Business
Ambea : interim report Q1 2026
Ambea : interim report Q1
About this update from Ambea Ab
January-March Interim report Q1 2026 Ambea AB (publ) Corp. Reg. No. 556468-4354 Introduction New care places and stronger earnings SEK million 2026 Jan-Mar 2025 Jan-Mar ∆% RTM 2025 Jan-Dec Net sales 4,220 3,644 16 16,615 16,039 Adjusted EBITA* 380 307 24 1,608 1,535 Operating margin, adjusted EBITA (%)* 9.0 8.4 9.7 9.6 EBITA* 380 277 37 1,558 1,455 Operating margin, EBITA (%)* 9.0 7.6 9.4 9.1 Operating profit, EBIT 356 264 35 1,471 1,379 Operating margin, EBIT (%)* 8.4 7.2 8.9 8.6 Profit for the period 165 116 42 714 665 Earnings per share before dilution, SEK 2.03 1.39 46 8.58 7.95 Earnings per share afler dilution, SEK 2.02 1.39 45 8.56 7.92 Cash conversion (%)* 57.5 70.0 91.5 95.9 Free cash flow* 199 262 -24 1,989 2,052 Consolidated key figures First quarter January-March Net sales rose 16 per cent to SEK 4,220 million (3,644). Organic growth was 4 per cent, acquired growth was 13 per cent, and the currency effect was −1 per cent. Adjusted EBITA, which excludes items affecting comparability, amounted to SEK 380 million (307), representing a margin of 9.0 per cent (8.4). EBITA amounted to SEK 380 million (277), representing a margin of 9.0 per cent (7.6). The previous year included an expense for items affecting comparability of SEK 30 million for transaction costs in connection with the acquisition of Validia. Operating profit (EBIT) totalled SEK 356 million (264). Earnings per share amounted to SEK 2.03 (1.39) before dilution and SEK 2.02 (1.39) afler dilution. Significant events Validia acquired Sauma Lastensuojelupalvelut Oy. The acquisition pertained to operations providing child welfare services for children and youth in Finland and generated revenue of SEK 118 million in 2024. The acquisition was completed on 31 January 2026. Ambea signed contracts for the establishment of five new nursing homes, three in Vardaga and two in Altiden, with planned openings from 2028. Ambea completed a share buyback programme to repurchase 2 million of its own shares. *Alternative performance measures. For reconciliation of financial statements to IFRS, see Note 8. For purpose and definition, see https://ambea.com/investor-relations/reports/key-financial-figures-definitions/ Contents Introduction 2 Quality and sustainability 4 Reporting 7 Group 7 Nytida 9 Vardaga 10 Stendi 11 Validia 12 Altiden 13 Klara and Lära 14 Group financial statements 18 Parent Company financial statements 22 Notes 24 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 2 CEO statement: New care places and stronger earnings We continue to report extensive investments in quality, capacity and skills with the aim of securing and developing tomorrow's care services. T he Nordic social contract is based on society providing citizens with the necessary welfare services when needed. The need for such services will increase significantly in the coming years, particularly for elderly care, but also for more diversified social care. If society is to achieve this, all actors with the skills and means to meet these care needs will have to contribute more. Ambea develops care in the Nordics At Ambea, we have been helping society for a long time capital allocation with continued acquisitions as our primary focus. Increasingly strong foundations for continued development We have more than 1,050 workplaces in the Nordics where we provide care services. The close and clear leadership we provide throughout the organisation builds quality. We continued developing our operations in the quarter and these efforts are delivering clear results, as is to meet today's needs as well as those that lie ahead. We are the fastest growing care provider in the Nordics, we have the largest pipeline of new care places and contribute wherever we are welcomed. Our aim is to ensure that people who need care get that care. Ambea's extensive network enables us to provide training across municipalities and countries, and we advocate for stronger political commitment to reform similar to what we are seeing in elderly care in Denmark. In the first quarter of the year, we continue to report extensive investments in quality, capacity and skills with the aim of securing and developing tomorrow's care. Rapid establishment as needs expand We continue to expand Vardaga and have signed contracts for three new nursing homes with a total of 240 care places in the Stockholm region. In addition, we opened three nursing homes with a total of 176 care places in the first quarter. Most of the five nursing homes opened in the past six months reported better than expected occupancy, which is reflected in the strong first-quarter earnings. Nytida continues its growth and we signed rental contracts for four new LSS homes with a total of 24 care places in the quarter. In parallel, previous acquisitions have been successfully integrated. This, in combination with a slight increase in occupancy and continuous operational improvements, has positively impacted earnings. A favourable occupancy trend for Altiden, continued improvements in operations and increased utilisation of Ambea's structural capital have combined in a positive earnings trend. In addition, Denmark's new Elderly Care Reform Act from summer 2025 has vastly improved prerequisites for us to establish new nursing homes under own management. Our intensive work on new projects resulted in a breakthrough in the quarter with rental contracts signed for two new nursing homes with a total of 184 care places, scheduled to open 2028-2029. The reform of elderly care in Denmark comprises an outstanding example of political action that can inspire other countries in the Nordics. In Validia, we completed an acquisition in child welfare services for children and youth and are currently integrating these operations. The acquisition also included two planned openings of new care units during the year. Work is also progressing with the two establishments con- tracted in 2025 with opening scheduled for this year. Four quarters on following Validia's acquisition, we can look back on a year with healthy earnings, new projects for the future and where integration was well-executed. We are very pleased with the development of the operations in Finland. In Stendi, social care for children and youth continues to develop positively, at the same time as care services for adults require further adjustment. Our efforts here remain focused on larger care units with higher capacity and improved operational efficiency, in pace with the concurrent phase-out of smaller units and implementation of operational improvements. These efforts are expected to gradually generate improved earnings in Norway in the second half of 2026. Active capital allocation - acquisitions and share buybacks We bought back two million shares in the quarter and the Board of Directors has proposed cancellation in full of all repurchased shares to the Annual General Meeting. Once again, we have delivered in line with our financial targets and have a leverage level that permits active reflected when Ambea's annual Quality Award was presented and in a stable Leadership Index in the employee survey. At the same time, we have begun implementation of Vardaga's updated elderly care concept nationwide and launched our new leadership training courses, which have been well-received in the organisation. We're ready to do more We are strengthening the capacity and quality of Nordic care. In this time with expanding needs, we are competitive and can do more to meet our customers' growing needs for professional care. Our clear concepts, our focus on care receivers and our dedicated employees will help society's resources go further and provide more care where it is needed. We believe in the importance of safeguarding our Nordic social contract, and we will continue our active and purposeful effort to achieve this. Mark Jensen, President and CEO Ambea Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 3 Quality and sustainability Quality and sustainability that create quality of life Our mission is to create enough safe and sustainable care for all. To achieve this, we have established a robust quality management system that permeates all areas of our operations. Our approach to quality management is based on our vision, our values and the skills of our employees. We also have clear systems and procedures to support this approach. The aim is that it should be easy for employees to do the right thing, and to spend their time on the right things - care that