Ambea AB (publ) (AMBEA) Earnings Call Transcript & Summary

Good day, and thank you for standing by. Welcome to the Ambea Interim Report Fourth Quarter 2025 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mark Jensen, CEO. Please go ahead.

Thank you so much, and welcome to Ambea's presentation of the fourth quarter 2025. I'm Mark Jensen, CEO; and with me today is Benno Eliasson, CFO. We will start with a brief overview and our growth drivers, and then Benno will take you through the financials and business areas before we wrap up with concluding remarks and Q&A. Ambea is the leading care provider in the Nordics with operations across Sweden, Norway, Denmark and Finland. We operate through strong brands and business areas covering elderly care, social care and staffing and competence solutions. This breadth and scale create resilience and long-term growth potential. In 2025, we reached over SEK 16 billion in sales and delivered an adjusted EBITA margin of 9.6% on group level, and we continue to grow through both organic expansion and acquisitions. Let's go straight to the highlight of the fourth quarter. Quarter 4 was characterized by strong growth and continued investment to support future growth, which I will come back to. Net sales increased by 15%, mainly driven by acquisitions, but also solid organic growth. We continue to build our pipeline of new care places and expand capacity in Vardaga and Nytida, while Validia strengthened its positions through acquisitions in child welfare services. At group level, adjusted EBITA amounted to SEK 347 million with an adjusted EBITA margin of 8.3%. Let's look at our future growth. Organic growth is a cornerstone of our strategy, and the demand for care continues to rise across the Nordics. We have almost 1,700 care places in our pipeline, which is an industry-leading number in the Nordic care sector. During the quarter, we added new contracts and expanded our own management pipeline. Vardaga signed 2 new contracts for new nursing homes in this quarter, contributing to 150 new care places in the Stockholm area. And totally in the second half of 2025, we signed 6 new nursing homes. Nytida added new assisting living and daily activity capacity and Stendi also expanded through new contracts and increased capacity. Looking ahead, we have a strong number of planned openings across our business areas during the coming 12 months, almost 500 new care places to be opened, which supports continued growth and improved economies of scale. In a midterm perspective, Vardaga alone within the next 5 years, employ another 2,000 qualified care workers as assisted nurses, nurses and operational managers as our organic pipeline materializes. This is why we continue to develop and invest in our workplaces, our work environment, leadership and development and career opportunities. More about that later in the presentation. We will now have a look at acquired growth. Acquisitions are an important complement to organic growth, and we have maintained a high level of M&A activity with a focus on bolt-on acquisitions. During the quarter, Validia expanded through 2 strategic acquisitions and entered child welfare services, a new subsegment, strengthening our Finnish platform and adding SEK 210 million in annual net sales. Nytida also completed a bolt-on acquisition aligned with our strategy. We continue to see an active pipeline, and we remain selective, focusing on quality assets, strong operational fit and value creation through integration. Let's have a closer look at revenue growth on the next slide. Revenue growth remains above our long-term target, driven primarily by strong acquired growth combined with solid organic development. This reflects the strength of our business model. We grow by improved occupancy, expanding capacity in our existing operations, signing contracts for new care units and by successfully integrating acquisitions. Overall, this creates a balanced and sustainable growth profile. At the core of our model is quality in care, strong local leadership and long-term partnerships with educational institutions, which I will talk about on the following slides. The satisfaction level of our care receivers and the loved ones are of the utmost importance to us. In quarter 4, we continued to receive strong results from care receiver surveys carried out in all 4 Nordic countries. The foundation of high quality is our employees. In our latest eNPS survey, where we ask our employees whether they would recommend Ambea as an employer, we continue to see a strong result of plus 26. It is particularly pleasing that Validia participated in the survey for the first time and achieved its highest eNPS score ever. During the quarter, Validia has continued to strengthen its long-term skill supply. Collaboration with vocational schools and universities has been deepened to create clear pathways into care professions, for example, through mentoring programs. You can read more about our quality and sustainability work in the quarterly report. Now I'd like to highlight 2 other initiatives that will support Ambea's continued future growth. During the quarter, we launched a new group-wide and value-based leadership framework designed to strengthen our leadership across the organization. The new model establishes a common Nordic standard for leadership and strengthens our ability to lead in a complex and regulated care environment. This model has a start, brought to life through 2 new leadership programs, Leader Impact and Next Horizon. Leader Impact focuses on operational leaders closest to care delivery, strengthening execution, change capability and day-to-day leadership quality. Next Horizon developed together with the Stockholm School of Economics builds long-term strategic and cross-border leadership capability at senior levels. Strong leadership is a key driver of care quality, employee satisfaction and operational stability. Just as importantly, leadership capability as a prerequisite for growth, opening new care homes requires strong ready leaders. Our ability to develop leaders internally is, therefore, a key enabler of scalable growth and an important factor in attracting top leadership talent to Ambea supporting our growth pipeline. Today, we have more than 1,050 physical workplaces spread across a large geography in 4 countries. A distributed organization with many different workplaces require strong leadership to withhold and further develop a good and attractive work environment for our care workers. And this is why we continue to develop and invest in our leadership across the entire organization as a core strategic priority. Now turning to care concept development. During the quarter, we also launched our strengthened care core offering in elderly care through a renewed and improved version of The Good Day, our care model for residential elderly care. The extensive update is directly aligned with the new Swedish Social Services Act, which raises requirements on evidence-based and structured care delivery. To ensure rapid and consistent execution, we launched a new model at a national management conference with all Vardaga's operational managers, creating clear ownership and alignment across the organization. Besides workplace information on the job training, we've also introduced web-based training to support implementation at scale, giving all employees practical standardized guidance in daily care delivery. And importantly, this makes the model scalable and transferable. The same concept is now being prepared for rollout in Altiden in Denmark, adjusted to Danish elderly care legislation and national culture, demonstrating that The Good Day is a robust platform for residential elderly care across markets. And overall, this strengthened compliance, consistency and long-term quality while supporting scalable growth in our core residential elderly care segment. During 2026, we will continue to strengthen communication around The Good Day to existing and new care receivers, their relatives and our customers in the municipalities. And now I will hand over the presentation to Benno, who will provide a financial overview of our performance this quarter.

