 Lyft reported a 10.1% YoY increase in active riders to 26.1mn, and an 11.7% YoY increase in Gross Bookings to $4,490mn in 2Q25. Gross bookings rose 7.9% QoQ, with revenue per active rider up 1.5% QoQ. The company also posted a 14.4% YoY increase in rides to 235mn. Strong rider and driver engagement drove a 10.6% YoY increase in revenue to $1,588mn in 2Q25. Lyft’s prices remain competitive, supporting commuting needs as the company’s largest use case, as improved affordability continues to drive bookings. Partnerships are contributing significantly to growth. Rides generated through partnerships rose to 25% of total rides in 2Q, up from 20% a few months ago, totaling more than 50mn rides. Notable partners include Alaska Airlines, Chase, DoorDash, and the newly added United Airlines. Programs such as Chase Sapphire Reserve, Alaska Airlines Mileage Plan, and United Airlines MileagePlus are linked to Lyft, enabling riders to earn rewards. Lyft is also expanding into Audience Extension, which allows advertisers to target eligible Lyft riders not only on the Lyft app but across other apps as well. On the cost side, Lyft maintained disciplined cost management, with total costs and expenses rising 8.4% YoY to $1,586mn, below the pace of revenue growth. Stock-based compensation fell 4.2% YoY to $82.1 million, while net income reached $40.3 million in 2Q. Basic shares outstanding increased 2.6% YoY. Adjusted EBITDA climbed 26% YoY to $129mn and free cash flow improved to $329.4 million in 2Q, up from $256.4 million a year earlier. Lyft repurchased $200mn worth of shares in 2Q as part of its buyback program.  Lyft announced that it has nearly doubled its total addressable market to over 300bn personal vehicles following its acquisition of FreeNow. The transaction, valued at EUR175mn, closed recently and positions Lyft to benefit from its presence in European markets. FreeNow operates in London, Paris, Berlin, and over 150 cities across Europe. The combined company plans to participate in multiple segments of the autonomous vehicle (AV) value chain, including asset ownership and financing, fleet management, mobility platforms and marketplaces, and rider demand and experience. AV partnerships continue to grow: Baidu and Lyft plan to operate an AV fleet via ApolloGo in key EU markets in 2026. In the U.S., Lyft intends to launch autonomous shuttles with BENTELER Mobility on its platform and to introduce May Mobility services in Atlanta this summer.  For 3Q25, Lyft forecasts Gross Bookings between $4.65bn and $4.80bn, representing 13-17% YoY growth. Adjusted EBITDA is expected to be in the range of $125-145mn, with an Adjusted EBITDA margin of 2.7-3.0% relative to Gross Bookings. FreeNow will be consolidated into Lyft’s results in 2H25, contributing to financial performance. We remain optimistic about Lyft’s expansion into European markets, anticipating premium pricing and higher margins. We maintain our projections and our 12-month DCF-based target price of $21.3, along with our Buy rating for the stock. Our current figures do not incorporate the FreeNow acquisition.