creates quality of life and value. We use a Quality Index to monitor our care units on a monthly basis. The index consists of eight selected quality and HR metrics that show us the status of each unit, and allow us to monitor our operations systematically. Sustainable care E For sustainability issues, we work with an Environmental, Social and Governance (ESG) framework that encompasses all of our sustainability practices and performance. Pursuant to the new EU requirements, we published our Annual Report 2025 together with a Sustainability Report, which provides clearer structure and increased transparency for our operations' sustainability agenda and reporting. We are working actively to achieve climate-smart care. This means that we are working to reduce the carbon footprint of our food, consumables, premises and transportation. Our climate targets have been approved by the Science Based Targets initiative (SBTi). The approved near-term targets entail Ambea's commitment to reducing its GHG emissions in its own operations (Scope 1 and 2) by 58.8 per cent by 2034 and to reducing emissions in the value chain (Scope 3) by 63.8 per cent per million SEK of value added over the same period, compared with 2024 levels. S Social sustainability is ingrained in our DNA. In this area, we are focused on quality, leadership, health G and safety, diversity and inclusion, and on spreading knowledge and developing the skills of our own and the sector's employees. Our operations are characterised by robust control, transparency and trust, based on compliance with internal and external regulations and procedures. We participate in public debate with our knowledge and use our size to influence society and our sector. By working actively with quality and sustainability, we are contributing to social development and helping to future-proof care. Our Sustainability Report pursuant to the new EU requirements marks an important advance in showcasing the quality of our governance. We are proud of employees' contributions and the positive outcomes. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 4 Altiden Casa Blanca received the award for its outstanding quality management, which was characterised by close leadership, a high level of competence and a clear shared direction. Quality Award showcases good examples across the Group Each year, Ambea's Quality Award is presented to an operational unit in each business area that has distinguished itself through systematic and long-term quality management. Quality Award winners in 2025 are Vardaga Villa Dalénum, Nytida Staf-fanstorp's day activity centre, Altiden Casa Blanca, Stendi Elvetun and MONA®, Validia. "The Quality Award showcases good examples that inspire the entire Group. Quality encompasses both daily and systematic work where we follow up, learn and constantly improve," says Erika Enestad, Head of Quality and Sustainability at Ambea. Lower climate impact with sustainable meals Leadership that inspires engagement and quality The first Leadership Index score for the year was on a par with previous measurements at 77 out of 100, signalling stable and active leadership. Even so, we continue investing in leadership development to strengthen both our current and our future leaders. Our leaders have started new leadership prog- rammes in the quarter at different levels of the organisation, which aim to strengthen leadership, develop collaboration and clarify a shared direction across the Group. We use our regular pulse surveys to monitor the LEADERSHIP 77 INDEX Leadership Index and employees' perceptions of their line managers. The scores provide concrete feedback to managers and support further improvement efforts with their teams. Our clear focus on leadership helps create the preconditions for committed employees and a continued high quality of care. Food has an important role to play in reducing our carbon footprint. At Vardaga, work is conducted on two central tracks: reduced food waste and sustainable meals. "Systematically measuring food waste and how we serve the food enables us to reduce waste in daily operations," says Susan Naderifar, Food Manager at Vardaga. Recipes are also adapted with the aim of reducing food's carbon footprint, which includes less red meat by replacing some of it with chicken or plant-based alternatives. This is achieved with no compromises whatsoever in terms of taste or nutrition. "Care receivers' needs always come first. Good meals have a key role here and can both prevent ill health and boost well-being," says Susan. Investing in skills strengthens quality and empowerment In February, Validia gathered some 250 managers and employees in a joint initiative focused on leadership, operational development and care receivers' right to self-determination. The initiative is part of ongoing efforts to strengthen quality and ensure each individual's ability to influence their daily lives and the services they receive. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 5 Ambea's KPIs for quality and social sustainability Target Outcome Q1 2026 Outcome Q1 2025 Comments Ambea's Quality Index An aggregated score of eight quality and HR KPIs. Scale of 1-10 >7.50 7.71 7.58 Year-on-year, Ambea's Quality Index rose to 7.71 from 7.58, where all business areas delivered stable results for the quarter. The score for the quarter is a weighted average for all business areas, where the improvement was mainly due to an increase in the Improvement Index for Validia and Altiden. Report breakdown for Ambea's Quality Index 1 Perceived care Care receivers' view of our care and operations. Scale of 1-100 >87.5% 86% 89% The score is based on the most recent customer surveys in all business areas. National surveys are conducted in Sweden and in other countries, separate surveys are performed. The score was down slightly on the previous quarter's score of 89% and comprises a weighted average for all business areas. All operational units apply a structured approach to the identification and implementation of improvement activities. 2 Employee satisfaction Employee surveys are performed on a regular basis during the year to measure satisfaction and engagement. Scale of 0-100 >75 73 73 All business areas apply a structured approach to the identification of targets and focus areas, both at central and at local levels, in combination with active and continuous improvements in each individual unit. The survey is conducted six times per year. The index remains on a par with the previous survey at the same high level. 3 Leadership Index The employees' view of leadership at Ambea. Scale of 0-100 >80 77 78 The survey is performed twice annually via an in-depth questionnaire where employees assess their line manager based on Am-bea's prioritised leadership qualities. The Leadership Index, which comprises the average of all responses, has risen compared with the previous survey. 4 Recommendation of Ambea Whether the employee would recommend Ambea as an employer. eNPS scale -100 - +100 >+20 +26* +25* The survey is conducted twice annually. No survey was conducted in Q1. The most recent score available is from Q4 2025 (+26). 5 Internal control Control and follow-up of compliance in the operations with the quality management system. Scale of 0-2 >1.85 1,87* 1,86* The scores are based on the self-assessments conducted by all operational units in all business areas. The survey is conducted twice per year, in all business areas, and the most recent was performed in the fourth quarter of 2025. The score was an improvement, both on the target and on the same quarter last year, and represents a weighted average for all business areas. 6 Improvement Index Improvement measures implemented and documented in operations. Scale of 0-10 >7.50 8.13 7.73 The Improvement Index - which reflects the extent to which identified improvements are being implemented - rose year-on-year. The score for the quarter is a weighted average for all business areas. It is mainly Validia and Altiden that have raised the scores in their indices through structured work. * Outcome is unchanged compared with the preceding quarter since no new survey was conducted during the quarter. