Boho Group (BOHO) Q3 2024 earnings summary

Executive summary

• Boho Group reported strong Q3 2024 results, with EBITDA up 31% year-over-year and a rolling 12-month EBITDA margin of 20% compared to 14% in the previous quarter.

• Revenue from core hotel and restaurant operations (Boho Club) grew nearly 10% year-over-year, surpassing SEK 100 million in 12-month rolling revenue for the first time.

• Strategic investments included the launch of Bohis bar and Ashiana Wellness Center, expected to drive future growth.

• The company completed a name change from Quartiers Properties to Boho Group to align with its hotel sector growth strategy.

Financial highlights

• Q3 2024 revenue from operations: SEK 41.0m (up 9.9% year-over-year); total Q3 revenue: SEK 54.3m.

• Q3 2024 EBITDA: SEK 12.0m (up from SEK 9.1m); Q3 net income: SEK 2.1m (up from SEK 0.3m); EPS: SEK 0.04 (up from SEK 0.01).

• 9M 2024 revenue from operations: SEK 83.0m (up 10.2% year-over-year); 9M EBITDA: SEK 5.8m (up from SEK 3.3m); 9M net loss: SEK -27.8m (vs. SEK -22.2m); EPS: SEK -0.48 (vs. SEK -0.38).

• Cash flow from operations (including property sales) for 9M 2024: SEK 62.6m (vs. SEK 60.4m).

• Equity as of September 30, 2024: SEK 198.4m (down from SEK 223.1m a year earlier).

Outlook and guidance

• Focus remains on expanding Boho Club as a premium lifestyle destination and preparing for the next summer season.

• Ongoing efforts to secure detailed planning for hotel expansion in Marbella, with potential value creation estimated at SEK 15 per share.

• New wellness center expected to reduce seasonality and boost future revenue and profit.