Boho Group (BOHO) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw an 8.4% year-over-year decline in operator revenue to SEK 14,181 thousand due to persistent bad weather in Marbella, impacting hotel occupancy, though average revenue per night was stable.

• Net sales for the quarter were SEK 19,347 thousand, down from SEK 29,439 thousand in Q1 2024, with property sales contributing SEK 5,166 thousand.

• EBITDA was SEK -8,977 thousand, a decrease from SEK -5,754 thousand in Q1 2024, reflecting lower income and higher personnel costs.

• Net result after tax improved to SEK -15,792 thousand from SEK -20,212 thousand year-over-year; EPS was SEK -0.27 compared to SEK -0.35.

• Boho Club outperformed the local market in occupancy, averaging 57% versus the market's 53% despite adverse weather.

Financial highlights

• Gross profit was SEK -8,388 thousand, down from SEK -4,872 thousand in Q1 2024.

• Cash flow from operating activities was SEK -4,891 thousand, an improvement from SEK -9,201 thousand in Q1 2024.

• Equity at period end was SEK 166,630 thousand, down from SEK 222,789 thousand a year earlier.

• Interest-bearing liabilities decreased to SEK 203,434 thousand from SEK 235,914 thousand.

• Cash and cash equivalents stood at SEK 21,163 thousand at quarter end.

Outlook and guidance

• Management expects demand to recover quickly and is working to make costs more adaptable to market conditions.

• The company is investing in organisational development to reduce dependence on seasonality and weather.

• Approval for a major expansion (28,400 sqm hotel space) in Marbella is expected to significantly increase long-term property value.