Nasdaq CopenhagenIFRS · EUR

Too Good To Go ApS

Too Good To Go ApS is a Danish technology company built around a marketplace that connects consumers with unsold food from restaurants, bakeries, grocery stores, and other food businesses. The group operates through a platform and app-based service model under Too Good To Go Holding ApS and its subsidiaries.

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Revenue249m EUR
+28.9 %y/y
Operating profit (EBIT)-5.4m EUR
−401.3 %y/y
EBIT margin-2.2%
−3.1 ppy/y
Net income-4.8m EUR
−262.8 %y/y
Free cash flow25.8m EUR
+13.8 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

-1000100200300m EUR2024: 193 m EUR2024: EBIT 1.8 m EUR20242025: 249 m EUR2025: EBIT -5.4 m EUR2025249-5.4
RevenueOperating profit (EBIT)
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Business

Share of revenue
Consumer marketplace60 %

App-based marketplace where consumers buy discounted surplus food offers from participating merchants.

Merchant platform tools25 %

Tools and services that enable food businesses to publish, manage, and fulfill surplus food offers.

Partnership and enterprise services15 %

Programs and platform services for larger food chains, retailers, and partners.

Customers

The company serves consumers who want affordable food while reducing waste, using the app to find and reserve unsold meals and grocery items nearby. On the supply side, it works with restaurants, cafés, bakeries, supermarkets, and branded food chains that want to monetize surplus inventory and reduce disposal. It also interfaces with larger multi-location food operators and partners that need standardized tools to manage participation across many sites.

Consumers

Individuals buying discounted surplus meals and food bags through the app.

Independent food merchants

Restaurants, cafés, and bakeries listing end-of-day surplus to reduce waste.

Retail grocery partners

Supermarkets and food retailers offering unsold packaged and fresh items.

Multi-location chains

Large food operators that need standardized tools across many outlets.

Institutional partners

Organizations supporting food-waste reduction programs and platform adoption.

Strategy

The company’s strategy centers on expanding marketplace density: more participating merchants create more consumer choice, which in turn attracts more users and more merchants. It also relies on broadening relationships with food retailers and chains to make surplus inventory easier to list and manage at scale. The platform model benefits from network effects, so execution depends on local adoption, repeat usage, and reliable fulfillment across markets.

Increase merchant densityShort term

A deeper supply base improves consumer choice and marketplace liquidity.

Expand chain partnershipsMedium term

Large food operators can scale offers across many locations efficiently.

Strengthen consumer engagementShort term

Repeat usage supports higher transaction frequency and platform stickiness.

Geography

Too Good To Go is headquartered in Denmark and operates as a multi-country platform with a footprint across Europe and other markets where food waste and surplus food monetization are relevant. Its business depends on dense local merchant coverage and consumer adoption in each city, so geography matters more than national borders alone. No authoritative country revenue split was provided in the source excerpts, so the geographic breakdown cannot be stated precisely from the available information.

Risks

The business depends on two-sided marketplace liquidity, so growth can slow if merchant supply or consumer demand weakens in a given market. It also faces execution risk from local competition, partner churn, and operational issues that affect food pickup, fulfillment, and customer experience. As a consumer marketplace with many small transactions, it is exposed to regulatory, reputational, and food-safety concerns.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Two-sided marketplace imbalance1Food safety and liability2Local competitive pressure3Partner churn4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Two-sided marketplace imbalanceImpact: HighLikelihood: High

    If merchant supply or consumer demand falls, the platform becomes less useful and transaction frequency can drop.

    Exposure: Core marketplace operations

  2. Food safety and liabilityImpact: HighLikelihood: Medium

    The model involves surplus food pickup and handling, which can create quality or safety incidents.

    Exposure: Marketplace reputation and legal exposure

  3. Local competitive pressureImpact: MediumLikelihood: Medium

    Competing apps and direct merchant channels can limit adoption in dense urban markets.

    Exposure: Consumer acquisition and merchant retention

  4. Partner churnImpact: MediumLikelihood: Medium

    Merchants can stop listing if economics or operational burden are unattractive.

    Exposure: Supply-side retention

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Accounting

Judgemental items
Revenue recognition timing

Platform, commission, and service elements may be recognized differently depending on the contract structure.

Impact: Can affect reported growth and period comparability

Foreign currency translation

A multi-country footprint creates exposure to currency movements across operating entities.

Impact: Can affect consolidated results and equity reserves

Lease accounting

Physical merchant support and local office footprint can create lease-related assets and liabilities.

Impact: Can affect balance sheet and operating expense presentation

Last updated: 24/10/2026

Too Good To Go ApS (XCSE) – Financial Analysis & Key Metrics – Clarifo