Swvl Announces FY 2025 Results with 41% Revenue Growth to $24.2 Million and Net Income of $1.3 Million

Mustafa Eid, Dubai, United Arab Emirates, April 20, 2026

Swvl Holdings Corp (“Swvl” or the “Company”), a leading provider of technology-enabled mass mobility solutions for enterprises and governments, listed on Nasdaq under the ticker (SWVL), has announced its financial results for the fiscal year ended December 31, 2025.

The Company delivered a significant financial turnaround during FY 2025, reporting a 41% increase in revenue to $24.2 million, compared to $17.2 million in FY 2024. Swvl also returned to profitability, recording net income of $1.3 million versus a net loss of $10.3 million in the previous year, alongside a return to positive shareholders’ equity.

This performance was driven by strong demand for enterprise mobility solutions across Egypt and the Gulf Cooperation Council (GCC), in addition to disciplined cost management that reduced general and administrative expenses by 39.5%, and a strategic shift toward higher-quality, recurring, and dollar-pegged revenue streams.

The scale of improvement was reflected across key financial metrics, with net income improving by approximately $11.6 million year-over-year. Operating cash outflows narrowed by 42% to $2.1 million, while working capital turned positive at $1.0 million. Total equity improved by $3.6 million to reach $2.9 million. The Company also entered FY 2026 with a strong sales backlog of $38.2 million and a net dollar retention rate of 128%.

Revenue performance showed broad-based growth, with both Egypt and the GCC contributing significantly. Business-to-business (B2B) revenue rose by 56% to approximately $20.3 million, accounting for 84% of total revenue, compared to 75% in FY 2024. This reflects the success of Swvl’s enterprise-first strategy, which is driving longer-term contracts, higher revenue per client, and more predictable income streams.

In contrast, business-to-consumer (B2C) revenue declined by 8% to around $3.9 million, as the Company continued to shift its strategic focus toward enterprise clients.

Revenue quality also improved notably, with recurring revenue increasing to 84% of total revenue, up from 75% in the prior year, supported by long-term contracts that enhance visibility and reduce seasonality. Dollar-pegged revenue rose to 33% of total revenue, compared to 23% in FY 2024, driven by growth in markets such as the United Arab Emirates and Saudi Arabia, helping to mitigate foreign exchange risks.

Swvl’s Net Dollar Retention (NDR) reached 128%, indicating that existing customers expanded their spending year-over-year. The Company views this as a strong indicator of product-market fit and its ability to grow within its existing customer base without significant additional acquisition costs.

The Company’s sales backlog stood at $38.2 million as of December 31, 2025, including $18.4 million in contracted revenue and $19.8 million in expected renewals, providing strong visibility into near-term revenue performance.

Regionally, Egypt remained the Company’s largest market, with revenue increasing by 20% to $16.2 million, up from $13.5 million in FY 2024. Growth was driven by expansion among key clients in manufacturing, financial services, and logistics, including multinational corporations and government entities. Egypt’s NDR reached 126%, reflecting strong expansion within the Company’s most established market.

In the GCC, revenue more than doubled, rising by 122% to $8.0 million, compared to $3.6 million in FY 2024. The GCC accounted for 33% of total Group revenue, up from 21% in the prior year. The United Arab Emirates experienced rapid growth driven by major enterprise contracts, while Saudi Arabia expanded its client base to 34 active accounts. The Company also entered Kuwait and Qatar, which are expected to contribute to growth in FY 2026.

Operating expenses declined by 36% to $7.2 million, compared to $11.2 million in FY 2024, and decreased as a percentage of revenue from 65% to 30%, highlighting improved operating efficiency. General and administrative expenses fell by 39.5% to $6.7 million, primarily due to a 43% reduction in staff costs, alongside decreases in insurance and technology expenses.

Meanwhile, selling and marketing expenses increased to approximately $0.47 million from $0.12 million, reflecting investments in building commercial teams, particularly in the UAE, to support regional expansion. These investments have already contributed to revenue growth in the GCC.

The combination of strong revenue growth and cost reduction resulted in a 94% improvement in operating loss, narrowing to $0.5 million from $8.5 million, positioning the Company close to achieving operating profitability.

Swvl’s balance sheet strengthened during the year, with total assets increasing by 22% to $20.0 million, driven by higher receivables, technology investments, and right-of-use assets. Total equity returned to positive $2.9 million, compared to negative $0.7 million in FY 2024, while working capital improved to a positive $1.0 million.

Commenting on the results, Mostafa Kandil, Chief Executive Officer of Swvl, said that FY 2025 demonstrates the scalability of the Company’s enterprise-focused model, highlighting the 41% revenue growth, return to profitability, and strong expansion in the GCC. He added that the quality of revenue remains a key strength, with 84% recurring revenue, a 128% net dollar retention rate, and a $38 million sales backlog providing clear visibility into FY 2026. He noted that Swvl aims to build on this momentum as it expands across the GCC, the United Kingdom, and the United States.

Ahmed Misbah, Chief Financial Officer, added that the results reflect a strong alignment between growth and profitability, noting that increasing revenue while reducing operating expenses demonstrates the Company’s operating leverage. He emphasized that equity has returned to positive levels, working capital has improved, and the revenue base is now structurally stronger than ever.

For FY 2025, Swvl reported revenue of $24.2 million, net income of $1.3 million, gross profit of $4.4 million, and operating expenses of $7.2 million. B2B revenue reached $20.3 million, representing 84% of total revenue. GCC revenue stood at $8.0 million, while Egypt revenue reached $16.2 million. The Company ended the year with $4.4 million in cash, positive total equity of $2.9 million, a sales backlog of $38.2 million, and net dollar retention of 128%.

Swvl operates across Egypt, Saudi Arabia, the UAE, and Kuwait.

The Company noted that this announcement includes forward-looking statements regarding future events and expectations, including growth prospects, expansion plans, and financial performance. These statements are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Swvl emphasized that it does not undertake any obligation to update these forward-looking statements, except as required by law, and advised investors to refer to its filings with the U.S. Securities and Exchange Commission for further details on risk factors.

• Tafweela: Driving Egyptian Mobility Forward through a Full Vehicle Payment Ecosystem