Slides
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Presentation Third Quarter 2025 Mark Jensen Benno Eliasson CEO CFO
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28% 34% 20% 9% 8% 1% 396 1 330 763 3 298 5 358 4 528 37 58 98 290 525 560 2 This is Ambea The leading care provider in the Nordics Ambea Nytida Vardaga Stendi Validia Altiden Klara Net sales (R12), MSEK Adj. EBITA and adj. EBITA margin (R12), MSEK Ambea Nytida Vardaga Stendi Validia Altiden Klara 15 483 1 532 9,9% 12,4% 9,8% 8,8% 12,8% 4,4% 9,3% * * *Financial data for Validia pertain to two quarters only. 4 114 MSEK net sales in Q3
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Quality and sustainability Ambea’s climate targets approved by the Science Based Targets initiative (SBTi). 25 Ukrainian employees graduated as assistant nurses – joint program with Beredskapslyftet continues. Delivering sustainable care through inclusion, quality and responsibility Overall satisfaction at Vardaga 79,6%
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Additions to the pipeline • Vardaga signed four contracts with a total of 320 care places, all nursing homes located in the Stockholm area. • Nytida signed contracts for three new assisted living facilities and one expansion leading to a total of 34 new care places. • Stendi signed two contracts to increase capacity by 11 care places. Planned openings during the coming 12 months • Four nursing homes and an expansion of one existing facility with a total of 264 care places in Vardaga. • Six care units and expansion of three existing facilities with a total of 110 care places in Nytida. • Seven care units with a total of 49 care places in Stendi. 4 Future organic growth Continued expansion of the own management pipeline to meet growing demand Own management pipeline 1 334 158 78 51 1 214 1 158 1 233 1 272 1 283 1 308 1 285 1 360 1 621 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Vardaga Nytida Validia Stendi
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5 Acquired growth Strong M&A momentum – entry in new segment to Validia • After the end of the quarter, an acquisition was completed in Finland, further strengthening our market position through entering child welfare and family care services which is a new segment to Validia. The acquisition will add 90 MSEK in annual net sales. • The acquisition pipeline grows stronger, with several ongoing discussions and new opportunities. • Continued focus on quality bolt-on acquisitions in all markets to strengthen existing operations. Acquired annual net sales per business area and year*, MSEK (accumulated) *Annual net sales as at last reported financial year at closing. 437 263 267 1 634 2021 2022 2023 2024 2025 Nytida Vardaga Altiden Klara Validia **Numbers include an acquisition made after the quarter ended. ** 1 490
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6 New segment in Finland Ambea strengthens its position as the only pan-Nordic care group and gains further access to the attractive Finnish care services market Our ambition from the start was to make Validia a platform for growth - both within its existing segments and by expanding into new ones. We are now continuing according to plan through the acquisition of Attendo’s child and family care operations in Finland, adding a new service segment to Validia. These services are already a part of Ambea’s core offering. The acquisition strengthens our position in the Finnish market by entering the child welfare segment, a market estimated at a size of 13 000 MSEK (EUR 1,2 billion). All in line with our strategy to balance growth and risk across geographies. Revenue for 2024 was 90 MSEK and the acquisition is expected to have a positive impact on earnings from 2026.
