Stockholm February 20, 2025

Year-end-report Boho Group 2024

Boho Group AB (publ) today publishes its year-end-report for 2024.

Growth of 37% in the fourth quarter

JANUARY - DECEMBER 2024

• Revenues from operator activities totalled SEK 104 788 thousand (99 404), corresponding to growth of 5%. Revenue from the Company’s Boho Club facility increased by 12% from SEK 93 300 thousand to SEK 104 788 thousand.
• Income from the sale of properties totalled SEK 59 462 thousand (230 386) and relates to the sale of 13 apartments in the Hacienda Collection.
• Operating profit before depreciation and amortisation (EBITDA) amounted to SEK -5 834 thousand (54 783). Operating profit adjusted for the result of divested properties totalled SEK -8 109 thousand (-12 436).
• The company’s cash flow from operating activities including the sale of operating properties totalled SEK 56 330 thousand (94 395).
• Gross profit totalled SEK 5 191 thousand (63 248).
• Profit after tax totalled SEK -44 694 thousand (6 628).
• Earnings per share for the period 1 January - 31 December 2024 amounted to SEK -0,77 (0,11).
• Reported equity as of 31 December 2024 amounted to SEK 192 786 thousand (238 467).

OCTOBER - DECEMBER 2024

• Revenues from operator activities totalled SEK 21 741 thousand (15 845), corresponding to growth of 37%.
• Revenues from the sale of properties during the period totalled SEK 4 981 thousand (131 750) and relates to the sale of 1 apartment in the Hacienda Collection.
• Operating profit before depreciation and amortisation (EBITDA) amounted to SEK -11 360 thousand (51 907). In the fourth quarter of 2023, the Altura160 development project in Benahavís was divested with a capital gain of SEK 62,318 thousand, which thus contributed significantly to earnings in 2023.
• The operating result adjusted for the result of divested properties totalled SEK -11 432 thousand (-11 921) thousand.
• The company’s cash flow from operating activities including the sale of operating properties amounted to SEK -6 290 thousand (20 925).
• Gross profit amounted to SEK -3 829 thousand (55 317).
• Profit after tax totalled SEK -16 898 thousand (28 778).
• Earnings per share for the period 1 October - 31 December 2024 amounted to SEK -0,29 (-0,50).
• Reported equity as of 31 December 2024 amounted to SEK 192 786 thousand (238 467).

SIGNIFICANT EVENTS IN THE FOURTH QUARTER

• In November, the company received an updated valuation of the company’s Boho Club property and neighbouring plots from Savills Aguirre Newman. The valuation showed a 5% increase in value in local currency.
• In December, another major step was taken towards preliminary approval of an updated zoning plan that enables greatly expanded building rights at the company’s existing facility on the golden mile in Marbella. This was an important milestone in the work to create a new hotel with a planned 28,400 square metres.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

• No significant events after the end of the period.

MESSAGE FROM THE CEO

I am delighted to announce that we continued to deliver strong growth in the last quarter of the year. Our core business sales increased by an impressive 37% compared to the same period last year. For the full year 2024, the growth was 12% which is above the 10% target for the year.

This confirms that Boho Club is developing in line with the growth expectations I set when I took over as CEO.

Boho Club’s EBITDA also improved by 36% compared to 2023, which clearly shows that we have become more efficient in how we run our core business. At Boho Club, we see no signs of slowing down - on the contrary. Our goal is to continue to grow strongly, both in sales and especially in EBITDA, in 2025.

Another important focus area has been to streamline our overheads and here we have also made great progress. Central overhead costs in the fourth quarter were 30% lower than in the corresponding period in 2023, which shows that our measures are starting to have an effect.

The Group’s operating profit in 2024, adjusted for the results of divested properties, improved by SEK 4,3 million, or 35%, compared to 2023. At the same time, we have worked hard to reduce our financing costs while securing a flexible solution for continued growth. We expect to see tangible results of this work in Q1 2025, thanks to a great commitment from the team and close co-operation with our financial partners.

Over the past year, we have also worked intensively on the detailed planning of our plots to be able to expand our hotel concept on a larger scale. The collaboration with Marbella municipality has been productive and forward-looking, and we now look forward to a preliminary approval of the zoning plan in the first quarter of 2025. This development will significantly increase the value and business potential of Boho Group and allow us to expand Boho Club to approximately 270 rooms and several restaurants - a six-fold increase of our current capacity.

It is also worth mentioning the great interest we are now seeing from institutional investors and major players in the hotel industry. They recognise how far we have come in the short time Boho Club has been in existence and the huge potential for development. The fact that these players now actively want to discuss future opportunities with us is clear proof that we are doing the right things and are on the right track.

The future looks bright for Boho Club, and I would like to thank our dedicated employees, our partners and our investors for your support and trust. Together we will make 2025 an even stronger year!!

Yours sincerely,
Andreas Bonnier CEO Boho Group

Link to the report on the webb

https://bohogroup.com/en/investor-relations

If you have any questions, please contact:

Boho Group AB (publ)

Andreas Bonnier, CEO
E-post: andreas@bohogroup.com
Phone: +46 733 36 65 77
Website: www.bohogroup.com

About the company
Boho Group is a hotel development and operating company at the top end of design and quality, operating on the Spanish Costa del Sol. The company was founded in 2014.

Boho Group owns and operates Boho Club, a boutique resort on the Golden Mile in Marbella that is award-winning for its design and architecture. Since its launch in 2019, both the hotel and restaurant have established themselves as a leading player in Marbella. Visit the Boho Club website, www.bohoclub.com, to book a hotel room or a table in the restaurant. The restaurant is open every day and serves breakfast, lunch and dinner.

Mangold is the Company's Certified Adviser. Mangold can be reached on telephone number 08-503 015 50 or e-mail ca@mangold.se.

Note: This is a non-official translation of the Swedish original text. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.