FULLTEXT DEL 1 AV 1

Kvartalsrapport Q3 2023

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

Attendo Interim report January-September 2023 1 (35)

INTERIM REPORT
JANUARY-SEPTEMBER 2023
Summary of the third quarter
• Net sales amounted to SEK 4,488m (3,679). Total
growth amounted to 22.0 percent, of which organic
growth was 14.6 percent.
• Lease adjusted operating profit (EBITA)1 was
SEK 346m (171), corresponding to a margin of 7.7
percent (4.6).
• Operating profit (EBITA) amounted to SEK 534m (295),
corresponding to an operating margin of 11.9 percent
(8.0). In relation to the comparison quarter, IFRS16-
related effects of a non-recurring nature had a
positive impact of SEK 45 million on the result.
• Profit for the period amounted to SEK 230m (95).
Diluted earnings per share were SEK 1.43 (0.59).
Adjusted earnings per share after dilution amounted
to SEK 1.45 (0.80).
• Free cash flow amounted to SEK 197m (-273).
• The number of beds in Attendo's homes at the end of
the period was 20,863 (21,082). The occupancy rate in
homes was 86 percent (85).
Summary of the period January - September
• Net sales amounted to SEK 12,865m (10,707). Total
growth amounted to 20.2 percent, of which organic
growth was 12.5 percent.
• Lease adjusted EBITA1 was SEK 609m (191), corresponding
to a lease adjusted operating margin of 4.7 percent (1.8).
• Operating profit (EBITA) amounted to SEK 1,058m (543),
corresponding to an operating margin of 8.2 percent (5.1).
In relation to the comparison period, IFRS16-related
effects of a non-recurring nature had a positive impact of
SEK 51 million on the result.
• The profit for the period amounted to SEK 318m (0).
Diluted earnings per share were SEK 1.97 (0.00). Adjusted
earnings per share after dilution were SEK 2.48 (0.74).
• Free cash flow amounted to SEK 320m (-82).

Group key figures

1) See also definitions of key data and alternative performance measures on pages 33-34.
2) Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible assets, IFRS 16 and items affecting comparability and related tax
effects divided with the average number of shares outstanding, after dilution.

Jan-Dec
SEKm 2023 2022 Δ% 2023 2022 Δ% 2022
Net sales 4,488 3,679 22% 12,865 10,707 20% 14,496
Lease adjusted operating profit (EBITA) ¹ 346 171 102% 609 191 219% 199
Lease adjusted operating margin (EBITA)¹, % 7.7 4.6 - 4.7 1.8 - 1.4
Operating profit (EBITA)¹ 534 295 81% 1,058 543 95% 674
Operating margin (EBITA)¹, % 11.9 8.0 - 8.2 5.1 - 4.6
Profit for the period 230 95 142% 318 0 - -44
Earning per share diluted, SEK 1.43 0.59 142% 1.97 0.00 - -0.28
Adjusted earnings per share diluted¹ʼ ², SEK 1.45 0.80 82% 2.48 0.74 234% 0.68
Free cash flow 197 -273 - 320 -82 - 24
Q3 Jan-Sep
Q3

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

Attendo Interim report January-September 2023 2 (35)

CEO’s statement
We continue to strengthen operations and
improve performance
Ahead of 2023, we set an ambitious plan to improve
operational performance, continue to increase
occupancy, while improving our contractual conditions.
The result and cash flow in the third quarter show the
strength of our plan, with growth of 22 percent and a
doubling of earnings.
It is pleasing to see that we can once again report a
positive occupancy development in Finland, where we
have previously been limited due to imbalances in the
labour market. In Scandinavia, we see a stabilisation in
relation to the previous quarter's development and we
can look ahead to an improvement in earnings in 2024.
We see a continued positive development on quality
parameters and employee engagement while we
continue to create conditions for organic growth. During
the quarter, we started construction of new homes in
both Sweden and Finland. Overall, we expect to reach
our financial target of adjusted earnings per share of
4 SEK in 2024.

Group: High growth and stronger results
The Group's sales amounted to SEK 4,488 million, which
corresponds to an increase of 22 percent in total and 15
percent measured in local currency. The growth is driven
by improved conditions and more occupied beds. The
lease adjusted operating profit (EBITA) for Q3 2023
increased by SEK 175 million, compared to last year, to
SEK 346 million, corresponding to a margin of 7.7 percent
(4.6).
Finland: Continued positive trend
Sales in Attendo Finland increased by 24 percent in the
quarter in local currency. Profit has strengthened
significantly, driven by improvements in the care for older
people operations. The main factors behind the
improvement are new terms and conditions, operational
improvements and more occupied beds. The development
during the quarter shows that, despite a strained labour
market, we have succeeded well in both retaining and
growing our fantastic group of employees to be able to
welcome more and more new people in need of care,
which I see as a sign of strength.
For the coming year, we expect to be able to compensate
for cost increases with price adjustments. We have
currently ongoing negotiations on conditions in social
psychiatry and disabled care. With a gradual improvement
in occupancy and conditions that better match the new
staffing requirements, we look forward to returning to
long-term sustainable profitability.
A stable financial situation is crucial for us to be able to
invest in new nursing homes, which in turn is necessary to
meet future needs, for the benefit of both customers and
welfare regions.
Scandinavia: Stabilisation according to plan
Sales in our Scandinavian care business increased by
about 4 percent compared with the corresponding
quarter last year. The reported result is down compared
with the previous year. However, we see an underlying
improvement in earnings in own nursing homes and own
group homes (disabled care). At the same time, we still
report losses in Denmark and lower results in home care,

Martin Tivéus, CEO
“The development in Finland shows that it is
possible to turn an industry around, both in terms
of quality and financially, after a long period of
difficult conditions.”

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

Attendo Interim report January-September 2023 3 (35)

but we see an improvement in these areas in relation to
the previous quarter and expect to continue to improve
gradually in the coming quarters. For 2024, we expect to
be able to compensate for cost increases through price
adjustments for the business area as a whole.
I am very pleased that during the quarter we recruited
Patrik Högberg as the new business area manager for
Attendo Scandinavia. Patrik has solid leadership
experience from the private and public sector and has all
the prerequisites to continue developing the operations in
Sweden and Denmark.
Strengthened organisation in nursing homes
As part of developing Attendo's operational model -
Attendo Way - we are introducing a new, strengthened
organisation in nursing homes in both of our business
areas. An important part of this work is that we are
increasing leadership density by introducing team leaders
in nursing homes. The aim is to strengthen local managers
and at the same time establish a more present leadership
in operations, better communication and ultimately
improved quality of care.

Focus going forward
I see good opportunities to continue developing Attendo
going forward, to create value for customers, relatives,
payors, shareholders and society as a whole. The
development in Finland shows that it is possible to turn an
industry around, both in terms of quality and financially,
after a long period of difficult conditions. In Scandinavia,
we have begun to see a stabilisation after a challenging
period where the industry suffered from under-
compensation for cost inflation and wage increases.
We are well on track to achieve our financial target of
adjusted earnings per share of 4 SEK. As we previously
announced, the timing of the fulfilment has been delayed
due to inflation-related costs and higher interest costs.
Our current assessment is that we will reach the target in
2024. A stronger financial position also puts us in a good
position to invest in the future of care.

