Attendo (ATT) Q2 2025 earnings summary

Executive summary

• Achieved sustainable growth through new care home openings and bolt-on acquisitions, adding over 400 new beds in the last 12 months and supporting growth strategy across all markets.

• Continued operational improvements in Finland and stable results in Scandinavia, with strategic exits from unsustainable contracts and resumed share buy-backs.

• Customer satisfaction reached an all-time high, while employee engagement remained strong despite a slight dip in Finland due to staffing changes.

• Strong free cash flow and resumed share buy-backs supported growth targets.

Financial highlights

• Q2 2025 net sales were SEK 4.7 billion, down 3% year-over-year due to FX headwinds and contract exits; underlying growth was 4%.

• Lease-adjusted EBITDA/EBITA rose 26% to SEK 205 million, mainly driven by Finland and more sold beds.

• Adjusted EPS up 25% to SEK 0.85 per share; rolling 12-month EPS up 48% to SEK 4.81.

• Free cash flow improved to SEK 316 million in Q2 and SEK 869 million on a rolling 12-month basis.

• Lease-adjusted net debt/EBITDA improved to 1.7x from 2.2x year-over-year.

Outlook and guidance

• Margins expected to improve gradually in H2 2025, especially in Scandinavia as home care exits are completed.

• On track to achieve adjusted EPS target of at least SEK 5.50 in 2026.

• Positive volume growth outlook in Finland, supported by strong underlying demand and potential for increased private sector market share.

• Ongoing actions expected to further improve performance in Scandinavia.