Voi Technology AB (publ) Third Quarter Report 2026
Voi Technology AB (publ) Publishes Third Quarter Report 2026
Voi Technology AB (“Voi” or the “Group”) delivered another record quarter in its seasonally strongest period. Riders took 53 million rides with Voi in the third quarter, close to half of the total rides taken in all of 2025. Net revenue growth accelerated to 53% year over year, reaching EUR 88.2 million. Adjusted EBITDA increased by 90% to EUR 31.0 million (35% margin) and Adjusted EBIT more than doubled to EUR 21.9 million (25% margin), while cash flow from operating activities reached a record EUR 33.4 million. On a last-twelve-months basis, the Group now generates EUR 241 million in Net revenue, EUR 54 million in Adjusted EBITDA and EUR 22 million in Adjusted EBIT.
Growth accelerated in the quarter as the approximately 50,000 vehicles added during the spring reached full effect across Voi’s markets. Rider demand continued to outpace fleet growth: Net Revenue per Vehicle and Day increased by 10% year over year to EUR 5.36, despite a 40% increase in Active Vehicles. Operating leverage lifted the Vehicle profit margin to 65.7% (62.9%), while strict working capital management converted the stronger earnings into cash.
During the quarter, Voi entered into a new EUR 150 million revolving credit facility with Danske Bank, Swedbank and DNB. The facility has since been used to redeem Voi’s four-year public bond, two years after issuance. It provides greater flexibility for fleet investment and is expected to significantly reduce the Group’s cost of capital from next year. Net Leverage fell to 0.94x, from 1.76x at the end of the second quarter.
Fredrik Hjelm, Co-Founder and CEO, commented:
“This quarter showed that our business model works better than ever. We are at an inflection point where all the key parameters are working together. Cities are getting better at regulating and at selecting the operators they trust, micromobility is now part of millions of people’s daily lives and operators that have professionalised the service are being rewarded by both cities and riders. We are only getting started.”
Mathias Hermansson, CFO and Deputy CEO, added:
“We have come a long way in how we finance our growth: from the early days of venture capital to now being able to significantly reduce our cost of capital via our new flexible bank facility. Repaying our bond after just two years reflects the cash generation now built into the business. The final step, funding our annual growth capex entirely from our own cash flows, is well within reach.”
Financial Highlights Q3 2026
- Net revenue increased by 53% to EUR 88.2 (57.5) million year over year.
- Vehicle profit increased by 60% to EUR 57.9 (36.2) million and Vehicle profit margin improved to 65.7% (62.9%).
- Adjusted EBITDA increased by EUR 14.6 million to EUR 31.0 (16.4) million year over year with an Adjusted EBITDA margin of 35.2% (28.4%).
- Adjusted EBIT increased to EUR 21.9 (9.4) million with an Adjusted EBIT margin of 24.8% (16.4%).
- EBIT increased to EUR 16.9 (8.1) million.
- Cash flow from operating activities increased to EUR 33.4 (19.8) million year over year.
- Net Interest Bearing Debt amounted to EUR 50.5 million, a decrease of EUR 18.7 million from the previous quarter.
All of Voi’s major markets developed strongly in the quarter, with no single city contributing more than 10% of revenue, demonstrating a well-diversified city portfolio. The megacity strategy is progressing, with Paris reaching stable regulation that allows Voi to expand its fleet in line with demand, while a unified pan-London framework is anticipated with the Transport for London tender next year. In Germany, cities have started to move towards tenders, led by Frankfurt earlier this year, with Berlin and several other large cities expected to follow.
After nine months, Voi has already surpassed its full-year 2025 Net revenue and Adjusted EBITDA. The Group enters the seasonally quieter fourth quarter with its strongest balance sheet to date and a clear focus on closing out a record year.