Slide 1: Year End Presentation
Year End Presentation Martin Tivéus CEO / Mikael Malmgren CFO 5 February 2026
Slide 2: Q4 2025 highlights
Q4 2025 highlights Strong quarter with clear improvement in Net sales and EBITA1 (SEKm) Q4 2024 Q4 2025 Scandinavia -2% +118 4,878 4,796 343 • Stable quality - high satisfaction scores in all target groups, relatives 225 satisfaction (rNPS) at all time high • Net Sales SEK 4.8bn (-2%): Underlying gr
Slide 3: Quality: stable high satisfaction, relatives satisfaction at all time high
Quality Stable high satisfaction, relatives satisfaction at all time high Q4 2025 Customer Satisfaction, cNPS Relatives Satisfaction, rNPS Q2 2025 +3 +7 Q4 2024 49 48 51 45 44 Scale -100 to 100 Scale -100 to 100 Employee Satisfaction, eNPS Payor Satisfaction, pSAT1 23 23 4/5 4/5 21 Scale -100 to 100
Slide 4: Occupancy development
Occupancy development Occupancy improving further with more sold beds Occupancy in all homes1, % Total Attendo Scandinavia Attendo Finland 92 90 88 88 87 86 86 86 86 86 86 86 86 86 85 85 85 85 84 84 84 84 83 83 82 81 80 78 76 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 20
Slide 5: Margin and net sales development
Margin and net sales development Margin uplift; improvement in both Finland and Scandinavia 1;2 Net sales R12, SEK Billion Attendo lease adjusted EBITA %, R12M Net sales Scandinavia Net sales Finland Lease Adj EBITA R12, % 20 19.0 19.3 19.2 19.1 19.0 8.0 18.1 18.5 7.5 17.3 17.6 16.7 6.7 7.0 15.8 6.2
Slide 6: Sales development
Sales development Underlying growth in both BA’s offset by ended contracts, exits and fx headwind Net sales; SEK million -2% 4,878 110 4,796 -163 65 44 -138 254 91 -53 4,624 4,705 Q4 2024 AS - organic AF - organic Acquisitions Currency Q4 2025 Ended and ending contracts AS Attendo core operations AS
Slide 7: EBITA development
EBITA1 development Strong improvement in both BA:s EBITA1; SEK million +100 -7 -13 494 -12 -5 97 -17 394 40 151 169 +53% 343 225 IFRS16 effect Lease adjusted Q4 2024 AS - lease AF - lease Other IFRS16 Currency Q4 2025 adjusted adjusted effect 1 Excluding items affecting comparability 7
Slide 8: Attendo Finland Q4 2025
Attendo Finland Q4 2025 Continued positive development Underlying net sales growth of 3.6 percent (excluding exits MSEK % and fx effects) driven by more sold beds in nursing homes 400 10 8 300 270 Continued positive trajectory 201 6 200 • Strong occupancy development 4 98 • Lower personnel costs mai
Slide 9: Attendo Scandinavia Q4 2025
Attendo Scandinavia Q4 2025 Clear improvement Underlying net sales growth of 8.3% MSEK % • More sold beds in own nursing homes 200 7 6 • Ended outsourcing and exiting home care contracts more than 150 5 offset underlying growth 4 100 96 69 3 61 2 Clear improvement in earnings 50 1 • Continued positi
Slide 10: Scandinavia deep dive
Scandinavia deep dive: Underlying (core) operations show solid growth and profitability improvement MSEK Net Sales Lease adjusted EBITA EBITA margin, % 1,909 98 5.1% 1,763 146 +8.3% 49 +102.3% 2.4% 48 2.7% Core operations1 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 254 8 3.1% Ended/ending1 cont
Slide 11: Attendo growth: stronger project pipeline
Attendo growth Stronger project pipeline to meet expected increase in demand Number of beds in pipeline projects1 Attendo Finland Attendo Scandinavia Signed projects, construction not started 1,252 1,057 1,044 451 782 760 524 599 218 608 571 571 576 454 592 449 461 433 433 228 228 241 132 386 399 84
Slide 12: Strong cash flow – updated table
