Caybon Interim Report First Quarter 2024

January-March 2024

  • Net Sales decreased by 3% to 247,801 (255,434) TSEK, of which rounded 0% is exchange rate related and 3% is negative organic growth.
  • EBITDA amounted to -1,518 (12,096) TSEK, adjusted* EBITDA decreased 64% to 4,406 (12,096) TSEK.
  • EBITA amounted to -10,116 (4,453) TSEK, adjusted* EBITA amounted to -4,192 (4,453) TSEK.
  • EBITA margin amounted to -4.1% (1.7), adjusted* EBITA-margin amounted to -1.7% (1.7).
  • Net Profit for the period amounted to -34,805 (-8,822) TSEK.
  • Cash Flow from operations was -27,631 (-4,259) TSEK.

Adjusted amounts exclude non-recurring items and aim to give a picture of the underlying development; see note 8.

Significant events during the first quarter

  • 2024-01-04 Caybon received approval of written procedure and amendments to the terms and conditions with regard to the interest payment of the bonds.
  • 2024-02-07 Caybon announced that its largest shareholder, Priveq Investment V (A) AB and Priveq Investment V (B) AB (together "Priveq"), had sold all its shares in Caybon to Richard Båge. The representatives from Priveq on the board of directors resigned from the board.
  • 2024-03-04 Caybon announced that the interest due 2024-03-04 would be postponed.
  • 2024-03-18 Caybon announced that Johan Janing was appointed the new CEO of the group effective from the 2nd of April.
  • 2024-03-18 A framework agreement for the restructuring of bonds was signed. With the following conditions:
  1. 365 MSEK is converted from debt to shares.
  2. Caybon's own bond holdings of 25 MSEK are cancelled.
  3. Caybon receives a cash supplement of 65 MSEK, which is converted to a Super Senior bond debt.
  4. The convertible loan set out by Priveq during 2023 is converted to shares.
  5. Accrued interest due for payment in December 2023 and March 2024 is waived by the bondholders.
  6. The Super Senior bonds' maturity date is set to 3rd of June 2027. The maturity date for the amended existing bond extended to 3rd of December 2027.
  7. The bondholders will be owning about 85% of the shares of Caybon Holding post restructuring. 12% of the shares will be owned by key personnel, 2% by Priveq and 1% of previous shareholders.
  • 2024-03-29 Caybon initiates a written procedure to request the holders of the existing bonds to vote in favour of the new capital structure.
  • During the first quarter Caybon has had several costs associated with the restructuring of the capital structure within the group. These costs are tagged as non-recurring items in this report. The restructuring of the capital structure will be finalized during the second quarter. The final assessment and treatment of costs associated with the restructuring will be done in the second quarter which may affect these non-recurring items (5,568 TSEK) from the first quarter. Non-recurring items are presented under note 8.

 Significant events after the first quarter

  • 2024-04-02 Caybon appointed Daniel Grufman as new CFO for the group.
  • 2024-04-26 Caybon announced the approval of the written procedure and issuance of new super senior bonds.
  • 2024-05-02 Caybon had an Extraordinary General Meeting and voted in favour of actions needed to finalize the new capital structure. Resolutions comprising the following:
  1. Changes in the Articles of Association regarding number of shares, types of shares and limit of share capital.
  2. Share split 1:10.
  3. Early redemption of the convertible loan set out by Priveq in 2023, via issue of preference shares.
  4. Issue of ordinary shares to existing shareholders.
  5. Issue of preference shares and transfer of such shares to the company's board of directors, management, and certain key personnel.
  6. Issue of preference shares to the bondholders and super senior bondholders.
  • 2024-05-02 Election of board members. At the Extraordinary General Meeting, it was decided to re-elect board members Eola Änggård Runsten and Johan Kinnander. Eola Änggård Runsten takes over as chairman of the board. Richard Båge resigns from the board. Johan Janing takes assumes the role as member of the board.











