[6-K] Swvl Holdings Corp Current Report (Foreign Issuer)
Rhea-AI Filing Summary
Swvl Holdings Corp reported strong Q1 2026 growth with improving profitability trends. Revenue rose 68% year-over-year to $8.2 million from $4.9 million, driven mainly by more than doubling GCC revenue and 45% growth in Egypt.
Gross profit increased 63% to $1.6 million, and the operating loss narrowed to $0.17 million from $0.59 million, improving the operating margin from -12% to -2% as operating expenses fell to 23% of revenue from 34%. Recurring revenue reached 88% of total revenue and dollar-pegged revenue reached 44%, while consolidated net dollar retention was 114%, indicating higher spending from existing customers.
Swvl reported a small loss before tax of $0.09 million versus a prior profit of $0.77 million, mainly because a non-cash fair-value gain on financial liabilities was much smaller than in Q1 2025. Management highlighted that underlying operating performance is improving and emphasized plans to scale further across the GCC and expand in the United Kingdom and United States.
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Insights
Swvl shows rapid revenue growth with clear operating leverage, despite a small pre-tax loss.
Swvl’s Q1 2026 revenue grew 68% year-over-year to $8.2 million, with GCC sales up 111% and Egypt up 45%. Recurring revenue of 88% and net dollar retention of 114% point to a sticky, expanding enterprise customer base.
Operating expenses of $1.9 million were broadly flat yet fell from 34% to 23% of revenue, narrowing the operating loss to $0.17 million and lifting the operating margin to -2%. The swing from a prior-period profit before tax to a $0.09 million loss is primarily due to a smaller non-cash fair-value gain, not weaker operations.
The business now operates close to breakeven with a growing share of dollar-pegged revenue (44% of total), which can help reduce FX risk. Subsequent filings may provide more detail on progress toward sustained operating profitability as Swvl scales in the GCC and ramps its United Kingdom and United States presence.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2026
Commission File Number: 001-41339
Swvl Holdings Corp
The Offices 4, One Central
Dubai World Trade Centre
Dubai, United Arab Emirates
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
CONTENTS
On June 16, 2026, Swvl Holdings Corp (“Swvl”) issued a press release titled: “Swvl Announces Q1 2026 Results; Revenue Up 68%; GCC Revenue Up 111%; Dollar-Pegged Revenue Up 110% and Net Dollar Retention of 114%.” A copy of this press release is furnished herewith as Exhibit 99.1.
On June 16, 2026, Swvl also made available an investor presentation on its website. A copy of the investor presentation is furnished herewith as Exhibit 99.2.
The sections titled “Q1 2026 Financial Highlights,” “Summary,” “Revenue Performance,” “Revenue Quality Metrics,” “Operating Expense Discipline,” “Profitability and Non-Operating Items,” “Financial Summary” and “Forward-Looking Statements” in the press release are incorporated by reference into Swvl’s Registration Statement on Form F-3 (Registration No. 333-279918) and Form S-8 (Registration No. 333-265464) filed with the Securities and Exchange Commission, to be a part thereof from the date on which this Report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
Exhibit | | Description of Exhibit |
99.1 | | Press release titled: “Swvl Announces Q1 2026 Results; Revenue Up 68%; GCC Revenue Up 111%; Dollar-Pegged Revenue Up 110% and Net Dollar Retention of 114%.” |
99.2 | | Investor presentation |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SWVL HOLDINGS CORP | |
| | |
Date: June 16, 2026 | By: | /s/ Mostafa Kandil |
| Name: | Mostafa Kandil |
| Title: | Chief Executive Officer |
Exhibit 99.1
Swvl Announces Q1 2026 Results; Revenue Up 68%; GCC Revenue Up 111%; Dollar-Pegged Revenue Up 110% and Net Dollar Retention of 114%
Revenue grew 68% year-over-year to $8.2M; GCC revenue more than doubled (+111%)
Gross profit grew by 63% year-over-year to $1.6M
Operating loss narrowed 71% to $0.17M (operating margin of -2%) from $0.59M (operating margin of -12%), approaching operating breakeven
Recurring revenue rose to 88% of total; dollar-pegged revenue reached 44% of total (+111%)
NDR of 114%
Operating expenses fell to 23% of revenue from 34%, reflecting continued operating leverage
Dubai, United Arab Emirates, June 16, 2026 (GLOBE NEWSWIRE) — Swvl Holdings Corp (“Swvl” or the “Company”, and together with the Company’s subsidiaries, the “Group”) (NASDAQ: SWVL), a leading provider of technology-enabled mass mobility solutions for enterprises today announced its financial results for the three months ended March 31, 2026 (“Q1 2026”).