Martin Tivéus, CEO and president

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

Attendo Interim report January-September 2023 4 (35)

Group
July - September 2023
Net sales and operating profit
Net sales increased by 22.0 percent to SEK 4,488m (3,679) during the quarter.
Adjusted for currency effects, net sales increased by 14.6 percent, corresponding to
organic growth. Organic growth is mainly explained by increased net sales in Attendo
Finland, primarily in nursing homes.
Lease adjusted operating profit (EBITA) totalled SEK 346m (171) and the margin was
7.7 percent (4.6). Profit increased significantly in Attendo Finland and decreased in
Attendo Scandinavia.
IFRS16-related effects on operating profit (EBITA) amounted to SEK 188m (124). In
relation to the comparison quarter, IFRS16-related effects were positively affected by
non-recurring items of about SEK 45m, mainly due to reversed previous impairments.
Operating profit (EBITA) amounted to SEK 534m (295) and the operating margin to
11.9 percent (8.0). Currency effects amounted to SEK 35m.
Operating profit (EBIT) amounted to SEK 519m (281), corresponding to an operating
margin (EBIT) of 11.6 percent (7.6). The change is explained by the same factors as
described above.
The total number of beds in operation in all homes at the end of the quarter was
20,863 (21,082). The lower number of beds is explained by ended outsourced homes
in Attendo Scandinavia. Occupancy in all homes was 86 percent (85) at the end of the
quarter. The number of beds in own operations under construction was 352,
distributed among 7 homes.

Net sales per business area,
Q3 2023 (SEKm)

Lease adjusted operating profit (EBITA)
per business area, Q3 2023 (SEKm)

Lease adjusted operating profit (EBITA)
per quarter (SEKm)

Adjusted earnings per share, r12 (SEK)

1,670
2,009
1,737
2,751
Scandinavia Finland
Q3 2022 Q3 2023
150
37
116
249
Scandinavia Finland
Q3 2022 Q3 2023
65
8 31
-11
171
116 147
346
Q4 Q1 Q2 Q3
2021 2022 2023
0.96
0.68
1.03
1.76
2.41
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23

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

Attendo Interim report January-September 2023 5 (35)

Net financial items
Net financial items amounted to SEK -223m (-160) in the
period, of which net interest corresponded to SEK -32m
(-12). Interest expenses for lease liabilities for properties
in accordance with IFRS 16 amounted to SEK -178m
(-150).
Tax
Tax for the period amounted to SEK -66m (-26),
corresponding to a tax rate of 22.3 percent (21.5).
Profit and earnings per share for the period
Profit for the period totalled SEK 230m (95),
corresponding to earnings per share before and after
dilution for the parent company's shareholders of
SEK 1.43 (0.59). Adjusted earnings per share after
dilution totalled SEK 1.45 (0.80).
January – September 2023
Net sales and operating profit
Net sales increased by 20.2 percent to SEK 12,865m
(10,707) during the period. Adjusted for currency
effects, net sales increased by 14.1 percent, of which
organic growth was 12.5 percent and net change due to
acquisitions and divestments was 1.6 percent. Organic
growth is primarily explained by increased net sales in
Attendo Finland, mainly in nursing homes.
Lease adjusted operating profit (EBITA) amounted to
SEK 609m (191) and the margin was 4.7 percent (1.8).
IFRS16-related effects on operating profit (EBITA)
amounted to SEK 449m (352). In relation to the
comparison quarter, IFRS16-related effects were
positively affected by non-recurring items of
approximately SEK 51m, mainly as a result of reversed
previous impairments.
Operating profit (EBITA) amounted to SEK 1,058m (543)
and the operating margin to 8.2 percent (5.1). Currency
effects amounted to SEK 60m.
Operating profit (EBIT) amounted to SEK 1,013m (499),
corresponding to an operating margin (EBIT) of
7.9 percent (4.7). The change is explained by the same
factors as described above.

Net financial items
Net financial items amounted to SEK -603m (-488) in the
period, of which net interest corresponded to
SEK -95m (-29). Interest expenses for lease liabilities for
properties in accordance with IFRS 16 amounted to
SEK -506m (-455).
Income tax
Tax for the period amounted to SEK -92m (-11),
corresponding to a tax rate of 22.5 percent (97.4). The
comparative period's tax rate was affected by negative
earnings in Finland.
Profit and earnings per share for the period
Profit for the period amounted to SEK 318m (0),
corresponding to earnings per share for the Parent
Company's shareholders before dilution of SEK 1.98
(0.00) and after dilution of SEK 1.97 (0.00). Adjusted
earnings per share after dilution amounted to SEK 2.48
(0.74).
i

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

Attendo Interim report January-September 2023 6 (35)

Business area:
ATTENDO SCANDINAVIA
More customers in own operations and
gradual stabilisation
Net sales by service offering,
Q3 2023

July – September 2023
Net sales in Attendo Scandinavia amounted to SEK 1,737m
(1,670), an increase of 4.0 percent including currency
effects and 3.7 percent excluding currency effects. The
increase is explained by higher net sales in nursing homes.
Net sales in home care and outsourced nursing homes
decreased mainly as a result of ended operations.
Occupancy in homes increased in relation to the
comparison quarter and to the second quarter of 2023.
The total number of sold beds increased slightly in
relation to the comparison quarter. Sold beds in own
operations increased, while sold beds in outsourcing
decreased.
Lease adjusted EBITA amounted to SEK 116m (150),
corresponding to a margin of 6.7 percent (9.0). The lower
profits are explained by the fact that price increases in
2023 do not fully compensate for salary increases and the
historically high cost inflation, as well as lower profits in
home care and losses in the Danish operations. The profit
trend in home care and in Denmark stabilised during the
quarter. Profits improved in own nursing homes and own
disabled care homes.
IFRS16-related effects on operating profit amounted to
SEK 48m (54). The comparative quarter was positively
affected by non-recurring effects of approximately SEK
8m.
Operating profit (EBITA) amounted to SEK 164m (204),
corresponding to an operating margin (EBITA) of 9.4
percent (12.2).
Beds and contracts
During the quarter, Attendo opened 12 beds in own
operations and started building a nursing home with 62
beds. The number of beds under construction in own
operations totalled 122 at the end of the quarter. A
couple of outsourced operations ended during the
quarter. Estimated annual sales for outsourcing contracts
won but not yet started and outsourcing contracts lost but
not yet ended are estimated to SEK -320m net. Contracts
with estimated annual net sales of SEK 200m will be
ended in the fourth quarter.

Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 1,737 1,670 5,130 4,908 6,599
Lease adjusted EBITA 116 150 213 299 380
Lease adjusted EBITA margin, % 6.7 9.0 4.2 6.1 5.8
Operating profit (EBITA) 164 204 359 448 577
Operating margin (EBITA), % 9.4 12.2 7.0 9.1 8.7
Q3 Jan-Sep
61%
17%
15%
5%
2%
Nursing homes (CoP)
Home care
Disabled care
Individual and family care
Social psychiatry

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

Attendo Interim report January-September 2023 7 (35)

Business area:
ATTENDO SCANDINAVIA

Beds and customers

January – September 2023
Net sales in Attendo Scandinavia totalled SEK 5,130m
(4,908), an increase of 4.5 percent including currency
effects and 4.3 percent excluding currency effects. The
increase is mainly explained by higher net sales in nursing
homes, which is primarily a result of more sold beds. Net
sales in home care and outsourced nursing homes
decreased.
The number of beds sold and occupancy in homes
increased in relation to the comparison period.
Lease adjusted EBITA amounted to SEK 213m (299),
corresponding to a margin of 4.2 percent (6.1). Profits
decreased due to price increases in 2023 not
compensating for the historically high cost inflation, and
lower profits in home care and Denmark. Profits in own
nursing homes increased as a result of more sold beds.
IFRS16-related effects on operating profit totalled SEK
146m (149).
Operating profit (EBITA) amounted to SEK 359m (448),
corresponding to an operating margin (EBITA) of 7.0
percent (9.1).

