Slides
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Year End Presentation Martin Tivéus CEO / Mikael Malmgren CFO 5 February 2026
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1 Excluding items affecting comparability 2 Excluding integration and exit costs (full year 2024 SEK 73m). 2 Q4 2025 highlights Strong quarter with clear improvement in Scandinavia • Stable quality - high satisfaction scores in all target groups, relatives satisfaction (rNPS) at all time high • Net Sales SEK 4.8bn (-2%): Underlying growth of 5% excluding ended contracts, divestments and currency effects • Increased occupancy: +1 percentage point sequentially and +3 percentage points annually • Lease adjusted EBITA1 increased by 53 percent to SEK 343m (225), − Continued strong development in Finland − Anticipated margin uplift in Scandinavia • Adjusted EPS full year 2025 of SEK 6.03, above our adjusted EPS target 2026 of minimum SEK 5.50 • Strong free cash flow of SEK 1,041m R12 (732), supporting future investments in capacity, currently 800 new places under construction • Updated financial targets, adjusted EPS target 2028 of minimum 9 SEK Net sales and EBITA1 (SEKm) Net sales 4,878 4,796 -2% 225 343 Lease adjusted EBITA +118 Q4 2024 Q4 2025 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 5.4% Q4 2024 5.7% Q1 2025 5.8% Q2 2025 6.2% Q3 2025 6.7% Q4 2025 R12 lease adjusted EBITA1;2 margin, % Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 4.08 4.63 4.81 5.34 6.03 Adjusted EPS R12, SEK 1
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3 1 A group-wide survey during Q4 of payors’ views of Attendo, where payors were asked about their satisfaction with Attendo as a partner in general and in specific areas. The response rate to the survey was relatively low, which affects the ability to draw definitive conclusions. Quality Stable high satisfaction, relatives satisfaction at all time high 45 49 48 +3 44 51 +7 23 23 21 Customer Satisfaction, cNPS Employee Satisfaction, eNPS Relatives Satisfaction, rNPS Payor Satisfaction, pSAT1 Q4 2025 Q2 2025 Q4 2024 4/5 4/5 Scale -100 to 100 Scale -100 to 100 Scale -100 to 100
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4 1 All own and outsourced nursing and care homes. Occupancy development Occupancy improving further with more sold beds Occupancy in all homes1, % 2021 2022 2023 76 88 86 82 90 0 80 92 84 78 81 Q1 83 Q2 83 Q3 86 Q1 86 Q2 86 Q2 Q3 86 Q4 86 85 Q1 86 Q2 86 Q1 Q3 85 Q4 86 Q3 Q1 85 Q2 84 85 Q3 88 Q4 Q4 84 Q4 84 87 Total Attendo Scandinavia Attendo Finland 2024 2025
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5Note: Figures according to IAS 17. 1. Group financials including HQ costs. 2. Excluding integration and exit costs (SEK 73m full year 2024). Excluding items affecting comparability. Margin and net sales development Margin uplift; improvement in both Finland and Scandinavia Net sales R12, SEK Billion 1;2 0 5 10 15 20 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 2.8 3.7 4.3 Q4 2023 4.5 1.9 4.9 5.4 1.8 Q4 2024 5.7 4.6 5.8 1.4 6.2 6.7 Q4 2025 14.0 14.5 Q4 2022 15.8 16.7 17.3 17.6 18.1 15.1 19.0 19.3 19.2 19.1 19.018.5 Attendo lease adjusted EBITA %, R12M Net sales Scandinavia Net sales Finland Lease Adj EBITA R12, %
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6AS = Attendo Scandinavia; AF = Attendo Finland Sales development Underlying growth in both BA’s offset by ended contracts, exits and fx headwind Net sales; SEK million 254 110 4,624 Q4 2024 -163 AS - organic 65 AF - organic 44 Acquisitions -138 Currency 91 4,705 Q4 2025 4,878 -53 4,796 -2% Ended and ending contracts AS Attendo core operations
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7 EBITA1 development Strong improvement in both BA:s 225 343 169 40 97 151 Q4 2024 AS - lease adjusted AF - lease adjusted -7 Other -13 IFRS16 effect -5-12 Currency Q4 2025 394 -17 494 +53% +100 EBITA1; SEK million IFRS16 effect Lease adjusted 1 Excluding items affecting comparability
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Attendo Finland Q4 2025 Continued positive development Underlying net sales growth of 3.6 percent (excluding exits and fx effects) driven by more sold beds in nursing homes Continued positive trajectory • Strong occupancy development • Lower personnel costs mainly due to more accurate staffing supported by investments in staff development and support systems Growth • Opened one new home with 89 beds • ~ 580 beds under construction and strong pipeline of signed projects 8 1 Excluding strategic close down costs (SEK 16m in Q4 2024). 2 Excluding items affecting comparability Q4 Chg SEKm 2025 2024 (%) Net sales 2,796 2,860 -2 Lease adjusted EBITA2 270 185 46 Lease adjusted EBITA2 margin, % 9.7 6.5 - Operating profit (EBITA)2 364 297 23 Operating margin (EBITA)2, % 13.0 10.4 - 98 201 270 0 100 200 300 400 0 2 4 6 8 10 MSEK % Q4 2023 Q4 2024 Q4 2025 Lease adj EBITA R12, % Lease adj EBITA 1;21
