FULLTEXT DEL 1 AV 1

Kvartalsrapport Q1 2024

===== 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

===== 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.