Kvartalsrapport Q1 2024

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===== SIDA 1 =====

Interim report 
January - March 2024 
• Continued strong profit improvement 
• Increased focus on quality of life  
• New financial targets: Attendo aims to achieve 
adjusted earnings per share of > SEK 5.50 in 2026

===== SIDA 2 =====

Attendo | Interim report January - March 2024 2 (28) 
 
  
 
1 See further definitions of performance measures and alternative performance measures on pages 26-27. 
2 Profit for the period attributable to the parent company shareholders excluding amortization and impairment of acquisition-related intangible assets, IFRS 16 and items affecting comparability and related tax effects divided by the average number of share s outstanding after dilution. 
Summary 
  
   
First quarter 
January - March 2024 
New financial targets Group   
key figures 
• Net sales amounted to SEK 4,386m (4,044). 
Total growth amounted to 8.5 percent, of 
which organic growth was 8.0 percent.  
• Lease adjusted operating profit (EBITA)1 
amounted to SEK 161m (116), corresponding to 
a margin of 3.7 percent (2.9). 
• Operating profit (EBITA) amounted to SEK 292m 
(241), corresponding to an operating margin of 
6.7 percent (6.0).  
• Profit for the period amounted to SEK 63m (28). 
Earnings per share after dilution amounted to 
SEK 0.39 (0.17). Adjusted earnings per share 
after dilution amounted to SEK 0.58 (0.43). Free 
cash flow amounted to SEK 20m (8).  
• The number of beds in Attendo's homes at the 
end of the period was 20,506 (20,923). 
Occupancy in homes was 86 percent (86). 
 
• Attendo launches new financial targets focusing 
on the period 2024-2026;  
– Performance target: Adjusted earnings per 
share shall exceed SEK 5.50 in 2026.  
– Debt target: adjusted net debt / adjusted 
EBITDA shall be in the range of 1.5-2.5x. 
– Dividend: Dividend shall be 30% of the adjusted 
profit for the year. The dividend is intended to 
be combined with continuous share buyback 
programs.  
 
 
Net sales growth1 
8 
Percent 
Growth lease adj. operating profit (EBITA) 
+39 
 Percent 
Adjusted earnings per share, R12 
3.17 
SEK 
Occupancy 
86 
 Percent 
 
 Jan-Dec
SEKm 2024 2023 Δ% 2023
Net sales 4,386 4,044 8% 17,287
Lease adjusted operating profit (EBITA) ¹ 161 116 39% 745
Lease adjusted operating margin (EBITA)¹, % 3.7 2.9 - 4.3
Operating profit (EBITA)¹ 292 241 21% 1,333
Operating margin (EBITA)¹, % 6.7 6.0 - 7.7
Profit for the period 63 28 125% 376
Earning per share diluted, SEK 0.39 0.17 125% 2.33
Adjusted earnings per share diluted¹ʼ ², SEK 0.58 0.43 34% 3.02
Free cash flow 20 8 150% 724
Lease adjusted net debt / lease adjusted 
EBITDA 1,2x 3,6x - 1,2x
Q1

===== SIDA 3 =====

Attendo | Interim report January - March 2024 3 (28) 
 
CEO’s statement   
Great opportunities for long-term value creation
In 2023, we have largely completed the 
three-year turnaround program aimed at 
adapting operations and conditions to new 
staffing requirements in Finland, restoring 
occupancy after the pandemic and a period 
of strong expansion, and returning to 
sustainable growth. At the same time, we 
have worked to strengthen our operational 
care model, with increased management 
density and new digital tools to relieve 
employees and free up time for care.  
 
With the acquisition of Team Olivia's 
Swedish care operations in the first quarter 
of 2024, we mark the start of a new phase 
for Attendo. Over the next three years until 
2026, we intend to build a stronger position 
in disabled care and individual and family 
care. We are also starting to plan to 
gradually meet the expected demand for 
care for older people in the Nordic region as 
a result of demographic developments. 
 
Our focus is continued sustainable and 
profitable growth combined with increased 
investments in digitalization. In connection 
with this quarterly report, we present new 
financial targets, including a performance 
target of adjusted earnings per share of at 
least SEK 5.50 in 2026. 
 
Profits in the first quarter increased 
significantly compared to 2023, mainly 
driven by the effects of the turnaround 
program in our Finnish operations.
Group: Higher profit driven by 
Finland  
Sales in the first quarter increased by 8 percent, 
mainly driven by renegotiated contracts in 
Finland. The lease adjusted operating profit 
(EBITA) increased by SEK 45m (+39 percent), an 
increase entirely related to the Finnish 
operations.  
Finland: Continued positive trend 
Sales in Attendo Finland increased by 15 percent 
in the quarter in local currency. Profit has 
strengthened significantly year over year, mainly 
linked to renegotiated contracts based on higher 
staffing requirements in care for older people 
and higher prices in disabled care.  
Occupancy in our nursing homes was in line with 
the previous quarter but lower than expected. 
The result has therefore been negatively 
affected by high personnel costs. 
 
The Finnish government has announced that 
staffing requirements in care for older people 
will be reduced from 0.65 to 0.60 care staff per 
resident from 2025. Our assessment is that this 
will not have a material impact on results and 
that occupancy can develop positively.  
Scandinavia: Stable profits in own 
operations 
Sales are in line with the comparison quarter 
despite several ended outsourcing contracts. 
The reported result is at the same time lower 
due to ended contracts and continued losses in 
Denmark. Our own homes, which account for 
the majority of our sales in Scandinavia, 
continue to show both underlying growth and 
improved profits. Occupancy is marginally 
higher than in the previous quarter.  
We are working to reverse the performance 
trend in Scandinavia through increased sales 
efforts, continued recovery in home care in 
Sweden and by reversing the situation in 
Denmark. We are making progress in the 
turnaround in Denmark and have, among other 
things, divested the last home care unit, 
changed leadership, strengthened quality work 
and expanded our sales efforts.  
Stronger position in LSS / I&F 
From the second quarter of 2024 and onwards, 
Team Olivia Care Sweden is part of Attendo. The 
acquisition strengthens our offering and our 
position in disabled care (LSS), individual and 
family care (I&F) and home care. It also gives us 
a better balance between our different service 
offerings in Sweden. The acquisition is expected 
to contribute to adjusted earnings by at least 
SEK 0.5 per share when the operations are fully 
integrated in 2025. At the beginning of the 
second quarter and in line with our strategy, we 
acquired an additional 8 group homes within 
disabled care in Sweden.   
 
 
 
 
 
 
 Martin Tivéus, President and CEO 
Our customer focus, 
combined with offering 
cost-effective care to 
payors and solving 
complex care needs, 
means we are well 
positioned for the future.

