Cabonline Group Holding AB (publ) Interim report January to March 2023

JANUARY – MARCH

• Revenue amounted to SEK 1,450 million (1,210), an increase of 20%. Organically, revenue increased by 18%.
• Adjusted EBITA amounted to SEK 58 million (62), and the corresponding margin was 4.0% (5.1).
• Operating profit amounted to SEK 57 million (52), including items affecting comparability of SEK 6 million (-2).
• Net income for the period amounted to SEK -9 million (1).
• Earnings per share before and after dilution amounted to SEK -0.61 (-0.31).
• Cash flow from operating activities amounted to SEK 56 million (19).

CEO ́s comment

Continued good growth and a high pace of change 
The trend of increased demand continued in the first quarter of the year. Our important work on investments in efficiency-enhancing measures is ongoing at full speed. For example, we are making a significant change to the operational management of the fleet in Stockholm, which will further increase efficiency, improve service and minimise waiting times.

Our task to deliver competitive offers to our travellers, customers, transporters, and drivers has probably never been more important. The development has accelerated during the first quarter of the year, with great commitment. During the quarter, revenue increased by 20% compared to the same quarter last year. Our operating expenses are driven by the high-cost inflation, while we are in an intensive phase of switching our booking and traffic management platform as well as taxi technology in our vehicle fleet. The combined effect of these factors had a negative impact on the results. Adjusted EBITA for the first quarter amounted to SEK 58 million, a decrease compared to SEK 62 million in the previous quarter, and the adjusted EBITA margin decreased to 4.0% compared to 5.1% in the same quarter last year.

Positive signals
The number of new app customers increased by 62% during the quarter compared to the same quarter last year.

The efforts to improve our offerings and sales efforts aimed at the B2B segment are already producing good results. The number of new corporate customers developed well during the quarter, and sales increased by 23% compared to the same quarter last year.

The positive development of our unique and highly appreciated Flygtaxi concept continues. The number of bookings increased by 193% during the quarter compared to the same quarter last year.

During the quarter, we continued to win procurements of community-paid trips. Among them are service trips in Västerbotten, school transport in Borås and taxi trips for Örebro municipality.

The number of connected cars and revenue per car continued to increase during the quarter. We at Cabonline are strengthened by all the positive signals and continue to work tirelessly to create value for all our stakeholders.

A group in development 
We continue to drive our development with a focus on creating a stronger Cabonline in line with our goals in the business plan and ensuring that Cabonline continues to be the Nordic region's leading taxi company. The preparation of our new booking and traffic management platform in 2023–2024 is in full swing and is a very important part of our development. The project is proceeding according to plan, with a focus right now on securing processes and requirements for future phases. The new IT platform will provide good conditions for sustainable and profitable growth.

Our systematic work on diversity and inclusion, one of the cornerstones of our sustainability work that we started in the second quarter of 2022, has already achieved our goal of eNPS (Employer Net Promoter Score). With satisfied and engaged employees, we have a solid and sustainable platform to continue to grow and develop.

Leading in the field of sustainability is a strategic priority for Cabonline. In 2022, we committed to three key sustainability goals and are proud of the development. "The share of fossil fuel independent vehicles (electric and biogas cars with fewer than 7 passenger seats) of our vehicle fleet" on December 31, 2022, was 43%. The "share of vehicles with alcohol ignition interlocks" on December 31, 2022, was 72% of the vehicle fleet. And ambitious work is underway with the goal "Reduce CO2e emissions in line with the 1.5-degree target" to set a science-based target in line with the Paris Agreement and Science Based Targets (SBT) methodology.

Flygtaxi is now ISO certified in accordance with both the quality management system ISO 9001 and the environmental management system ISO 14001.

Forward-looking
A few months into 2023, we can see that our efforts to improve punctuality and service further have begun to take effect. However, like many others, we are still characterised by the uncertain macroeconomic situation in the world, with high inflationary pressures, continued interest rate turmoil and geopolitical uncertainties. We, therefore, have great humility and restraint in our expectations.

I am proud to be part of a team that understands the importance of creating the conditions for meetings between people and who works hard to make this possible every day. Our work has a positive impact on society and helps people to continue to meet and collaborate. Many thanks to all our heroes who ensure that our travellers are taken care of in the best possible way. And a big thank you to all our customers and travellers for the trust we enjoy as the leading taxi company in the Nordic region.

Dag Kibsgaard-Petersen
President and CEO
May 2023

For further information, please contact:
Dag Kibsgaard-Petersen, CEO, tel +47 400 11 981, dag.kibsgaard-petersen@cabonline.com

'This information is information that Cabonline Group Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13:00 CET on May 4, 2023.

About Cabonline Group:

Cabonline is the leading taxi company in the Nordic region with, ~2,600 connected transporters and ~4,900 vehicles in Sweden, Norway, Finland and Denmark. Cabonline operates a series of well-known brands, such as Flygtaxi, TaxiKurir, Norgestaxi, TOPCAB, Kovanen, Taxi Skåne, Taxi Väst, Umeå Taxi, Sverigetaxi and Taxi 4x27. Through Cabonline, transporters have access to attractive customer agreements, support from industry-leading technology and efficient services where shared infrastructure delivers economies of scale. In 2022, Cabonline’s revenue was approximately SEK5.5 billion. For further information: cabonlinegroup.com/en