Slide 1: Fourth Quarter 2025 Presentation
Fourth Quarter 2025 Presentation Mark Jensen Benno Eliasson CEO CFO
Slide 2: This is Ambea
This is Ambea The leading care provider in the Nordics Net sales (R12), MSEK Ambea 16 039 Nytida 4 598 Vardaga 5 454 Stendi 3 288 8% Validia 1 173 * 1% Altiden 1 331 28% 10% Klara 387 Adj. EBITA and adj. EBITA margin (R12), MSEK 4 193 MSEK Ambea 1 535 9,6% 20% net sales in Q4 Nytida 583 12,7% Vardag
Slide 3: Highlights of Q4 2025
Highlights of Q4 2025 Significant investments in future growth • Net sales increased by 15 per cent, driven by 13 per cent acquired growth and solid organic growth. • Increased capacity and organic pipeline build-up in Vardaga och Nytida. • Validia entered child welfare services through two acquisit
Slide 4: Future organic growth
Future organic growth Investing in growth to meet rising care demand Additions to the pipeline • Vardaga signed two contracts with a total of 150 care places, Own management pipeline both nursing homes located in the Stockholm area. • Nytida signed contracts for three new assisted living facilities
Slide 5: Acquired growth
Acquired growth High level of activity • Through two strategic acquisitions during the quarter Validia expanded and entered the child welfare services, which is a new sub-segment in Valida, Finland. Acquired annual net sales per business area and year*, MSEK • The acquisitions in Validia includes re
Slide 6: Revenue growth
Revenue growth Growth above target driven by strong acquired growth 16,2% 15,7% 15,3% 13,1% 13,2% 12,8% 5,7% 7,7% 6,0% 6,3% 6,6% 4,6% 1,5% 1,9% 7,7% 7,6% 7,2% 5,9% 5,3% 4,9% 4,2% 3,5% 4,0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 2023 2024 Q3 Q1 Q2 2025 Q4 Q4 2023 Organic growth Acquired/divested growth Curren
Slide 7: Quality and sustainability
Quality and sustainability Sustainable care through engagement, competence and long-term skills supply eNPS: Overall care receiver satisfaction Vardaga 81% (80%) Altiden 84% (91%) Nytida 87% (89%) Validia 90% (--) +26 (2024: +25) Validia strengthens its skills supply through collaboration with educa
Slide 8: Leadership – a prerequisite for growth
Leadership – a prerequisite for growth Building leadership capacity to scale care • Shared Nordic framework for leadership development. • Leadership program “Leader Impact” for managers in operations. • Building capabilities for future growth in a new program “Next Horizon” co-developed with Stockho
Slide 9: The Good Day is renewed and improved
The Good Day is renewed and improved A scalable elderly care offering that strengthen quality, consistency and compliance Extensively updated concept Launch event for all ~600 Web-based education for all and way of working operational managers at Vardaga employees now launched
Slide 10: Financial summary
Financial summary Benno Eliasson CFO 10
Slide 11: Net sales
Net sales Growth driven by Validia with strong contributions from Vardaga and Nytida +6% +7% -1% 0% -8% 410 1 4 193 -9 -2 96 70 - 10 3 637 Net sales Nytida Vardaga Stendi Validia Altiden Klara Elim. Net sales Q4 2024 Q4 2025 Net sales growth per business area 11
Slide 12: Adjusted EBITA
Adjusted EBITA Earnings in line with last year 9,5% +1,3pp -1,0pp -6,5pp +0,3pp +2,0pp 8,3% 23 344 32 1 1 5 347 -5 - 54 EBITA Nytida Vardaga Stendi Validia Altiden Klara Other Adj. EBITA Q4 2024 Q4 2025 Total EBITA margin and margin development per business area 12
Slide 13: Operating cash flow
Operating cash flow Increased operating cash flow 100,3% 100,2% 97,9% 95,9% 94,9% 95,6% 91,6% 89,8% 91,1% 1 040 876 743 408 686 605 355 610 580 527 341 425 404 344 353 401 356 632 521 360 402 236 252 282 171 209 65 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Operating cash flow, excl. growth CAPEX & I
Slide 14: Free cash flow R12 excl. IFRS16
Free cash flow R12 excl. IFRS16 Higher free cash flow generation 1 311 - 17 - 123 - 109 5 824 - 237 -6 EBITDA ex. IFRS 16 Other Non cash CapEx Interest excl. IFRS Tax ΔNWC Other Free cash flow 14