Thank you, Mark. Net sales grew with 15% and were primarily driven by the acquisition of Validia, but we also saw solid contributions from Nytida and Vardaga. The good growth we have seen in recent quarters continued, driven both by acquisitions and organic growth in Nytida and Vardaga. Validia added SEK 410 million to the net sales, which is almost 6% higher than last quarter. Stendi and Altiden faced a headwind in SEK of 5%, 6% because of the strong Swedish currency. They both showed steady growth in local currency. Turning to EBITA. This slide shows how the different business areas have contributed to the adjusted EBITA of the group. The acquisition of Validia, of course, affected EBITA. From a seasonality point of view, Q4 is a slightly softer quarter for Validia, but still added SEK 32 million to the group. Stendi faced very tough comparisons with SEK 30 million in positive one-offs last year as well as decreased underlying EBITA and on top of that, the currency headwind. Total decrease in SEK was SEK 54 million. Nytida continued the EBITA growth with expanded capacity and higher margins. This quarter, Nytida added SEK 23 million more to the group EBITA. Adjusted EBITA in total increased by 1% to SEK 347 million, and adjusted EBITA margin in the group was 8.3%, down 1.2 percentage points from last year's exceptionally strong Q4 of 9.5%. Cash flow. Operating cash flow continued to increase during the quarter, supported by strong profitability and good working capital management. Our operating cash flow increased by 19% and amounted to SEK 1.040 billion in the quarter. This is the first time we exceed SEK 1 billion in a single quarter. And cash conversion is now again over 95%, rolling 12. Again, this shows that the underlying cash flow is very strong, and we had some softer cash flow quarters in the beginning of the year with negative one-off effects affecting cash flow. This slide shows the utilization, the way from EBITDA, excluding IFRS 16, down to the free cash flow post tax. We are now back at rolling 12 numbers above SEK 800 million and expect that to increase further in the coming quarters when the one-off effects of the Validia acquisition and the settlement of the old Norwegian dispute is out of the rolling 12 numbers. The solid cash conversion gives us both flexibility and strength to continue investing in quality and growth. And now to the utilization of the cash flow. So this is how we have used this year's generated SEK 824 million in free cash flow. SEK 185 million was distributed to our shareholders as dividend, SEK 1.268 billion was spent on the 4 acquisitions and SEK 485 million was spent on the share buyback programs. Net debt has increased by SEK 1.116 billion, of course, driven by the strategic acquisition of Validia, which mainly was financed by external loans. The increased debt has led to increased leverage from 1.7x EBITDA to 2.3x, still with much headroom to our financial target at below 3.25x. And now to the earnings per share. This slide shows the strong development of our earnings and dividend per share over the years. Reported earnings per share, EPS, increased 10% this year and have a compound annual growth rate of 33% since 2021. The proposed dividend per share, DPS, of SEK 2.65 gives an increase from last year of 20% and a compound annual growth rate since 2021 of 23%. The positive development in earnings and dividend per share is mostly due to the strong underlying earnings development, but it's also positively affected by the share buyback programs conducted the last year. And on that positive note, we continue to the overview of our 6 business areas in the fourth quarter and as usually, starting with Nytida. Net sales increased by 6%, driven by both acquisition and start-up units. EBITA rose by 19% to SEK 144 million compared to SEK 121 million last year, thanks to the continued good performance in previously completed acquisitions, together with improved occupancy for start-up units and some adjustments made in the service portfolio. We have continued to adapt our service offerings in favor of those services with expected high demand going forward as well as successfully adjusting capacity to meet the changing demand. During the quarter, we have acquired 4 units from Serigmo Care with a total annual turnover of SEK 45 million and opened 1 new facility with 30 [Audio Gap], supporting continued growth. And then turning to Swedish elderly care, Vardaga, and Vardaga continues to deliver solid growth. Net sales increased by 7%, driven by higher occupancy in both new and existing facilities and by the AvAsta acquisition. Sales in own management grew by 9%, reaching SEK 977 million due to the higher occupancy in new as well as established nursing homes and net sales in contract management also increased. EBITA decreased by 4% to SEK 117 million, mainly due to the higher start-up costs from more openings than last year and costs related to planned openings in early 2026. For the quarter, the EBITA margin was 8.3% versus 9.3% in the same quarter last year. And for the full year, we reached a total margin of 9.5% and for mature units, EBITA margin was 11%. During the quarter, we opened 1 new nursing home in Nynashamn with 50 care places and increased capacity in 1 existing nursing home in Nacka by 38 care places. And on the next slide, we turn to our business area in Norway, an overview of Stendi. Stendi had a weaker quarter. Occupancy fluctuated in the quarter and negatively impacted profitability. In local currency, net sales increased by 4%, but in SEK, net sales decreased by 1%. EBITA amounted to SEK 39 million, and the margin declined to 4.7%. The earnings performance was partly due to the lower and more fluctuating occupancy, which could not be fully offset by lower personnel costs. This reflects also the fact that the comparative period benefits from one-off effects, which led to exceptionally strong Q4 2024. Taking that last year's positive one-off of SEK 30 million into consideration, the Q4 EBITA margin was 2.8 percentage points lower this year and at least 1 percentage point in margin represent temporarily cost in this quarter, which means that the underlying performance is closer to last year than what you see in these reported numbers. And Stendi continues to adjust capacity to match shifts in demand and to project profitability over time. And now to our Finnish business area, Validia. Validia is reported as a new business area from second quarter and has been consolidated in Ambea's accounts from April 1, 2025. Validia had a solid performance in the fourth quarter, and net sales amounted to SEK 410 million, up 6% from the third quarter and EBITA reached SEK 32 million, corresponding to a margin of 7.8%, which also reflects a seasonally slightly weaker quarter. And this quarter also included transaction start-up and integration costs related to the recently completed acquisitions and the establishment of a new subsegment. This means that the underlying margin is somewhat higher than the reported margin in the quarter with more than 1 percentage point. The entry into a new subsegment, child welfare services through 2 acquisitions with an annual turnover of SEK 210 million will strengthen the platform and support continued growth. Furthermore, the integration of Validia into Ambea was completed during the quarter. No further integration costs are expected. We will continue to create growth in Finland through new establishments, bolt-on acquisitions and continued development of the existing operations. So now take a look at Altiden. Altiden delivered stable performance with growth in local currency driven by higher occupancy across both elderly and social care. Net sales increased by 6% in local currency. In SEK, however, net sales were flattish and in line with last year. Net sales in own management increased by 10% in local currency. The decline in contract management was due to the termination of 1 social care contract. The profitability improves continues -- improvement continues. This quarter, EBITA increased to SEK 11 million, corresponding to a margin of 3.3%, up from 3.0% last year. The new national elderly care legislation effective 1st of July this year enables expansion of own managed nursing homes, and we are evaluating several opportunities to sign contracts for new nursing homes. And finally, Klara. Klara saw lower net sales due to weaker demand across several services. Net sales decreased by 8% to SEK 97 million. The historically strong supply of nurses in the labor market has led to some customers to employ their own staff instead of purchasing external services from companies like Klara. EBITA amounted to SEK 12 million with a margin of 12.4% compared to 10.4% last year. The good margin development reflects cost adjustments and continued focus on profitability even in a softer market environment. And with that, back to you, Mark.

