Ambea’s interim report April – June 2023

Implemented measures are strengthening margin and creating conditions for growth

CEO comments:
All divisions showed underlying margin improvements in the second quarter. Nytida and Stendi in particular increased their profitability by meeting the increase in demand while also completing operational improvements. Our organic growth further continued during the period and all divisions opened new care homes. Occupancy increased in Vardaga and a new major management contract for home care also started in Linköping. In Denmark and Altiden, we opened our second nursing home under own management, Fribo Greve, which is now welcoming new care receivers.

Ambea’s net sales rose 5 per cent to SEK 3,310 million. Excluding non-recurring items, EBITA rose just over 30 per cent quarter-on-quarter. Overall, EBITA amounted to SEK 191 million. The second quarter has many public holidays, which has a negative seasonal effect on our profitability. Nevertheless, we posted favourable earnings and were able to provide more people with secure and sustainable care, which I consider a sign of strength.

Second quarter April-June

• Net sales rose 5 per cent to SEK 3,310 million (3,143). Organic growth was 6 per cent and exchange rate effects had a negative impact of 1 per cent on growth.
• Operating profit (EBIT) totalled SEK 167 million (202).
• EBITA was impacted by two non-recurring items of SEK -16 million net. The comparative period was positively impacted by three non-recurring items totalling SEK 70 million. Excluding non-recurring items, EBITA rose SEK 48 million.
• EBITA was SEK 191 million (229), representing a margin of 5.8 per cent (7.3).
• Profit for the period totalled SEK 46 million (86).
• Earnings per share were SEK 0.51 (0.91) before and after dilution.
• Cash conversion was 103.1 per cent (139.3).
• Free cash flow totalled SEK 369 million (603).

Webcast and telephone conference

In connection to the announcement, Ambea will host a telephone conference today at 10:00 (CET). The presentation will be held in English and available as webcast on www.ambea.com or direct link:
https://edge.media-server.com/mmc/p/tju3bgvv

To participate the conference call, register before the call using the link below. Upon registration you will receive a dial-in number and a unique personal PIN code. To ensure that the connection to the conference call is working, please dial in ten minutes before the start time of the conference call.

Telephone conference registration:https://register.vevent.com/register/BI5254347c8ab940bdbd4564decfdd2d50

The quarterly earnings report and associated presentation will be available on www.ambea.com

This disclosure contains information that Ambea is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 17-08-2023 07:00 CET.

For more information, contact:

Susanne Vogt, head of IR
E-mail: ir@ambea.se

Ambea press contact
Telephone: +46 (0)10 33 00 501
E-mail: press@ambea.se

Ambea is Scandinavia’s leading competence -based care company. Ambea has 31,000 employees who are creating a good life for every care receiver in our 950 units. We aim to be the quality leader in all that we do and our vision is to make the world a better place, one person at a time. Ambeas head office is located in Solna, Sweden. Ambea is listed on Nasdaq Stockholm.