Voi: Q4 & annual report 2025 – Report

Financial performance

Full year 2025 (12M 2025)

• Net revenue: EUR 178.2m (2024: 132.8m)
• Operating profit (EBIT): EUR –7.6m (–3.3m)
• EBITDA: EUR 18.6m (14.5m)
• Adjusted EBITDA: EUR 29.3m (17.2m)
• Adjusted EBITDA margin: 16.4% (13.0%)
• Adjusted EBIT: EUR 3.2m (0.1m)
• Adjusted EBIT margin: 1.8% (0.1%)
• Net financial items: EUR –3.9m (–19.5m)
• Net profit/loss for the period: EUR –12.4m (–23.7m)
• Total comprehensive income: EUR –10.9m (–23.2m)

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Q4 2025

• Net revenue: EUR 47.5m (32.8m)
• Operating profit (EBIT): EUR –9.2m (1.4m)
• EBITDA: EUR –1.4m (7.2m)
• Adjusted EBITDA: EUR 5.2m (4.1m)
• Adjusted EBITDA margin: 10.9% (12.6%)
• Adjusted EBIT: EUR –2.6m (–0.9m)
• Net profit/loss: EUR –10.6m (0.5m)

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Revenue breakdown

By geography (12M 2025)

• Germany: 71.6m
• Sweden: 25.5m
• UK: 23.8m
• Others: 57.4m
• Total: 178.2m

Revenue recognition (12M 2025)

• Services at a specific point in time: 109.2m
• Services over a period of time: 69.1m
• Total revenue from contracts with customers: 178.2m

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KPIs (Q4 2025)

• Deployed vehicles: 141.8k
• Rides: 31,330k
• TVD: 2.40
• RVD: 3.64
• Vehicle profit: 25.2m
• Vehicle profit margin: 53.0%
• Market EBITDA: 14.5m
• Market EBITDA margin: 30.4%

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