Year-end report 2023 Cabonline Group Holding AB (publ)

OCTOBER – DECEMBER

• Revenue amounted to SEK 1,448 million (1,500), a decrease of 3%. Organically, revenue decreased by 3%.
• Adjusted EBITA amounted to SEK  27 million (58), and the corresponding margin was 1.9% (3.9).
• Operating profit amounted to SEK 28 million (34), including items affecting comparability of SEK 8 million (-18).
• Net income for the period amounted to SEK -27 million (-29).
• Cash flow from operating activities amounted to SEK 21 million (-3).

JANUARY – DECEMBER

• Revenue amounted to SEK 5,620 million (5,491), an increase of 2%. Organically, revenue increased by 2%.
• Adjusted EBITA amounted to SEK 202 million (218), and the corresponding margin was 3.6% (4.0).
• Operating profit amounted to SEK 163 million (154), including items affecting comparability of SEK -11 million (-36).
• Net income for the period amounted to SEK -94 million (-137).
• Cash flow from operating activities amounted to SEK  119 million (-110).

Significant events during the reporting period
Cabonline and its majority shareholders entered on October 9, 2023, into a refinancing agreement with a consortium of international institutional investors consisting of Invesco, Nordstjernan and others, that strengthened Cabonline's financial position going forward by raising additional funding of SEK 200 million, through issuance of new notes. Hence, the consortium collectively became the new majority owners of Cabonline.

The Extraordinary General Meeting that was held on October 23, 2023 resolved on amendments in the Company´s articles of association regarding share classes and authorized the Board of Directors to, at one or several occasions until the annual general meeting 2024, resolve to issue new shares in the Company. New board members were elected Peter Viinapuu (chair), Julian Russ, Thomas Naess and Dag Kibsgaard-Petersen.

A directed new issue of 7,050,000,000 D shares, 250,000,000 D1 shares and 200,000,000 D2 shares has been completed and payment has been made by offsetting against Cabonline's senior secured sustainability-linked bonds (ISIN SE0017767346) November 6, 2023 for SEK 425 million. The transaction also included an exchange of the existing notes amounting to SEK 400 million, in a new issue of senior notes, ranking pari passu with the new notes.

Significant events after the end of the reporting period
The bond with ISIN: SE0017767346, that was issued in April 2022, has been delisted from the Frankfurt Stock Exchange on January 22, 2024. The bond is still listed on Nasdaq Stockholm. Cabonline subsequently has no bond listed on the Frankfurt Stock Exchange.

As of January 1, 2024, Norges Taxi Öst AS, Norges Taxi Nord AS and Norges Taxi Vest AS have merged into Cabonline Norge AS in Norway.

CEO´s comment

Impact on earnings from the economy while making significant progress on our comprehensive development agenda
The year 2023 was characterised by high inflation and interest rates and intense competition in the Nordic taxi market, which created a challenging business environment. A cyclically affected decrease in the private travel group commenced in the second quarter and continued in the fourth quarter. Despite these significant challenges, Cabonline has shown resilience. Our ability to successfully navigate this complex and dynamic business environment confirms the strength of our business model, which focuses on three overarching customer groups: B2P (public), B2B (corporate) and B2C (private). At the same time, during the quarter, we have also made significant progress in our strategic initiatives, such as establishing new in-car tech, a new system for booking & dispatch and centralising essential functions in operations, commercial, finance and IT.

In the fourth quarter, revenues amounted to SEK 1,448 million, corresponding to a decrease of 3% compared to the same period last year. For the full year 2023, revenue reached MSEK 5,620, an increase of 2% compared to the previous year. EBITA for the quarter amounted to SEK 35 million, a decrease of 13 % compared to last year. For the full year, EBITA increased to SEK 191 million, an increase of 5% compared to the previous year.

Development during the quarter
Our investment in the business travel group (B2B) yields good results, with an increase of 19% in the number of newly signed company agreements compared to the same period last year. That's positive for 2024. The demand for travel from the business travel group (B2B) was stable compared to the same quarter the previous year, except for Finland, which decreased by -7% in the number of trips. Our Flygtaxi concept showed good development, with a 6% increase in sales during the quarter compared to the same period last year. At the same time, we encountered a decline in demand from the private travel group (B2C), which resulted in a 21% decrease in the number of B2C trips during the quarter compared to the same period last year.

Passengers highly value our commitment to quality. App passenger satisfaction during the quarter was an impressive 4.61 on a 5-point scale, an increase from 4.55 in the same period last year and reinforcing our competitive advantage.

During the quarter, we continued to win public procurements (B2P), which underlines confidence in Cabonline as a supplier. Some examples of renewed agreements are mobility service in Malmö, service trips in Gothenburg, passenger transport in Solna, mobility service in Knivsta municipality and passenger transport in Sundbyberg.

Our sustainability work and preparations for the Corporate Sustainability Reporting Directive (CSRD) are progressing well. A clear example of our sustainability work is that already half of the taxis in our vehicle fleet in Norway are electric cars.

Preparing for the iCabbi platform
Preparations to implement our cloud-based booking and traffic management platform, iCabbi, are moving forward in full force. This platform will significantly increase customer, driver, and transporters experiences while increasing operational efficiency through improved booking, traffic management, and pricing. We aim to fully implement the platform in all essential functions and regions by 2024. In the long term, we see significant strengths and opportunities with our investments in digital development.

Change of ownership
On 18 October 2023 and 27 October 2023, Cabonline Group Holding AB issued senior secured sustainability-linked bonds that are admitted to trading on the sustainable corporate bond list of Nasdaq Stockholm. During the quarter, the Board of Directors carried out a directed share issue registered with the Swedish Companies Registration Office on 6 November 2023.

Entire focus on our long-term goals
In summary, we see significant progress in our strategic initiatives and investments in quality. Although we expect continued macroeconomic challenges in 2024, our focus on remaining relevant to our passengers and achieving sustainable and profitable growth remains tireless.

The key, as always, is to make passengers happy and create the conditions for long-term value creation. Strengthened by the knowledge that we have come a long way in our transformation journey, we are now entering 2024 with great energy.

Once again, I want to thank all our passengers, drivers, transporters, and employees who contributed to our successful 2023. Cabonline is on an inspiring journey. As always, we look forward to welcoming all our passengers.

Stockholm February 2024
Dag Kibsgaard-Petersen
President and CEO

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

This information is such that Cabonline Group Holding AB (publ) is obliged to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact persons set out above February 15, 2024, 13.00 (CET).

About Cabonline Gruoup:
Cabonline is the leading taxi company in the Nordic region, with ~2,500 connected transporters and ~4,400 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 can access attractive customer agreements, support from industry-leading technology and efficient services where shared infrastructure delivers economies of scale. In 2023, Cabonline’s revenue was approximately SEK 5.6 billion. For further information: cabonlinegroup.com/en