Voi Technology AB ("Voi" or the "Group") closed 2025 delivering record revenue, record profitability and record cash generation, supported by strong user growth. Full year net revenue increased by 34% year over year to EUR 178.2 million, with growth accelerating to 45% in the fourth quarter, driven by continued fleet expansion and accelerating rider adoption. Adjusted EBITDA grew 70% year over year to EUR 29.3 million, while cash flow from operating activities almost doubled to EUR 24.2 million.
The full-year performance marks an important milestone in Voi's development, demonstrating the scalability of its platform as cities across Europe increasingly integrate micromobility as a complement to public transport. During the year, Voi riders completed more than 115 million trips, with total rides increasing by 55% year over year and strong growth in monthly active riders across the Group's markets. Growth accelerated further in the fourth quarter, with rides up 65% year over year, supported by major market expansion in Paris and London and continued deployment of Voi's next-generation e-bike fleet.
Fredrik Hjelm, Co-Founder and CEO, commented:
"2025 was the year we proved that scale and profitability can reinforce each other. Crossing more than 100 million rides in a year is not just a milestone, it reflects how deeply micromobility is embedded in everyday urban life. Cities are changing, people are choosing shared, electric transport at a larger scale than ever before. We use this momentum to invest with discipline and long-term conviction - in major European capitals like Paris and London, and in building the infrastructure and operational backbone required to be the leading micromobility platform in Europe for years to come. We are playing the long game."
Mathias Hermansson, CFO and Deputy CEO, added:
"Our financial position remains solid, enabling us to balance profitable growth with strategic investments. During the fourth quarter, we further strengthened our financial flexibility through an additional EUR 40 million bond tap issue and a new unutilised EUR 25 million revolving credit facility, providing a strong foundation to continue investing into fleet and market expansion as well as creating a robust long-term scaled business. We enter 2026 committed to building a more valuable company through steadily increasing cash flow generation."
Financial Highlights Q4 2025
- Net revenue increased by 45% to EUR 47.5 (32.8) million year over year.
- Vehicle profit increased by 37% to EUR 25.2 (18.4) million and Vehicle profit margin declined to 53.0% (56.1%).
- Adjusted EBITDA increased by 26% to EUR 5.2 (4.1) million year over year with an Adjusted EBITDA margin of 10.9% (12.6%).
- Adjusted EBIT decreased to EUR -2.6 (-0.9) million year over year.
- Adjustments of EUR 6.6 (-3.1) million had a year over year impact of EUR 9.7 million.
- EBIT decreased to EUR -9.2 (1.4) million.
- Cash flow from operating activities was stable at EUR 0.1 (0.7) million year over year.
- Net Interest Bearing Debt amounted to EUR 44.6 million, an increase of EUR 20.5 million from the previous quarter.
Financial Highlights Full Year 2025
- Net revenue increased by 34% to EUR 178.2 (132.8) million year over year.
- Vehicle profit increased by 35% to EUR 102.4 (75.7) million and Vehicle profit margin increased by 0.5 pp to 57.5% (57.0%) year over year.
- Adjusted EBITDA increased by 70% to EUR 29.3 (17.2) million year over year with an Adjusted EBITDA margin of 16.4% (13.0%).
- Adjusted EBIT increased to EUR 3.2 (0.1) million year over year.
- EBIT decreased to EUR -7.6 (-3.3) million year over year.
- Cash flow from operating activities almost doubled to EUR 24.2 (12.7) million year over year.
- Net Interest Bearing Debt increased to EUR 44.6 (-3.5) million.
In the fourth quarter, Voi continued to invest selectively in expansion, including scaling its e-bike fleet, strengthening its presence in Europe's largest capitals. Following the tender win, Voi launched 6,000 e-bikes in Paris, quickly establishing a strong position. In London, the company continued to build its presence borough by borough. To support cost efficiency and sustainability at scale, Voi also opened a new central warehouse and industrialised refurbishment centre in Poland.
With strong full-year profitability progress, record ridership growth and increased financial flexibility, Voi is well positioned to continue compounding profitable growth into 2026.
Contacts
For media inquiries: press@voi.com
Investor relations contact: investor@voi.com
About Us
Founded in 2018, Voi is a Swedish micromobility company offering e-scooter and e-bike sharing in partnership with towns, cities and local communities. We believe e-scooters and e-bikes can play a central role in changing how people move in our towns and cities in the future. We want to ensure that the micromobility transformation happens the right way - through real innovative technology, open and transparent dialogue with towns, cities and governments and by adapting our products to local needs. Voi's holistic Environmental Action Plan tackles emissions and promotes renewable energy use and circularity along its supply chain.
Voi operates over 150,000 vehicles in over 130 towns and cities across 12 countries. It is headquartered in Stockholm and employs around 1,000 people. To date, Voi boasts more than eight million riders and has served more than 400 million rides.
This information is information that Voi Technology AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-18 08:30 CET.
