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Bahnhof (BAHN) investor relations material
Bahnhof Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for H1 2025 increased by 9.3% year-over-year to 1,085.0 MSEK, with EBIT up 7.4% to 140.6 MSEK and net income rising to 114.5 MSEK.
Strong organic growth in Sweden, especially in private market segments, and expansion into all Nordic countries with a strategic acquisition in Norway.
Launch in Germany scheduled for Q3 2025, positioning for further international growth.
Continued focus on data security, including investment in a new military-grade data center in Gothenburg.
Financial highlights
EBITDA for H1 2025 reached 167.9 MSEK, up from 163.3 MSEK year-over-year.
Net margin was 13.4% (down from 14.1% in H1 2024), reflecting increased costs from international expansion.
Cash flow for H1 2025 was -63.5 MSEK, mainly due to a dividend payout of 215.1 MSEK.
Liquidity remains strong with 604.0 MSEK in cash at period end.
Outlook and guidance
Full-year 2025 revenue is forecast at 2.2 billion SEK with a targeted operating margin of 12%.
International expansion, especially in Germany, is expected to positively impact future financial targets.
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