Thanks so much, Benno. Our financial targets remain as we drive profitable growth, strong margins and disciplined leverage. And we remain committed to consistently deliver on all 3 financial targets. In Q4, we delivered on our targets, supported by our growth strategy, cash generation and active capital allocation. The rolling 12-month growth rate is now at 13%, which is above our growth target, thanks to the high pace in acquisitions and good organic growth. Profitability landed at 9.6%, which is above the target of 9.5%, but also reflects the significant investments we have made in the quarter. Our leverage is down to a ratio of 2.3x net debt to EBITDA, well below our target of 3.25x. We have in the quarter secured a new financing agreement with committed financing of SEK 5 billion and thus have the financial capacity to engage in the right bolt-on acquisitions. To summarize the fourth quarter and the year, we continue to grow and invest for the future. We have an industry-leading pipeline and active M&A agenda, and we continue to strengthen our Nordic platform. Our focus remains on care quality, leadership and operational performance, enabling us to grow and add new care bases, creating share value as well as value to society. And before we open for questions, I would like to provide an outlook into 2026. We remain focused on growth and further strengthening our market position. Investments in our operational structure support a higher pace of openings and continued market share gains. Our already industry-leading pipeline will further expand across countries and business areas, and we will see more bolt-on acquisitions. At the same time, we maintain an active capital management through dividends and share buybacks aligned with our policy and financial position. The Board proposed a dividend of SEK 2.65 per share, an increase of 20% compared to last year's dividend. The dividend is in line with our dividend policy and adjusted from items affecting comparability. Given the company's strong financial position and cash flow, the Board has decided to implement another share buyback program of 2 million shares. As a team, we are committed to make the world a better place, 1 person at a time and be a positive force in Nordic care. Our 41,000 employees are solving important tasks to people and society every day, and I'm proud of their work and strong achievements. And this concludes our presentation, and we will now open for questions.

