Q3 2024 Attendo AB (publ) Earnings Call Transcript
Key Points
- Attendo AB (LTS:0RCY) reported an 8% organic growth and a 39% increase in EBITA year over year, driven by improvements in Finland.
- The acquisition of Team Olivia's care business in Sweden is expected to strengthen Attendo's position in disabled care and individual and family care segments.
- The company has significantly strengthened its financial position, reducing net debt to EBITDA, allowing for active capital allocation and selective M&A.
- Attendo has implemented new evidence-based methods to measure and improve the quality of life for nursing home residents, showing positive initial results.
- The company has set a target to achieve at least SEK5.50 earnings per share by 2026, indicating confidence in future growth and profitability.
- Sales in Q1 were lower than anticipated, impacting staffing efficiency and personnel costs.
- The overall result was negatively affected by losses in Denmark and ended outsourcing contracts.
- Occupancy rates remained flat, with a target to increase by only two to three percentage points in 2024.
- Scandinavia experienced margin pressure due to a sharp drop in occupancy during the pandemic and issues in Denmark.
- Higher salary increases in Finland are expected to impact Q2 and Q3 earnings negatively.
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Good morning, everyone. Today we're presenting the Q1 results. We'll also present updated financial targets as we're approaching the end of the turn-around program we initiated in the beginning of 2021.
With the acquisition of Team Olivia's care business in Sweden, sustainable terms in Finland, and a stronger financial position, Attender is well positioned to create value for customers, payers, and shareholders in the ERC camp. I'll start by giving you an update on the development in the first quarter together with our CFO, Mikael Malmgren.
In the second part of this presentation, we'll move into the updated financial targets.
Slide 2. Attendo's had a positive momentum during the past year, reflecting the outcome of the turn-around program that we launched in 2021. In the first quarter, organic growth was 8% and EBITA increased with 39% year over year. Both sales and EBITA improvements are entirely attributable to the improvements in our operations in
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