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Attendo Scandinavia Q4 2025 Clear improvement Underlying net sales growth of 8.3% • More sold beds in own nursing homes • Ended outsourcing and exiting home care contracts more than offset underlying growth Clear improvement in earnings • Continued positive development in own homes and improved costs in central functions • Lower profits in home care, partly due to units under close down • Integration costs in comparable period Growth • ~220 beds under construction and strong pipeline of signed projects 9 1 Excluding integration costs and exit costs (SEK 57m full year 2024). Q4 Chg SEKm 2025 2024 (%) Net sales 2,000 2,018 -1 Lease adjusted EBITA 96 56 71 Lease adjusted EBITA margin, % 4.8 2.8 - Operating profit (EBITA) 154 112 38 Operating margin (EBITA), % 7.7 5.5 - 61 69 96 0 1 2 3 4 5 6 7 0 50 100 150 200 MSEK % Q4 2023 Q4 2024 Q4 2025 Lease adj EBITA R12, % Lease adj EBITA 1 1
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Scandinavia deep dive: Underlying (core) operations show solid growth and profitability improvement 10 Core operations1 Ended/ending1 contracts Total Scandinavia Net SalesMSEK Lease adjusted EBITA EBITA margin, % 1 Core operations are operations excluding outsourcing and home care contracts that have ended or where ending/close down decision has been made. Q4 2024 146 Q4 2025 1,763 1,909 +8.3% 48 98 49 Q4 2024 Q4 2025 +102.3% Q4 2024 2.4% Q4 2025 2.7% 5.1% 254 91 Q4 2024 -163 Q4 2025 -64.1% 8 -2 Q4 2024 -9 Q4 2025 -120.5% Q4 2024 -4.8% Q4 2025 3.1% -1.8% Q4 2024 -18 Q4 2025 2,018 2,000 -0.9% 56 96 40 Q4 2024 Q4 2025 +71.4% Q4 2024 2.0% Q4 2025 2.8% 4.8%
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Attendo growth Stronger project pipeline to meet expected increase in demand 11 190 222 130 213 213 213 83 184 242 174 230 343 343 335 320 259 222 374 388 583 592 386 319 220 220 141 141 141 83 78 122 228 228 241 141 140 84 84 132 218 454 599 524 451 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 608 449 433 433 354 224 325 325 252 352 571 571 576 461 399 760 1,057 1,044 1,252 782 Number of beds in pipeline projects1 1. Own nursing and care homes. Projects under construction and signed rental agreement construction not started. 2021 2022 2023 2024 2025 Attendo Finland Attendo Scandinavia Signed projects, construction not started
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Strong cash flow – updated table 12 SEKm Q4 2025 Q4 2024 R12 Operating profit (EBITDA) 995 868 3,822 Rent payment excluded in IFRS16, where of; - Interest expense for lease liabilities of real estate -167 -171 -680 - Amortization of lease liabilities -409 -404 -1,613 Paid tax & non cash items 47 3 -93 Operating cash flow including rents before changes in working capital2 466 296 1,436 Change in working capital 104 214 -65 Operating cash flow including rents2 570 510 1,371 Net investments in tangible and intangible assets -54 -48 -192 Free cash flow (to firm) 516 462 1,179 Interest received/paid -34 -40 -138 Net borrowings -15 -175 210 Free cash flow (to equity) 467 247 1,251 Net of acquisitions/divestments 62 - -138 Dividends - - -179 Repurchase of own shares and warrant transactions -154 -124 -453 Total cash flow 375 123 480 Lease adjusted net debt 1,725 2,089 Lease adjusted net debt / Lease adjusted EBITDA1 1.1x 1.7x 1 Excluding items affecting comparability 2 Including rent payments excluded in IFRS16 1
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Utilization of free cash flow in line with active capital allocation strategy 13 Q4 2025 R12, MSEK 364 93 Free cash flow to firm -138 Interest paid Free cash flow excl. paid interest -179 Dividends -453 Repurchase of own shares etc. -138 Acquisitions Fx, other Effect on net debt 1,179 1,041
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Key financial metrics on right track and improving 14 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1.7 1.8 1.7 1.5 1.1 Lease adjusted net debt / lease adjusted EBITDA (R12) 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 5.4% Q4 2024 5.7% Q1 2025 5.8% Q2 2025 6.2% Q3 2025 6.7% Q4 2025 Lease adjusted EBITA margin1 R12, % 36 31 31 30 26 146 149 140 128 118 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quarter R12 Development of net interest expense by quarter and R12; MSEK Adjusted EPS Q4 2024 0.68Changes in lease adjusted EBITA 0.13Changes in financial items -0.18Changes in income tax 0.07Changes in number of shares Adjusted EPS Q4 2025 0.97 1.65 +69% EPS bridge; Q4 2025 vs Q4 2024; SEK 1 Excluding integration cost and exit costs (SEK 73m full year 2024) and items affecting comparability.
