Norwegian micromobility operator Ryde has increased its EBITDA by more than 400% between 2022 and 2023, according to its latest financial report.
Ryde Group – which encompasses Ryde’s subsidiaries in Norway, Sweden and Finland – had an EBITDA of NOK 31.8 million (€2.7 million) in 2022, which shot up to NOK 133.4 million (€11.4 million) in 2023.
With rental e-scooters in 39 cities across the Nordics, the company credits its financial performance to having a focused operational approach.
“Rather than pursuing rapid widespread expansion in many cities and countries simultaneously, we have had a much more focused approach on building a winning position in each market we operate before we launch in a new one,” Ryde Technology CEO Tobias Balchen told Zag Daily.
“This has been highly successful, and we are clearly market leading in both Norway and Finland, with rapid growth also in Sweden.”
Ryde’s turnover increased from NOK 182 million (€15.6 million) in 2022 to NOK 324 million (€27.7 million) in 2023. Its profit margin (the amount that revenue exceeds costs) went from -37% in 2022 to 12% in 2023.
Tobias told Zag that Ryde’s EBIT levels have been positive since inception in 2019, with 2022 as an exception.
“In 2022 we launched Finland and invested in building that part of the business. Furthermore we lost the tender in Oslo, which was a chaotic process. Both had a short term negative impact on the financials. In 2023 the results were back to what we have seen historically, driven by success in all markets across Norway, where we secured all tenders applied for, Sweden and Finland.”
The company is planning to expand outside of the Nordics in 2025, but cannot presently share which European cities it is targeting.
“Our ambition is to become the leading micromobility company in Europe. This obviously includes more than the Nordics!”
