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

JULY - SEPTEMBER

• Revenue amounted to SEK 973 million (1,015 million July-September 2024), a decrease of 4%. Organically, revenue decreased by 4%.
• Adjusted EBITA amounted to SEK 31 million (22), and the corresponding margin was 3.2% (2.2).
• Operating profit amounted to SEK 29 million (12), including items affecting comparability of SEK -2 million (-7).
• Net income for the period amounted to SEK 9 million (-52).
• Earnings per share before and after dilution amounted to SEK 0.00 (-0.01).
• Cashflow from operating activities amounted to SEK -11 million (-21).

JANUARY - SEPTEMBER

• Revenue amounted to SEK 3,207 million (3,527 million January-September 2024), a decrease of 9%. Organically, revenue decreased by 7%.
• Adjusted EBITA amounted to SEK 107 million (110), and the corresponding margin was 3.3% (3.1).
• Operating profit amounted to SEK 101 million (86), including items affecting comparability of SEK -1 million (-15).
• Net income for the period amounted to SEK -22 million (-113).
• Earnings per share before and after dilution amounted to SEK -0.01 (-0.02).
• Cash flow from operating activities amounted to SEK 3 million (-71).

Significant events during the reporting period

• Cabonline defers certain interest payments in July in accordance with the terms of the sustainability notes.
• Flygtaxi - part of Cabonline - selected as preferred partner in SAS Transfer to 2027.
• Cabonline to continue delivering trusted service trips in Örebro to 2030.

Significant events after the end of the reporting period

• Cabonline wins expanded mobility service contracts in Västra Götaland until 2031.
• Cabonline defers certain interest payments in October in accordance with the terms of the sustainability notes. Details are published quarterly on Cabonline's website upon release of reports.
• Cabonline awarded renewed contract by Region Uppsala to 2030 within service trips.

CEO's comment

Improved result and cash flow

During the third quarter, we strengthened our position through several key agreements. Profit and margin increased, driven by a higher average price per trip and significant success for Flygtaxi.

Our new booking and dispatch system, iCabbi, was successfully implemented in the Region North and is now covering 75% of our fleet in Sweden. The platform enables more cost-efficient processes and higher delivery quality. We also launched Hello in Regions Mitt and North. As a result, all of Sweden now shares a common tool to further develop relations with drivers and operators.

During the quarter, we also began rolling out our new visual identity and brand narrative under the tagline We move the Nordics. This marks the next step in our brand journey - from logo to living brand.

The third quarter is normally the weakest in terms of revenue, largely because schools are closed first half of the quarter.
In September, we launched a new project focused on cost reduction, while the work to streamline the organisation continued. The initiatives are expected to take effect towards the end of 2025 and in 2026.

Results in brief

Cabonline's revenue for the quarter amounted to SEK 973 million, compared to SEK 1,015 million in the same period last year, an organic decrease of 4%. Adjusted EBITDA totalled SEK 48 million, an increase of 25% compared to the previous year. The adjusted EBITDA margin was 4.9%, compared with 3.8% in the third quarter of last year.

Performance by business segment

In the public segment (B2P), we submitted eight public tenders and won five, including in Bergen and Knivsta-Håbo. During the quarter, larger contracts were also announced with Region Uppsala and Västtrafik. The total contract value for all these agreements is estimated at approximately SEK 1,200 million over the contract periods of four to five years.

The third quarter marked a clear turning point for Flygtaxi, which increased in trips, revenue and margin compared with the same period last year.
Business travel (B2B) decreased slightly year-on-year. Sweden's West region and Norway continued to deliver strong growth. We won several important contracts, including for SAS flight crews at multiple locations in Sweden and Norway, and for Nokia in Finland.

During the summer period, successful marke-ting campaigns were carried out at eleven airports and central stations across the Nordic region to stimulate demand and strengthen brand awareness. Despite this, private travel (B2C) declined overall compared with the third quarter last year.

Sustainability and responsibility

We exceeded the targets linked to our sustaina-bility-linked bonds. As many as 73% of passenger cars were powered by electricity or biogas, compared with the 2025 target of 50%. The share of electric vehicles increased to 47% of the total fleet.

Looking ahead

The transformation has come a long way, but the path towards a fossil-free fleet by 2030 requires continued determination and perse-verance. Next year, the EU Clean Vehicles Directive will tighten the requirements for electric vehicles to nearly 40% in public transport.

We continue to make substantial investments in new technology driving the transformation of our operations. Over the next two quarters, Hello will be implemented in Norway, and iCabbi will be rolled out across the rest of Sweden and Finland. In addition, a new route planning tool for school transport, with an associated web platform and application, will be launched shortly.

Thank you to all employees, drivers and operators for your commitment, and to our customers and investors for your continued trust. Together, we are taking the next step in our transformation journey - towards a more sustainable and efficient taxi business.

Stockholm November 2025
Charlotta Söderlund
CEO and President

For further information, please contact

Charlotta Söderlund, CEO, [phone], [e-mail]
Erik Skånsberg, CFO, [phone], [e-mail]
Claes Palm, manager investor relations, + 46 79 061 29 43, [e-mail]

About Cabonline Group

Cabonline is the leading taxi company in the Nordic region, with ~2,100 connected transporters and ~3,800 vehicles in 175 cities in Sweden, Norway and Finland. Cabonline operates a series of well-known brands, such as Sverigetaxi, TaxiKurir, Taxi Skåne, Umeå Taxi, Norgestaxi, Fixu Taxi, Kovanen och Flygtaxi. The company provides safe, accessible and sustainable mobility solutions for the public sector, businesses and private travellers. 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