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Attendo
Quarterly Report • May 7, 2025
3003_10-q_2025-05-07_95f74c24-350a-4054-872b-1a15e52e9535.pdf
Quarterly Report
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Interim report
January - March 2025
- Strong start to the year driven by Finland
- Fast adaptation to new staffing requirements in Finland
- Profit increase via acquisitions and own nursing homes in Scandinavia and continued focus on operational efficiency
- Attendo well equipped for continued sustainable growth
Summary
First quarter January - March 2025
- Net sales amounted to SEK 4,742m (4,386). Total growth amounted to 8.1 percent, of which organic growth was 1.6 percent.
- Lease adjusted operating profit (EBITA)1 amounted to SEK 234m (161), corresponding to a margin of 4.9 percent (3.7).
- Operating profit (EBITA) amounted to SEK 381m (292), corresponding to an operating margin of 8.0 percent (6.7).
- Profit for the period amounted to SEK 132m (63). Diluted earnings per share were SEK 0.87 (0.39). Adjusted earnings per share after dilution amounted to SEK 1.14 (0.58).
- Free cash flow amounted to SEK 40m (20).
- The number of beds in Attendo's homes at the end of the period was 21,091 (20,506). Occupancy in homes was 86 percent (86).
Group key figures
| Q1 | Jan-Dec | |||
|---|---|---|---|---|
| SEKm | 2025 | 2024 | Δ% | 2024 |
| Net sales | 4,742 | 4,386 | 8 | 18,980 |
| Lease adjusted operating (EBITA)¹ profit |
234 | 161 | 45 | 951 |
| Lease adjusted operating margin (EBITA)¹, % |
4.9 | 3.7 | - | 5.0 |
| (EBITA)¹ Operating profit |
381 | 292 | 30 | 1,520 |
| Operating margin (EBITA)¹, % |
8.0 | 6.7 | - | 8.0 |
| Profit for the period |
132 | 63 | 110 | 450 |
| Earning per share diluted, SEK |
0.87 | 0.39 | 122 | 2.85 |
| Adjusted earnings per share |
||||
| diluted¹' ², SEK |
1.14 | 0.58 | 95 | 4.08 |
| Free cash flow |
40 | 20 | 98 | 732 |
| Lease adjusted net debt / lease adjusted EBITDA |
1.8x | 1.2x | - | 1.7x |
| Net sales growth1 | Growth lease adj. operating profit (EBITA) | Adjusted earnings per share, R12 | Occupancy |
|---|---|---|---|
| +8 | +45 | 4.63 | 86 |
| Percent | Percent | SEK | Percent |
1 See further definitions of performance measures and alternative performance measures on pages 24-25.
2 Profit for the period attributable to the parent company shareholders excluding amortization and impairment of acquisition-related intangible assets, items affecting comparability related to divestments or strategic close downs, IFRS 16 and related tax effects divided by the average number of shares outstanding after dilution.
Strong start to the year driven by Finland
The trend during the first quarter remained positive, mainly driven by the Finnish operations, which showed good operational efficiency and swift adaptation to the new staffing regulations. Following a period of focus on the integration of Team Olivia, which is now fully completed, we are well positioned to gradually improve occupancy and efficiency in the Scandinavian operations as well. With our strong operating model and financial position, we continue to deliver in line with our current strategy for sustainable growth.
A quarter characterised by revenue growth and increased earnings
The year began with strong growth for Attendo, despite relatively unchanged prices in elderly care in Finland. Revenue increased by 8.1 percent to SEK 4,742 million, mainly driven by last year's acquisition of Team Olivia. The underlying lease adjusted operating profit (EBITA) increased by approximately 45 per cent to SEK 234 million (161), mainly due to continued good staffing and more sold beds in the Finnish operations and acquisitions in Scandinavia. We continued to repurchase our own shares for SEK 162 million during the period.
Fast adaptation to new staffing requirements in Finland
Earnings in the Finnish operations increased by 37 percent to SEK 189 million (138), mainly due to continued improvement in staffing and more sold beds. At the beginning of the year, staffing
requirements in the Finnish market changed from 0.65 to 0.6 care staff per care recipient. Normally, this type of change leads to a temporary decline in profitability, but we managed to adapt the business quickly, already in January, and have since seen positive productivity growth thanks to good staff planning. The number of own homes continued to grow during the quarter and we completed two additional acquisitions that added just over 200 beds with an occupancy rate of over 90 percent.
Price levels remained largely unchanged at the beginning of the year as a result of reduced staffing requirements in elderly care, while occupancy rates increased slightly. Although reported revenue increased only marginally, underlying growth adjusted for the reduced staffing requirements, was positive compared to the corresponding quarter last year.
Increased profits through acquisitions and own nursing homes – focus on operational efficiency in Scandinavia
Profits in the Scandinavian operations amounted to SEK 68 million, compared to SEK 43 million in the corresponding period last year. Occupancy increased slightly during the quarter, while both profits and the number of beds in own nursing homes continued to increase.
The acquisition of Team Oliva gave Attendo further economies of scale in the Individual and family care, as well as the disabled care segments, thereby strengthening our market position in complex care needs.
The integration work, which was a major focus during the previous year and had a temporary negative effect on personnel costs, was completed during the last quarter of 2024. With a new, adapted organisation in place and a strong offering under our two new brands, Viljan (Individual and family care) and Unika (Disabled care), we are well positioned to improve both occupancy and operational efficiency in the coming quarters.
High quality, value to society and profitability
Attendo's strategy is based on offering better care at a lower cost, thereby contributing to social value. At the same time, conditions must allow for longterm sustainable financial development. As a consequence, we have decided to phase out a few home care contracts in our Swedish operations where we have assessed that the conditions no longer exist for running a long-term sustainable and profitable business. The contracts that have been cancelled have no material impact on Attendo's results.
Well positioned for continued sustainable growth
Attendo is overall well positioned for continued sustainable growth in both of our business areas. We are confident about the rest of the year and see good opportunities to gradually improve both occupancy rates and operational efficiency, while we expect to be able to fully offset cost inflation in 2025.
Attendo is well positioned to continue to deliver value for our care recipients, their relatives and our clients, while delivering on our financial target of adjusted earnings per share of at least SEK 5.50 per share for 2026.
Martin Tivéus, President and CEO
Martin Tivéus, President and CEO
With our strong operating model and financial position, we continue to deliver in line with our current strategy for sustainable growth.
Group
January - March 2025
Net sales
Net sales increased by 8.1 percent to SEK 4,742m (4,386) during the quarter. Adjusted for currency effects, net sales increased by 8.4 percent, of which organic growth amounted to 1.6 percent, and net change as a result of acquisitions and divestments amounted to 6.8 percent. Organic growth is explained by increased net sales in Attendo Finland. In relation to the comparison quarter net sales were negatively affected as a result of leap day 2024.
Operating profit
Lease adjusted operating profit (EBITA) amounted to SEK 234m (161), corresponding to a margin of 4.9 percent (3.7). Profits increased in both business areas.
IFRS16 related effects on operating profit (EBITA) amounted to SEK 147m (131).
Operating profit (EBITA) amounted to SEK 381m (292) and the operating margin to 8.0 percent (6.7). Currency effects were immaterial.
Operating profit (EBIT) amounted to SEK 356m (278), corresponding to an operating margin (EBIT) of 7.5 percent (6.3). The change is explained by the same factors as described above and increased amortisation of acquisition related intangible assets.
