Bahnhof (BAHN) Q1 2025 earnings summary

Executive summary

• Revenue grew 9.2% year-over-year to 536.4 MSEK in Q1 2025, with EBIT up 3% to 70.5 MSEK and net income at 57.7 MSEK.

• Strong cash flow of 103.9 MSEK and record cash position of 771.5 MSEK at quarter-end.

• Continued organic growth in Sweden, especially among housing associations and single-family homes, with 2,101 net new customers and 488,562 total households served.

• International expansion advanced with acquisitions and launches in Norway, Finland, Denmark, and initial operations in Germany.

• Awarded best broadband operator in Sweden for the sixth consecutive year by Nordic Bench.

Financial highlights

• Revenue: 536.4 MSEK (491.4 MSEK Q1 2024), up 9.2% year-over-year.

• EBIT: 70.5 MSEK (68.3 MSEK), up 3% year-over-year; EBITDA: 85.2 MSEK (84.3 MSEK).

• Net income: 57.7 MSEK (56.2 MSEK); EPS: 0.54 SEK (0.52 SEK).

• Net margin: 13.6% (14.5%); EBIT margin: 13.1%; EBITDA margin: 15.9%.

• Cash flow: 103.9 MSEK (–34.6 MSEK); cash position: 771.5 MSEK (723.1 MSEK).

Outlook and guidance

• Full-year 2025 guidance: revenue of 2.2 billion SEK and operating margin of 12%.

• International expansion expected to contribute positively to results for the remainder of 2025.

• Focus remains on organic growth, innovation, and scaling subscription-based services.