Bahnhof (BAHN) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached SEK 2,018.9 million, up 8% year-over-year, with strong organic growth and robust margins.

• EBIT increased to SEK 267.7 million from SEK 262.8 million, and net income rose to SEK 220.2 million from SEK 214.1 million.

• Expansion into Finland, Denmark, Norway, and preparations for Germany, including the acquisition of Brdy in Norway in early 2025.

• Record organic customer growth in the private segment, with 486,461 households connected by year-end.

• Board proposes an unchanged dividend of SEK 2 per share, totaling SEK 215.13 million.

Financial highlights

• EBITDA for 2024 was SEK 328.6 million (SEK 327.8 million in 2023).

• Net margin was 14.1% (14.6% in 2023); EBIT margin 13.3% (14.0% in 2023); EBITDA margin 16.3% (17.5% in 2023).

• Cash flow for 2024 was SEK -89.7 million (SEK 197.0 million in 2023), mainly due to changes in operating liabilities.

• Cash and cash equivalents at year-end were SEK 667.7 million (SEK 757.7 million in 2023).

• Investments totaled SEK 56.4 million, including network upgrades and a new data center in Kista.

Outlook and guidance

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

• Continued focus on Nordic expansion and SaaS-like recurring revenue model.

• Potential for further positive impact from international growth.