Bahnhof (BAHN) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 increased by 9.7% year-over-year to 561.2 MSEK, with stable margins despite expansion costs.

• EBITDA reached 94.9 MSEK, up from 86.4 MSEK, while EBIT was 72.1 MSEK, nearly unchanged from last year.

• Net income after tax was 56.9 MSEK, down from 60.1 MSEK, with EPS at 0.53 SEK.

• International operations, especially in Norway (+56%) and Finland (+30%), drove strong growth.

• Major infrastructure investments included a large fiber network in Uppsala and a new data center in Gothenburg.

Financial highlights

• Q3 revenue: 561.2 MSEK (511.6 MSEK in Q3 2024), up 9.7%.

• EBITDA: 94.9 MSEK (86.4 MSEK), EBIT: 72.1 MSEK (72.2 MSEK).

• Net margin: 13.0% (14.8%), EBIT margin: 12.8% (14.1%).

• Cash flow for Q3: -27.3 MSEK (99.5 MSEK), mainly due to 123.1 MSEK in investments.

• Cash position at period end: 576.7 MSEK (659.8 MSEK).

Outlook and guidance

• Full-year 2025 revenue forecast above 2.2 billion SEK, with an operating margin above 12%.

• Continued focus on Nordeuropean expansion and market share gains.

• Ongoing investments in infrastructure and technology, with further international growth expected.