Humana AB (publ)

Good morning. Welcome to Humana's Q4 report presentation. My name is Evelina Pettersson. I'm the head of IR at Humana. With me today, I have our CEO, Nathalie Bolas-Nilsson, and our CFO, Christopher Heroux. Please go ahead, Nathalie.

Thank you, Evelina. We will give you a short introduction, followed by financials and operational performance. We will then wrap it up with concluding remarks and open up for questions. Humana is a Nordic care provider with a high degree of specialized care. We have a well diversified portfolio of services in the Nordic countries, with Sweden being the largest market followed by Norway and then Finland. We have a high customer satisfaction and satisfied employees. We have during 2025 worked on securing our growth moving forward. And after talking about our pipeline in our two previous quarterly reportings, we can now inform you that the work has been fruitful and many new projects have been signed, many of them during the Q4, amounting to approximately 300 new placements and 450 million in net revenue. We are expecting to continue to build our pipeline and sign several more projects in the near future. The projects are primarily within our targeted areas with high growth and profitability, disability, LSS and elderly care. As you may have noticed in our recent press release, one of the projects signed is a new large elderly care unit in Sollentuna with 100 beds and an LSS unit. We are also continuing to pursue M&A in targeted areas and have during the period acquired Familjehjälpgruppen in Norway that will complement our institutional offering with a broader range of specialized services for children and young people. In light of our strong Q3 report, the Q4 report looks a bit on the soft side at a first glance, and we will get into that in the upcoming slides. We would, however, like to highlight that we see an underlying profitability improvement in Norway and Finland, which we will get back to also. The results of our yearly customer satisfaction survey came in during the quarter, and we are proud to say that we can see an improvement to 85 from already high numbers, which is quite an achievement considering we have a large part of our clients that are not placed with us on a voluntary basis. Earnings per share have increased with 65% year over year. We have continued to buy back shares during the period amounting to 44 million crowns and the proposed dividend of 1.35 crowns is an increase with 35%.

The year over year decrease in revenues comes mainly from two factors. The fact that we during the year still have a net customer outflow within personal assistance, although at a much lower pace compared to the previous year and FX effects coming from the strengthening of the Swedish crown compared to Norwegian crown and Euro. On top of this, we also have changes in portfolio with divestment of elderly care in Finland. In the light of this decrease, the importance of the efforts being made regarding building up the growth pipeline becomes visible. Starting to the right on this slide, Norway, Finland and individual and family within Sweden showed stability. However, personal assistance faced two negative one-off effects during the quarter in comparison to Q4 last year. The first one of these effects is relating to older reclaims amounting to 9 million SEK. And the other one relates to a positive one-time effect which was recognized during last year, but no such effect in the current quarter. For the full year, the EBIT within personal assistance has improved. The EBIT decrease in the current quarter results in an adjusted EBIT for the year of 4.8%. We have been active in our capital allocation during the year, and this has continued in the current quarter as well, with the share buybacks amounting to 44 million SEK in the quarter and 153 million SEK during the year, corresponding to 6.7% of Humana's total number of shares. And earlier this morning, our board took a decision to repurchase up to an additional 1 million shares. At year end, we are at a net debt of 1.2 billion SEK compared to 1.5 billion one year ago. On the note on how we have worked with our liquidity during the year, it is also worth to mention that we have amortized another 50 million SEK on our bank loans during the quarter and 450 million SEK in total during 2025, supporting that our net interest costs for the year has decreased from 143 million last year to 99 million SEK this year. We are pleased to see this year's development in earnings per share. The increase from 2.87 crowns last year to 4.73 crowns this year is a 65% increase. In this quarterly report, our board is suggesting a dividend for the year of 1.35 Swedish crowns per share, which is an increase of 35% compared to 2024.