CONTINUED IMPROVEMENT IN RESULTS DESPITE LOWER SALES
As in the third quarter, earnings improved despite a challenging market and lower sales. Operating profit before depreciation and amortization improved by SEK 4,356 thousand, and profit after tax improved by SEK 1,753 thousand compared with the fourth quarter of 2024.

JANUARY - DECEMBER 2025

• Revenue from operator activities amounted to SEK 91,887 thousand (104,788).
• Revenue from the sale of properties amounted to SEK 20,045 thousand (59,462) and related to the sale of four apartments in Hacienda Collection.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK -4,553 thousand (-5,834).
• The company's cash flow from operating activities, including the sale of operating properties, amounted to SEK -5,395 thousand (56,326).
• Gross profit amounted to SEK 2,213 thousand (2,152). 
• Profit after tax amounted to SEK -32,878 thousand (-44,520).
• Earnings per share for the period January 1–December 31, 2025 amounted to SEK -0.57 (-0.77).
• Reported equity as of December 31, 2025 amounted to SEK 142,983 (192,961) thousand. During the period, equity decreased due to a dividend on preference shares of SEK 6,499 thousand and translation differences arising from foreign operations of SEK -10,601 thousand.

OCTOBER - DECEMBER 2025

• Revenue from operator activities amounted to SEK 18,330 thousand (21,741).
• Revenue from the sale of properties amounted to SEK 5,175 thousand (4,981) and relates to the sale of one apartment in Hacienda Collection.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK -7,229 thousand (-11,585).
• The company's cash flow from operating activities, including the sale of operating properties, amounted to SEK -5,027 thousand (-6,290).
• Gross profit amounted to SEK -4,214 thousand (-3,829).
• Profit after tax improved by SEK 1,753 thousand and amounted to SEK -15,145 thousand (-16,898).
• Earnings per share for the period October 1–December 31, 2025 amounted to SEK -0.26 (-0.29).

SIGNIFICANT EVENTS IN THE FOURTH QUARTER

• In October, Boho Club was named Best Luxury Wellness Sanctuary in Europe and Best Luxury Boutique Hotel in Southern Europe.
• At an extraordinary general meeting on December 5, Fernando Moreno was elected as a new member of the board. The Moreno family is widely known as one of the oldest families on the Costa del Sol in real estate development and construction. The family has been active in the region for over 60 years and has built up a strong portfolio of real estate assets.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

• In February, the company received a binding loan commitment from Deutsche Bank. The loan amounts to EUR 17.3 million with an interest rate of 2.25 percentage points above EURIBOR 12M. The loan will be used to fully refinance the company's existing loan with Alantra and will help reduce current interest expenses by over 40%, corresponding to just over SEK 6 million in positive earnings impact per full year.

MESSAGE FROM THE CEO

Dear Shareholders,
2025 has been a year of transition and consolidation. In a market that has been more cautious than in previous years, we have chosen to use our time wisely – to strengthen our structure, streamline our operations, and lay the foundations for the next phase in Boho Group's development.

Sales were slightly lower than in 2024, but at the same time we had an average occupancy rate that was approximately 11 percent higher than our peer group. This is a clear sign of strength. In a weaker market, we have gained market share and shown that Boho Club continues to attract guests even when demand is more selective.

Despite lower sales, we have improved our earnings. This is no coincidence.

Behind the figures lies a determined effort to exercise cost discipline, optimize the organization, and provide clearer governance throughout the business. We have built a more robust and scalable platform—a business that can withstand weaker market conditions and is ready to grow when demand picks up again.

In parallel with the operational efficiency improvements, we have strengthened our financial position. During the autumn, we negotiated a refinancing of EUR 17.3 million with Deutsche Bank, one of Europe's leading banks, which will reduce our interest expenses by over 40 percent. This gives us both improved earnings and increased strategic freedom going forward.

During the year, we also reached one of the most important milestones in the company's history. The final municipal approval to develop our own detailed plan in Marbella means that we can now proceed with the expansion of Boho Club from approximately 7,000 m² to up to 28,400 m² of hotel space. This creates the conditions for developing the last really large hotel project on the Golden Mile – a unique location where there is virtually no new hotel land left.

In December, further confirmation of the value created was received. An independent external valuation assessed the market value of our assets on the Golden Mile at approximately EUR 130 million, corresponding to around SEK 19 per share after liabilities but before deferred tax. The valuation reflects both the existing business and the future development potential – and confirms the strength of our model, where operational excellence and property value work together.

During the year, Boho Club received many awards, as usual, including two international awards from the World Luxury Hotel Awards. This is recognition of the work carried out every day by our team and confirmation that our brand continues to strengthen in the European premium segment.

Looking ahead, I see 2026 as a year in which several of the decisions we made in 2025 will begin to have their full impact. We are entering the new year with lower financing costs, a more efficient organization, strong property values, and clear approvals that enable us to take the next step.

In 2025, we have shown that we can improve our results in a weaker market. With better market conditions and a stronger platform, we look forward to taking further steps towards building Boho Club, both operationally and in terms of real estate. Thank you for your continued trust.

Kind regards
Andreas Bonnier CEO Boho Group