Interim report
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January–September Interim report Q3 2025 Ambea AB (publ) Corp. Reg. No. 556468-4354
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Introduction Stronger Nordic growth to meet society’s care needs Third quarter July–September • Net sales rose 16 per cent to SEK 4,114 million (3,555). Organic growth was 4 per cent, acquired growth was 13 per cent, and the currency effect was −1 per cent. • Adjusted EBITA, which excludes items affecting com- parability, amounted to SEK 570 million (478), repre- senting a margin of 13.9 per cent (13.4). • Items affecting comparability amounted to SEK –5 million and pertained to integration costs related to the acquisition of Validia in Finland. • EBITA amounted to SEK 565 million (478), representing a margin of 13.7 per cent (13.4). • Operating profit (EBIT) totalled SEK 539 million (455), representing a margin of 13.1 per cent (12.8). • Profit for the period totalled SEK 322 million (266). • Earnings per share amounted to SEK 3.83 (3.14) before dilution and SEK 3.82 (3.13) after dilution. • Cash conversion totalled 73.7 per cent (66.0). • Free cash flow totalled SEK 482 million (385). First nine months January–September • Net sales rose 12 per cent to SEK 11,846 million (10,558). Organic growth was 4 per cent, acquired growth was 9 per cent, and the currency/calendar effect was –1 per cent. • Adjusted EBITA, which excludes items affecting comparability, amounted to SEK 1,188 million (1,028), representing a margin of 10.0 per cent (9.7). • Items affecting comparability amounted to SEK –60 million and pertained to transaction and integration costs related to the acquisition of Validia in Finland. • EBITA amounted to SEK 1,128 million (1,028), represen t- ing a margin of 9.5 per cent (9.7). • Operating profit (EBIT) totalled SEK 1,077 million (958), representing a margin of 9.1 per cent (9.1). • Profit for the period totalled SEK 535 million (471). • Earnings per share amounted to SEK 6.38 (5.43) before dilution and SEK 6.37 (5.42) after dilution. • Cash conversion totalled 78.7 per cent (86.5). • Free cash flow totalled SEK 1,168 million (1,258). Events after the balance-sheet date • Validia acquired the individual and family care opera- tions of Attendo in Finland. The acquisition was com- pleted on 31 October 2025 and encompassed five care units and foster care services for children and youth. • • Ambea launched a share buyback programme to repurchase maximum of 2 million of its own shares. More informa-tion is available in a separate press release. After the end of the period, Ambea signed a new loan agreement with a consortium of three banks. The agreement has a three-year term with an option to extend for one + one year. The confirmed credit line is SEK 5 billion with the possibility to extend the line by a further SEK 1.5 billion (unconfirmed credit). The agree- ment replaces the existing loan agreement. Consolidated key figures 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep ∆% Jan–Sep Jan–Sep ∆% RTM Jan–Dec Net sales 4,114 3,555 16 11,846 10,558 12 15,483 14,195 Adjusted EBITA* 570 478 19 1,188 1,028 16 1,532 1,372 Operating margin, adjusted EBITA (%)* 13.9 13.4 10.0 9.7 9.9 9.7 EBITA* 565 478 18 1,128 1,028 10 1,472 1,372 Operating margin, EBITA (%)* 13.7 13.4 9.5 9.7 9.5 9.7 Operating profit, EBIT 539 455 18 1,077 958 12 1,397 1,278 Operating margin, EBIT (%)* 13.1 12.8 9.1 9.1 9.0 9.0 Profit for the period 322 266 21 535 471 14 684 620 Earnings per share before dilution, SEK 3.83 3.14 22 6.38 5.43 17 8.16 7.21 Earnings per share after dilution, SEK 3.82 3.13 22 6.37 5.42 17 8.14 7.20 Cash conversion (%)* 73.7 66.0 78.7 86.5 90.1 97.9 Free cash flow* 482 385 25 1,168 1,258 –7 1,876 1,966 * Alternative performance measures. For reconciliation of financial statements to IFRS, see Note 8. For purpose and definition, see ambea.com/investor-relations/reports/key-financial-figures-definitions Contents Introduction ........................................................2 Quality and sustainability .................................4 Reporting ............................................................7 Group ...................................................................7 Nytida ................................................................10 Vardaga ..............................................................11 Stendi .................................................................12 Validia ................................................................13 Altiden ................................................................14 Klara and Lära ....................................................15 Group financial statements ..............................20 Parent Company financial statements .............24 Notes .................................................................26 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 2 Quality and sustainabilityIntroduction Reporting
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CEO statement: Stronger Nordic growth to meet society’s care needs W e are accelerating growth and creating value by meeting more people’s needs for quality care, while continuing to deliver in line with our financial tar- gets in the third quarter. One important driver for the above is Validia in Fin- land, which once again this quarter has delivered good earnings through high occupancy and quality. We are concurrently moving forward and establishing oper- ations in yet another segment in Finland through an acquisition in care for children and youth, a segment where we have extensive experience from the other Nor- dic countries. I would like to welcome all care receivers and employees to Ambea. Making more acquisitions and the start-up of new care units enable us to keep building on a strong Nordic platform for continued growth and development. Care needs are increasing vigorously and Ambea is ready to support our customers with more quality care places. Continued organic growth and acquisitions Total sales growth amounted to 16 per cent, driven by increased occupancy, price adjustments and acquisitions. In parallel, we are strengthening our pipeline through new contracts and future establishments, not least in Var- daga, where we continue to expand elderly care in Sweden to a greater extent than any other provider. We signed four new contracts for nursing homes in the Stockholm area during the quarter, corresponding to 320 new elderly care places. Growth also continues in Nytida, where we signed new contracts in the period for group homes in the Stock- holm area and expanded one daily activity unit in Lund, adding a total of just over 30 care places. Organic growth totalled 4 per cent and was driven mainly by our Swedish operations and by Altiden’s continued positive performance. Strong occupancy and improved earnings mean we are now ready to take the next step and accelerate growth in Denmark. Nytida continues to work on adapting to the new Social Services Act and, as expected, the operating mar- gin is rising toward a slightly higher level. While Stendi had slightly lower and more fluctuation in occupancy year-on-year, it continued to deliver high quality care and g ood profitability. We adjust capacity locally to match demand. The integration of Validia is progressing well and the business area is already clearly contributing to the Group’s growth and earnings. In Sweden, bolt-on acqui- sitions are being rapidly integrated into operations and are contribute positively both to sales and to earnings. Together, they showcase our ability to identify and furth er develop quality operations. Buybacks as part of active capital allocation Due to the company's strong financial position, the Board has decided to repurchase a maximum of 2,000,000 own shares until the Annual General Meeting 2026. Care Receiver Survey shows high satisfaction The National Board of Health and Welfare’s Care Recei- ver Survey showed high quality and a continued high level of satisfaction among care receivers at Vardaga. The results are above the national average and are reported openly for each nursing home on Vardaga’s website. Rising care needs We are proud of the quality elderly care we provide and are ready to continue expanding the provision of care to meet welfare challenges. The number of people aged 85 and older is rising rapidly at the same time as the proportion of people in employment is falling. Sweden alone needs to build thousands of new care places, yet in many municipalities expansion has stalled and queues are growing. The situation is already acute. Elderly people with high care needs have to wait months for the support they are entitled to, which often means loneliness, anxi- ety and increased ill health. For sufficient care to be provided to everyone, more municipalities must engage private providers and allow us to contribute in the areas that we know: developing, building and operating more nursing homes. Sustainable care for more people We have been investing in various labour market initia- tives for ten years as part of efforts to meet the skills shortage and to allow more people the opportunity to enter working life. In the last few years, around 150 people from Ukraine have found employment at Vardaga and Nytida. During the quarter, we celebrated the graduation of 25 of our Ukrainian employees as nursing assistants, having first trained as care assistants. The training, which has also included language training and practical training, is a collaboration with the Beredskapslyftet non-profit orga- nisation and has been very successful. We now intend to repeat the success and are starting a new class with another 30 participants. We shoulder our climate responsibility and we had our science-based emissions-reduction targets validated and approved by the Science Based Targets initiative (SBTi) during the quarter. With these targets, we are now making another important advance towards care that is sustain- able in terms of people, society and the environment. Our strong Nordic platform, growing operations and satisfied care receivers mean we are ready to support society in meeting the increasingly urgent care needs. I would like to convey my heartfelt appreciation to all our employees for the commitment and the care they provide on a daily basis! Mark Jensen, President and CEO Ambea For sufficient care to be provided to every- one, more municipalities must engage private providers and allow us to contribute in the areas that we know: developing, building and operating more nursing homes. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 3 Quality and sustainabilityIntroduction Reporting
