Slides
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1 1 1 Steady quarter of profitable growth Q1 INTERIM REPORT JANUARY – MARCH 2025 Johan Falk CEO Thomas Moss CFO
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2 • Solid momentum in the business • Net sales SEK 3,995m, up 16% of which 6% organic • Adj. EBITA increased by 17% to SEK 364m • Adj. EBITA margin increased to 9.1% (+0.1 p.p) • Two new acquisitions, followed by one more after the close of the period • Successful IPO in March • Net debt/EBITDA reduced to 1.7x (2.2x) • Continued good momentum in both parts of our Twin Engine Q1 Highlights JANUARY – MARCH 2025 ADJ. EBITA GROWTH 17% of which 6% organic R/RK (EBITA/NWC) 67% (+2.8 p.p.)
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3 Adj. EBITA growth per year Net Debt/EBITDA* +22% 1.7x TARGET >15% Adj. EBITA margin (medium term) 9.1% TARGET >10% R/RK (EBITA/NWC) +67% TARGET >50% TARGET <2.5x Delivering on our financial targets LTM outcome *Adjusted for leases and items affecting comparability
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4 Acquisitions – driving continued international expansion • 2 new strategic acquisitions — adding SEK 860m in sales • Continued strengthened position in UK and Netherlands and expanding to Ireland • 12 acquisitions LTM, with combined annual sales of SEK 1 820m • Acquisition pipeline remains good Month Acquisition Business Area Annual sales, SEKm* February Hospital Services Limited West 800 February Mayumana Healthcare West 60 December Anklin Central 25 December Summed Finland North 40 November Hauser Medizintechnik Central 25 November Opitek West 10 October Kvinto North 60 September Hugo Technology Central 80 August Aspironix Central 200 August meetB Central 340 August Funktionsverket North 30 July Wolturnus West 150 Total 1 820 Q4 Q3 Q1 *Estimated annual net sales at date of acquisition
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5 Explore an acquisition • Leading product and service provider of medical equipment and related supplies, maintenance and digital health solutions • Serving healthcare providers in Ireland and the UK • Annual sales of SEK 800m • 150 FTE • Track record of building strong customer and OEM relationships while also being a local consolidator • Important platform for continued growth in the region Hospital Services Limited Helping you to deliver the highest standard of patient care
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6 Steady growth in net sales and EBITA continued in Q1 Amounts in SEKm Q1 2025 YoY Change LTM 2024/2025 Full year 2024 Net sales 3,995 16% 15,565 15,025 Adj. EBITA 364 17% 1,414 1,362 Adj. EBITA margin, % 9.1% 0.1 p.p. 9.1% 9.1% R/RK (EBITA/NWC), % 66.5% 2.8 p.p. 66.5% 67.4% • The West and Central regions were the main contributors to growth • Improved margin – product mix improvements, from both acquisitions and operational efforts in existing operations • FX effect – primarily translations from the EUR/USD to SEK impacted results Financial performance – Group 6% 12% -1% 17% Organic growth Acquired growth Exchange rate effect Total growth 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Adj. EBITA growth (Jan–Mar 2025) • Net sales 16% ⎯ Organic growth of 6% ⎯ Acquired growth of 10% ⎯ Exchange rate effect 0%
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7 Stable organic net sales performance across the region in Q1 Amounts in SEKm Q1 2025 YoY Change LTM 2024/2025 Full year 2024 Net sales 1,263 2% 5,431 5,401 Adj. EBITA 177 -2% 745 749 Adj. EBITA margin*, % 14.0% -0.7 p.p. 13.7% 13.9% • North continued to perform well, driven by product mix development and operational efficiencies • Slight decline in EBITA, mainly due to high project-based Government, Defence and Equipment (GDE) activities in Q1 2024 • Development of the new distribution center in Gothenburg is proceeding as planned Business Area North Jan–Mar 2025 • Adj. EBITA growth -2% ⎯ Organic growth of -3% ⎯ Acquired growth of 1% ⎯ Exchange rate effect 0% • Net sales 2% ⎯ Organic growth of 3% ⎯ Exchange rate effect -1%
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8 Strong organic growth in West in Q1 Amounts in SEKm Q1 2025 YoY Change LTM 2024/2025 Full year 2024 Net sales 2,008 19% 7,459 7,145 Adj. EBITA 161 35% 587 545 Adj. EBITA margin, % 8.0% 1 p.p. 7.9% 7.6% • High organic growth driven by strong patient growth • Continued efficiency from closer cooperation between the companies operating in homecare • Acquisitions contributed to sales increase and improved margin • 2 acquisitions in February – HSL and Mayumana Business Area West Jan–Mar 2025 • Adj. EBITA growth 35% ⎯ Organic growth of 24% ⎯ Acquired growth of 12% ⎯ Exchange rate effect -1% • Net sales 19% ⎯ Organic growth of 9% ⎯ Acquired growth of 10% ⎯ Exchange rate effect 0%
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9 Q1 performance driven by an active acquisition agenda in Central Amounts in SEKm Q1 2025 YoY Change LTM 2024/2025 Full year 2024 Net sales 725 37% 2,674 2,479 Adj. EBITA 54 75% 194 170 Adj. EBITA margin, % 7.5% 1.6 p.p. 7.2% 6.9% • Increased net sales driven by an active acquisition agenda • Improved adj. EBITA margin, also driven by improved product mix in existing operations Business Area Central Jan–Mar 2025 • Adj. EBITA growth 75% ⎯ Organic growth of 13% ⎯ Acquired growth of 62% ⎯ Exchange rate effect 0% • Net sales 37% ⎯ Organic growth of 4% ⎯ Acquired growth of 33% ⎯ Exchange rate effect 0%
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10 Improved R/RK driven by higher EBITA and efficient working capital utilisation • R/RK increased by +2.8 p.p. to 66.5% • Continued to maintain high efficiency across all business area 0% 20% 40% 60% 80% 100% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 R/RK (EBITA/NWC) Asker target >50% R/RK
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11 Solid financial position enabled acquisitions with maintained low leverage • Leverage at end of March 1.7x (2.2x) • Net debt decreased to SEK 2,585m (2,786) ⎯ Driven by EBITDA growth and SEK 1,5bn IPO new share issue, of which SEK 1,2bn used to repay debt • Lower cash flow due to end of year effects from HSL (NHS/HSE customers have year-end 31 March) and phasing effect from tax payments Net debt/EBITDA* development *EBITDA rolling 12 months adjusted for leases and items affecting comparability Q1 2025 Q1 2024 Cash flow from operating activities 109 237 Cash flow for the period 282 -71 1 2 3 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Asker target <2.5x x x x
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12 Q1 in summary • Solid EBITA growth of 17% • Continued above-market organic growth with strong organic earnings growth in both Central and West • On track with 12 acquisitions in the LTM, combined annual sales of SEK 1.8 billion, including two in Q1 – driving international expansion • Strong balance sheet and solid underlying cash flow – well positioned for further acquisitions • With our position in the market consolidation, supported by our entrepreneurs, acquisition pipeline and twin engine, we see many opportunities to continue to deliver steady growth in the years ahead
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Q&A
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Financial calendar • Interim report Q2 22 July 2025 • Interim report Q3 6 Nov 2025 • Year-end report 2025 10 Feb 2026 Additional information Thomas Moss, CFO and Head of IR Tel: +46 70 219 79 05 ir@asker.com • Improve patient outcome • Reduce total cost of care • Ensure a fair and sustainable value chain We are health in progress