PRESS RELEASE: GoCollective’s 2024 Annual Report

30 Apr 2025 12:53 CEST

Highlights from the 2024 Annual Report:

- Total result of DKK -278 million, with an operating result of DKK -4 million.

- Bond issuance of EUR 40 million in April 2024 and an additional EUR 10 million
in February 2025, used for IT infrastructure, electric buses, and rebranding.

- Four major bus contracts won: deployment of 186 electric buses during
2025–2026.

- UCplus growth: Expansion to Tønder and Sønderborg; recipient of Børsen’s
Gazelle Award 2024.

- Train operations: Challenges persist – impacted by supply chain issues,
climate-related damage to rolling stock and railway infrastructure, and lower
passenger numbers.

- Outlook for 2025: Consolidation in Bus and UCplus and improvement in operating
result to DKK 110–130 million.

GoCollective showed significant progress in 2024 compared to previous years.
Despite a continued group-level deficit, the operating result improved and ended
at DKK -4 million. Excluding the car-sharing service ShareNow, which was
discontinued in February and alone burdened the result by DKK 14.5 million,
operations are balanced.

The strategic turning point was established with the transformation project
‘Go2026’ and support from new ownership under Mutares SE & Co. KGaA. 2024 was
marked by necessary investments and restructurings, including:

- Investment in new IT infrastructure
- Rebranding costs
- General transformation expenses

Furthermore, GoCollective went through a prolonged no-bid period under previous
ownership, leading to demobilization of bus services, which continued to affect
2024.

Overall, these elements temporarily impacted the bottom line but paved the way
for a more focused and scalable corporate structure.

Strong momentum in Bus and UCplus
In 2024, GoCollective won four major bus tenders involving the deployment of 186
electric buses over 2025–2026. These contracts secure long-term revenue, a
future-ready fleet, and significant CO₂ reduction.

In line with this, substantial investments have been made in electrification and
deployment.

The transformation work was further strengthened by a EUR 40 million bond issued
in April 2024 and supplemented by EUR 10 million in February 2025.

UCplus, the group’s education division, expanded to Tønder and Sønderborg and
expects further growth in 2025. In 2024, UCplus received Børsen’s Gazelle Award
in recognition of impressive growth.

“2024 was the year we balanced our operations in Bus and UCplus and laid the
foundation for future growth after years of demobilization. This is a milestone
for us as a company and for all the employees who contributed to this effort.
2025 will still partly be a year of transformation, including a sharp focus on
addressing challenges in our train operations. At the same time, we must succeed
in consolidating our regained position in the bus and education sectors,” says
Marianne Bøttger, CEO of GoCollective.

Challenges in Rail – and need for sector improvements
GoCollective’s rail operations in 2024 were marked by extraordinarily difficult
conditions. A shortage of spare parts, supply chain issues, climate-related
damage to trains and infrastructure, and limited access to the railway network
led to loss of operational time and lower passenger numbers. Storm damage and
collisions with fallen trees sidelined several train sets for months.

These conditions created a negative spiral in train operations. The situation
has highlighted the need for improvements in the railway sector – an effort
GoCollective actively supports and collaborates on with relevant authorities.

“In our rail operations, we work closely with suppliers and authorities to
address the challenges and strengthen operational stability going forward. This
is naturally a very important task for us,” says Marianne Bøttger.

Expectations for 2025
GoCollective expects a pre-tax result of DKK -140–160 million in 2025 but an
improved operating result of DKK 110–130 million. With new contracts, a
strengthened corporate structure, and consolidated operations, the organization
is better equipped than ever to deliver stable, green, and efficient mobility
solutions to both customers and society.

“The commitment to succeed in the transformation has been both targeted and
focused at GoCollective. This reinforces our belief that the company is on the
right track, and we have great confidence in the Danish management team,” says
Thibault Depoix-Joseph, Chairman of the Board at GoCollective.

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644924_GoCollective AS - Group Annual Report 2024.pdf