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Quality and sustainability Quality and sustainability that create quality of life * Tonnes of CO₂e per unit of revenue, excluding employee commuting. Our mission is to create enough safe and sustainable care for all. To achieve this, we have established a robust quality management system that permeates all areas of our operations. Our approach to quality management is based on our vision, our values and the skills of our employees. We also have clear systems and procedures to support this approach. The aim is that it should be easy for employees to do the right thing, and to spend their time on the right things – care that creates quality of life and value. We use a Quality Index to monitor our care units on a monthly basis. The index consists of eight selected quality and HR metrics that show us the status of each unit, and allow us to monitor our operations sys- tematically. Validia has an established quality reporting system that has now been adapted to the Group’s stan- dard and comprises part of the Group-wide monitoring. Sustainable care For sustainability issues, we work with an established Environmental, Social and Governance (ESG) framework that encompasses all of our sustainability practices and performance. E We are working actively to achieve climate-smart care. This means that we are working to reduce the carbon footprint of our food, consumables, premises and transportation. Since 2019, Ambea has reduced its climate emissions 44 per cent*. Our emissions-reduc- tion targets have been approved by the Science Based Targets initiative (SBTi), which means that from 2026, we will have a clear and validated plan to guide us in the climate transition. S Social sustainability is ingrained in our DNA. In this area, we are focused on quality, leadership, health and safety, diversity and inclusion, and on spreading knowledge and developing the skills of our own and the sector’s employees. G Our operations are characterised by robust control, transparency and trust, based on compliance with internal and external regulations and procedures. We participate in public debate with our knowledge and use our size to influence society and our sector. By working actively with quality and sustainability, we are contributing to social development and helping to future-proof care. During the quarter, our science-based emissions-reduction targets were approved by the Science Based Targets initiative – another important advance toward care that is sustainable in terms of people, society and the environment. ReportingQuality and sustainabilityIntroduction Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 4
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Exams for our Ukrainian employees 25 of our Ukrainian employees graduated as nursing assis- tants during the quarter. The graduation ceremony was held at Vardaga Villa, Sarvträsk in Nacka and resulted from an initiative combining teaching at Komvux, language studies and practical training at Vardaga and Nytida. In the last few years, we have employed around 150 peop le who have fled the war in Ukraine. Of these, 25 have now graduated as nursing assistants. “Many newly arrived residents find language, the lack of a network and difficulties in having their skills recognised to be real obstacles. We want to lower thresholds and create pathways into working life at the same time as we secure the skills needed in the care sector,” says Mark Jensen, Presi- dent and CEO of Ambea. Together with the Beredskapslyftet non-profit organisa- tion, we have started a new class that gives approximately 30 Ukrainian employees the opportunity to train as nursing assistants. “Our thanks to everyone who has supported us along the way. From not understanding a word of Swedish to getting a job and even meeting new friends,” says Lesia Sementsiv, one of the nursing assistant graduates. Ambea’s emissions-reduction targets given SBTi approval Ambea’s emissions-reduction targets have been approved by the Science Based Targets initiative (SBTi), con- firming that they are in line with the Paris Agreement’s 1.5°C target. Since 2019, Ambea has reduced its climate emissions 44 per cent. The approved near-term targets entail Ambea’s commitment to reducing its GHG emissions in its own operations (scope 1 and 2) 58.8 per cent by 2034 and to reducing emissions in the value chain (scope 3) 63.8 per cent per million SEK of value added over the same period, calculated from the 2024 level. The emissions-reduction targets encompass all mar- kets where Ambea operates. Ekbacken in Mora first to receive Vardaga’s sustainability diploma Vardaga Ekbacken was the first to receive Vardaga’s new sustainability diploma, which promotes sustainable initiatives throughout the operations. The diploma is already established at Nytida and is now being gradually introduced in the Group. Dream Weekend for youth with disabilities In August, Stendi arranged the Dream Weekend (Drømmehelg) festival – Norway’s first festival for children and youth with disabilities. For a period of two days, the Tusenfryd amusement park was filled with concerts, competitions and opportunities to meet celebrities. A total of 140 children and youth attended together with their families and caregivers free of charge. “Even the simplest of desires can feel unattainable for many people with disabili- ties. We wanted to change that,” says Turi Marie Aastveit, personal assistance advisor at Stendi. Many of the festival’s partners were presented with the Stendi Inclusion Award by Ingvild Kristiansen, Managing Director, Stendi. The aim is to make Dream Weekend an annual tradition. Continued high score in this year’s Care Receiver Survey In the National Board of Health and Welfare’s 2025 Care Receiver Survey, care receivers at Vardaga’s nursing homes were highly satisfied with the care provided. The score for home care services also remains very high, with 86 per cent saying they are satisfied. The results play a key role in our improvement efforts and are used to further develop our operations. They are presented by nursing home on Vardaga’s website. SATISFACTION 79.6% Average private/ municipal 79.1% TREATMENT 92.9% Average private/ municipal 92.2% ACTIVITIES 68.2% Average private/ municipal 59.3% Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 5 ReportingQuality and sustainabilityIntroduction
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Ambea’s KPIs for quality and social sustainability Target Outcome Q3 2025 Outcome Q3 2024 Comments Ambea’s Quality Index An aggregated score of eight quality and HR KPIs. Scale of 1–10 >7.50 7.68 7.50 Year-on-year, Ambea’s Quality Index rose to 7.68 from 7.50. Altiden accounted for the largest improvement, driven by several targeted quality initiatives. Vardaga and Nytida are also improving while Stendi continues to maintain stable high levels. The score also includes the Validia acquisition and the total comprises a weighted score for all business areas. Partial report of Ambea’s Quality Index 1 Perceived care Care receivers’ view of our care and operations. Scale of 1–100 >87% 88% 89% The score refers to a weighted average of the scores from the most recent customer surveys in each business area. No new survey has been conducted in Sweden, Norway or Denmark. The score has changed compared with the same period last year because we included Validia’s latest scores in the measurement. Including all countries, we have noted a slight dip in the score. 2 Employee satisfaction Employee satisfaction surveys are performed on a regular basis during the year to measure satisfaction and engagement. Scale of 0–100 >75 72 73 The survey is conducted six times per year, with the most recent being in August 2025. Ambea continues to score at a consis- tently high level, compared with the benchmark of 70. Validia participated in this survey for the first time. All business areas work systematically to identify objectives and focus areas, both at central and at local levels, alongside of active and continuous im- provements in each individual unit. Structured employee listening is a critical factor for us – not only to promote motivation and participation among employees, but also because it directly strengthens the quality of the care we provide. 3 Leadership Index The employees’ view of leadership at Ambea. Scale of 0–100 >80 76 78 The survey is performed twice annually in the form of an in-depth questionnaire where employees evaluate their line manager based on Ambea’s prioritised leadership qualities. Validia participated for the first time, marking the start of an important develo- pment process for the group. The score is based on an average of all individual responses to various leadership questions and is close to the same quarter last year’s score albeit slightly lower. One priority is developing the quality of our leadership given that present and clear leadership is crucial for our employees. 4 Recommendation of Ambea Whether the employee would recommend Ambea as an employer. eNPS scale –100 – +100 >+20 +26* +26 The survey is conducted twice per year, and the most recent was performed in the second quarter of 2025. We continue to listen to and translate employees’ feedback into tangible measures, with a particular focus on leadership, career opportunities and skills development. The next survey will be performed in the fourth quarter, when Validia will also participate for the first time. 5 Internal control Control and follow-up of compliance in the operations with the quality management system. Scale of 0–2 >1.85 1.87 1.86 The scores are based on the self-assessments conducted by all operational units in all business areas. The survey is conducted twice annually. The most recent survey for Sweden, Norway and Denmark took place in the second quarter of 2025. For the first time, the third quarter results include Validia’s latest survey, and with the inclusion of Finland we noted a slight increase from the same quarter last year. 6 Improvement Index Improvement measures implemented and documented in operations. Scale of 0–10 >7.50 7.58 6.90 The Improvement Index – which reflects the extent to which identified improvements are being implemented – remained stable for Ambea as a whole. Altiden posted a clear increase from the same quarter last year. Vardaga and Stendi have also scored higher on the Improvement Index. Nytida posted a small decrease from the same quarter last year. The score for the quarter is a weighted average for all business areas and included Validia for the first time. * Outcome is unchanged compared with the preceding quarter since no new survey was conducted during the quarter. The survey excludes Validia. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 6 ReportingQuality and sustainabilityIntroduction Reporting