Net financial items
Net financial items amounted to SEK -189m (-198) in the quarter, of which net interest expenses corresponded to SEK -31m (-28). Interest expenses related to lease liability in real estate in accordance with IFRS 16 amounted to SEK -173m (-162).
Taxes
Income tax amounted to SEK -35m (-17), corresponding to a tax rate of 20.7 percent (21.1).
Profit for the period and earnings per share
Profit for the period amounted to SEK 132m (63), corresponding to a basic and diluted earnings per share for parent company shareholders of SEK 0.87 (0.39). Adjusted earnings per share after dilution amounted to SEK 1.14 (0.58) in the quarter and R12 to SEK 4.63.
Cash flow
Cash flow before changes in working capital amounted to SEK 775m (723). Changes in working capital were SEK -104m (-107).
Net investments in fixed assets amounted to SEK -52m (-37). Free cash flow amounted to SEK 40m (20) and R12 to SEK 752m.
Cash flow from operations was SEK 488m (423). Acquisitions of businesses amounted to SEK -125m (-4). Cash flow from investing activities amounted to SEK -177m (-41). Repurchase of shares amounted to SEK -162m (-45). During the quarter, the net change in bank loans was SEK -50m (0). Cash flow from financing activities amounted to SEK -608m (-411). Total cash flow amounted to SEK -297m (-29).
Financial position
Equity attributable to shareholders in the parent company amounted to SEK 5,230m (5,435) as of 31 March 2025, corresponding to SEK 34.37 (33.79) per share after dilution. Net debt amounted to SEK 16,183m (14,630). Lease
adjusted net debt excluding lease liability real estate amounted to SEK 2,281m (1,254).
Interest-bearing liabilities amounted to SEK 16,696m (15,550) as of 31 March 2025. Cash and cash equivalents as of 31 March 2025 were SEK 502m (907) and Attendo had SEK 1,300m (1,400) in unutilized credit facilities.
Lease adjusted net debt / lease adjusted EBITDA amounted to 1.8x (1.2x). Net debt / EBITDA amounted to 4.6x (4.7x).
Beds and occupancy
The total number of beds in operation in homes at the end of the quarter was 21,091 (20,506). The increase is mainly related to acquisitions. Occupancy in homes at the end of the quarter was 86 percent (86). The number of beds in own operations under construction was 306, distributed among 11 homes.
Lease adjusted operating profit (EBITA) per quarter (SEKm)
Net sales and lease adjusted operating margin (EBITA) (SEKm), R12
Net sales Lease adj. EBITA margin
Adjusted earnings per share (SEK), R12
Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
Cash Flow in Summary
(alternative performance measure)
Net Debt
(alternative performance measure)
| Q1 | Jan-Dec | |||
|---|---|---|---|---|
| SEKm | 2025 | 2024 | R12 | 2024 |
| Operating profit (EBITDA) |
866 | 748 | 3,553 | 3,435 |
| Paid income tax and other non-cash items |
-91 | -25 | -132 | -66 |
| Cash flow before changes in working capital |
775 | 723 | 3,421 | 3,369 |
| Changes in working capital |
-104 | -107 | -81 | -84 |
| Cash flow after changes in working capital |
671 | 616 | 3,340 | 3,285 |
| Net investments | -52 | -37 | -194 | -179 |
| cash flow Operating |
619 | 579 | 3,146 | 3,106 |
| Interest received/paid | -10 | -31 | -125 | -146 |
| Interest expense for and repayment of lease |
||||
| liabilities of real estate |
-569 | -528 | -2,269 | -2,228 |
| Free cash flow |
40 | 20 | 752 | 732 |
| Total cash flow |
-297 | -29 | -384 | -116 |
| 31 Mar | ||||
|---|---|---|---|---|
| Lease adjusted* Reported |
||||
| SEKm | 2025 | 2024 | 2025 | 2024 |
| Interest-bearing liabilities and provisions |
2,783 | 2,161 | 16,685 | 15,537 |
| Cash and cash equivalents |
-502 | -907 | -502 | -907 |
| Net debt | 2,281 | 1,254 | 16,183 | 14,630 |
| / Net debt EBITDA |
1.8x | 1.2x | 4.6x | 4.7x |
* Excluding lease liabilities of real estate
Free Cash Flow, R12
(alternative performance measure)
Lease adjusted net debt
(alternative performance measure)
Sustainable care
Attendo creates value for customers and their relatives, employees and payors by developing and providing high-quality care that meets the needs of the future. We make a difference for the individual and society at large.
One of Attendo's long-term goals is to be the first choice for care recipients, relatives, payors and employees. Satisfaction among these groups is measured on an ongoing basis, and in 2024 the satisfaction trend among all stakeholders was rising. Attendo will report its next satisfaction survey in the second quarter of 2025.
Evidence-based measures of quality of life show the difference Attendo makes
Attendo has been working with evidence-based measures of quality of life for several years. In Finland, the RAI (Residence Assessment Instrument) method is used, which is mandatory in elderly care. In Scandinavia, a similar method is used, based on ASCOT (Adult Social Care Outcomes Toolkit).
Both tools have been validated through research and are designed to measure and monitor key factors for an individual's quality of life in a social care environment. Based on specially designed interviews with care recipients and careful observations by trained staff, the methods provide results on how care is perceived and how the experience develops.
The outcome according to the RAI method is an index that reflects different dimensions of the quality of life assessment. The ASCOT method produces an outcome in the form of a gain score (from -0.17 to a maximum of 1.0) that shows the increase in quality of life through the care provided. The overall quality of life index according to RAI in Attendo Finland was 6.2 in the latest measurements, an improvement from 5.7 in Q1 2024 (scale from 1 to 10). Over time, RAI indices from both public and private care providers are expected to become available, which will enable comparisons at national level.
In Scandinavia, the improvement score according to the ASCOT method was 0.73 on average for the first quarter of 2025 (0.72 in Q1 2024).
The processes and insights from the quality of life measures are continuously developed with the aim of systematically improving care planning and the care experience.
Sustainable care
Non-financial key figures
Attendo works systematically and purposefully with sustainability. Every quarter, we report the latest key figures in order to disclose the outcome of our work. cNPS and eNPS are updated in Q2 and Q4, while rNPS is updated in Q4. The corresponding figures in the table are from the Q4 2024 measurement.
| figures Key |
Q1 2025 |
Q1 2024 |
|---|---|---|
| cNPS (-100 to +100) Customer satisfaction |
45 | 39 |
| Payor satisfaction (pSAT)* |
4/5 | 4/5 |
| Relatives satisfaction rNPS (-100 to +100) |
44 | 41 |
| Number of customers |
29,400 | 26,600 |
| New beds opened in own units, R12 |
486 | 98 |
| Employee satisfaction eNPS (-100 to +100) |
23 | 20 |
* 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 audits and deviations
Attendo has strict procedures for handling deviations in the care operations. This includes procedures for reporting, managing and following up on any deviations from internal guidelines or working methods, as well as serious incidents that have led to or risked leading to care related injuries for individuals (Lex Sarah and Lex Maria in Sweden).
Scandinavia
During the quarter, a total of 5 cases (9 in Q1 2024) from Sweden were reported to the supervisory authority IVO according to Lex Sarah or Lex Maria.
Finland
The total number of open cases at the supervisory authority AVI was 8 (14 in Q1 2024) at the end of the quarter. The surveillance of elderly care is increasingly being transferred to the new welfare regions, resulting in a lower number of open AVI cases. As the roles and systems develop, Attendo will update its reporting in order to provide the most accurate reflection of ongoing cases.
