Ambea : year end report 2025

About this update from Ambea Ab

January-December Year-end report 2025 Ambea AB (publ) Corp. Reg. No. 556468-4354 ‌Introduction Significant investments in future growth SEK million 2025 Oct-Dec 2024 Oct-Dec ∆% 2025 Jan-Dec 2024 Jan-Dec ∆% Net sales 4,193 3,637 15 16,039 14,195 13 Adjusted EBITA* 347 344 1 1,535 1,372 12 Operating margin, adjusted EBITA (%)* 8.3 9.5 9.6 9.7 EBITA* 327 344 −5 1,455 1,372 6 Operating margin, EBITA (%)* 7.8 9.5 9.1 9.7 Operating profit, EBIT 301 318 −5 1,379 1,278 8 Operating margin, EBIT (%)* 7.2 8.7 8.6 9.0 Profit for the period 130 147 −12 665 620 7 Earnings per share before dilution, SEK 1.56 1.76 −11 7.95 7.21 10 Earnings per share afler dilution, SEK 1.56 1.75 −11 7.92 7.20 10 Cash conversion (%)* 149.6 132.1 95.9 97.9 Free cash flow* 881 708 24 2,052 1,966 4 Consolidated key figures Fourth quarter October-December Net sales rose 15 per cent to SEK 4,193 million (3,637). Organic growth was 4 per cent, acquired growth was 13 per cent, and the currency effect was −2 per cent. Adjusted EBITA, which excludes items affecting comparability, amounted to SEK 347 million (344), representing a margin of 8.3 per cent (9.5). Items affecting comparability amounted to SEK -20 million (-) and pertained to integration costs related to the acquisition of Validia in Finland. EBITA amounted to SEK 327 million (344), representing a margin of 7.8 per cent (9.5). Operating profit (EBIT) totalled SEK 301 million (318). Earnings per share amounted to SEK 1.56 (1.76) before dilution and SEK 1.56 (1.75) afler dilution. Full-year January-December Net sales rose 13 per cent to SEK 16,039 million (14,195). Organic growth was 4 per cent, acquired growth was 10 per cent, and the currency/calendar effect was −1 per cent. Adjusted EBITA, which excludes items affecting comparability, amounted to SEK 1,535 million (1,372), representing a margin of 9.6 per cent (9.7). Items affecting comparability amounted to SEK -80 million (-) and pertained to transaction and integration costs related to the acquisition of Validia in Finland. EBITA amounted to SEK 1,455 million (1,372), representing a margin of 9.1 per cent (9.7). Operating profit (EBIT) totalled SEK 1,379 million (1,278). Earnings per share amounted to SEK 7.95 (7.21) before dilution and SEK 7.92 (7.20) afler dilution. The Board proposes a dividend of SEK 2.65 (2.20) per share for 2025. Significant events Validia acquired Attendo's child welfare and family care business in Finland. The acquisition was completed on 31 October 2025 and encompassed five care units and foster care services for children and youth. Ambea completed a share buyback programme to repurchase 2 million of its own shares. Ambea signed a new loan agreement with a three-year term with an option to extend for one + one year. The confirmed credit line is SEK 5 billion. The agreement replaces the existing loan agreement. Nytida acquired LSS residential services and short-term accommodation operations from Serigmo Invest. Control was transferred on 1 December 2025. Validia signed an agreement to acquire Sauma Lastensuojelupalvelut Oy. The acquisition comprised child welfare services for children and youth in Finland. The acquisition was completed on 31 January 2026. Events afler the balance-sheet date Ambea launched a new share buyback programme to repurchase 2 million of its own shares. More information is available in a separate press release. *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 10 Vardaga 11 Stendi 12 Validia 13 Altiden 14 Klara and Lära 15 Group financial statements 19 Parent Company financial statements 23 Notes 25 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 2 CEO statement: Significant investments in future growth I n the last quarter of the year, we continued investing strongly in growth through acquisitions and new operations as well as through developing our operating structure. The investments include a new leadership training approach across all management levels, development of a new Nordic quality management system to strengthen quality work in care and IT structure reinforcements aimed at enhancing security and scalability. These investments mean that we have laid a solid foundation to continue delivering in line with our targets in 2026 and beyond. Increased acquisition-based growth Development in Finland is one of our key growth drivers. During the quarter, we established child welfare services for children and youth in Finland through the completion of one acquisition and an agreement for another acquisition in the same service area, where control will transfer on 31 January 2026. The acquisitions' total annual sales exceed SEK 200 million and this entry into a new and large service area in Finland's care market strengthens our position. At the same time, our track record in social care for children and youth in the other Nordic countries is long and proven. This means we are well placed to ensure quality as we develop the new services in Finland. Our growth in Sweden is also continuing through acquisitions. During the quarter, Nytida acquired parts of Serigmo Care with annual sales of SEK 45 million, which increases our capacity in key services experiencing healthy demand in Sweden's care market. I would like to welcome all new care receivers and employees to Ambea. Sector-leading organic growth During the quarter, Vardaga opened Villa Telegrafen in Nynäshamn and completed a major extension at Villa Sarvträsk in Nacka, both of which have very positive occupancy development. Signing contracts for two new nursing homes in the Stockholm area for a total of 150 care places means we have continued adding new care places to our pipeline. In parallel, implementation is ongoing of the updated version of our elderly care concept The Good Day , which is fully aligned with the new Social Services Act, as are preparations for opening three new nursing homes in the first quarter of 2026. Moreover, in the first quarter, we are continuing to sign contracts for several new nursing homes in Sweden, which will further strengthen our sector-leading pipeline for new elderly care places. Nytida raised its margin in the quarter and achieved good results with previously implemented adaptations to meet new legislation and ongoing operational improvements. At Nytida, we have opened one new care unit and signed contracts for three new care units with a total of 18 care places. Stendi posted a weaker quarter than the same period last year, which was positively impacted by large non-re-curring items. Fluctuating demand dominated the quarter before stabilising toward the end of the year. Looking forward, we expect occupancy to improve slightly, while we continue fine-tuning capacity and staffing to improve profitability over time. Altiden's earnings for the quarter were up slightly year-on-year. In the short term, sales were depressed by the discontinuation of contract management operations in social care during the quarter. At the same time, Denmark's new Elderly Care Act provides favourable long-term conditions for expansion, and we are currently evaluating opportunities for new Own Management operations. Increased occupancy in elderly care In the last quarter of the year, we continued investing strongly in growth and in developing our operating structure ahead of future expansion. and further operational enhancements are expected to contribute to continued profitability improvements. Active capital allocation Given the company's strong financial position and cash flow, the Board has decided to implement an additional share buyback. The programme comprises a maximum of two million shares. The conditions surrounding the buyback have been