The Q2 performance reinforces Voi’s ability to scale its operations efficiently while maintaining a disciplined cost structure. Strong rider engagement and landmark tender wins, most notably in Paris, underline the Group’s leading presence across the European micromobility landscape.

Mathias Hermansson, CFO and Deputy CEO, commented:
“Our performance in the quarter was by far the best second quarter ever! We delivered record performance in terms of customer engagement, financial performance and tender wins. Not only did our active riders grow by 29%, each of those riders used our service significantly more than the year before. Revenues grew 29% and we reported a record EUR 10 million in adjusted EBITDA. We moved our market positions forward with the tender win in Paris, where we were awarded 6,000 e-bikes over the coming 4 years and we also started our e-bike expansion into London after having been awarded contracts with several boroughs during the quarter.

Our deepest thank you to the Voi team, our loyal riders, progressive regulators, and supportive investors for making our journey possible. We look forward to shaping the future of urban mobility together.”

Financial Highlights Q2 2025:

• Net revenue increased by 29% to EUR 46.8 (36.4) million year over year.
• Vehicle profit margin increased by 0.8 pp to 60.4% (59.5%) year over year.
• Adjusted EBITDA increased by EUR 3.5 million to EUR 10.0 (6.5) million year over year with an Adjusted EBITDA margin of 21.3% (17.9%).
• Adjusted EBIT increased by EUR 0.5 million to EUR 3.5 (3.0) million year over year.
• EBIT increased by EUR 0.5 million to EUR 1.4 (1.0) million year over year.
• Cash flow from operating activities increased by EUR 2.4 million to EUR 11.5 (9.0) million year over year.
• Net Interest Bearing Debt amounted to EUR 27.1 million, a decrease of EUR 1.3 million from EUR 28.4 million as of 2025-03-31.

During the quarter, Voi completed one of the largest fleet expansions in its history, deploying approximately 45,000 new vehicles across numerous European cities. This rollout, financed through the EUR 50 million bond issued in late 2024, had an increased focus on e-bikes, to broaden Voi’s addressable market. Despite the complexity of the deployment and temporary inefficiencies these rollouts typically introduce, the initiative positions Voi for stronger performance in the second half of the year.

User engagement reached new heights in Q2, with a 29% increase in monthly active riders and a 19% increase in ride frequency per user compared to the same period last year. This uptick reflects stronger rider loyalty, engagement and retention. Voi also secured several strategic market wins during the quarter, most notably Voi won the tender to operate 6,000 e-bikes in Paris. This contract, the largest in the company’s history, is expected to generate annual revenues in the double-digit million EUR range and significantly enhances Voi’s position in France. France is now emerging as Voi’s most promising growth market following additional tender successes in Grenoble during the quarter and earlier wins in Le Havre and Saint-Quentin-en-Yvelines.

In the UK, Voi expanded its e-bike operations in London and are now operating in 6 boroughs, strengthening its multimodal presence in another key European capital. With these developments, Voi expects to operate around 150,000 vehicles by year-end, serving millions of riders while continuing to generate healthy cash flows. As micromobility adoption in Europe continues to grow, Voi is well-positioned to expand its role in shaping the future of sustainable urban transportation.