Attendo's work for sustainable care is systematic and monitored on an ongoing basis. The satisfaction of care recipients, relatives, clients and employees is crucial to our business.
Business area Finland
Fast adaptation to new staffing requirements
January - March 2025
Net sales in Attendo Finland amounted to SEK 2,745m (2,714), corresponding to a growth of 1.2 percent. Adjusted for currency effects, net sales increased by 1.6 percent. The increase is explained by organic growth mainly in care for older people. The close down of the rehabilitation operations affected net sales negatively. In relation to the comparison quarter, net sales were negatively affected by the leap day in 2024.
Occupancy in the first quarter was higher than in the comparison quarter and the fourth quarter 2024. The increase was explained by more sold beds and closed capacity.
Lease adjusted operating profit (EBITA) amounted to SEK 189m (138) and the margin was 6.9 percent (5.1).
The new law with lower staffing requirements in care for older people entered into force 1 st January 2025 and Attendo Finland has successfully adapted the operations to the new staffing level. The profit increase was explained by lower personnel costs due to higher operational efficiency, but also by more sold beds in care for older people.
IFRS16 related effects on operating profit (EBITA) amounted to SEK 89m (82).
Operating profit (EBITA) amounted to SEK 278m (220) and the operating margin (EBITA) amounted to 10.1 percent (8.1). Currency effects were immaterial.
During the quarter, Attendo opened a nursing home with 67 beds, closed down approximately 200 beds and acquired some 200 beds in care for older people. During the quarter, Attendo started the construction of a nursing home with 30 beds and the number of beds under construction by the end of the quarter amounted to 222 beds.
Net sales and operating profit
| Q1 | Jan-Dec | ||
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Net sales | 2,745 | 2,714 | 11,193 |
| Lease adjusted operating profit (EBITA) |
189 | 138 | 731 |
| Lease adjusted operating margin (EBITA), % |
6.9 | 5.1 | 6.5 |
| Operating profit (EBITA) |
278 | 220 | 1,095 |
| Operating margin (EBITA), % |
10.1 | 8.1 | 9.8 |
Net sales and lease adjusted operating margin (EBITA), R12
Business area Scandinavia
Increased profit due to acquisitions and own nursing homes
January - March 2025
Net sales in Attendo Scandinavia amounted to SEK 1,997m (1,672), representing an increase of 19.4 percent both before and after currency effects. The increase is explained by acquisitions. Net sales increased in own nursing homes, but decreased in outsourcing due to ended contracts. In relation to the comparison quarter, net sales were negatively affected by the leap day in 2024.
Occupancy in homes was stable in relation to the comparison quarter and the fourth quarter 2024. Occupancy increased excluding the opening of the new own nursing home in the quarter.
Lease adjusted operating profit (EBITA) amounted to SEK 68m (43), corresponding to a margin of 3.4 percent (2.6).
The increased profit in Scandinavia is mainly explained by profit from acquired operations, but also by continued improved profit from own nursing homes. Home care impacted profits negatively due to overall low price adjustments and a number of contracts with weakened conditions. Ended outsourcing contracts had an immaterial, negative impact on profits in relation to the comparison quarter.
IFRS16 related effects on operating profit amounted to SEK 58m (50).
Operating profit (EBITA) amounted to SEK 126m (93), corresponding to an operating margin (EBITA) of 6.3 percent (5.6).
During the quarter, Attendo opened an own nursing home with 62 beds, while almost 200 beds in outsourcing ended. Attendo started the construction of an own care home with 6 beds. The number of beds under construction in own operations amounted to 84 at the end of the quarter.
Estimated annual sales for outsourcing contracts that have been won but not yet started and outsourcing contracts that have been lost but not yet ended are estimated to be SEK -110m net. The majority of the lost contracts will end during the fourth quarter 2025, but a smaller part will end during 2026. The number of home care customers decreased as a result of higher than normal seasonality outflow, effects related to units under close down and some corrections/reclassifications.
The basis in Attendo's strategy is to operate where we can provide high quality and contribute to the benefit of the society with contract conditions that enable long term sustainable financial development. We therefore continuously review our contracts and we have this year for example ended a number of home care contracts. We have decided to end operations where we have assessed that there are no longer prerequisites for long term sustainable and profitable operations. The cancelled contracts do not have a material impact on Attendo's profit.
Net sales and operating profit
| Q1 | Jan-Dec | ||
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Net sales | 1,997 | 1,672 | 7,787 |
| operating profit (EBITA) Lease adjusted |
68 | 43 | 296 |
| Lease adjusted operating margin (EBITA), % |
3.4 | 2.6 | 3.8 |
| Operating profit (EBITA) |
126 | 93 | 501 |
| Operating margin (EBITA), % |
6.3 | 5.6 | 6.4 |
Net sales and lease adjusted operating margin (EBITA), R12
Operational data
Finland Scandinavia
Customers and beds
| in operation¹ Number of beds in homes |
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 | |||||
|---|---|---|---|---|---|---|
| in operation¹ Number of beds in homes |
14,022 | 14,121 | 14,193 | 14,324 | 14,417 | |
| Occupancy in homes¹, % |
85 | 85 | 85 | 84 | 86 | |
| beds² Number of opened |
- | 147 | 15 | 76 | 67 | |
| quarter² Number of beds, construction start in the |
- | 151 | - | 15 | 30 | |
| construction² Number of beds under |
343 | 335 | 320 | 259 | 222 | |
| Number of home care customers |
489 | 511 | 515 | 491 | 505 | |
| 1) All homes. | ||||||
| 2) Own homes. |
| in operation¹ of Number beds in homes |
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 | ||||
|---|---|---|---|---|---|
| in operation¹ Number of beds in homes |
6,484 | 7,205 | 7,032 | 6,835 | 6,674 |
| Occupancy in homes¹, % |
87 | 88 | 87 | 87 | 87 |
| beds² Number of opened |
- | - | 112 | 7 | 62 |
| quarter² Number of beds, construction start in the |
- | 13 | 12 | 6 | 6 |
| construction² Number of beds under |
228 | 241 | 141 | 140 | 84 |
| Number of home care customers |
6,729 | 8,572 | 8,459 | 8,303 | 7,629 |
| 1) All homes. | |||||
| 2) Own homes. |
Net sales by service offering in the quarter, %
Other information
Acquisitions and divestments
Two acquisitions were made in February in Finland:
- Huhtihovi Oy, which operates five nursing homes in Turku and the surrounding area.
- Dementiakoti Villa Tapiola Oy which operates a nursing home in Espoo.
Number of shares
The total number of shares amounts to 160,103,190. Attendo holds 10,010,209 treasury shares and the total number of outstanding shares on 31 March 2025 amounted to 150,092,981.
During the first quarter of 2025, Attendo has repurchased 2,780,335 shares as part of the repurchase programs implemented in the periods 28 October 2024 to 6 February 2025, as well as the period 7 February to 6 May 2025.
Number of employees
The average number of annual employees in the first quarter was 21,636 (21,563).
Related party transactions
Transactions with related parties are described in the annual report. Related-party transactions take place on market terms. There were no significant transactions with related parties during the period.
The parent company, Attendo AB (publ)
The business of the parent company is to provide services to the subsidiaries and manage shares in subsidiaries. The company's expenses relate mainly to executive salaries, directors' fees and costs for external consultants.
