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 organic growth, with full-year sales reaching SEK 16,039 million.

• Adjusted EBITDA/EBITA for Q4 was SEK 347 million (margin 8.3%), with a full-year margin of 9.6%.

• Significant investments were made in leadership, IT, quality management, and operational structure to support scalable growth and compliance.

• Major acquisitions in Finland and Sweden, notably Validia and Attendo's child welfare business, expanded the care portfolio.

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

Financial highlights

• Q4 net sales rose 15% year-over-year, with 13% acquired and 4% organic growth.

• Adjusted EBITDA/EBITA for Q4 was SEK 347 million; margin declined from last year due to higher investments and one-off effects.

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

• EPS increased to SEK 7.95, and proposed dividend per share up to SEK 2.65.

• Leverage (net debt/EBITDA) at 2.3x, well below the target of 3.25x.

Outlook and guidance

• Growth focus remains on expanding the care pipeline, executing bolt-on acquisitions, and investing in operational structure.

• Investments in compliance and structure will continue but are not expected to impact the EBITDA margin target of 9.5%.

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

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

• Ongoing expansion in Finland and Sweden, with a strong pipeline for new care places.