Attendo Scandinavia Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Number of beds in homes in operation¹ 7,070 6,986 6,961 6,864 6,834
Occupancy in homes¹, % 85 85 86 87 87

Number of opened beds² - - 58 - 12
Number of beds, construction start in the quarter² - - - - 62
Number of beds under construction² 141 141 83 78 122

Number of home care customers 8,235 8,230 8,180 7,869 8,028

1) All homes.
2) Own homes.

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

Attendo Interim report January-September 2023 8 (35)

Business area:
ATTENDO FINLAND
Continued positive trend
Net sales by service offering,
Q3 2023

July – September 2023
Net sales in Attendo Finland amounted to SEK 2,751m
(2,009), corresponding to growth of 36.9 percent.
Adjusted for currency effects, net sales increased by 23.7
percent, corresponding to organic growth. The growth is
explained by increased net sales mainly in nursing homes
due to price increases. Total price increases amount to
about 20 percent, which partly compensates for historical
cost increases. Since the comparative quarter, Attendo
has closed a number of homes due to staff shortages or
occupancy problems.

Occupancy was higher than in the comparison quarter and
in the second quarter of 2023.

Lease adjusted EBITA amounted to SEK 249m (37) and the
margin was 9.1 percent (1.8). The increase in profits is
primarily explained by higher price increases than cost
increases in nursing homes.

IFRS16-related effects on operating profit (EBITA)
amounted to SEK 140m (69). The increase is explained by
positive non-recurring effects of SEK 53m in the third
quarter of 2023, mainly due to reversed previous
impairments, and currency effects.

Operating profit (EBITA) amounted to SEK 389m (106) and
the operating margin (EBITA) amounted to 14.1 percent
(5.3). Currency effects amounted to SEK 35m.

Beds and contracts
During the quarter, construction of two homes with a
total of 56 beds started. The number of beds under
construction in own operations at the end of the quarter
totalled 230 beds. During the quarter, Attendo won an
outsourcing contract with estimated annual sales of about
SEK 90m, which has not yet started.

x
x

Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 2,751 2,009 7,735 5,799 7,897
Lease adjusted EBITA 249 37 453 -56 -111
Lease adjusted EBITA margin, % 9.1 1.8 5.9 -1.0 -1.4
Operating profit (EBITA) 389 106 757 148 167
Operating margin (EBITA), % 14.1 5.3 9.8 2.5 2.1
Q3 Jan-Sep
71%
10%
9%
10%
Nursing homes (CoP)
Social psychiatry
Disabled care
Other (Rehab, food svcs., etc.)

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

Attendo Interim report January-September 2023 9 (35)

Business area:
ATTENDO FINLAND
Beds and customers

January – September 2023
Net sales in Attendo Finland amounted to SEK 7,735m
(5,799), corresponding to a growth of 33.4 percent.
Adjusted for currency effects, net sales increased by 22.4
percent. The growth is explained by increased net sales
mainly in nursing homes due to price increases, as well as
previous acquisitions. Total price increases amount to
approximately 17 percent. Since the comparison period,
Attendo has discontinued a number of homes due to staff
shortages or occupancy problems.
Occupancy in nursing homes increased in relation to the
comparison period.
Lease adjusted EBITA amounted to SEK 453m (-56) and
the margin was 5.9 percent (-1.0). The increase is
primarily explained by higher price increases than cost
increases in nursing homes and a positive contribution
from acquisitions. Price increases in disabled care and
social psychiatry do not fully compensate for the high cost
increases.

IFRS16-related effects on operating profit (EBITA)
amounted to SEK 304m (204). The increase is mainly
explained by positive non-recurring items in Q3 2023 and
currency effects.
Operating profit (EBITA) amounted to SEK 757m (148) and
the operating margin (EBITA) amounted to 9.8 percent
(2.5). Currency effects amounted to SEK 62m.
Attendo Finland Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Number of beds in homes in operation¹ 14,012 13,946 13,962 14,006 14,029
Occupancy in homes¹, % 85 85 86 85 86

Number of opened beds² 130 - - 86 -
Number of beds, construction start in the quarter² - 101 58 15 56
Number of beds under construction² 83 184 242 174 230

Number of home care customers 590 586 493 479 457
1) All homes.
2) Own homes.

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

Attendo Interim report January-September 2023 10 (35)

Cash flow
July - September 2023
Free cash flow was SEK 197m (-273) during the quarter,
whereof changes in working capital amounted to
SEK -168m (-445).
Cash flow from operations was SEK 601m (31). Cash used
for net investments in non-current assets was SEK -35m
(-30). Business acquisitions reduced cash flow by SEK -5m
(0). Cash flow from investing activities thus amounted to
SEK -40m (-30).
Cash flow from financing activities was SEK -419m (-124).
Net change of bank loans amounted to SEK -50m (150).
Total cash flow amounted to SEK 142m (-123).
January – September 2023
Free cash flow was SEK 320m (-82) for the period,
including changes in working capital of SEK -272m (-179).
Cash flow from operating activities was SEK 1,454m (886).
Cash used for net investments in non-current assets was
SEK -101m (-142). Business acquisitions reduced cash flow
by SEK -9m (-204). Cash flow from investing activities thus
amounted to SEK -110m (-346).
Cash flow from financing activities was SEK -1,113m
(-774). During the period the net change in bank loans was
SEK -102m (50). Total cash flow amounted to SEK 211m
(-234).

Financial position
Equity attributable to shareholders in the parent company
amounted to SEK 5,362m (5,028) as of 30 September
2023, representing diluted equity per share attributable
to shareholders in the parent of SEK 33.31 (31.24). Net
debt amounted to SEK 14.599m (14,309). Lease adjusted
net debt, excluding lease liability real estate, amounted to
SEK 1,580m (1,943).
Interest-bearing liabilities amounted to SEK 15,340m
(14,602) on 30 September 2023. Cash and cash
equivalents as of 30 September 2023 amounted to
SEK 726m (293) and Attendo had SEK 1,650m (1,650) in
unutilised credit facilities.
Net debt/EBITDA was 5.1 (6.6). Lease adjusted net
debt/lease adjusted EBITDA was 1.8 (4.1).

31 Dec
SEKm 2023 2022 2022
Interest-bearing liabilities 15,340 14,602 14,805
Provision for post-
employment benefits -15 0 0
Cash and cash equivalents -726 -293 -507
Net debt 14,599 14,309 14,298
Lease liability real estate -13,019 -12,366 -12,440
Lease adjusted net debt 1,580 1,943 1,858
30 Sep
31 Dec
SEKm 2023 2022 2022
Net debt / EBITDA 5.1 6.6 6.6
Lease adjusted net debt /
Lease adjusted EBITDA 1.8 4.1 4.4
30 Sep

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

Attendo Interim report, January-September 2023 11 (35)

Sustainability:
SUSTAINABLE CARE
Sustainability at Attendo
Attendo works systematically and purposefully
with sustainability. Every quarter, we report the
latest key figures for our focus areas in order to
report the results of our work. We also highlight
important activities and progress in the business.