Net sales for the period January - March amounted to SEK 4m (5), and were entirely related to services provided to subsidiaries. The loss for the period after financial items amounted to SEK -19m (-9). At the end of the period, cash and cash equivalents amounted to SEK 21m (12), shares in subsidiaries to SEK 6,494m (6,494) and non-restricted equity SEK 6,134m (6,574).
Seasonal and calendar effects
Attendo's profitability is affected by factors including seasonal variations, weekends and national public holidays. For Attendo, public holidays and weekends have a negative effect on profitability mainly due to wage compensation for unsocial working hours. For example, profitability is affected by Easter in either the first or second quarter, depending on the quarter in which Easter falls, while the first and fourth quarters are affected by the Christmas and New Year's holidays.
Roundings
Note that roundings occur in text, charts and tables.
Significant events after the reporting period
Annual General Meeting
Attendo AB's Annual General Meeting will be held on 7 May 2025 in Danderyd. The resolutions will be announced in a communiqué after the meeting.
Changes in the Executive Management Team
Attendo has appointed Tommy Falck as Business Development Director and member of the Group Executive Management. He will take up his position no later than June 2025.
Risks and uncertainties
Attendo works systematically with risk assessment and management as a central part of Attendo's strategic process, where risks in relation to the company's ability to achieve its strategic and financial goals are evaluated in a structured and regular manner.
The main risks that may affect the company's ability to achieve its financial and strategic objectives in the short to medium term are negative impact of strained public finances on local decisions on care, and that price adjustments do not fully compensate increased costs or is received with delay.
The risks and how Attendo works to manage them are described in more detail in Attendo's annual report (see section Risks and risk management in the Annual Report for 2024, pages 30-32).
Accounting principles
The group applies International Financial Reporting Standards (IFRS) and interpretations from IFRIC, as adopted by the European Union, the Swedish Financial Reporting Board's standard RFR 1 Supplementary Accounting Rules for Groups and related interpretations and the Swedish Annual Accounts Act.
This interim report has been prepared according to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act and should be read together with the annual report for 2024. The most significant accounting policies under IFRS, the reporting norm applied in preparing this interim report, are set forth in Note C1 on pages 74-77 of the annual report for 2024, which were applied to the preparation of this interim report.
The interim information on pages 1-12 is an integrated part of this financial report. The parent company's financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation, RFR 2 Accounting for Legal Entities.
The interim report has not been reviewed by the company's auditors.
This interim report is a translation of the Swedish report.
Outlook
Attendo does not publish forecasts.
Danderyd, 7 May 2025
Martin Tivéus
President and CEO
Financial statements
| Jan-Dec | |||
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Net sales | 4,742 | 4,386 | 18,980 |
| Other operating income |
7 | 7 | 43 |
| Total revenue |
4,749 | 4,393 | 19,023 |
| Personnel costs |
-3,093 | -2,897 | -12,526 |
| Other external costs |
-789 | -748 | -3,062 |
| Operating profit before amortization and |
|||
| (EBITDA) depreciations |
866 | 748 | 3,435 |
| Amortisation and depreciation of tangible |
|||
| and intangible assets |
-485 | -456 | -1,915 |
| Operating profit after depreciation (EBITA) |
381 | 292 | 1,520 |
| Operating margin (EBITA), % |
8.0 | 6.7 | 8.0 |
| Amortisation and write-down of acquisition |
|||
| related intangible assets |
-24 | -14 | -95 |
| Operating profit (EBIT) |
356 | 278 | 1,425 |
| Operating margin (EBIT), % |
7.5 | 6.3 | 7.5 |
| Net financial items |
-189 | -198 | -840 |
| Profit before tax |
167 | 80 | 584 |
| Income tax | -35 | -17 | -135 |
| Profit for the period |
132 | 63 | 450 |
| Profit margin, % |
2.8 | 1.4 | 2.4 |
| Profit for the period attributable to: |
|||
| Parent company shareholders | 132 | 63 | 450 |
| Basic earnings per share, SEK |
0.87 | 0.39 | 2.86 |
| Diluted earnings per share, SEK |
0.87 | 0.39 | 2.85 |
| Average number of shares outstanding, |
|||
| basic, thousands |
151,458 | 160,563 | 157,320 |
| Average number of shares outstanding, |
|||
| diluted, thousands |
152,150 | 160,841 | 157,674 |
Consolidated Income Statement Consolidated Comprehensive Income
| Q1 | Jan-Dec | Q1 | Jan-Dec | ||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 | ||
| Profit for the period |
132 | 63 | 450 | ||
| Other comprehensive for the period income |
|||||
| Items that will not be reclassified to profit or |
|||||
| loss | |||||
| Remeasurements of defined benefit pension |
|||||
| plans, net of tax |
0 | 5 | 2 | ||
| Items that may be reclassified to profit or loss |
|||||
| Exchange rate differences on translating |
|||||
| foreign operations attributable to the parent |
|||||
| company shareholders | -74 | 48 | 41 | ||
| Other comprehensive income for the period |
-74 | 53 | 43 | ||
| Total comprehensive income for the period |
58 | 116 | 493 | ||
| Total comprehensive income attributable to: |
|||||
| Parent company shareholders | 58 | 116 | 493 |
Consolidated Balance Sheet
| SEKm | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 7,987 | 7,295 | 8,006 |
| Other intangible assets |
640 | 425 | 646 |
| Equipment | 629 | 634 | 651 |
| Right-of-use assets |
12,441 | 11,934 | 12,327 |
| Financial assets |
420 | 495 | 450 |
| Total non-current assets |
22,118 | 20,783 | 22,080 |
| Current assets | |||
| Trade receivables |
1,670 | 1,762 | 1,753 |
| Other current assets |
611 | 478 | 587 |
| Cash and cash equivalents |
502 | 907 | 821 |
| 2,783 | 3,147 | 3,161 | |
| Assets held for sale |
0 | 1 | 0 |
| Total current assets |
2,784 | 3,148 | 3,161 |
| Total assets |
24,902 | 23,931 | 25,241 |
| SEKm | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| EQUITY and LIABILITIES |
|||
| Equity | |||
| Equity attributable to the parent company |
|||
| shareholders | 5,230 | 5,435 | 5,333 |
| Total equity |
5,230 | 5,435 | 5,333 |
| Non-current liabilities | |||
| Liabilities to credit institutions |
2,729 | 2,128 | 2,858 |
| liabilities¹ Long-term lease |
12,301 | 11,904 | 12,231 |
| Provisions for post-employment benefits |
0 | 0 | 0 |
| Long term provisions | 72 | 100 | 85 |
| Other non-current liabilities |
235 | 141 | 179 |
| Total non-current liabilities |
15,337 | 14,273 | 15,353 |
| Current liabilities | |||
| Liabilities to credit institutions |
6 | - | - |
| liabilities² Short-term lease |
1,661 | 1,518 | 1,654 |
| payables Trade |
350 | 481 | 503 |
| Short-term provisions |
71 | 49 | 72 |
| Other current liabilities |
2,248 | 2,175 | 2,326 |
| Total current liabilities |
4,335 | 4,223 | 4,555 |
| Liabilities held for sale |
0 | 0 | 0 |
| Total current liabilities |
4,335 | 4,223 | 4,555 |
| TOTAL EQUITY AND LIABILITIES | 24,902 | 23,931 | 25,241 |
1) Long-term lease liabilities include car leases amounting to SEK 11m (8) and full year 2024 26. 2) Short-term lease liabilities include car leases amounting to SEK 49m (38) and full year 2024 37.
Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement
| SEKm | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Opening balance |
5,333 | 5,363 | 5,363 |
| Total comprehensive income attributable to: |
|||
| The parent company shareholders |
58 | 116 | 493 |
| Transactions with owners |
|||
| Warrants | - | - | 2 |
| Dividend | - | - | -159 |
| Repurchase of own shares |
-162 | -45 | -364 |
| Share-savings plan |
1 | 1 | -2 |
| Total transactions with owners |
-161 | -44 | -523 |
| Closing balance |
5,230 | 5,435 | 5,333 |
| Equity attributable to: |
|||
| Parent company shareholders | 5,230 | 5,435 | 5,333 |
| Q1 | ||||
|---|---|---|---|---|
| Operational cash flow (APM), SEKm |
2025 | 2024 | 2024 | |
| Operating profit (EBITA) |
381 | 292 | 1,520 | |
| Depreciation | 485 | 456 | 1,915 | |
| Paid income tax |
-99 | -21 | -50 | |
| Other non-cash items |
8 | -4 | -16 | |
| Cash flow before changes in working |
||||
| capital | 775 | 723 | 3,369 | |
| Changes in working capital |
-104 | -107 | -84 | |
| Cash flow after changes in working capital |
671 | 616 | 3,285 | |
| Investments on tangible and intangible |
||||
| assets | -53 | -38 | -196 | |
| Divestments of tangible and intangible |
||||
| assets | 1 | 1 | 17 | |
| Operating cash flow |
619 | 579 | 3,106 | |
| Interest received/paid | -10 | -31 | -146 | |
| Interest expense for lease liabilities of real |
||||
| estate | -173 | -162 | -681 | |
| Repayment of lease liabilities |
-396 | -366 | -1,547 | |
| Free cash flow |
40 | 20 | 732 | |
| Acquisition of operations |
-125 | -4 | -1,062 | |
| Warrants | - | - | 2 | |
| Dividend | - | - | -159 | |
| Repurchase of own shares |
-162 | -45 | -364 | |
| Repayment of loans |
-150 | - | -540 | |
| New borrowings | 100 | - | 1,275 | |
| Total cash flow |
-297 | -29 | -116 | |
| Cash and cash equivalents at the beginning |
||||
| of the period |
821 | 922 | 922 | |
| Effect of exchange rate changes on cash |
-22 | 14 | 15 | |
| Cash and cash equivalents at the end of |
||||
| the period |
502 | 907 | 821 | |
| Q1 | Jan-Dec | |||
| Cash flow according to IFRS, SEKm |
2025 | 2024 | 2024 | |
| Cash flow from operations |
488 | 423 | 2,458 | |
| Cash flow from investing activities |
-177 | -41 | -1,241 | |
| Cash flow from financing activities |
-608 | -411 | -1,333 | |
| Total cash flow |
-297 | -29 | -116 |
Summary of Segments
| Scandinavia | Finland | Other and eliminations | Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Full-year | Full-year | Full-year | Full-year | |||||||||
| SEKm | Q1 2025 | Q1 2024 | 2024 | Q1 2025 | Q1 2024 | 2024 | Q1 2025 | Q1 2024 | 2024 | Q1 2025 | Q1 2024 | 2024 |
| Net sales | 1,997 | 1,672 | 7,787 | 2,745 | 2,714 | 11,193 | - | - | - | 4,742 | 4,386 | 18,980 |
| Net sales, own operations |
1,705 | 1,352 | 6,429 | 2,634 | 2,633 | 10,800 | - | - | - | 4,339 | 3,985 | 17,229 |
| Net sales, outsourcing |
291 | 320 | 1,358 | 112 | 81 | 393 | - | - | - | 403 | 401 | 1,751 |
| Lease adjusted operating profit |
||||||||||||
| (EBITA) | 68 | 43 | 296 | 189 | 138 | 731 | -24 | -20 | -76 | 234 | 161 | 951 |
| Lease adjusted operating margin |
||||||||||||
| (EBITA), % |
3.4 | 2.6 | 3.8 | 6.9 | 5.1 | 6.5 | - | - | - | 4.9 | 3.7 | 5.0 |
| Operating profit (EBITA) |
126 | 93 | 501 | 278 | 220 | 1,095 | -24 | -20 | -76 | 381 | 292 | 1,520 |
| Operating margin (EBITA), % |
6.3 | 5.6 | 6.4 | 10.1 | 8.1 | 9.8 | - | - | - | 8.0 | 6.7 | 8.0 |
Net Financial Items
| Q1 | Jan-Dec | |||
|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 | |
| Net interest expense (excluding for lease liabilities real |
||||
| estate) | -31 | -28 | -146 | |
| Interest expense, lease liabilities for real estate |
-173 | -162 | -681 | |
| Other | 15 | -8 | -13 | |
| Net financial items |
-189 | -198 | -840 |
Net Debt
| 31 Mar | |||||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 | ||
| Interest-bearing liabilities |
16,696 | 15,550 | 16,742 | ||
| Provision for post-employment benefits |
-11 | -13 | -11 | ||
| Cash and cash equivalents |
-502 | -907 | -821 | ||
| Net debt | 16,183 | 14,630 | 15,910 | ||
| Lease liability real estate |
-13,902 | -13,376 | -13,821 | ||
| Lease adjusted net debt |
2,281 | 1,254 | 2,089 | ||
| Investments | |||||
| Jan-Dec |
Investments
| SEKm | 2025 | 2024 | 2024 |
|---|---|---|---|
| Investments | |||
| Investments in intangible assets |
3 | 0 | 10 |
| Investments in tangible assets |
50 | 38 | 186 |
| Divestments of tangible and intangible assets |
-1 | -1 | -17 |
| Total net investments |
52 | 37 | 179 |
| Intangible assets acquired through business combination |
|||
| Goodwill | 130 | 0 | 723 |
| Customer relations | 39 | 0 | 308 |
| Other | - | - | - |
| Total intangible assets acquired through business |
|||
| combination | 169 | 0 | 1,031 |
Financial Assets and Liabilities
| SEKm | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 | ||
|---|---|---|---|---|---|
| ASSETS | |||||
| Financial assets measured at amortised cost |
|||||
| Other long term assets |
56 | 65 | 72 | ||
| Trade receivables |
1,670 | 1,762 | 1,753 | ||
| Cash and cash equivalents |
502 | 907 | 821 | ||
| Total financial assets |
2,229 | 2,734 | 2,646 | ||
| 31 Mar | 31 Dec | ||||
| LIABILITIES | |||||
| Financial liabilities at fair value through profit or |
|||||
| loss or equity |
|||||
| Contingent considerations | 74 | 51 | 17 | ||
| Financial liabilities measured at amortised cost |
|||||
| Borrowings | 2,734 | 2,128 | 2,858 | ||
| Trade payables |
350 | 481 | 503 | ||
| Total financial liabilities |
3,158 | 2,660 | 3,378 | ||
| Q1 | Jan-Dec | The table shows Attendo's significant financial assets and liabilities. Assets and liabilities reported |
The table shows Attendo's significant financial assets and liabilities. Assets and liabilities reported as other non-current receivables and trade receivables and other financial liabilities are measured at amortized cost. The fair value of all financial assets and liabilities is consistent with the carrying amount. For a complete table and further information see Attendo's annual report 2024, note C25.
