Movinn Q3 2021 - Interim Report: 55% growth & strong fundamentals

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Movinn is happy to publish the first ever Interim Report to the market after being listed on Nasdaq First North Denmark.

Company announcement no. 4 - 2021 

The company announcement contains Interim Information

Copenhagen, Denmark - Movinn is happy to publish the company's first ever Interim Report to the market after being listed on Nasdaq First North Denmark on November 4th, 2021. The Interim Report covers results from the third quarter (Q3) of the year (1 July - 30 September 2021), as approved by Executive Management and the Board of Directors. 

In Q3 Movinn has realized revenue of 15.1 mDKK - up from 9.7 mDKK in the same period last year - corresponding to a 55% revenue increase. Growth is driven by improved operating metrics and the ongoing growth in our apartment portfolio.

Realized EBITDA was 2,43 mDKK corresponding to an EBITDA-margin of 16,1%. Realized EBIT was 1.4 mDKK corresponding to a 9,3% EBIT-margin. Realized Return On Invested Capital (ROIC) was 18,8%. Movinn is happy to display that level of returns whilst also maintaining strong growth rates.  

The Executive Management is currently securing the pipeline of new units domestically, already having secured 40% of the expected domestic unit growth for 2022 and steadily adding new units to meet expectations. In parallel, the Executive Management is planning the company's international expansion and is currently in talks with relevant stakeholders in key European markets.


Financial highlights in Q3 2021: 

  • Revenue increased by 55% to 15.1 mDKK (9.7 mDKK) 
  • EBITDA margin of 16.1%
  • EBIT margin of 9.3%
  • Return On Invested Capital (ROIC) of 18,8%
  • Maintaining previous guidance for the full year of 6.0 mDKK EBITDA (before one-off costs to our IPO).

Business highlights in Q3 2021: 

  • Net increase in new units was 14, taking our total unit portfolio up to 293 at the end of the period.  
  • The total unit number at the end of the year is expected to be approx 298 units. 
  • Secondary product, Movinn Co-Living, is growing in parallel with the core business. 
  • We have secured 40% of the domestic unit growth / pipeline for 2022 so far.
  • The quarter has not been subject to any external, unnormal circumstances. 
  • Executive management is currently planning the planned international expansion in line with the 2025 strategy.

Patrick Blok, Movinn CEO states: 
"We are happy to publish our first ever Interim Report after being listed on Nasdaq First North earlier this month. We are performing in line with expectations and we are happy to display high growth alongside sound fundamental metrics. The quarter has been a good display of our strong existing foundation and moat, where the historical unit growth is maintained and vacancy levels have been normal. We remain focused and we have no intention of slowing down - either at home or abroad. Delivering on our mid-term strategy - as promised to our shareholders - has our undivided attention, and happily, this quarter is a decent starting point". 

Quote in Danish: 
"Vi er glade for at kunne offentliggøre vores første kvartalsrapport, efter vi tidligere på måneden blev noteret på Nasdaq First North. VI har præsteret som forventet, og resultaterne taler for sig selv. Vi har realiseret høj vækst, og samtidig kan vi vise stærke fundamentale metrikker. Kvartalet har været et godt eksempel på hvad vores stærke, eksisterende fundament og tilstedeværelse kan levere: Den historiske vækstrate i nye enheder er vedligeholdt og vores driftsmetrikker har været normale. Vi forbliver fokuseret, og vi har ingen intentioner om at sætte farten ned - hverken herhjemme eller i vores træk mod udlandet. Vi arbejder på at levere på den strategi, som vi har lovet vores aktionærer, og lykkeligvis er dette kvartal et godt første skridt på vejen". 

Disclosure regulation

The attached Q3 Interim Report contains forward looking guidance. Such guidance are subject to risk and uncertainties as different factors, some of which are beyond the control of Movinn, may cause the actual development and results to differ from forward looking expectations. Interim Report has not been subject to audit or review. 

Patrick Blok, CEO


+45 88338838

Per Lönn, Certifed Advisor

Västra Hamnen Corporate Finance

+46 40 200 250 

Video Presentation / Video Call

The CEO will present the Q3 2021 Interim Report on a video call scheduled at 25 November at 13.00 (CET). 
Link for admission to the event is attached below:

About Movinn

Founded in October 2014, Movinn A/S has grown to become one of Denmark's leading providers of fully serviced apartments, delivering space-as-a-service to mainly large domestic and international corporations and organizations. To stay at the forefront of trends in the real estate and serviced living industry - and to diversify activities - the company has created a house of brands that cover both traditional and emerging client segments.
Inhouse, the company has created a highly integrated value chain and comprehensive tech-products (several software platforms & IoT hardware) to help provide the best possible service and quality to the company's clients and to help scale profitable growth. Movinn has a strong presence in Denmark, covering Aarhus, Odense and Copenhagen (the latter being the largest and primary market), and the company is planning to expand its operations into new European destinations.

Movinn A/S has received approval for admission to trading of its shares on Nasdaq First North Growth Market Denmark under the ticker “MOVINN”.