Voi’s financial performance has been strengthened by several key factors, including the increasing adoption of micromobility solutions by both consumers and cities, a more consolidated market with fewer operators, and continued advances in operational efficiency and automation. These tailwinds have positioned Voi to capitalize on the evolving mobility landscape, where cities increasingly view shared micromobility as an integral part of their transportation ecosystems.

Financial Highlights Q4 2024

• Net revenue increased by 33.1% to EUR 32.8 (24.6) million year over year.
• Vehicle profit margin increased by 12.5 pp to 56.1% (43.7%) year over year.
• Adjusted EBITDA increased by EUR 9.4 million to EUR 4.1 (-5.3) million year over year with an Adjusted EBITDA margin of 12.6% (-21.6%).
• Adjusted EBIT increased by EUR 11.5 million to EUR -0.9 (-12.5) million year over year.
• EBIT increased by EUR 18.6 million to EUR 1.4 (-17.1) million year over year.

Financial Highlights Full Year 2024

• Net revenue increased by 12.7% to EUR 132.8 (117.9) million year over year.
• Vehicle profit margin increased by 7.6 pp to 57.0% (49.4%) year over year.
• Adjusted EBITDA increased by EUR 19.0 million to EUR 17.2 (-1.7) million year over year with an Adjusted EBITDA margin of 13.0% (-1.5%).
• Adjusted EBIT increased by EUR 31.2 million to EUR 0.1 (-31.1) million year over year.
• EBIT increased by EUR 34.8 million to EUR -3.3 (-38.1) million year over year.

Strong Financial Growth and Adjusted EBIT Profitability in 2024

In 2024, Voi generated revenues of EUR 132.8 million, representing 13% year-over-year growth. This momentum accelerated significantly in the final quarter, with revenues rising 33% in Q4 compared to the same period in 2023. This strong performance underscores the resilience of Voi’s services, even during the winter months, which traditionally see lower ridership levels. The company’s ability to maintain robust demand across seasons reflects both the strength of its service offering and increased usage among its customer base.

The Group’s Vehicle profit margin improved to 57% (49%), driven by increased operational efficiencies and improved vehicle utilisation. Adjusted EBITDA surged to EUR 17.2 (-1.7) million, showcasing the scalability of the business and its high operating leverage. This strong improvement is a result of higher average revenue per vehicle, optimised cost structures, and reduced overhead costs.

Most notably, Voi reported its first-ever Adjusted EBIT profit of EUR 0.1 (-31.1), a key indicator of the company’s transition into a profitable business model. In addition to the efforts leading to the improved EBITDA, this achievement was driven by the extended lifespan of Voi’s vehicles, which, through robust maintenance and refurbishment programmes, have remained in service longer than originally estimated. The Adjusted EBIT margin peaked at 20% during the third quarter, the company’s seasonally strongest period, further demonstrating the strength of Voi’s operational model.

A Strengthened Financial Position

2024 was also a year in which Voi significantly improved its financial position. At the beginning of the year, the company converted its outstanding convertible notes into equity, further strengthening its balance sheet. Throughout the year, all outstanding bank loans were fully repaid.

A key milestone was reached in October, when Voi successfully completed its first-ever bond issuance, raising EUR 50 million under a total bond framework of EUR 125 million. The proceeds from this bond issuance will support fleet expansion, ensuring that Voi remains well-positioned to scale its operations profitably in the coming years.

The Group closed 2024 with Cash and Cash Equivalents of EUR 60 million and total Liabilities to Bondholders of EUR 50 million, providing a solid financial foundation for future growth.

Mathias Hermansson, CFO and Deputy CEO at Voi, commented:

"Achieving our first full-year Adjusted EBIT profit is a major milestone for Voi and a clear demonstration of the effectiveness of our financial and operational strategy. Over the past years, we have taken decisive steps to improve profitability, enhance efficiency, and strengthen our financial position. These efforts are now bearing fruit, allowing us to continue expanding in a disciplined and sustainable manner. With a strong balance sheet and a well-optimised operating model, we are confident in our ability to drive profitable growth and further strengthen our position in the shared micromobility industry. This report may marks ‘the end of the beginning’ of the Voi journey."