Slide 15: Utilization of free cash flow R12
Utilization of free cash flow R12 The strategic acquisition of Validia is reflected in acquisitions and net debt 824 - 185 -1 268 - 485 -2 -1 116 Free cash flow Dividend Acquisitions Share buyback FX & other Change in net debt 15
Slide 16: Strong development in EPS & DPS
Strong development in EPS & DPS Consistent dividend payout in line with our policy 33%* 7,92 23%* 7,20 5,07 3,89 2,51 2,65 2,20 1,25 1,50 1,15 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 DPS (Dividend Per Share), SEK EPS (Earnings Per Share), SEK *CAGR, % 2021 – 2025 16
Slide 17: Business overview
Business overview Benno Eliasson CFO 17
Slide 18: Strong earnings improvement
Strong earnings improvement • Net sales increased by 6 per cent, driven by MSEK Q4 2025 Q4 2024 Change, % acquisitions and start-up units. Net sales 1 178 1 108 6% • EBITA increased by 19 per cent and amounted to 144 EBITA EBITA, % 144 12,2% 121 10,9% 19% 1,3pp (121) MSEK. Own management, % 81% 81%
Slide 19: New nursing homes and good growth
New nursing homes and good growth • Net sales increased by 7 per cent, driven by higher MSEK Q4 2025 Q4 2024 Change, % occupancy in new and existing units, supported by the Net sales 1 402 1 306 7% AvAsta acquisition. EBITA 117 122 -4% EBITA, % 8,3% 9,3% -1,0pp • Sales in own management increased by
Slide 20: Weaker underlying earnings
Weaker underlying earnings • Net sales decreased by 1 per cent. In local currency, MSEK Q4 2025 Q4 2024 Change, % net sales increased by 4 per cent Net sales 824 834 -1% • EBITA amounted to 39 (93) MSEK and EBITA margin EBITA EBITA, % 4,7% 39 11,2% 93 -58% -6,5pp declined to 4,7 (11,2) per cent. Own
Slide 21: Focus on growth
Focus on growth • Validia reported its third quarter as part of Ambea, with MSEK Q4 2025 Q4 2024 Change, % continued solid performance. Net sales 410 - - • Net sales amounted to 410 MSEK. EBITA EBITA, % 7,8% 32 - - - - • EBITA amounted to 32 MSEK and EBITA margin Own management, % 100% - - reached 7
Slide 22: Stable and positive performance
Stable and positive performance • Net sales amounted to 330 (329) MSEK. In local MSEK Q4 2025 Q4 2024 Change, % currency, net sales increased by 6 per cent driven by Net sales 330 329 0% higher occupancy in both elderly and social care. EBITA 11 10 10% EBITA, % 3,3% 3,0% 0,3pp • Sales in own managem
Slide 23: Good margin performance
Good margin performance • Net sales decreased by 8 per cent to 97 (106) MSEK, MSEK Q4 2025 Q4 2024 Change, % mainly due to lower demand across several of Klara’s Net sales 97 106 -8% services. EBITA 12 11 9% EBITA, % 12,4% 10,4% 2,0pp • EBITA amounted to 12 (11) MSEK. EBITA margin increased to 12,4
Slide 24: Concluding remarks
Concluding remarks Mark Jensen CEO 24
Slide 25: Our financial targets
Our financial targets Continued delivery on all financial targets Growth FINANCIAL TARGET: Profitability Leverage FINANCIAL TARGET: FINANCIAL TARGET: 8-10% ANNUAL GROWTH <3.25X NET DEBT / ADJ. 9,5% ADJ. EBITA MARGIN EBITDA (EXCL. IFRS 16) 16 039 9,9% 3 545 9,7% 9,8% 9,6% 9%* 9,6% 3 389 9,4% 14 195 3
Slide 26: Looking ahead
Looking ahead Focus on growth and strengthened market position • Investments in our operational structure enable strong growth and market share gains supporting the need for more care places. • Higher pace in openings. Industry leading and increasing pipeline of new care units in all countries. • St
Slide 27: Invest in the leading competency-based care company in the Nordics
Q&A Invest in the leading competency- based care company in the Nordics • Growing need • Strong market position • High quality and competence • Substantial growth • Balanced risk • Attractive capital allocation 27
Slide 28: We make the world a better place, one person at a time
We make the world a better place, one person at a time ambea.com 28