Q3 2024 Humana AB Earnings Call Transcript
Key Points
- Humana AB (STU:47H) achieved a record high adjusted operating profit of SEK 203 million in Q3.
- The integration of Team Olivia in Norway is proceeding according to plan, contributing positively to the company's performance.
- There is a 3% price adjustment for personal assistance in Sweden starting January 1, which is expected to improve financial stability.
- The company has shown strong growth through acquisitions, having acquired 19 companies over the past six years.
- Humana AB (STU:47H) reported an 11% year-on-year revenue growth, reaching SEK 10 billion in revenue for the first time.
- There is declining demand in open care services in Finland, expected to continue decreasing until the end of 2026.
- The personal assistance segment in Sweden continues to experience a net loss of customers.
- The integration of Team Olivia in Norway has resulted in a somewhat lower margin due to regulatory changes in scheduling.
- The elderly care segment in Finland is expected to be divested by the end of the year, reducing its contribution to the business.
- The company faces challenges in adjusting cost levels to reflect the lower run rate for revenues in the personal assistance segment.
Good morning and welcome to Humana Q3 presentation. My name is Evelina Petersson. I'm the head of IR at Humana. With me today, I have our CEO Natalie Bola Nelson and our CFO Christoffer Herou.
Please go ahead Nathalie.
Thank you. So having a look at -- my name is Nathalie and I started in July. So I've been here almost a quarter now. So this is the first quarterly report for me and Christoffer together. And looking at some of the highlights from Q3. We improved and managed to have a record high adjusted operating profit of SEK 203 million. The team Olivia integration in Norway is performing according to plan, and we also have stable performance in Finland and performing at a high level there, although we see some declining demand in open care services. And we have some positive developments for the personal assistance in Sweden for the first time in a long time as regards price adjustments where we have now a 3% price adjustment from January
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