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7 Revenue growth Total growth remains above target supported by strong acquired growth 5,9% 7,7% 7,6% 5,9% 7,2% 5,3% 4,2% 4,9% 3,5% 1,9% 13,1% 13,2% 5,3% 5,7% 7,7% 6,3% 6,0% 6,6% 4,6% 16,2% 15,7% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 Organic growth Acquired/divested growth Currency & calender effect Q3 Q2 2023 Q1Q4 Q3 Q3 2025
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• Net sales increased by 16 per cent, driven by 13 per cent acquired growth and continued good organic growth. • Significant growth in future organic pipeline for Vardaga and Nytida. • Adjusted EBITA for the group amounted to 570 (478) MSEK, an increase by 19 per cent. Adjusted EBITA margin landed at 13,9 (13,4) per cent. • High occupancy and strong margin in Validia. • Altiden continued to improve performance with growth in net sales and strong earnings increase. 8 Stronger Nordic growth to meet society’s care needs Highlights of Q3 2025
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9 Financial summary Benno Eliasson CFO
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10 Net sales Growth driven by Validia – with strong contributions from Nytida, Vardaga and Altiden Net sales growth per business area 3 555 92 93 - 23 388 21 - 8 - 4 4 114 Net sales Q3 2024 Nytida Vardaga Stendi Validia Altiden Klara Elim. Net sales Q3 2025 9% 7% -3% 7% -9%
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478 26 16 - 21 59 14 - 1 - 1 570 EBITA Q3 2024 Nytida Vardaga Stendi Validia Altiden Klara Other Adj. EBITA Q3 2025 11 Adjusted EBITA Increased earnings and margins. Strong margin improvement in Altiden Total EBITA margin and margin development per business area 13,4% 1,0pp 0,3pp -2,2pp 3,6pp 13,9%-0,1pp
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3,80 5,07 5,55 6,14 6,90 7,20 7,37 7,44 8,14 5,38 6,61 7,12 7,80 8,48 8,79 9,24 9,57 10,38 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2024 2024 2024 2024 2025 2025 2025 EPS LTM after dilution Adj EPS LTM after dilution 12 The acquisition of Validia affected reported EPS Strong EPS growth continues *CAGR, % Q3 2023 – Q3 2025 Adjusted EPS excludes IFRS16 and items related to acquisitions. 33,9%*
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13 Operating cash flow Increased operating cash flow 217 402 236 252 171 521 65 209 282 328 341 344 353 356 355 360 401 404 545 743 580 605 527 876 425 610 686 91,8% 94,9% 100,3% 100,2% 95,6% 97,9% 91,6% 89,8% 91,1% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Operating cash flow, excl. growth CAPEX & IFRS16 IFRS16 effect Cash conversion, % (R12)
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14 Free cash flow R12 excl. IFRS16 High free cash flow generation R12 - 47 - 126 - 148 - 218 - 103 5 1 332 696 EBITDA ex. IFRS 16 Other Non cash CapEx Interest excl. IFRS Tax ΔNWC Other Free cash flow
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15 Utilization of free cash flow R12 Strategic acquisition of Validia reflected in acquisitions and net debt - 185 -1 338 - 219 12 696 -1 033 Free cash flow Dividend Acquisitions Share buyback FX & other Change in net debt
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16 Business overview Benno Eliasson CFO
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• Net sales increased by 9 per cent, due to acquisitions and start-up units. • EBITA increased by 15 per cent and amounted to 194 (168) MSEK. • Adaptation to the new Social Services Act – adjustments led to improved profitability. • A new facility with six care places was opened during the quarter. MSEK Q3 2025 Q3 2024 Change, % Net sales 1 148 1 056 9% EBITA 194 168 15% EBITA, % 16,9% 15,9% 1,0pp Own management, % 80% 80% -pp 17 Stronger earnings and good growth EBITA and EBITA margin development 168 168 194 6% 8% 10% 12% 14% 16% 18% 60 80 100 120 140 160 180 200 220 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 EBITA EBITA R12, % MSEK
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• Net sales increased by 7 per cent, driven by higher occupancy in newly opened and existing facilities and by the AvAsta acquisition. • Sales in own management increased by 8 percent to 952 (882) MSEK. Contract management amounted to 429 (406) MSEK. • EBITA increased by 10 per cent and amounted to 177 (161) MSEK, driven by increased occupancy. • A nursing home with 72 care places was opened in Norrköping, further expanding capacity. MSEK Q3 2025 Q3 2024 Change, % Net sales 1 381 1 288 7% EBITA 177 161 10% EBITA, % 12,8% 12,5% 0,3pp EBITA mature units, % 14,3% 14,2% 0,1pp Own management, % 69% 68% 1,0pp 18 Good profitability and growth EBITA and EBITA margin development 123 161 177 - 2% 4% 6% 8% 10% 12% 30 50 70 90 110 130 150 170 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 EBITA EBITA R12, % EBITA mature units R12, % MSEK
