GoCollective's 2025 Half Year Report

30 Sep 2025 15:23 CEST

In the first half of 2025, GoCollective delivered a mixed performance, with both
positive developments and challenges across its business segments.

The Bus division, despite a year-on-year revenue decline, achieved progress in
efficiency and cost control. Notably, the successful mobilization of new
contracts – including A22, MT66, and Svendborg – will support the stabilization
of operations, particularly in the second half of the year. At the same time,
the expiry of existing contracts created a tangible operational burden, which
weighed on EBITDA.

In UCplus, growth continued. The opening of three new locations highlights the
company’s expansion strategy. In addition, the submission of an AMU tender
points to potential future business opportunities. However, UCplus also faced
setbacks, including the loss of a key tender for Danish language training in
Jutland. Furthermore, the performance of three newly established language
centers fell slightly short of expectations in terms of testing levels.

The Rail division reported revenues in line with the previous year, but
performance remained below expectations. Passenger numbers declined slightly,
partly due to network disruptions and infrastructure issues. These challenges
resulted in higher costs for replacement services and unplanned maintenance,
particularly axle repairs.

From a financial perspective, GoCollective achieved important milestones with
the €10 million bond extension and the closing of the first financing tranche
for the A22 contract. Extraordinary costs were also significantly reduced
compared to the previous year, as most one-off transformation expenses –
including those related to the new ERP system – have been completed.

On the HR side, developments were encouraging: both sickness and overtime rates
improved compared to the prior year, reflecting a more stable staffing situation
and better working conditions.

Overall, in the first half of 2025, GoCollective demonstrated that it follow its
transformation plan. Despite external challenges, it is making strategic
progress and positioning itself for future growth.

Events after June 2025:
In September 2025, the Danish Minister for Transport announced his intention to
enter into negotiations with GoCollective on the future rail contract between
the Ministry and the train operator. Further to the disclosed dialogue with the
Ministry of Transport on the rail contract, updated information is available on
https://gocollective.dk/om-gocollective/investor-relations/

More information:
Access the news on Oslo Bors NewsWeb site

656442_GoCollective-Financial-Reporting-Q2-2025.pdf