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Reporting Group Third quarter Net sales Net sales rose 16 per cent to SEK 4,114 million (3,555). Organic growth was 4 per cent, acquired growth was 13 per cent, and the currency effect was −1 per cent. Net sales in own management rose 19 per cent to SEK 3,334 million (2,803). The growth was largely due to the acquired Validia business area in Finland. Acquisitions in Nytida also contributed, as did increased occupancy in Vardaga. Net sales in contract management amounted to SEK 742 million (702). The increased sales were attributable to newly started contracts in Vardaga and Nytida. Net sales in competence and staffing solutions amoun ted to SEK 38 million (50). The decrease was attri- butable to challenges related to demand for services in Klara. Earnings Adjusted EBITA rose 19 per cent to SEK 570 million (478). The earnings improvement was driven mainly by the acquired Validia business area, bolt-on acquisitions and higher occupancy levels for Vardaga and Nytida. Altiden also continued to improve earnings. The adjusted EBITA margin was 13.9 per cent (13.4). EBITA rose 18 per cent to SEK 565 million (478). Items affecting comparability in the quarter amounted to SEK -5 million, which pertained to integration costs linked to the acquisition of Validia. The EBITA margin was 13.7 per cent (13.4). EBIT rose 18 per cent to SEK 539 million (455), representing a margin of 13.1 per cent (12.8). Net financial items Net financial expense for the quarter was SEK –126 million (–118). Of this amount, SEK –91 million (–80) pertained to interest on lease liabilities, SEK –41 million (–39) to interest and financial expenses/income, and SEK 6 million (0) to exchange rate fluctuations. Income tax Tax expense for the period was SEK –91 million (–71), corre- sponding to an effective tax rate of 22 per cent (21). Profit for the period Profit for the period totalled SEK 322 million (266), corre- sponding to earnings per share of SEK 3.83 (3.14) before dilution and SEK 3.82 (3.13) after dilution. Cash flow Free cash flow for the quarter amounted to SEK 482 million (385). Free cash flow, excluding IFRS 16 effects, amounted to SEK 167 million (112). The improvement in cash flow was mainly attributable to higher earnings. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 7 Quality and sustainabilityIntroduction Reporting Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 7
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Reporting Group First nine months January–September Net sales Net sales rose 12 per cent to SEK 11,846 million (10,558). Organic growth was 4 per cent, acquired growth was 9 per cent, and the currency/calendar effect was –1 per cent. The comparative period was positively impacted by the leap day. Net sales in own management rose 15 per cent to SEK 9,512 million (8,271). The growth was largely due to the acquired business area in Finland – Validia. Acquisitions in Nytida also contributed, as did increased occupancy in Vardaga. Net sales in contract management amounted to SEK 2,188 million (2,113). The increased sales were attributable to newly started contracts in Vardaga and Nytida, but were offset by contracts terminated in Stendi. Net sales in competence and staffing solutions amoun- ted to SEK 146 million (174). The decrease was attribu table to challenges related to demand for several services in Klara. Earnings Adjusted EBITA rose 16 per cent to SEK 1,188 million (1,028). The earnings improvement was driven by the acquired Validia business area together with a higher occupancy level in Var- daga and improved earnings in Altiden and Nytida. The comparative period was positively impacted by the leap day. The adjusted EBITA margin was 10.0 per cent (9.7). EBITA rose 10 per cent to SEK 1,128 million (1,028). Items affecting comparability in the period amounted to SEK –60 million, which pertained to transaction and integration costs linked to the acquisition of Validia. The EBITA margin was 9.5 per cent (9.7). EBIT rose 12 per cent to SEK 1,077 million (958) represen- ting a margin of 9.1 per cent (9.1). Net financial items Net financial expense for the quarter was SEK –376 million (–352). Of this amount, SEK –264 million (–237) pertained to interest on lease liabilities, SEK –118 million (–112) to inte- rest and financial expenses/income, and SEK 6 million (–2) to exchange rate fluctuations. Income tax Tax expense for the period was SEK –166 million (–135), cor re sponding to an effective tax rate of 24 per cent (22), impacted by non-deductible acquisition costs of SEK 56 million. Profit for the period Profit for the period totalled SEK 535 million (471), corre- sponding to earnings per share of SEK 6.38 (5.43) before dilution and SEK 6.37 (5.42) after dilution. Cash flow Free cash flow for the period totalled SEK 1,168 million (1,258). Free cash flow, excluding IFRS 16 effects, amounted to SEK 264 million (443). Cash flow was negatively im pac- ted by two non-recurring items. These items pertai ned to the settlement of a provision from 2021 for a dispute in Norway and payments linked to the acquisition of Validia. In total, these items amounted to SEK 128 million. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 8 Quality and sustainabilityIntroduction Reporting Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 8
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Cash flow 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec EBITDA* 930 798 2,187 1,980 2,852 2,645 Adjustment for non-cash items −2 −20 −13 −47 −47 −81 Change in working capital −240 −238 −377 −177 −93 107 Cash flow from investments in fixed assets1 −13 −15 −87 −61 −126 −100 Operating cash flow, including investments to increase capacity* 675 525 1,710 1,695 2,586 2,571 Net interest paid −123 −116 −378 −353 −492 −467 Tax paid −70 −24 −164 −84 −218 −138 Free cash flow* 482 385 1,168 1,258 1,876 1,966 Acquisitions of subsidiaries and investment in financial instruments 2 −24 –1,175 −96 –1,337 −258 Cash flow from financing activities –471 –358 236 –1,126 –325 –1,687 Cash flow for the period 13 3 229 37 213 21 1) of which sales of fixed assets 15 1 16 13 20 17 Operating cash flow, excluding IFRS 16 effects* 269 172 542 643 1,061 1,162 Free cash flow, excluding IFRS 16 effects* 167 112 264 443 696 875 Financial position Excl. IFRS 16 effects Incl. IFRS 16 effects 2025 2024 2024 2025 2024 2024 SEK million 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec Net interest-bearing debt* 3,389 2,356 2,098 13,133 11,222 11,027 Rolling 12 months adjusted EBITDA* 1,392 1,178 1,237 2,912 2,571 2,645 Net debt/Rolling 12-months adjusted EBITDA* 2.4 2.0 1.7 4.5 4.4 4.2 *Alternative performance measures. For reconciliation of financial statements to IFRS, purpose and definition see ambea.com/investor-relations/reports/key-financial-figures-definitions Net sales by segment July–September 2025 B 34% A 28% C 20% E 8% NytidaA V ardagaB StendiC ValidiaD AltidenE KlaraF D 9% F 1% Net sales per contract model July–September 2025 Own managementA Contract managementB StaffingC A 81% B 18% C 1% Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 9 Quality and sustainabilityIntroduction Reporting
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Nytida – stronger earnings and good growth Nytida provides support and care for children, youth and adults in the form of lifelong disability care and psycho- social support. We offer residential facilities, daily activity units, support for individuals and families, and schools for more than 5,000 care receivers in around 470 units across Sweden. Using proven models and in-depth knowledge, our employees help to strengthen the ability of individuals to live an independent life. The quarter Nytida continued to post healthy growth together with strong earn- ings and margin improvements. During the quarter, a new care unit with six new care places was opened. At the same time, contracts were signed for three new care units with six care places each and the expansion of an existing care unit with 16 places is being planned, thereby strengthening the growth plan going forward. In parts of the operations, capacity was also adjusted to meet changing demand. Net sales rose 9 per cent year-on-year to SEK 1,148 million (1,056). Net sales in own management amounted to SEK 923 million (850), up 9 per cent. The growth was driven by acquired and start-up units. Net sales in contract management amounted to SEK 225 million (206). The increase was linked to the positive net effect between start-up and terminated management contracts. EBITA increased to SEK 194 million (168). The positive change was attributable to the continued good performance in previously com- pleted acquisitions together with improved occupancy for start-up units. The new Social Services Act entered force on 1 July this year and has resulted in partial changes to the requirements municipal- ities have to comply with. We have continued adapting our service offering in favour of those with expected higher demand going forward. Accordingly, we have therefore restructured or closed a number of operational units in the quarter, which has contributed positively to the earnings trend for the period. The EBITA margin was 16.9 per cent (15.9). First nine months January–September Net sales rose 9 per cent year-on-year to SEK 3,420 million (3,141). Net sales in own management amounted to SEK 2,763 million (2,525). The increase was driven by acquired and start-up units. Occupancy challenges in parts of the Individual and family care service offering offset the increase. Net sales in contract management amounted to SEK 657 million (616). The increase was due mainly to a positive net effect between start-up and terminated management contracts together with price. EBITA increased to SEK 439 million (417). The earnings improve- ment was attributable to start-up units and the good performance in previously completed acquisitions. The comparative period was positively impacted by calendar effects. The EBITA margin was 12.8 per cent (13.3). 370 Number of care places opened under own management (RTM), where 314 arose from acquisitions and 56 from newly opened units. EBITA margin RTM % 2023 6 8 10 12 14 16 18 Q3Q2Q1Q4Q3Q2Q1Q4Q3 12,7 13.4 12.0 13.7 13.6 2024 13.3 13.2 12.3 2025 12.0 12.4 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep ∆% Jan–Sep Jan–Sep ∆% RTM Jan–Dec Net sales 1,148 1,056 9 3,420 3,141 9 4,528 4,249 EBITA* 194 168 15 439 417 5 560 538 Operating margin, EBITA (%)* 16.9 15.9 12.8 13.3 12.4 12.7 * Alternative performance measures. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 10 Quality and sustainabilityIntroduction Reporting