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 6 Reporting Group First quarter Net sales Net sales rose 16 per cent to SEK 4,220 million (3,644). Organic growth was 4 per cent, acquired growth was 13 per cent, and the currency effect was −1 per cent. Net sales in own management rose 20 per cent to SEK 3,450 million (2,878). The growth was largely due to the acquired business area Validia in Finland. Other contributory factors included increased occupancy in Vardaga and completed acquisitions in Nytida. Net sales in contract management amounted to SEK 730 million (713). The increased sales primarily pertained to newly started contracts in Nytida. Net sales in competence and staffing solutions amounted to SEK 40 million (53). The decrease was attributable to challenges related to demand for services in Klara. Earnings Adjusted EBITA rose 24 per cent to SEK 380 million (307). The earnings increase was driven mainly by the acquired business area Validia as well as by bolt-on acquisitions in Nytida and Vardaga in combination with higher occupancy for Nytida, Vardaga and Altiden. These effects were offset by lower occupancy in Stendi. The adjusted EBITA margin was 9.0 per cent (8.4). EBITA increased 37 per cent to SEK 380 million (277). The previous year included an expense for items affecting comparability of SEK 30 million for transaction costs in connection with the acquisition of Validia. The EBITA margin was 9.0 per cent (7.6). EBIT rose 35 per cent to SEK 356 million (264), representing a margin of 8.4 per cent (7.2). Net financial items Net financial items for the period amounted to SEK -143 million (-115). Of this amount, SEK -93 million (-81) pertained to interest on lease liabilities, SEK -41 million (-30) to interest and financial expenses/income, and SEK -9 million (-4) to exchange rate fluctuations. Income tax Tax expense for the period was SEK -48 million (-33), corresponding to an effective tax rate of 23 per cent (22). Profit Profit for the period totalled SEK 165 million (116), corresponding to earnings per share of SEK 2.03 (1.39) before dilution and SEK 2.02 (1.39) afler dilution. Cash flow Free cash flow for the period totalled SEK 199 million (262). Free cash flow, excluding IFRS 16 effects, amounted to SEK -127 million (-16). The fall in cash flow arose mainly from normal variations in working capital at the beginning and end of the period. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 7 SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec EBITDA * 758 607 3,035 2,884 Adjustment for non-cash items -6 -10 -13 -17 Change in working capital -297 -128 -166 3 Cash flow from investments in fixed assets 1 -35 -44 -108 -117 Operating cash flow, including investments to increase capacity * 420 425 2,748 2,753 Net interest paid -142 -118 -488 -464 Tax paid -79 -45 -271 -237 Free cash flow * 199 262 1,989 2,052 Acquisitions of subsidiaries and investment in financial instruments -45 -1 -1,318 -1,274 Cash flow from financing activities -113 -266 -519 -672 Cash flow for the period 41 -5 152 106 1) of which sales of fixed assets 6 0 28 22 Operating cash flow, excluding IFRS 16 effects * 1 67 1,103 1,169 Free cash flow, excluding IFRS 16 effects * -127 -16 713 824 Cash flow Net sales by segment E 8% D 10% F 1% A 28% C 19% B 34% January-March 2026 A B C D E F Nytida Vardaga Stendi Validia Altiden Klara Financial position Excl. IFRS 16 effects Incl. IFRS 16 effects Net sales per contract model January-March 2026 SEK million 2026 31 Mar 2025 31 Mar 2025 31 Dec Net interest-bearing debt * 3,688 2,313 3,214 Rolling 12 months adjusted EBITDA * 1,453 1,265 1,391 Net debt/Rolling 12-months adjusted EBITDA* 2.5 1.8 2.3 2026 31 Mar 2025 31 Mar 2025 31 Dec 13,182 11,177 12,510 3,085 2,689 2,964 4.3 4.2 4.2 A B C B 18% C 1% A 81% Own management Contract management Staffing *Alternative performance measures. For reconciliation of financial statements to IFRS, purpose and definitions see ambea.com/investor-relations/reports/key-financial-figures-definitions/ Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 8 168 Number of care places opened under own management (RTM), where 112 arose from acquisitions and 56 from newly opened units. EBITA margin RTM % 18 16 14 13.6 13.3 13.2 12.7 12.3 12.0 12.4 12.7 12.9 12 10 8 Q1 Q2 Q3 Q4 Q1 Q2 2025 Q3 Q4 2024 Q1 2026 * Alternative performance measures. Interim report Q1 2026 | 9 Strong earnings improvement continues Nytida provides support and care for children, youth and adults with lifelong disabilities and psychosocial problems. Nytida offers residential facilities, daily activity units, support for individuals and families, and schools for more than 5,000 care receivers in around 490 units across Sweden. Using proven models and in-depth knowledge, our employees help to strengthen the ability of individuals to live an independent life. The quarter Nytida continued to deliver a quarter with strong performance in terms of both occupancy and earnings. Contracts were signed for four new care units with a total of 24 care places in the quarter. In conjunction with the above, a care unit with six care places was closed. Net sales rose 5 per cent year-on-year to SEK 1,181 million (1,122). Net sales in own management amounted to SEK 955 million (911), up 5 per cent. The growth was driven by acquired and start-up units. Net sales in contract management amounted to SEK 226 million (211). The increase was linked to the positive net effect between start-up and terminated management contracts. SEK million 2026 Jan-Mar 2025 Jan-Mar ∆% RTM 2025 Jan-Dec Net sales 1,181 1,122 5 4,657 4,598 EBITA* 135 118 14 600 583 Operating margin, EBITA (%)* 11.4 10.5 12.9 12.7 EBITA rose 14 per cent to SEK 135 million (118). This positive trend was attributable to previously completed acquisitions in combination with improved occupancy, particularly for start-up units. The EBITA margin was 11.4 per cent (10.5). Ambea AB (publ) Corp. Reg. No. 556468-4354 240 Number of newly signed care places under own management in the quarter. EBITA margin RTM % 14 12 10.4 10.6 10.9 11.0 11.0 11.0 11.1 11.0 11.1 10 A B 9.7 9.7 9.7 9.8 9.5 9.6 8 8.1 8.6 9.2 6 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 Mature units** 2025 Q1 2026 **Mature units do not include nursing homes under own management that were opened afler Q1 2024, or nursing homes that are not yet open. Total Vardaga * Alternative performance measures. Interim report Q1 2026 | 10 High establishment and strong earnings At Vardaga's over 110 nursing homes across Sweden, we offer elderly care where every day matters. We provide around 8,000 care receivers with expertise and safety in our nursing homes, and in home care. Our employees work to ensure quality of life and a sense of security for each individual. The quarter Vardaga continued its high pace of establishment and strong performance in new contract signings for nursing homes. Three new contracts were signed during the quarter for a total of 240 care places in the Stockholm area. In parallel, three new nursing homes were opened with a total of 176 care places. Net sales rose 8 per cent year-on-year to SEK 1,423 million (1,313). Net sales in own management amounted to SEK 997 million (898), up 11 per cent. The increase was due to higher occupancy in new nursing homes as well as previously completed acquisitions. A B Net sales in contract management amounted to SEK 426 million (415), up 3 per cent. The increase was mainly attributable to agreed price indexations for existing contracts. SEK million 2026 Jan-Mar 2025 Jan-Mar ∆% RTM 2025 Jan-Dec Net sales 1,423 1,313 8 5,564 5,454 EBITA* 125 111 13 534 520 Operating margin, EBITA (%)* 8.8 8.5 9.6 9.5 Operating margin, EBITA mature units (%)* 10.3 9.9 11.1 11.0 EBITA rose 13 per cent to SEK 125 million (111). The increase in earnings was due to higher occupancy in new and established nursing homes. The increase was offset by start-up costs for several recently opened nursing homes. The EBITA margin was 8.8 per cent (8.5). Ambea AB (publ) Corp. Reg. No. 556468-4354 77 Number of care places under own management under construction. EBITA margin RTM % 12 10.0 10.3 10 9.3 9.4 8.4 8.8 8 7.3 7.2 6.8 6 4 2 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 * Alternative performance measures. Interim report Q1 2026 | 11 Weak earnings performance Stendi is the largest care provider in Norway and runs nationwide operations in disability and psychosocial care for adults, children and youth. We have about 850 care receivers and more than 300 units across Norway, and work every day to strengthen individuals and create quality of life. The quarter During the quarter, occupancy at Stendi remained low in adult care services, which negatively impacted profitability. Given the change in demand, adaptation of the operations continues with a focus on progressive structural optimisation in the form of larger care units with higher capacity and improved operational efficiency. These