Empowered employees: Strengthened
organization for increased participation
Attendo aims to be the leading employer for
employees who want to make a difference in
care.
One of several key factors for employee
satisfaction is proximity to the local manager and
access to support in daily work. During the year,
we are introducing a new organization with group
managers at nursing homes in both business
areas. The aim is to strengthen the local
organization and improve support to the local
unit managers. For employees, this means a more
present leadership, greater participation and
better communication. The group managers are
given employer responsibility at section level
where they are part of the operation. At the
same time, they become new members of the
local management team together with the local
unit manager and support functions. By the end
of the quarter, the new organization has been
implemented in all major nursing homes in
Finland and in about one third of Attendo’s own
nursing homes in Scandinavia.
Quality of life: Increased focus on
relatives’ satisfaction
Relatives' participation in and experience of care
is central to Attendo's efforts to increase well-
being and quality of life for customers. We
regularly measure and monitor relatives'
propensity to recommend Attendo as a care
provider. The latest available result is a relatives
satisfaction score (rNPS) of 35 (scale from +100 to
-100) for the group as a whole. The
recommendation rate in Attendo Finland, the
business area with the longest data history, has
increased from 15 in 2019 to 44 in the latest
survey (2023), with a continuously increasing
level of engagement in the surveys. The surveys
show that the key factors that influence relatives'
willingness to recommend Attendo the most, are
safety with the care services, the employees'
availability and treatment, and the opportunity
for dialog and transparency. Based on these
insights, we conduct active work with a focus on
education, leadership training and
communication support with a special focus on
relatives. The work is continuously developed
based on the latest results.

Attendo’s focus areas and ambitions
Focus area Ambition
Quality of life Attendo should create wellbeing and meaning in day-to-day life and be a leader in
customer satisfaction.
Value-adding care solutions Attendo should make reliable, innovative and cost-effective care available as a
preferred partner to local authorities.
Empowered employees Attendo should be a preferred employer that exhibits outstanding leadership and
encourages personal growth and equal opportunities.
Environment in mind Attendo should be a resource-efficient care provider on a path towards net zero
greenhouse gas emissions.
Responsible operations Attendo should be a reliable care provider that delivers values-driven care that is
robust and transparent.

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

Attendo Interim report, January-September 2023 12 (35)

Sustainability:
SUSTAINABLE CARE
Key sustainability figures for Q3 2023
Attendo's ambition is to continuously develop and report outcome measurements within sustainability that
put the customer at the center and contribute to standardisation within the sector. This is a long-term work
and the measurements we work with will be continuously developed.
Focus area Key figures Outcome Comments
Quality of life
Customer satisfaction, cNPS
(-100 to +100) 40 (40)
Percentage of customers that answered 9 or 10 (0-10) when
asked to recommend Attendo minus the percentage that
answered 6 or below. Based on the most recently completed
measurements in each business area
Relatives satisfaction, rNPS
(-100 to +100) 35 (35)
Percentage of relatives of customers that answered 9 or 10
(0-10) when asked to recommend Attendo minus the
percentage that answered 6 or below. Based on the most
recently completed measurements in each business area.
AQ quality index
(0-100, Scandinavia only) 89 (89)
The Attendo Quality Thermometer (AQ23). Based on the
most recently completed measurements. This measure is
intended to be replaced with ASCOT (quality of life)
outcomes as soon as possible.
RAI index
(0-10, Finland only) 5.6 (5.5)
Measured quality of life based on weighted average of
reported RAI indicators in Attendo Finland. Based on the
most recently completed measurements.
Value-adding care
solutions
Number of customers who
receive care from Attendo
27,300
(27,200)
Refers to beds sold in homes, daily activities, rehabilitation,
family care home placements and home care services
customers in by the end of Q2 2023.
Beds opened in own
operations (capacity made
available), r12
156 Refers to beds in residential homes in own operations
opened in the past twelve months.
Beds under construction in
own operations
(investment in new
capacity), r12
292 Refers to beds in residential homes in own operations for
which construction began in the past twelve months.
Empowered
employees
Employee satisfaction,
eNPS (-100 to +100) 13 (11)
Percentage of employees that answered 9 or 10 (0-10) when
asked to recommend Attendo minus the percentage that
answered 6 or below. Based on the most recently completed
measurements in each business area.
Short-term sick leave, % 6.1% (5.8%) Percentage short-term sick in the quarter.
Environment in
mind
Greenhouse gas emissions,
g/SEK 1.5 Emissions of greenhouse gases (GHG), grams CO2e per SEK in
turnover. Refers to the full year 2022.
Responsible
operations N/A - Key figures for this focus area are being developed.
Quality audits and deviations

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Sustainability:
SUSTAINABLE CARE
Attendo has strict procedures for managing care
deviations. This includes procedures for reporting,
managing and following up deviations from internal
guidelines or methods, as well as serious incidents
that led to or risked leading to health and care
injuries to individuals (under the Swedish Lex Sarah
and Lex Maria statutes in Sweden).
Attendo’s operations are supervised and
comprehensively audited by national regulatory
authorities, such as the Regional State
Administrative Agency (AVI) in Finland and the
Health and Social Care Inspectorate (IVO) in
Sweden, as well as by contracting local authorities.
As a leading care provider, Attendo attaches great
importance to both learning from and transparency
regarding reported deviations, various types of
inspections and their outcomes.
Procedures for self-reporting to and supervision by
regulators and the classification of deviations and
supervisory cases differ between Attendo's
segments and markets. Attendo reports both cases
of a serious nature (Sweden) and the number of
official cases in progress (Finland).
Scandinavia
A total of 2 cases were reported in Q3 to IVO in
Sweden according to Lex Sarah or Lex Maria.
Finland
A sum of 3 cases were opened by AVI in Finland
during Q3 and 3 cases were closed. The total
number of cases open was about 25 at the end of
the quarter.

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Other information
Acquisitions
There were no acquisitions during the quarter.
New management in Attendo Scandinavia
Patrik Högberg has been appointed Business Area
Manager for Attendo Scandinavia and new member of
Attendo's Executive Management. Patrik comes from the
role as CEO of the cash-in-transit company Loomis'
operations in the UK and has previously held several
senior positions in the private and public sectors. Patrik
will take up the position in the beginning of November
2023, at which time he will also become a member of
Attendo's Executive Management.

Number of shares
The total number of shares is 161,386,592. Attendo holds
453,697 treasury shares and the total number of shares
outstanding as of 30 September 2023 was thus
160,932,895.
Number of employees
The average number of employees in Q3 was 22,236
(21,640).
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.
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 of January–September amounted
to SEK 13m (12), and were entirely related to services
provided to subsidiaries. The loss for the period after net
financial items was SEK -24m (-23).
At the end of the period, cash and cash equivalents
amounted to SEK 0 (0), shares in subsidiaries to
SEK 6,494m (6,494), and non-restricted equity to
SEK 6,748m (6,710).
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
reporting date
There were no significant events after the reporting date.

