Attendo (ATT) Q1 2026 earnings summary

Executive summary

• Positive development in Finland and Scandinavia driven by higher occupancy, stable quality, and improved operational efficiency, supporting resilience and sustainability.

• Underlying growth in continuing operations was 5–5.2% year-over-year, despite a slight decrease in reported net sales due to ended contracts and currency effects.

• Profitability improved significantly, with lease-adjusted EBITDA/EBITA up 39–40% to SEK 326 million compared to the same quarter last year.

• Strong free cash flow of SEK 211 million (up from SEK 50 million year-over-year) enabled continued investments in new capacity and share buybacks.

• Bolt-on acquisitions executed in line with a balanced growth strategy, including A-klinikka in Finland.

Financial highlights

• Reported net sales decreased 1.6–2% to SEK 4.7 billion, mainly due to contract exits and FX headwinds; organic growth was 0.4%.

• Lease-adjusted EBITDA/EBITA increased from SEK 234 million to SEK 326 million, up 39–40% year-over-year; margin reached 7.0–7.2%.

• Adjusted earnings per share improved by SEK 0.44 to SEK 1.58, up 39–40% versus last year.

• Free cash flow to firm was SEK 211 million, up 322% year-over-year.

• Lease-adjusted net debt/EBITDA improved to 1.1x (from 1.8x year-over-year).

Outlook and guidance

• Gradual margin improvement in Scandinavia expected throughout 2026, with ongoing efficiency initiatives and strong project pipeline (931 new beds under construction).

• Demand growth in Finland is strong and expected to remain sustainable; Sweden's demand growth is anticipated to pick up.

• Ongoing exits of non-strategic and non-sustainable contracts will continue to weigh on reported sales through 2026, with impact diminishing over the next three to four quarters.

• Targeting at least 2% annual EBITA growth through acquisitions and aiming for SEK 9 earnings per share by 2028.

• Management highlights strong positioning to meet increasing care needs in society and plans to open new care places in Finland and Scandinavia during 2026.