Collateral and Contingent Liabilities
| SEKm | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Assets pledged as collateral |
70 | 81 | 75 |
| Contingent liabilities¹ | 2,549 | 1,808 | 2,132 |
1) Leases of assets not yet in use are reported in contingent liabilities.
| Q1 2025 | Q1 2024 | ||||
|---|---|---|---|---|---|
| Acq.and | Adjusted | Adjusted | |||
| SEKm | Reported | divestment¹ | IFRS 16² | earnings | earnings |
| Net sales | 4,742 | - | - | 4,742 | 4,386 |
| Other operating income | 7 | - | 0 | 6 | 7 |
| Operating profit before amortization and | |||||
| depreciation (EBITDA) | 866 | - | -572 | 293 | 221 |
| Amortization and depreciation of tangible | |||||
| and intangible assets | -485 | - | 425 | -60 | -60 |
| Operating profit (EBITA) | 381 | - | -147 | 234 | 161 |
| Amortization and write-down of | |||||
| acquisition related intangible assets | -24 | 24 | - | - | - |
| Operating profit (EBIT) | 356 | 24 | -147 | 234 | 161 |
| Net financial items | -189 | - | 173 | -16 | -36 |
| Profit before tax (EBT) | 167 | 24 | 26 | 218 | 125 |
| Income tax | -35 | -5 | -5 | -45 | -31 |
| Profit for the period | 132 | 20 | 21 | 173 | 94 |
| Profit for the period attributable to: | |||||
| The parent company shareholders | 132 | 20 | 21 | 173 | 94 |
| Average number of shares outstanding, | |||||
| basic, thousands | 151,458 | 151,458 | 151,458 | 151,458 | 160,563 |
| Average number of shares outstanding, | |||||
| diluted, thousands | 152,150 | 152,150 | 152,150 | 152,150 | 160,841 |
| Earnings per share basic, SEK | 0.87 | 0.13 | 0.14 | 1.14 | 0.59 |
| Earnings per share diluted, SEK | 0.87 | 0.13 | 0.14 | 1.14 | 0.58 |
Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible assets and items affecting comparability related to divestments and strategic close down costs (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, after dilution.
Adjusted Earnings per Share, quarter Adjusted Earnings per Share, full-year
| Full-year 2024 | |||||
|---|---|---|---|---|---|
| Acq.and | Adjusted | ||||
| SEKm | Reported | divestment¹ | IFRS 16² Total adj. | earnings | |
| Net sales | 18,980 | - | - | - | 18,980 |
| Other operating income | 43 | - | -4 | -4 | 39 |
| Operating profit before amortization and | |||||
| depreciation (EBITDA) | 3,435 | 38 | -2,228 | -2,190 | 1,246 |
| Amortization and depreciation of tangible | |||||
| and intangible assets | -1,915 | - | 1,658 | 1,658 | -257 |
| Operating profit (EBITA) | 1,520 | 38 | -570 | -531 | 989 |
| Amortization and write-down of | |||||
| acquisition related intangible assets | -95 | 95 | - | 95 | - |
| Operating profit (EBIT) | 1,425 | 133 | -570 | -437 | 989 |
| Net financial items | -840 | - | 681 | 681 | -159 |
| Profit before tax (EBT) | 584 | 133 | 111 | 245 | 830 |
| Income tax | -135 | -22 | -31 | -53 | -187 |
| Profit for the period | 450 | 111 | 81 | 192 | 643 |
| Profit for the period attributable to: | |||||
| The parent company shareholders | 450 | 111 | 81 | 192 | 643 |
| Average number of shares outstanding, | |||||
| basic, thousands | 157,320 | 157,320 | 157,320 | 157,320 | 157,320 |
| Average number of shares outstanding, | |||||
| diluted, thousands | 157,674 | 157,674 | 157,674 | 157,674 | 157,674 |
| Earnings per share basic, SEK | 2.86 | 0.71 | 0.51 | 1.22 | 4.09 |
| Earnings per share diluted, SEK | 2.85 | 0.71 | 0.51 | 1.22 | 4.08 |
Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible assets and items affecting comparability related to divestments and strategic close down costs (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, after dilution.
| Jan-Dec | ||||
|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||
| Organic growth | % | 1.6 | 8.0 | 3.7 |
| Acquired growth |
% | 6.8 | - | 6.3 |
| Change in currencies |
% | -0.3 | 0.5 | -0.3 |
| Operating margin (EBITA), R12 operating margin (EBITA), Lease adjusted |
% | 8.3 | 7.8 | 8.0 |
| R12 | % | 5.3 | 4.5 | 5.0 |
| Working capital |
SEKm | -387 | -466 | -562 |
| Return on capital employed |
% | 7.0 | 6.3 | 6.8 |
| Net debt to equity ratio |
times | 3.1 | 2.7 | 3.0 |
| Equity to asset ratio | % | 21 | 23 | 21 |
| Net debt/EBITDA R12 |
times | 4.6 | 4.7 | 4.6 |
| / Lease adjusted net debt |
||||
| Lease adjusted EBITDA R12 |
times | 1.8 | 1.2 | 1.7 |
| Free cash flow |
SEKm | 40 | 20 | 732 |
| Net investments | SEKm | -52 | -37 | -179 |
| Average number of employees |
21,636 | 21,563 | 23,375 |
Key Figures Key Figures per Share
| Q1 | Jan-Dec | Q1 | Jan-Dec | |||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | 2025 | 2024 | 2024 | |||
| Earnings per share, | ||||||||
| basic | SEK | 0.87 | 0.39 | 2.86 | ||||
| Earnigns per share, | ||||||||
| diluted | SEK | 0.87 | 0.39 | 2.85 | ||||
| Adjusted earnings per share, |
||||||||
| diluted | SEK | 1.14 | 0.58 | 4.08 | ||||
| Equity per share, | ||||||||
| basic | SEK | 34.53 | 33.85 | 33.90 | ||||
| Equity per share, | ||||||||
| diluted | SEK | 34.37 | 33.79 | 33.83 | ||||
| Average number of shares outstanding, |
||||||||
| basic | thousands | 151,458 | 160,563 | 157,320 | ||||
| Average number of shares outstanding, |
||||||||
| diluted | thousands | 152,150 | 160,841 | 157,674 | ||||
| Number of shares, |
||||||||
| of end period |
thousands | 160,103 | 161,387 | 160,103 | ||||
| Number of treasury shares, |
||||||||
| end of period |
thousands | 10,010 | 1,634 | 7,230 | ||||
| Number of shares outstanding, |
||||||||
| end of period |
thousands | 150,093 | 159,753 | 152,873 |
Quarterly Data
| SEKm | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 |
|---|---|---|---|---|---|---|---|---|
| Total net sales |
4,333 | 4,488 | 4,422 | 4,386 | 4,841 | 4,875 | 4,878 | 4,742 |
| - Net sales, Scandinavia |
1,701 | 1,737 | 1,699 | 1,672 | 2,051 | 2,047 | 2,018 | 1,997 |
| - Net sales, Finland |
2,632 | 2,751 | 2,723 | 2,714 | 2,790 | 2,829 | 2,860 | 2,745 |
| Lease adjusted operating profit (EBITDA) |
209 | 416 | 196 | 221 | 228 | 465 | 292 | 293 |
| Lease adjusted operating profit (EBITA) |
147 | 346 | 136 | 161 | 163 | 402 | 225 | 234 |
| Lease adjusted operating margin (EBITA), % |
3.4 | 7.7 | 3.1 | 3.7 | 3.4 | 8.2 | 4.6 | 4.9 |
| Operating profit (EBITDA) |
720 | 963 | 697 | 748 | 790 | 1,029 | 868 | 866 |
| Operating profit (EBITA) |
283 | 534 | 275 | 292 | 299 | 536 | 394 | 381 |
| Operating margin (EBITA), % |
6.5 | 11.9 | 6.2 | 6.7 | 6.2 | 11.0 | 8.1 | 8.0 |
| Profit for the period |
60 | 230 | 58 | 63 | 44 | 235 | 108 | 132 |
| Profit margin, % |
1.4 | 5.1 | 1.3 | 1.4 | 0.9 | 4.8 | 2.2 | 2.8 |
| Earnings per share basic, SEK |
0.37 | 1.43 | 0.36 | 0.39 | 0.28 | 1.50 | 0.70 | 0.87 |
| Earnings per share diluted, SEK |
0.37 | 1.43 | 0.36 | 0.39 | 0.28 | 1.50 | 0.70 | 0.87 |
| Adjusted earnings per share diluted, SEK |
0.60 | 1.45 | 0.54 | 0.58 | 0.68 | 1.87 | 0.97 | 1.14 |
| of Average number employees |
21,994 | 22,236 | 21,116 | 21,563 | 23,494 | 24,461 | 22,823 | 21,636 |
| Operational data |
||||||||
| units in operation¹ Number of |
710 | 704 | 685 | 677 | 781 | 782 | 786 | 772 |
| in homes² Number of beds |
20,870 | 20,863 | 20,575 | 20,506 | 21,326 | 21,225 | 21,159 | 21,091 |
| %² Occupancy in homes, |
86 | 86 | 86 | 86 | 86 | 86 | 85 | 86 |
| beds³ Number of opened |
86 | 12 | - | - | 147 | 127 | 83 | 129 |
| quarter³ Number of beds, construction start in the |
15 | 118 | 219 | - | 164 | 12 | 21 | 36 |
| construction³ Number of beds under |
252 | 352 | 571 | 571 | 576 | 461 | 399 | 306 |
1) All units in all contract models and segments.
