Voi Technology (VOI) Q4 2025 earnings summary

Executive summary

• Achieved record user growth and revenue, with over 100 million rides in 2025 and strong expansion in key European cities, notably Paris and London.

• Investments in fleet expansion, especially e-bikes, and infrastructure such as a new warehouse in Poland supported growth and operational efficiency.

Financial highlights

• Q4 net revenue rose 45% year-over-year to EUR 47.5 million; full-year net revenue up 34% to EUR 178.2 million.

• Q4 vehicle profit increased 37% to EUR 25.2 million, but margin declined to 53.0%; full-year vehicle profit up 35% to EUR 102.4 million, margin stable at 57.5%.

• Adjusted EBITDA for Q4 up 26% to EUR 5.2 million; full-year Adjusted EBITDA up 70% to EUR 29.3 million, margin improved to 16.4%.

• Adjusted EBIT for the year increased to EUR 3.2 million; EBIT decreased to EUR -7.6 million due to higher adjustments, mainly employee incentive costs.

• Cash flow from operating activities nearly doubled to EUR 24.2 million for the year.

Outlook and guidance

• Continued investment in multi-modal fleet and selective expansion planned for H1 2026.

• Focus remains on operational efficiency and increasing cash flow generation.