Bahnhof (BAHN) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached 2,219.2 MSEK, up 10% year-over-year, with strong growth in both corporate and private segments.

• EBITDA was 350.3 MSEK (328.6 MSEK in 2024), and EBIT was 239.9 MSEK, impacted by a one-time write-down of 42.5 MSEK from the discontinued Elementica datacenter project.

• Adjusted for the one-time effect, EBIT would have been 282.3 MSEK and EBIT margin 12.7%.

• Corporate business saw a 13% growth in Q4 2025 compared to Q4 2024, driven by demand for secure networks and cloud services.

• International expansion succeeded, especially in Norway and Finland, with operations now active in Germany and Denmark.

Financial highlights

• Net income after tax was 180.6 MSEK (220.2 MSEK in 2024), with a net margin of 11.1% (14.1%).

• EBITDA margin was 15.8% and EBIT margin 10.8% for the year.

• Cash flow for the year was -60.4 MSEK, improved from -89.7 MSEK in 2024.

• Investments totaled 159.7 MSEK, including acquisitions in Norway and Sweden and infrastructure upgrades.

• Cash and equivalents at year-end were 606.9 MSEK.

Outlook and guidance

• 2026 revenue is forecasted at approximately 2.4 billion SEK with an EBIT margin above 12%.

• Continued strong growth expected in corporate and private markets, with Norway and Finland as key drivers and potential for German market entry.