The financial performance for the quarter highlights Voi’s growing operational efficiency and its ability to expand while maintaining a disciplined cost structure. Strong rider demand and improved seasonal performance drove year-over-year enhancements in both revenue and margin profile for the quarter.

Mathias Hermansson, CFO and Deputy CEO, commented:
"Q1 is seasonally our smallest quarter, but the performance shows the strength of our operating model. Our focus on scalable efficiency is paying off, we’ve grown revenue nearly 30% year-on-year while significantly improving margins. Our efficient operations, combined with a larger fleet, provide a stable base that enables us to unlock strong operational leverage as we enter the high season in the coming months. Yet again, this has been enabled by our stellar colleagues, particularly in our Fleet Organisation across all our twelve countries. We ride together!"

Financial Highlights Q1 2025:

• Net revenue increased by 28% to EUR 26.3 (20.6) million year over year.
• Vehicle profit margin increased by 7.4 pp to 48.4% (41.0%) year over year.
• Adjusted EBITDA increased by EUR 4.0 million to EUR -2.2 (-6.2) million year over year with an Adjusted EBITDA margin of -8.3% (-29.9%).
• Adjusted EBIT increased by EUR 3.2 million to EUR -7.2 (-10.4) million year over year.
• EBIT increased by EUR 5.2 million to EUR -7.9 (-13.1) million year over year.
• Cash flow from operating activities increased by EUR 1.7 million to EUR -7.1 (-8.8) million year over year.

During the quarter, Voi began rolling out its next-generation fleet of e-scooters and e-bikes, financed through the bond issuance completed in October 2024. With the introduction of these vehicles, Voi is increasing its total fleet size by ~40% to meet the growing demand for micromobility services by both riders and cities. The new vehicles offer improved durability, uptime, and reparability, enabling a longer vehicle lifetime, higher utilisation and lower cost per trip. These upgrades are already contributing to improved efficiency and are supporting stronger unit economics as we enter the upcoming, high-volume quarters.

Voi also launched operations in 12 new cities and received approval to double its fleet in Oslo, reinforcing its leadership position across European micromobility markets. The Group now operates in over 110 cities, with no single city representing more than 10% of total revenue - supporting a diversified and resilient growth profile.

With its modernised fleet in place and momentum building across key markets, Voi remains focused on driving further profitable growth throughout 2025.