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Vardaga – good profitability and growth At Vardaga’s over 100 nursing homes across Sweden, we offer elderly care where every day matters. We provide around 8,000 care receivers with expertise and safety in our nursing homes, and in home care. Our employees work to ensure quality of life and a sense of security for each individual. The quarter Vardaga had an active quarter with continued positive growth and strong development in operations. Contracts were signed for four new nursing homes with a total of 320 care places in the quarter. In addition, a new nursing home was opened in Norrköping with 72 care places. Net sales rose 7 per cent year-on-year to SEK 1,381 million (1,288). Net sales in own management amounted to SEK 952 million (882), up 8 per cent. The increase was due to higher occupancy in new and established nursing homes as well as a previously com- pleted acquisition. Net sales in contract management amounted to SEK 429 million (406), up 6 per cent. The increase was due to a positive net effect between start-up and terminated management contracts. EBITA rose 10 per cent to SEK 177 million (161). The improved earn- ings were driven by higher occupancy. The EBITA margin was 12.8 per cent (12.5). First nine months January–September Net sales rose 7 per cent year-on-year to SEK 4,052 million (3,781). Net sales in own management amounted to SEK 2,782 million (2,591), up 7 per cent. The increase was due to higher occupancy in new and established nursing homes. Net sales in contract management amounted to SEK 1,270 million (1,190), up 7 per cent. The increase was due to a positive net effect between start-up and terminated management contracts. EBITA rose 9 per cent to SEK 403 million (369). Earnings were dri- ven by increased occupancy. The comparative period was positively impacted by calendar effects. The EBITA margin was 9.9 per cent (9.8). 320 Number of newly signed care places under own manage- ment in the quarter. EBITA margin RTM % 2 4 6 8 10 12 14 Q3Q2Q1Q4Q3Q2Q1Q4Q3 11.0 9.7 A B 9.5 6.9 A Mature units** B Total Vardaga 10.1 7. 5 2023 2024 10.4 8.1 10.6 8.6 10.9 9.2 11.0 9.7 2025 11.0 9.7 11.1 9.8 ** Mature units do not include nursing homes under own management that were opened after Q3 2023, or nursing homes that are not yet open. 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep ∆% Jan–Sep Jan–Sep ∆% RTM Jan–Dec Net sales 1,381 1,288 7 4,052 3,781 7 5,358 5,087 EBITA* 177 161 10 403 369 9 525 491 Operating margin, EBITA (%)* 12.8 12.5 9.9 9.8 9.8 9.7 Operating margin, EBITA mature units (%)* 14.3 14.1 11.4 11.2 11.1 11.0 * Alternative performance measures. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 11 Quality and sustainabilityIntroduction Reporting
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Stendi – changed demand impacted occupancy Stendi is the largest care provider in Norway and runs nationwide operations in disability and psychosocial care for adults, children and youth. We have about 850 care receivers and more than 300 units across Norway, and work every day to strengthen individuals and create quality of life. The quarter During the quarter, Stendi opened two new care units and a total of five care places. In addition to the new openings, contracts have been signed for two new care units with a total of 11 care places. Net sales decreased 3 per cent to SEK 818 million (841). Sales remai ned unchanged year-on-year in local currency. All operations in Stendi are conducted under own management. The development in the quarter was attributable to lower and more fluctuating occupancy than in the strong comparative year, and was partly offset by a higher share of care receivers with high compensation. EBITA was SEK 100 million (121). The decline in earnings was attri- butable to lower and more fluctuating occupancy, which could not be fully offset in the short term by lower personnel costs. The EBITA margin was 12.2 per cent (14.4). First nine months January–September Net sales decreased 2 per cent to SEK 2,464 million (2,518). Sales rose 2 per cent in local currency. Net sales in own management amounted to SEK 2,464 million (2,484). Sales rose 3 per cent in local currency. The increase was driven by a change in the mix of services provided, whereby care with higher compensation accounted for a larger share. Net sales in contract management amounted to SEK 0 million (34). EBITA was SEK 197 million (241). Earnings for the period were impacted by lower and more fluctuating occupancy, which resulted in lower staffing efficiency. The comparative period was positively impacted by an amount of SEK 4 million from property sales. The EBITA margin was 8.0 per cent (9.6). 51 Number of care places under own management under construction. EBITA margin RTM % 20252023 2024 0 2 4 6 8 10 12 Q3Q2Q1Q4Q3Q2Q1Q4Q3 9.4 10.0 5.4 6.8 7.3 8.4 9.4 10.3 8.8 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep ∆% Jan–Sep Jan–Sep ∆% RTM Jan–Dec Net sales 818 841 −3 2,464 2,518 −2 3,298 3,352 EBITA* 100 121 −17 197 241 −18 290 334 Operating margin, EBITA (%)* 12.2 14.4 8.0 9.6 8.8 10.0 * Alternative performance measures. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 12 Quality and sustainabilityIntroduction Reporting
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Validia – strong quarter Validia is Ambea’s Finnish business area and offers support, care and residential facilities for people with physical and intellectual disabilities, neurological injuries and psycho- social problems. Validia has approximately 50 units across Finland and more than 2,600 employees. The quarter Validia is reporting its second quarter since the business area became part of Ambea on 1 April 2025. This means that comparative figures for the year-earlier period are unavailable. Validia posted another strong quarter both financially and operationally. Validia’s integration is proceeding as planned and took further steps forward in the quarter. The work is divided into a number of clearly defined areas, several of which have already been completed. We are working with focus and determination to create further growth in Validia through new establishments, bolt-on acquisitions and continued development of existing operations. Net sales amounted to SEK 388 million. All operations in Validia are conducted under own management. EBITA was SEK 59 million. Validia has continued to post strong earnings growth during the ongoing integration, in the seasonally strongest quarter. The EBITA margin was 15.2 per cent. After the quarter ended, Validia acquired the individual and family care operations of Attendo. The operations comprise five care units with 35 care places and foster care services for around 150 children and youth. In 2024, revenue amounted to SEK 90 million. The acqui- sition was completed on 31 October 2025. First nine months January–September Net sales amounted to SEK 763 million. All operations in Validia are conducted under own management. EBITA was SEK 98 million. The EBITA margin was 12.8 per cent. 78 Number of care places under own manage- ment under construction EBITA and EBITA margin, % per quarter 39 59 20252023 2024 0 10 20 30 40 50 60 70 Q3Q2Q1Q4Q3Q2Q1Q4Q3 10.4 15.2 8 10 12 14 16 18 20 2025 2024 2025 2024 SEK million Jul–Sep Jul–Sep ∆% Jan–Sep Jan–Sep ∆% Net sales 388 – – 763 – – EBITA* 59 – – 98 – – Operating margin, EBITA (%)* 15.2 – 12.8 – * Alternative performance measures. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 13 Quality and sustainabilityIntroduction Reporting
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Altiden – significant earnings improvement Altiden is the largest private care provider in Denmark, with about 50 operational units in elderly care, disability care and social care. We have about 750 care receivers, and work to ensure quality of life for each individual, with a focus on security and development. The quarter Increased occupancy and the ongoing restructuring work resulted in another quarter with a clear improvement in earnings. Net sales rose 7 per cent to SEK 341 million (320). Sales rose 10 per cent in local currency. Net sales in own management amounted to SEK 253 million (230). Sales rose 13 per cent in local currency. The increase was driven by higher occupancy both in social and in elderly care. Net sales in contract management amounted to SEK 88 million (90). Sales rose 1 per cent in local currency. EBITA was SEK 39 million (25). The positive change in earnings was due to the improved occupancy together with operatio nal improve- ments. The EBITA margin was 11.4 per cent (7.8). First nine months January–September Net sales rose 6 per cent to SEK 1,001 million (944). Sales rose 9 per cent in local currency. Net sales in own management amounted to SEK 740 million (672). Sales rose 13 per cent in local currency. The increase was driven by higher occupancy both in social and in elderly care. Net sales in contract management amounted to SEK 261 million (272). Sales declined 1 per cent in local currency. The decrease was due to lower occupancy for one expiring social care contract. EBITA was SEK 48 million (3). The earnings increase was due to the improved occupancy together with operational improvements primarily in social care. The EBITA margin was 4.8 per cent (0.3). 504 Number of care places in operation under own management EBITA margin RTM % -4 -2 0 2 4 6 Q3Q2Q1Q4Q3Q2Q1Q4Q3 1.0 -3.6 -3.5 -3.3 3.4 -3.0 -0.9 20252023 2024 2.3 4.4 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep ∆% Jan–Sep Jan–Sep ∆% RTM Jan–Dec Net sales 341 320 7 1,001 944 6 1,330 1,273 EBITA* 39 25 56 48 3 – 58 13 Operating margin, EBITA (%)* 11.4 7.8 4.8 0.3 4.4 1.0 * Alternative performance measures. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 14 Quality and sustainabilityIntroduction Reporting
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Klara – stable earnings Klara is one of the leading providers of staffing solutions for schools and elderly and social care in Sweden, with a focus on staffing, mobile nursing teams and student health services. Lära is one of the leading providers in Sweden in training and skills development for social work, care, healthcare, schools and therapy. The quarter Net sales decreased 9 per cent to SEK 86 million (94). The decrease was due to weaker demand for several of Klara’s services. A histori- cally good supply of nurses has led some customers to employ their own staff instead of purchasing various services. EBITA decreased to SEK 9 million (10). Klara has adjusted its cost base to the weaker demand and thereby been able to stabilise earn- ings. The EBITA margin was 10.5 per cent (10.6). First nine months January–September Net sales decreased 4 per cent to SEK 290 million (303). The change was due to weaker demand in several service areas. EBITA rose 8 per cent to SEK 26 million (24). Klara has adjusted its cost base to reflect structurally lower market demand, which resulted in a positive earnings trend. The EBITA margin was 9.0 per cent (7.9). 9.3% EBITA amounted to 9.3 per cent (RTM). EBITA margin RTM % 20252023 2024 4 6 8 10 12 14 16 Q3Q2Q1Q4Q3Q2Q1Q4Q3 8.6 12.0 11.9 11.3 9.7 9.3 8.4 9.4 9.3 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep ∆% Jan–Sep Jan–Sep ∆% RTM Jan–Dec Net sales 86 94 −9 290 303 −4 396 409 EBITA* 9 10 −10 26 24 8 37 35 Operating margin, EBITA (%)* 10.5 10.6 9.0 7.9 9.3 8.6 * Alternative performance measures. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 15 Quality and sustainabilityIntroduction Reporting