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Risks and uncertainties
As a large company with a mission that is essential to
society – empowering every individual in our care – and
many stakeholders, Attendo is exposed to various types
of risks and uncertainties. The work to identify, analyse,
assess and manage these risks and uncertainties is a key
component of Attendo’s strategy and operations.
Attendo takes a systematic approach to risk assessment
and management as a central component of the strategic
process, where risks in relation to the company’s capacity
to meet its strategic and financial targets are assessed in a
regular and structured manner.
The risks that Attendo is exposed to can be divided into
external risks – risks and uncertainty factors regarding the
conditions for private companies to conduct care activities
and which Attendo can only partially influence, such as
political decisions, regulation and access to public funds,
operational risks – factors and events that are directly
linked to Attendo's operational activities, such as
occupancy, pricing and access to competent employees as
well as financial risks – risks relating to access to capital,
currency, interest rates and liquidity.
The main risks that could affect the company's ability to
achieve its financial and strategic objectives in the short to
medium term are a shortage of qualified staff, strained
public finances having a negative impact on local decisions
on care, and a continued high inflation rate and high
interest rate environment.
The risks and how Attendo manages them are described in
greater detail in Attendo’s annual report (see the “Risks
and risk management” section in the 2022 annual report,
pages 57-60).

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Accounting policies
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 2022. The most significant accounting policies under IFRS, the
reporting norm applied in preparing this interim report, are set forth in Note C1 on pages 72-76 of the annual report for
2022, which were applied to the preparation of this interim report.
The interim information on pages 1-15 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.

Outlook
Attendo does not publish forecasts.

Danderyd, October 24, 2023

Martin Tivéus
President and CEO

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Auditor’s limited review report (translation of the Swedish original)
To the Board of Attendo AB. reg. no. 559026-7885

Introduction
We have reviewed the condensed interim financial information (interim report) of Attendo AB as of 30 September 2022
and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and
presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our
responsibility is to express a conclusion on this interim report based on our review.

Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of
Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other
generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an aud it. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared,
in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with
the Swedish Annual Accounts Act, regarding the Parent Company.

Stockholm, 24 October 2023
PricewaterhouseCoopers AB

Erik Bergh
Authorized public accountant

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Financial reports
Consolidated Income Statement

Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 4,488 3,679 12,865 10,707 14,496
Other operating income 6 34 30 46 61
Total revenue 4,494 3,713 12,895 10,753 14,557
Personnel costs -2,829 -2,427 -8,416 -7,298 -9,929
Other external costs -702 -613 -2,131 -1,794 -2,454
Operating profit before amortization and depreciations (EBITDA) 963 673 2,348 1,661 2,174
Amortization and depreciation of tangible and intangible assets -429 -378 -1,290 -1,118 -1,500
Operating profit after depreciation (EBITA) 534 295 1,058 543 674
Operating margin (EBITA), % 11.9 8.0 8.2 5.1 4.6
Amortization and write-down of acquisition related intangible assets -15 -14 -45 -44 -58
Operating profit (EBIT) 519 281 1,013 499 616
Operating margin (EBIT), % 11.6 7.6 7.9 4.7 4.2
Net financial items -223 -160 -603 -488 -658
Profit before tax 296 121 410 11 -42
Income tax -66 -26 -92 -11 -2
Profit for the period 230 95 318 0 -44
Profit margin, % 5.1 2.6 2.5 0.0 -0.3
Profit for the period attributable to:
Parent company shareholders 230 95 318 -1 -45
Non-controlling interest - - - 1 1
Basic earnings per share, SEK 1.43 0.59 1.98 0.00 -0.28
Diluted earnings per share, SEK 1.43 0.59 1.97 0.00 -0.28
Average number of shares outstanding, basic, thousands 160,933 160,933 160,933 160,923 160,925
Average number of shares outstanding, diluted, thousands 160,955 160,933 160,956 160,933 160,938
Q3 Jan-Sep

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Consolidated Statement of Comprehensive Income

Jan-Dec
SEKm 2023 2022 2023 2022 2022
Profit for the period 230 95 318 0 -44

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 0 0 11 1 1

Items that may be reclassified to profit or loss
Exchange rate differences on translating foreign operations
attributable to the parent company shareholders -25 22 28 67 85
Other comprehensive income for the period -25 22 39 68 86

Total comprehensive income for the period 205 117 357 68 42

Total comprehensive income attributable to:
Parent company shareholders 205 117 357 67 41
Non-controlling interest - - - 1 1
Q3 Jan-Sep

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Consolidated Balance Sheet

SEKm 30 Sep 2023 30 Sep 2022 31 Dec 2022
ASSETS
Non-current assets
Goodwill 7,288 7,156 7,204
Other intangible assets 462 506 504
Equipment 619 645 642
Right-of-use assets 11,614 11,085 11,118
Financial assets 563 452 512
Total non-current assets 20,546 19,844 19,980

Current assets
Trade receivables 1,674 1,364 1,400
Other current assets 592 502 437
Cash and cash equivalents 726 293 507
2,992 2,159 2,344

Assets held for sale 1 6 1
Total current assets 2,993 2,165 2,345

Total assets 23,539 22,009 22,325

EQUITY and LIABILITIES
Equity
Equity attributable to the parent company shareholders 5,362 5,028 5,001
Non-controlling interest - - -
Total equity 5,362 5,028 5,001

Non-current liabilities
Liabilities to credit institutions 2,281 2,208 2,330
Long-term lease liabilities¹ 11,660 11,193 11,246
Provisions for post-employment benefits 0 0 0
Long term provisions 108 89 88
Other non-current liabilities 171 163 165
Total non-current liabilities 14,219 13,653 13,829

Current liabilities
Liabilities to credit institutions 0 0 -
Short-term lease liabilities² 1,399 1,201 1,229
Trade payables 461 446 462
Short-term provisions 39 54 49
Other current liabilities 2,059 1,623 1,755
3,958 3,324 3,495

Liabilities held for sale 0 4 0
Total current liabilities 3,958 3,328 3,495

Total equity and liabilities 23,539 22,009 22,325
1) Long-term lease liabilities include car leases amounting to SEK 15 (7m) and full year 2022 15.
2) Short-term lease liabilities include car leases amounting to SEK 25m (21m) and full year 2022 20.

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Consolidated Cash Flow Statement

Consolidated Statement of Changes in Equity

Jan-Dec
Operational cash flow (alternative performance measure), SEKm 2023 2022 2023 2022 2022
Operating profit (EBITA)¹ 534 295 1,058 543 674
Depreciation and amortization of tangible and intangible assets 429 378 1,290 1,118 1,500
Changes in working capital -168 -445 -272 -179 -70
Paid income tax -18 -17 -55 -61 -60
Other non-cash items 20 -22 20 -51 -51
Cash flow after changes in working capital 797 189 2,041 1,370 1,993
Investments on tangible and intangible assets -36 -37 -116 -154 -204
Divestments of tangible and intangible assets 1 7 15 12 17
Operating cash flow 762 159 1,940 1,228 1,806
Interest received/paid -18 -8 -81 -29 -55
Interest expense for lease liabilities of real estate -178 -150 -506 -455 -605
Repayment of lease liabilities -369 -274 -1,033 -826 -1,122
Free cash flow 197 -273 320 -82 24
Net change in assets and liabilities held for sale 0 0 0 0 1
Acquisition of operations -5 - -9 -204 -204
Divestment of subsidiaries - - - - -
Warrants - - 2 2 2
Repayment of loans -50 - -214 -100 -100
New borrowings 0 150 112 150 250
Total cash flow 142 -123 211 -234 -27
Cash and cash equivalents at the beginning of the period 591 412 507 513 513
Effect of exchange rate changes on cash -7 4 8 14 21
Cash and cash equivalents at the end of the period 726 293 726 293 507

