Asker Healthcare Group (ASKER) Q1 2025 earnings summary

Executive summary

• Net sales rose 16% year-over-year to SEK 3,995m, with 6% organic growth and 10% from acquisitions, reflecting strong business momentum post-IPO.

• Adjusted EBITA increased 17% to SEK 364m, with a margin of 9.1%, and profit for the period was SEK 95m, up 37% year-over-year.

• The IPO in March 2025 raised SEK 1.5bn, bringing in 20,000 new shareholders and strengthening the balance sheet.

• Two acquisitions were completed in Q1 and one post-period, supporting international expansion in Ireland, the UK, and the Netherlands.

• Twelve acquisitions in the last twelve months contributed SEK 1.8bn in annual sales.

Financial highlights

• Net sales reached SEK 3,995m, up 16% year-over-year, with adjusted EBITA up 17% to SEK 364m and margin at 9.1%.

• EBITA rose 25% to SEK 311m; EBIT up 21% to SEK 237m.

• Return on net working capital (EBITA/NWC) reached 66.5%, exceeding the 50% internal target.

• Net debt/EBITDA improved to 1.7x from 2.2x, supported by IPO proceeds and EBITDA growth.

• Cash flow from operating activities was SEK 109m, down from SEK 237m, mainly due to acquisition-related receivables and tax settlements.

Outlook and guidance

• Management targets a medium-term EBITA margin of at least 10% through operational improvements and scale.

• Targeting 10–20 acquisitions per year, aiming for at least 10% acquired EBITDA growth annually.

• Strong pipeline for further acquisitions, supported by IPO proceeds and healthy operating cash flow.

• Stable demand expected due to demographic trends and resilient healthcare sector.

• FX effects expected to be more significant in Q2–Q4, with some upside from USD sourcing later in the year.