Swvl carried its FY 2025 momentum into the new fiscal year, growing Q1 2026 revenue by 68% to $8.2 million compared to $4.9M for the three months ended March 31, 2025 (“Q1 2025”), while narrowing its operating loss by 71%. Growth was led by accelerating enterprise demand across the Gulf Cooperation Council (“GCC”) and continued expansion in Egypt, supported by disciplined cost management and a revenue base that is increasingly recurring and dollar-pegged.
The quarter’s improvement was broad-based. Gross profit grew 63% from $0.98M for Q1 2025 to $1.6 million for Q1 2026, the operating loss narrowed to $0.17M for Q1 2026 from $0.59M for Q1 2025, and operating expenses declined to 23% of revenue from 34% a year earlier. Consolidated net dollar retention of 114% reflected continued expansion within the Company’s existing customer base.
Q1 2026 Financial Highlights
· | Revenue: $8.2M, up 68% year-over-year from $4.9M |
· | Gross profit: $1.6M, up 63% year-over-year from $1.0M; gross margin of 19.4% (vs 19.9% in Q1 2025) |
· | Operating loss narrowed 71% to $0.17M from $0.59M; operating margin improved to (2.1%) from (12.0%) |
· | GCC revenue: $3.6M, up 111% year-over-year from $1.7M |
· | Egypt revenue: $4.6M, up 45% year-over-year from $3.2M |
· | Recurring revenue: 88% of total revenue (vs 86% in Q1 2025) |
· | Dollar-pegged revenue: $3.6M, 44% of total revenue (vs 35% in Q1 2025) |
· | Consolidated Net Dollar Retention: 114% (Egypt 121%, GCC 105%) |
· | Operating expenses (general and administrative (G&A) and sales and marketing (S&M)): $1.9M, equal to 23% of revenue, down from 34% |
Summary
(USD, in millions) | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
Revenue | $8.2 | $4.9 | +68% |
Gross profit | $1.6 | $0.98 | +63% |
Gross margin | 20% | 19% | (1pp) |
Operating profit/(loss) | ($0.17) | ($0.59) | (71%) |
Operating margin | (2%) | (12.0%) | +10pp |
Profit/(loss) before tax | ($0.09) | $0.77 | n.m. |
Revenue Performance
Revenue increased 68% to $8.2 million in Q1 2026 from $4.9 million in Q1 2025, with growth contributed by both of the Company’s core markets. The GCC was the primary driver, more than doubling year-over-year, while Egypt sustained double-digit growth.
Recurring revenue grew 72% to $7.2 million and represented 88% of total revenue, in comparison to 86% in Q1 2025. Transactional revenue was $1.0 million, or 12% of total revenue. The Company’s enterprise-first strategy continues to drive longer-duration contracts, higher average revenue per account, and more predictable revenue streams.
Revenue Quality Metrics
Recurring Revenue: recurring revenue represented 88% of total revenue in Q1 2026, in comparison to 86% in Q1 2025. Long-term enterprise contracts continued to provide predictable cash flows and reduce the impact of seasonality.
Dollar-Pegged Revenue: dollar-pegged revenue grew 111% to $3.6 million and represented 44% of total revenue, in comparison to 35% in Q1 2025. Continued expansion in the GCC is shifting the revenue base toward hard-currency earnings and reducing foreign currency exchange exposure.
Net Dollar Retention (“NDR”): consolidated NDR was 114%, indicating that existing customers expanded their spend with Swvl year-over-year. Egypt’s NDR was 121% and the GCC’s NDR was 105%. We view this metric as reflecting strong product-market fit and the Company’s ability to grow within its installed customer base without incremental acquisition costs.