Jan-Dec
Cash flow according to IFRS, SEKm 2023 2022 2023 2022 2022
Cash flow from operations 601 31 1,454 886 1,333
Cash flow from investing activities -40 -30 -110 -346 -390
Cash flow from financing activities -419 -124 -1,133 -774 -970
Total cash flow 142 -123 211 -234 -27
Q3 Jan-Sep
Q3 Jan-Sep
SEKm 30 Sep 2023 30 Sep 2022 31 Dec 2022
Opening balance 5,001 4,957 4,957

Total comprehensive income attributable to:
The parent company shareholders 357 67 41
Non-controlling interest - 1 1

Transactions with owners
Warrants 2 2 2
Share-savings plan 2 1 0
Total transactions with owners 4 3 2

Transactions with non-controlling interest - 0
Closing balance 5,362 5,028 5,001
Equity attributable to:
Parent company shareholders 5,362 5,028 5,001
Non-controlling interests - - -

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Segment in Summary

Net Financial Items

SEKm
Q3
2023
Q3
2022
Helår
2022
Q3
2023
Q3
2022
Helår
2022
Q3
2023
Q3
2022
Helår
2022
Q3
2023
Q3
2022
Helår
2022
Net sales 1,737 1,670 6,599 2,751 2,009 7,897 - - - 4,488 3,679 14,496
- Net sales, own operations 1,337 1,300 5,114 2,680 1,998 7,852 - - - 4,017 3,298 12,966
- Net sales, outsourcing 400 370 1,484 71 11 45 - - - 471 381 1,529

Lease adjusted EBITA 116 150 380 249 37 -111 -19 -15 -70 346 171 199
Lease adjusted operating margin (EBITA), % 6.7 9.0 5.8 9.1 1.8 -1.4 - - - 7.7 4.6 1.4

Operating profit (EBITA) 164 204 577 389 106 167 -19 -15 -70 534 295 674
Operating margin (EBITA), % 9.4 12.2 8.7 14.1 5.3 2.1 - - - 11.9 8.0 4.6

Other and
eliminations Group Scandinavia Finland

SEKm
Jan-
Sep
2023
Jan-
Sep
2022
Full-
year
2022
Jan-
Sep
2023
Jan-
Sep
2022
Full-
year
2022
Jan-
Sep
2023
Jan-
Sep
2022
Full-
year
2022
Jan-
Sep
2023
Jan-
Sep
2022
Full-
year
2022
Net sales 5,130 4,908 6,599 7,735 5,799 7,897 - - - 12,865 10,707 14,496
- Net sales, own operations 3,916 3,789 5,114 7,537 5,765 7,852 - - - 11,453 9,554 12,966
- Net sales, outsourcing 1,214 1,119 1,484 198 34 45 - - - 1,412 1,153 1,529

Lease adjusted EBITA 213 299 380 453 -56 -111 -57 -53 -70 609 191 199
Lease adjusted operating margin (EBITA), % 4.2 6.1 5.8 5.9 -1.0 -1.4 - - - 4.7 1.8 1.4

Operating profit (EBITA) 359 448 577 757 148 167 -57 -53 -70 1,058 543 674
Operating margin (EBITA), % 7.0 9.1 8.7 9.8 2.5 2.1 - - - 8.2 5.1 4.6

Scandinavia Finland Group
Other and
eliminations
Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net interest expense (excluding lease liabilities for real estate) -32 -12 -95 -29 -49
Interest expense, lease liabilities for real estate -178 -150 -506 -455 -605
Other -13 2 -2 -4 -4
Net financial items -223 -160 -603 -488 -658
Q3 Jan-Sep

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Investments

Financial Assets and Liabilities

The table shows the Group’s significant financial assets and liabilities. Assets and liabilities recognized as loans and
receivables, and other financial liabilities are valued at amortized cost. Fair value for all financial assets and liabilities are
equal to the carrying value. For complete table and further information see Attendo’s Annual report 2022, note C25.
Valuation technique
Level 3: The fair value of contingent considerations is based on estimated outcome from the contractual clauses in the
share purchase agreements.
Pledged Assets and Contingent Liabilities

Jan-Dec
SEKm 2023 2022 2023 2022 2022
Investments
Investments in intangible assets 1 - 8 26 36
Investments in tangible assets 35 37 108 128 168
Divestments of tangible and intangible assets -1 -7 -15 -12 -17
Total net investments 35 30 101 142 187

Intangible assets acquired through business combination
Goodwill 0 - 1 124 124
Customer relations 0 - 4 34 34
Other - - - - -
Total intangible assets acquired through business combination 0 - 5 158 158
Q3 Jan-Sep
SEKm 30 Sep 2023 30 Sep 2022 31 Dec 2022
ASSETS
Financial assets measured at fair value
Trade receivables 1,674 1,364 1,400
Cash and cash equivalents 726 293 507
Total financial assets 2,400 1,657 1,907

LIABILITIES
Contingent considerations 60 55 56

Financial liabilities measured at amortised cost
Borrowings 2,281 2,208 2,330
Lease liabilities 13,059 12,394 12,475
Trade payables 461 446 462
Total financial liabilities 15,861 15,103 15,323
Financial liabilities at fair value through profit or loss
SEKm 30 Sep 2023 30 Sep 2022 31 Dec 2022
Assets pledged as collateral 72 55 64
Contingent liabilities¹ 2,311 2,948 2,510
1) Leases of assets not yet in use are reported in contingent liabilities. Contingent liabilities also include a potential outflow of
resources to complete acquisitions of real estate and operations from a few local authorities in Finland.

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Adjusted Earnings and Adjusted Earnings per Share Q3 2023

SEKm
Reported Acq.¹ IFRS 16² Total adj. Adjusted
earnings
Net sales 4,488 - - - 4,488
Other operating income 6 - 0 0 6
Operating profit before amortization and
depreciation (EBITDA) 963 - -547 -547 416

Amortization and depreciation of tangible and
intangible assets -429 - 359 359 -70
Operating profit (EBITA) 534 - -188 -188 346

Amortization and write-down of acquisition related
intangible assets -15 15 - 15 -
Operating profit (EBIT) 519 15 -188 -173 346

Net financial items -223 - 178 178 -45
Profit before tax (EBT) 296 15 -10 5 301

Income tax -66 -3 2 -1 -67
Profit for the period 230 12 -8 4 234

Profit for the period attributable to:
The parent company shareholders 230 12 -8 4 234
Non-controlling interests - - -
Average number of shares outstanding, diluted,
thousands 160,955 160,955 160,955 160,955 160,955
Earnings per share diluted, SEK 1.43 0.07 -0.05 0.02 1.45
Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible
assets (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, after dilution.

