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 was 44%, and net dollar retention was 123%.

• Operating-loss margin improved to -3.5% from -4.1% as operating expenses fell to 25.0% of revenue from 28.6%.

Financial highlights

• Revenue was $16.22M versus $10.19M in H1 2025; gross profit was $2.95M versus $2.19M.

• Net loss was $0.52M versus net profit of $0.43M; basic and diluted EPS were both -$0.05 versus $0.04.

• Total comprehensive loss was $0.70M versus $0.97M; foreign currency translation losses were $0.18M versus $1.40M.

• Operating expenses were $4.1M, up 39% YoY, below the 59% revenue growth rate.

Outlook and guidance

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

• GCC expansion and launches in the UK and US are expected to increase hard-currency revenue and reduce foreign-exchange exposure; sustained operating profitability remains a priority.