Bahnhof (BAHN) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 increased by 7% year-over-year to 1,158.4 MSEK, with EBIT up 7% to 150.1 MSEK and net income at 117.9 MSEK, reflecting stable profitability amid growth initiatives.

• The company maintains its full-year 2026 guidance of 2.4 billion SEK in revenue and an EBIT margin above 12%.

• Growth is driven by both corporate and private markets, with significant expansion in Nordeuropa, especially Norway and Finland.

• Major investments continue in network upgrades and the new Bahnhof Bunker datacenter, with first customers expected in Q1 2027.

• Telenor has made a bid to acquire a majority stake, pending regulatory approval.

Financial highlights

• EBITDA for H1 2026 was 182.0 MSEK, up from 167.9 MSEK year-over-year.

• Net margin was 13.1% (vs. 13.4% in H1 2025), and EBIT margin was 13.0%.

• Cash flow for H1 2026 was -87.9 MSEK, impacted by a 215.1 MSEK dividend and 55.1 MSEK in investments.

• Cash position at June 30, 2026, was 519.5 MSEK.

Outlook and guidance

• Full-year 2026 revenue forecast remains at 2.4 billion SEK with EBIT margin above 12%.

• Continued growth expected in both corporate and private segments, with international expansion as a key driver.