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Bahnhof
Bahnhof (BAHN) investor relations material
Bahnhof Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
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.
Bunker vs Elementica: Key strategic gains?
Germany expansion: How to overcome market hurdles?
Rental broadband: How to achieve fair pricing?
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Next Bahnhof earnings date
Q1 20264 May, 2026
Bahnhof
Next Bahnhof earnings date
Q1 20264 May, 2026
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Frequently asked questions
Bahnhof AB provides broadband, Internet, and datacenter services. It offers broadband services, including ADSL/VDSL services to private individuals and business customers; and e-mail addresses and Internet browser services. The company also provides colocation/housing services, including power supply, rack space, cooling and ventilation, connectivity, physical security guard service, monitoring, switchboard service with manned reception service, and cleaning services. Bahnhof AB was founded in 1994 and is based in Stockholm, Sweden.
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