communicated separately. A dividend of SEK 2.65 (2.20) per share has been proposed for 2026, which is in line with the Group's dividend policy. Quality-based growth It is crucial that we maintain quality as we grow. We conduct regular Care Receiver Surveys (for the National Board of Health and Welfare and Swedish Association of Local Authorities and Regions (SKR) in Sweden as well as our own in all business areas), which show strong and stable results and comprise a key element of our systematic quality work. Our employees are the foundation for high-quality care. The result of our latest employee Net Promoter Score (eNPS) survey, where we ask our employees if they would recommend Ambea as an employer, showed a continued good score of +26. It was particularly pleasing to note that Validia's first-time participation in Ambea's survey resulted in Validia posting its highest eNPS ever. For the fiflh consecutive year, in further confirmation of our long-term endeavour to strengthen participation, commitment and skills development, the company Universum's annual employer rankings named us as one of Sweden's best employers. Sustainable care for the future I would like to convey my heartfelt appreciation to all our employees for the commitment and the important work they perform for our care receivers each and every day. Our strong Nordic platform, a growing operation and a clear focus on quality, sustainability and innovation mean that we are well equipped to meet the future. We made important advances during the year and are well prepared to accept increased responsibility and to continue supporting municipalities in meeting society's growing care needs. Mark Jensen, President and CEO Ambea Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 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. Validia has an established quality reporting system that has now been adapted to the Group's standard and comprises part of the Group-wide monitoring. Sustainable care E For sustainability issues, we work with an established Environmental, Social and Governance (ESG) framework that encompasses all of our sustainability practices and performance. 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 emissions-reduction 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) 58.8 per cent by 2034 and Ambea AB (publ) Corp. Reg. No. 556468-4354 to reducing emissions in the value chain (scope 3) 63.8 per cent per million SEK of value added over the same period, calculated from the 2024 level. 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 employees are the foundation for high quality. The fact that Validia, in its first eNPS measurement as part of Ambea, posted its highest ever score is very gratifying and confirmation of commitment and participation. Year-end report 2025 | 4 Continued strong willingness to recommend Ambea on Allbright's Green List Ambea is once again included in the Allbright Founda-tion's green list of gender-equal listed companies. The green list includes companies with an even distribution of men and women in senior roles. A total of 357 companies were reviewed, and 92 were deemed gender-equal and qualified for the green list. High scores in the National Board of Health and Welfare's Unit Survey Nytida and Vardaga continue to score strongly in the National Board of Health and Welfare's annual Unit Survey. In this survey, the units respond to questions about, for example, the participation and influence of individuals, employee competence development, and the operational unit's procedures. The scores are used as a basis for identifying areas for improvement and further developing working methods with the aim of raising quality in our operations. +26 90% 86% Private Public Private Public providers providers providers providers 80% 66% 81% 59% The proportion of employees who would recommend Ambea as an employer remains high. In the December survey, the eNPS was +26, well above our long-term target and up compared with the same period last year. High scores in all our Care Receiver Surveys Our Care Receiver Surveys show that our care receivers and their loved ones continue to rate us highly. Altiden, Stendi and Validia conducted their own user and family surveys, while Vardaga participated in the National Board of Health and Welfare's national Care Receiver Survey and Nytida in SKR's national Care Receiver Survey. Feedback about our operations from care receivers and their loved ones is very important to us. The results are used as a basis for systematic quality work and are followed up through action plans in each unit. How satisfied are you with the operations? Percentage of positive responses (last year's result in parentheses) Vardaga 81% (80) Nytida 87% (89) Stendi 90% (89) Altiden 84% (91) Validia 90% (-) Validia deepens collaboration with training providers In the fourth quarter, Validia deepened its collaboration with vocational schools and universities to strengthen the long-term skills supply in care and to create clearer paths into the profession. "Among other things, we have established mentoring programmes and participated in planning Taitaja 2026, a national vocational competition that includes disability care as a competition element for the first time," says Laura Ämmälä, Managing Director of Validia. These initiatives form part of Validia's long-term work with securing competence, strengthening capacity and meeting growing care needs with continued high quality. "It was particularly pleasing to note that Validia's first-time participation in the survey resulted in Validia posting its highest eNPS ever," says Elin Delvert, Head of HR at Ambea. This high willingness to recommend reflects our long-term initiatives with eNPS 2024: +25 leadership, quality and skills development. We offer clear development and career paths to create workplaces where employees thrive and want to stay long term. For the fiflh consecutive year, Ambea was included in Universum's list of Sweden's Best Employers. The 2025 ranking placed us among the top 20 in the country. Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 5 Reporting Ambea's KPIs for quality and social sustainability Target Outcome Q4 2025 Outcome Q4 2024 Comments Ambea's Quality Index An aggregated score of eight quality and HR KPIs. Scale of 1-10 >7.50 7.71 7.56 Year-on-year, Ambea's Quality Index rose to 7.71 from 7.56. Vardaga and Nytida continue to retain a stable improvement trend concurrent with Stendi maintaining its high levels.Altiden, generally accounts for the largest increase, as a result of several quality initiatives during the year. The result is a weighted value with results for all countries in the Group. Partial report of Ambea's Quality Index 1 Perceived care Care receivers' view of our care and operations. Scale of 1-100 >87% 85% 86% The score refers to a weighted average of the scores from the most recent customer surveys in each business area. The score includes the latest measurements in Sweden, Norway, Denmark and Finland and was down slightly on the previous year's score of 86%. The score is compiled from responses for all countries' Care Receiver Surveys. The frequency of country surveys varies across the Group, but the next survey is scheduled for Q2 next year. 2 Employee satisfaction Employee satisfaction 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 identify structural objectives and focus areas at central and local levels, alongside of active and continuous improvements in each individual unit. The survey is conducted six times per year, with the most recent being in Q4. Ambea continues to score at a consistently high level, compared with the benchmark of 70. Continuous and structured work is pursued in all business areas to identify targets and focus areas, both centrally and locally. We actively and systematically listen to our employees to create commitment and participation, which in turn strengthens the quality of care. 3 Leadership Index The employees' view of leadership at Ambea. Scale of 0-100 >80 76* 77 Surveys are performed twice annually in the form of an in-depth questionnaire where employees evaluate their line manager based on Ambea's prioritised leadership qualities. The result is the average of all individual responses to all of the leadership questions. No survey was conducted in Q4. The next survey will take place in Q1. The scores build on an average of all individual responses to various leadership areas. The outcome was on a par with the same quarter last year, albeit slightly lower. Given how crucial present and clear leadership is for setting conditions for employees, developing the quality of leadership remains a priority. 