Operating Expense Discipline
Operating expenses (G&A and S&M combined) were $1.9 million in Q1 2026, broadly stable in absolute terms despite a 68% increase in revenue. As a percentage of revenue, operating expenses decreased from 34% to 23%, underscoring the operating leverage in Swvl’s business model as it scales.
The combination of 68% revenue growth and disciplined cost management produced a 71% improvement in operating loss, which narrowed to $0.17 million from $0.59 million, positioning Swvl near operating breakeven.
Profitability and Non-Operating Items
Swvl reported a loss before tax of $0.09 million in Q1 2026, in comparison to a profit before tax of $0.77 million in Q1 2025. The year-over-year movement was driven primarily by non-operating, non-cash items rather than operating performance: the change in fair value of financial liabilities contributed a gain of $1.4 million in Q1 2025, compared to $0.14 million in Q1 2026. Excluding this item, operating performance improved materially, with the operating loss narrowing 71% year-over-year. Finance income was $0.01 million and finance costs were $0.07 million in the quarter.
Mostafa Kandil, Chief Executive Officer of Swvl, commented:
“We believe Q1 2026 shows that the inflection point we reached in FY 2025 is durable. We grew revenue 68% year over year, more than doubled our GCC business, and brought our operating loss to near
breakeven; all while holding operating expenses essentially flat. With 88% of revenue recurring and net dollar retention at 114%, we are compounding on a base of long-duration enterprise relationships. As we scale across the GCC, and begin to launch operations in the United Kingdom and the United States, we are focused on converting this momentum into sustained operating profitability.”
Ahmed Misbah, Chief Financial Officer of Swvl, added:
“Growing revenue 68% year over year while keeping operating expenses flat is what operating leverage looks like in practice. For Q1 2026, operating expenses fell from 34% of revenue to 23%, and the operating loss narrowed 71%. The reported pre-tax loss reflects a smaller non-cash fair-value gain than the prior-year quarter, not a deterioration in the underlying business; we view the operating trend as clearly positive. Our revenue mix also continues to strengthen, with recurring revenue at 88% and dollar-pegged revenue at 44% of the total.”
Financial Summary:
For Q1 2026, Swvl reported revenue of $8.2 million (up 68% from $4.9 million in Q1 2025), gross profit of $1.6 million (up 63%), and an operating loss of $0.17 million (narrowed 71% from $0.59 million). Operating expenses were $1.9 million, equal to 23% of revenue, down from 34%. GCC revenue grew 111% to $3.6 million, while Egypt revenue grew 45% to $4.6 million. Recurring revenue represented 88% of total revenue and dollar-pegged revenue represented 44%. Consolidated net dollar retention was 114%. The Company reported a loss before tax of $0.09 million, compared to a profit before tax of $0.77 million in Q1 2025 that included a $1.4 million non-cash fair-value gain. Swvl operates across Egypt, the Kingdom of Saudi Arabia, the UAE, Kuwait, Qatar, the United Kingdom, and the United States.
Forward-Looking Statements:
This press release contains “forward-looking statements” relating to future events. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts. For example, Swvl is using forward-looking statements when it discusses the Company’s ability to grow within its installed customer base without incremental acquisition costs, the expected contribution of Kuwait and Qatar to GCC revenue over the course of FY 2026, the durability of the Company’s growth inflection, its expected expansion into new markets including the United Kingdom and the United States, and its focus on converting current momentum into sustained operating profitability.
These statements are based on the current expectations of Swvl’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Swvl. These statements are subject to a number of risks and uncertainties regarding Swvl’s business, and actual results may differ materially. In particular, the financial results presented herein are unaudited interim results and remain subject to year-end audit adjustments.
In addition, forward-looking statements provide Swvl’s expectations, plans, or forecasts of future events and views as of the date of this communication. Swvl anticipates that subsequent events and developments could cause Swvl’s assessments and projections to change. However, while Swvl may elect to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as representing Swvl’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon any forward-looking statements. Except as otherwise required by law, Swvl undertakes no obligation to
publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”), which is available on the SEC’s website, www.sec.gov, and in subsequent SEC filings.
