Boho Group reports a strong third quarter with double-digit revenue growth in operator activities and improved results for the Group.

JULY – SEPTEMBER 2026 (compared with July – September 2025)

• Revenue from operator activities increased by 11.0 per cent to SEK 38,259 thousand (34,473).
• Revenue from the sale of properties amounted to SEK 0 thousand (9,704).
• Operating profit before depreciation and amortisation (EBITDA) increased to SEK 9,909 thousand (9,784).
• Operating profit amounted to SEK 7,103 thousand (7,086).
• Profit after tax improved by SEK 675 thousand to SEK 4,169 thousand (3,494).
• Earnings per share amounted to SEK 0.07 (0.06).
• Cash flow from operating activities amounted to SEK 8,188 thousand (7,753).

JANUARY – SEPTEMBER 2026 (compared with January – September 2025)

• Revenue from operator activities increased by 3.0 per cent to SEK 75,783 thousand (73,558).
• Revenue from the sale of properties amounted to SEK 0 thousand (14,870).
• Operating profit before depreciation and amortisation (EBITDA) improved to SEK 8,594 thousand (2,985). Adjusted for a fair value adjustment of SEK 270 thousand that was later classified under financial items, EBITDA for the previous year amounted to SEK 3,254 thousand.
• Operating profit improved by SEK 4,931 thousand to SEK 372 thousand (-4,559).
• Profit after tax improved by SEK 7,206 thousand to SEK -10,526 thousand (-17,732).
• Earnings per share amounted to SEK -0.18 (-0.31).
• Cash flow from operating activities amounted to SEK 596 thousand (-367).
• Reported equity amounted to SEK 133,129 thousand (160,892). The equity ratio based on market values was 55 per cent.

SIGNIFICANT EVENTS DURING THE THIRD QUARTER

• No significant events during the period.

SIGNIFICANT EVENTS SINCE THE END OF THE PERIOD

• No significant events since the end of the period.

A Message from the CEO
Dear shareholders,
The third quarter was in many ways a statement of strength for Boho Club. After a challenging start to the year, we saw the full potential of the business during the summer, with strong growth, improved results and, above all, clear evidence that Boho Club continues to strengthen its position in Marbella’s absolute luxury segment.

What makes the summer particularly interesting is not only that we welcomed more guests, but that they were also prepared to pay significantly more for the experience. In July, our average room rate increased by 13 per cent compared to the previous year and in August by a full 17 per cent. At the same time, revenue per available room increased by around 20 per cent in both months and 27 per cent in September. This is a development that clearly outperforms the market and shows that we are gradually managing to strengthen our price position without losing occupancy.

Even more pleasing is that this development goes hand in hand with a continued very high level of guest satisfaction. In July, we achieved our highest guest rating ever, 97.2 per cent, placing us number one among nine comparable luxury hotels in Marbella. Behind these figures lies a determined effort to create a genuinely personal guest experience. For us, luxury is not just about beautiful environments and a high level of service, but about the ability to really see each guest, understand their individual wishes and create personal meetings and experiences that make a difference. It is precisely this combination of quality, proximity and personalisation that we believe makes Boho Club special and that gives us the opportunity to continue to strengthen our position in the market.

The positive development is also reflected in our financial results. Revenue from operator activities increased by 11 per cent during the quarter to SEK 38.3 million. The Group’s EBITDA amounted to SEK 9.9 million and profit after tax improved to SEK 4.2 million, compared to SEK 3.5 million the previous year.

At the same time, our organisation is undergoing a change. Since the turn of the year, we have integrated AI into our work processes, which has already contributed to higher productivity, more efficient working methods and a deeper understanding of our business. Together with continuous work on cost discipline, this has contributed to our central administration costs almost being halved compared to the corresponding quarter last year. We see significant opportunities to continue developing the organisation’s capacity without a corresponding increase in the cost base.

In parallel, work continues on perhaps Boho Group’s largest long-term opportunity, the development of our properties on the Golden Mile. Following the important progress in the planning process, we have worked intensively with our architects during the year to shape the future development of the area. From today’s approximately 7,000 m², we are working towards a potential expansion to 28,400 m² of hotel space, with new hotel environments, restaurants, wellness and experiences that together can create a destination of international importance. We expect to be able to present the overall vision and architectural concept for the entire area soon.

As we now summarise the third quarter, we can look back on a strong and fantastic summer for Boho Club. We have welcomed more guests, strengthened our position in the market and continued to develop both the business and our future opportunities. We now enter the off-season with great optimism and a strong belief in our ability to continue delivering the highest quality experiences to our guests and long-term value to our shareholders.

Kind regards,
Andreas Bonnier, CEO of Boho Group