Q2 2024 Ambea AB (publ) Earnings Call Transcript
Key Points
- Ambea AB (FRA:6MA) reported a significant increase in EBITDA, up 42% year-over-year, with an improved EBITDA margin of 7.7% compared to 5.8% in the same quarter last year.
- The company has a strong financial position with high free cash flow generation, which increased by 24% this quarter.
- Ambea AB (FRA:6MA) successfully completed share buyback programs, repurchasing 3 million shares for SEK187 million and initiating a new program for another 3 million shares.
- The company has shown positive organic growth, with a total organic growth rate of 5.9% for the quarter.
- Ambea AB (FRA:6MA) continues to expand its pipeline, with 1,272 beds or care places in development, most of them in Sweden, indicating strong future growth potential.
- Altiden, one of Ambea AB (FRA:6MA)'s business areas, reported a 5% decrease in revenue, primarily due to the expiration of a large elderly care contract.
- Klara, another business segment, experienced a 10% decline in revenue due to continued lower demand for staffing solutions.
- Nytida's EBITDA decreased by SEK10 million, or 1.3 percentage points, due to lower occupancy in some parts of the Individual & Family Care segment.
- The company faces challenges in the labor market, particularly in finding qualified staff for new units, which could impact future growth and operational efficiency.
- Ambea AB (FRA:6MA) has five elderly care units with no active operations, which could be a drag on profitability if not resolved.
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Good morning, everyone, and welcome to Ambea's Second Quarter 2024 Report Presentation. Speaking is Mark Jensen, CEO of Ambea, and presenting will meet today is Benno Eliasson, CFO. I will give you an introduction to the quarter.
Then I will talk about some of our efforts within quality and sustainability before Benno will describe the development of the financials for the group and for the different business areas. After that, I will summarize the quarter and compare to our financial targets before we open for questions.
I would like to begin with a brief overview of Ambea. Ambea is the leading Scandinavian care provider. We have over 30,000 employees across Sweden, Norway and Denmark and revenues of SEK13.7 billion. We offer a full range of services within elderly care, social care, staffing and competency solutions.
We have more than 450 municipalities as our clients, and we are an important partner in solving challenges in the welfare system.
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