measures are expected to improve capacity utilisation and strengthen earnings going forward. Net sales amounted to SEK 820 million (823). Sales rose 2 per cent in local currency. All operations in Stendi are conducted under own management. The development in the quarter was attributable to a higher share of care receivers with high compensation, but was offset by year-on-year lower occupancy. SEK million 2026 Jan-Mar 2025 Jan-Mar ∆% RTM 2025 Jan-Dec Net sales 820 823 0 3,285 3,288 EBITA* 57 68 -16 225 236 Operating margin, EBITA (%)* 7.0 8.3 6.8 7.2 EBITA was SEK 57 million (68). The earnings performance was partly attributable to lower occupancy, which could not be fully offset by lower personnel costs. The EBITA margin was 7.0 per cent (8.3). Ambea AB (publ) Corp. Reg. No. 556468-4354 88 Number of care places under own management under construction. EBITA margin R3-12M % 16 14 12.8 12 11.1 10.8 10 10.4 8 6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 * Alternative performance measures. ** Earnings only during Ambea's ownership. Interim report Q1 2026 | 12 Strong growth and good profitability Validia offers nationwide care for children, youth and families as well as residential facilities, personal assistance, daily activity units and rehabilitation for people with physical, intellectual and other disabilities. We have approximately 50 units across Finland and almost 2,700 care receivers. Each day we empower individuals and create inclusion and quality of life. The quarter Since 1 April 2025, Validia has been part of Ambea. This means that comparative figures for the corresponding period last year are unavailable. In the previous quarter, Validia entered a new sub-segment in child welfare services for children and youth. On 31 January 2026, control was transferred for a strategic bolt-on acquisition in the form of Sauma Lastensuojelupalvelut Oy, which includes 13 residential care units for children and youth as well as foster care services. The acquisition also encompasses the start-up of two new care units in the year that will contribute to continued growth. Net sales amounted to SEK 420 million. All operations in Validia are conducted under own management. SEK million 2026 Jan-Mar 2025 Jan-Mar ∆% RTM 2025 Apr-Dec Net sales 420 - - 1,593 1,173 EBITA* 42 - - 172 130 Operating margin, EBITA (%)* 10.0 - 10.8 11.1 EBITA was SEK 42 million. Validia continued to report good earnings growth and high margins despite earnings being impacted by start-up costs related to the recently completed acquisitions and the establishment of a new children and youth business unit. The EBITA margin was 10.0 per cent. Ambea AB (publ) Corp. Reg. No. 556468-4354 184 Number of care places under own management under construction. EBITA margin RTM % 8 6 5.2 4.4 4.4 4 3.4 2.3 2 1.0 0 -0.9 -2 -3.3 -3.0 -4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 * Alternative performance measures. Interim report Q1 2026 | 13 Significant earnings improvement and new contracts Altiden is the largest private care provider in Denmark, with about 50 operational units in elderly care, disability care and social care. We have about 750 care receivers, and work to ensure quality of life for each individual, with a focus on security and development. The quarter Altiden posted a strong earnings improvement for the quarter. Contracts were signed for two new nursing homes with a total of 184 care places in the quarter. The establishments have been enabled by the new Elderly Care Reform Act in Denmark and will support continued growth from 2028. Net sales amounted to SEK 336 million (333). Sales rose 6 per cent in local currency. Net sales in own management amounted to SEK 258 million (246). Sales rose 11 per cent in local currency. The increase was driven by higher occupancy both in social and in elderly care. Net sales in contract management amounted to SEK 78 million SEK million 2026 Jan-Mar 2025 Jan-Mar ∆% RTM 2025 Jan-Dec Net sales 336 333 1 1,334 1,331 EBITA* 19 8 138 70 59 Operating margin, EBITA (%)* 5.7 2.4 5.2 4.4 (87). Sales declined 5 per cent in local currency. The decrease was due to the termination of one social care contract. EBITA was SEK 19 million (8). The positive change was due to the improved performance in terms of occupancy as well as to continued operational gains. The EBITA margin was 5.7 per cent (2.4). Ambea AB (publ) Corp. Reg. No. 556468-4354 10.4% EBITA margin RTM % 16 The operating margin EBITA amounted to 10.4 per cent (RTM). 14 12 11.3 10.4 10 9.7 9.3 9.4 9.3 9.8 8.6 8.4 8 6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 * Alternative performance measures. Interim report Q1 2026 | 14 Improved margin Klara is one of the leading providers of staffing solutions for schools and elderly and social care in Sweden, with a focus on mobile teams of qualified professionals (HSL teams), student health services and staffing. Lära is one of the leading providers in Sweden in training and skills development for social care, healthcare, schools and social work. The quarter Net sales decreased 13 per cent to SEK 87 million (100). The decrease was due to weaker demand for several of Klara's services. A historically good supply of nurses has led some customers to employ their own staff instead of purchasing various services. EBITA rose 13 per cent to SEK 9 million (8). Klara has adjusted its cost base to the weaker demand and successfully worked with transitioning to more value-creating services, which has resulted in a positive earnings trend. The EBITA margin was 10.3 per cent (8.0). SEK million 2026 Jan-Mar 2025 Jan-Mar ∆% RTM 2025 Jan-Dec Net sales 87 100 -13 374 387 EBITA* 9 8 13 39 38 Operating margin, EBITA (%)* 10.3 8.0 10.4 9.8 Ambea AB (publ) Corp. Reg. No. 556468-4354 SEK million 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 Ambea Number of care places in operation under own management on the closing date 12,143 11,883 11,617 11,603 10,104 Number of care places opened under own management (RTM) 438 272 164 107 282 Number of care places under own management under construction 1,982 1,695 1,621 1,360 1,285 Confirmed management contract start-ups/terminations, SEK million* -191 -106 -51 -107 -8 Nytida Number of care places in operation under own management 5,380 5,398 5,311 5,365 5,297 Number of care places opened under own management (RTM) 51 80 56 65 89 Number of care places under own management under construction 173 160 158 137 143 Confirmed management contract start-ups/terminations, SEK million* 13 22 2 4 20 Vardaga Number of care places in operation under own management 4,005 3,829 3,737 3,665 3,621 Number of care places opened under own management (RTM) 336 160 72 - 160 Number of care places under own management under construction 1,460 1,396 1,334 1,086 1,056 Confirmed management contract start-ups/terminations, SEK million* -204 -128 -15 -73 10 Operational key figures SEK million 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 Stendi Number of care places in operation under own management 696 673 692 687 671 Number of care places opened under own management (RTM) 51 32 36 42 28 Number of care places under own management under construction 77 61 51 59 86 Validia Number of care places in operation under own management 1,556 1,477 1,373 1,372 - Number of care places opened under own management (RTM) - - - - - Number of care places under own management under construction 88 78 78 78 - Altiden Number of care places in operation under own management 506 506 504 514 515 Number of care places opened under own management (RTM) - - - - 5 Number of care places under own management under construction 184 - - - - Confirmed management contract start-ups/terminations, SEK million* - - -38 -38 -38 *Net of confirmed contract management start-ups/terminations in the coming 12 months. