Attendo (ATT) Q3 2025 earnings summary

Executive summary

• Achieved the strongest quarter to date, driven by strong momentum in Finnish operations and increased occupancy in both Finland and Scandinavia.

• Underlying growth in both business areas, with ongoing actions to improve profitability in Scandinavia.

• Opened new nursing and disabled care homes, with occupancy rising to 87%.

• Healthy pipeline of new projects expected to support growth over the next three years.

• Positive demographic trends and strong cooperation with municipalities and welfare regions are fueling demand.

Financial highlights

• Net sales for the quarter were SEK 4.8 billion, down 2% year-over-year, but underlying growth excluding currency and contract effects was +3.5%.

• Lease adjusted EBITA/EBITDA rose 20% to SEK 482 million, mainly driven by Finland.

• Free cash flow reached SEK 981 million on a rolling 12-month basis, up 37% year-over-year.

• Adjusted EPS improved by SEK 0.51, up 28% year-over-year, reaching SEK 5.34 on a 12-month rolling basis.

• Profit for the period was SEK 333 million, up 42% year-over-year; diluted EPS SEK 2.23 (+49%).

Outlook and guidance

• On track to surpass the 2026 adjusted EPS target of at least SEK 5.50 already this year; updated financial targets to be presented with the next quarterly or year-end report.

• Expect gradual margin improvement in Scandinavia from Q4, supported by ongoing performance actions.

• Continued demand growth anticipated due to demographic trends, especially in the 80+ age group in Sweden and rising needs in Finland.

• Pipeline of nearly 1,050 beds under construction or signed for opening in 2026–2027.

• No formal forecasts published.