===== SIDA 4 =====

Attendo | Interim report January - March 2024 4 (28) 
 
New financial targets  
Over the past three years, we have succeeded in 
reversing the development in Finland and 
recovered a large part of the occupancy loss due 
to the pandemic while strengthening employee 
ownership and our operational model. During 
the period, we have implemented a model for 
increased focus on quality of life, we have 
strengthened operational leadership through 
new leadership training for care managers, 
introduced group managers in nursing homes in 
both Finland and Sweden, and taken several 
steps forward on our digitalization journey. The 
result is a more stable operation, but also better 
results in both customer and relatives’ 
satisfaction, employee satisfaction and payor 
satisfaction. 
Attendo has previously set a target to reach an 
adjusted profit of SEK 4 per share, which still is 
expected to be achieved in 2024. With the clear 
turnaround in Finland and the acquisition of 
Team Olivia, we are now entering a new value 
creation phase, with new more forward-looking 
targets. 
In the coming years we intend to continue to 
strengthen the company's operational and 
financial position, with the goal of reaching 
adjusted earnings per share of at least SEK 5.50 
in 2026:  
• Underlying operating profit growth of at least 
10 percent annually, driven by increased 
occupancy, operational efficiency, price 
adjustments, new units and continuous 
smaller acquisitions in existing segments 
• The acquisition of Team Olivia Care will 
generate at least SEK 0.5 annually from 2025 
• Continuous share repurchases have further 
positive impact on earnings per share 
Attendo maintains its current dividend target of 
distributing 30% of adjusted net profit and it is 
intended to be combined with continuous share 
buyback programs. The debt target, measured 
as adjusted net debt in relation to adjusted 
EBITDA, is to be between 1.5-2.5x.  
Long-term value creation 
Attendo is the oldest and leading private care 
company in the Nordic region, with a focus on 
Sweden and Finland. Needs in care for older 
people are expected to increase in the coming 
decade. The drivers are a growing number of 
older people and demand for providers that can 
handle complex care needs that local authorities 
and regions cannot solve on their own. We also 
see a strong desire from citizens to choose care 
solutions that suit their own needs.  For over 20 
years, Attendo has worked with our mission 
"empowering the individual", which means that 
we should see, support and strengthen every 
person in need of care. Our customer focus 
combined with the fact that we offer payors 
cost-effective care and solve complex care 
needs means that we are well positioned for the 
future. 
 
Martin Tivéus, President and CEO

===== SIDA 5 =====

Attendo | Interim report January - March 2024 5 (28) 
 
Group 
January - March 2024 
 
Net sales 
Net sales increased by 8.5 percent to SEK 
4,386m (4,044) during the quarter. Adjusted for 
currency effects, net sales increased by 8.0 
percent, which corresponds to organic growth. 
Organic growth is explained by increased net 
sales in Attendo Finland, primarily in nursing 
homes.  
Operating profit 
Lease adjusted operating profit (EBITA) 
amounted to SEK 161m (116) and the margin 
was 3.7 percent (2.9). Profit increased 
significantly in Attendo Finland but decreased in 
Attendo Scandinavia.  
IFRS16-related effects on operating profit 
(EBITA) amounted to SEK 131m (125).  
Operating profit (EBITA) amounted to SEK 292m 
(241) and the operating margin to 6.7 percent 
(6.0).  
Operating profit (EBIT) amounted to SEK 278m 
(226), corresponding to an operating margin 
(EBIT) of 6.3 percent (5.6). The change is 
explained by the same factors as described 
above. 
Net financial items  
Net financial items amounted to SEK -198m  
(-190) in the quarter, of which net interest 
expenses corresponded to SEK -28m (-30). 
Interest expenses related to lease liability real 
estate in accordance with IFRS 16 amounted to  
SEK -162m (-163).  
Taxes  
Income tax amounted to SEK -17m (-8), 
corresponding to a tax rate of 21.1 percent 
(22.3).  
Profit for the period  
and earnings per share 
Profit for the period amounted to SEK 63m (28), 
corresponding to a basic and diluted earnings 
per share for parent company shareholders of 
SEK 0.39 (0.17). Adjusted earnings per share 
after dilution amounted to SEK 0.58 (0.43). 
Cash flow 
Cash flow before changes in working capital 
amounted to SEK 723m (641). Changes in 
working capital were SEK -107m (-103). Working 
capital was affected by that the closing balance 
day was during the Easter holiday. Net 
investments in fixed assets amounted to SEK  
-37m (-28). Free cash flow amounted to SEK 
20m (8).  
Cash flow from operations was SEK 423m (361). 
Acquisitions of businesses amounted to SEK -4m 
(-4). Cash flow from investing activities 
amounted to SEK -41m (-32). Repurchase of 
shares amounted to SEK -45m (0). Cash flow 
from financing activities amounted to SEK -411m  
(-263). During the quarter, the net change in 
bank loans was SEK 0m (62). Total cash flow 
amounted to SEK -29m (66). 
Financial position 
Equity attributable to shareholders in the parent 
company amounted to SEK 5,435 million (5,037) 
as of 31 March 2024, corresponding to SEK 
33.79 (31.30) per share after dilution. Net debt 
amounted to SEK 14,630m (15,249). Lease 
adjusted net debt excluding lease liability real 
estate amounted to SEK 1,254m (1,878).  
Interest-bearing liabilities amounted to SEK 
15,550m (15,827) at 31 March 2024. Cash and 
cash equivalents at 31 March 2024 were SEK 
907m (575) and Attendo had SEK 1,400m (1,488) 
in unutilized credit facilities.   
Lease adjusted net debt / lease adjusted EBITDA 
amounted to 1.2x (3.6x). Net debt / EBITDA 
amounted to 4.7x (6.5x). 
Beds and occupancy 
The total number of beds in operation in homes 
at the end of the quarter was 20,506 (20,923). 
The reduced number of beds is explained by 
ended outsourcing contracts in Attendo 
Scandinavia. Occupancy in homes at the end of 
the quarter was 86 percent (86). The number of 
beds in Own operations under construction was 
571, distributed among 11 nursing homes. 
 
Lease adjusted operating profit (EBITA) 
per quarter (SEKm) 
 
Net sales and lease adjusted 
operating margin (EBITA) (SEKm), R12  
 
Adjusted earnings per share (SEK), R12  
 
-11
171
8
147
346
136 116
161
Q2 Q3 Q4 Q1
2022 2023 2024
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
5,000
10,000
15,000
20,000
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
Q4
23
Q1
24
Net sales Lease adj. EBITA margin
1.03
1.76
2.41
3.02 3.17
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24

===== SIDA 6 =====

Attendo | Interim report January - March 2024 6 (28) 
 
Cash Flow in Summary 
(alternative performance measure) 
 
 
Net Debt 
(alternative performance measure) 
 
 
 
 
  
 
 Jan-Dec
 SEKm 2024 2023 R12 2023
Operating profit (EBITDA) 748 665 3,128 3,045
Paid income tax and other non-cash items -25 -24 -32 -31
Cash flow before changes in working capital 723 641 3,096 3,014
Changes in working capital -107 -103 8 12
Cash flow after changes in working capital 616 538 3,104 3,026
Net investments -37 -28 -142 -133
Operating cash flow 579 510 2,962 2,893
Interest received/paid -31 -14 -145 -128
Interest expense for and repayment of lease 
liabilities of real estate -528 -488 -2,081 -2,041
Free cash flow 20 8 736 724 
Total cash flow -29 66 327 422
Q1
 
 
 SEKm 2024 2023 2024 2023
Interest-bearing liabilities and provisions 2,161 2,453 15,537 15,824
Cash and cash equivalents -907 -575 -907 -575
Net debt 1,254 1,878 14,630 15,249
Net debt / EBITDA 1.2x 3.6x 4.7x 6.5x
 
* Excluding lease liabilities of real estate 
Lease adjusted* Reported
31 Mar

===== SIDA 7 =====

Attendo | Interim report January - March 2024 7 (28) 
 
Sustainable care 
Attendos shall create value for customers and relatives, employees and payors  
through high-quality care that meets future needs, while acting responsibly in society and 
towards the environment and climate.  
 
  
Continued positive developments in 
customer and relatives’ satisfaction  
 Evidence-based quality of life measures show what difference Attendo makes  
 
 
      
Customer satisfaction  
The positive trend in customer satisfaction continues. The 
weighted cNPS for the Group as a whole amounted to 39 (38)  
in the most recent measurements.  The development reflects 
Attendo's efforts to establish working methods that enable 
each local unit to identify and take actions that improve the 
customer experience. The focus in recent quarters has been to 
strengthen local managers' ability to follow the unit's results 
and to ascertain ongoing satisfaction reviews with customers, 
employees and relatives, led by specially trained employees. 
 