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 15 Other events Legal proceedings regarding costs for temporary care workers in Norway Through the acquisition of the operations of Aleris Om-sorg in 2019, Ambea has been party to an ongoing legal proceeding in Norway regarding costs for temporary care workers. Historically, Aleris had used a considerable number of consultants to staff some of its operations. Since the acquisition of Aleris, Ambea has been working actively to increase the proportion of permanent employees in the operations. In 2021, a judgment was handed down in favour of the temporary consultants, granting them the right to additional compensation for overtime, holidays and pension for the time they were engaged as consultants. A subsequent proceeding has been ongoing regarding the limitation periods for some of the compensation. In the fourth quarter of 2021, Ambea made a provision of SEK 145 million to cover estimated additional claims and legal costs. The majority of the previous provision was settled in 2025 and, as of 31 March 2026, the current remaining provision for known and unknown claims amounted to SEK 9 million. Dispute with the Swedish Tax Agency In 2018, Ambea received a reassessment notice from the Swedish Tax Agency regarding VAT of SEK 12 million, including tax surcharges but excluding interest, for prior years in Ambea AB (publ). No provision was made for these costs. The reassessment was mainly related to input VAT on costs arising from the IPO in 2017. The company appealed the Swedish Tax Agency's decision to the Administrative Court. The Administrative Court ruled in favour of the Swedish Tax Agency's decision, so Ambea appealed to a higher court in 2021. As of 31 March 2026, the tax dispute amounted to SEK 14 million, including interest. Related-party transactions During the quarter, there were no transactions between Ambea and related parties with any material impact on the company's position and earnings. The nature and volume of transactions remained unchanged during the period compared with the previous year. Seasonal variations Ambea's operating profit is affected by seasonal variations, weekends and public holidays. Weekends and public holidays reduce Ambea's profitability due to higher personnel costs for inconvenient working hours. Most of the public holidays in countries where the company has operations normally fall in the second quarter. In some years, Easter may fall in the first quarter and then affect its profitability. Christmas and New Year affect the first and fourth quarters. The company's personnel costs are affected in a similar manner when employees take out their holidays. For example, the company is most profitable in the third quarter, as employees usually take their holidays during July and August and therefore receive holiday pay that is continuously accrued throughout the year. Costs also tend to be lower in the summer months due to a reduced schedule for central activities, such as mandatory training programmes and central initiatives, during this period. Employees During the quarter, the average number of full-time employees (FTEs) was 16,602 (14,759), and the increase was due to acquired and start-up units. Number of shares The total number of shares was 84,101,290. As of 31 March 2026, Ambea's holding of treasury shares amounted to 4,000,000, and accordingly, the total number of shares outstanding on 31 March 2026 amounted to 80,101,290. During the quarter, 2,000,000 shares were bought back. Risks and uncertainties Ambea is exposed to a variety of risks and attaches great importance to continuously analysing, minimising and managing these risks. The risk assessment is also a key element of the annual strategy process, where risks in relation to the company's ability to achieve its financial targets and strategic ambitions are specifically evaluated. Ambea has identified a number of risks in the categories of competitive risks, operational risks and risks associated with governance. For a description of the specific risks and how they are managed, refer to pages 50-52 of the 2025 Annual Report. The company's risks and uncertainties are deemed to be unchanged compared to those described in the 2025 Annual Report. Other information This report has not been audited. The Board of Director's assurance The Board of Directors and CEO hereby provide their assurance that this interim report provides a true and fair view of the operations, financial position and earnings of the Parent Company and the Group, and describes the material risks and uncertainties facing the Parent Company and the companies in the Group. The content of this interim report was adopted on 6 May 2026. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 16 Erik Malmberg Board member Dan Olsson Board member Patricia Briceño Employee representative Stockholm, 6 May 2026 Yrjö Närhinen Chair of the Board Gunilla Rudebjer Board member Roger Hagborg Board member Charalampos Kalpakas Employee representative Mark Jensen President and CEO Hilde Britt Mellbye Board member Samuel Skott Board member Magnus Sällström Employee representative Presentation of the first quarter of 2026 Ambea will hold a presentation for the financial market, with the possibility to participate by phone, at 10.00 a.m. CEST on Thursday, 7 May 2026. The presentation will be held in English, and available as a webcast at ambea.se or via Direct Link: https://edge.media- server.com/mmc/p/zqran7yp The quarterly report and related presentation will be available at ambea.com/investor-relations/reports/reports-and-presentations Join conference by phone To join the conference call, register before the call using the number link below. When you register, you will receive a dial-in number and a unique dial-in PIN. To make sure your connection to the conference call works, please call ten minutes before the conference call is due to start. Conference call registration https://register-conf.media-server.com/register/BI042ca62c64764e-42809a83e8d15b8417 Contact Benno Eliasson, CFO [email protected] Financial calendar Annual General Meeting, 12 May 2026 Q2 interim report for 2026, 19 August 2026 Q3 interim report for 2026, 4 November 2026 Q4 interim report for 2026, 11 February 2027 This information is such that Ambea AB (publ) is obliged to publish pursuant to the EU Market Abuse Regulation. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 17 Consolidated earnings in summary Consolidated statement of comprehensive income in summary SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Operating income Net sales 4,220 3,644 16,615 16,039 Other operating income 27 34 164 171 Operating income 4,247 3,678 16,779 16,210 Operating expenses Consumables -137 -122 -571 -556 Other external costs -408 -368 -1,647 -1,607 Personnel costs -2,945 -2,582 -11,532 -11,169 Depreciation, amortisation and impairment -402 -343 -1,564 -1,505 Other operating expenses 1 1 6 6 Operating expenses -3,891 -3,414 -15,308 -14,831 Operating profit 356 264 1,471 1,379 Financial income - - - - Financial expenses -143 -115 -548 -520 Net financial items -143 -115 -548 -520 Profit before tax 213 149 923 859 Tax on profit for the period -48 -33 -209 -194 Profit for the period 165 116 714 665 Profit for the period attributable to shareholders of the Parent Company 165 116 714 665 Earnings per share before dilution, SEK 2.03 1.39 8.58 7.95 Earnings per share afler dilution, SEK 2.02 1.39 8.56 7.92 SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Profit for the period afler tax 165 116 714 665 Other comprehensive income, items not transferable to profit or loss Remeasurement of defined-benefit pension plans - 14 10 24 Tax related to remeasurement of defined-benefit pension plans - -3 -3 -6 Total items not transferable to profit or loss - 11 7 18 Other comprehensive income, items transferable to profit or loss Translation differences 80 -31 42 -69 Hedging of net investments in foreign operations -45 17 -23 39 Cash flow hedges 16 1 14 -1 Cash flow hedge reserve 0 1 1 2 Remeasurement of tenant-owned apartments - - 1 1 Tax 5 -4 1 -8 Total items transferable to profit or loss 56 -16 36 -36 Total other comprehensive income 56 -5 43 -18 Total comprehensive income for the period 221 111 757 647 Comprehensive income for the period attributable to shareholders of the Parent Company 221 111 757 647 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 18 Earnings per share 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Profit for the period attributable to shareholders of the Parent Company, SEK million 165 116 714 665 Earnings per share before dilution Average number of shares, thousand 81,462 83,351 83,229 83,695 Earnings per share before dilution, SEK 2.03 1.39 8.58 7.95 Earnings per share afler dilution Average number of shares, thousand 81,701 83,664 83,455 83,938 Earnings per share afler dilution, SEK 2.02 1.39 8.56 7.92 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 19 Consolidated balance sheet in summary SEK million 2026 31 Mar 2025 31 Mar 2025 31 Dec Assets Fixed assets Goodwill 8,461 7,157 8,330 Customer contracts and customer relationships 477 251 480 Other intangible assets 45 23 43 Right-of-use assets 9,238 8,412 9,043 Tangible assets 407 327 396 Derivative instruments 23 10 6 Surplus in funded pension plans 8 19 6 Deferred tax assets 180 179 175 