Voi Technology AB (publ) Second Quarter Report 2026
Voi Technology AB (publ) Publishes Second Quarter Report 2026
Voi Technology AB (“Voi” or the “Group”) reached a number of important milestones in the second quarter. The Group crossed EUR 200 million in last-twelve-months Net revenue for the first time, with Net revenue growing 47% year over year to EUR 68.8 million, and further established its position in two of the largest micromobility markets in the world, London and Paris. Adjusted EBITDA increased 97% year over year to EUR 19.7 million, an Adjusted EBITDA margin of 29% and EBIT reached EUR 9.9 million, an all-time high in a single quarter. These results reflect the compounding effect of the investments made in fleet, user experience, operational efficiency and expansion markets over the past 18 months.
Net Revenue per Vehicle and Day increased by 7% year over year, even as the fleet grew by 38% following the deployment of more than 50,000 additional vehicles during the spring, against a backdrop of more normalised weather this quarter following the harsh winter at the start of the year. Net Leverage declined to 1.76x, from 2.41x at the end of the first quarter, as strong cash flow generation continued alongside substantial investment in fleet growth.
Fredrik Hjelm, Co-Founder and CEO, commented:
“This is the quarter our long-term initiatives started to compound. We are now established in two of the largest micromobility markets in the world, London and Paris, and the demand we are seeing tells us this is only the beginning. We enter the second half of the year in our strongest position yet, and we are playing the long game.”
Mathias Hermansson, CFO and Deputy CEO, added:
“Every margin line improved this quarter, and EBIT reached the highest level we have reported in a single quarter. That reflects both the strong underlying demand and the operating leverage now built into our model. The strength of our cash generation allowed us to meaningfully reduce leverage even as we continued to fund substantial fleet growth. We remain committed to balancing our investments in growth with laser-focus on growing profitability and cash flows. ”
Financial Highlights Q2 2026
- Net revenue increased by 47% to EUR 68.8 (46.8) million year over year.
- Vehicle profit increased by 56% to EUR 44.1 (28.3) million and Vehicle profit margin improved to 64.0% (60.4%).
- Adjusted EBITDA increased by EUR 9.7 million to EUR 19.7 (10.0) million year over year with an Adjusted EBITDA margin of 28.6% (21.3%).
- Adjusted EBIT increased to EUR 11.6 (3.5) million.
- EBIT increased to EUR 9.9 (1.4) million.
- Cash flow from operating activities increased to EUR 25.2 (11.5) million year over year.
- Net Interest Bearing Debt amounted to EUR 69.2 million, a decrease of EUR 2.2 million from the previous quarter.
During the quarter, Voi strengthened its position across its investment markets. In Paris, the city increased Voi's fleet in recognition of strong utilisation and compliance, and France remains the Group's fastest-growing geography, reinforced by e-bike tender wins in Marseille and Nantes. In London, Voi's largest investment market to date, the e-bike rollout continued borough by borough.
The second half of the year includes Voi's seasonally strongest months, and the Group enters this period with its commercial engine performing at its highest level to date.