Relatives satisfaction 
Attendo also measures relatives’ satisfaction to continuously 
develop the relationship with the persons close to the 
customer. The weighted relatives satisfaction (rNPS) for the 
group as a whole was 41 in the latest measurements, a clear 
improvement from 29 in the previous year. This outcome is also 
a reflection of Attendo’s long-term and structured efforts 
strengthen dialogue and take swift actions when improvement 
areas are identified. 
 Attendo has been working to implement evidence-based quality 
of life outcome measurements for several years.  
 
In Finland, the Residence Assessment Instrument (RAI) is used, 
linked to the legal requirement to use RAI within elderly care. In 
Scandinavia, a similar method is used, but based on the Adult 
Social Care Outcomes Toolkit (ASCOT). Both instruments are 
validated by research and designed to measure and follow up 
key aspects of the quality of life of an individual in a social care 
setting.  
 
Based on structured interviews with care recipients and close 
monitoring by trained staff, the methods provide outcome data 
of the perceived quality of life and how it develops.  
 
The outcome of the RAI method is an index score, reflecting the 
dimensions of the assessment. From the ASCOT method, the 
outcome is a gain score (-0.17 to a maximum of +1) that 
represents the improvement in quality of life due to the care 
provided. 
 The overall quality of life score in Attendo Finland in the latest 
RAI measurements was 5.7, an improvement from 5.6 in the 
previous quarter (scale from 1 to 10). Over time, RAI scores 
from both public and private care operations are expected to be 
made available, allowing for national benchmarking.  
 
In Scandinavia, the gain score from the ASCOT-method was 0.72 
on average during the first quarter 2024 (-).  
 
The processes and insights from the quality of life 
measurements are continuously being developed, with the aim 
to systematically complement the care planning and improve 
the care experience.

===== SIDA 8 =====

Attendo | Interim report January - March 2024 8 (28) 
 
Sustainable care 
Non-financial key figures 
Attendo works systematically and purposefully 
with sustainability. Every quarter, we report the 
latest key figures in order to report the outcome 
of our work. 
 
 
 
 Quality audits  
and deviations  
Attendo has strict procedures for handling 
deviations in the care operations. This includes 
procedures for reporting, managing and 
following up on any deviations from internal 
guidelines or working methods, as well as 
serious incidents that have led to or risked 
leading to care related injuries for individuals 
(Lex Sarah and Lex Maria in Sweden).  
Scandinavia 
During the first quarter, a total of 9 cases from 
Sweden were reported to the supervisory 
authority IVO according to Lex Sarah or Lex 
Maria. 
Finland  
In Finland, during the first quarter, 1 case was 
opened by the supervisory authority AVI and 1 
case was closed. The total number of open cases 
is 14 at the end of the quarter. The surveillance 
of elderly care is increasingly being transferred 
to the welfare regions, resulting in a lower 
number of open AVI cases. As the roles and 
systems develop, Attendo will update its 
reporting in order to provide the most accurate 
reflection of ongoing cases.  
 
 
 
  
 Key figures Q1 2024 Q1 2023 
Customer satisfaction cNPS (-100 to +100) 39 38
Payor satisfaction (pSAT) 4/5 -
Relatives satisfaction rNPS (-100 to +100) 41 29
Number of customers 26 600 27 600
New beds opened in own units, R12 98 272
Employee satisfaction eNPS (-100 to +100) 20 6
 
Measuring and following up satisfaction among 
customers, relatives, employees and payors is an 
important part of Attendo's work for sustainable care.

===== SIDA 9 =====

Attendo | Interim report January - March 2024 9 (28) 
 
Business area Finland 
Continued profit improvement 
January - March 2024 
 
Net sales in Attendo Finland amounted to SEK 
2,714m (2,352), corresponding to a growth of 
15.4 percent. Adjusted for currency effects, net 
sales increased by 14.5 percent, equivalent to 
organic growth. The growth is explained by 
increased net sales mainly in nursing homes due 
to price adjustments.  
Occupancy was slightly lower than in the 
comparison quarter and in line with the fourth 
quarter of 2023. 
Lease adjusted operating profit (EBITA) 
amounted to SEK 138m (73) and the margin was 
5.1 percent (3.1). The increase in earnings is 
primarily explained by higher price increases 
than cost increases in care for older people and 
disabled care.  
Since the occupancy development in our nursing 
homes was slower than expected, profits have 
been negatively affected by higher personnel 
costs. In Finland, nursing homes must have 
staffing in line with the staff requirements 
before new customers can move in. 
 
 
 
 
IFRS16-related effects on operating profit 
(EBITA) amounted to SEK 81m (77).  
Operating profit (EBITA) amounted to SEK 220m 
(150) and the operating margin (EBITA) 
amounted to 8.1 percent (6.4). Currency effects 
amounted to SEK 2m. 
The number of beds under construction in own 
operations at the end of the quarter amounted 
to 343 beds. Attendo Finland won a contract for 
meal services with estimated annual sales of 
about SEK 100m, which has not yet started. 
 
 
Net sales and operating profit 
 
 
 
Net sales and lease adjusted operating margin (EBITA) (MSEK), R12  
 
 
 
  
 Jan-Dec
 SEKm 2024 2023 2023
Net sales 2,714 2,352 10,458
Lease adjusted operating profit (EBITA) 138 73 551
Lease adjusted operating margin (EBITA), % 5.1 3.1 5.3
Operating profit (EBITA) 220 150 946
Operating margin (EBITA), % 8.1 6.4 9.0
Q1
-2%
0%
2%
4%
6%
8%
0
2,000
4,000
6,000
8,000
10,000
12,000
Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24
Net sales Lease adjusted EBITA margin

===== SIDA 10 =====

Attendo | Interim report January - March 2024 10 (28) 
 
Business area Scandinavia 
Stable development in own operations in Sweden 
January - March 2024 
 
Net sales in Attendo Scandinavia amounted to 
SEK 1,672m (1,692), representing a decrease of 
1.2 percent both before and after currency 
effects. The decrease is explained by ended 
outsourcing contracts. Net sales increased in 
nursing homes in own operations. 
Occupancy in homes increased compared to the 
comparison quarter and also increased slightly 
compared to the fourth quarter of 2023. 
Lease adjusted operating profit (EBITA) 
amounted to SEK 43m (61), corresponding to a 
margin of 2.6 percent (3.6). 
The lower profit in Scandinavia is explained by 
ended outsourcing contracts and lower result in 
Denmark. It is mainly a number of profitable 
outsourcing contracts that were ended in the 
fourth quarter of 2023 that now affect the 
comparison with the previous year negatively. 
The Danish operations continued to show losses 
in the first quarter. The ongoing turnaround 
program is progressing. The leadership has been 
changed, the quality of operations has improved 
and we see opportunities to gradually regain 
occupancy in the coming quarters. 
Profits increased in own homes in Sweden, both 
in nursing homes and in group homes for people 
with disabilities. The improvement is driven by 
higher occupancy and price adjustments. 
 
  
 
 
IFRS16-related effects on operating profit 
amounted to SEK 50m (48).  
Operating profit (EBITA) amounted to SEK 93m 
(109), corresponding to an operating margin 
(EBITA) of 5.6 percent (6.4). 
The number of beds under construction in own 
operations amounted to 228 at the end of the 
quarter. A couple of outsourcing contracts 
ended during the quarter. Estimated annual 
sales for outsourcing contracts that have been 
won but not yet started and outsourcing 
contracts that have been lost but not yet ended 
are estimated to be SEK -231m net. The 
contracts will end or start mainly in the third 
and fourth quarters of 2024. 
 
