Ambea (AMBEA) Q2 2026 earnings summary

Executive summary

• Net sales for the last 12 months reached SEK 16.9 billion, with Q2 2026 net sales up 7% year-over-year to SEK 4,387 million, driven by 4% organic and 2% acquired growth, and a 1% currency effect.

• Adjusted EBITA for Q2 was SEK 397 million, up 28%, with a margin of 9.0% (up from 7.6%), and EPS surged 88% to SEK 2.13.

• Announced a recommended public offer to acquire Humana and initiated a share repurchase program.

• Pipeline for new care places exceeds the full year 2025 already in the first half of 2026, reflecting strong demand and expansion across all Nordic countries.

• Continued expansion with new care units, contracts, and digital quality management initiatives.

Financial highlights

• Net sales increased by almost SEK 300 million (7%) year-over-year in Q2, with all four countries contributing; H1 net sales reached SEK 8,607 million (up 11%).

• Adjusted EBITA rose by 28% to SEK 397 million, and the group EBITA margin improved to 9.0% from 7.6% last year.

• Operating cash flow and free cash flow were strong, with Q2 free cash flow at SEK 664 million (up 56%) and rolling 12-month free cash flow post-tax of SEK 929 million.

• Net debt decreased by SEK 87 million, leverage reduced from 2.7x to 2.4x EBITA, and net debt/Adjusted EBITDA (excl. IFRS16) at 2.1x.

• Reported EPS grew from SEK 1.13 to SEK 2.13, an 88% increase year-over-year.

Outlook and guidance

• Financial targets remain: 8-10% annual growth, 9.5% adjusted EBITA margin, and leverage below 3.25x.

• Continued rollout of the MiraQ quality management system and investment in workforce development.

• Expect more bolt-on acquisitions, new rental agreements, and further improvement in earnings, especially in Norway and Denmark.

• Plan to employ 3,500 new care professionals over the next five years to support organic growth.

• Prospectus and offer document for Humana acquisition expected in August 2026.