4 Recommendation of Ambea Whether the employee would recommend Ambea as an employer. eNPS scale -100 - +100 >+20 +26 +25 We continue to listen to and translate employees' feedback into tangible measures, with a particular focus on leadership, career opportunities and skills development. Our core values - to make the world a better place, one person at a time - applies equally to our employees. The survey is conducted twice annually, with Validia included for the first time in the Q4 survey. Including all the Group's countries, Ambea scored slightly higher than for the same period last year (25). The next survey will take place in Q2. 5 Internal control Control and follow-up of compliance in the operations with the quality management system. Scale of 0-2 >1.85 1.88 1.88 The scores are based on the self-assessments conducted by all operational units in all business areas. The survey is conducted twice annually. The most recent survey for all business areas took place in the fourth quarter of 2025. The score was unchanged compared with the same period last year. 6 Improvement Index Improvement measures implemented and documented in operations. Scale of 0-10 >7.50 7.90 7.50 The Improvement Index - which reflects the extent to which identified improvements are being implemented - remained stable for Ambea as a whole. All business areas improved year-on-year, which resulted in an increase from 7.50 to 7.90. The score for the quarter is a weighted average for all business areas. * 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 Year-end report 2025 | 6 ‌Reporting Group Fourth quarter Net sales Net sales rose 15 per cent to SEK 4,193 million (3,637). Organic growth was 4 per cent, acquired growth was 13 per cent, and the currency effect was −2 per cent. Net sales in own management rose 19 per cent to SEK 3,414 million (2,870). The growth was largely due to the acquired Validia business area in Finland. Completed acquisitions in Nytida also contributed, as did increased occupancy in Vardaga. Net sales in contract management amounted to SEK 730 million (707). The increased sales primarily pertained to newly started contracts in Nytida. Net sales in competence and staffing solutions amounted to SEK 49 million (60). The decrease was attributable to challenges related to demand for services in Klara. Earnings Adjusted EBITA rose 1 per cent to SEK 347 million (344). The earnings increase was driven mainly by the acquired Validia business area, bolt-on acquisitions and higher occupancy for Nytida. This was offset by occupancy variations at Stendi, which also posted a strong comparative period with large non-recurring items. The adjusted EBITA margin was 8.3 per cent (9.5). EBITA decreased 5 per cent to SEK 327 million (344). Items affecting comparability in the quarter amounted to SEK -20 million, which pertained to integration costs linked to the acquisition of Validia. The EBITA margin was 7.8 per cent (9.5). EBIT declined 5 per cent to SEK 301 million (318), representing a margin of 7.2 per cent (8.7). Net financial items Net financial expense for the quarter was SEK -144 million (-114). Of this amount, SEK -91 million (-80) pertained to interest on lease liabilities, SEK -49 million (-35) to interest and financial expenses/income, and SEK -4 million (1) to exchange rate fluctuations. Income tax Tax expense for the period was SEK -27 million (-57), corresponding to an effective tax rate of 17 per cent (28), primarily due to the tax expense for the year being impacted by tax income of SEK 6 million pertaining to previous financial years. Profit for the period Profit for the period totalled SEK 130 million (147), corresponding to earnings per share of SEK 1.56 (1.76) before dilution and SEK 1.56 (1.75) afler dilution. Cash flow Free cash flow for the quarter amounted to SEK 881 million (708). Free cash flow, excluding IFRS 16 effects, amounted to SEK 560 million (431). The improvement in cash flow was mainly attributable to the change in working capital. Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 7 Reporting Group Full-year January-December Net sales Net sales rose 13 per cent to SEK 16,039 million (14,195). Organic growth was 4 per cent, acquired growth was 10 per cent, and the currency/calendar effect was −1 per cent. The comparative period was positively impacted by the leap day. Net sales in own management rose 16 per cent to SEK 12,926 million (11,142). The growth was largely due to the acquired business area in Finland - Validia. Completed acquisitions in Nytida also contributed, as did increased occupancy in Vardaga. Net sales in contract management amounted to SEK 2,918 million (2,819). The increased sales were attributable to newly started contracts in Vardaga and Nytida, but were offset by contracts terminated in Stendi and Altiden. Net sales in competence and staffing solutions amounted to SEK 195 million (234). The decrease was attributable to challenges related to demand for several services in Klara. Earnings Adjusted EBITA rose 12 per cent to SEK 1,535 million (1,372). The earnings improvement was driven by the acquired Validia business area together with a higher occupancy in Vardaga and improved earnings in Altiden and Nytida. The comparative period was positively impacted by the leap day. The adjusted EBITA margin was 9.6 per cent (9.7). EBITA rose 6 per cent to SEK 1,455 million (1,372). Items affecting comparability in the period amounted to SEK -80 million, which pertained to transaction and inte- gration costs linked to the acquisition of Validia. The EBITA margin was 9.1 per cent (9.7). EBIT rose 8 per cent to SEK 1,379 million (1,278) representing a margin of 8.6 per cent (9.0). Net financial items Net financial expense for the year was SEK -520 million (-466). Of this amount, SEK -355 million (-317) pertained to interest on lease liabilities, SEK -161 million (-147) to interest and financial expenses/income, and SEK -4 million (-2) to exchange rate fluctuations. Income tax Tax expense for the period was SEK -194 million (-192), corresponding to an effective tax rate of 23 per cent (24), impacted by non-deductible acquisition costs of SEK 59 million. Profit for the period Profit for the period totalled SEK 665 million (620), corresponding to earnings per share of SEK 7.95 (7.21) before dilution and SEK 7.92 (7.20) afler dilution. Cash flow Free cash flow for the period totalled SEK 2,052 million (1,966). The improvement was mainly attributable to improved earnings. Free cash flow, excluding IFRS 16 effects, amounted to SEK 824 million (875). Cash flow was negatively impacted by two non-recurring items. These items pertained to the settlement of a provision from 2021 for a dispute in Norway and payments linked to the acquisition of Validia. In total, these items amounted to SEK 132 million. Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 8 SEK million 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec EBITDA * 695 663 2,884 2,645 Adjustment for non-cash items −5 −35 −17 −81 Change in working capital 381 285 3 107 Cash flow from investments in fixed assets 1 −33 −38 −117 −100 Operating cash flow, including investments to increase capacity * 1,038 875 2,753 2,571 Net interest paid −85 −113 −464 −467 Tax paid −72 −54 −237 −138 Free cash flow * 881 708 2,052 1,966 Acquisitions of subsidiaries and investment in financial instruments −96 −162 -1,274 −258 Cash flow from financing activities −908 −561 −672 -1,687 Cash flow for the period −123 −15 106 21 1) of which sales of fixed assets 6 4 22 17 Operating cash flow, excluding IFRS 16 effects * 627 519 1,169 1,162 Free cash flow, excluding IFRS 16 effects * 560 431 824 875 Cash flow Net sales by segment E 8% D 10% F 1% A 28% C 20% B 33% October-December 2025 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 October-December 2025 A B C B 18% C 1% A 81% SEK million 2025 31 Dec 2024 31 Dec Net interest-bearing debt * 3,214 2,098 Rolling 12 months adjusted EBITDA * 1,391 1,237 Net debt/Rolling 12-months adjusted EBITDA* 2.3 1.7 2025 31 Dec 2024 31 Dec 12,510 10,729 2,964 2,645 4.2 4.1 Own management Contract management Staffing *Alternative performance measures. For reconciliation of financial statements to IFRS, purpose and definition see ambea.com/investor-relations/reports/key-financial-figures-definitions/ Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 9 192 Number of care places opened under own management (RTM), where 112 arose from acquisitions and 80 from newly opened units. EBITA margin RTM % 18 16 14 13.7 13.6 13.3 13.2 12.7 12.3 12.0 12.4 12.7 12 10 8 Q4 Q1 2023 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 * Alternative performance measures. Year-end report 2025 | 10 Nytida - strong earnings improvement Nytida provides support and care for children, youth and adults in the form of lifelong disability and psychosocial support. Nytida offers residential facilities, daily activity units, support for individuals and families, and schools for more than 5,000 care receivers in around 470 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 posted good growth combined with strong improvements in earnings and margin. During the quarter, Nytida acquired LSS residential services and short-term accommodation operations with annual sales of SEK 45 million from Serigmo Invest. The acquisition encompasses four care units with 48 care places and control of the operations was transferred on 1 December 2025. Concurrent with the above, a new care unit with 38 care places was opened and, in addition, capacity was increased at two existing units with a total of ten care places. Furthermore, contracts were signed for three new care units and one new daily activity unit, which together comprise 40 care places. Net sales rose 6 per cent year-on-year to SEK 1,178 million (1,108). Net sales in own management amounted to SEK 954 million (903), up 6 per cent. The growth was driven by acquired and start-up units. Net sales in contract management amounted to SEK 224 million (205). The increase was linked to the positive net effect between start-up and terminated management contracts. EBITA rose 19 per cent to SEK 144 million (121). The strong performance was driven by continued good development in previously completed acquisitions together with improved occupancy for start-up units. The EBITA margin was 12.2 per cent (10.9). Full-year January-December Net sales rose 8 per cent year-on-year to SEK 4,598 million (4,249). Net sales in own management amounted to SEK 3,717 million (3,428). The increase was driven by acquired and start-up units. Occupancy challenges in parts of the Individual and family care service offering offset the increase. SEK million 2025 Oct-Dec 2024 Oct-Dec ∆% 2025 Jan-Dec 2024 Jan-Dec ∆% Net sales 1,178 1,108 6 4,598 4,249 8 EBITA* 144 121 19 583 538 8 Operating margin, EBITA (%)* 12.2 10.9 12.7 12.7 Net sales in contract management amounted to SEK 881 million (821). The increase was due to a positive net effect between start-up and terminated management contracts together with price indexation. EBITA rose 8 per cent to SEK 583 million (538). The earnings improvement was attributable to start-up units and the good performance in previously completed acquisitions. The comparative period was positively impacted by calendar effects. The EBITA margin was 12.7 per cent (12.7). Ambea AB (publ) Corp. Reg. No. 556468-4354 150 Number of newly signed care places under own management in the quarter. EBITA margin RTM % 14 12 11.0 11.0 11.0 11.1 10.1 10 10.4 A 10.6 10.9 11.0 9.7 9.8 8 B 9.2 9.7 9.7 9.5 7.5 8.1 8.6 6 4 Q4 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 Total Vardaga 2025 **Mature units do not include nursing homes under own management that were opened afler Q4 2023, or nursing homes that are not yet open. Mature units** * Alternative performance measures. Year-end report 2025 | 11 Vardaga - new nursing homes and good growth At Vardaga's over 100 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 remained active and signed several contracts for new nursing homes. Two new contracts were signed during the quarter for a total of 150 care places. In parallel, a new nursing home was opened in Nynäshamn with 50 care places and a further 38 care places were added to capacity through the expansion of an existing nursing home. Net sales rose 7 per cent year-on-year to SEK 1,402 million (1,306). Net sales in own management amounted to SEK 977 million (895), up 9 per cent. The increase was due to higher occupancy in new and established nursing homes as well as a previously completed acquisition. Net sales in contract management amounted to SEK 425 million (411), up 3 per cent. The increase was due to a positive net effect between start-up and terminated management contracts. EBITA decreased 4 per cent to SEK 117 million (122). The decrease in earnings was due to higher start-up costs for new nursing homes, where the number of new homes opened in the quarter was higher year-on-year, as well as due to costs attributable to three planned openings in the first quarter of 2026. The EBITA margin was 8.3 per cent (9.3). Full-year January-December Net sales rose 7 per cent year-on-year to SEK 5,454 million (5,087). Net sales in own management amounted to SEK 3,759 million A B SEK million 2025 Oct-Dec 2024 Oct-Dec ∆% 2025 Jan-Dec 2024 Jan-Dec ∆% Net sales 1,402 1,306 7 5,454 5,087 7 EBITA* 117 122 −4 520 491 6 Operating margin, EBITA (%)* 8.3 9.3 9.5 9.7 Operating margin, EBITA mature units (%)* 9.9 10.3 11.0 11.0 (3,486), up 8 per cent. The increase was due to higher occupancy in new and established nursing homes. Net sales in contract management amounted to SEK 1,695 million (1,601), up 6 per cent. The increase was due to a positive net effect between start-up and terminated management contracts. EBITA rose 6 per cent to SEK 520 million (491). Earnings were driven by increased occupancy. The comparative period was positively impacted by calendar effects. The EBITA margin was 9.5 per cent (9.7). Ambea AB (publ) Corp. Reg. No. 556468-4354 61 Number of care places under own management under construction. EBITA margin RTM % 12 10.3 10 9.4 10.0 9.4 8.4 8.8 8 6.8 7.3 7.2 6 4 2 0 Q4 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 * Alternative performance measures. Year-end report 2025 | 12 Stendi - weaker underlying earnings 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 Occupancy fluctuated at Stendi in the quarter and negatively impacted profitability. At the same