 
 
 
 
 
Net sales and operating profit 
 
 
 
Net sales and lease adjusted operating margin (EBITA) (MSEK), R12  
 
 
 
 
 
 
 Jan-Dec
 SEKm 2024 2023 2023
Net sales 1,672 1,692 6,829
Lease adjusted operating profit (EBITA) 43 61 274
Lease adjusted operating margin (EBITA), % 2.6 3.6 4.0
Operating profit (EBITA) 93 109 468
Operating margin (EBITA), % 5.6 6.4 6.9
Q1
0%
2%
4%
6%
8%
0
2,000
4,000
6,000
8,000
Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24
Net sales Lease adjusted EBITA margin

===== SIDA 11 =====

Attendo | Interim report January - March 2024 11 (28) 
 
Operational data  
Finland 
 
Scandinavia 
Customers and beds 
 
 
 
 
 
 
 
Net sales by service offering, %.  
  
 
 
 
 
 
 
  
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024Number of beds in homes in operation¹ 
Number of beds in homes in operation¹ 13,962 14,006 14,029 13,999 14,022
Occupancy in homes¹, % 86 85 86 85 85
 
Number of opened beds² - 86 - - -
Number of beds, construction start in the quarter² 58 15 56 113 -
Number of beds under construction² 242 174 230 343 343
 
Number of home care customers 493 479 457 458 489
 
1) All homes. 
2) Own homes. 
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024Number of beds in homes in operation¹ 
Number of beds in homes in operation¹ 6,961 6,864 6,834 6,576 6,484
Occupancy in homes¹, % 86 87 87 87 87
 
Number of opened beds² 58 - 12 - -
Number of beds, construction start in the quarter² - - 62 106 -
Number of beds under construction² 83 78 122 228 228
Number of home care customers 8,180 7,869 8,028 7,964 7,823
 
1) All homes. 
2) Own homes. 
72
9
11
7
Care for older people
Disabled care
Individual and family care and social psychiatry
Other (Rehab, meal svcs., etc.)
80
13
7 0
Care for older people
Disabled care
Individual and family care and social psychiatry
Other

===== SIDA 12 =====

Attendo | Interim report January - March 2024 12 (28) 
 
Other information 
Acquisitions 
No acquisitions were made during the quarter. 
Number of shares  
The total number of shares amounts to 
161,386,592. Attendo holds 1,633,845 treasury 
shares and the total number of outstanding 
shares on 31 March 2024 amounted to 
159,752,747.  
During the first quarter of 2024, Attendo has 
repurchased 1,180,148 shares as part of the 
repurchase program announced on 7 February 
and implemented during the period 9 February 
2024 to 24 April 2024. 
Number of employees  
The average number of annual employees in the 
first quarter was 21,563 (20,699). 
Related party transactions  
Transactions with related parties are described 
in the annual report. Related-party transactions 
take place on market terms. There were no 
significant transactions with related parties 
during the period. 
The parent company, Attendo AB 
(publ)  
The business of the parent company is to 
provide services to the subsidiaries and manage 
shares in subsidiaries. The company’s expenses 
relate mainly to executive salaries, directors’ 
fees and costs for external consultants.  
Net sales for the period January-March 
amounted to SEK 5m (5), and were entirely 
related to services provided to subsidiaries. The 
loss for the period after financial items 
amounted to SEK -9m (-8). At the end of the 
period, cash and cash equivalents amounted to 
SEK 12m (0), shares in subsidiaries to SEK 
6,494m (6,494) and non-restricted equity SEK 
6,574m (6,658).  
Seasonal and calendar effects  
Attendo’s profitability is affected by factors 
including seasonal variations, weekends and 
national public holidays. For Attendo, public 
holidays and weekends have a negative effect 
on profitability mainly due to wage 
compensation for unsocial working hours. For 
example, profitability is affected by Easter in 
either the first or second quarter, depending on 
the quarter in which Easter falls, while the first 
and fourth quarters are affected by the 
Christmas and New Year’s holidays.  
Roundings 
Note that roundings occur in text, charts and 
tables. 
Significant events after the balance 
sheet date 
On 2 April, Attendo completed the acquisition of 
Team Olivia's Swedish care business, excluding 
personal assistance, by acquiring 100 percent of 
the shares and votes in a newly formed 
company containing relevant assets and 
subsidiaries. Attendo thereby strengthens the 
position in disabled care (LSS), individual and 
family care (IOF) and home care in Sweden. The 
acquired business has annual sales of 
approximately SEK 1,350m and a lease adjusted 
operating profit of approximately SEK 130m. The 
purchase price amounted to SEK 950m on a cash 
and debt-free basis. Attendo has initiated the 
process of preparing a purchase price allocation. 
Annual General Meeting 
Attendo AB's Annual General Meeting will be 
held on 24 April 2024 at 16:30 in Danderyd. The 
resolutions will be announced in a communiqué 
after the meeting.   
Risks and uncertainties 
Attendo works systematically with risk 
assessment and management as a central part 
of Attendo's strategic process, where risks in 
relation to the company's ability to achieve its 
strategic and financial goals are evaluated in a 
structured and regular manner.   
The main risks that may affect the company's 
ability to achieve its financial and strategic 
objectives in the short to medium term are the 
shortage of qualified staff, the negative impact 
of strained public finances on local decisions on 
care, and the continued high rate of inflation 
and high interest rates.  
The risks and how Attendo works to manage 
them are described in more detail in Attendo's 
annual report (see section Risks and risk 
management in the annual report for 2023, 
pages 49-52).

===== SIDA 13 =====

Attendo | Interim report January - March 2024 13 (28) 
 
Accounting principles 
 
The group applies International Financial Reporting Standards (IFRS) and interpretations from IFRIC, 
as adopted by the European Union, the Swedish Financial Reporting Board’s standard RFR 1 
Supplementary Accounting Rules for Groups and related interpretations and the Swedish Annual 
Accounts Act.  
This interim report has been prepared according to IAS 34 Interim Financial Reporting and the 
Swedish Annual Accounts Act and should be read together with the annual report for 2023. The most 
significant accounting policies under IFRS, the reporting norm applied in preparing this interim 
report, are set forth in Note C1 on pages 64-68 of the annual report for 2023, which were applied to 
the preparation of this interim report.  
The interim information on pages 1-12 is an integrated part of this financial report. The parent 
company’s financial statements are prepared in accordance with the Swedish Annual Accounts Act 
and the Swedish Financial Reporting Board’s recommendation, RFR 2 Accounting for Legal Entities.  
The interim report has not been reviewed by the company’s auditors. 
This interim report is a translation of the Swedish report.  
 
Outlook  
Attendo does not publish forecasts. 
 