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Adjusted Earnings and Adjusted Earnings per Share Q3 2022

SEKm
Reported Acq.¹ IFRS 16² Total adj. Adjusted
earnings
Net sales 3,679 - - - 3,679
Other operating income 34 - -19 -19 15
Operating profit before amortization and
depreciation (EBITDA) 673 - -445 -445 228

Amortization and depreciation of tangible and
intangible assets -378 - 321 321 -57
Operating profit (EBITA) 295 - -124 -124 171

Amortization and write-down of acquisition related
intangible assets -14 14 - 14 -
Operating profit (EBIT) 281 14 -124 -110 171

Net financial items -160 - 150 150 -10
Profit before tax (EBT) 121 14 26 40 161

Income tax -26 -3 -3 -6 -32
Profit for the period 95 11 23 34 129

Profit for the period attributable to:
The parent company shareholders 95 11 23 34 129
Non-controlling interests - - - - -
Average number of shares outstanding, diluted,
thousands 160,933 160,933 160,933 160,933 160,933
Earnings per share diluted, SEK 0.59 0.08 0.15 0.21 0.80

Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible
assets (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, after dilution.

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Adjusted Earnings and Adjusted Earnings per Share Jan-Sept 2023

SEKm
Reported Acq.¹ IFRS 16² Total adj. Adjusted
earnings
Net sales 12,865 - - - 12,865
Other operating income 30 - -7 -7 23
Operating profit before amortization and
depreciation (EBITDA) 2,348 - -1,546 -1,546 802

Amortization and depreciation of tangible and
intangible assets -1,290 - 1,097 1,097 -193
Operating profit (EBITA) 1,058 - -449 -449 609

Amortization and write-down of acquisition related
intangible assets -45 45 - 45 -
Operating profit (EBIT) 1,013 45 -449 -404 609

Net financial items -603 - 506 506 -97
Profit before tax (EBT) 410 45 57 102 512

Income tax -92 -9 -11 -20 -112
Profit for the period 318 36 46 82 400

Profit for the period attributable to:
The parent company shareholders 318 36 46 82 400
Non-controlling interests - - - - -
Average number of shares outstanding, diluted,
thousands 160,956 160,956 160,956 160,956 160,956
Earnings per share diluted, SEK 1.97 0.22 0.29 0.51 2.48

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Adjusted Earnings and Adjusted Earnings per Share Jan-Sept 2022

SEKm
Reported Acq.¹ IFRS 16² Total adj. Adjusted
earnings
Net sales 10,707 - - - 10,707
Other operating income 46 - -19 -19 27
Operating profit before amortization and
depreciation (EBITDA) 1,661 - -1,301 -1,301 360

Amortization and depreciation of tangible and
intangible assets -1,118 - 949 949 -169
Operating profit (EBITA) 543 - -352 -352 191

Amortization and write-down of acquisition related
intangible assets -44 44 - 44 -
Operating profit (EBIT) 499 44 -352 -308 191

Net financial items -488 - 455 455 -33
Profit before tax (EBT) 11 44 103 147 158

Income tax -11 -9 -18 -27 -38
Profit for the period 0 35 85 120 120

Profit for the period attributable to:
The parent company shareholders -1 35 85 120 119
Non-controlling interests 1 - - - 1
Average number of shares outstanding, diluted,
thousands 160,933 160,933 160,933 160,933 160,933
Earnings per share diluted, SEK 0.00 0.22 0.53 0.74 0.74

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Adjusted Earnings and Adjusted Earnings per Share Jan-Dec 2022

SEKm
Reported Acq.¹ IFRS 16² Total adj. Adjusted
earnings
Net sales 14,496 - - - 14,496
Other operating income 61 - -19 -19 42
Operating profit before amortization and
depreciation (EBITDA) 2,174 - -1,748 -1,748 426

Amortization and depreciation of tangible and
intangible assets -1,500 - 1,273 1,273 -227
Operating profit (EBITA) 674 -475 -475 199

Amortization and write-down of acquisition related
intangible assets -58 58 - 58 -
Operating profit (EBIT) 616 58 -475 -417 199

Net financial items -658 - 605 605 -53
Profit before tax (EBT) -42 58 130 188 146

Income tax -2 -12 -23 -35 -37
Profit for the period -44 46 108 154 110

Profit for the period attributable to:
The parent company shareholders -45 46 108 154 109
Non-controlling interests 1 - - - 1
Average number of shares outstanding, diluted,
thousands 160,938 160,938 160,938 160,938 160,938
Earnings per share diluted, SEK -0.28 0.29 0.67 0.95 0.68

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Key Data

Jan-Dec
2023 2022 2023 2022 2022
Organic growth % 14.6 6.8 12.5 7.2 6.8
Acquired growth % - 3.5 1.6 2.9 3.0
Change in currencies % 7.4 2.5 6.1 2.2 2.9

Operating margin (EBITA margin) r12 % - - 7.1 5.1 4.7
Lease adjusted operating margin (lease adjusted
EBITA margin) r12 % - - 3.7 1.8 1.4
Working capital SEKm - - -292 -256 -429
Return on capital employed % - - 5.6 3.4 3.2

Net debt to equity ratio times - - 2.7 2.8 2.9
Equity to asset ratio % - - 23 23 22
Net debt/EBITDA r12 times - - 5.1 6.6 6.6
Lease adjusted net debt / Lease adjusted EBITDA times - - 1.8 4.1 4.4
Free cash flow SEKm 197 -273 320 -82 24
Net investments SEKm -35 -30 -101 -142 -187

Average number of employees 22,236 21,640 21,643 20,723 20,821

Key data per share
Earnings per share, basic SEK 1.43 0.59 1.98 0.00 -0.28
Earnigns per share, diluted SEK 1.43 0.59 1.97 0.00 -0.28
Adjusted earnings per share, diluted SEK 1.45 0.80 2.48 0.74 0.68
Equity per share, basic SEK - - 33.32 31.25 31.07
Equity per share, diluted SEK - - 33.31 31.24 31.07

Average number of shares outstanding, basic thousands 160,933 160,933 160,933 160,923 160,925
Average number of shares outstanding, diluted thousands 160,955 160,933 160,956 160,933 160,938
Number of shares, end of period thousands 161,387 161,387 161,387 161,387 161,387
Number of treasury shares, end of period thousands 454 454 454 454 454
Number of shares outstanding, end of period thousands 160,933 160,933 160,933 160,933 160,933

Q3 Jan-Sep

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Attendo Interim report, January-September 2023 30 (35)

Quarterly Data

SEKm Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Total net sales 3,338 3,482 3,546 3,679 3,789 4,044 4,333 4,488
- Net sales, own operations 2,957 3,093 3,163 3,298 3,412 3,570 3,865 4,017
- Net sales, outsourcing 381 389 383 381 377 474 468 471

Total net sales 3,338 3,482 3,546 3,679 3,789 4,044 4,333 4,488
- Net sales, Scandinavia 1,584 1,607 1,631 1,670 1,691 1,692 1,701 1,737
- Net sales, Finland 1,754 1,875 1,915 2,009 2,098 2,352 2,632 2,751

Lease adjusted operating profit (EBITDA) 118 86 46 228 66 177 209 416
Lease adjusted operating margin (EBITDA
margin), % 3.5 2.5 1.3 6.2 1.7 4.4 4.8 9.3
Lease adjusted operating profit (EBITA) 65 31 -11 171 8 116 147 346
Lease adjusted operating margin (EBITA
margin), % 2.0 0.9 -0.3 4.7 0.2 2.9 3.4 7.7