time, demand was more stable at the end of the quarter than in previous periods. Due to the change in demand, Stendi has continued adapting its operations by co-loca-ting care units and reducing capacity with 19 care places in areas with lower demand. Moreover, contracts were signed for two new care units with a total of 11 care places for services with higher demand. Net sales decreased 1 per cent to SEK 824 million (834). Sales rose 4 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 lower and more fluctuating occupancy than in the comparative year. EBITA was SEK 39 million (93). The earnings performance was partly attributable to lower and more fluctuating occupancy, which could not be fully offset by lower personnel costs. The comparative period was positively impacted by non-recurring items amounting to SEK 30 million. The EBITA margin was 4.7 per cent (11.2). Full-year January-December Net sales decreased 2 per cent to SEK 3,288 million (3,352). Sales rose 2 per cent in local currency. Net sales in own management amounted to SEK 3,288 million (3,318). Sales rose 3 per cent in local currency. The increase was driven by a change in the mix of services provided, whereby care with higher compensation accounted for a larger share. SEK million 2025 Oct-Dec 2024 Oct-Dec ∆% 2025 Jan-Dec 2024 Jan-Dec ∆% Net sales 824 834 −1 3,288 3,352 −2 EBITA* 39 93 −58 236 334 −29 Operating margin, EBITA (%)* 4.7 11.2 7.2 10.0 No contract management operations were conducted during the period. Accordingly, net sales pertained only to the comparative period and were SEK - million (34). EBITA was SEK 236 million (334). Earnings for the period were impacted by a lower and more fluctuating occupancy rate, which resulted in lower staffing efficiency. The comparative period was positively impacted by several non-recurring items and by a positive leap-year effect. The EBITA margin was 7.2 per cent (10.0). Ambea AB (publ) Corp. Reg. No. 556468-4354 78 Number of care places under own management under construction. EBITA margin RTM % 16 14 12.8 12 11.1 10 10.4 8 6 Q4 Q1 2023 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 * Alternative performance measures. Year-end report 2025 | 13 Validia - focus on growth 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 year-earlier period are unavailable. Validia entered a new sub-segment within child welfare services during the quarter, through two acquisitions. The acquisitions encompass a total of 18 care units providing both residential and foster care services for children and youth. In 2024, the acquired operations posted aggregate sales of SEK 210 million. Control was transferred on 31 October 2025 for the acquired operations from Attendo, which comprise five care units with 35 care places and foster care services for around 150 children and youth. Control was transferred on 31 January 2026 for the acquired operations of Sauma Lastensuojelupalvelut Oy, which includes 13 residential care units for children and youth as well as foster care services. Integration of Validia was completed during the quarter. In parallel, work continues on creating growth through the start-up of new care units, bolt-on acquisitions and further development of existing operations. Net sales amounted to SEK 410 million. All operations in Validia are conducted under own management. EBITA was SEK 32 million. Validia continues to post a good earnings trend despite a seasonally slightly weaker quarter. Earnings were charged with transaction, start-up and integration costs related to SEK million 2025 Oct-Dec 2024 Oct-Dec ∆% 2025 Apr-Dec 2024 Apr-Dec ∆% Net sales 410 - - 1,173 - - EBITA* 32 - - 130 - - Operating margin, EBITA (%)* 7.8 - 11.1 - the recently completed acquisitions and the establishment of a new children and youth business unit. The EBITA margin was 7.8 per cent. Full-year January-December Net sales amounted to SEK 1,173 million. All operations in Validia are conducted under own management. EBITA totalled SEK 130 million and the EBITA margin was 11.1 per cent. Ambea AB (publ) Corp. Reg. No. 556468-4354 506 Number of care places in operation under own management. EBITA margin RTM % 8 6 4.4 4.4 4 3.4 2.3 2 1.0 0 -0.9 -2 -3.5 -3.3 -3.0 -4 Q4 2023 Q1 Q2 Q3 Q4 Q1 Q2 2025 Q3 Q4 2024 * Alternative performance measures. Year-end report 2025 | 14 Altiden - stable and positive performance 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 stable financial performance for the quarter. At the same time, capacity was increased at two existing care homes with one care place each. Net sales amounted to SEK 330 million (329). Sales rose 6 per cent in local currency. Net sales in own management amounted to SEK 249 million (238). Sales rose 10 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 81 million (91). Sales declined 6 per cent in local currency. The decrease was due to the termination of one social care contract. EBITA was SEK 11 million (10). The positive change was due to the improved performance in terms of occupancy. The EBITA margin was 3.3 per cent (3.0). Full-year January-December Net sales rose 5 per cent to SEK 1,331 million (1,273). Sales rose 8 per cent in local currency. Net sales in own management amounted to SEK 989 million (910). Sales rose 12 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 342 million (363). Sales declined 2 per cent in local currency. The decrease was attributable to lower occupancy for one social contract that was terminated in the quarter. SEK million 2025 Oct-Dec 2024 Oct-Dec ∆% 2025 Jan-Dec 2024 Jan-Dec ∆% Net sales 330 329 0 1,331 1,273 5 EBITA* 11 10 10 59 13 - Operating margin, EBITA (%)* 3.3 3.0 4.4 1.0 EBITA was SEK 59 million (13). The earnings increase was due to the positive occupancy development together with operational improvements primarily in social care. The EBITA margin was 4.4 per cent (1.0). Ambea AB (publ) Corp. Reg. No. 556468-4354 9.8% EBITA margin RTM % 16 The operating margin EBITA amounted to 9.8 per cent (RTM). 14 11.9 12 11.3 10 9.7 9.3 9.4 9.3 9.8 8.6 8.4 8 6 Q4 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 * Alternative performance measures. Year-end report 2025 | 15 Klara - good margin performance 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 8 per cent to SEK 97 million (106). 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 9 per cent to SEK 12 million (11). Klara has adjusted its cost base to the weaker demand, resulting in a positive earnings trend. The EBITA margin was 12.4 per cent (10.4). Full-year January-December Net sales decreased 5 per cent to SEK 387 million (409). The change was due to weaker demand in several service areas. SEK million 2025 Oct-Dec 2024 Oct-Dec ∆% 2025 Jan-Dec 2024 Jan-Dec ∆% Net sales 97 106 −8 387 409 −5 EBITA* 12 11 9 38 35 9 Operating margin, EBITA (%)* 12.4 10.4 9.8 8.6 EBITA rose 9 per cent to SEK 38 million (35). Klara has adjusted its cost base to reflect structurally lower market demand, which resulted in a positive earnings trend. The EBITA margin was 9.8 per cent (8.6). Ambea AB (publ) Corp. Reg. No. 556468-4354 SEK million 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 Stendi Number of care places in operation under own management 673 692 687 671 674 Number of care places opened under own management (RTM) 32 36 42 28 43 Number of care places under own management under construction 61 51 59 86 85 Validia Number of care places in operation under own management 1,477 1,373 1,372 - - Number of care places opened under own management (RTM) - - - - - Number of care places under own management under construction 78 78 78 - - Altiden Number of care places in operation under own management 506 504 514 515 515 Number of care places opened under own management (RTM) - - - 5 5 Number of care places under own management under construction - - - - - Confirmed management contract start-ups/terminations, SEK million* - -38 -38 -38 - SEK million 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 Ambea Number of care places in operation under own management on the closing date 12,006 11,740 11,726 10,227 10,241 Number of care places opened under own management (RTM) 272 164 107 282 268 Number of care places under own management under construction 1,695 1,621 1,360 1,285 1,308 Confirmed management contract start-ups/terminations, SEK million* −106 −51 -107 -8 31 Nytida Number of care places in operation under own management 5,521 5,434 5,488 5,420 5,427 Number of care places opened under own management (RTM) 80 56 65 89 60 Number of care places under own management under construction 160 158 137 143 167 Confirmed management contract start-ups/terminations, SEK million* 22 2 4 20 -3 Vardaga Number of care places in operation under own management 3,829 3,737 3,665 3,621 3,625 Number of care places opened under own management (RTM) 160 72 - 160 160 Number of care places under own management under construction 1,396 1,334 1,086 1,056 1,056 Confirmed management contract start-ups/terminations, SEK million* −128 −15 -73 10 34 *Net of confirmed contract management start-ups/terminations in the coming 12 months Year-end report 2025 | 16 Operational key figures Ambea AB (publ) Corp. Reg. No. 556468-4354 Other events Legal proceedings regarding costs for temporary care workers in Norway Through the acquisition of the operations of Aleris Omsorg 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. During the quarter, a large part of the previous provision (SEK 74 million) was settled. As of 31 December 2025, the current remaining provision for known and unknown claims amounted to SEK 12 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 Decem- ber 2025, 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. Events afler the balance-sheet date Ambea launched a new share buyback programme to repurchase 2 million of its own shares. More information is available in a separate press release. 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 during the summer months are also generally lower 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 16,911 (15,002), 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 December 2025, Ambea's holding treasury shares amounted to 2,000,000, and accordingly, the total number of shares outstanding on 31 December amounted to 82,101,290. 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 2024 Annual Report. The company's risks and uncertainties are deemed to be unchanged compared to those described in the 2024 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 Year-end 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 Year-end Report was adopted on 11 February 2026. Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 17 Erik Malmberg Board member Dan Olsson Board member Patricia Briceño Employee representative Stockholm, 11 February 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 fourth quarter of 2025 Ambea will hold a presentation for the financial market, with the possibility to participate by phone, at 10.00 a.m. CET on Thursday, 12 February 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/imf8635k 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/BIcf67c5f251c94b68b-8b096934e66cbe9 Contact Susanne Vogt, Head of IR, Reporting & Group Business Control [email protected] Financial calendar Q1 interim report for 2026, 7 May 2026 Annual General Meeting, 12 May 2026 Q2 interim report for 2026, 19 August 2026 Q3 interim report for 2026, 4 November 2026 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 Year-end report 2025 | 18 Consolidated earnings in summary Consolidated statement of comprehensive income in summary SEK million 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec Operating income Net sales 4,193 3,637 16,039 14,195 Other operating income 64 43 171 162 Operating income 4,257 3,680 16,210 14,357 Operating expenses Consumables −151 −130 −556 −492 Other external costs −467 −333 -1,607 -1,332 Personnel costs -2,946 -2,554 -11,169 -9,891 Depreciation, amortisation and impairment −394 −345 -1,505 -1,367 Other operating expenses 2 0 6 3 Operating expenses -3,956 -3,362 -14,831 -13,079 Operating profit 301 318 1,379 1,278 Financial income - - - 0 Financial expenses −144 −114 −520 −466 Net financial items −144 −114 −520 −466 Profit before tax 157 204 859 812 Tax on profit for the period −27 −57 −194 −192 Profit for the period 130 147 665 620 Profit for the period attributable to shareholders of the Parent Company 130 147 665 620 Earnings per share before dilution, SEK 1.56 1.76 7.95 7.21 Earnings per share afler dilution, SEK 1.56 1.75 7.92 7.20 SEK million 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec Profit for the period afler tax 130 147 665 620 Other comprehensive income, items not transferable to profit or loss Remeasurement of defined-benefit pension plans 10 −2 24 −2 Tax related to remeasurement of defined-benefit pension plans −3 0 −6 0 Total items not transferable to profit or loss 7 −2 18 −2 Other comprehensive income, items transferable to profit or loss Translation differences −55 18 −69 −7 Hedging of net investments in foreign operations 21 −7 39 3 Cash flow hedges 3 9 −1 1 Cash flow hedge reserve 1 2 2 −14 Remeasurement of tenant-owned apartments 1 0 1 0 Tax −5 −1 −8 2 Total items transferable to profit or loss −34 21 -36 −15 Total other comprehensive income −27 19 −18 −17 Total comprehensive income for the period 103 166 647 603 Comprehensive income for the period attributable to shareholders of the Parent Company 103 166 647 603 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 19 Earnings per share 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec Profit for the period attributable to shareholders of the Parent Company, SEK million 130 147 665 620 Earnings per share before dilution Average number of shares, thousand 83,336 83,721 83,695 85,945 Earnings per share before dilution, SEK 1.56 1.76 7.95 7.21 Earnings per share afler dilution Average number of shares, thousand 83,579 84,003 83,938 86,139 Earnings per share afler dilution, SEK 1.56 1.75 7.92 7.20 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 20 Consolidated balance sheet in summary SEK million 2025 31 Dec 2024 31 Dec Assets Fixed assets Goodwill 8,330 7,211 Customer contracts and customer relationships 480 262 Other intangible assets 43 25 Right-of-use assets 9,043 8,496 Tangible assets 396 325 Derivative instruments 6 9 Surplus in funded pension plans 6 10 Deferred tax assets 175 179 Non-current receivables 139 132 Total fixed assets 18,618 16,649 Current assets Accounts receivable 1,464 1,284 Other receivables 79 83 Prepaid expenses and accrued income 181 133 Cash and cash equivalents 133 28 Total current assets 1,857 1,528 Total assets 20,475 18,177 SEK million 2025 31 Dec 2024 31 Dec Equity and liabilities Equity Share capital 2 2 Other capital contributions 6,215 6,198 Reserves −90 −53 Retained earnings, including profit for the year −927 -1,161 Total equity 5,200 4,986 Non-current liabilities Non-current interest-bearing liabilities 2,115 1,087 Lease liabilities 8,220 7,791 Other non-interest-bearing liabilities 3 18 Pension provisions - 9 Other provisions 6 12 Deferred tax liabilities 359 279 Total non-current liabilities 10,703 9,196 Current liabilities Commercial paper 1,232 1,039 Lease liabilities 1,076 840 Accounts payable 465 403 Other provisions 6 76 Tax liabilities 87 127 Other non-interest-bearing liabilities 210 182 Accrued expenses and deferred income 1,496 1,328 Total current