 
Danderyd, 24 April 2024 
Martin Tivéus  
President and CEO

===== SIDA 14 =====

Financial statements

===== SIDA 15 =====

Attendo | Interim report January - March 2024 15 (28) 
 
Consolidated Income Statement 
 
Consolidated Comprehensive Income  
 
  
 Jan-Dec
SEKm 2024 2023 2023
Net sales 4,386 4,044 17,287
Other operating income 7 11 40
Total revenue 4,393 4,055 17,327
Personnel costs -2,897 -2,665 -11,370
Other external costs -748 -725 -2,912
Operating profit before amortization and 
depreciations (EBITDA) 748 665 3,045
Amortization and depreciation of tangible and 
intangible assets -456 -424 -1,712
Operating profit after depreciation (EBITA) 292 241 1,333
Operating margin (EBITA), % 6.7 6.0 7.7
 
Amortization and write-down of acquisition related 
intangible assets -14 -15 -59
Operating profit (EBIT) 278 226 1,274
Operating margin (EBIT), % 6.3 5.6 7.4
Net financial items -198 -190 -796
Profit before tax 80 36 478
Income tax -17 -8 -102
Profit for the period 63 28 376
Profit margin, % 1.4 0.7 2.2
Profit for the period attributable to: 
Parent company shareholders 63 28 376
Basic earnings per share, SEK 0.39 0.17 2.33
Diluted earnings per share, SEK 0.39 0.17 2.33
Average number of shares outstanding, basic, 
thousands 160,563 160,933 160,933
Average number of shares outstanding, diluted, 
thousands 160,841 160,940 161,027
Q1 
 Jan-Dec
SEKm 2024 2023 2023
Profit for the period 63 28 376
 
Other comprehensive income for the period 
 
Items that will not be reclassified to profit or loss 
Remeasurements of defines benefit pension plans, 
net of tax 5 1 0
 
Items that may be reclassified to profit or loss 
Exchange rate differences on translating foreign 
operations attributable to the parent company 48 7 -18
Other comprehensive income for the period 53 8 -18
 
Total comprehensive income for the period 116 36 358
 
Total comprehensive income attributable to: 
Parent company shareholders 116 36 358
Q1

===== SIDA 16 =====

Attendo | Interim report January - March 2024 16 (28) 
 
Consolidated Balance Sheet 
 
 
 
 
 
 
  
SEKm 31 Mar 2024 31 Mar 2023 31 Dec 2023
ASSETS 
Non-current assets 
Goodwill 7,295 7,238 7,197
Other intangible assets 425 496 431
Equipment 634 632 626
Right-of-use assets 11,934 12,017 11,248
Financial assets 495 533 457
Total non-current assets 20,783 20,916 19,959
 
Current assets 
Trade receivables 1,762 1,558 1,564
Other current assets 478 464 447
Cash and cash equivalents 907 575 922
 3,147 2,597 2,933
 
Assets held for sale 1 1 1
Total current assets 3,148 2,598 2,934
 
Total assets 23,931 23,514 22,893
SEKm 31 Mar 2024 31 Mar 2023 31 Dec 2023
EQUITY and LIABILITIES 
Equity 
Equity attributable to the parent company 
shareholders 5,435 5,037 5,363
Total equity 5,435 5,037 5,363
 
Non-current liabilities 
Liabilities to credit institutions 2,128 2,414 2,073
Long-term lease liabilities¹ 11,904 12,039 11,294
Provisions for post-employment benefits 0 0 0
Long term provisions 100 101 97
Other non-current liabilities 141 166 136
Total non-current liabilities 14,273 14,720 13,600
 
Current liabilities 
Liabilities to credit institutions - - 0
Short-term lease liabilities² 1,518 1,374 1,381
Trade payables 481 347 506
Short-term provisions 49 36 51
Other current liabilities 2,175 2,000 1,992
Total current liabilities 4,223 3,757 3,930
 
Liabilities held for sale 0 0 0
Total current liabilities 4,223 3,757 3,930
 
TOTAL EQUITY AND LIABILITIES 23,931 23,514 22,893
1) Long-term lease liabilities include car leases amounting to SEK 8 (10m) and full year 2023 19.
2) Short-term lease liabilities include car leases amounting to SEK 38m (32m) and full year 2023 23.

===== SIDA 17 =====

Attendo | Interim report January - March 2024 17 (28) 
 
Consolidated Statement of Changes in Equity 
 
Consolidated Cash Flow Statement 
 
   
SEKm 31 Mar 2024 31 Mar 2023 31 Dec 2023
Opening balance 5,363 5,001 5,001
 
Total comprehensive income attributable to: 
The parent company shareholders 116 36 358
 
Transactions with owners 
Warrants - - 1
Repurchase of own shares -45 - -
Share-savings plan 1 - 3
Total transactions with owners -44 - 4
 
Closing balance 5,435 5,037 5,363
Equity attributable to: 
Parent company shareholders 5,435 5,037 5,363
 Jan-Dec
Operational cash flow (APM), SEKm 2024 2023 2023
Operating profit (EBITA) 292 241 1,333
Depreciation 456 424 1,712
Paid income tax -21 -19 -56
Other non-cash items -4 -5 25
Cash flow before changes in working capital 723 641 3,014
Changes in working capital -107 -103 12
Cash flow after changes in working capital 616 538 3,026
Investments on tangible and intangible assets -38 -34 -149
Divestments of tangible and intangible assets 1 6 16
Operating cash flow 579 510 2,893
Interest received/paid -31 -14 -128
Interest expense for lease liabilities of real estate -162 -163 -664
Repayment of lease liabilities -366 -325 -1,377
Free cash flow 20 8 724
Acquisition of operations -4 -4 -52
Warrants - - 2
Repurchase of own shares -45 - -
Repayment of loans - -50 -364
New borrowings - 112 112
Total cash flow -29 66 422
 
Cash and cash equivalents at the beginning of the period 922 507 507
Effect of exchange rate changes on cash 14 2 -7
Cash and cash equivalents at the end of the period 907 575 922
 
 Jan-Dec
Cash flow according to IFRS, SEKm 2024 2023 2023
Cash flow from operations 423 361 2,234
Cash flow from investing activities -41 -32 -185
Cash flow from financing activities -411 -263 -1,627
Total cash flow -29 66 422
Q1
Q1

===== SIDA 18 =====

Attendo | Interim report January - March 2024 18 (28) 
 
Summary of Segments 
 
 
  
 
SEKm Q1 2024 Q1 2023
Full-year 
2023 Q1 2024 Q1 2023
Full-year 
2023 Q1 2024 Q1 2023
Full-year 
2023 Q1 2024 Q1 2023
Full-year 
2023 
Net sales 1,672 1,692 6,829 2,714 2,352 10,458 - - - 4,386 4,044 17,287
 Net sales, own operations 1,352 1,280 5,252 2,633 2,290 10,190 - - - 3,985 3,570 15,442
 Net sales, outsourcing 320 412 1,577 81 62 268 - - - 401 474 1,845
 
Lease adjusted operating profit (EBITA) 43 61 274 138 73 551 -20 -18 -80 161 116 745
Lease adjusted op. margin (EBITA),% 2.6 3.6 4.0 5.1 3.1 5.3 - - - 3.7 2.9 4.3
 
Operating profit (EBITA) 93 109 468 220 150 946 -20 -18 -80 292 241 1,333
Operating margin (EBITA), % 5.6 6.4 6.9 8.1 6.4 9.0 - - - 6.7 6.0 7.7
Scandinavia Finland Other and eliminations Group

===== SIDA 19 =====

Attendo | Interim report January - March 2024 19 (28) 
 
Net Financial Items 
 
 
Net Debt 
 
 
Investments 
 
Financial Assets and Liabilities 
 
The table shows Attendo's significant financial assets and liabilities. Assets and liabilities reported 
as other non-current receivables and trade receivables and other financial liabilities are measured 
at amortized cost. The fair value of all financial assets and liabilities is consistent with the carrying 
amount. For a complete table and further information see Attendo's annual report 2023, note 
C25. 
Collateral and Contingent Liabilities 
 
  
 Jan-Dec
SEKm 2024 2023 2023
Net interest expense (excluding lease liabilities 
for real estate) -28 -30 -121
Interest expense, lease liabilities for real estate -162 -163 -664
Other -8 3 -11
Net financial items -198 -190 -796
Q1
 31 Dec
 SEKm 2024 2023 2023
Interest-bearing liabilities 15,550 15,827 14,748
Provision for post-employment benefits -13 -3 -7
Cash and cash equivalents -907 -575 -922
Net debt 14,630 15,249 13,819
Lease liability real estate -13,376 -13,371 -12,633
Lease adjusted net debt 1,254 1,878 1,186
31 Mar 
 Jan-Dec
SEKm 2024 2023 2023
Investments 
Investments in intangible assets 0 3 10
Investments in tangible assets 38 34 139
Divestments of tangible and intangible assets -1 -9 -16
Total net investments 37 28 133
 