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• High and stable stakeholder satisfaction, relatives satisfaction at all time high • Focus on core operations: Exited/exiting several non-core contracts and improved geographical footprint • Continued positive trajectory in Finland • Clear margin uplift in Scandinavia • Adjusted EPS full year 2025 of SEK 6.03, above our 2026 adjusted EPS target of minimum SEK 5.50 • Financial situation enables increasing investments in well- needed capacity, currently 800 beds under construction • Board to propose a dividend of SEK 1.80 per share and continued share buy-backs Summary of 2025 Ready to meet increasing needs
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Financial targets 2026-2028 and growth model 16
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With our new balanced growth model, we have delivered 12 consecutive quarters of steady EPS growth. 17 1 Adjusted EPS Closing is calculated by using number of outstanding shares (diluted) at the end of the period instead of average number of shares Adjusted EPS, R12, SEK Phase 2; financial target 2024-2026 : EPS > SEK 5.50 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 0.96 0.68 Q4 2022 1.03 1.76 Q2 2023 2.41 3.02 Q4 2024 4.63 4.79 4.81 4.94 Q2 2025 5.34 Q4 2023 6.03 6.15 Q4 2025 3.17 3.25 Q2 2024 3.65 4.08 5.43 Adjusted EPS R12 Reported (average number of shares) Adjusted EPS R12 Closing (shares at the end of period)1 Phase 1; 2021-2023 : EPS > SEK 3.00
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✓ Adj. EPS* > SEK 3 We are now entering the next phase of our transformation 18*Adjusted earnings per share ** Closing SEK/EUR rate January 1, 2026 ✓ Adj. EPS* > SEK 6 NEW Target Adj EPS*/** > SEK 9 ✓ Strengthened leadership and operational capabilities ✓ Turn-around Finland after new regulations ✓ Improve occupancy in Scandinavia post pandemic ✓ Significantly improve employee and customer satisfaction ✓ Strengthen the financial position and reduce leverage ✓ Further restore and grow profit level in existing markets ✓ Acquisition of Team Olivia ✓ Further balanced organic growth supported by selective bolt-on M&A´s in strategic segments ✓ Continue to improve occupancy and efficiency to steady state ✓ Enhanced earnings distribution including share-buy-backs ▪ Strong underlying demand growth given demographics in Nordics ▪ Focus on driving balanced, asset-light organic growth in existing markets, supported by selective bolt-on M&A’s ▪ Further improve operational excellence ▪ High earnings distribution with a combination of dividends and continuous share buy backs 2021-2023 2024-2026 2026-2028 Recover from Covid and new regulation in Finland Finalising the turn-around
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Balanced organic growth, supported by bolt-on M&A. Continuous share buy backs supporting even higher EPS growth. Our growth model is our foundation, supporting annual EBITA growth of >10% 19 2-3% 2% 1% 2% 1% 2% Annual EBITA growth >10% Productivity: from improved occupancy and ways of working (digitalization, Attendo Way, etc) Price: compensating annual cost inflation Economies of scale: growth enabling SG&A improvement of ~10 bps p.a. Occupancy: improve in existing capacity by +1%pt p.a. M&A: margin accretive bolt-on acquisitions in key segments New capacity: expansion via new own homes (net new beds adding average +2-3% of growth p.a.) Value drivers
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Attendo target earnings growth towards adj. EPS of >SEK 9 2028 Indicative & illustrative adjusted earnings per share 2023-2028, SEK 20Memo: Closing SEK/EUR rate January 1, 2026 2023 Growth & improvement 2025 Restore margin levels Annual EBITA Growth Capital allocation 2028 3.0 6.0 > 9.0 ~50% 1 2 3 Active allocation of earnings via share buy-back program, as appropriate per mandate 3 Further restore margins in Scandinavia via improved manning, exiting unprofitable contracts and support function OH adjustments 1 Continue profitable growth journey adding net new capacity, bolt-on M&A & optimizing existing footprint to support demographic demand growth 2
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21Memo: Closing SEK/EUR rate January 1, 2026 Attendo financial targets 2026-2028 Adjusted EPS Financial leverage (Net debt / adj. EBITDA) > SEK 9.0 (based on organic and inorganic growth, and other capital allocation measures) Earnings distribution 1.5-2.5x (Leverage can temporarily exceed 2.5x e.g., in relation to an acquisition) Aim to distribute dividend of 30% Continuous share buy-backs
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Attendo´s digital Capital Markets Day 17 March 2026 13:30-16:00 pm (CET) Welcome! Attendo’s Capital Markets Day 2026 22
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Q&A 23