Bahnhof (BAHN) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 increased by 9.3% year-over-year to 1,085.0 MSEK, with EBIT up 7.4% to 140.6 MSEK and net income rising to 114.5 MSEK.

• Strong organic growth in Sweden, especially in private market segments, and expansion into all Nordic countries with a strategic acquisition in Norway.

• Launch in Germany scheduled for Q3 2025, positioning for further international growth.

• Continued focus on data security, including investment in a new military-grade data center in Gothenburg.

Financial highlights

• EBITDA for H1 2025 reached 167.9 MSEK, up from 163.3 MSEK year-over-year.

• Net margin was 13.4% (down from 14.1% in H1 2024), reflecting increased costs from international expansion.

• Cash flow for H1 2025 was -63.5 MSEK, mainly due to a dividend payout of 215.1 MSEK.

• Liquidity remains strong with 604.0 MSEK in cash at period end.

Outlook and guidance

• Full-year 2025 revenue is forecast at 2.2 billion SEK with a targeted operating margin of 12%.

• International expansion, especially in Germany, is expected to positively impact future financial targets.