Slides
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Presentation Third Quarter 2026 Mark Jensen Benno Eliasson CEO CFO
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2 This is Ambea, the leading Nordic care provider Our business areas and care segments we operate in Elderly Care Social Care Adults Social Care Children & Youth Staffing & Competency Net Sales (MSEK, R12) Net Sales (% in total, R12)* Adj. EBITA Margin (%, R12) 33% 10,6% 27% 13,5% 20% 7,7% 10% 10,1% 8% 6,8% 2% 10,1% 38% 41% 19% 2% - 10,4% SE NO DK FI SE SE Notes: Social Care Adults includes Personal Assistance (Norway and Finland) * % of total net sales before elimination of intercompany transactions **** 17 247 368 1 376 1 731 3 488 4 752 5 729
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Highlights of Q3 2026 • Net sales increased by 8 per cent, driven by solid organic growth of 5 per cent and 2 per cent acquired growth. • Adjusted EBITA for the group amounted to 668 (570) MSEK. Adjusted EBITA margin improved to 15,0 (13,9) per cent. • Strong earnings performance across the business areas, supported by higher occupancy and operational improvements. • Continued expansion of future care capacity, with the organic pipeline increasing by 51 per cent year-on-year to 2 444 care places. 3 From a strong position towards new opportunities
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Combining Ambea and Humana is starting now • Successfully completed the recommended public offer for Humana after the quarter ended. • Ambea has acquired 98% of Humana's shares and initiated compulsory redemption of the remaining shares. • The combination strengthens Ambea's position across the four major Nordic markets and creates a broader platform for future growth. • Integration planning has started, with a focus on maintaining quality, ensuring operational continuity and sharing best practices. • Humana will be consolidated in Ambea'sfinancial reporting from October 1, 2026. 4 Becoming an even better partner to society
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5 115 271 346 538 659 1 088 2021 2022 2023 2024 2025 2026 YTD Vardaga Altiden Stendi Nytida Validia Capacity additions to pipeline Number of care places Growth – record level of signed care places More than 1 000 care places signed year-to-date, well above full-year 2025
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Future organic growth Additions to the pipeline • Vardaga signed lease agreements for two new nursing homes in the Stockholm area, adding a total of 220 care places. • Nytida signed lease agreements to expand two existing daily activity centres in Norrtälje and Stockholm, adding 40 new care places. • Stendi signed lease agreements for three new care homes, adding 14 new care places. Estimated growth in pipeline • Planned openings during the next 12 months will add a total of 480 care places. • The total own management pipeline is estimated at approximately 3 000 MSEK in annual revenue* when opened and fully ramped up. 6 1 760 309 251 1 283 1 308 1 285 1 360 1 621 1 695 1 982 2 225 2 444 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Vardaga Altiden Nytida Stendi Validia * The estimate is based on the current pipeline mix across facilities and business areas, as well as current average 2026 pricing levels. +51% YoY Pipeline for future organic growth reaches nearly 2 500 care places Own management pipeline
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• Ambea completed the acquisition of Humana after the quarter ended. • After the quarter ended, Nytida completed the acquisition of Imera, with annual net sales of 77 MSEK. • Continued active work focused on bolt-on acquisitions in selected business areas. 7 Acquired annual net sales per business area and year*, MSEK *Annual net sales based on the latest reported financial year at acquisition, except for Humana, which is based on R12 Q3 2026 68 267 38 82 158 33 107 77 124 2022 2023 2024 1 490 2025 7 573 2026 263 1 679 7 808 Nytida Vardaga Altiden Klara Validia Humana Accelerated acquired growth Humana further strengthening Ambea's Nordic platform ** **Excluding Swedish Personal Assistance
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Revenue growth 8 Strong organic growth supports 8,1% revenue increase in the quarter 7,2% 5,3% 4,2% 4,9% 3,5% 4,0% 4,0% 4,4% 4,8% 1,5% 1,9% 13,1% 13,2% 12,8% 12,9% 2,0% 1,7% 6,0% 6,6% 4,6% 16,2% 15,7% 15,3% 15,8% 7,3% 8,1% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Organic growth Acquired/divested growth Currency & calendar effect Q1 Q3Q2 Q4 Q1Q12024 Q4Q3
