Swvl (SWVL) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 59% YoY to $16.22M; gross profit increased 35% to $2.95M, while operating loss was $0.57M.

• Recurring revenue reached 88% of total, dollar-pegged revenue 44%, and net dollar retention 123%.

• Operating margin improved to -3.5% from -4.1%, while continuing operations recorded a $0.52M net loss versus $0.43M net profit in H1 2025.

Financial highlights

• Revenue was $16.22M versus $10.19M in H1 2025; Q2 revenue was $8.0M, up 51% YoY from $5.28M.

• Gross profit was $2.95M versus $2.19M; gross margin declined to 18.2% from 21.5%, reflecting the higher UAE revenue mix.

• Operating loss was $0.57M versus $0.42M; loss before tax and net loss from continuing operations were $0.52M versus H1 2025 profit of $0.43M.

• Basic and diluted loss per share were both $0.05 versus earnings per share of $0.04; general and administrative expenses rose to $3.7M from $2.9M.

Outlook and guidance

• Prioritizing 1–5-year enterprise contracts to support predictable, profitable growth and reduce exposure to market seasonality.

• Expansion across the GCC, UK and US and progress toward sustained operating profitability are stated priorities; launches are expected to increase hard-currency revenue and reduce FX exposure.

• Management stated no events or conditions raise doubt about the ability to continue as a going concern for 12 months after financial statement preparation.