Year-end report 2024 Cabonline Group Holding AB (publ)

OCTOBER - DECEMBER

Revenue amounted to SEK 1,214 million (1,448 million October-December 2023), a decrease of 16%. Organically, revenue decreased by 9%.Adjusted EBITA amounted to SEK 32 million (27), and the corresponding margin was 2.6% (1.9).Operating profit amounted to SEK 18 million (28), including items affecting comparability of SEK -11 million (8). Net income for the period amounted to SEK -12 million (-27). Earnings per share before and after dilution amounted to SEK -0.00 (0.01).Cashflow from operating activities amounted to SEK 17 million (-24). 

JANUARY – DECEMBER

Revenue amounted to SEK 4,740 million (5,620 million January-December 2023), a decrease of 16%. Organically, revenue decreased by 9%.Adjusted EBITA amounted to SEK 142 million (202), and the corresponding margin was 3.0% (3.6).Operating profit amounted to SEK 104 million (163), including items affecting comparability of SEK -26 million (-11). Net income for the period amounted to SEK -125 million (-94). Earnings per share before and after dilution amounted to SEK -0.02 (-0.02).Cash flow from operating activities amounted to SEK -54 million (68).

Significant events during the reporting period

Cabonline notified in October that the company refrained from paying interest on its Existing and Elevated notes, in accordance with the notes’ terms and conditions.The implementation of the new platform for booking and traffic management, iCabbi, was completed in Region Syd during the month of October. Cabonline initiated written proceedings regarding changes to the terms of its outstanding notes.In December, Cabonline called an extraordinary general meeting on January 9, 2025.

Significant events after the end of 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.

CEO's comment

Long-term secured financing and liquidity 

As a committed partner to our drivers and employees, we welcome the ongoing debate about the challenges in today’s taxi market—an industry marked by oversupply and intense competition. The presence of illegal taxis, unregulated operators, and app-based companies that compete through tax evasion and inhumane working conditions has rightfully been brought to light. Moving forward, we will strengthen our position by maintaining our focus on quality, safety, and customer satisfaction.

During the fourth quarter, revenues amounted to SEK 1,214 million, a decline by 9% compared to the same period last year (excluding Denmark). For the full year 2024, revenues reached SEK 4 740 million, also a decrease by 9% compared to the previous year (excluding Denmark). The adjusted EBITDA result for the quarter amounted to SEK 50 million, an increase of 16% compared to the same period last year. For the full year, the adjusted EBITDA result was SEK 208 million, a decrease of 21% compared to the previous year.  

On February 29, Cabonline sold its Danish companies Taxi 4x27 and Cabonline Danmark to focus on the operations in Finland, Norway and Sweden. In April, Cabonline's board appointed a new management when the undersigned became acting CEO and President, Magnus Creutz new CCO and Erik Skånsberg new CFO. In July, I was appointed as permanent CEO and President.

Development during the quarter
During the last quarter of the year, we focused on streamlining our ways of working and our organization, which will have an effect in the form of reduced personnel costs in 2025. We have also renegotiated our sustainability-linked bonds with extended maturities and more favorable interest rates, which ensures long-term financial stability and access to necessary liquidity. 

During Q4, we completed the implementation of iCabbi in region South and began training and testing ahead of the Stockholm launch. We launched a new traveler application that enables marketing to customers, communication between customers and drivers as well as smoother payment solutions. 

In September, we participated in the Persontrafik arena in Gothenburg and held roundtable discussions on sustainability and quality with decision-makers in the public sector. The fourth quarter was successful for our public business (B2P) with seven contracts won, three of which were new. In total, we signed for larger contract volumes than previously estimated, for instance school trips in Uppland's Väsby and Örebro, coming into effect in the summer of 2025. 

Our focus on business travellers continued during the quarter, and agreements were signed with large companies within banking, aviation, media and hospitality, among others. Turnover from travelers within the B2C and B2B segments (adjusted for Denmark) decreased by 26% and 18% respectively during the quarter compared to the previous year. Revenue from travel within our unique air taxi concept decreased by 1,5%, while domestic flights decreased by 8% during the same comparison period.   

Sustainability and responsibility
During the last quarter, the share of electric cars increased to 42% of the total fleet and the share of fossil-fuel independent passenger vehicles increased to 68%. That exceeds our climate science-validated target of 40% fossil-fuel independent passenger vehicles for 2024 by a wide margin. 

Looking ahead
During the first quarter of 2025, we will launch the new booking and dispatch platform iCabbi in Stockholm and additional functionality in our new traveler application. The project also involves a new settlement system and a new driver application. In the long term, we expect increased quality, safety and customer satisfaction, as well as reduced manual work in booking and traffic management.

Cabonline's transformation towards a more sustainable and competitive future continues, and I look forward with confidence to 2025. Many thanks to our investors, customers and travelers for their continued trust, and to all riders, drivers and employees for your hard work and commitment.

Stockholm February 2025
Charlotta Söderlund
CEO and President

For further information, please contact:
Charlotta Söderlund, tf VD, tel +46 70 453 77 70, charlotta.soderlund@cabonline.com
Erik Skånsberg, CFO, tel +46 79 062 38 84, erik.skansberg@cabonline.com

About Cabonline Group
Cabonline is the leading taxi company in the Nordic region, with ~2,200 connected transporters and ~4,100 vehicles in Sweden, Norway and Finland. Cabonline operates a series of well-known brands, such as Sverigetaxi, TaxiKurir, Taxi Skåne, TOPCAB, Umeå Taxi, Norgestaxi, Fixu Taxi, Kovanen och 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

This disclosure contains information that Cabonline Group AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 21-02-2025 16:15 CET.