About Swvl
Swvl Holdings Corp (NASDAQ: SWVL) is a leading provider of technology-driven mobility solutions for enterprises and governments. Its platform leverages real-time data, adaptive networks, and advanced technology to deliver safer, more reliable, and sustainable transportation solutions. Swvl serves corporate clients, government institutions, schools, and healthcare providers across Egypt, the Kingdom of Saudi Arabia, the UAE, Kuwait, Qatar, the United Kingdom, and the United States. For more information, visit www.swvl.com.
Contact:
Investor relations: ir@swvl.com
Ahmed Misbah, CFO of Swvl: ahmed.misbah@swvl.com
Exhibit 99.2
| Investor Update Q1 2026 |
| Forward-looking Statements 1/ Disclaimer This presentation may contain “forward-looking statements” which include, but are not limited to, statements regarding future events and other statements that are not historical facts. Forward-looking statements are generally accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. For example, Swvl Holdings Corp (“Swvl”) is using forward-looking statements when it discusses its technology, solutions and product suite capabilities; the belief that its solutions will enable the operation of a fully optimized transportation network, empowering accessible, efficient and reliable transportation; the expansion of its business in the United States (“US”) and the United Kingdom (“UK”); its long-term sustainability and dollar-pegged growth; the expansion of dollar-pegged revenue to reduce exposure to changes in foreign currencies; the expansion of engineering operations and support teams in some of the cost-effective markets it operates in; the expectation that its new cohort of contracts will continue to grow year-over-year (YoY) while its commercial engine will consistently bring in new cohorts of contracts at an accelerating pace; the expectation that its strong gross profit growth positions Swvl for continued success in the years ahead and the expected revenue and gross margin in the upcoming fiscal year; that it is approaching break even; its expected profit margin expansion; and that by prioritizing recurring revenue over transactional revenue, Swvl aims to set a foundation for predictable and profitable growth while reducing the impact of market seasonality These statements are based on the current expectations of Swvl’s management and are not predictions of actual performance. These forward-looking statements must not be relied on by any investor as a guarantee, assurance, prediction, or definitive statement of fact or probability. Actual results and outcomes could differ materially for a variety of reasons, including, among others, general economic, political and business conditions; the ability of Swvl to execute its growth strategy, manage growth profitably and retain its key employees; competition with other companies in the mobility industry; Swvl’s limited operating history and lack of experience as a public company; recent implementation of certain policies and procedures to ensure compliance with applicable laws and regulations, including with respect to anti-bribery, anti-corruption, and cyber protection; the risk that Swvl is not able to execute its portfolio optimization plan; the risk that Swvl is unable to attract and retain consumers and qualified drivers and other high-quality personnel; the risk that Swvl is unable to protect and enforce its intellectual property rights; the risk that Swvl is unable to determine rider demand to develop new offerings on its platform; the difficulty of obtaining required registrations, licenses, permits or approvals in jurisdictions in which Swvl currently operates or may in the future operate; the fact that Swvl currently operates in and intends to expand into jurisdictions that are, or have been, characterized by political instability, may have inadequate or limited regulatory and legal frameworks and may have limited, if any, treaties or other arrangements in place to protect foreign investment or involvement; the risk that Swvl’s drivers could be classified as employees, workers or quasi-employees in the jurisdictions they operate; the fact that Swvl has operations in countries known to experience high levels of corruption and is subject to territorial anti-corruption laws in these jurisdictions; the ability of Swvl to maintain the listing of its securities on Nasdaq; Swvl’s acquisitions may not be beneficial to Swvl as a result of the cost of integrating geographically disparate operations and the diversion of management’s attention from its existing business, among other things; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission. The