Non-current receivables 137 131 139 Total fixed assets 18,976 16,509 18,618 Current assets Accounts receivable 1,537 1,303 1,464 Other receivables 107 90 79 Prepaid expenses and accrued income 185 430 181 Cash and cash equivalents 173 25 133 Total current assets 2,002 1,848 1,857 Total assets 20,978 18,357 20,475 SEK million 2026 31 Mar 2025 31 Mar 2025 31 Dec Equity and liabilities Equity Share capital 2 2 2 Other capital contributions 6,215 6,175 6,215 Reserves -27 -72 -90 Retained earnings, including profit for the year -1,024 -1,227 -927 Total equity 5,166 4,878 5,200 Non-current liabilities Non-current interest-bearing liabilities 2,614 1,191 2,115 Lease liabilities 8,383 7,709 8,220 Other non-interest-bearing liabilities - 19 3 Other provisions 7 10 6 Deferred tax liabilities 344 277 359 Total non-current liabilities 11,348 9,206 10,703 Current liabilities Commercial paper 1,247 1,147 1,232 Lease liabilities 1,111 1,155 1,076 Accounts payable 360 296 465 Other provisions 2 71 6 Tax liabilities 39 94 87 Other non-interest-bearing liabilities 123 146 210 Accrued expenses and deferred income 1,582 1,364 1,496 Total current liabilities 4,464 4,273 4,572 Total equity and liabilities 20,978 18,357 20,475 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 20 SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Investing activities Acquisition of tangible assets -41 -41 -122 -122 Acquisition of intangible assets 0 -3 -14 -17 Sale of fixed assets 6 0 28 22 Acquisition of subsidiaries -45 -1 -1,312 -1,268 Investments in financial instruments - - -6 -6 Cash flow from investing activities -80 -45 -1,426 -1,391 Cash flow afler investments 154 261 671 778 Financing activities Loans raised 1,247 1,246 7,350 7,349 Repayment of debt -1,232 -1,137 -6,157 -6,062 Repayment of lease liabilities -326 -278 -1,270 -1,222 Net change in checking account 453 122 264 -67 New share issue - - 14 14 Cost of loans raised - - -17 -17 Premiums for warrants - - 3 3 Share buybacks -255 -219 -521 -485 Dividends paid - - -185 -185 Cash flow from financing activities -113 -266 -519 -672 Cash flow for the period 41 -5 152 106 Cash and cash equivalents on the opening date 133 28 25 28 Exchange rate differences in cash and cash equivalents -1 2 -4 -1 Cash and cash equivalents on the closing date 173 25 173 133 Consolidated statement of changes in equity in summary SEK million 2026 Jan-Mar 2025 Jan-Mar 2025 Jan-Dec Opening balance 5,200 4,986 4,986 Comprehensive income 221 111 647 New share issue - - 14 Warrants issued - - 3 Share buybacks -255 -219 -485 Exercise of repurchased shares - - 220 Dividends - - -185 Closing balance 5,166 4,878 5,200 Consolidated cash flow statement in summary SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Operating activities Profit before financial items 356 264 1,471 1,379 Depreciation, amortisation and impairment 402 343 1,564 1,505 Capital gains/losses -4 -2 -19 -17 Changes in provisions -2 -8 6 0 Total non-cash items 396 333 1,551 1,488 Net interest paid -142 -118 -488 -464 Tax paid -79 -45 -271 -237 Cash flow from operating activities before changes in working capital 531 434 2,263 2,166 Cash flow from changes in working capital Decrease/increase in receivables -88 -18 -95 -25 Decrease/increase in current liabilities -209 -110 -71 28 Cash flow from operating activities 234 306 2,097 2,169 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 21 Parent Company income statement in summary SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Operating income Other operating income 0 0 0 0 Operating income 0 0 0 0 Operating expenses Other external costs -4 -34 7 -23 Personnel costs -4 -5 -16 -17 Amortisation of intangible assets 0 0 0 0 Operating expenses -8 -39 -9 -40 Operating profit/loss -8 -39 -9 -40 Financial items 35 -27 40 -22 Profit/loss afler financial items 27 -66 31 -62 Appropriations - - 105 105 Profit before tax 27 -66 136 43 Tax on profit for the period - - -19 -13 Profit for the period 27 -66 123 30 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 22 Parent Company balance sheet in summary SEK million 2026 31 Mar 2025 31 Mar 2025 31 Dec Assets Fixed assets Intangible assets 0 0 0 Financial assets Participations in Group companies 7,432 7,212 7,432 Receivables from Group companies 1,208 578 1,095 Derivative instruments 1 4 1 Total fixed assets 8,641 7,794 8,528 Current assets Receivables from Group companies 4,587 3,851 4,408 Other receivables 35 27 13 Prepaid expenses and accrued income 4 13 4 Cash and cash equivalents 0 1 26 Total current assets 4,626 3,892 4,451 Total assets 13,267 11,686 12,979 SEK million 2026 31 Mar 2025 31 Mar 2025 31 Dec Equity and liabilities Equity Restricted equity Share capital 2 2 2 Statutory reserve 0 0 0 Total restricted equity 2 2 2 Non-restricted equity Share premium reserve 1,443 1,407 1,443 Retained earnings 209 688 434 Profit for the period 27 -66 30 Total non-restricted equity 1,679 2,029 1,907 Total equity 1,681 2,031 1,909 Untaxed reserves 105 117 105 Non-current liabilities Liabilities to credit institutions 2,592 1,217 2,136 Total non-current liabilities 2,592 1,217 2,136 Current liabilities Commercial paper 1,247 1,147 1,232 Accounts payable 3 1 5 Tax liabilities 13 19 8 Liabilities to Group companies 7,611 7,109 7,568 Other liabilities 2 2 0 Accrued expenses and deferred income 13 43 16 Total current liabilities 8,889 8,321 8,829 Total equity and liabilities 13,267 11,686 12,979 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 23 Notes NOTE 1 Accounting policies This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act, as well as the Swedish Corporate Reporting Board's RFR 1, Supplementary Accounting Rules for Groups, and RFR 2 Accounting for Legal Entities. The accounting policies applied are consistent with those applied in the preparation of the most recent annual report. Since all amounts are rounded, rounding differences can occur. New or revised IFRSs as of 2026 None of the new or revised standards or interpretations effective from 1 January 2026 had any material impact on the financial statements of the Group or the Parent Company. No new or revised standards have been adopted in advance. The new standard, IFRS 18 Presentation and Disclosure in Financial Statements enters force in January 2027 and replaces IAS 1 Presentation of Financial Statements. Management is currently assessing the exact consequences that application of the new standard will have on the company's financial statements. Other than IFRS 18, the IASB amendments are not expected to have any material impact on the financial statements. NOTE 2 Segment information Ambea's operations consist of the following segments: Nytida: Comprises social care services for children, youth and adults, and schools for children and youth with neuropsychiatric disorders in Sweden. Vardaga: Comprises nursing homes and home care in Sweden. Stendi: Comprises social care for children, youth and adults. We also offer personal assistance in Norway. Validia: Comprises social care for children, youth and families as well as residential facilities, personal assistance, daily activity units and rehabilitation for people with physical, intellectual and other disabilities in Finland. Altiden: Comprises social care for children, youth and adults as well as elderly care in Denmark. Klara: Comprises competence and staffing solutions for social care, and student health services. Quarterly overview SEK million 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 Net sales Nytida 1,181 1,178 1,148 1,150 1,122 1,108 1,056 1,044 1,041 Vardaga 1,423 1,402 1,381 1,358 1,313 1,306 1,288 1,262 1,231 Stendi 820 824 818 823 823 834 841 840 837 Validia 420 410 388 375 - - - - - Altiden 336 330 341 327 333 329 320 311 313 Klara 87 97 86 104 100 106 94 104 105 Group adjustments -47 -48 -48 -49 -47 -46 -44 -42 -43 Ambea 4,220 4,193 4,114 4,088 3,644 3,637 3,555 3,519 3,484 Adjusted EBITA Nytida 135 144 194 127 118 121 168 124 125 Vardaga 125 117 177 115 111 122 161 105 103 Stendi 57 39 100 29 68 93 121 61 59 Validia 42 32 59 39 - - - - - Altiden 19 11 39 1 8 10 25 -13 -9 Klara 9 12 9 9 8 11 10 5 9 Unallocated items -7 -8 -8 -9 -6 -13 -7 -11 -8 Ambea 380 347 570 311 307 344 478 271 279 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 24 NOTE 2 Segment information January-March 2026 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income 1,181 1,423 820 420 336 87 - -47 4,220 Net sales Other operating income 4 17 1 - 3 2 - - 27 Total income 1,185 1,440 821 420 339 89 - -47 4,247 Adjusted EBITA 135 125 57 42 19 9 -7 - 380 Adjusted EBITA