2) All homes.
3) Own homes.
Parent Company Income Statement Parent Company Balance Sheet
| Q1 | Jan-Dec | ||
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Net sales | 4 | 5 | 18 |
| Personnel costs |
-16 | -10 | -36 |
| Other external costs |
-4 | -4 | -13 |
| Operating profit |
-16 | -9 | -31 |
| Net financial items |
-3 | - | -8 |
| Profit after financial items |
-19 | -9 | -39 |
| Group contributions | - | - | -119 |
| Profit before tax |
-19 | -9 | -158 |
| Results of commission |
43 | 39 | 364 |
| Income tax | -5 | -7 | -1 |
| Profit for the period |
18 | 23 | 205 |
| SEKm | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Shares in subsidiaries |
6,494 | 6,494 | 6,494 |
| Total non-current assets |
6,494 | 6,494 | 6,494 |
| Current assets | |||
| Receivables to group companies |
82 | 102 | 456 |
| Other receivables |
4 | 2 | 31 |
| Cash and cash equivalents |
21 | 12 | 10 |
| Total current assets |
107 | 116 | 497 |
| Total assets |
6,600 | 6,610 | 6,991 |
| EQUITY AND LIABILITIES | |||
| Equity | 6,135 | 6,575 | 6,279 |
| Current liabilities | |||
| Liabilities to group companies |
451 | 18 | 699 |
| Other liabilities |
14 | 17 | 13 |
| Total current liabilities |
465 | 35 | 712 |
| TOTAL EQUITY AND LIABILITIES | 6,600 | 6,610 | 6,991 |
About Attendo
Attendo was founded in 1985 and is the largest care company in the Nordic region. We have about 3 3,000 employ ees at around 800 operations in Finland, Sweden and Denmark. All our operations are based on our vision - to provide better care to more people. Attendo invests in new capacity and leads the development of quality, innovations and new, cost -effective ways of working in Nordic care.
We provide care for older people, care for people with disabilities, and individ ual and family care to about 30,000 customers. Our mission is to empower the individual, which means that we see, support and strengthen every person. Our values - care, commitment and competence - guide us in every action, every day.
Service offering
Attendo's service offering consists of:
• Care for older people
Nursing homes for older people with dementia or somatic needs and home care services, which usually involve a comprehensive approach to care, meals, cleaning, laundry, evening and night -time services and home health care.
• Disabled car e
Housing and daily activities for people of different ages and with different disabilities or care needs. We also offer respite care for relatives through short -term accommodation, as well as respite care and accompanying services.
• Individual and family care
We offer individual and family care in consultant -supported family homes, crisis and emergency accommodation, HVB homes, addiction care and supported housing. The segment also provides social psychiatry and rehabilitation as well as other individualized care in housing or day and school activities.
• Other services
Attendo provides meal services and conducts recruitment of care staff.
Operations and contract model
Attendo operates through two business areas, Attendo Finland and Attendo Scandinavia.
Attendo mainly have activities under own management, where we provide care in units/facilities under our own control, or home care under customer choice systems. We also provide outsourced activities, where units/ facilities are controlled by the public payor, or home care services on a contractual basis.
Attendo's payors are usually a local or regional public provider (municipality or welfare region) or a national authority, but the contract form and contract length vary depending on the contract model and service offering. Our own operations are normally based on freedom of choice systems or framework agreements while outsourcing operations are based on tendered outsourcing contracts. The contracts usually run for a period of 2 -5 years.
Strategic goals
Attendo works systematically towards three long -term strategic goals:
- ➢To be the preferred choice for customers and their relatives, employees and payors.
- ➢To be a natural and fundamental part of society.
- ➢To achieve sustainable and profitable growth.
Work towards these goals is supported by key performance indicators for value creation, which are measured, reported and monitored on an ongoing basis throughout the year.
Financial targets
For the period up until 2026, Attendo has set three financial goals:
- ➢To achieve adjusted earnings per share of at least SEK 5.50
- ➢To provide a n even and stable dividend to shareholders corresponding to 30 percent of the year's adjusted earnings
- ➢To have a balanced debt position where lease -adjusted net debt/lease -adjusted EBITDA remains between 1.5x and 2.5x.
Read more about Attendo's strategy and value creation in the annual report, which is available at www.attendo.com.
Definitions of performance measures and alternative performance measures (APM)
Financial
Acquired growth (APM)
The net between the increase in the company's net sales from businesses and operations acquired during the past 12 months and the loss of net sales from businesses and operations divested during the past 12 months in relation to the comparable period's net sales.
Adjusted earnings per share (APM)
Profit or loss for the period attributable to the parent company shareholders excluding effects from amortization and impairment of acquisition related intangible assets, IFRS 16 as well as items affecting comparability related to divestments and strategic close downs as well as related tax items divided by the number of outstanding shares after dilution. See tables Adjusted earnings per share for more information.
Capital employed
Equity plus interest-bearing liabilities and provisions for post-employment benefits. See Note C33 Reconciliation of alternative performance measures in the 2024 Annual Report for a full year reconciliation.
Cash and cash equivalents
Cash and bank balances, short-term investments and derivatives with a positive fair value.
Earnings per share
Profit or loss for the period attributable to the parent company shareholders divided by the
average number of outstanding shares. Calculated both before (basic) and after dilution.
Equity/assets ratio
Equity divided by total assets.
Equity per share
Equity attributable to the parent company shareholders divided by the average number of outstanding shares. Calculated both before (basic) and after dilution.