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Quality and people Validia partnered with FightBack Run, promoting physical activity and community for people of all abilities. 29 Ukrainian employees graduated as care assistants –– the joint programme with Beredskapslyftet continues with further training to become assistant nurses. Continued investments in competence, quality of care and inclusion Overall satisfaction at Vardaga: 81%
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10 Financial summary Benno Eliasson CFO
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46 84 115 67 21 5 - 5 4 114 4 447 Net sales Q3 2025 Nytida Vardaga Stendi Validia Altiden Klara Elim. Net sales Q3 2026 Net sales 11 All business areas contribute to revenue growth Net sales growth per business area +4% +6% +14% +6% +6%+17%
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20 45 20 1 12 - 1 1 570 668 Adj. EBITA Q3 2025 Nytida Vardaga Stendi Validia Altiden Klara Other Adj. EBITA Q3 2026 Adjusted EBITA 12 Adjusted EBITA margin improves to 15,0% Total adjusted EBITA margin and margin development per business area 13,9% +1,0pp +2,4pp +0,7pp +2,7pp 15,0%-1,7pp-2,0pp
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171 521 65 209 282 632 17 395 339 356 355 360 401 404 408 419 428 427 527 876 425 610 686 1 040 436 823 766 95,6% 97,9% 91,6% 89,8% 91,1% 95,9% 91,5% 95,0% 94,6% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Operating cash flow, excl. growth CAPEX & IFRS16 IFRS16 effect Cash conversion, % (R12) Operating cash flow 13 Solid cash generation supported by improved earnings
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Free cash flow R12 excl. IFRS 16 14 Solid cash generation, with free cash flow exceeding 1 000 MSEK -13 -127 -118 -227 -56 -54 1 624 1 029 Adj. EBITDA excl. IFRS 16 Other Non cash CapEx Interest excl. IFRS 16 Tax ΔNWC Other Free cash flow
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1 029 -980 -212 -189 -523 -951 -134 Free cash flow Dividend Acquisitions Share buyback Share buyback for Humana FX & other Change in net debt Utilization of free cash flow R12 15 Strategic capital allocation, with Humana-related share buybacks driving higher net debt * The share buyback programme were used as part payment for the acquisition of Humana after the quarter ended. *
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6,90 7,20 7,37 7,44 8,14 7,92 8,56 9,56 10,45 8,48 8,79 9,24 9,57 10,38 10,41 10,76 11,81 12,92 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 EPS LTM after dilution Adj. EPS LTM after dilution 16 Strong earnings growth drives continued EPS improvement *CAGR, % Q3 2024 – Q3 2026 Adjusted EPS excludes IFRS 16 and items related to acquisitions. 23%* Development in EPS
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17 Business overview Benno Eliasson CFO
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• Net sales increased by 4 per cent, driven by higher occupancy in existing units and contributions from acquisitions and newly opened units. • EBITA increased by 10 per cent to 214 (194) MSEK, supported by better alignment between demand and capacity, together with improved staffing efficiency. • Nytida signed lease agreements to expand two existing facilities in Norrtälje and Stockholm, adding a total of 40 care places. MSEK Q3 2026 Q3 2025 Change Net sales 1 194 1 148 4% EBITA 214 194 10% EBITA, % 17,9% 16,9% 1,0pp Own management, % 80% 80% - 18 Higher occupancy strengthened earnings EBITA and EBITA margin development 168 194 214 10% 12% 14% 16% 18% 40 80 120 160 200 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBITA EBITA R12, % MSEK
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• Net sales increased by 6 per cent, driven by higher occupancy in both new and existing units. • Sales in own management increased by 10 per cent to 1 051 (952) MSEK, while contract management decreased as expected by 3 per cent to 414 (429) MSEK due to contracts handed back to municipalities. • EBITA increased by 25 per cent to 222 MSEK, driven by the continued positive occupancy development. • Vardaga signed lease agreements for two new nursing homes in the Stockholm area, adding 220 care places. MSEK Q3 2026 Q3 2025 Change Net sales 1 465 1 381 6% EBITA 222 177 25% EBITA, % 15,2% 12,8% 2,4pp EBITA mature units, % 16,0% 14,3% 1,7pp Own management, % 72% 69% 3,0pp 19 Strong earnings and agreements for new nursing homes EBITA and EBITA margin development 161 177 222 6% 8% 10% 12% 14% - 40 80 120 160 200 240 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBITA EBITA R12, % EBITA mature units R12, % MSEK