[Operator Instructions] We will now take the first question from the line of Bjorn Olsson from SEB.

You mentioned now in the end, Mark, you're investing in your operational structure. And in the report, you also write about this a bit more in investments in IT and training and so forth. Could you give any flavor and guidance on the cost effect of these investments and sort of how we should view them on a run rate basis?

I mean the cost effects, I cannot give guidance on, but I can say that based on the strong pipeline we have for organic growth and also the entry into Finland as a new market in 2025 and our continued growth through acquisitions and greenfield in Finland, we need to invest in our structure to make sure that we can grow with quality and also that we have attractive workplaces with good infrastructure and good leaders as we need more care workers in the years to come. And we want to be the most attractive employer in the sector in order to be able to achieve and get a competent staff. We can also say that the investments will not impact our financial targets. I mean we are still committed to deliver an EBITA margin of 9.5%, as I mentioned, when we went through the financial targets. So I think that's the way you should view it.

Okay. Great. And on Vardaga, as you mentioned, you're sort of entering into a growth phase. And looking in your pipeline for Vardaga, you have a higher degree of new openings and own openings in the coming years. Should we view maybe the margin for 2026 to be roughly flat as the pipeline seems to be quite similarly higher than '25, both '26, '27 and '28? Or how should we view the margin development in Vardaga for the coming years?

