The company reported an improved profit after tax by SEK 4,720,000 in the first quarter compared with the same quarter in 2025. This improvement in earnings was achieved despite lower revenue, thanks to operational efficiencies and lower financial expenses.

JANUARY – MARCH 2026

• Revenue from operating activities amounted to 12,050 (14,81) TSEK.
• Operating profit before depreciation and amortization (EBITDA) amounted to -5,459 (-8,977) TSEK.
• The company's cash flow from operating activities amounted to SEK -5,584 (-4,891).
• Gross profit improved by 2,013 TSEK and amounted to -6,375 (-8,388) TSEK.
• Profit after tax improved by 4,720 TSEK and amounted to -11,072 (-15,792) TSEK.
• Earnings per common share for the period 1 January – 31 March 2026 amounted to -0.19 (-0.27) SEK.
• Reported equity as of 31 March 2026 amounted to 134,248 (166,630) TSEK.

SIGNIFICANT EVENTS DURING THE THIRD QUARTER

• In February, Boho Group refinanced an existing development loan with Alantra with a new property loan with Deutsche Bank. The loan amounts to €17.3 million and carries an interest rate of 2.25 percentage points above EURIBOR, which is just over 40 percent lower than before. The Group will thus see reduced interest expenses of just over SEK 6 million for the full year.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

• Notice has been given of the Boho Group Annual General Meeting to be held on June 4 at 11:00 a.m. at the company’s offices at Strandvägen 7A in Stockholm. The notice and all meeting materials will be published on the company’s website no later than two weeks before the Annual General Meeting.

A word from the CEO

Dear Shareholders,

The first few months of the year have been a stark reminder of how quickly conditions can change in our industry. Marbella started the year with unusually poor weather, and both January and parts of February were marked by heavy rain and a significantly quieter market than usual. Q1 of the previous year was also negatively affected by the weather, but the winter of 2026 has been exceptional—one of the rainiest on the Costa del Sol since the 1970s. For Boho Club, this meant lower customer traffic and a first quarter that fell short of our expectations. Fortunately, the sun returned in March.

Despite a weaker market, guests continued to choose Boho Club over our competitors. Our guest ratings once again placed us at the top of our competitive segment, both in terms of the hotel and the restaurant. This is perhaps the strongest signal we could receive during a period when competition for guests has been fiercer than usual. When the market slows down, quality, experience, and brand become crucial, and that’s where we stand strong.

At the same time, the trend in March marked an important turnaround after the year’s weak start. We saw a clear improvement in both hotel operations and the general level of activity in Marbella, which provided the first signs that the market was beginning to recover after the unusually weak winter. This trend has continued into the start of Q2, where the booking situation, activity level, and demand ahead of the summer look significantly stronger than during the first months of the year.

However, alongside our day-to-day operations, significantly more extensive work is underway behind the scenes regarding the development of Boho Group’s future hotel projects and our properties on the Golden Mile.

This is work that may not always be reflected in the quarterly figures, but which is, in practice, crucial to the company’s long-term value creation. From today’s approximately 40 hotel rooms, we are working toward a potential future expansion of up to approximately 260 rooms, along with new restaurants, wellness facilities, a beach club, and additional destination elements that, in the long term, could transform both the company and our position in the market.

At the same time, the development of a project of this scale does not occur through a single decision or a linear process. It is an ongoing effort where many aspects need to be developed in parallel, ranging from concept development, design, and project planning to regulatory processes, financing, and how we create the best value with Boho Club Marbella. During the quarter, there has been a strong focus on continuing to define the project’s direction together with various stakeholders and creating the right conditions for the next stage of development.

It is therefore with great confidence that we look ahead to the rest of 2026. We see the market in Marbella recovering after an unusually weak winter, while Boho Club continues to strengthen its position and attract more guests. At the same time, we are methodically continuing our work to develop the company’s properties and long-term projects. Together, this creates a combination of both short-term recovery and significant long-term potential, which leads us to view the rest of the year and the future of Boho Group positively.

Kind regards,
Andreas Bonnier CEO Boho Group