Voi Technology (VOI) Q2 2026 earnings summary

Executive summary

• Achieved record revenues and profitability in Q2 2026, surpassing EUR 200 million LTM revenue for the first time.

• Expanded into major micromobility markets, including London and Paris, with strong operational performance and fleet growth.

• Net revenue grew 47% year-over-year to EUR 68.8 million, with 43 million rides taken, up 38% year-over-year.

• Profitability improved across all margin lines, driven by operational leverage and capital allocation focus.

Financial highlights

• Q2 net revenue: EUR 68.8 million, up 47% year-over-year; H1 net revenue: EUR 105.2 million, up 44%.

• Vehicle profit Q2: EUR 44.1 million (+56%); margin 64.0% (up from 60.4%).

• Adjusted EBITDA Q2: EUR 19.7 million (+97%); margin 28.6% (up from 21.3%).

• Adjusted EBIT Q2: EUR 11.6 million (up from 3.5 million); EBIT Q2: EUR 9.9 million (up from 1.4 million).

• Net profit for Q2: EUR 4.7 million (vs. loss of EUR 1.9 million prior year).

• Cash flow from operating activities Q2: EUR 25.2 million (up from 11.5 million).

Outlook and guidance

• Entering peak season with expectations for continued strong performance and further user growth.

• London and Paris expected to drive future revenue, with London e-bike market estimated at over EUR 250 million annually.

• Continued focus on capital allocation, operational efficiency, and durable cash flow generation.