Ambea (AMBEA) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 8.1% to SEK 4,447m; adjusted EBITA increased 17% to SEK 668m and margin expanded to 15.0%.

• Higher occupancy and operational improvements supported earnings across care areas; the pipeline reached 2,444 care places, up 51% YoY.

• The Humana offer closed after quarter-end with 98% of shares acquired; consolidation began October 1, 2026.

Financial highlights

• Net sales were SEK 4,447m versus SEK 4,114m; Q3 growth comprised 5% organic, 2% acquired and 1% currency.

• Adjusted EBITA was SEK 668m versus SEK 570m; adjusted margin rose to 15.0% from 13.9%.

• Q3 EBIT was SEK 619m versus SEK 539m and profit was SEK 380m versus SEK 322m; diluted EPS was SEK 4.86.

• Q3 free cash flow was SEK 586m versus SEK 482m; rolling-12-month free cash flow excluding IFRS 16 was SEK 1,029m.

• Items affecting comparability were SEK -23m in Q3, primarily Humana offer transaction costs; adjusted EBITA excludes these items.

Outlook and guidance

• Financial targets remain 8%-10% annual growth, 9.5% adjusted EBITA margin and net debt below 3.25x adjusted EBITDA, excluding IFRS 16.

• Humana is expected to reduce profitability below the 9.5% target short term; return to target is aimed for during 2028 through synergies and operational improvements.

• ~480 care places are planned to open over the next 12 months; the fully ramped pipeline represents SEK 3bn annual revenue at 2026 prices and current mix.

• Priorities include day-to-day operations, high-quality care, organic growth, selected bolt-on acquisitions and Humana integration preparations.