Bahnhof (BAHN) Q1 2026 earnings summary

Executive summary

• Revenue grew 9% year-over-year to 582.5 MSEK in Q1 2026, with EBIT up 11% to 78.5 MSEK and net income at 62.2 MSEK, reflecting strong momentum in both corporate and private segments.

• Corporate market revenue rose over 11% year-over-year, driven by demand for secure networks, datacenter, and cloud services with local control.

• Expansion in the Nordics, especially Norway and Finland, contributed to international revenue growth; Germany remains in early development.

• The company maintains high customer satisfaction, winning "Broadband Operator of the Year" for the seventh consecutive year.

Financial highlights

• EBITDA increased to 94.4 MSEK (from 85.2 MSEK), EBIT to 78.5 MSEK (from 70.5 MSEK), and net margin held at 13.7%.

• Cash flow from operations was 81.5 MSEK (down from 103.9 MSEK), with cash and equivalents at 688.8 MSEK at quarter-end.

• Investments totaled 28.9 MSEK, focused on the new Göteborg datacenter, network upgrades, and a new financial system.

• The board proposes an unchanged dividend of 2.00 SEK per share, totaling 215 MSEK.

Outlook and guidance

• Full-year 2026 revenue is forecast at approximately 2.4 billion SEK, with an EBIT margin above 12%.

• Continued strong growth is expected in the corporate segment and further expansion in the Nordic region, with potential for a breakthrough in Germany.