foregoing list of risk factors is not exhaustive. There may be additional risks that Swvl presently does not know or that Swvl currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Swvl’s expectations, plans or forecasts of future events and views as of the date of this communication. Swvl anticipates that subsequent events and developments will cause Swvl’s assessments and projections to change. However, while Swvl may elect to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Swvl’s assessments as of any date subsequent to the date of this presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Business at a Glance One platform, complete control, measurable ROI — route-optimization software (SaaS) paired with end-to-end managed mobility (MaaS). Rider app, operator dashboard & captain app Mobility Interface Suite Driver vetting, geo-monitoring, incident reporting Safety, Compliance & Monitoring Vehicle rostering, smart dispatch, max utilization Fleet Management System SaaS / white-label API, identity & access control Platform & Integrations KPIs, SLA tracking, cost-per-ride analytics Data & Business Intelligence 2/ Education Hubs BPO & Call Center Corporate Offices Warehouses & Logistics City to City Travelers Manufacturing & Industrial Hospitals & Healthcare Shuttle & Feeder Networks Route design & network planning · captain onboarding · analytics & SLA reporting Asset-light vehicle sourcing · on-ground QA · integrated Apps · 24/7 support Route optimization, demand prediction, dynamic pricing AI & Network Intelligence Platform Capabilities Software (SaaS) Managed Mobility (MaaS) Delivery Model SLA - Service level agreement defining metrics, performance standards and expectations of service being provided by the supplier to the customer API - Application Programming Interface which are a set of rules and protocals that enable software applications to communicate with each other SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Q1 2026: results Dollar Pegged-Revenue 44% Dollar-pegged revenue grew to 44% up from 35% in Q1'25 Revenue Growth 68% Revenue grew to $8.2M, up from $4.9M in Q1'25 Recurring Revenue 88% Recurring revenue grew to 88%, up from 86% in Q1'25 Gross Profit 63% Gross profit expanded to $1.6M, up from $0.98M in Q1'25 Net Dollar Retention 114% Net dollar retention of 114% reflects strong existing customer expansion Operating Margin -2% Loss narrowed by 71%, from -12% in Q1’25 to -2% in Q1’26 3/ The march to operating profitability Revenue is compounding while losses are shrinking. In Q1 2026 Swvl grew revenue by 68% year-over-year and cut its operating loss by 71% the clearest signal yet of operating leverage and a credible path to breakeven. SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Financial Performance Q1'24 Q1'25 Q1'26 Revenue Gross Profit 4/ Q1'24 Q1'25 Q1'26 $8.24M $0.83M $1.60M $4.91M $0.98M $4.4M 18% 68% 12% 63% SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| 5/ Q1’25 Operating Loss Gross Profit G&A Expense +$38K Other Items, Net Q1’26 Operating Loss Gross-profit gains of $618K more than absorbed disciplined cost growth, cutting the operating loss 71% from $590K to $174K and bringing Swvl to the edge of breakeven. Operating result walk, Q1’25 → Q1’26 ($ thousands) Operating Loss Bridge Q1’25 Q1’26 ▼ 71% reduction in operating loss YoY −$590K +$618K −$240K −$174K 0 SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Cost Structure & OpEx Efficiency 6/ Q'24 Q'25 Q'26 $1.68M $1.89M 34% 65.4 % 23 % Operating Expenses OpEx % Revenue Swvl's cost structure is built for scale, as revenue grows, OpEx does not grow proportionally. This operating leverage means incremental revenue flows through to profit at an accelerating rate, which is expected to continue driving profit margin expansion. OpEx represents operating expenses, which consist of G&A and S&M expenses $4.1M 94% Gross Profit OpEx $1.6M 63% 15% Gross Profit G&A Expense Leverage Spread +63% +15% 48pts YoY Growth SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Higher Quality of Revenue: Recurring vs Transactional 7/ Recurring Contract-Based Revenue Focus We continue to make significant progress in increasing the share of recurring revenue of the total business. Which grew from 86% in Q1 2025 to 88% in Q1 2026. Swvl’s recurring revenue comes in the form of enterprise contracts that usually range from 1 to 5 years. By prioritizing recurring revenue over transactional revenue, Swvl aims to set a foundation for predictable and profitable growth while reducing the impact of market seasonality. Recurring Revenue Transactional Revenue Q1'24 Q1'25 Q1'26 88% 86% 