Chg, %


Full year

Net Sales

247 801

255 434


994 414

1 002 047

Gross profit

120 714

134 083


494 811

508 369

Gross profit margin, %







-1 518

12 096


26 928

40 542

EBITDA-margin, %






Adjusted EBITA

-4 192

4 453


5 062

13 706

Adjusted EBITA-margin, %






Net Profit

-34 805

-8 822


-90 694

-64 711

Cash flow from operations

-27 631

-4 259


-12 606

10 766

Non-recurring items amounting to 5,925 (0) TSEK for the period Jan-Mar affect EBITDA, EBITA and Net Profit. For further explanation see note 8.


CEO Comment

Continued dampened media market

The first quarter of 2024 has been challenging, reflecting an uncertain macroeconomic environment that continues to impact the media industry.

Negative sales growth

On a positive note, the business area N365 especially in the US continues to perform well. However, this is not sufficient to counteract the negative development in the sales in the other business areas.

Caybon reported net sales of 247,801 (255,434) TSEK in the first quarter, which represented a negative development of 3%. Organic growth was negative and down by 3%, while exchange rate movements was rounded 0%. The earnings came in lower, with adjusted EBITDA at 4,406 (12,096) TSEK and adjusted EBITA at -4,192 (4,453) TSEK.

Campaign segment

N365 continued their positive trend of increased sales growth in their US operations also throughout the first quarter. This is a large market with a lot of potential for the business area and their product offerings. The other three business areas within the segment, Mediaplanet, FMG and Appelberg, still experienced tough market conditions and a lower outcome than last year. In this was FMG partly connected to closing one of their Swedish business units.

The newly appointed CEO of business area Mediaplanet, Mimmi Holm, started her position mid quarter and potential effects from this is yet to come. I feel confident that this new leadership will bring positive effects for Mediaplanet.

The segment's net sales are in line with last year and amounted to 196,130 (196,577) TSEK, which is largely thanks to a strong performance from N365. Since N365 have a product mix with relatively lower margins than the other business areas within the segment the effect on profitability was negative and the segment reported an adjusted EBITA of 4,373 (6,007) TSEK.

Network segment

In the Network segment, net sales declined by 11% to 53,744 (60,302) TSEK, while adjusted EBITA declined to -996 (5,240) TSEK.

The main reason for the lower outcome was that business area Newsner still on a year-over-year basis was impacted by the changes on that occurred on Facebook during last year, discontinued Facebook Instant Articles (FBIA) as well as Facebook's reductions in referral traffic to external news sites. On a positive note, the revenue from video on all platforms grew and is anticipated to keep doing so going forward.


It is reassuring that a solution has now been reached with our bondholders which involved a substantial reduction in debt and a much-needed capital injection. Now Caybon has a stable financial situation and an extended term for our loans. I am also honoured to now have been given the responsibility to lead this great business together with our talented staff and our new owners.


We are cautiously optimistic about the future. We have a clear strategy to manage the challenges ahead, and we are committed to maximizing the potential of our core businesses while exploring new growth opportunities.

Our team is working tirelessly to ensure that we are well-positioned to take advantage of the market's recovery as it accelerates. And I would finally like to take the opportunity to thank all our staff for their hard work and dedication. This is what makes all the difference.

Johan Janing, CEO


For more information please contact:

Johan Janing, CEO

Email: [email protected]

Daniel Grufman, CFO

Email: [email protected]

Caybon Holding AB is required to disclose this information pursuant to EU Market Use Regulation 596/2014. The information was provided by the above contact persons for publication on 8 May 2024 at 08:00 CEST.

About Caybon

Caybon is a group of scalable, digitally focused marketing companies specialised in content and distribution products. The purpose is to offer advertisers and organisations a way to communicate with their target group in an editorial and relevant context. The various offerings include a range of options from online media, videos, performance related advertising, events as well as printed products. Revenues in turn are derived from content production as well as various forms of advertising solutions. The clients range from small to mediumsized companies all the way up to multinational groups. The client base is thus diversified in terms of both size, sector and geography. The six brands within the Group are grouped into two business segments: Campaign and Network.

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Om Caybon

Caybon delivers data-driven branded content campaigns for more than 9,000 clients around the globe. We began life as Mediaplanet in Stockholm in 2002, and grew quickly into a media powerhouse with presence in Europe, North America, South America and Asia.



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Marknad STO Corporate Bonds Kortnamn CAYB01 ISIN-kod SE0017084478


Daniel Grufman [email protected] 070-415 84 38