Operating profit (EBITDA) 511 507 481 673 513 665 720 963
Operating margin (EBITDA margin), % 15.3 14.6 13.6 18.3 13.5 16.4 16.6 21.5
Operating profit (EBITA) 172 142 106 295 131 241 283 534
Operating margin (EBITA margin), % 5.2 4.1 3.0 8.0 3.5 6.0 6.5 11.9
Profit for the period -8 -32 -63 95 -44 28 60 230
Profit margin, % -0.2 -0.9 -1.8 2.6 -1.2 0.7 1.4 5.1

Earnings per share basic, SEK -0.06 -0.20 -0.39 0.59 -0.27 0.17 0.37 1.43
Earnings per share diluted, SEK -0.06 -0.20 -0.39 0.59 -0.27 0.17 0.37 1.43

Adjusted earnings per share diluted, SEK 0.21 0.09 -0.14 0.80 -0.07 0.43 0.60 1.45

Average number of employees 19,303 19,749 20,780 21,640 20,403 20,699 21,994 22,236

Operational data
Number of units in operation¹ 710 711 705 707 705 712 710 704
Number of beds in homes² 21,093 21,155 21,062 21,082 20,932 20,923 20,870 20,863
Occupancy in homes, %² 84 84 84 85 85 86 86 86
Number of opened beds³ 99 60 84 130 - 58 86 12Number of beds, construction start in the
quarter³ 83 60 5 - 101 58 15 118
Number of beds under construction³ 433 433 354 224 325 325 252 352
1) All units in all contract models and segments.
2) All homes.
3) Own homes.

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Attendo Interim report, January-September 2023 31 (35)

Parent Company Income Statement

Profit for the period corresponds to total comprehensive income.

Parent Company Balance Sheet

Jan-Dec
SEKm 2023 2022 2023 2022 2022
Net sales 4 4 13 12 17

Personnel costs -9 -7 -29 -25 -35
Other external costs -2 -3 -8 -10 -13
Operating profit -7 -6 -24 -23 -31

Net financial items 0 0 0 0 -
Profit after financial items -7 -6 -24 -23 -31

Group contributions - - - - -98
Profit before tax -7 -6 -24 -23 -129

Results of commission 93 117 184 233 243
Income tax -19 -16 -35 -37 -29
Profit for the period 67 95 125 173 85
Q3 Jan-Sep
SEKm 30 Sep 2023 30 Sep 2022 31 Dec 2022
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 265 239 206
Other receivables 19 1 18
Cash and cash equivalents 0 0 0
Total current assets 284 240 224
Total assets 6,778 6,734 6,718

EQUITY AND LIABILITIES
Equity 6,749 6,711 6,623

Current liabilities
Liabilities to group companies 15 10 82
Other liabilities 14 13 13
Total current liabilities 29 23 95
Total equity and liabilities 6,778 6,734 6,718

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Attendo Interim report, January-September 2023 32 (35)

Attendo’s operations
Attendo is the leading private provider of care services
in the Nordics. The company has operations in Sweden,
Finland and Denmark. Attendo is the largest private care
provider in Sweden and Finland. Attendo is a locally
based company and has more than 700 units in
operation in about 300 municipalities. The company has
about 30,000 employees. With the purpose of
empowering the individual, Attendo provides services
within care for older people, care for people with
disabilities, social psychiatry and care for individuals and
relatives.
Attendo provides services through two business areas,
Attendo Scandinavia and Attendo Finland.
Attendo provides care services through two contract
models:
• Own operations, where Attendo provides services
in own controlled units/premises or provides home
care in customer choice models. Attendo has own
units within care for older people, people with
disabilities, social psychiatry and care for individuals
and relatives.
• Outsourcing operations, where Attendo provides
services in publicly controlled units/premises or
provides home care services based on outsourcing
contracts. Attendo has outsourced units for care for
older people, care for people with disabilities and
care for individuals and relatives.
Local authorities (mainly municipalities) are usually the
contracting authorities for a large majority of Attendo’s
service offerings, but contract types and duration of
contracts vary depending on the contract model and
service offering. Own operations are normally based on
framework agreements and outsourcing operations are
based on outsourcing contracts, following a tender
process. The contract period is typically 2-5 years.

===== SIDA 33 =====

Attendo Interim report, January-September 2023 33 (35)

Definitions of key data and alternative
performance measures (APM)
Explanations of financial performance measures
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 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 the
tables Adjusted earnings and adjusted
earnings per share for more information.
Capital employed
Equity plus interest-bearing liabilities and
provisions for post-employment benefits. See
Note C34 Reconciliations of alternative
performance measures in the 2022 annual
report for a reconciliation of the
performance measure on a full year basis.
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
average shares outstanding. 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 average shares
outstanding. 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 Consolidated
cash flow statement for reconciliation and
Note C34 Reconciliations of alternative
performance measures in the 2022 annual
report for a reconciliation of the
performance measure on a full year basis.
Items affecting comparability
Items whose effects on profit are important
to pay attention to when profit for the period
is compared with earlier 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 the tables Adjusted
earnings and 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 the tables
Adjusted earnings and 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 the table showing net
debt calculation 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 debt
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 the section Financial
position in this report for a reconciliation of
net debt.
Net debt / EBITDA
(APM)
Net debt divided by operating profit (EBITDA)
r12.
Net debt to equity ratio
(APM)
Net debt divided by equity.
Net investments
(APM)
The net of investments in and divestments of
tangible and intangible assets, excluding
acquisitions and divestment of operations as

===== SIDA 34 =====

Attendo Interim report, January-September 2023 34 (35)

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 (EBITA) divided by net sales.
Operating margin (EBITDA margin)
Operating profit (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. 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 or loss for the period attributable to
parent company shareholders and non-
controlling interest.
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 C34
Reconciliations of alternative performance
measures in the 2022 annual report for a
reconciliation of the performance measure
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
C34 Reconciliations of alternative
performance measures in the 2022 annual
report for a reconciliation of the
performance measure on a full year basis.
Explanations of
operational measures
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.

===== SIDA 35 =====

Attendo AB (publ) I Vendevägen 85B, 182 91 Danderyd I Phone +46 8 586 251 00 I Fax +46 8 586 250 01 I www.attendo.com

INFORMATION TO SHAREHOLDERS AND ANALYSTS
Financial Calendar
Year-end report January-December 2023 8 February 2024
Interim report January-March 2024 24 April 2024
Interim report January-July 2024 19 July 2023
Interim report January-September 2024 24 October 2023

Presentation
A webcasted presentation will be held on October 24 at 10:00 (CET). You can follow the presentation at the following web link:
https://ir.financialhearings.com/attendo-q3-2023/register

Analysts and investors have the opportunity to dial into the presentation to ask questions. Contact information is obtained b y
emailing to: kommunikation@attendo.se

The report and other information material will be made available at:
https://www.attendo.com/
For further information please contact:

Mikael Malmgren
CFO
Phone +46 8 586 252 00

Andreas Koch
Communications and IR Director
Phone +46 70 509 77 61

This is information that Attendo AB (publ) 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 on 24 October 2023 at
08.00 CET.

Forward-looking information
This report contains forward-looking information that reflects Attendo
management’s current assessments and expectations on certain future
circumstances and possible outcome. This type of forward-looking information
involves risks and uncertainties that may significantly impact future outcome.
The information is based on certain assumptions, including such attributable to
general economic conditions in the company’s markets and demand for the
company’s services.

Company number : 559026-7885