liabilities 4,572 3,995 Total equity and liabilities 20,475 18,177 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 21 SEK million 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec Investing activities Acquisition of tangible assets −32 -41 −122 −105 Acquisition of intangible assets −7 −1 −17 −12 Sale of fixed assets 6 4 22 17 Acquisition of subsidiaries −93 −163 -1,268 −253 Investments in financial instruments −3 1 −6 −5 Cash flow from investing activities −129 −200 -1,391 −358 Cash flow afler investments 785 546 778 1,708 Financing activities Loans raised 3,028 1,261 7,349 3,487 Repayment of debt -2,830 -1,000 -6,062 -3,207 Repayment of lease liabilities −318 −277 -1,222 -1,092 Net change in checking account −509 −568 −67 −338 New share issue - 23 14 23 Cost of loans raised −16 - −17 - Premiums for warrants 3 - 3 1 Share buybacks −266 - −485 −431 Dividends paid - - −185 −130 Cash flow from financing activities −908 −561 −672 -1,687 Cash flow for the period −123 −15 106 21 Cash and cash equivalents on the opening date 259 45 28 6 Exchange rate differences in cash and cash equivalents −3 −2 −1 1 Cash and cash equivalents on the closing date 133 28 133 28 Consolidated statement of changes in equity in summary SEK million 2025 Jan-Dec 2024 Jan-Dec Opening balance 4,986 4,920 Comprehensive income 647 603 New share issue 14 23 Warrants issued 3 1 Share buybacks −485 −431 Exercise of repurchased shares 220 - Dividends −185 −130 Closing balance 5,200 4,986 Consolidated cash flow statement in summary SEK million 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec Operating activities Profit before financial items 301 318 1,379 1,278 Depreciation, amortisation and impairment 394 345 1,505 1,367 Capital gains/losses −11 −11 −17 −20 Changes in provisions 6 −24 0 −61 Total non-cash items 389 310 1,488 1,286 Net interest paid −85 −113 −464 −467 Tax paid −72 −54 −237 −138 Cash flow from operating activities before changes in working capital 533 461 2,166 1,959 Cash flow from changes in working capital Decrease/increase in receivables 71 22 −25 30 Decrease/increase in current liabilities 310 263 28 77 Cash flow from operating activities 914 746 2,169 2,066 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 22 Parent Company income statement in summary SEK million 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec Operating income Other operating income 0 0 0 0 Operating income 0 0 0 0 Operating expenses Other external costs −5 −3 −23 −17 Personnel costs −4 −4 −17 −16 Amortisation of intangible assets 0 0 0 0 Operating expenses −9 −7 −40 −33 Operating profit/loss −9 −7 −40 −33 Financial items 18 −7 −22 −84 Profit/loss afler financial items 9 −14 −62 −117 Appropriations 105 179 105 179 Profit before tax 114 165 43 62 Tax on profit for the period −13 −19 −13 −19 Profit for the period 101 146 30 43 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 23 Parent Company balance sheet in summary SEK million 2025 31 Dec 2024 31 Dec Assets Fixed assets Intangible assets 0 0 Financial assets Participations in Group companies 7,432 7,212 Receivables from Group companies 1,095 595 Derivative instruments 1 5 Total fixed assets 8,528 7,812 Current assets Receivables from Group companies 4,408 3,844 Other receivables 13 26 Prepaid expenses and accrued income 4 13 Cash and cash equivalents 26 - Total current assets 4,451 3,883 Total assets 12,979 11,695 SEK million 2025 31 Dec 2024 31 Dec Equity and liabilities Equity Restricted equity Share capital 2 2 Statutory reserve 0 0 Total restricted equity 2 2 Non-restricted equity Share premium reserve 1,443 1,429 Retained earnings 434 842 Profit for the period 30 43 Total non-restricted equity 1,907 2,314 Total equity 1,909 2,316 Untaxed reserves 105 117 Non-current liabilities Liabilities to credit institutions 2,136 1,125 Total non-current liabilities 2,136 1,125 Current liabilities Commercial paper 1,232 1,037 Accounts payable 5 9 Tax liabilities 8 19 Liabilities to Group companies 7,568 7,054 Other liabilities 0 0 Accrued expenses and deferred income 16 18 Total current liabilities 8,829 8,137 Total equity and liabilities 12,979 11,695 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 24 Notes NOTE 1 Accounting policies This year-end report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act, as well as the Swedish Financial 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 2025 None of the new or revised standards or interpretations effective from 1 January 2025 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. 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 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 Net sales Nytida 1,178 1,148 1,150 1,122 1,108 1,056 1,044 1,041 1,018 Vardaga 1,402 1,381 1,358 1,313 1,306 1,288 1,262 1,231 1,200 Stendi 824 818 823 823 834 841 840 837 808 Validia 410 388 375 - - - - - - Altiden 330 341 327 333 329 320 311 313 317 Klara 97 86 104 100 106 94 104 105 116 Group adjustments -48 -48 −49 −47 −46 −44 −42 -43 -47 Ambea 4,193 4,114 4,088 3,644 3,637 3,555 3,519 3,484 3,412 Adjusted EBITA Nytida 144 194 127 118 121 168 124 125 130 Vardaga 117 177 115 111 122 161 105 103 88 Stendi 39 100 29 68 93 121 61 59 70 Validia 32 59 39 - - - - - - Altiden 11 39 1 8 10 25 −13 −9 -14 Klara 12 9 9 8 11 10 5 9 14 Unallocated items −8 −8 −9 −6 −13 −7 −11 -8 -11 Ambea 347 570 311 307 344 478 271 279 286 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 25 NOTE 2 Segment information October-December 2025 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income Net sales 1,178 1,402 824 410 330 97 - -48 4,193 Other operating income 13 40 8 1 2 - - - 64 Total income 1,191 1,442 832 411 332 97 - -48 4,257 Adjusted EBITA 144 117 39 32 11 12 −8 - 347 Adjusted EBITA margin, % 12.2 8.3 4.7 7.8 3.3 12.4 - - 8.3 Items affecting comparability - - - - - - −20 - −20 EBITA 144 117 39 32 11 12 −28 - 327 EBITA margin, % 12.2 8.3 4.7 7.8 3.3 12.4 - - 7.8 Amortisation of intangible assets −26 Operating profit (EBIT) 301 Net financial items −144 Profit before tax 157 Tax on profit for the period −27 Profit for the period 130 Assets 6,890 7,398 2,045 2,436 1,316 294 96 - 20,475 October-December 2024 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income Net sales 1,108 1,306 834 - 329 106 - −46 3,637 Other operating income 11 39 5 - −13 - 1 - 43 Total income 1,119 1,345 839 - 316 106 1 −46 3,680 Adjusted EBITA 121 122 93 - 10 11 −13 - 344 Adjusted EBITA margin, % 10.9 9.3 11.2 - 3.0 10.4 - - 9.5 Items affecting comparability - - - - - - - - - EBITA 121 122 93 - 10 11 −13 - 344 EBITA margin, % 10.9 9.3 11.2 - 3.0 10.4 - - 9.5 Amortisation of intangible assets −26 Operating profit (EBIT) 318 Net financial items −114 Profit before tax 204 Tax on profit for the period −57 Profit for the period 147 Assets 6,885 7,625 2,021 - 1,455 312 177 - 18,475 *The 'Unallocated items' column consists of centrally approved costs Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 26 NOTE 2 Segment information January-December 2025 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group adjustments Group Operating income Net sales 4,598 5,454 3,288 1,173 1,331 387 - −192 16,039 Other operating income 32 115 10 1 6 1 6 - 171 Total income 4,630 5,569 3,298 1,174 1,337 388 6 −192 16,210 Adjusted EBITA 583 520 236 130 59 38 −31 - 1,535 Adjusted EBITA margin, % 12.7 9.5 7.2 11.1 4.4 9.8 - - 9.6 Items affecting comparability - - - - - - -80 - -80 EBITA 583 520 236 130 59 38 −111 - 1,455 EBITA margin, % 12.7 9.5 7.2 11.1 4.4 9.8 - - 9.1 Amortisation of intangible assets −76 Operating profit (EBIT) 1,379 Net financial items −520 Profit before tax 859 Tax on profit for the period −194 Profit for the period 665 Assets 6,890 7,398 2,045 2,436 1,316 294 96 - 20,475 January-December 2024 SEK million Nytida Vardaga Stendi Validia Altiden Klara Unallocated items* Group ad- justments Group Operating income Net sales 4,249 5,087 3,352 - 1,273 409 - −175 14,195 Other operating income 41 101 11 - 3 1 5 - 162 Total income 4,290 5,188 3,363 - 1,276 410 5 −175 14,357 Adjusted EBITA 538 491 334 - 13 35 −39 - 1,372 Adjusted EBITA margin, % 12.7 9.7 10.0 - 1.0 8.6 - - 9.7 Items affecting comparability - - - - - - - - - EBITA 538 491 334 - 13 35 −39 - 1,372 EBITA margin, % 12.7 9.7 10.0 - 1.0 8.6 - - 9.7 Amortisation of intangible assets −94 Operating profit (EBIT) 1,278 Net financial items −466 Profit before tax 812 Tax on profit for the period −192 Profit for the period 620 Assets 6,885 7,625 2,021 - 1,455 312 177 - 18,475 *The 'Unallocated items' column consists of centrally approved costs Ambea AB (publ) Corp. 