Swedish care services group Ambea AB reported a sharp increase in profitability and cash generation for the second quarter of 2026, driven by organic growth and acquisitions.
Adjusted earnings per share rose 88% year-over-year to SEK 2.13, while adjusted EBITA increased 28% to SEK 397 million. Net sales grew 7% in the quarter to SEK 300 million, lifting the rolling 12-month total to SEK 16.9 billion. Organic growth reached 4.4%, with adjusted EBITDA margins expanding to 9.0% from 7.6% a year earlier. The rolling 12-month adjusted EBITDA margin reached 10.0%, exceeding the 9.5% target for the first time.
Free cash flow for the rolling 12 months totaled SEK 929 million, up more than SEK 200 million from the prior quarter, with cash conversion remaining around 95%. Leverage stood at 2.4x EBITDA, down from 2.7x a year earlier and well below the 3.25x target. Shareholder returns and debt reduction totaled more than SEK 700 million, including SEK 212 million in dividends, SEK 521 million in share buybacks, and an SEK 87 million reduction in net debt.
The group operates over 1,000 care units serving approximately 18,000 care receivers across Sweden, Norway, Denmark, and Finland. Business area performance varied: Nytida’s net sales rose 4% with EBITA up 17% to SEK 148 million, while Vardaga’s net sales grew 6% with EBITA increasing 24% to SEK 143 million. Stendi reported an 11% sales increase in SEK terms, and Validia’s net sales surged 19% following child welfare acquisitions. Altiden continued its recovery with its 10th consecutive quarter of margin improvement.
Ambea maintained its financial targets of 8% to 10% annual growth and an EBITDA margin of 9.5%, while leverage remained below 3.25x EBITDA. The company’s care places pipeline exceeds 2,200 new units scheduled to open between 2026 and 2030, with fully ramped-up revenue expected to reach SEK 2.7 billion. Management expects 480 new care places to open in the next 12 months, with signed rental contracts in the first half of 2026 already surpassing the full-year 2025 total.
The Humana acquisition remains on track, with a public offer prospectus due August 24 and an acceptance period beginning August 25. Management anticipates SEK 120 million in synergies and aims for a 9.5% run-rate EBITDA margin by the end of 2028.
Shares rose 10.74% to SEK 161.9, trading near the 52-week high range of SEK 112.7 to SEK 165.
