Ambea AB (FRA:6MA)

Q2 2026 Ambea publ AB Earnings Call Transcript

Aug 19, 2026 / 08:00 AM GMT

Transcript

Key Points

Positve

Solid organic growth of 4.4% and total revenue growth of 7.3%, driven by higher occupancy and operational improvements.
Adjusted EPS surged 88% year-over-year to SEK 2.13, reflecting strong earnings growth and share buybacks.
Organic pipeline for new care places exceeded the full-year 2025 level in just the first half of 2026, with total pipeline revenue potential of approximately SEK 2.7 billion.
Rolling 12-month adjusted EBITDA margin reached 10.0%, above the 9.5% target, with all four business areas contributing to EBITDA growth.
Strong cash generation with operating cash flow of SEK 929 million, enabling dividend payments, acquisitions, and share buybacks while reducing leverage to 2.4x EBITDA.
Successful M&A activity, including the third acquisition in Finnish child welfare and the recommended public offer for Humana, supporting growth and market consolidation.
Continued margin improvements in Denmark (10 consecutive quarters) and Norway (Stendi), with expectations for further gains in the second half.
New group-wide quality management system (MiraQ) rolled out to strengthen operational quality and data-driven improvements.
High employee net promoter score and commitment to diversity and inclusion, reinforcing the employer brand.
Improved occupancy in newly opened nursing homes in Sweden, with better-than-expected ramp-up performance.

Negative

Net sales in Clara (staffing) decreased 11% due to weak demand, as customers hire their own staff instead of using external services.
Contract management in Vardaga (Sweden) declined 3% due to the handback of two contracts to municipalities, with an annual turnover of SEK 199 million to be exited over the next 12 months.
Occupancy in Norwegian adult care services remains slightly lower year-over-year, though more stable than last quarter.
Margin pressure in Validia (Finland) from the start-up of the new child welfare segment and integration costs, with new unit openings in Q4 expected to further impact margins.
Seasonality in Q2 (bank holidays in Norway and Denmark) drives higher staffing costs, affecting profitability.
Municipalities in Norway face financial constraints, leading to changes in purchasing behavior and pressure on pricing.
The company faces uncertainty from the upcoming Swedish elections, which could bring changes in municipal policies and procurement decisions.
The Humana acquisition is complex and subject to regulatory and integration risks, with no additional synergies beyond the communicated SEK 120 million.
The pipeline ramp-up takes 12-24 months, meaning new care places will not immediately contribute to revenue and margins.
The company's growth target of 8-10% is partly dependent on continued M&A activity, which carries execution risks.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AMBEA.ST - Ambea publ AB
Q2 2026 Ambea publ AB Earnings Call
Aug 19, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to the Amber Interim Report Second Quarter 2026 Webcast and Conference Call. At this time, all participants are in listen-only mode.

After the speaker's presentation, there will be the question-and-answer session. To ask a question during the session, you need to press star, one on the top one keypad. You want to hear an automatic message advising your hand is raised.

To withdraw a question, please press star, one, and one again.

Please be advised that today's conference is being recorded.

I would now like to hand the conference over to our first speaker today, Mark Jensen, CEO. Please go ahead.

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