Attendo (ATT) Q4 2024 earnings summary

Executive summary

• Served around 30,000 people daily across nearly 800 care units in the Nordics, with a completed financial and operational turnaround in 2023 and a new phase in 2024 marked by the acquisition and integration of Team Olivia in Sweden and Scandinavia.

• Achieved record high and stable satisfaction among customers, relatives, employees, and payors, with metrics above public sector averages and notable improvements in national user surveys for elderly care in Sweden and Finland.

• Integration of Team Olivia built a stronger platform for profitable growth in home care, disabled care, and individual and family care, strengthening the position in specialized care.

• Continued strong performance in Finland and successful integration of acquisitions in Scandinavia, with significant profit improvement in Finnish operations.

• Board proposes a dividend of SEK 1.20 per share for 2024 and continued share buybacks.

Financial highlights

• Net sales for 2024 increased by 9.8% to SEK 18,980m, with Q4 net sales at SEK 4,878m, up 10% year-over-year.

• Lease-adjusted EBITDA/EBITA for the year was SEK 1,024m, with Q4 lease-adjusted EBITDA/EBITA up 87% year-over-year to SEK 254m.

• Adjusted EPS for 2024 reached SEK 4.08, surpassing the SEK 4 target, with Q4 adjusted EPS at SEK 0.97.

• Free cash flow for 2024 was SEK 732m, with Q4 free cash flow at SEK 422m.

• Lease-adjusted EBITA margin (R12) improved to 5.4%, up from 4.3% in Q4 2023.

Outlook and guidance

• Demographic trends, including a projected 30% increase in the elderly population over five years, support strong growth in elderly care and specialized care needs.

• Expect higher demand for home care services and specialized care due to societal trends and regulatory changes.

• Operational efficiency, occupancy growth, and leveraging completed integrations are key focus areas for 2025.

• Price negotiations in Finland indicate stable and flat price versus cost development for 2025.

• Clear value-creation path with ambitious targets for 2025–2026.