Intangible assets acquired through business 
combination     
Goodwill 0 1 1
Customer relations 0 4 4
Other - - -
Total intangible assets acquired through business 
combination 0 5 5
Q1
SEKm 31 Mar 2024 31 Mar 2023 31 Dec 2023
ASSETS 
Financial assets measured at amortised cost 
Other long term assets 65 59 60
Trade receivables 1,762 1,558 1,564
Cash and cash equivalents 907 575 922
Total financial assets 2,734 2,192 2,546
 
LIABILITIES 
Financial liabilities at fair value through profit or 
loss or equity 
Contingent considerations 51 56 53
Financial liabilities measured at amortised cost 
Borrowings 2,128 2,414 2,073
Trade payables 481 347 506
Total financial liabilities 2,660 2,817 2,632
SEKm 31 Mar 2024 31 Mar 2023 31 Dec 2023
Assets pledged as collateral 81 72 74
Contingent liabilities¹ 1,808 2,494 1,712
1) Leases of assets not yet in use are reported in contingent liabilities.

===== SIDA 20 =====

Attendo | Interim report January - March 2024 20 (28) 
 
Adjusted Earnings per Share Q1 2024 
 
Adjusted Earnings per Share Q1 2023 
 
  
SEKm Reported Acq.¹ IFRS 16² Total adj. 
Adjusted 
earnings 
Net sales 4,386 - - - 4,386
Other operating income 7 - 0 0 7
Operating profit before amortization and 
depreciation (EBITDA) 748 - -527 -527 221
 
Amortization and depreciation of tangible 
and intangible assets -456 - 396 396 -60
Operating profit (EBITA) 292 - -131 -131 161
 
Amortization and write-down of 
acquisition related intangible assets -14 14 - 14 -
Operating profit (EBIT) 278 14 -131 -117 161
 
Net financial items -198 - 162 162 -36
Profit before tax (EBT) 80 14 31 45 125
 
Income tax -17 -3 -11 -14 -31
Profit for the period 63 11 20 31 94
 
Profit for the period attributable to: 
The parent company shareholders 63 11 20 31 94
Average number of shares outstanding, 
diluted, thousands 160,841 160,841 160,841 160,841 160,841
Earnings per share diluted, SEK 0.39 0.07 0.12 0.19 0.58
Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible assets  
and items affecting comparability (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, 
after dilution.
SEKm Reported Acq.¹ IFRS 16² Total adj. 
Adjusted 
earnings 3;3
Net sales 4,044 - - - 4,044
Other operating income 11 - - - 11
Operating profit before amortization and 
depreciation (EBITDA) 665 - -488 -488 177
 
Amortization and depreciation of tangible 
and intangible assets -424 - 363 363 -61
Operating profit (EBITA)  241 - -125 -125 116
 
Amortization and write-down of 
acquisition related intangible assets -15 15 - 15 -
Operating profit (EBIT) 226 15 -125 -110 116
 
Net financial items -190 - 163 163 -27
Profit before tax (EBT) 36 15 38 53 89
 
Income tax -8 -3 -8 -11 -19
Profit for the period 28 12 30 42 70
 
Profit for the period attributable to: 
The parent company shareholders 28 12 30 42 70
Average number of shares outstanding, 
diluted, thousands 160,940 160,940 160,940 160,940 160,940
Earnings per share diluted, SEK 0.17 0.07 0.19 0.26 0.43
 
Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible assets  
and items affecting comparability (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, 
after dilution.

===== SIDA 21 =====

Attendo | Interim report January - March 2024 21 (28) 
 
Adjusted Earnings per Share Jan-Dec 2023 
 
 
  
SEKm Reported Acq.¹ IFRS 16² Total adj. 
Adjusted 
earnings 3;3
Net sales 17,287 - - - 17,287
Other operating income 40 - -7 -7 33
Operating profit before amortization and 
depreciation (EBITDA) 3,045 - -2,047 -2,047 998
 
Amortization and depreciation of tangible 
and intangible assets -1,712 - 1,459 1,459 -253
Operating profit (EBITA) 1,333 - -588 -588 745
 
Amortization and write-down of 
acquisition related intangible assets -59 59 - 59 -
Operating profit (EBIT) 1,274 59 -588 -529 745
 
Net financial items -796 - 664 664 -132
Profit before tax (EBT) 478 59 76 135 613
 
Income tax -102 -12 -12 -24 -126
Profit for the period 376 47 64 111 487
 
Profit for the period attributable to: 
The parent company shareholders 376 47 64 111 487
Average number of shares outstanding, 
diluted, thousands 161,027 161,027 161,027 161,027 161,027
Earnings per share diluted, SEK 2.33 0.29 0.40 0.69 3.02
 
Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible assets  
and items affecting comparability (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, 
after dilution.

===== SIDA 22 =====

Attendo | Interim report January - March 2024 22 (28) 
 
Key Figures 
 
Key Figures per Share 
 
  
 Jan-Dec
  2024 2023 2023
Organic growth % 8.0 8.9 12.7
Acquired growth % - 2.9 1.2
Change in currencies % 0.5 4.4 5.4
 
Operating margin (EBITA), R12 % 7.8 5.1 7.7
Lease adjusted operating margin (EBITA), 
R12 % 4.5 1.9 4.3
Working capital SEKm -466 -360 -538
Return on capital employed % 6.3 3.6 6.4
 
Net debt to equity ratio times 2.7 3.0 2.6
Equity to asset ratio % 23 21 23
Net debt/EBITDA R12 times 4.7 6.5 4.5
Lease adjusted net debt / Lease adjusted 
EBITDA R12 times 1.2 3.6 1.2
Free cash flow SEKm 20 8 724
Net investments SEKm -37 -28 -133
 
Average number of employees 21,563 20,699 21,511
Q1
 jan-dec
Key data per share  2024 2023 2023  
Earnings per share, basic SEK 0.39 0.17 2.33
Earnigns per share, diluted SEK 0.39 0.17 2.33
Adjusted earnings per share, diluted SEK 0.58 0.43 3.02
Equity per share, basic SEK 33.85 31.30 33.32
Equity per share, diluted SEK 33.79 31.30 33.31
 
Average number of shares outstanding, 
basic thousands 160,563 160,933 160,933
Average number of shares outstanding, 
diluted thousands 160,841 160,940 161,027
Number of shares, end of period thousands 161,387 161,387 161,387
Number of treasury shares, end of period thousands 1,634 454 454
Number of shares outstanding, end of 
period thousands 159,753 160,933 160,933
Q1

===== SIDA 23 =====

Attendo | Interim report January - March 2024 23 (28) 
 
Quarterly Data 
  
SEKm Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24
Total net sales 3,546 3,679 3,789 4,044 4,333 4,488 4,422 4,386
- Net sales, Scandinavia 1,631 1,670 1,691 1,692 1,701 1,737 1,699 1,672
- Net sales, Finland 1,915 2,009 2,098 2,352 2,632 2,751 2,723 2,714
 
Lease adjusted operating profit (EBITDA) 46 228 66 177 209 416 196 221
Lease adjusted operating profit (EBITA) -11 171 8 116 147 346 136 161
Lease adjusted operating margin (EBITA), % -0.3 4.7 0.2 2.9 3.4 7.7 3.1 3.7
 
Operating profit (EBITDA) 481 673 513 665 720 963 697 748
Operating profit (EBITA) 106 295 131 241 283 534 275 292
Operating margin (EBITA), % 3.0 8.0 3.5 6.0 6.5 11.9 6.2 6.7
Profit for the period -63 95 -44 28 60 230 58 63
Profit margin, % -1.8 2.6 -1.2 0.7 1.4 5.1 1.3 1.4
 