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Operational key figures 2025 2025 2025 2024 2024 SEK million Q3 Q2 Q1 Q4 Q3 Ambea Number of care places in operation under own management on the closing date 11,740 11,726 10,227 10,241 9,991 Number of care places opened under own management (RTM) 164 107 282 268 322 Number of care places under own management under construction 1,621 1,360 1,285 1,308 1,283 Confirmed management contract start-ups/terminations, SEK million* −51 –107 –8 31 140 Nytida Number of care places in operation under own management 5,434 5,488 5,420 5,427 5,174 Number of care places opened under own management (RTM) 56 65 89 60 61 Number of care places under own management under con- struction 158 137 143 167 171 Confirmed management contract start-ups/terminations, SEK million* 2 4 20 –3 44 Vardaga Number of care places in operation under own management 3,737 3,665 3,621 3,625 3,625 Number of care places opened under own management (RTM) 72 – 160 160 160 Number of care places under own management under construction 1,334 1,086 1,056 1,056 1,060 Confirmed management contract start-ups/terminations, SEK million* −15 –73 10 34 96 2025 2025 2025 2024 2024 SEK million Q3 Q2 Q1 Q4 Q3 Stendi Number of care places in operation under own management 692 687 671 674 672 Number of care places opened under own management (RTM) 36 42 28 43 57 Number of care places under own management under construction 51 59 86 85 52 Validia Number of care places in operation under own management 1,373 1,372 – – – Number of care places opened under own management (RTM) – – – – – Number of care places under own management under construction 78 78 – – – Altiden Number of care places in operation under own management 504 514 515 515 520 Number of care places opened under own management (RTM) – – 5 5 44 Number of care places under own management under construction – – – – – Confirmed management contract start-ups/terminations, SEK million* –38 –38 –38 – – * Net of confirmed contract management start-ups/terminations in the coming 12 months. Adjustments have been made in Q3 2024. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 16 Quality and sustainabilityIntroduction Reporting
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Other events Legal proceedings regarding costs for temporary care workers in Norway Through the acquisition of the operations of Aleris Omsorg in 2019, Ambea has been party to an ongoing legal proceeding in Norway regarding costs for tempo- rary care workers. Historically, Aleris had used a consid- erable number of consultants to staff some of its ope- rations. Since the acquisition of Aleris, Ambea has been working actively to increase the proportion of permanent employees in the operations. In 2021, a judgment was handed down in favour of the temporary consultants, granting them the right to additional compensation for overtime, holidays and pension for the time they were engaged as consultants. A subsequent proceeding has been ongoing regarding the limitation periods for some of the compensation. In the fourth quarter of 2021, Ambea made a provision of SEK 145 million to cover estimated additional claims and legal costs. During the quarter, a large part of the previous provision (SEK 72 million) was settled. As of 30 September 2025, the cur- rent remaining provision for known and unknown claims amounted to SEK 15 million. Dispute with the Swedish Tax Agency In 2018, Ambea received a reassessment notice from the Swedish Tax Agency regarding VAT of SEK 12 million, including tax surcharges but excluding interest, for prior years in Ambea AB (publ). No provision was made for these costs. The reassessment was mainly related to input VAT on costs arising from the IPO in 2017. The com- pany appealed the Swedish Tax Agency’s decision to the Administrative Court. The Administrative Court ruled in favour of the Swedish Tax Agency’s decision, so Ambea appealed to a higher court in 2021. As of 30 Septem- ber 2025, the tax dispute amounted to SEK 14 million, including interest. Related-party transactions During the quarter, there were no transactions between Ambea and related parties with any material impact on the company’s position and earnings. The nature and volume of transactions remained unchanged during the period compared with the previous year. Events after the balance-sheet date Validia acquired the individual and family care opera- tions of Attendo in Finland. The acquired operations posted revenue of SEK 90 million for 2024. The acqui- sition was completed on 31 October 2025 and encom- passed five care units and foster care services for children and youth. Ambea’s Board has decided to buy back shares in accordance with the General Meeting’s guidelines. The buyback comprises a maximum of 2 million shares before the next ordinary AGM. After the end of the period, Ambea signed a new loan agreement with a consortium of three banks. The agree- ment has a three-year term with an option to extend for one + one year. The confirmed credit line is SEK 5 billion with the possibility to extend the line by a further SEK 1.5 billion (unconfirmed credit). The agreement replaces the existing loan agreement. Seasonal variations Ambea’s operating profit is affected by seasonal varia- tions, weekends and public holidays. Weekends and public holidays reduce Ambea’s profi- t ability due to higher personnel costs for inconvenient working hours. Most of the public holidays in countries where the company has operations normally fall in the second quarter. In some years, Easter may fall in the first quarter and then affect its profitability. Christmas and New Year affect the first and fourth quarters. The company’s personnel costs are affected in a similar manner when employees take out their holidays. For example, the company is most profitable in the third quarter, as employees usually take their holidays during July and August and therefore receive holiday pay that is continuously accrued throughout the year. Costs during the summer months are also generally lower due to a reduced schedule for central activities, such as manda- tory training programmes and central initiatives, during this period. Employees During the quarter, the average number of full-time employees (FTEs) was 17,862 (15,937), and the increase was due to acquired and start-up units. Number of shares The total number of shares was 84,101,290. Ambea holds no treasury shares. There was no change in the number of shares during the quarter. Risks and uncertainties Ambea is exposed to a variety of risks and attaches great importance to continuously analysing, minimising and managing these risks. The risk assessment is also a key element of the annual strategy process, where risks in relation to the company’s ability to achieve its financial targets and strategic ambitions are specifically evaluated. Ambea has identified a number of risks in the categories of competitive risks, operational risks and risks associated with governance. For a description of the specific risks and how they are managed, refer to pages 50–52 of the 2024 Annual Report. The company’s risks and uncertainties are deemed to be unchanged compa- red to those described in the 2024 Annual Report. The content of this interim report was adopted on 4 November 2025. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 17 Quality and sustainabilityIntroduction Reporting
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Stockholm, 4 November 2025 Mark Jensen President and CEO Presentation of the third quarter of 2025 Ambea will hold a presentation for the financial market, with the possibility to partici- pate by phone, at 10.00 a.m. CET on Wednesday, 5 November 2025. The presentation will be held in English, and available as a webcast at ambea.se or via Direct Link: edge.media-server.com/mmc/p/eg7ey76i The quarterly report and related presentation will be available at ambea.com/investor-relations/reports/reports-and-presentations/ Join conference by phone To join the conference call, register before the call using the number link below. When you register, you will receive a dial-in number and a unique dial-in PIN. To make sure your connection to the conference call works, please call ten minutes before the con- ference call is due to start. Conference call registration register-conf.media-server.com/register/BI7190d745b61c408b8263befa746d0176 Contact Susanne Vogt, Head of IR, Reporting & Group Business Control ir@ambea.se Financial calendar • Year-end report, 12 February 2026 • Q1 interim report for 2026, 7 May 2026 • Q2 interim report for 2026, 19 August 2026 This information is such that Ambea AB (publ) is obliged to publish pursuant to the EU Market Abuse Regulation. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 18 Quality and sustainabilityIntroduction Reporting
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Review report Ambea AB (publ), corporate identity number 556468-4354 Introduction We have reviewed the condensed interim report for Ambea AB (publ) as at September 30, 2025 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the prepa- ration and presentation of this interim report in accor- dance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the Inter- national Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analyti- cal and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other gene rally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, November 4, 2025 Ernst & Young AB Mikael Sjölander Authorized Public Accountant Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 19 Quality and sustainabilityIntroduction Reporting
