GoCollective Due Diligence

Run due diligence on GoCollective: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Mutares Holding-55 GmbH (Germany) · gocollective.dk · 16 vendors

GoCollective is a Danish public transport operator providing multi-modal transport services, including buses, trains, and water buses across Denmark. The company also operates UCplus, a language and transportation education center. It aims to enhance passenger journeys and promote sustainable mobility.

Resilience scores

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Last updated 2026-09-13 · revision 1

16 direct vendors, 168 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

4 in-scope frameworks identified; showing 3.

SOC 2 (source) — No public evidence

Evidence: https://gocollective.dk/

GDPR (source) — No public evidence

Evidence: https://gocollective.dk/om-gocollective/betingelser-og-rejseregler/

NIS2 (source) — No public evidence

Evidence: https://gocollective.dk/om-gocollective/investor-relations/

Financials

Three-year financials

Financial Resilience Score: 4/10

GoCollective is a turnaround-stage business with meaningful operational improvement but a stressed balance sheet. The company turned EBITDA operating positive in FY 2025 at €7.6m (vs. –€0.8m in FY 2024), and Q4 2025 delivered a record 12.1% EBITDA operating margin, demonstrating that the core Bus and Rail businesses can generate cash when contracts are properly structured. Management also exceeded its own November 2025 guidance of €6–8m EBITDA, which is a positive credibility signal. The 2026 outlook of €10–15m EBITDA operating suggests continued trajectory improvement, underpinned by four newly mobilised electric bus contracts covering 186 vehicles. However, the balance sheet position is a significant concern. Equity has collapsed from €84.5m to €35.2m in a single year, entirely driven by the €49.3m net loss — itself heavily influenced by a €22.2m non-cash Rail impairment and €1.7m reversal of capitalised costs. Total financial debt (bond + bank + shareholder loan) stands at approximately €104.6m, implying a debt-to-equity ratio of roughly 3.0x — elevated for a low-margin, capital-intensive transport operator. Cash of €15.2m against current liabilities of €123.6m is tight, though operating cash flow improved dramatically to €65.3m in FY 2025. The single most critical near-term risk is the €50m senior secured bond maturing in April 2027. Refinancing this instrument on the current balance sheet — with negative retained earnings, high leverage, and a business still in transformation — will be challenging without the Rail divestment proceeds. The planned handover of Rail operations to DSB (expected H1 2026), with trainsets carrying an indicative value of ~€68.5m, is the pivotal event. If completed on favourable terms, it could substantially delever the balance sheet and remove the operationally problematic Rail segment. If negotiations stall or terms deteriorate, refinancing risk intensifies materially. Revenue is almost entirely derived from Danish public sector PTA contracts, which provides high visibility and low counterparty default risk but limits pricing power. The UCplus segment is growing (14% revenue growth, Børsen Gazelle Award 2024) but is currently loss-making as new centres ramp up. The Bus segment is approaching sustainable profitability. Overall, the company has a credible operational path forward but remains financially fragile, with the Rail exit and bond refinancing as binary near-term outcomes.

Key strengths: EBITDA operating turned positive in FY 2025 at €7.6m, up €8.4m year-on-year, Q4 2025 was the strongest operating quarter on record at 12.1% EBITDA operating margin, Four major new bus contracts won in 2024, deploying 186 electric buses — securing multi-year revenue, EUR 88m CAPEX financing agreement signed in Q4 2025 to fund new electric bus fleet, Rail divestment (trainset indicative value ~€68.5m) expected H1 2026 — pivotal balance sheet event, Contract-backed revenue from Danish PTAs provides high visibility and low demand risk, Mutares PE backing with demonstrated willingness to inject capital (shareholder loan, bond support), Management exceeded its own FY 2025 EBITDA guidance, improving credibility, UCplus growing 14% revenue with geographic expansion and Børsen Gazelle Award 2024, Operating cash flow improved dramatically to €65.3m in FY 2025 from –€2.1m in FY 2024

Risk factors: Equity eroded from €84.5m to €35.2m in one year; debt-to-equity ratio ~3.0x, €50m senior secured bond matures April 2027 — refinancing risk is real given current balance sheet, Rail contract transfer to DSB not yet finalised — delays or unfavourable terms could impair liquidity, Total financial debt ~€104.6m (bond + bank + shareholder loan) is high for a low-margin operator, Cash of €15.2m against current liabilities of €123.6m represents thin liquidity buffer, Negative index development in Bus: cost inflation outpacing contractual price adjustment mechanisms, UCplus three new centres (Roskilde, Holbæk, Ringsted) are loss-making in ramp-up phase, 100% geographic concentration in Denmark — no diversification against domestic regulatory shocks, Rail segment has been a persistent operational drag with supply chain, climate damage, and maintenance issues, Key personnel risk from Rail exit uncertainty, particularly rail-specific expertise, CEO transition (Henrik La Cour replacing Marianne Bøttger in March 2026) adds execution risk during critical period

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