Attendo (ATT) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 and full-year 2025 results, with positive momentum in both Finland and Scandinavia, driven by higher occupancy, improved staffing, and operational focus.

• Achieved all-time high stakeholder satisfaction, including record-high relative satisfaction among customers, relatives, and employees.

• Exceeded the 2026 adjusted EPS target ahead of schedule, prompting an updated financial target of at least SEK 9 by 2028.

• Focused on core operations by exiting non-core contracts and improving geographical footprint.

• Financial position supports increased investments in capacity, with 800 beds under construction.

Financial highlights

• Net sales for 2025 were SEK 18,991m, a 0.1% increase year-over-year; Q4 net sales were SEK 4.8bn, down 2% year-over-year, but underlying sales grew 5% after adjusting for contract changes, divestments, and FX.

• Lease-adjusted EBITA/EBITDA for Q4 rose 53% to SEK 343m (225m in Q4 2024), the strongest Q4 to date.

• Adjusted EPS for 2025 reached SEK 6.03, up ~50% year-over-year and surpassing the 2026 target.

• Free cash flow to firm improved to SEK 1,179m on a rolling 12-month basis; Q4 free cash flow was SEK 482m.

• Board proposes a dividend of SEK 1.80 per share and continued share buybacks.

Outlook and guidance

• Updated financial target: lease-adjusted EPS of at least SEK 9 per share by 2028, after surpassing the 2026 target ahead of schedule.

• Plan to open 85-90% of 1,250 beds in the pipeline within two years, with 2-3% net new capacity growth annually.

• Focus on balanced, asset-light organic growth, supported by selective bolt-on M&A.

• Ongoing share buybacks and dividend policy to continue, supported by strong cash flow.

• No formal forecasts published.