in which cases the
lease liability is remeasured by discount-
ing the revised lease payments using
an unchanged discount rate (unless
the lease payments change is due to a
change in a floating interest rate, in which
case a revised discount rate is used).
• A lease contract is modified and the
lease modification is not accounted for as
a separate lease, in which case the lease
liability is remeasured based on the lease
term of the modified lease by discount-
ing the revised lease payments using a
revised discount rate at the effective date
of the modification.
1. Summary of
material accounting
policies (continued)
NOTES
76
The Company did not make any
such adjustments during the periods
presented.
Current tax and deferred tax
The current tax payable and receivable
is recognized in the balance sheet as tax
computed on this year’s taxable income,
adjusted for prior years’ taxable income
and prepaid taxes.
Deferred tax is measured in accordance
with the balance sheet liability method of
temporary differences between the carry-
ing amount and tax-based value of assets
and liabilities. Where the computation of
the tax base can be made according to
alternative tax rules, deferred tax is meas-
ured on the basis of the planned use of
the asset or settlement of the liability.
Deferred tax assets, including the tax
base of tax loss carryforwards, are meas-
ured by the amount at which the asset is
expected to be realized either as an elim-
ination against tax on future income or
as a set-off against deferred tax liabilities.
Any deferred net tax assets are measured
at their net realizable value.
Deferred tax is measured based on the
tax regulations and tax rates that will be
in effect using the laws at the balance
sheet date, when the deferred tax is
estimated to be triggered as current tax.
Changes in deferred tax resulting from
changed tax rates are recognized in the
income statement.
Other financial liabilities
Other financial liabilities are measured
at amortised cost, which usually equals
nominal value.
Loan liabilities
The loan liability related to the loan from
the Danish Green Investment Fund is
measured at present value, however split
into short-term and long-term liability.
As the loan is repaid in quarterly install-
ments, the present value will be adjusted
accordingly.
To the extent additional tranches of the
loan is committed, then such tranches
will follow a separate value calcula-
tion relative to its installment data and
repayments.
Any fees will be recognized as financial
expenses.
Prepayments from Customers
Prepayments from customers comprise
advance payments for prepaid min-
utes, package services, and granted free
minutes. Prepaid minutes and package
services are recognised as liabilities at the
amount of cash received. Free minutes
are recognised as liabilities based on the
fair value of the granted rights.
Revenue from prepaid minutes and free
minutes is recognised in proportion to
the pattern of usage exercised by cus-
tomers. Revenue from package services
is recognised ratably over the service
period. Unused amounts at the report-
ing date remain as deferred revenue and
are presented as liabilities on the balance
sheet..
Foreign currency translation
On initial recognition, foreign currency
transactions are translated applying the
exchange rate at the transaction date.
Receivables, payables and other mon-
etary items denominated in foreign
currencies that have not been settled
at the balance sheet date are translated
using the exchange rate at the balance
sheet date. Exchange differences that
arise between the rate at the transac
-
tion date and the rate in effect at the
payment date, or the balance sheet date,
are recognized in the income statement
as financial income or financial expenses.
1. Summary of
material accounting
policies (continued)
NOTES
77
NOTES
DKK’000 2025 2024
Revenue from short term car rental 153.904 128.536
153.904 128.536
Denmark 153.904 128.536
2. Segmentation
NOTES
3. Other
operating
income
DKK’000 2025 2024
Non-recurring operating grants & projects 2.941 1.126
DKK’000 2025 2024
Operating expenses of cars 64.171 65.876
Selling costs 3.304 3.171
Costs of premises 1392 862
Administrative expenses 9.787 10.213
78.654 80.122
4. External
expenses
78
5. Staff costs
DKK’000 2025 2024
Wages and salaries 23.998 24.360
Share-based payment costs 334 (743)
Defined contribution plans 626 787
Other social security costs 472 475
25.430 24.879
Average FTE (including part-time) 48 55
For information regarding remuneration to the Board
of Directors and Executive Management, please refer to
note 7 to the consolidated financial statements.
6. Amortisation,
and depreciation
DKK’000 2025 2024
Depreciation of cars 26.870 21.904
Depreciation of land and buildings 628 866
Amortisation of software 375 986
27.873 23.756
7. Financial
expenses
DKK’000 2025 2024
Financial expenses regarding finance leases 5.086 5.772
Financial expenses regarding finance loan 2.288 3.828
Other financial expenses 596 2.395
Interest expenses for financial liabilities
measured at amortized cost
7.970 11.995
For information regarding share-based payment, please
refer to note 8 to the consolidated financial statements.