I can take that. In Vardaga, we have 3 openings in the later part of 2025 and 3 new to come in the beginning of '26 now. So short term, it means in the first quarter, it will probably hurt the margins a bit. Over time, that will, of course, come back when these nursing homes are up ramp, so to speak. And then in the pipeline, we have a lot of openings in the later part of '27 and in 2028. So that is what you can see in the midterm, how -- and that will, of course, at that time, also affect the margin. But over time, of course, this will strengthen the margin in Vardaga when these are -- all these are up ramped.

Clear. And final question on Stendi then. You're mentioning now that you're sort of rightsizing to demand. Can we expect cost efficiencies? Or how should we view this and the margin effect ahead?

There will be some operational improvements, of course, as we adjust to demand. We have, over the last 3, 4 years, been looking also at our portfolio of care homes in Norway, trying to get into a different structure of slightly larger and more effective, operationally effective, care homes. We will continue that journey while we adjust capacity to demand. So there will be some operational improvements, of course, also as a part of that journey.

We will now take the next question from the line of Jacob Andersson from Danske Bank.

So just a question on M&A. So 2025 has been a quite active M&A year with quite strong momentum. And given that your leverage now is under control and below your target, can we expect bolt-on acquisitions at a similar pace during '26? And is it still Validia and Nytida where you have the strongest pipeline going ahead?

Yes. I mean we will continue to be active in the M&A market in 2026. We are looking across markets actually for quality acquisitions. We are quite picky on the target. So we're always looking for quality with good operational performance. And that, of course, narrows the field somewhat. But we are looking in all markets for those acquisitions. We will be active in 2026. In 2025, of course, we had the large acquisition of Validia in Finland. Will there be such a large acquisition also coming in 2026? I cannot say. We will focus on bolt-ons as we said. And we also believe that we are in a good financial position. So this is absolutely possible. The strongest pipeline is, as you also mentioned, is in Nytida, the Nytida segment and for Validia in Finland, but we have an active pipeline in all countries, and we are looking to all business areas, except from Klara.

Okay. I see. And also another one on Validia. Is it possible to break down the SEK 20 million integration costs? Or can you give any more detail on that one?

This is the planned integration that we planned when we made the large acquisition. It's IT. It's a lot of different change of contracts that we have. So it's a mix of a lot of things that we have concluded a little bit earlier than we said. And that is why maybe the number is a little bit higher than we -- than maybe was communicated before. But we are doing it in a rapid time. So now Validia is ready to take on new acquisitions and are no longer dependent of a lot of Ambea integration, so to speak.

We will now take the next question from the line of Kristofer Liljeberg from Carnegie.

Four questions. I hope that's okay. The first one, coming back to Vardaga margin, sorry for that. Do you think it's reasonable to believe you could actually keep margin flat in Vardaga despite the negative impact here starting of the year?

There is a possibility, of course, but we should expect a little bit lower margin in the beginning of the year. And then depending on how fast these new nursing homes are ramped up, the margins will probably improve during the year. If that is going to be fully in line in the full year, it's a little bit hard to say, of course.

And could you comment on how occupancy have developed for the 3 you open now already? And what type of contracts you have in maybe all of them if this is contracts that has the possibility to fill up quickly?

Yes. We had -- we opened 3 in the later part of 2025, and we actually have already opened 2 in -- now in January, February in 2026. And there is one of them who is already full. There we have a contract, [indiscernible] contract where we have the occupancy guarantee where the municipality filled up. And then there is a mix of all this. If you take all the 5 together, they are up ramping according to plan, at least according to plan or even a little bit better. So we are satisfied with that. But as you know, it's a -- lot of differences between different market situation in different municipalities. So it could vary a lot these ramp-up times.

[Operator Instructions] We will now take the next question from the line of Adrian Elmlund from Nordea.

A couple of questions for me, please. Could we just get some more color here on what the reason behind the weaker occupancy rate in Stendi is during the quarter? And also, you mentioned here in the CEO letter that the demand was stabilizing towards the year-end. Could we expect -- or could you give any sort of trading update here into January and February in this year as well?

