Caybon Year end Report 2023

October - December 2023

  • Net Sales decreased by 9% to 258,511 (283,603) TSEK, of which 0% is exchange rate related and 9% is negative organic growth.
  • EBITDA decreased by 70% to 11,014 (36,329) TSEK, adjusted* EBITDA decreased 64% to 13,999 (38,404) TSEK.
  • EBITA amounted to 2,314 (28,720) TSEK, adjusted* EBITA amounted to 5,299 (30,796) TSEK.
  • EBITA margin amounted to 0.9% (10.1), adjusted* EBITA-margin amounted to 2.0% (10.9).
  • Net Profit for the period amounted to -17,396 (4,495) TSEK.
  • Cash Flow from operations was 2,469 (45,666) TSEK.

 January - December 2023

  • Net Sales increased by 2% to 1,002,047 (983,615) TSEK, of which 8% is acquired growth, 2% is exchange rate related and 8% is negative organic growth.
  • EBITDA decreased by 59% to 40,542 (100,071) TSEK, adjusted* EBITDA decreased 60% to 45,744 (113,577) TSEK.
  • EBITA decreased 89% to 8,505 (74,638) TSEK, adjusted* EBITA decreased 84% to 13,706 (88,144) TSEK.
  • EBITA margin amounted to 0.8% (7.6), adjusted* EBITA margin amounted to 1.4% (9).
  • Net Profit for the period amounted to -64,711 (1,416) TSEK.
  • Cash Flow from operations was 10,766 (78,658) TSEK.
  • It should be noted that FMG Group was not part of Caybon Group during the first half of 2022.

Adjusted amounts exclude non-recurring items and aim to give a picture of the underlying development; see note 6.

Significant events after the fourth quarter

On Jan 4th Caybon completed a written procedure with its bondholders to postpone the interest payment due on Dec 3th 2023 until March 3rd 2024.

On Feb 7th Caybon's largest shareholder Priveq announced the sale of its shares to Richard Båge who subsequently is Caybon's largest shareholder.

Furthermore, Caybon is currently conducting constructive discussions with its largest shareholder and certain bondholders to agree on a long-term solution for Caybon's capital structure.








Chg, %



Chg, %

Net Sales

258 511

283 603


1 002 047

983 615


Gross profit

130 781

158 001


508 369

530 501


Gross profit margin, %








11 014

36 329


40 542

100 071


EBITDA-margin, %







Adjusted EBITA

5 299

30 796


13 706

88 144


Adjusted EBITA-margin, %







Net Profit

-17 396

-4 495


-64 711

1 416


Cash flow from operations

2 469

45 666


10 766

78 658


Non-recurring items amounting to 2,984 (2,076) TSEK for the period Oct-Dec and 5,201 (13,506) for the period Jan-Dec affect EBITDA, EBITA and Net Profit. For further explanation see note 6.

CEO Comment

Caybon has been negatively affected by the economic down-turn during 2023 which has affected the media spend from our clients in most business areas. Several actions have been taken to address these challenges.

Negative sales growth

Due to negative growth in all business areas except for N365 and Splay One, Caybon showed negative growth in net sales for the Group in the fourth quarter.

Caybon reported net sales of 258,511 (283,603) TSEK in the fourth quarter, which represented a negative growth of 9%. Organic growth was negative and down by 9%, while exchange rate movements was 0%. The earnings came in lower, with adjusted EBITDA at 13,999 (38,404) TSEK and adjusted EBITA at 5,299 (30,796) TSEK.

Campaign segment

Both Mediaplanet and FMG have continued to be affected by weak market conditions and global uncertainties that have continued to dampen media spend. In order to address the weak performance, both business areas have taken some important decisions and actions this quarter. For example,

FMG has scaled back from their investment in the Netherlands as well as closed one of its business units in Sweden in order to put more focus on its core products and services.

Mediaplanet continues its efforts in trying to increase the benefits of the newly implemented CRM system and has also appointed a new CEO who will start February 2024.

On a positive note, business area N365 continues to outperform last year's quarters and so also for Q4. It is primarily the business areas' US operations which is doing well. This is very encouraging since the US market is an important market for Caybon.

The segment's net sales declined and amounted to 189,776 (206,525) TSEK. This decrease was due to the weaker performances of both Mediaplanet and FMG. The segment reported an adjusted EBITA of 8,325 (26,096) TSEK.

Network segment

In the Network segment, net sales declined by 9% to 70,529 (77,807) TSEK, while adjusted EBITA declined to 4,577 (13,794) TSEK.

Splay One has faced ongoing organizational restructuring and resizing challenges throughout the year, negatively impacting net sales. However, in Q4 they reported an increase in net sales.

For Newsner, the reason for the decline in revenue continues to be an effect of the earlier discontinued Facebook Instant Articles (FBIA) revenue model, as well as Facebook's reductions in referral traffic to external news sites. The revenue from video however remains intact and the portion of revenue deriving from other platforms than Facebook continue grow.


The global economy remains uncertain, despite a few improved macro indicators. It is likely this will keep affecting the media spending and our business performance, for a large part of 2024.

We are keeping a close eye on the economy and its impact on traditional media. Our strategy is balanced, focusing on sales, culture and innovation while being mindful of risks and keeping cost low and investments selective.

Richard Båge, CEO

For more information please contact:

Richard Båge, Chief Executive Officer. Email: [email protected]

Johan Janing, Chief Finance Officer. 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 23 February 2024 08:00 CET.

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 medium sized 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.

Find out more at

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