Ambea (AMBEA) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 increased by 15% to SEK 4,193 million, driven by acquisitions and solid organic growth, with a strong pipeline of new care places supporting future expansion.

• Adjusted EBITA/EBITDA for the quarter was SEK 347 million, with a margin of 8.3%, reflecting investments in growth and integration activities.

• The company continues to invest in leadership, work environment, IT, and operational structure to support scalable growth and quality care delivery.

• Active M&A activity, including the strategic acquisition of Validia and Attendo's child welfare business, expanded the Finnish platform and entered new sub-segments.

• Board proposes a dividend of SEK 2.65 per share for 2025 and a new share buyback program.

Financial highlights

• Net sales reached SEK 16,039 million for 2025, with a 15% increase in Q4 year-over-year, driven by 13% acquired and 4% organic growth.

• Adjusted EBITA/EBITDA margin for Q4 was 8.3%, down from 9.5% in Q4 2024, due to higher investments and integration costs.

• Operating cash flow increased by 19% to SEK 1.04 billion in Q4, with free cash flow for the year totaling SEK 2,052 million.

• Earnings per share rose to SEK 7.95, with a proposed dividend per share of SEK 2.65, up 20%.

• Net debt/adjusted EBITDA (excl. IFRS 16) was 2.3x at year-end, below the target of 3.25x.

Outlook and guidance

• Growth focus remains on both organic expansion and bolt-on acquisitions, with an industry-leading pipeline of care places and higher pace of new unit openings planned.

• Investments in IT, training, and leadership are expected to continue but will not impact the EBITDA margin target of 9.5%.

• Margin in Vardaga may be slightly lower in early 2026 due to new openings but is expected to recover as facilities ramp up.

• Stendi margins are expected to improve mid-term to 8-9% as operational efficiencies and occupancy stabilize.

• Dividend policy maintained, with a proposed increase for 2025.