76% 88% 86% 76% 24% 14% 12% SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Higher Quality of Revenue: Dollar Pegged Revenue 8/ Dollar-Pegged Revenue Focus Swvl continues to focus on dollar-pegged revenue across its operating geographies. In Q1 2026 our dollar-pegged revenue as a share of total revenue reached 44%, up from 35% in Q1 2025. We continue to aim at expanding our dollar-pegged revenue to reduce our exposure to volatility in foreign currencies. While expanding our engineering, operations, and support teams in some of the cost-effective markets we operate in. Dollar-Pegged Revenue as a Percentage of Total Revenue Q1'24 Q1'25 Q1'26 16% 35% 44% SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Geography deep dive 9/ SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Revenue by Geographical Location 10/ Egypt Q1'25 Q1'26 $3.21M $4.64M $1.70M $3.60M $4.9M $8.2M GCC Total 45% 111% 68% GCC: Gulf Cooperation Council SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| Net Dollar Retention 121% Revenue expansion from Q1'25 corporate clients into Q1'26, net of churn 11/ Q1'25 Q1'26 Q1'25 Q1'26 Commercial Highlights | Egypt 37% Revenue Gross Profit 45% $3.21M $4.64M $0.75M $0.55M Egypt delivered strong performance in Q1 2026, with revenue growing 45% YoY from $3.21M to $4.64M. Gross profit expanded 37% from $0.55M to $0.75M. Swvl’s Egyptian market represents a TAM opportunity and a great testing ground for Swvl’s expansion into adjacent verticals. Market Highlight SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| 12/ Q1'25 Q1'26 The GCC market delivered exceptional growth in Q1 2026, with revenue surging 111% YoY from $1.7M to $3.6M. Gross profit nearly doubled, growing 97% from $0.43M to $0.85M. This demonstrates Swvl’s ability to accelerate growth while maintaining unit economics and profitability. Q1'25 Q1'26 Commercial Highlights | GCC Market Highlight 97% 111% Revenue Gross Profit $1.70M $3.60M $0.85M $0.43M Net Dollar Retention 105% Revenue expansion from Q1'25 corporate clients into Q1'26, net of churn SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| 13/ Appendix: Detailed P&L Q1’25 Q1’26 YoY Commentary Revenue 4,910,013 8,237,766 68% Swvl continues to compound growth through high net dollar retention and new account acquisition across existing and new markets. Q1'26 marks another quarter of accelerating momentum, with the business targeting triple-digit YoY growth without compromising profitability. Cost of sales (3,931,022) (6,640,318) +69% Gross profit 978,991 1,597,449 +63% Absolute gross profit growth continues to outpace fixed cost growth by 4.2x, a ratio expected to improve further as the business scales. Gross profit margin (%) 20% 19% –1pp G&A expenses (1,641,273) (1,881,346) +15% Rose 15% against 68% revenue growth, with G&A as a percentage of revenue declining from 33.4% to 22.8%, demonstrating the operating leverage embedded in Swvl's cost structure. S&M expenses (35,841) (9,480) –74% Other income 132,338 148,260 +12% Charge for expected credit losses (23,954) (28,612) +19% Operating profit/(loss) (589,739) (173,729) –71% Narrowed 71% from $589K to $174K as revenue growth runs well ahead of cost expansion, with Swvl approaching operating breakeven. Operating profit (%) –12% –2% +10pp Improved 10pp from -12% to -2%, reflecting the operating leverage now visible in the P&L as the business scales. SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| 14/ Appendix: Detailed P&L (continued ) Q1’25 Q1’26 YoY Commentary Change in fair value of financial liabilities 1,379,026 139,363 –90% Finance income 216 12,554 +5,712% Finance cost (16,680) (65,941) +295% Profit/(loss) before tax 772,823 (87,754) –111% Profit/(loss) before tax includes non-operating items such as finance income, finance cost and changes in fair value of financial liabilities; the latter of which moves with Swvl's share price. Profit/(loss) before tax (%) 16% –1% –17pp SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
| 15/ Key Takeaways 68% growth, 71% smaller loss Revenue compounding while losses shrink; operating leverage is now visible in the P&L. A higher-quality revenue base 88% recurring, 44% dollar-pegged and 114% net dollar retention underpin predictable growth. Operating breakeven in sight Operating margin improved from ‒12% to ‒2% driven by revenue growth outperforming operating costs. A widening footprint Strong Egypt base, 111% GCC growth and new expected launches across Kuwait, the UK and soon the US. Investor Relations: IR@swvl.com | NASDAQ: SWVL SWVL Holdings Corp | NASDAQ: SWVL | Q1 2026 Update |
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