Attendo (ATT) Q1 2025 earnings summary

Executive summary

• Achieved 8% year-over-year top-line growth in Q1 2025, mainly driven by the Team Olivia acquisition and operational improvements, especially in Finland.

• Lease-adjusted EBITA increased by SEK 71m to SEK 234m, with adjusted EPS doubling to SEK 1.14.

• Profitability increased through acquisitions, operational efficiency, and higher occupancy in Finland and Scandinavia.

• Integration of Team Olivia completed, supporting further margin and efficiency gains.

• Continued share repurchases and focus on specialized care, stakeholder satisfaction, and cost efficiency.

Financial highlights

• Net sales reached SEK 4,742m in Q1 2025, up 8% year-over-year; organic growth was 1.6%.

• Lease-adjusted EBITDA/EBITA increased 45% to SEK 234m; margin improved to 4.9%.

• Adjusted EPS doubled to SEK 1.14 from SEK 0.58 year-over-year.

• Free cash flow improved to SEK 40m in Q1; rolling 12-month free cash flow at SEK 752m.

• Number of beds in operation increased to 21,091; occupancy stable at 86%.

Outlook and guidance

• Positive outlook for 2025, with continued margin and EPS improvement expected.

• On track to achieve adjusted EPS target of at least SEK 5.50 per share by 2026.

• Conservative plan for Finnish occupancy, targeting at least 1% annual improvement.

• Margin improvement in Scandinavia expected to continue, even with seasonal effects.

• Expectation to fully offset cost inflation in 2025.