SPACES that
care for PEOPLE

CEO

Message

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 f inal 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.

Yours sincerely,

Andreas Bonnier
CEO Boho Group