NOTES
79
8. Tax on profit/
loss for the year
NOTES
DKK’000 2025 2024
Current tax including adjustments from prior years 0 0
Change in deferred tax* 15.023 8.388
Tax recognised in profit/loss 15.023 8.388
Tax computed on profit/loss before tax, 22% 3.825 (5.217)
Tax effect of non-deductible items (70) 2.901
Recognition of deferred tax asset (related to tax losses carried forward) 11.268 10.704
Tax recognised in profit/loss 15.023 8.388
Effective tax rate (%) 86,4 35,4
*The recognised deferred tax assets comprise those for the years 2024 and 2025, amounting to a total of DKK 23.411 thousand.
80
8. Tax on profit/
loss for the year
(continued)
Deferred tax is incumbent on the following items:
DKK’000 2025 2024
Intangible assets 112 (178)
Assets held under finance leases (net) 461 1.900
Tax deductible losses 45.357 46.791
45.930 48.513
Deferred tax asset not recognised* (22.520) (40.125)
Carrying amount 23.410 8.388
Software
For information on Software, please refer
to note 13 to the Consolidated Financial
statements as the parent company
covers the groups consolidated software
10. Land and buildings
(right-of-use assets)
For information on Land and buildings
(right of use assets), please refer to note
14 to the Consolidated Financial state-
ments as the parent company covers the
groups consolidated Land and buildings
(right of use assets).
9. Intangible
assets
NOTES
*No expiry date exists.
81
11. Cars
(right-of-use assets)
The carrying amount of cars solely
comprises assets held under
leases. Assets held under leases
cannot be provided as security for
the Company’s commitments.
DKK’000 2025 2024
Cost at 01.01. 44.372 16.056
Additions 175 41.089
Disposals (1.445) (12.773)
Cost at 31.12. 43.102 44.372
Depreciation at 01.01. (8.845) (3.482)
Depreciation for the year (9.651) (7.358)
Reversal regarding disposals 544 1.995
Depreciation at 31.12. (17.952) (8.845)
Carrying amount at 31.12. 25.150 35.527
Carrying amount of owned and leased cars at 31.12. 103.479 129.419
12. Cars
(own cars)
NOTES
DKK’000 2025 2024
Cost at 01.01. 127.744 134.671
Additions 47.593 55.141
Adjustments (12.182) (48.303)
Disposals (68.023) (13.765)
Cost at 31.12. 95.132 127.744
Depreciation at 01.01. (33.852) (69.636)
Depreciation for the year (17.219) (14.546)
Adjustments 12.182 48.303
Reversal regarding disposals 22.086 2.027
Depreciation at 31.12. (16.803) (33.852)
Carrying amount at 31.12. 78.329 93.892
82
13. Investment in
subsidiaries
DKK’000 2025 2024
Cost at 01.01. 75.402 75.402
Additions 8.527 0
Disposals (40.742) 0
Cost at 31.12. 43.187 75.402
Revaluations at 01.01. (75.394) (75.323)
Net result for the year 783 (18.714)
Adjustments (148) 0
Disposals 35.820 0
Investments with negative equity value depreciated over
receivables
(2.746) 17.901
Investments with negative equity value transferred to provi-
sions
(1.502) 742
Revaluations at 31.12. (43.187) (75.394)
Carrying amount at 31.12. 0 8
In 2025, the former subsidiar-
ies GreenMobility Finland OY,
GreenMobility Belgium NV and
GreenMobility Gent BV have filed
for bankruptcy, and as a conse-
quence the company no longer
holds any ownership interest over
them.
Investments in subsidiaries are
specified as follows:
Name Registered office Ownership interest
GreenMobility Sweden AB Gothenburg, Sweden 100%
GreenMobility Germany GmbH Hamburg, Germany 100%
GreenMobility Austria GmbH Vienna, Austria 100%
Fetch Mobility BV Amsterdam, Netherlands 100%
NOTES
83
14. Lease liabilities
Lease payments Nominal
amount
DKK’000 31.12.2025 31.12.2024
Within one year from the
balance sheet date
23.537 63.304
Between one and five years
from the balance sheet date
69.497 48.355
After more than five years
from the balance sheet date
0 0
93.034 111.659
Discounting premium to be recognised
in future as an expense
(8.179) (7.329)
Present value of lease payments 84.855 104.330
Current liabilities 19.225 59.542
Non-current liabilities 65.630 44.788
84.855 104.330
The Company leases cars through
finance lease agreements. The lease
periods vary from two to six years,
after which a residual value has
been agreed, that is guaranteed by
the Company. All lease agreements
follow a fixed repayment profile, and
no agreements contain provisions
about contingent lease payments. The
lease agreements are non-cancella-
ble over the agreed lease periods but
may be prolonged on renewed terms.
Lease liabilities and assets cf. note
15 and 16 include the residual value,
which amounts to DKK 39,4 million
as of 31.12.2025 (DKK 63,2 million as of
31.12.2024).
The Company has entered into a rental
agreement on the office premises.
This agreement was non-cancellable
until 31.05.2024, after which it may
be terminated at six months’ notice.
The rental agreement follows a fixed
repayment profile that is subject to
indexation, and it does not contain
any provisions about contingent rent
payments. The annual rental payment
is DKK 666 thousand exclusive of VAT.