Strong cash flow – updated table SEKm Q4 2025 Q4 2024 R12 1 Operating profit (EBITDA) 995 868 3,822 Rent payment excluded in IFRS16, where of; - Interest expense for lease liabilities of real estate -167 -171 -680 - Amortization of lease liabilities -409 -404 -1,613 Paid tax & non cash items 47 3 -9
Slide 13: Utilization of free cash flow in line with active capital allocation strategy
Utilization of free cash flow in line with active capital allocation strategy Q4 2025 R12, MSEK 1,179 -138 1,041 -179 -453 364 -138 93 Free cash Interest paid Free cash flow Dividends Repurchase of Acquisitions Fx, other Effect on net debt flow to firm excl. paid interest own shares etc. 13
Slide 14: Key financial metrics on right track and improving
Key financial metrics on right track and improving EPS bridge; Q4 2025 vs Q4 2024; SEK Lease adjusted EBITA margin1 R12, % Adjusted EPS Q4 2024 0.97 6.7% 7.0 6.5 6.2% Changes in lease adjusted EBITA 0.68 5.8% 6.0 5.7% 5.4% Changes in financial items 0.13 5.5 5.0 Changes in income tax -0.18 4.5 4.0 C
Slide 15: Summary of 2025
Summary of 2025 Ready to meet increasing needs • High and stable stakeholder satisfaction, relatives satisfaction at all time high • Focus on core operations: Exited/exiting several non-core contracts and improved geographical footprint • Continued positive trajectory in Finland • Clear margin uplif
Slide 16: Financial targets 2026-2028 and growth model
Financial targets 2026-2028 and growth model 16
Slide 17: 12 consecutive quarters of steady EPS growth
With our new balanced growth model, we have delivered 12 consecutive quarters of steady EPS growth. Adjusted EPS, R12, SEK 6.5 Phase 1; 2021-2023 : EPS > SEK 3.00 Phase 2; financial target 2024-2026 : EPS > SEK 5.50 6.15 6.0 5.43 6.03 5.5 4.79 4.94 5.0 5.34 4.5 4.08 4.63 4.81 4.0 3.5 3.02 3.65 3.0 3
Slide 18: We are now entering the next phase of our transformation
We are now entering the next phase of our transformation Finalising the turn-around 2026-2028 Recover from Covid and new regulation in Finland 2024-2026 NEW Target Adj EPS*/** > SEK 9 ▪ Strong underlying demand growth given demographics in Nordics 2021-2023 ✓ Adj. EPS* > SEK 6 ▪ Focus on driving bal
Slide 19: Our growth model is our foundation, supporting annual EBITA growth of >10%
Our growth model is our foundation, supporting annual EBITA growth of >10% Value drivers New capacity: expansion via new own homes 2-3% (net new beds adding average +2-3% of growth p.a.) Balanced organic growth, M&A: margin accretive bolt-on acquisitions in key 2% supported by bolt-on segments M&A.
Slide 20: Attendo target earnings growth towards adj. EPS of >SEK 9 2028
Attendo target earnings growth towards adj. EPS of >SEK 9 2028 Indicative & illustrative adjusted earnings per share 2023-2028, SEK 1 ~50% Further restore margins in Scandinavia via 3 > 9.0 improved manning, exiting unprofitable contracts and support function OH 2 adjustments 1 6.0 2 Continue profit
Slide 21: Attendo financial targets 2026-2028
Attendo financial targets 2026-2028 Adjusted EPS > SEK 9.0 (based on organic and inorganic growth, and other capital allocation measures) Financial leverage 1.5-2.5x (Net debt / adj. EBITDA) (Leverage can temporarily exceed 2.5x e.g., in relation to an acquisition) Aim to distribute dividend of 30%
Slide 22: Attendo's Capital Markets Day 2026
Attendo’s Capital Markets Day 2026 Attendo´s digital Capital Markets Day 17 March 2026 13:30-16:00 pm (CET) Welcome! 22
Slide 23: Q&A
Q&A 23
Slide 24: Slide 24