Interim report January - March 2025 Cabonline Group Holding AB (publ)

JANUARY-MARCH    

• Revenue amounted to SEK 1,116 million (1,287 million January-March 2024), a decrease of 13%. Organically, revenue decreased by 8%.
• Adjusted EBITA amounted to SEK 38 million (48), and the corresponding margin was 3.4% (3.7).
• Operating profit amounted to SEK 36 million (43), including items affecting comparability of SEK 1 million (-1). 
• Net income for the period amounted to SEK -22 million (-26). 
• Earnings per share before and after dilution amounted to SEK -0.00 (-0.00).
• Cashflow from operating activities amounted to SEK -7 million (-50).     

Significant events during the reporting period

Charlotta Söderlund was appointed as a regular member of the board at an extraordinary general meeting on 9 January 2025.

At the same extraordinary general meeting, Cabonline received approval to change the terms of its outstanding notes. Cabonline deferred interest
payments due in January 2025 on the Existing Notes, in line with these terms. 

Cabonline launched iCabbi, the new dispatch and booking system, in Region Stockholm.

Significant events after the end of the reporting period

Cabonline deferred interest payments due in April 2025 on the Existing Notes, in line with current terms.

CEO's comment 

iCabbi launched in Stockholm
During the first quarter, the new booking and dispatch system, iCabbi, was launched in Stockholm – our largest market. This marks an important shift aimed at increasing efficiency and competitiveness, through shorter waiting times and improved communication.
At the end of March, we initiated a pilot project in Region South to test the Hello communications platform, developed to improve dialogue with drivers and transporters and to boost engagement.

During the quarter, we took further steps to reduce costs and streamline operations, with results expected to become visible later in 2025. 

At the beginning of the year, we also renegotiated the terms of our sustainability-linked bonds, securing more favourable conditions. This has strengthened our financial stability and long-term liquidity.

Key financials
In the first quarter, Cabonline generated revenues of SEK 1,116 million (SEK 1,287 million in the same period last year), corresponding to an organic decrease of 8%. Adjusted EBITDA amounted to SEK 55 million (–14%), while the EBITDA margin of 4.9% was on par with the previous year.

Performance by business segment
In the public segment (B2P), we participated in twelve competitive tenders and were awarded ten contracts, of which some are still under review. We also renegotiated the school transport contract in Region Örebro on improved terms.

At the turn of the year, flights to and from Bromma airport ceased, and only a third of the former 90,000 monthly passengers have been transferred to Arlanda. This has led to a clear decline in the number of airport taxi trips. Nonetheless, we have maintained a strong market share – around 5 percent of all domestic air travellers use our Flygtaxi service to or from the airport.

Private travel (B2C) declined by 15% organically during the quarter year-on-year. However, we saw positive developments in Norway in terms of both vehicle count and trip volumes, and in Finland, we won the tender for Helsinki Central Station. To increase volumes, marketing campaigns were carried out in Norway and Sweden.

Business travel (B2B) volumes declined organically by 12% compared to the previous year. During the quarter, we reactivated dormant customers and signed several new agreements. We extended and expanded our contract with a leading telecom customer and launched a new loyalty programme in partnership with Finnair. In addition, we stepped up communication through new channels including telemarketing, LinkedIn and newsletters.

Sustainability and responsibility
In April, we published our 2024 Sustainability Report. We lead the industry’s transition through broad and focused sustainability initiatives across the entire organisation. Our bond-related sustainability targets were surpassed by a wide margin: 69% of our passenger vehicles ran on electricity or biogas compared to our target of 50% for 2025. 

Looking ahead
Once iCabbi is fully optimised in Stockholm, roll-out is planned for other regions. Our cost control efforts continue, while we are ramping up sales and marketing efforts to drive volume growth.

We have reached many important milestones in our transformation journey. I look forward with confidence to the steps ahead and would like to extend my sincere thanks to our employees, drivers, and vehicle owners for your dedication—and to our customers and investors for your continued trust.

Stockholm May 2025
Charlotta Söderlund
CEO and President

For further information, please contact:
Charlotta Söderlund, CEO, tel +46 70 453 77 70, charlotta.soderlund@cabonline.com
Erik Skånsberg, CFO, tel +46 79 062 38 84, erik.skansberg@cabonline.com
Claes Palm, manager IR, tel + 46 79 061 29 43, claes.palm@cabonline.com

About Cabonline Group: 
Cabonline is the leading taxi company in the Nordic region, with ~2,200 connected transporters and ~4,000 vehicles in Sweden, Norway and Finland. Cabonline operates a series of well-known brands, such as TaxiKurir, Taxi Skåne, Umeå Taxi, Sverigetaxi, TOPCAB, Norgestaxi, Kovanen, Fixu Taxi and Flygtaxi. Through Cabonline, transporters can access attractive customer agreements, support from industry-leading technology and efficient services where shared infrastructure delivers economies of scale. In 2024, Cabonline’s revenue was approximately SEK 4.7 billion. For further information: cabonlinegroup.com/en

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