NOTES
The Company has entered into
a lease agreement on the work-
shop premises as of 01.03.2024.
This agreement is non-cancella-
ble until 01.03.2027, after which it
may be terminated at six months’
notice. The lease agreement fol-
lows a fixed repayment profile
that is subject to indexation, and
it does not contain any provisions
about contingent lease payments.
The annual lease payment is DKK
609 thousand exclusive of VAT.
84
15. Other payables
DKK’000 2025 2024
Salaries and wages, personal income tax, social security costs, etc payable 171 575
Holiday pay obligations 222 538
Other expenses payable 12.989 12.229
Current liabilities 13.382 13.342
16. Fee to statutory
auditors
DKK’000 2025 2024
Statutory audit 616 543
Audit-related services (ESEF & Remuneration Report) 30 26
Tax related services 38 0
Other services Comprised of warrants, reporting standards & subsidiaries 77 18
Total fee to statutory auditors 761 587
NOTES
85
17. Related parties
Other Related Parties
Name Registered in Basis of influence
HC Andersen Capital
Holding Aps
Hellerup, Denmark
Tue Østergaard,
Chairman of the
Board
HICO Group ApS Gentofte, Denmark
Henrik Isaksen,
Member of the
Board
Mobility Service Danmark
A/S
Tårnby, Denmark
Henrik Isaksen,
Member of the
Board
NOTES
Transactions between
related parties and
GreenMobility A/S
Services acquired from related par-
ties comprise administrative services
and consultancy. They are acquired at
normal selling prices as well and all
arrangements have been made on an
arm’s length basis.
H. C. Andersen Capital Holding ApS sup-
ports the Company with consultancy
services related to capital market and
capital increase.
HICO Group ApS supports the Company
with car repairs and other related
services.
The Company occasionally rents cars
from Mobility Service Danmark A/S.
Please refer to Note 7 and 8 in the
consolidated financial statements for
information about remuneration to the
Board of Directors, the Executive Board
and other management employees.
DKK’000 2025 2024
Other related parties 2.936 2.082
86
18.
Recourse guarantee
commitments, contingent
liabilities and contractual
obligations
The Company has entered into long-term agreements with
two major IT providers to support the software solution of the
platform. The contracts can be terminated 6 or 12 months in
advance, respectively. The Company’s liabilities at the end of
December 2025 total DKK 5.412k (2024: DKK 5.514k).
GreenMobility has provided an on-demand guarantee of
DKK 991k to Københavns Lufthavne A/S as collateral for any
balances between GreenMobility and Københavns Lufthavne
pursuant to a cooperation agreement on car rental service.
The guarantee is non-cancellable by GreenMobility. The
corporation agreement may be terminated at six months’
notice, equivalent to an amount of DKK 1.020k (2024: DKK
930k).
GreenMobility has entered into a commercial lease agree-
ment with Jeudan about premises at Landgreven. The lease
may be terminated at six months’ notice, equivalent to an
amount of DKK 336k (2024: DKK 336k). Refer also to note 19
on contingent liabilities regarding lease liabilities.
NOTES
87
19. Cash flows
NOTES
DKK’000 2025 2024
Change in receivables, inventory and prepayments (305) (2.567)
Change in trade payables, other payables etc (9.131) 7.597
Working capital changes (9.436) 5.030
Lease liabilities at 01.01. 104.330 113.871
Lease payments made for the year (25.830) (32.462)
Interest charged for the year on lease liabilities 5.086 5.772
Adjustment of other non-cash items, including:
New lease liabilities incurred and settlement of lease liabilities 1.269 17.149
Lease liabilities at 31.12. 84.855 104.330
Loan liabilites at 01.01 29.680 57.690
Instalments paid during the year (9.423) (28.010)
Loan liabilities at 31.12. 20.257 29.680
88
20. Financial risks and
financial instruments
Categories of financial instruments
DKK’000 2025 2024
Trade receivables 12.146 9.967
Other receivables 1.186 2.521
Cash 16.476 9.056
Financial assets measured at amortised cost 29.808 21.544
Lease liabilities 84.855 104.330
Trade payables 3.479 10.806
Other payables 13.382 13.342
Loans 20.257 29.680
Financial liabilities measured at amortised cost 121.973 158.158
For other information on Financial
risk and financial instruments
than specifically mentioned in the
Financial Statement, please refer to
note 27 in the consolidated finan-
cial statements.
NOTES
89
Landgreven 3, 4
1301 Copenhagen K, Denmark
Business Registration No 35 52 15 85
Annual Report 2025
(12
th
financial year)
The Annual Report has been presented and
adopted at the Company’s Annual General
Meeting on 22.04.2026
Chairman of the General Meeting
A/S
90
GreenMobility A/S I Landgreven 3, 4.sal I 1301 Copenhagen I Denmark I CVR-nr. 35521585