Boho Group (BOHO) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was SEK 83.3m, down from SEK 118.1m year-over-year, mainly due to fewer property sales.

• Boho Club operator revenues grew 10% in H1 2024 to SEK 42.0m, with continued growth expected in Q3.

• Strategic focus shifted to hotel operations, with divestment of apartments and a planned name change to Boho Group.

• New CEO appointed in April, emphasizing expansion and cost control.

Financial highlights

• EBITDA for H1 2024 was SEK -6.2m, compared to SEK -5.8m in H1 2023; Q2 EBITDA was SEK -0.5m, down from SEK 2.9m.

• Net income after tax for H1 2024 was SEK -29.9m (H1 2023: SEK -22.5m); Q2 net loss was SEK -9.7m.

• Earnings per share for H1 2024 was SEK -0.52 (H1 2023: SEK -0.39).

• Cash flow from operations including property sales was SEK 68.4m for H1 2024 (H1 2023: SEK 51.1m).

• Equity as of June 30, 2024, was SEK 210.2m (June 2023: SEK 228.1m).

Outlook and guidance

• Boho Club revenue expected to continue 10% growth rate in Q3 2024.

• Expansion projects, including a wellness retreat center, are expected to increase Boho Club revenue by 20% annually, with full impact in 2025.

• Strategic partnership with Catella Corporate Finance aims to support refinancing and new hotel projects.