The revenue growth was delivered despite the coldest winter season the company has experienced, and ahead of the majority of the 2026 fleet expansion taking place in the second quarter. Both the Adjusted EBITDA margin and the Adjusted EBIT margin improved by approximately 3 percentage points year over year.

Fredrik Hjelm, Co-Founder and CEO, commented:
"Q1 showed what Voi is made of. We grew through the toughest winter we have seen as a company, built on years of work to make our user experience better and our operations leaner. This spring, we're deploying over 50,000 new e-scooters and e-bikes across European cities, our biggest and most diverse fleet ever. We're heading into the summer season in the strongest position we've ever been in."

Mathias Hermansson, CFO and Deputy CEO, added:
"We have continued to execute on the plan we set out, and our first quarter reflects the continued strong demand for our service as well as the investments we are making to set us up for the rest of the year. We reported both all-time high revenues and Adjusted EBITDA in a first quarter and continued to grow our last-twelve-months Adjusted EBITDA to EUR 30 million. Our strong unit economics and solid financial position allow us to keep investing in long-term value creation, while remaining fully committed to profitable growth."

Financial Highlights Q1 2026

• Net revenue increased by 38% to EUR 36.4 (26.3) million year over year.
• Vehicle profit increased by 35% to EUR 17.2 (12.7) million and Vehicle profit margin remained stable at 47.4% (48.4%).
• Adjusted EBITDA increased by EUR 0.4 million to EUR -1.8 (-2.2) million year over year with an Adjusted EBITDA margin of -5.0% (-8.3%).
• Adjusted EBIT decreased to EUR -8.9 (-7.2) million.
• EBIT decreased to EUR -10.8 (-7.9) million.
• Cash flow from operating activities decreased to EUR -11.1 (-7.1) million year over year.
• Net Interest Bearing Debt amounted to EUR 71.4 million, an increase of EUR 26.8 million from the previous quarter.

During the quarter, Voi continued to invest in its fleet and is in the process of deploying over 50,000 new vehicles during the spring. This is the first year that Voi will roll out more e-bikes than e-scooters, reflecting its long-term strategy to become a multi-modal platform and expand its addressable market. 

Voi's investment markets, particularly Paris and London, are progressing according to plan. Paris has established itself as a top five Voi city both in revenues and in utilisation and Voi is steadily gaining market share. In London, Voi is already operating in 10 boroughs with a combined population of 2.7 million people and is preparing to scale its e-bike fleet in the second quarter. During the quarter, Voi entered its 13th country with the launch of e-bike operations in the Netherlands.

The industry is entering the summer season, and Voi looks forward to continuing delivering on the plan it has set for 2026.