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• Net sales decreased by 3 per cent. In local currency, net sales were slightly higher than previous year. • EBITA amounted to 100 (121) MSEK and EBITA margin declined to 12,2 (14,4) per cent. • Stendi opened two new facilities during the quarter, adding a total of five care places. • Adjusting local capacity to reflect changing demand. 19 Changed demand impacted occupancy EBITA and EBITA margin development 88 121 100 - 2% 4% 6% 8% 10% 12% - 20 40 60 80 100 120 140 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 EBITA EBITA R12, % MSEK MSEK Q3 2025 Q3 2024 Change, % Net sales 818 841 -3% EBITA 100 121 -17% EBITA, % 12,2% 14,4% -2,2pp Own management, % 100% 100% -pp
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• Validia reported its second quarter as part of Ambea, with continued strong performance. • Net sales amounted to 388 MSEK. • EBITA amounted to 59 MSEK and EBITA margin reached 15,2 per cent. • Integration progressing ahead of plan. • After the quarter ended, acquisition of operations within child welfare and family care services. 20 Strong quarter MSEK Q3 2025 Q3 2024 Change, % Net sales 388 - - EBITA 59 - - EBITA, % 15,2% - - Own management, % 100% - - 39 59 8% 10% 12% 14% 16% 18% 20% - 10 20 30 40 50 60 70 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 EBITA EBITA, % MSEK EBITA and EBITA margin development per quarter
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• Net sales increased by 7 per cent. In local currency, net sales increased by 10 per cent driven by higher occupancy in both elderly and social care. • Sales in own management amounted to 253 (230) MSEK. • EBITA amounted to 39 (25) MSEK and EBITA margin increased to 11,4 (7,8) per cent. • The positive earnings development was driven by higher occupancy and operational improvements. MSEK Q3 2025 Q3 2024 Change, % Net sales 341 320 7% EBITA 39 25 56% EBITA, % 11,4% 7,8% 3,6pp Own management, % 74% 72% 2,0pp 21 Significant earnings improvement EBITA and EBITA margin development - 2 25 39 - 4% - 2% - 2% 4% 6% 8% - 20 - 10 - 10 20 30 40 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 EBITA EBITA R12, % MSEK
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• Net sales decreased by 9 per cent to 86 (94) MSEK, mainly due to weaker demand for several of Klara’s services. • EBITA amounted to 9 (10) MSEK. EBITA margin decreased to 10,5 (10,6) per cent. • Klara has adjusted its cost base to lower demand, contributing to stable earnings and margin. 22 Stable earnings EBITA and EBITA margin development 14 10 9 0% 2% 4% 6% 8% 10% 12% 14% - 5 10 15 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 EBITA EBITA R12, % MSEK MSEK Q3 2025 Q3 2024 Change, % Net sales 86 94 -9% EBITA 9 10 -10% EBITA, % 10,5% 10,6% -0,1pp
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23 Concluding remarks Mark Jensen CEO
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24 Our financial targets Continued delivery on all financial targets Growth *CAGR, % 2021 – R12 as Q3 2025 11 478 12 635 13 312 14 195 15 483 4% 10% 5% 7% 11% 2021 2022 2023 2024 2025 Net sales, MSEK Growth, % 8%* 383 478 570 7,3% 8,1% 8,4% 8,9% 9,4% 9,7% 9,8% 9,6% 9,9% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Adj. EBITA, MSEK Adj. EBITA margin (R12), % 2 517 2 156 2 139 2 324 2 356 2 098 2 313 3 545 3 389 2,9x 2,2x 2,1x 2,1x 2,0x 1,7x 1,8x 2,7x 2,4x Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Net debt excl. IFRS 16, MSEK Net debt / Adj. EBITDA (excl. IFRS 16) Profitability LeverageFINANCIAL TARGET: 8-10% ANNUAL GROWTH FINANCIAL TARGET: 9,5% ADJ. EBITA MARGIN FINANCIAL TARGET: <3.25X NET DEBT / ADJ. EBITDA (EXCL. IFRS 16)** **Net sales R12 as per Q3 2025. Growth R12 as per Q3 2025 vs R12 as per Q3 2024
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• Positive growth outlook, with more acquisitions, high pace in openings and the strongest organic pipeline of new care units. • Continued focus on expanding the organic pipeline with special attention to new nursing homes in Sweden and Denmark. • Demand expected to normalize in Norway with continued high quality of care and maintained margin discipline. • Validia in Finland entering a new segment - social care for children and youth - further strengthening our market position. • Launch of share buy-back program to actively manage capital allocation. 25 Outlook post Q3 2025 Further strengthening of market position
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26 Q&A Invest in the competency-based and leading Nordic care company • Growing need • Strong market position with a Nordic platform • High quality and competency • Substantial growth • Balanced risk • Strong cash flow and stable dividend
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27 We make the world a better place, one person at a time ambea.com