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Consolidated earnings in summary 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Operating income Net sales 4,114 3,555 11,846 10,558 15,483 14,195 Other operating income 31 35 107 119 150 162 Operating income 4,145 3,590 11,953 10,677 15,633 14,357 Operating expenses Consumables −144 −124 −405 −363 −534 −492 Other external costs −377 −318 –1,141 −999 –1,474 –1,332 Personnel costs –2,694 –2,352 –8,223 –7,337 –10,777 –9,891 Depreciation, amortisation and impairment −392 −343 –1,110 -1,022 –1,455 –1,367 Other operating expenses 1 2 3 2 4 3 Operating expenses –3,606 –3,135 –10,876 –9,719 –14,236 –13,079 Operating profit 539 455 1,077 958 1,397 1,278 Financial income 6 0 6 0 6 0 Financial expenses −132 −118 −382 −352 −496 −466 Net financial items −126 −118 −376 −352 −490 −466 Profit before tax 413 337 701 606 907 812 Tax on profit for the period −91 −71 −166 −135 −223 −192 Profit for the period 322 266 535 471 684 620 Profit for the period attributable to shareholders of the Parent Company 322 266 535 471 684 620 Earnings per share before dilution, SEK 3.83 3.14 6.38 5.43 8.16 7.21 Earnings per share after dilution, SEK 3.82 3.13 6.37 5.42 8.14 7.20 Consolidated statement of comprehensive income in summary 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Profit for the period after tax 322 266 535 471 684 620 Other comprehensive income, items not transferable to profit or loss Remeasurement of defined-benefit pension plans – −28 14 −28 40 −2 Tax related to remeasurement of defined-benefit pension plans – 6 −3 6 −9 0 Total items not transferable to profit or loss – −22 11 −22 31 −2 Other comprehensive income, items transferable to profit or loss Translation differences 12 –41 −14 −23 2 −7 Hedging of net investments in foreign operations 1 17 18 9 12 3 Cash flow hedges 6 −9 −4 −7 4 1 Cash flow hedge reserve 1 2 1 −16 3 −14 Remeasurement of tenant-owned apartments – – – – 0 0 Tax −2 2 −3 3 −4 2 Total items transferable to profit or loss 18 −29 −2 −34 17 −15 Total other comprehensive income 18 –51 9 −56 48 −17 Total comprehensive income for the period 340 215 544 415 732 603 Comprehensive income for the period attributable to shareholders of the Parent Company 340 215 544 415 732 603 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 20 Quality and sustainabilityIntroduction Reporting
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Earnings per share 2025 2024 2025 2024 2024 Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Profit for the period attributable to shareholders of the Parent Company, SEK million 322 266 535 471 684 620 Earnings per share before dilution Average number of shares, thousand 84,101 84,614 83,816 86,692 83,792 85,945 Earnings per share before dilution, SEK 3.83 3.14 6.38 5.43 8.16 7.21 Earnings per share after dilution Average number of shares, thousand 84,331 84,869 84,028 86,856 83,993 86,139 Earnings per share after dilution, SEK 3.82 3.13 6.37 5.42 8.14 7.20 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 21 Quality and sustainabilityIntroduction Reporting
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Consolidated balance sheet in summary 2025 2024 2024 SEK million 30 Sep 30 Sep 31 Dec Assets Fixed assets Goodwill 8,328 7,057 7,211 Customer contracts and customer relationships 483 255 262 Other intangible assets 40 26 25 Right-of-use assets 9,248 8,442 8,496 Tangible assets 394 295 325 Derivative instruments 4 – 9 Surplus in funded pension plans 18 – 10 Deferred tax assets 220 150 179 Non-current receivables 154 132 132 Total fixed assets 18,889 16,357 16,649 Current assets Accounts receivable 1,464 1,255 1,284 Other receivables 164 99 83 Prepaid expenses and accrued income 432 420 431 Cash and cash equivalents 259 45 28 Total current assets 2,319 1,819 1,826 Total assets 21,208 18,176 18,475 2025 2024 2024 SEK million 30 Sep 30 Sep 31 Dec Equity and liabilities Equity Share capital 2 2 2 Other capital contributions 6,212 6,175 6,198 Reserves −58 −65 −53 Retained earnings, including profit for the year –797 –1,338 –1,161 Total equity 5,359 4,774 4,986 Non-current liabilities Non-current interest-bearing liabilities 2,522 1,643 1,087 Lease liabilities 8,428 7,761 7,791 Derivative instruments – 1 – Other non-interest-bearing liabilities 18 20 20 Pension provisions 0 22 10 Other provisions 8 84 12 Deferred tax liabilities 360 222 279 Total non-current liabilities 11,336 9,753 9,199 Current liabilities Current interest-bearing liabilities – – – Commercial paper 1,125 758 1,039 Lease liabilities 1,317 1,105 1,138 Accounts payable 360 283 403 Other provisions 8 2 76 Tax liabilities 139 137 127 Other non-interest-bearing liabilities 173 153 180 Accrued expenses and deferred income 1,391 1,211 1,327 Total current liabilities 4,513 3,649 4,290 Total equity and liabilities 21,208 18,176 18,475 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 22 Quality and sustainabilityIntroduction Reporting
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Consolidated statement of changes in equity in summary 2025 2024 2024 SEK million Jan–Sep Jan–Sep Jan–Dec Opening balance 4,986 4,920 4,920 Comprehensive income 544 415 603 New share issue 14 – 23 Warrants issued – – 1 Share buybacks −220 −431 −431 Exercise of repurchased shares 220 – – Dividends −185 −130 −130 Closing balance 5,359 4,774 4,986 Consolidated cash flow statement in summary 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Operating activities Operating profit 538 455 1,077 958 1,397 1,278 Depreciation, amortisation and impairment 392 343 1,110 1,022 1,455 1,367 Capital gains/losses −4 −3 −7 −9 −18 −20 Changes in provisions 1 −17 −6 −37 −30 −61 Total non-cash items 389 323 1,097 976 1,407 1,286 Net interest paid −123 −116 −378 −353 −492 −467 Tax paid −70 −24 −164 −84 −218 −138 Cash flow from operating activities before changes in work- ing capital 734 638 1,632 1,497 2,094 1,959 Cash flow from changes in working capital Decrease/increase in receivables 2 98 −96 8 –74 30 Decrease/increase in current liabilities −242 −336 −281 −185 −19 77 Cash flow from operating activities 494 400 1,255 1,320 2,001 2,066 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Investing activities Acquisition of tangible assets −22 −15 −90 −64 −131 −105 Acquisition of intangible assets −4 −1 −10 −10 −12 −12 Sale of fixed assets 15 1 16 13 20 17 Acquisition of subsidiaries 2 −18 –1,175 −90 –1,338 −253 Investments in financial instruments −1 −6 −3 −6 −2 −5 Cash flow from investing activities −10 −39 –1,262 −157 –1,463 −358 Cash flow after investments 484 361 −6 1,163 539 1,708 Financing activities Loans raised 1,174 956 4,320 2,226 5,581 3,487 Repayment of debt –1,046 −772 –3,231 –2,207 –4,231 –3,207 Repayment of lease liabilities −316 −273 −904 −815 –1,181 –1,092 Net change in checking account −283 −123 442 230 −126 −338 New share issue – – 14 – 37 23 Cost of loans raised – – −1 – −1 – Premiums for warrants – – – 1 – 1 Share buybacks – −146 −219 −431 −219 −431 Dividends paid – – −185 −130 −185 −130 Cash flow from financing activities −471 −358 236 –1,126 −325 –1,687 Cash flow for the period 13 3 229 37 213 21 Cash and cash equivalents on the opening date 247 39 28 6 45 6 Exchange rate differences in cash and cash equivalents −1 3 2 2 1 1 Cash and cash equivalents on the closing date 259 45 259 45 259 28 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 23 Quality and sustainabilityIntroduction Reporting
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Parent Company income statement in summary 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Operating income Other operating income 0 0 23 0 23 0 Operating income 0 0 23 0 23 0 Operating expenses Other external costs −4 −4 −40 −14 –43 −17 Personnel costs −3 −3 −12 −12 −16 −16 Amortisation of intangible assets 0 0 0 0 0 0 Operating expenses −7 −7 −52 −26 −59 −33 Operating profit/loss −7 −7 −29 −26 –36 −33 Financial items −18 −40 −30 −77 −47 −84 Profit/loss after financial items −25 −47 −69 −103 −83 −117 Appropriations – – – – 179 179 Profit/loss before tax −25 −47 −69 −103 96 62 Tax on profit for the period – – – – −19 −19 Profit/loss for the period −25 −47 −69 −103 77 43 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 24 Quality and sustainabilityIntroduction Reporting
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Parent Company balance sheet in summary 2025 2024 2024 SEK million 30 Sep 30 Sep 31 Dec Assets Fixed assets Intangible assets 0 0 0 Financial assets Participations in Group companies 7,432 7,212 7,212 Receivables from Group companies 577 589 595 Derivative instruments 2 6 5 Total fixed assets 8,011 7,807 7,812 Current assets Receivables from Group companies 4,524 3,439 3,844 Other receivables 47 22 26 Prepaid expenses and accrued income 11 14 13 Cash and cash equivalents – 7 – Total current assets 4,582 3,482 3,883 Total assets 12,593 11,289 11,695 2025 2024 2024 SEK million 30 Sep 30 Sep 31 Dec Equity and liabilities Equity Restricted equity Share capital 2 2 2 Statutory reserve 0 0 0 Total restricted equity 2 2 2 Non-restricted equity Share premium reserve 1,443 1,406 1,429 Retained earnings 699 842 842 Profit/loss for the period −69 −103 43 Total non-restricted equity 2,073 2,145 2,314 Total equity 2,075 2,147 2,316 Untaxed reserves 117 85 117 Non-current liabilities Liabilities to credit institutions 2,580 1,686 1,125 Total non-current liabilities 2,580 1,686 1,125 Current liabilities Commercial paper 1,125 758 1,037 Accounts payable – – 9 Tax liabilities 19 −1 19 Liabilities to Group companies 6,664 6,594 7,054 Other liabilities 0 0 0 Accrued expenses and deferred income 13 20 18 Total current liabilities 7,821 7,371 8,137 Total equity and liabilities 12,593 11,289 11,695 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 25 Quality and sustainabilityIntroduction Reporting
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Notes NOTE 1 Accounting policies This interim report has been prepared in accordance with IAS 34 Interim Financial Repor- ting and the Swedish Annual Accounts Act, as well as the Swedish Financial Reporting Board’s RFR 1, Supplementary Accounting Rules for Groups, and RFR 2 Accounting for Legal Entities. The accounting policies applied are consistent with those applied in the preparation of the most recent annual report. Since all amounts are rounded, rounding differences can occur. New or revised IFRSs as of 2025 None of the new or revised standards or interpretations effective from 1 January 2025 had any material impact on the financial statements of the Group or the Parent Company. No new or revised standards have been adopted in advance. NOTE 2 Segment information Ambea’s operations consist of the following segments: • Nytida: Comprises social care services for adults, children and youth, and schools for children and youth with neuropsychiatric disorders in Sweden. • Vardaga: Comprises nursing homes and home care in Sweden. • Stendi: Comprises social care for adults, children and youth. We also offer personal assistance in Norway. • Validia: Comprises residential care and support for people with disabilities in Finland. • Altiden: Comprises social care for adults, children and youth, and elderly care in Den- mark. • Klara: Comprises competence and staffing solutions for social care, and student health services. Quarterly overview 2025 2025 2025 2024 2024 2024 2024 2023 2023 SEK million Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Net sales Nytida 1,148 1,150 1,122 1,108 1,056 1,044 1,041 1,018 1,005 Vardaga 1,381 1,358 1,313 1,306 1,288 1,262 1,231 1,200 1,159 Stendi 818 823 823 834 841 840 837 808 806 Validia 388 375 – – – – – – – Altiden 341 327 333 329 320 311 313 317 326 Klara 86 104 100 106 94 104 105 116 106 Group adjustments –48 −49 −47 −46 −44 −42 –43 –47 –47 Ambea 4,114 4,088 3,644 3,637 3,555 3,519 3,484 3,412 3,355 Adjusted EBITA Nytida 194 127 118 121 168 124 125 130 168 Vardaga 177 115 111 122 161 105 103 88 123 Stendi 100 29 68 93 121 61 59 70 88 Validia 59 39 – – – – – – – Altiden 39 1 8 10 25 −13 −9 –14 –2 Klara 9 9 8 11 10 5 9 14 14 Unallocated items −8 −9 −6 −13 −7 −11 –8 –11 –8 Ambea 570 311 307 344 478 271 279 286 383 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 26 Quality and sustainabilityIntroduction Reporting