Free cash flow (APM)
Free cash flow is a measure of the cash and cash equivalents the group generates in operating activities and investing activities. The performance measure is defined as operating cash flow after changes in working capital, cash flow from investments in and divestments of tangible and intangible assets, received/ paid interest as well as interest expense for lease liabilities of real estate and repayment of lease liabilities according to IFRS 16. See the table Consolidated cash flow for reconciliation and Note C33 Reconciliation of alternative key figure calculations in the Annual Report 2024 for reconciliation on a full year basis.
Lease adjusted EBITA (APM)
See the definition of operating profit (EBITA) below. Lease adjusted operating profit (EBITA) is operating profit according to the previous reporting standard IAS 17, i.e. excluding the effects of the implementation of IFRS 16. Car leases were reported as finance leases under
the previous standard. Consequently, it is the effects of leases of real estate under IFRS 16 that differentiate operating profit from lease adjusted operating profit. See tables Adjusted earnings per share for more information.
Lease adjusted EBITDA (APM)
See the definition of operating profit (EBITDA) below. Lease adjusted operating profit (EBITDA) is operating profit according to the previous accounting standard IAS 17, i.e. excluding the effects of the implementation of IFRS 16. Car leases were reported as finance leases under the previous standard. Consequently, it is the effects of leases of real estate under IFRS 16 that differentiate operating profit from lease adjusted operating profit. See tables Adjusted earnings per share for more information.
Lease adjusted net debt (APM)
See the definition of net debt below. Lease adjusted net debt is net debt according to the previous reporting standard IAS 17, i.e. excluding the IFRS 16 effect on lease liabilities attributable to right-of-use assets for real estate. See tables Net debt for more information.
Lease adjusted net debt / lease adjusted EBITDA
(APM)
Lease adjusted net debt in relation to leaseadjusted EBITDA R12.
Lease adjusted operating margin, (EBITA)
(APM) Lease adjusted operating profit (EBITA) divided by net sales.
Lease adjusted operating margin, (EBITDA)
(APM) Lease adjusted operating profit (EBITDA) divided by net sales.
Net debt (APM)
Net debt is a way of describing the group's indebtedness and its ability to repay its debts with cash and cash equivalents if all debts were to be due for payment today. Net debt is defined as interest-bearing liabilities plus provisions for post-employment benefits minus cash and cash equivalents. Net debt is presented both including and excluding lease liabilities attributable to right-of-use assets for real estate. See tables Net debt in this report for a reconciliation of net debt.
Net debt / EBITDA
(APM) Net debt in relation to operating profit (EBITDA) R12.
Net debt to equity ratio (APM) Net debt divided by equity.
Net investments
The net of investments in and divestments of tangible and intangible assets, excluding acquisitions and divestment of operations as well as investments in and divestments of assets held for sale.
Operating margin (EBIT margin)
Operating profit or loss (EBIT) divided by net sales.
Operating margin (EBITA margin)
Operating profit or loss (EBITA) divided by net sales.
Operating margin (EBITDA margin)
Operating profit or loss (EBITDA) divided by net sales.
Operating profit (EBIT) (APM)
Attendo reports operating profit (EBIT) as a performance measure because it shows the development of operating activities independent of financing. Operating profit (EBIT) refers to profit before financial items and tax. See the consolidated income statement for a reconciliation of EBIT.
Operating profit (EBITA) (APM)
Operating profit (EBITA) is used as a performance measure because it shows the development of operating activities without the effect of amortization and impairments of intangible assets from acquired companies and independently of financing. Operating profit (EBITA) refers to profit before amortization of acquisition related intangible assets, financial items and tax. See the consolidated income statement for a reconciliation of EBITA.
Operating profit (EBITDA) (APM)
Attendo reports operating profit (EBITDA) as a performance measure because it shows the development of operating activities
independent of financing and investments. Operating profit (EBITDA) refers to profit or loss before depreciation, amortization and impairments, financial items and tax. See the consolidated income statement for a reconciliation of EBITDA.
Organic growth
(APM)
Attendo reports organic growth as a performance measure to show underlying net sales development excluding acquisitions/divestments and currency effects. The performance measure is calculated as net sales growth excluding acquisitions/divestments and changes in exchange rates.
Profit (loss) for the period
Profit for the period attributable to the parent company shareholders and non-controlling interests.
Profit margin
Profit or loss for the period divided by net sales.
R12, "rolling 12 months"
The sum of the period's past 12 months.
Return on capital employed (APM)
Attendo reports return on capital employed because it shows profits in relation to the capital used in operations. The definition of return on capital employed is operating profit (EBIT) excluding items affecting comparability for the past 12 months divided by average capital employed. See Note C33 Reconciliations of alternative key figure calculations in the annual report 2024 for reconciliation on a full-year basis.
Working capital (APM)
Working capital is a key performance measure for optimising cash generation. The performance measure is defined as current assets excluding cash and cash equivalents and current interest-bearing assets minus current non-interest-bearing liabilities and provisions. Assets and liabilities held for sale are not included in working capital. See Note C33 Reconciliations of Alternative Performance Measures in the Annual Report 2024 for a fullyear reconciliation.
Operational
CoP
Care for older people.
Occupancy
The number of occupied beds divided by the number of available beds. Occupancy is a weighted average in the last month of each reporting period.
Sustainability
ASCOT (quality of life interviews)
A research-validated Adult Social Care Outcomes Toolkit (ASCOT) methodology designed to measure key aspects of an individual's quality of life in a social care environment.
Beds opened in own operations (capacity made available), R12
Refers to beds in residential homes in own operations opened in the past twelve months.
Customer satisfaction cNPS
Percentage of customers that answer 9 or 10 (0- 10) when asked to recommend Attendo minus the percentage that answer 6 or lower. Based on the most recently completed measurements in each business area.
Employee satisfaction eNPS
Percentage of employees that answer 9 or 10 (0-10) when asked to recommend Attendo minus the percentage that answer 6 or lower. Based on the most recently completed measurements in each business area.
Number of customers who receive care from Attendo
Refers to beds sold in homes, daily activities, rehabilitation, family care home placements and customers in the home care segment by the end of the quarter.
Payor satisfaction (pSAT)
Payor satisfaction with Attendo's services on a five-point scale from very dissatisfied (1) to very satisfied (5). Based on the most recent surveys in Attendo Scandinavia.
RAI index
Measured quality of life based on reported RAI indicators in Attendo Finland. Based on the most recent surveys.
Relatives satisfaction rNPS
Percentage of relatives of customers that answer 9 or 10 (0–10) when asked to recommend Attendo minus the percentage that answer 6 or lower. Based on the most recently completed measurements in each business area.
Information for shareholders and analysts
Financial calendar
Interim report January-June 2025 18 July 2025 Interim report January-September 2025 24 October 2025
Report presentation
A webcast presentation will be held on 7 May 2025 at 10:00 (CET). You can follow the presentation at the following web link: https://attendo.events.inderes.com/q1-report-2025/
Analysts and investors can ask questions during the presentation by calling in. Contact details can be obtained by emailing: [email protected]
The report and other information will be made available at: https://www.attendo.com/
Contact details
Mikael Malmgren, Chief Financial Officer Tel. +46 8 586 252 00
Josefine Uppling, Director of Communications Tel. +46 76 114 54 21
This is information that Attendo AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 7 May 2025.
Forward-looking information
This report contains forward-looking information that reflects management's current beliefs about certain future conditions and possible outcomes. This type of forward-looking information involves risks and uncertainties that could materially affect future results. The information is based on certain assumptions including those relating to economic conditions in general in the company's markets and the level of demand for the company's services.
English convenience translation from Swedish original. In case of discrepancies between the Swedish original and the English translation, the Swedish original shall prevail.