Earnings per share basic, SEK -0.39 0.59 -0.27 0.17 0.37 1.43 0.36 0.39
Earnings per share diluted, SEK -0.39 0.59 -0.27 0.17 0.37 1.43 0.36 0.39
 
Adjusted earnings per share diluted, SEK -0.14 0.80 -0.07 0.43 0.60 1.45 0.54 0.58
 
Average number of employees 20,780 21,640 20,403 20,699 21,994 22,236 21,116 21,563
 
Operational data 
Number of units in operation¹ 705 707 705 712 710 704 685 677
Number of beds in homes² 21,062 21,082 20,932 20,923 20,870 20,863 20,575 20,506
Occupancy in homes, %² 84 85 85 86 86 86 86 86
Number of opened beds³ 84 130 - 58 86 12 - -
Number of beds, construction start in the quarter³ 5 - 101 58 15 118 219 -
Number of beds under construction³ 354 224 325 325 252 352 571 571
1) All units in all contract models and segments.
2) All homes.
3) Own homes.

===== SIDA 24 =====

Attendo | Interim report January - March 2024 24 (28) 
 
Parent Company Income Statement 
 
Parent Company Balance Sheet 
 
  
 Jan-Dec
SEKm 2024 2023 2023
Net sales 5 5 19
 
Personnel costs -10 -9 -37
Other external costs -4 -4 -12
Operating profit -9 -8 -30
 
Net financial items 
Profit after financial items -9 -8 -30
 
Group contributions - - -167
Profit before tax -9 -8 -197
 
Results of commission 39 55 181
Income tax -7 -12 -12
Profit for the period 23 35 -28
Q1
    
SEKm 31 Mar 2024 31 Mar 2023 31 Dec 2023
ASSETS 
Non-current assets 
Shares in subsidiaries 6,494 6,494 6,494
Total non-current assets 6,494 6,494 6,494
 
Current assets 
Receivables to group companies 102 174 188
Other receivables 2 18 20
Cash and cash equivalents 12 0 0
Total current assets 116 192 208
Total assets 6,610 6,686 6,702
 
EQUITY AND LIABILITIES 
Equity 6,575 6,659 6,597
 
Current liabilities 
Liabilities to group companies 18 14 94
Other liabilities 17 13 11
Total current liabilities 35 27 105
TOTAL EQUITY AND LIABILITIES 6,610 6,686 6,702

===== SIDA 25 =====

Introduction Quality & sustainability  Financial reports 
Attendo | Interim report January - March 2024 25 (28) 
 
About Attendo   
Attendo was founded in 1985 and is the 
largest care company in the Nordic 
region. We have almost 35,000 
employees at around 800 operations in 
300 municipalities and regions in 
Finland, Sweden and Denmark*. 
Attendo invests in new capacity and 
leads the development of quality, 
innovations and new, cost-effective 
ways of working in Nordic care. All our 
operations are based on our vision - to 
provide better care to more people. 
We provide care for older people, care 
for people with disabilities, and 
individual and family care to about 
30,000 customers. Our mission is to 
empower the individual, which means 
that we see, support and strengthen 
every person. Our values - care, 
commitment and competence - guide 
us in every action, every day. 
 * Including Team Olivia care 
Attendo operates through two business areas, 
Attendo Finland and Attendo Scandinavia.  
Our service offering consists of: 
• Care for older people 
Nursing homes for older people with dementia 
or somatic needs and home care services, which 
usually involve a comprehensive approach to 
care, meals, cleaning, laundry, evening and 
night-time services and home health care. 
• Disabled care 
Housing and daily activities for people of 
different ages and with different disabilities or 
care needs. We also offer respite care for 
relatives through short-term accommodation, as 
well as respite care and accompanying services. 
• Other care 
Social psychiatry and rehabilitation as well as 
other individualized care efforts in housing and 
day and school activities. We also offer 
individual and family care in consultant-
supported family homes, crisis and emergency 
accommodation, HVB homes, addiction care and 
supported housing.    
Attendo also provides meal services and 
recruitment of care staff. 
 
Attendo mainly provide activities under our own 
operations, where we provide care in 
units/facilities under our own control, or home 
care under customer choice schemes. We also 
provide outsourced activities, where 
units/facilities are controlled by the public 
payor, or home care services on a contractual 
basis.  
Attendo's payors are usually a local or regional 
authority (municipality or welfare region), but 
the contract form and contract length vary 
depending on the contract model and service 
offering. Our own operations are normally 
based on freedom of choice systems or 
framework agreements while outsourcing 
operations are based on tendered outsourcing 
contracts. The contracts usually run for a period 
of 2-5 years.

===== SIDA 26 =====

Introduction Quality & sustainability  Financial reports 
Attendo | Interim report January - March 2024 26 (28) 
 
Definitions of performance measures and 
alternative performance measures (APM) 
 
Financial  
 
Acquired growth 
(APM) 
The net between the increase in the company's 
net sales from businesses and operations 
acquired during the past 12 months and the loss 
of net sales from businesses and operations 
divested during the past 12 months in relation 
to the comparable period’s net sales.  
Adjusted earnings per share 
(APM) 
Profit or loss for the period attributable to the 
parent company shareholders excluding effects 
from amortization and impairment of 
acquisition related intangible assets, IFRS 16 as 
well as items affecting comparability and related 
tax items divided by the number of outstanding 
shares after dilution. See tables Adjusted 
earnings per share for more information. 
Capital employed 
Equity plus interest-bearing liabilities and 
provisions for post-employment benefits. See 
Note C33 Reconciliation of alternative 
performance measures in the 2023 Annual 
Report for a full year reconciliation. 
Cash and cash equivalents 
Cash and bank balances, short-term investments 
and derivatives with a positive fair value. 
Earnings per share 
Profit or loss for the period attributable to the 
parent company shareholders divided by the 
average number of outstanding shares. 
Calculated both before (basic) and after dilution. 
Equity/assets ratio 
Equity divided by total assets. 
Equity per share 
Equity attributable to the parent company 
shareholders divided by the average number of 
outstanding shares. Calculated both before 
(basic) and after dilution. 
Free cash flow 
(APM) 
Free cash flow is a measure of the cash and cash 
equivalents the group generates in operating 
activities and investing activities. The 
performance measure is defined as operating 
cash flow after changes in working capital, cash 
flow from investments in and divestments of 
tangible and intangible assets, received/ paid 
interest as well as interest expense for lease 
liabilities of real estate and repayment of lease 
liabilities according to IFRS 16. See the table 
Consolidated cash flow for reconciliation and 
Note C33 Reconciliation of alternative key figure 
calculations in the Annual Report 2023 for 
reconciliation on a full year basis. 
Items affecting comparability 
Items whose effects on profit are important to 
note when comparing profit for the period with 
previous periods, such as significant impairment 
losses and other significant non-recurring costs 
or income. 
Lease adjusted EBITA  
(APM) 
See the definition of operating profit (EBITA) 
below. Lease adjusted operating profit (EBITA) is 
operating profit according to the previous 
reporting standard IAS 17, i.e. excluding the 
effects of the implementation of IFRS 16. Car 
leases were reported as finance leases under 
the previous standard. Consequently, it is the 
effects of leases of real estate under IFRS 16 
that differentiate operating profit from lease 
adjusted operating profit. See tables Adjusted 
earnings per share for more information. 
Lease adjusted EBITDA  
(APM) 
See the definition of operating profit (EBITDA) 
below. Lease adjusted operating profit (EBITDA) 
is operating profit according to the previous 
accounting standard IAS 17, i.e. excluding the 
effects of the implementation of IFRS 16. Car 
leases were reported as finance leases under 
the previous standard. Consequently, it is the 
effects of leases of real estate under IFRS 16 
that differentiate operating profit from lease 
adjusted operating profit. See tables Adjusted 
earnings per share for more information. 
Lease adjusted net debt  
(APM) 
See the definition of net debt below. Lease 
adjusted net debt is net debt according to the 
previous reporting standard IAS 17, i.e. 
excluding the IFRS 16 effect on lease liabilities 
attributable to right-of-use assets for real 
estate. See tables Net debt for more 
information. 
Lease adjusted net debt / lease 
adjusted EBITDA 
(APM) 
Lease adjusted net debt in relation to lease-
adjusted EBITDA R12. 
Lease adjusted operating margin, 
(EBITA) 
(APM) 
Lease adjusted operating profit (EBITA) divided 
by net sales. 
Lease adjusted operating margin, 
(EBITDA) 
(APM) 
Lease adjusted operating profit (EBITDA) divided 
by net sales. 
Net debt 
(APM) 
Net debt is a way of describing the group's 
indebtedness and its ability to repay its debts 
with cash and cash equivalents if all debts were 
to be due for payment today. Net debt is 
defined as interest-bearing liabilities plus 
provisions for post-employment benefits minus 
cash and cash equivalents. Net debt is presented 
both including and excluding lease liabilities 
attributable to right-of-use assets for real 
estate. See tables Net debt in this report for a 
reconciliation of net debt.

