Voi Technology (VOI) Q3 2025 earnings summary

Executive summary

• Net revenue grew 34% year-over-year in Q3 to EUR 57.5 million, driven by a 34% increase in fleet size and 57% more rides, with stable revenue per vehicle and day at EUR 4.62.

• Adjusted EBITDA reached EUR 16.4 million (28.4% margin), up from EUR 12.8 million, and cash flow from operating activities hit a record EUR 19.8 million.

• Strategic investments included a new refurbishment hub in Poland and expansion in key cities like Paris, Edinburgh, and Glasgow.

• Net Interest Bearing Debt decreased to EUR 24.1 million, below 1x LTM Adjusted EBITDA, supporting further bond program expansion.

Financial highlights

• Q3 net revenue: EUR 57.5 million (+34% YoY); first 9 months: EUR 130.7 million (+31% YoY).

• Vehicle profit margin stable at 62.9% in Q3; 9M margin up 1.8 pp to 59.1%.

• Adjusted EBITDA Q3: EUR 16.4 million (28.4% margin); 9M: EUR 24.1 million (18.5% margin).

• EBIT Q3: EUR 8.1 million; 9M: EUR 1.6 million (up from -4.7 million YoY).

• Cash flow from operating activities Q3: EUR 19.8 million (+EUR 7.9 million YoY).

Outlook and guidance

• Continued focus on profitable growth, fleet expansion, and e-bike market leadership, especially in France and the UK.

• Paris re-entry and new tenders in France and the UK expected to drive further growth.

• Bond program enlarged by EUR 40 million to support 2026 fleet expansion.