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No. 556468-4354 Year-end report 2025 | 27 NOTE 3 Revenue from contracts with customers Type of service delivery (October-December) SEK million Nytida Vardaga Stendi Validia Altiden Klara Group eliminations Group 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Own Management 954 903 977 895 824 834 410 - 249 238 - - - - 3,414 2,870 Contract Management 224 205 425 411 - - - - 81 91 - - - - 730 707 Competence and staffing solutions - - - - - - - - - - 97 106 -48 −46 49 60 Total 1,178 1,108 1,402 1,306 824 834 410 - 330 329 97 106 -48 −46 4,193 3,637 Income External customers 1,178 1,108 1,402 1,306 824 834 410 - 330 329 49 60 - - 4,193 3,637 Revenue between segments - - - - - - - - - - 48 46 -48 −46 - - Total 1,178 1,108 1,402 1,306 824 834 410 - 330 329 97 106 -48 −46 4,193 3,637 Type of service delivery (January-December) SEK million Nytida Vardaga Stendi Validia Altiden Klara Group eliminations Group 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Own Management 3,717 3,428 3,759 3,486 3,288 3,318 1,173 - 989 910 - - - - 12,926 11,142 Contract Management 881 821 1,695 1,601 - 34 - - 342 363 - - - - 2,918 2,819 Competence and staffing solutions - - - - - - - - - - 387 409 −192 −175 195 234 Total 4,598 4,249 5,454 5,087 3,288 3,352 1,173 - 1,331 1,273 387 409 −192 −175 16,039 14,195 Income External customers 4,598 4,249 5,454 5,087 3,288 3,352 1,173 - 1,331 1,273 195 234 - - 16,039 14,195 Revenue between segments - - - - - - - - - - 192 175 −192 −175 - - Total 4,598 4,249 5,454 5,087 3,288 3,352 1,173 - 1,331 1,273 387 409 −192 −175 16,039 14,195 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 28 NOTE 4 Items affecting comparability SEK million 2025 Oct-Dec 2024 Oct-Dec 2025 Jan-Dec 2024 Jan-Dec Acquisition-related costs −20 - -80 - Total items affecting comparability −20 - -80 - NOTE 5 Business combinations On 1 April, all of the shares were acquired in Validia Oy, which operates residential care and support for people with disabilities in Finland. The acquisition includes approximately 50 care units, 1,400 care places and 2,600 employees. The consideration amounted to SEK 1,440 million, of which SEK 220 million was paid in own shares. Transaction costs in connection with the acquisition amounted to SEK 59 million as of 31 December, and were recognised as other external costs affecting comparability. The amounts are based on the exchange rate on 1 April, EUR/SEK 10.8160. Since the acquisition date, Validia has contributed SEK 1,173 million to net sales, and SEK 118 million to profit before tax. If the acquisition had taken place on 1 January 2025, Validia would have contributed SEK 1,592 million to net sales and SEK 140 million to profit before tax. The goodwill that has arisen is primarily attributable to human capital and a strong position in a new market, with favourable prospects for further expansion. Integration costs in connection with the acquisition amounted to SEK 21 million as of 31 December, and were recognised as other external costs affecting comparability. On 5 May, parts of the care provider AvAsta were acquired. The acquisition comprises all of the shares in the Sisjödal nursing home as well as AvAsta's four care homes providing care for adults with lifelong disabilities and social problems. All of the shares in Attendo Lastensuojelupalvelut Oy were acquired on 31 October. The company provides care for children and youth with individualised support needs. On 1 December, all of the shares were acquired in Serigmo Care KÅS AB and Villa Arelid AB, which provide LSS residential services, short-term accommodation and camp activities. The total purchase consideration for the three acquisitions amounted to SEK 230 million. Transaction costs in connection with the acquisitions totalled SEK 5 million, and were recognised as other external costs. Goodwill of SEK 167 million arose in conjunction with the acquisitions and corresponds 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 analyses for Lastensuojelupalvelut Oy and the Serigmo companies are preliminary. Preliminary effect on financial position SEK million Validia Other Total The carrying amount of net identifiable assets excl. intangible assets 164 24 188 Intangible assets 260 39 299 Group goodwill 1,017 167 1,184 Total consideration (price of shares) 1,440 230 1,670 Less: cash and cash equivalents −140 -43 −183 Less: payment with own shares −220 - −220 Net change in cash 1,080 187 1,267 Date Acquisition Operations Segments Annual sales 1 Apr 2025 Validia Residential care and support for people with disabilities Validia SEK 1,395 million 5 May 2025 AvAsta Elderly care, residential care and support for people with disabilities Nytida and Vardaga SEK 144 million 31 Oct 2025 Attendo Lastensoujelupalvelut Individual and family care for children and youth Validia SEK 90 million 1 Dec 2025 Serigmo LSS residential services, short-term accommodation and camp activities Nytida SEK 45 million Acquisitions during the year Since the respective acquisition dates, other acquisitions have contributed SEK 124 million to net sales and SEK 10 million to profit before tax. If the acquisitions had taken place on 1 January 2025, the companies would have contributed SEK 199 million to net sales and SEK 1 million to profit before tax. On 19 December, an agreement entered to acquire all of the shares in Sauma Lastensuojelupalvelut Oy. The acquisition pertained to care services for children and youth in Finland. The acquisition was completed on 31 January 2026. Preliminary distribution of net assets on the acquisition date SEK million Validia Other Total Fixed assets 115 6 121 Right-of-use assets 919 292 1,211 Accounts receivable and other receivables 149 54 203 Cash and cash equivalents 140 43 183 Non-current liabilities and provisions 0 0 0 Deferred tax liability −56 −7 −63 Lease liabilities −919 −292 -1,211 Accounts payable and other liabilities −184 −72 −256 Net identifiable assets 164 24 188 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 29 NOTE 6 Fair value of financial instruments in the fair value hierarchy Classification in the fair value hierarchy 1 2 3 SEK million 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 31 Dec Assets Interest-rate derivatives 6 9 - - 6 9 - - Investments in housing cooperative associations 103 88 - - - - 103 88 Total 109 97 - - 6 9 103 88 Liabilities Contingent consideration - 2 - - - - - 2 Total - 2 - - - - - 2 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 Swedish, Norwegian and Danish kronor 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 57 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 2025 31 Dec 2024 31 Dec Tax dispute 14 14 Total contingent liabilities 14 14 Ambea AB (publ) Corp. Reg. No. 556468-4354 Year-end report 2025 | 30

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