Voi Technology (VOI) Q2 2025 earnings summary

Executive summary

• Net revenue grew 29% year-over-year in Q2 2025 to EUR 46.8 million, with strong operational momentum and increased profitability.

• Adjusted EBITDA reached EUR 10.0 million (21.3% margin), and cash flow from operating activities rose to EUR 11.5 million.

• Major fleet expansion and successful market entries, including a landmark Paris contract, position the company for future growth.

• User base and ride frequency both increased significantly, reflecting improved engagement and retention.

Financial highlights

• Q2 net revenue: EUR 46.8 million, up 29% year-over-year; H1 net revenue: EUR 73.2 million, up 28%.

• Vehicle profit margin in Q2 rose to 60.4% (from 59.5%); Adjusted EBITDA margin improved to 21.3%.

• EBIT for Q2 increased to EUR 1.4 million (from EUR 1.0 million); net loss for Q2 was EUR -1.9 million.

• Cash flow from operating activities in Q2 was EUR 11.5 million, up from EUR 9.0 million year-over-year.

• Net Interest Bearing Debt at quarter-end was EUR 27.1 million, down from EUR 28.4 million at March 31, 2025.

Outlook and guidance

• By year-end, the company expects to operate around 150,000 vehicles, serve millions of riders, and generate healthy cash flows.

• Continued reinvestment in growth and expansion into new markets, with a focus on e-bikes and multi-modal offerings.

• Paris contract expected to generate double-digit millions in annual revenue and strengthen presence in France.