===== SIDA 27 =====

Introduction Quality & sustainability  Financial reports 
Attendo | Interim report January - March 2024 27 (28) 
 
Net debt / EBITDA 
(APM) 
Net debt in relation to operating profit (EBITDA) 
R12. 
Net debt to equity ratio 
(APM) 
Net debt divided by equity. 
Net investments 
The net of investments in and divestments of 
tangible and intangible assets, excluding 
acquisitions and divestment of operations as 
well as investments in and divestments of assets 
held for sale. 
Operating margin (EBIT margin) 
Operating profit or loss (EBIT) divided by net 
sales. 
Operating margin (EBITA margin) 
Operating profit or loss (EBITA) divided by net 
sales. 
Operating margin (EBITDA margin) 
Operating profit or loss (EBITDA) divided by net 
sales. 
Operating profit (EBIT) 
(APM) 
Attendo reports operating profit (EBIT) as a 
performance measure because it shows the 
development of operating activities 
independent of financing. Operating profit 
(EBIT) refers to profit before financial items and 
tax. See the consolidated income statement for 
a reconciliation of EBIT. 
Operating profit (EBITA) 
(APM) 
Operating profit (EBITA) is used as a 
performance measure because it shows the 
development of operating activities without the 
effect of amortization and impairments of 
intangible assets from acquired companies and 
independently of financing. Operating profit 
(EBITA) refers to profit before amortization of 
acquisition related intangible assets, financial 
items and tax. See the consolidated income 
statement for a reconciliation of EBITA. 
Operating profit (EBITDA) 
(APM) 
Attendo reports operating profit (EBITDA) as a 
performance measure because it shows the 
development of operating activities 
independent of financing and investments. 
Operating profit (EBITDA) refers to profit or loss 
before depreciation, amortization and 
impairments, financial items and tax. See the 
consolidated income statement for a 
reconciliation of EBITDA. 
Organic growth 
(APM) 
Attendo reports organic growth as a 
performance measure to show underlying net 
sales development excluding 
acquisitions/divestments and currency effects. 
The performance measure is calculated as net 
sales growth excluding acquisitions/divestments 
and changes in exchange rates. 
Profit (loss) for the period 
Profit for the period attributable to the parent 
company shareholders and non-controlling 
interests. 
Profit margin 
Profit or loss for the period divided by net sales. 
R12, “rolling 12 months” 
The sum of the period’s past 12 months. 
Return on capital employed 
(APM) 
Attendo reports return on capital employed 
because it shows profits in relation to the capital 
used in operations. The definition of return on 
capital employed is operating profit (EBIT) 
excluding items affecting comparability for the 
past 12 months divided by average capital 
employed. See Note C33 Reconciliations of 
alternative key figure calculations in the annual 
report 2023 for reconciliation on a full-year 
basis. 
Working capital 
(APM) 
Working capital is a key performance measure 
for optimising cash generation. The 
performance measure is defined as current 
assets excluding cash and cash equivalents and 
current interest-bearing assets minus current 
non-interest-bearing liabilities and provisions. 
Assets and liabilities held for sale are not 
included in working capital. See Note C33 
Reconciliations of Alternative Performance 
Measures in the Annual Report 2023 for a full-
year reconciliation. 
Operational  
CoP 
Care for older people. 
Occupancy 
The number of occupied beds divided by the 
number of available beds. Occupancy is a 
weighted average in the last month of each 
reporting period. 
Sustainability  
 
ASCOT 
A research-validated Adult Social Care Outcomes 
Toolkit (ASCOT) methodology designed to 
measure key aspects of an individual's quality of 
life in a social care environment.  
Beds opened in own operations 
(capacity made available), R12 
Refers to beds in residential homes in own 
operations opened in the past twelve months. 
Customer satisfaction cNPS 
Percentage of customers that answer 9 or 10 (0-
10) when asked to recommend Attendo minus 
the percentage that answer 6 or lower. Based 
on the most recently completed measurements 
in each business area. 
Employee satisfaction 
eNPS  
Percentage of employees that 
answer 9 or 10 
(0-10) when asked to recommend Attendo 
minus the percentage that answer 6 or lower. 
Based on the most recently completed 
measurements in each business area. 
Number of customers who receive 
care from Attendo 
Refers to beds sold in homes, daily activities, 
rehabilitation, family care home placements and 
home care services customers by the end of the 
quarter. 
Payor satisfaction (pSAT) 
Payor satisfaction with Attendo's services on a 
five-point scale from very dissatisfied (1) to very 
satisfied (5). Based on the most recent surveys 
in Attendo Scandinavia. 
RAI index 
Measured quality of life based on reported RAI 
indicators in Attendo Finland. Based on the most 
recent surveys. 
Relatives satisfaction rNPS  
Percentage of relatives of customers that 
answer 9 or 10 (0–10) when asked to 
recommend Attendo minus the percentage that 
answer 6 or lower. Based on the most recently 
completed measurements in each business area.

===== SIDA 28 =====

Information for  
shareholders and analysts 
Financial calendar  
Interim report January-June 2024  19 July 2024 
Interim report January-September 2024  24 October 2024 
Contact details 
Mikael Malmgren 
Chief Financial Officer 
Tel. +46 8 586 252 00 
Andreas Koch  
Communications and IR Director 
Tel. +46 70 509 77 61  
Report presentation  
A webcast presentation will be held on 24 April at 10:00 (CET).  
You can follow the presentation at the following web link: 
 https://ir.financialhearings.com/attendo-q1-report-2024 
Analysts and investors can ask questions during the presentation by calling in. Contact 
details can be obtained by emailing: kommunikation@attendo.se 
The report and other information will be made available at: https://www.attendo.com/ 
 
Forward-looking information 
This report contains forward-looking information that reflects management's current beliefs 
about certain future conditions and possible outcomes. This type of forward-looking 
information involves risks and uncertainties that could materially affect future results. The 
information is based on certain assumptions including those relating to economic conditions 
in general in the company's markets and the level of demand for the company's services. 
 
This information is information that Attendo AB is obliged to make public pursuant to the EU 
Market Abuse Regulation. The information was submitted for publication, through the 
agency of the contact persons set out above, at 08.00 CET on 24 April 2024.