Here are two brief analogies for Swvl:

• Uber for buses and vans
• BlaBlaCar for bus commutes

• Mass Transit as a Service (MaaS) Platform: A technology platform that digitizes and optimizes shared transportation networks for daily commutes, intercity travel, and corporate/government logistics.
• Consumer Mobility (B2C): Provides on-demand and scheduled shared rides for individual users within cities (intracity) and between cities (intercity) via its mobile application.
• Enterprise and Government Solutions (B2B/B2G): Offers customizable transportation services to businesses, schools, and government entities for employee commutes, student transport, or public sector initiatives.

Swvl (SWVL) operates a mass transit solutions platform that serves both business/government entities (B2B/B2G) and individual consumers (B2C).

According to Swvl's Annual Report on Form 20-F filed with the SEC, the company did not have any individual customers that accounted for 10% or more of its total revenue for the years ended December 31, 2022, and 2021. Therefore, there are no specific "major customers" to list by name, as no single entity contributes a significant enough portion of revenue to be classified as such.

However, to describe its customer base, Swvl primarily serves the following categories of customers across its Enterprise, Retail, and Intercity segments:

Business and Government Customers (B2B/B2G - Enterprise Segment):

• Businesses (for employee transportation and mobility solutions)
• Governments (for citizen and public sector transportation needs)
• Educational institutions (for student and staff transportation)
• Airlines and Tour Operators (for managing customer transportation)

Individual Customers (B2C - Retail and Intercity Segments):

1. Daily Commuters: Individuals who use Swvl's platform for their regular, daily transportation needs within cities (e.g., commutes to work or school).
2. Intercity Travelers: Individuals who utilize Swvl's services for travel between different cities or regions.

• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)

The most prominent clear emerging threat to Swvl is the increasing drive by public sector entities and established transportation companies, particularly in Swvl's core emerging markets, to significantly invest in and implement their own digitized and modernized mass transit solutions.

Swvl's initial value proposition was to fill gaps in inefficient traditional public transport by offering tech-enabled, convenient, and optimized shared mobility. However, a growing trend sees governments and incumbent transport operators launching their own advanced mobile applications for booking and tracking, implementing dynamic routing systems, and improving overall service efficiency and reach through technological integration.

This emerging threat directly undermines Swvl's competitive advantage by removing the very inefficiencies it sought to solve. As these modernized public and private traditional services become more convenient and technologically advanced, often with the backing of significant capital and regulatory support, they could reduce demand for Swvl's B2C offerings and diminish the need for its B2B corporate and school transport solutions. This mirrors how traditional businesses, once threatened, can adopt and scale the innovations of their disruptors, potentially marginalizing the original disruptor.

• Swvl Retail: Providing ride-pooling services with a focus on mass transit through fixed or semi-fixed routes within cities.
• Swvl Travel: Enabling bookings for long-distance intercity routes.
• Swvl Business (Transport as a Service - TaaS): Offering transportation solutions for businesses, schools, and municipal transit agencies.
• Software as a Service (SaaS) Transportation Solutions: This is an area of expansion, particularly through acquisitions such as Shotl in Europe and Brazil, and Door2door in Europe.

Swvl (NASDAQ: SWVL) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion into New and High-Margin Markets: Swvl is actively pursuing expansion into new geographic markets, including a careful expansion into Saudi Arabia and the United States, which are considered high-growth potentials. The company has also relaunched its services in the UAE and secured new customers there. Furthermore, Swvl's acquisition of Shotl expands its footprint into Europe, Latin America, and APAC. A key part of this strategy involves diversifying into high-margin business segments, such as the recently launched luxury travel vertical, offering premium mobility services like airport transfers and corporate event transportation.
2. Focus on Recurring, Contract-Based Enterprise and Government Solutions (B2B and B2G): Swvl has strategically shifted its business model towards long-term enterprise and government contracts for employee and student transportation. This focus on recurring revenue streams from long-term contracts is a significant driver, with recurring revenue increasing to 85% of total revenue in the first half of 2025, up from 74% in the first half of 2024. The company has secured significant contracts in Saudi Arabia and Egypt for these services.
3. Growth and Optimization of Core Markets: Swvl is concentrating on strengthening its presence and performance in existing profitable core markets. The company has successfully restored its Egypt operations to peak revenue levels from 2022 in Egyptian-pound terms, with U.S. dollar parity expected soon, demonstrating the impact of its restructuring efforts. The Kingdom of Saudi Arabia has also shown strong performance, with 80% revenue growth and a 112% increase in gross margins in the first half of 2025.
4. Launch and Scaling of New Products and Services: Beyond its traditional offerings, Swvl is introducing and growing new products and services. The launch of its luxury travel vertical aims to diversify into high-margin segments and cater to premium clients. Additionally, Swvl provides a comprehensive suite of transportation solutions, including a Software as a Service (SaaS) platform that offers partners tools for enhancing transportation efficiency through automation and data analytics, alongside its full mobility service.
5. Leveraging Technology for Operational Efficiency and AI-Powered Solutions: Swvl's proprietary technology platform and AI-driven solutions are central to its growth strategy. This includes seamless booking, real-time fleet optimization, and personalized service management. The company utilizes AI-powered routing and real-time monitoring to optimize mobility for students and workforces, contributing to enhanced efficiency and profitability across its operations. This technological edge is crucial for adapting to market demands and supporting sustainable growth.

Share Repurchases

No information is available regarding share repurchases or buyback programs by Swvl within the last 3-5 years.

Share Issuance

• Swvl became a publicly listed company on Nasdaq in March 2022 through a business combination with the special purpose acquisition company (SPAC) Queen's Gambit Growth Capital.
• As part of the SPAC merger, Swvl raised a total of $121.5 million through a Private Investment in Public Equity (PIPE).
• In November 2024, Swvl announced a $4.7 million private placement of ordinary shares, followed by the closure of a $2 million private placement in February 2025.

Inbound Investments

• The business combination with Queen's Gambit Growth Capital in July 2021 (closed in March 2022) valued Swvl at approximately $1.5 billion.
• Swvl secured $121.5 million in PIPE funding from various investors, including Agility, Chimera, the European Bank for Reconstruction and Development (EBRD), Luxor Capital, Teklas Ventures, and Zain.
• A pre-funding of $35.5 million of the PIPE was completed in August 2021 by investors such as Agility and Chimera Abu Dhabi to accelerate Swvl's growth strategy.

Outbound Investments

• Following its SPAC merger announcement in 2021, Swvl undertook several acquisitions to expand its global operations.
• Key acquisitions included Shotl (Europe and Brazil, August 2021), ViaPool (Argentina and Chile, November 2021), Door2door (Germany, March 2022), Urbvan (Mexico, July 2022 for $82 million), and Volt Lines (Turkey, April 2022 for $40 million).
• Swvl mutually agreed to terminate its planned acquisition of Zeelo, a UK-based smart bus company, in July 2022 due to financial market volatility.

Capital Expenditures

• In the last 12 months (as of November 2025), Swvl's capital expenditures were reported at approximately -$2,950.
• Historically, the company funded its operations and capital expenditures primarily through equity issuances and convertible note issuances, shifting away from equity issuances by the end of 2022 to avoid dilution.
• The value of property and equipment, a component of non-current assets, was reported as $751,693 in Swvl's FY 2023 financial report, a decrease from $1,270,838 in 2022.