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NOTE 2 Segment information July–September 2025 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income Net sales 1,148 1,381 818 388 341 86 – –48 4,114 Other operating income 6 21 1 0 2 0 0 – 30 Total income 1,154 1,402 819 388 342 86 0 –48 4,144 EBITA 194 177 100 59 39 9 −13 – 565 EBITA margin, % 16.9 12.8 12.2 15.2 11.4 10.5 – – 13.7 Items affecting comparability – – – – – – 5 – 5 Adjusted EBITA 194 177 100 59 39 9 −8 – 570 Adjusted EBITA margin, % 16.9 12.8 12.2 15.2 11.4 10.5 – – 13.8 Amortisation of intangible assets −26 Operating profit (EBIT) 539 Net financial items −126 Profit before tax 413 Tax on profit for the period −91 Profit for the period 322 Assets 6,955 7,521 2,087 2,437 1,360 301 547 – 21,208 July–September 2024 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income Net sales 1,056 1,288 841 – 320 94 0 −44 3,555 Other operating income 8 20 2 – 4 1 0 0 35 Total income 1,064 1,308 843 – 324 95 0 −44 3,590 EBITA 168 161 121 – 25 10 −7 0 478 EBITA margin, % 15.9 12.5 14.4 – 7.8 10.6 – – 13.4 Items affecting comparability – – – – – – – – – Adjusted EBITA 168 161 121 – 25 10 −7 0 478 Adjusted EBITA margin, % 15.9 12.5 14.4 – 7.8 10.6 – – 13.4 Amortisation of intangible assets −23 Operating profit (EBIT) 455 Net financial items −118 Profit before tax 337 Tax on profit for the period −71 Profit for the period 266 Assets 6,684 7,613 1,931 – 1,461 306 181 – 18,176 *The ‘Unallocated items’ column consists of centrally approved costs Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 27 Quality and sustainabilityIntroduction Reporting
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NOTE 2 Segment information January–September 2025 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income Net sales 3,420 4,052 2,464 763 1,001 290 – −144 11,846 Other operating income 19 75 2 1 4 1 5 – 107 Total income 3,439 4,127 2,466 764 1,005 291 5 −144 11,953 EBITA 439 402 198 98 48 26 −83 – 1,128 EBITA margin (%) 12.8 9.9 8.0 12.8 4.8 9.0 – – 9.5 Items affecting comparability – – – – – – 60 – 60 Adjusted EBITA 439 402 198 98 48 26 −23 – 1,188 Adjusted EBITA margin, % 12.8 9.9 8.0 12.8 4.8 9.0 – – 10.0 Amortisation of intangible assets −51 Operating profit (EBIT) 1,077 Net financial items −376 Profit before tax 701 Tax on profit for the period −166 Profit for the period 535 Assets 6,955 7,521 2,087 2,437 1,360 301 547 – 21,208 January–September 2024 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income Net sales 3,141 3,781 2,518 – 944 303 – −129 10,558 Other operating income 29 62 7 – 16 1 4 – 119 Total income 3,170 3,843 2,525 – 960 304 4 −129 10,677 EBITA 417 369 241 – 3 24 −27 0.0 1,028 EBITA margin (%) 13.3 9.8 9.6 – 0.3 7.9 – – 9.7 Items affecting comparability – – – – – – – – – Adjusted EBITA 417 369 241 – 3 24 −27 0.0 1,028 Adjusted EBITA margin, % 13.3 9.8 9.6 – 0.3 7.9 – – 9.7 Amortisation of intangible assets −70 Operating profit (EBIT) 958 Net financial items −352 Profit before tax 606 Tax on profit for the period −135 Profit for the period 471 Assets 6,684 7,613 1,931 – 1,461 306 181 – 18,176 *The ‘Unallocated items’ column consists of centrally approved costs Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 28 Quality and sustainabilityIntroduction Reporting
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NOTE 3 Revenue from contracts with customers Type of service delivery (July–September) Nytida Vardaga Stendi Validia Altiden Klara Group eliminations Group SEK million 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Own Management 923 850 952 882 818 841 388 – 253 230 – – – – 3,334 2,803 Contract Management 225 206 429 406 0 – 0 – 88 90 – – – – 742 702 Competence and staffing solutions – – – – – – – – – – 86 94 –48 −44 38 50 Total 1,148 1,056 1,381 1,288 818 841 388 – 341 320 86 94 –48 −44 4,114 3,555 Income External customers 1,148 1,056 1,381 1,288 818 841 388 – 341 320 38 50 – – 4,114 3,555 Revenue between segments – – – – – – – – – – 48 44 –48 −44 – – Total 1,148 1,056 1,381 1,288 818 841 388 – 341 320 86 94 –48 −44 4,114 3,555 Type of service delivery (January–September) Nytida Vardaga Stendi Validia Altiden Klara Group eliminations Group SEK million 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Own Management 2,763 2,525 2,782 2,591 2,464 2,484 763 – 740 672 – – – – 9,512 8,271 Contract Management 657 616 1,270 1,190 0 34 0 – 261 272 – – – – 2,188 2,113 Competence and staffing solutions – – – – – – – – – – 290 303 −144 −129 146 174 Total 3,420 3,141 4,052 3,781 2,464 2,518 763 – 1,001 944 290 303 −144 −129 11,846 10,558 Income External customers 3,420 3,141 4,052 3,781 2,464 2,518 763 – 1,001 944 146 174 – – 11,846 10,558 Revenue between segments – – – – – – – – – – 144 129 −144 −129 – – Total 3,420 3,141 4,052 3,781 2,464 2,518 763 – 1,001 944 290 303 −144 −129 11,846 10,558 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 29 Quality and sustainabilityIntroduction Reporting
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NOTE 4 Items affecting comparability 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Acquisition-related costs 5 – 60 – 60 – Total items affecting comparability 5 – 60 – 60 – Note 5 Business combinations On 1 April, Validia Oy was acquired, which operates residential care and support for people with disabilities in Finland. The acquisition includes approximately 50 care units, 1,400 care places and 2,600 employees. The consideration amounted to SEK 1,440 million, of which SEK 220 million was paid in own shares. Transaction costs in connection with the acquisition amounted to SEK 55 million as of 30 September, and was recognised as other external costs affecting comparability. The amounts are based on the exchange rate on 1 April, EUR/SEK 10.8160. Since the acquisition date, Validia has contributed SEK 763 million to net sales, and SEK 92 million to profit before tax. If the acquisition had taken place on 1 January 2025, Validia would have contributed SEK 1,128 million to net sales and SEK 125 million to profit before tax. On 5 May, parts of the care provider AvAsta were acquired. The acqui- sition comprises the Sisjödal nursing home as well as AvAsta’s four care homes providing care for adults with lifelong disabilities and social prob- lems. The consideration amounted to SEK 119 million. Transaction costs in connection with the acquisition amounted to SEK 2 million, and was recognised as other external costs. The acquisition analysis is prelimi- nary as some work remains before it is completed. Since the acquisition date, the companies have contributed SEK 64 million to net sales and SEK 7 million to profit before tax. If the acquisition had taken place on 1 January 2025, the companies would have contributed SEK 112 million to net sales and SEK 11 million to profit before tax. Preliminary effect on financial position SEK million Validia AvAsta Total The carrying amount of net identifiable assets excl. intangible assets 164 10 174 Intangible assets 260 15 275 Group goodwill 1,017 94 1,111 Total consideration (price of shares) 1,440 119 1,559 Less: cash and cash equivalents −140 −25 −165 Less: payment with own shares −220 – −220 Net change in cash 1,080 94 1,174 Preliminary distribution of net assets on the acquisition date SEK million Validia AvAsta Total Fixed assets 115 4 119 Right-of-use assets 919 239 1,158 Accounts receivable and other receivables 149 39 188 Cash and cash equivalents 140 25 165 Non-current liabilities and provisions 0 0 0 Deferred tax liability −56 −3 −59 Lease liabilities −919 −239 –1,158 Accounts payable and other liabilities −184 −55 −240 Net identifiable assets 164 10 174 Acquisitions during the year Date Acquisition Operations Segments Annual sales 1 Apr 2025 Validia Residential care and support for people with disabilities Validia SEK 1,395 million 5 May 2025 AvAsta Elderly care, residential care and support for people with disabilities Nytida and Vardaga SEK 144 million Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 30 Quality and sustainabilityIntroduction Reporting
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NOTE 6 Fair value of financial instruments in the fair value hierarchy Classification in the fair value hierarchy 1 2 3 2025 2024 2025 2024 2025 2024 2025 2024 SEK million 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep Assets Interest-rate derivatives 4 – – – 4 – – – Investments in housing coopera- tive associations 88 88 – – – – 88 88 Total 92 88 – – 4 – 88 88 Liabilities Interest-rate derivatives – 1 – – – 1 – – Contingent consideration – 2 – – – – – 2 Total – 3 – – – 1 – 2 Fair value of financial instruments in the fair value hierarchy Ambea applies the following hierarchy for the fair value measurement of financial instruments: • Level 1 – Listed prices (unadjusted) in active markets for identical assets or liabilities. This level includes Eligible treasury bills, Bonds and Other interest-bearing securities. Remeasurement is recognised in Net financial items. • Level 2 – Observable data for assets or liabilities other than quoted prices included in Level 1, either directly (i.e., as price quotations) or indirectly (i.e., derived from price quotations). This level includes derivative instruments that are recognised under Other current assets or Other current liabilities. • Level 3 – Data for assets or liabilities that are not based on observable market data. Participations in housing cooperative associations are measured using the price trend for tenant-owned apartments in the area, with adjustments for the specific conditions that apply to Ambea’s apartments. Earn-out liabilities measured at fair value based on management’s best estimate of possible outcome. Ambea has borrowings/loans in Swedish, Norwegian and Danish kronor and is thereby exposed to interest-rate risk. According to the company’s Financial Policy, at least 50 per cent of the interest-rate risk should be hedged. To reduce the company’s interest-rate risk, the company uses different types of interest-rate hedging products (interest-rate derivatives). The hedges have a remaining term of up to three years. In total, about 59 per cent of the company’s average interest-bearing liabilities within 12 months have been hedged with interest-rate derivatives. Derivatives are classified as Level 2 assets in the fair value hierarchy. The change in fair value of the interest-rate cap and interest-rate swap was recognised in other comprehensive income. Ambea uses standard bank pricing models for the valuation of purchased interest-rate caps and interest-rate swaps. The valuation is based on the bank’s standard pricing model and methodology. The valuation is based on the bank’s average price. There have been no changes between the levels since the most recent annual report. NOTE 7 Contingent liabilities 2025 2024 2024 SEK million 30 Sep 30 Sep 31 Dec Tax dispute 14 14 14 Total contingent liabilities 14 14 14 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 31 Quality and sustainabilityIntroduction Reporting