margin, % 11.4 8.8 7.0 10.0 5.7 10.3 - - 9.0 Items affecting comparability - - - - - - - - - EBITA 135 125 57 42 19 9 -7 - 380 EBITA margin, % 11.4 8.8 7.0 10.0 5.7 10.3 - - 9.0 Amortisation of intangible assets -24 Operating profit (EBIT) 356 Net financial items -143 Profit before tax 213 Tax on profit for the period -48 Profit for the period 165 Assets 6,883 7,577 2,286 2,521 1,305 286 120 - 20,978 January-March 2025 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income 1,122 1,313 823 - 333 100 - -47 3,644 Net sales Other operating income 6 23 1 - 1 0 3 - 34 Total income 1,128 1,336 824 - 334 100 3 -47 3,678 Adjusted EBITA 118 111 68 - 8 8 -6 - 307 Adjusted EBITA margin, % 10.5 8.5 8.3 - 2.4 8.0 - - 8.4 Items affecting comparability - - - - - - -30 - -30 EBITA 118 111 68 - 8 8 -36 - 277 EBITA margin, % 10.5 8.5 8.3 - 2.4 8.0 - - 7.6 Amortisation of intangible assets -13 Operating profit (EBIT) 264 Net financial items -115 Profit before tax 149 Tax on profit for the period -33 Profit for the period 116 Assets 6,870 7,499 2,030 - 1,395 300 263 - 18,357 *The 'Unallocated items' column consists of centrally approved costs Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 25 NOTE 3 Revenue from contracts with customers Type of service delivery (January-March) SEK million Nytida Vardaga Stendi Validia Altiden Klara Group eliminations Group 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Own Management 955 911 997 898 820 823 420 - 258 246 - - - - 3,450 2,878 Contract Management 226 211 426 415 - - - - 78 87 - - - - 730 713 Competence and staffing solutions - - - - - - - - - 87 100 -47 -47 40 53 Total 1,181 1,122 1,423 1,313 820 823 420 - 336 333 87 100 -47 -47 4,220 3,644 Income External customers 1,181 1,122 1,423 1,313 820 823 420 - 336 333 40 53 - - 4,220 3,644 Revenue between segments - - - - - - - - - - 47 47 -47 -47 - - Total 1,181 1,122 1,423 1,313 820 823 420 - 336 333 87 100 -47 -47 4,220 3,644 NOTE 4 Items affecting comparability SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Acquisition-related costs - -30 -50 -80 Total items affecting comparability - -30 -50 -80 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 26 Note 5 Business combinations On 31 January, all of the shares were acquired in Sauma Lastensuojelupalvelut Oy. The company provides child welfare services for children and youth in Finland. The consideration amounted to SEK 58 million. Transaction costs in connection with the acquisition were recognised as other external costs and amounted to SEK 5 million, of which SEK 4 million was recognised in 2025. Goodwill of SEK 33 million arose in conjunction with the acquisition and corresponded to the difference between the consideration transferred and the acquired net identifiable assets. Goodwill primarily pertains to synergies arising from coordination gains in administration. The acquisition analysis is preliminary. Since the acquisition date, the company has contributed SEK 17 million to net sales and SEK -2 million to profit before tax. If the acquisition had taken place on 1 January 2026, the company would have contributed SEK 26 million to net sales and SEK -3 million to profit before tax. Preliminary effect on financial position SEK million Sauma Total The carrying amount of net identifiable assets excl. intangible assets 12 12 Intangible assets 13 13 Group goodwill 33 33 Total consideration (price of shares) 58 58 Less: cash and cash equivalents -13 -13 Net change in cash 45 45 Preliminary distribution of net assets on the acquisition date SEK million Sauma Total Fixed assets 9 9 Right-of-use assets 24 24 Accounts receivable and other receivables 11 11 Cash and cash equivalents 13 13 Non-current liabilities and provisions -1 -1 Deferred tax liability -3 -3 Lease liabilities -24 -24 Accounts payable and other liabilities -17 -17 Net identifiable assets 12 12 Acquisitions during the year Date Acquisition Operations Segments Annual sales 31 Jan 2026 Sauma Provides child protection services for children and young people in need of individually tailored support Validia EUR 11 million Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 27 NOTE 6 Fair value of financial instruments in the fair value hierarchy 2 3 SEK million 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025 31 Mar 2026 31 Mar 2025 31 Mar Assets Interest-rate derivatives 23 10 - - 23 10 - - Investments in housing cooperative associations 103 88 - - - - 103 88 Total 126 98 - - 23 10 103 88 Liabilities Contingent consideration - 1 - - - - - 1 Total - 1 - - - - - 1 Classification in the fair value hierarchy 1 Fair value of financial instruments in the fair value hierarchy Ambea applies the following hierarchy for the fair value measurement of financial instruments: Level 1 - Listed prices (unadjusted) in active markets for identical assets or liabilities. This level includes Eligible treasury bills, Bonds and Other interest-bearing securities. Remeasurement is recognised in Net financial items. Level 2 - Observable data for assets or liabilities other than quoted prices included in Level 1, either directly (i.e., as price quotations) or indirectly (i.e., derived from price quotations). This level includes derivative instruments that are recognised under Other current assets or Other current liabilities. Level 3 - Data for assets or liabilities that are not based on observable market data. Participations in housing cooperative associations are measured using the price trend for tenant-owned apartments in the area, with adjustments for the specific conditions that apply to Ambea's apartments. Earn-out liabilities measured at fair value based on management's best estimate of possible outcome. Ambea has borrowings/loans in SEK, NOK, DKK and EUR and is thereby exposed to interest-rate risk. According to the company's Financial Policy, at least 50 per cent of the interest-rate risk should be hedged. To reduce the company's interest-rate risk, the company uses different types of interest-rate hedging products (interest-rate derivatives). The hedges have a remaining term of up to three years. In total, about 50 per cent of the company's average interest-bearing liabilities within 12 months have been hedged with interest-rate derivatives. Derivatives are classified as Level 2 assets in the fair value hierarchy. The change in fair value of the interest-rate cap and interest-rate swap was recognised in other comprehensive income. Ambea uses standard bank pricing models for the valuation of purchased interest-rate caps and interest-rate swaps. The valuation is based on the bank's standard pricing model and methodology. The valuation is based on the bank's average price. There have been no changes between the levels since the most recent annual report. NOTE 7 Contingent liabilities SEK million 2026 31 Mar 2025 31 Mar 2025 31 Dec Tax dispute 14 14 14 Total contingent liabilities 14 14 14 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 28 NOTE 8 Reconciliation of financial statements SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Growth/Acquired growth Net sales growth (%) 15.8 4.6 15.8 13.0 Of which organic growth (%) 4.0 4.2 4.1 4.2 Of which acquired/divested growth (%) 12.9 1.9 13.0 10.3 Of which currency and calendar effect (%) -1.1 -1.5 -1.3 -1.5 Operating margin (EBIT) Net sales 4,220 3,644 16,615 16,039 Operating profit (EBIT) 356 264 1,471 1,379 Operating margin, EBIT (%) 8.4 7.2 8.9 8.6 EBITA and adjusted EBITA Operating profit (EBIT) 356 264 1,471 1,379 Amortisation and impairment of intangible assets 24 13 87 76 EBITA 380 277 1,558 1,455 Items affecting comparability - 30 50 80 Adjusted EBITA 380 307 1,608 1,535 Net sales 4,220 3,644 16,615 16,039 EBITA margin (%) 9.0 7.6 9.4 9.1 Adjusted EBITA margin, % 9.0 8.4 9.7 9.6 EBITDA and adjusted EBITDA Operating profit (EBIT) 356 264 1,471 1,379 Depreciation, amortisation and impairment of tangible and intangible assets 402 343 1,564 1,505 EBITDA 758 607 3,035 2,884 Items affecting comparability - 30 50 80 Adjusted EBITDA 758 637 3,085 2,964 SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec EBITDA and adjusted EBITDA, excluding IFRS 16 effects Operating profit (EBIT) 356 264 1,471 1,379 Depreciation, amortisation and impairment of tangible and intangible assets 402 343 1,564 1,505 Less: Rental payments, Properties -399 -340 -1,548 -1,489 Less: Rental payments, Vehicles -20 -19 -79 -78 Less: Capital gain/loss from contracts terminated 0 -1 -5 -6 Net effects of IFRS 16 on EBITDA -419 -360 -1,632 -1,573 EBITDA excluding IFRS 16 effects 339 247 1,403 1,311 Items affecting comparability - 30 50 80 Adjusted EBITDA excluding IFRS 16 effects 339 277 1,453 1,391 EBITA and adjusted EBITA, excluding IFRS 16 effects Operating profit (EBIT) 356 264 1,471 1,379 Amortisation and impairment of intangible assets 24 13 87 76 EBITA 380 277 1,558 1,455 Plus: IFRS 16 depreciation 349 305 1,364 1,320 Less: Rental payments, Properties -399 -340 -1,548 -1,489 Less: Rental payments, Vehicles -20 -19 -79 -78 Less: Capital gain/loss from contracts terminated 0 -1 -5 -6 Net effects of IFRS 16 on EBITA -70 -55 -268 -253 EBITA excluding IFRS 16 effects 310 222 1,290 1,202 Items affecting comparability - 30 50 80 Adjusted EBITA excluding IFRS 16 effects 310 252 1,340 1,282 EBITA margin, excluding IFRS 16 effects 7.3 6.1 7.8 7.5 Adjusted EBITA margin, excluding IFRS 16 effects 7.3 6.9 8.1 8.0 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 29 NOTE 8 Reconciliation of financial statements, cont. SEK million 2026 Jan-Mar 2025 Jan-Mar RTM 2025 Jan-Dec Operating cash flow EBITDA 758 607 3,035 2,884 Adjustment for non-cash items -6 -10 -13 -17 Cash flow from investing activities excl. acquisitions and investments in financial instruments -35 -44 -108 -117 Adjustment for cash flow from investing activities related to increased capacity/growth 16 0 29 13 Change in working capital -297 -128 -166 3 Operating cash flow 436 425 2,777 2,766 Cash conversion (%) Operating cash flow 436 425 2,777 2,766 EBITDA 758 607 3,035 2,884 Cash conversion (%) 57.5 70.0 91.5 95.9 Items affecting comparability Reversal of acquisition-related costs - of which costs included in the line item of other external costs - 30 50 80 Total acquisition-related costs - 30 50 80 Total items affecting comparability - 30 50 80 SEK million 2026 31 Mar 2025 31 Mar 2025 31 Dec Net debt, Net debt/Adjusted EBITDA, RTM Non-current interest-bearing liabilities 10,997 8,900 10,335 Current interest-bearing liabilities 2,358 2,302 2,308 Less: cash and cash equivalents -173 -25 -133 Net debt 13,182 11,177 12,510 Adjusted EBITDA RTM 3,085 2,689 2,964 Net debt/Adjusted EBITDA, RTM (times) 4.3 4.2 4.2 Net debt, Net debt/Adjusted EBITDA, RTM, excl. IFRS 16 effects Non-current interest-bearing liabilities 10,997 8,900 10,335 Less: non-current lease liabilities pertaining to properties, recognised on the lease liabilities line -8,245 -7,486 -8,069 Less: non-current lease liabilities pertaining to vehicles, recognised on the lease liabilities line -138 -223 -151 Current interest-bearing liabilities 2,358 2,302 2,308 Less: current lease liabilities pertaining to properties recognised on the lease liabilities line -970 -1,080 -948 Less: current lease liabilities pertaining to vehicles, recognised on the lease liabilities line -141 -75 -128 Less: cash and cash equivalents -173 -25 -133 Net debt, excluding IFRS 16 effects 3,688 2,313 3,214 Adjusted EBITDA RTM excluding IFRS 16 effects 1,453 1,265 1,391 Net debt/Adjusted EBITDA, RTM (times) 2.5 1.8 2.3 Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 30 Reports and quality inspections during the quarter Sweden The Swedish Health and Social Care Inspectorate (IVO) quality inspections: During the quarter, the IVO issued decisions in ten quality inspections at Nytida, none of which resulted in remarks. No decisions were issued in Vardaga during the quarter. Lex Sarah reports: A total of six Lex Sarah reports were lodged, three by Vardaga and three by Nytida. Three decisions have been issued in Vardaga and all were closed without any remarks. Lex Maria reports: Two Lex Maria reports were lodged in Sweden, one in Vardaga and one in Nytida. During the quarter, four decisions were issued with regard to previous reports, all of which were closed without any remarks. Individual complaints investigated by the IVO: A total of two individual complaints was lodged during the quarter: one in Vardaga and one in Nytida. The IVO closed two older complaints for Vardaga in the quarter and both cases were closed without any remarks. Norway Regulatory inspections based on quality management: A total of 43 decisions pertaining to quality inspections were received during the quarter in Norway, 41 of which concerned the business area's children's units and two for care services. Six of the quality inspections resulted in remarks, four in children's units and two in care services. Measures have been implemented to address the remarks. Finland Facts about regulatory inspections The Swedish Health and Social Care Inspectorate (IVO): The IVO is a government agency responsible for supervising social care in Sweden, including healthcare and social services. The agency's mission is to ensure that elderly and social care maintains high quality and is provided in accordance with legislation. The agency is also responsible for issuing licences to private care providers. Lex Sarah: A reporting obligation in social services and under LSS (Act on Support and Service to Persons with Certain Functional Disabilities) entailing that employees are obligated to report serious misconduct or risks of such misconduct. These reports are made to the IVO and apply only for operations in Sweden, with the aim of improving the quality of the operations and protecting the rights of the individual. Lex Maria: A reporting obligation in healthcare that requires care providers to report incidents that have caused, or could have caused, serious injury to a patient. These reports are made to the IVO and apply only for operations in Sweden, with the aim of improving patient safety through systematic measures. The Swedish Authority for Privacy Protection (IMY): The IMY reviews and enforces the application of data protection rules, including the GDPR. The agency works with issues related to data protection and has been tasked with strengthening the privacy rights of individuals in digital environments. Norwegian Data Protection Authority: Supervisory authority to protect the individual right to privacy under the General Data Protection Regulation (GDPR). Reviews the processing of personal data by businesses, administers complaints and conducts supervision. Can decide on injunctions and sanction penalties as well as provide guidance on data protection issues. Danish Data Protection Agency: Responsible for supervision under the GDPR and national data protection legislation. Monitors organisations' correct processing of personal data, administers personal data breach notifications and conducts inspections. Can issue reprimands and injunctions, and report cases to the police, where fines can be imposed by the court. The Office of the Data Protection Ombudsman (Finland): Supervisory authority under the GDPR and national data protection legislation. Reviews the processing of personal data, administers complaints and personal data breaches as well as conducts inspections. Can decide on injunctions and administrative sanction penalties as well as provide guidance on data protection issues. Regulatory inspections based on quality management: A total of 13 quality inspections were performed in Validia's operations, all of which in the wellbeing services counties. Remarks were put forward in seven of the inspections. Measures have been implemented to address the remarks. Denmark Regulatory inspections based on quality management: At Altiden, 13 decisions were received in the quarter. Five of the 13 pertained to the elderly care area, where one resulted in remarks. Eight pertained to the social care area, where five resulted in remarks. Measures have been implemented to address the remarks. Swedish Authority for Privacy Protection (IMY), Norwegian Data Protection Authority, Danish Data Protection Agency and Office of the Data Protection Ombudsman (Finland) The Swedish Data Protection Officer notified the IMY of five personal data breaches during the first quarter. In Q1, we also received six decisions on previous notifications, for which the IMY is not taking any measures. None of them posed, or were deemed to pose, a serious risk to the data subjects. In all cases, relevant measures were taken immediately to prevent any recurrence by raising awareness and competence in regard to existing procedures and work processes. No reports were made to the Norwegian Data Protection Authority. In Denmark, 13 reports were submitted to the Danish Data Protection Agency, but no measures have been taken by the Agency. No reports were made to the Office of the Data Protection Ombudsman in Finland in the quarter. Ambea AB (publ) Corp. Reg. No. 556468-4354 Interim report Q1 2026 | 31 We make the world a better place, one person at a time. ambea.com