Bahnhof (BAHN) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached 992.3 MSEK, up 9% year-over-year, with net income of 109.9 MSEK, a 13.7% increase compared to H1 2023.

• EBITDA rose to 163.3 MSEK (up from 151.9 MSEK), and EBIT increased to 130.9 MSEK (from 119.5 MSEK), reflecting strong organic growth and stable margins.

• Net customer growth was 13,517 for H1, with 9,203 new customers in Q2 alone, the highest quarterly increase in nearly four years.

• Bahnhof was named Sweden's best broadband operator for the fifth consecutive year by Nordic Bench.

• Expansion continues in Finland, with new sales efforts planned for Denmark and Germany in H2 2024.

Financial highlights

• Revenue: 992.3 MSEK (910.5 MSEK in H1 2023), up 9%.

• EBITDA: 163.3 MSEK (151.9 MSEK), EBIT: 130.9 MSEK (119.5 MSEK), Net income: 109.9 MSEK (96.7 MSEK).

• Net margin: 14.1% (13.5%), EBIT margin: 13.2%, EBITDA margin: 16.5%.

• Earnings per share: 1.02 SEK (0.90 SEK).

• Cash flow for H1: -197.2 MSEK, impacted by a 215.1 MSEK dividend.

• Cash and equivalents at period end: 560.6 MSEK.

Outlook and guidance

• Full-year 2024 revenue expected to exceed 2 billion SEK, with an operating margin above 12%.

• Strategic focus on organic growth, new market entries in Denmark and Germany, and continued expansion in Finland.

• Ongoing investments in infrastructure and cloud services to support scalable, recurring revenue.