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• Net sales amounted to 933 (818) MSEK. In local currency, net sales increased by 6 per cent. • EBITA increased by 20 per cent to 120 (100) MSEK, primarily driven by improved staffing efficiency and previously implemented operational adjustments. • Continued focus on larger, more efficient units to improve capacity utilization and further strengthen earnings. • Stendi signed lease agreements for three new care homes, adding 14 care places. 20 Improved earnings following operational adjustments EBITA and EBITA margin development 121 100 120 4% 6% 8% 10% 12% - 20 40 60 80 100 120 140 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBITA EBITA R12, % MSEK MSEK Q3 2026 Q3 2025 Change Net sales 933 818 14% EBITA 120 100 20% EBITA, % 12,9% 12,2% 0,7pp Own management, % 100% 100% -
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• Net sales amounted to 455 (388) MSEK. In local currency, net sales increased by 17 per cent, mainly driven by acquired operations within the new child welfare segment. • EBITA remained stable at 60 (59) MSEK, despite start- up costs related to recent acquisitions and the establishment of the operations within child welfare. • Validia opened a new care home with 63 care places, replacing three smaller care homes that were closed. 21 Strong acquisition-driven growth MSEK Q3 2026 Q3 2025 Change Net sales 455 388 17% EBITA 60 59 2% EBITA, % 13,2% 15,2% -2,0pp Own management, % 100% 100% - 59 60 8% 10% 12% 14% 16% - 20 40 60 80 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBITA EBITA R12, % MSEK EBITA and EBITA margin development
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• Net sales amounted to 362 (341) MSEK. In local currency, net sales increased by 7 per cent driven by higher occupancy within both social- and elderly care. • Sales in own management amounted to 280 (253) MSEK. Contract management amounted to 82 (88) MSEK. • EBITA increased by 31 per cent to 51 (39) MSEK, supported by higher occupancy and operational improvements. • Four contract managed nursing homes will be returned to the municipalities during H1 2027, with a negative full year net sales impact of approximately 320 MSEK. MSEK Q3 2026 Q3 2025 Change Net sales 362 341 6% EBITA 51 39 31% EBITA, % 14,1% 11,4% 2,7pp Own management, % 77% 74% 3,0pp 22 Continued earnings improvement EBITA and EBITA margin development 25 39 51 - 2% - 2% 4% 6% 8% - 15 - 15 30 45 60 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBITA EBITA R12, % MSEK
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• Net sales increased by 6 per cent to 91 MSEK, driven by higher demand for Klara's mobile healthcare teams. • EBITA amounted to 8 (9) MSEK, corresponding to an EBITA margin of 8,8 (10,5) per cent. • Klara continues to adapt its cost base to the market demand, while focusing on developing services with higher value. 23 Increased demand for mobile team services EBITA and EBITA margin development 10 9 8 6% 8% 10% 12% 14% - 5 10 15 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBITA EBITA R12, % MSEK MSEK Q3 2026 Q3 2025 Change Net sales 91 86 6% EBITA 8 9 -11% EBITA, % 8,8% 10,5% -1,7pp
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24 Concluding remarks Mark Jensen CEO
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Our financial targets 25 Continued strong performance against all financial targets Growth *CAGR, % 2022 – R12 Q3 2026 12 635 13 312 14 195 16 039 17 247 10% 5% 7% 13% 11% 2022 2023 2024 2025 2026 Net sales, MSEK Growth, % 8,7%* 478 570 668 9,4% 9,7% 9,8% 9,6% 9,9% 9,6% 9,7% 10,0% 10,4% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Adj. EBITA, MSEK Adj. EBITA margin (R12), % 2 356 2 098 2 313 3 545 3 389 3 214 3 688 3 632 4 369 2,0x 1,7x 1,8x 2,7x 2,4x 2,3x 2,5x 2,4x 2,7x Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 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 2026. Growth R12 as per Q3 2026 vs R12 as per Q3 2025 **
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Outlook post Q3 2026 • Conclude the rollout of the new group-wide quality management system MiraQ. • During the coming period of changes, our top priorities remain the day-to-day operations and delivering high-quality care. • Continued focus on organic growth and carefully selected bolt-on acquisitions. • Starting the integration of Humana, with preparations for synergy realisation. 26 Focus on day-to-day operations and Humana integration
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27 Q&A Invest in the leading competency- based care company in the Nordics • Growing need • Strong market position • High quality and competence • Substantial growth • Balanced risk • Attractive capital allocation
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28 We make the world a better place, one person at a time ambea.com