The e-scooter company increased net sales to 178.2 MEUR and the adjusted EBITDA margin rose by 3.5 percentage points — but it still reports a negative net result.
- Net sales: 178.2 MEUR — up 34% compared with 2024
- 116 million rides in 2025 — an increase of 55%
- Adjusted EBITDA: 29.3 MEUR, margin 16.4% (13.0% in 2024)
- Vehicle profit: 102.4 MEUR, margin 57.5%
- Operating in over 130 cities in 12 countries with approx. 160,000 vehicles
- Paris — the company's largest contract to date, 6,000 e-bikes
Voi Technology AB entered 2025 with positive operating cash flow for the first time. During the year the active vehicle fleet increased by 34 per cent to 124,000 vehicles, and the number of rides rose from 75 million to 116 million. Growth was broad — all major markets showed revenue increases of 26–29 per cent.
In June the City of Paris chose Voi as operator for 6,000 e-bikes — the company's largest contract to date. Operations started on 1 October. France, where Voi previously had a presence only in Marseille, became the company's fourth-largest market in the fourth quarter of 2025.
Margins improved as a result of higher utilisation and increased operational efficiency. Adjusted EBITDA increased by 70 per cent to 29.3 MEUR, while the adjusted EBITDA margin rose by 3.5 percentage points to 16.4 per cent. The net result was –12.4 MEUR (–23.7 MEUR in 2024) and operating profit (EBIT) amounted to –7.6 MEUR.
At year-end, cash amounted to 56.1 MEUR. In December Voi signed a revolving credit facility of 25 MEUR with Danske Bank and Swedbank, running until April 2028. The company's bonds have been listed on Nasdaq Stockholm since June 2025. The shares are not listed on any regulated market.
Voi is traded on Eqvor Explore Voi