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NOTE 8 Reconciliation of financial statements 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Growth/Acquired growth Net sales growth (%) 15.7 6.0 12.2 6.6 10.8 6.6 Of which organic growth (%) 3.5 7.2 4.2 6.9 4.5 6.5 Of which acquired/divested growth (%) 13.2 0.6 9.4 0.2 7.5 0.5 Of which currency and calendar effect (%) −1.0 −1.8 −1.4 −0.5 −1.2 −0.4 Operating margin (EBIT) Net sales 4,114 3,555 11,846 10,558 15,483 14,195 Operating profit (EBIT) 539 455 1,077 958 1,397 1,278 Operating margin, EBIT (%) 13.1 12.8 9.1 9.1 9.0 9.0 EBITA and adjusted EBITA Operating profit (EBIT) 539 455 1,077 958 1,397 1,278 Amortisation and impairment of intangible assets 26 23 51 70 75 94 EBITA 565 478 1,128 1,028 1,472 1,372 Items affecting comparability 5 – 60 – 60 – Adjusted EBITA 570 478 1,188 1,028 1,532 1,372 Net sales 4,114 3,555 11,846 10,558 15,483 14,195 EBITA margin (%) 13.7 13.4 9.5 9.7 9.5 9.7 Adjusted EBITA margin, % 13.9 13.4 10.0 9.7 9.9 9.7 EBITDA and adjusted EBITDA Operating profit (EBIT) 539 455 1,077 958 1,397 1,278 Depreciation, amortisation and impairment of tangible and intangible assets 392 343 1,110 1,022 1,455 1,367 EBITDA 931 798 2,187 1,980 2,852 2,645 Items affecting comparability 5 – 60 – 60 – Adjusted EBITDA 936 798 2,247 1,980 2,912 2,645 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec EBITDA and adjusted EBITDA, excluding IFRS 16 effects Operating profit (EBIT) 539 455 1,077 958 1,397 1,278 Depreciation, amortisation and impairment of tangible and intangible assets 392 343 1,110 1,022 1,455 1,367 Less: Rental payments, Properties −383 −336 –1,103 −997 –1,438 –1,332 Less: Rental payments, Vehicles −20 −18 −58 −52 −77 −71 Less Capital loss from contracts terminated −1 −2 −4 −4 −5 −5 Net effects of IFRS 16 on EBITDA −404 −356 –1,165 –1,053 –1,520 –1,408 EBITDA excluding IFRS 16 effects 527 442 1,022 927 1,332 1,237 Items affecting comparability 5 – 60 – 60 – Adjusted EBITDA excluding IFRS 16 effects 532 442 1,082 927 1,392 1,237 EBITA and adjusted EBITA, excluding IFRS 16 effects Operating profit (EBIT) 539 455 1,077 958 1,397 1,278 Amortisation and impairment of intangible assets 26 23 51 70 75 94 EBITA 565 478 1,128 1,028 1,472 1,372 Plus IFRS 16 depreciation 338 296 980 883 1,277 1,180 Less: Rental payments, Properties −383 −336 –1,103 −997 –1,438 –1,332 Less: Rental payments, Vehicles −20 −18 −58 −52 −77 −71 Less Capital loss from contracts terminated −1 −2 −4 −4 −5 −5 Net effects of IFRS 16 on EBITA −66 −60 −185 −170 −243 −228 EBITA excluding IFRS 16 effects 499 418 943 857 1,230 1,144 Items affecting comparability 5 – 60 – 60 – Adjusted EBITA excluding IFRS 16 effects 504 418 1,003 857 1,290 1,144 EBITA margin, excluding IFRS 16 effects 12.1 11.8 8.0 8.1 7.9 8.1 Adjusted EBITA margin, excluding IFRS 16 effects 12.3 11.8 8.5 8.1 8.3 8.1 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 32 Quality and sustainabilityIntroduction Reporting
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NOTE 8 Reconciliation of financial statements, cont. 2025 2024 2025 2024 2024 SEK million Jul–Sep Jul–Sep Jan–Sep Jan–Sep RTM Jan–Dec Operating cash flow EBITDA 930 798 2,187 1,980 2,852 2,645 Adjustment for non-cash items −2 −20 −13 −47 −47 −81 Cash flow from investing activities excl. acquisitions and investments in financial instruments −13 −15 −87 −61 −126 −100 Adjustment for cash flow from investing activities related to increased capacity/growth 11 2 11 18 12 19 Change in working capital −240 −238 −377 −177 −93 107 Operating cash flow 686 527 1,721 1,713 2,598 2,590 Cash conversion (%) Operating cash flow 686 527 1,721 1,713 2,598 2,590 EBITDA 931 798 2,187 1,980 2,852 2,645 Cash conversion (%) 73.7 66.0 78.7 86.5 91.1 97.9 Items affecting comparability Reversal of acquisition-related costs – of which costs included in the line item of other external costs 5 – 60 – 60 – Total acquisition-related costs 5 – 60 – 60 – Total items affecting comparability 5 – 60 – 60 – 2025 2024 2024 SEK million 30 Sep 30 Sep 31 Dec Net debt, Net debt/Adjusted EBITDA, RTM Non-current interest-bearing liabilities 10,950 9,404 8,878 Current interest-bearing liabilities 2,442 1,863 2,177 Less: cash and cash equivalents −259 –45 −28 Net debt 13,133 11,222 11,027 Adjusted EBITDA RTM 2,912 2,571 2,645 Net debt/Adjusted EBITDA, RTM (times) 4.5 4.4 4.2 Net debt, Net debt/Adjusted EBITDA, RTM, excl. IFRS 16 effects Non-current interest-bearing liabilities 10,950 9,404 8,878 Less: non-current lease liabilities pertaining to properties, recognised on the lease liabilities line –8,251 –7,565 –7,568 Less: non-current lease liabilities pertaining to vehicles, recognised on the lease liabilities line −177 −186 −223 Current interest-bearing liabilities 2,442 1,863 2,177 Less: current lease liabilities pertaining to properties recognised on the lease liabilities line –1,202 –1,035 –1,062 Less: current lease liabilities pertaining to vehicles, recognised on the lease liabilities line −114 −70 −76 Less: cash and cash equivalents −259 –45 −28 Net debt, excluding IFRS 16 effects 3,389 2,356 2,098 Adjusted EBITDA RTM 1,392 1,178 1,237 Net debt/Adjusted EBITDA, RTM (times) 2.4 2.0 1.7 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 33 Quality and sustainabilityIntroduction Reporting
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Reports and quality inspections during the quarter Sweden The Swedish Health and Social Care Inspectorate (IVO) quality inspections: The IVO conducted 14 quality inspections in Nytida and none in Vardaga. During the quarter, the IVO issued decisions in 12 quality inspections at Nytida, one of which resulted in remarks. No decisions were issued in Vardaga during the quarter. Lex Sarah reports: A total of six Lex Sarah reports were lodged, four by Nytida and two by Vardaga. Five decisions have been issued and all were closed without any remarks. Lex Maria reports: Two Lex Maria reports were lodged in Sweden. One in Nytida and one in Vardaga. During the quarter, three decisions were issued with regard to previous reports, all of which were closed without any remarks. Individual complaints investigated by the IVO: A total of three individual com- plaints were lodged during the quarter. Two in Vardaga and one in Nytida. The IVO has closed an older complaint (from 2023), and the case was closed without any remarks. Norway Regulatory inspections based on quality management: A total of 31 quality inspections were performed in Norway during the quarter. 29 of these pertained to services for children and two to care services for adults. Two of the quality inspec- tions resulted in remarks, both in services for children. Finland Regulatory inspections based on quality management: A total of five quality inspections were performed in Validia’s operations, all of which in the wellbeing services counties. While all of these quality inspections con- tained remarks, none of the discrepancies were deemed to be serious. Denmark Regulatory inspections based on quality management: At Altiden, 19 quality inspections were completed, three in elderly care and 16 in social care. A total of 18 decisions were received in the quarter. Only one of the quality inspections resulted in remarks. Swedish Authority for Privacy Protection (IMY), Norwegian Data Protection Authority, Danish Data Protection Agency and Office of the Data Protection Ombudsman (Finland) The Swedish Data Protection Officer notified the IMY of four personal data breaches during the third quarter. During the quarter, we also received five decisions on previous notifications, for which the IMY is not taking any measures. None of them posed, or were deemed to pose, a serious risk to the data subjects. In all cases, relevant measures were taken immediately to prevent any recurrence by raising awareness and competence in regard to existing procedures and work processes. No reports were made to the Norwegian Data Protection Authority and one report was made to the Danish Data Protection Agency. A report was made to the Office of the Data Protection Ombudsman in Fin- land, but no action is being taken. Facts about regulatory inspections The Swedish Health and Social Care Inspectorate (IVO):The IVO is a government agency responsible for supervising social care in Sweden, including healthcare and social services. The agency’s mission is to ensure that elderly and social care maintains high quality and is provided in accordance with legislation. The agency is also responsible for issuing permits to private care providers. Lex Sarah: A reporting obligation in social services and under LSS (Act on Support and Service to Persons with Certain Functional Disabilities) entailing that employees are obligated to report serious misconduct or risks of such mis- conduct. These reports are made to the IVO, with the aim of improving the quality of the operations and protecting the rights of the individual. Lex Maria: A reporting obligation in healthcare that requires care providers to report incidents that have caused, or could have caused, serious injury to a patient. These reports are made to the IVO, with the aim of improving patient safety through systematic measures. The Swedish Authority for Privacy Protection (IMY): The IMY reviews and enforces the application of data protec- tion rules, including the GDPR. The agency works with issues related to data protection and has been tasked with strengthening the privacy rights of individuals in digital environments. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q3 2025 | 34 Quality and sustainabilityIntroduction Reporting
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