SPACES thatcare for PEOPLE
Active Property management
Boho Group creates long-term value through active property development and management, with a focus on luxury hotels and restaurants under our own brand, Boho Club. Our business model combines premium accommodations with exclusive culinary experiences, offering a comprehensive solution for our guests.
Based in Spain and rooted in Nordic design tradition, our parent company is listed on Nasdaq First North in Stockholm, providing investors with easy access to our growing market segment on the Spanish Costa del Sol.
This version emphasizes both property development and hotel operations, aligning more closely with Boho Group’s brand and focus.
CEO message
Dear Shareholders,
The first months of the year have been a clear reminder of how quickly conditions can change in our industry. Marbella entered the year with unusually poor weather, and both January and parts of February were characterized by heavy rain and a significantly calmer market than normal. Q1 last 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 inflows and a first quarter that did not meet our expectations. Happily, the sun returned in March.
CEO
Message
The first months of the year have been a clear reminder of how quickly conditions can change in our industry. Marbella entered the year with unusually poor weather, and both January and parts of February were characterized by heavy rain and a significantly calmer market than normal. Q1 last 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 inflows and a first quarter that did not meet our expectations. Happily, 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 on the hotel and restaurant side. This is perhaps the strongest signal we can receive in a period where competition for guests has been tougher than usual. When the market slows down, quality, experience and brand become crucial, and that is where we stand strong.
At the same time, the development in March was an important trend change after the weak start to the year. We saw a clear improvement in both hotel operations and the general level of activity in Marbella, which gave the first signals that the market was starting to recover after the unusually weak winter. This development has continued into the beginning of Q2, where the booking situation, activity level and demand for the summer look significantly stronger than during the first months of the year.
However, in parallel with the daily operations, a significantly larger amount of work is underway in the background 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 visible in the quarterly figures, but which in practice is crucial for the company’s long-term value creation. From today’s approximately 40 hotel rooms, we are working towards a potential future development of up to approximately 260 rooms, together with new restaurants, wellness, beach club and more destination elements that can change both the company and our position in the market in the long term.
At the same time, the development of a project of this size does not occur through a single decision or a linear process. It is a continuous process where many parts need to be developed in parallel, everything from concept development, design and project planning to government processes, financing and how we create the best values with Boho Club Marbella. During the quarter, much focus has been on continuing to define the direction of the project together with various stakeholders and creating the right conditions for the next step in development.
It is therefore with great confidence that we enter the rest of 2026. We see how the market in Marbella is recovering after an unusually weak winter, while Boho Club continues to strengthen its position and attract more guests. In parallel, we methodically continue the work of developing the company’s properties and long-term projects. Together, this creates a combination of both short-term recovery and significant long-term potential, which makes us look positively at the rest of the year and the future of Boho Group.
Yours sincerely,
Andreas Bonnier
CEO Boho Group
Boho Club is an award-winning and exclusive boutique hotel located in the heart of Marbella, on the renowned Golden Mile. With an elegant resort ambiance and a club mentality, Boho Club offers a unique experience where the comfort and familiarity of home meet the top-tier service of a luxury hotel. The hotel, which was named Spain’s Best Luxury Boutique Hotel in 2021, consists of 40 rooms, each accommodating 2 to 4 guests. Its distinctive design has received multiple accolades, and the Michelin-recommended restaurant adds to the exclusive atmosphere.