I can comment on the occupancy in quarter 4, for sure. I mean, where we see the fluctuating occupancy is in social care for adults. Child care is stable and performing well. But we have seen differences in the demand from municipalities in social care for adults over the majority of 2025, and that has been fluctuating up and down quite a lot. And the fluctuations are particularly hurting in a market like Norway because you have one move out in one part of the country and you have a move in maybe some weeks later in the next part of the country. And as you have quite high demands on competency among staff, you need to be sure that you match the staff to the demand. And also you don't want to get rid of the staff too fast, I mean, because then you will not be able to welcome new care receivers. So you need to balance this in a good way and to make sure that you have both the right competence and the geographical mix in the right way, and that is sometimes a bit tricky to manage and you hold on to staff a little too long and these kinds of things. So the fluctuations are making it operationally difficult to meet the targets from a financial point of view. And as we are focused on quality of care, of course, we need to make sure that we are fulfilling all the demands from our customers, but also from legislation, and we're keeping all competency demands and everything in line. So that gives the impact to margins in that segment, which is a large segment to us in Norway. We saw a more stabilized situation towards the end of the year, and that situation has continued into the beginning of 2026, but we would like to see demand pick up a bit in this particular segment over the coming quarters for us to improve margins as we plan to.

Excellent. And another follow-up question here, I guess, is should we expect, I guess, continued normalization down to perhaps 7% or 8% in terms of margins? Or what would you need to do to reach sort of double-digit margins again here in Stendi?

We have not spoken about double-digit margins in Stendi. We have said that -- previously that we believe that mid- to long-term sustainable level is 8% to 9% EBITA margin. We are now a bit below. But we believe we can get back to that range for sure, maybe not this year, but in the midterm. We plan and expect to see improved margins during 2026. But that will probably come a little later in the year. And in order to achieve that, we would need to continue to work on operational efficiencies, which we are doing, and we will also need to see occupancy pick up a bit in the segment for adult care, as I just mentioned.

Right. Two more questions, if that's okay. One here regarding the leadership training and the Nordic quality management system, et cetera. I think there was a question before about the cost. But could we perhaps discuss a bit the investments here into the top line? So do you think this can have some effect on the top line? Or is this merely only to stay competitive in the market?

This is to stay competitive, but it's also in order to grow with quality. And when you grow, I mean, you have a company of this size, which is so people intensive...

Please stand by. Your conference will resume shortly.

Can you hear me? I think I lost you. Can you hear me?

Yes, I can hear you. Can you hear me now?

Yes. Okay. We're back.

Yes, we are back. Sorry. Yes, so the investments into leadership and people are important with the growth pipeline that we have. And remember that we have a growth target of 8% to 10% per year, which we are now overachieving and which we are committed to deliver year-on-year. And that means a lot of new people coming into our business, and we'll have to conduct training. It's a lot of new managers coming in, and it's a lot of existing managers that we need to build in our own pipeline. So the investments that we are making are simply to make sure that we can grow with quality in line with our targets.

We will now take the next question from the line of Kristofer Liljeberg from Carnegie.

Yes, I was cut off for some reason. A few more, if that's okay. Is it possible to quantify the number of openings in Vardaga 2027, 2028 as the plans are now?

We have -- I mean, we have on our website, we have the expected opening dates on -- for Vardaga for all the care homes that we have in the pipeline. Sometimes, I mean, they move a bit from quarter to quarter depending on construction times and different permits, so building permits and so on. So the further out we get, the more likely it is that there will be some moving in between quarters. which could move an opening from one quarter to another, from one year to another. I don't have it top of mind, but the information we have is on the website. I can come back to you, Kristofer, with more details.

Yes. I could check there as well. Then there have been a lot of discussions here during the call about investments that seems to have been quite significant. Is it possible to quantify this in any way and you just compare with Q4 last year and how much this have impacted the overall group margin?

I answered a similar question. Maybe that was when you were offline, but we have said that the investments are definitely more significant than they were in quarter 4 last year. I mean, we went through some of the examples here, not all of them, but some of the examples we went through in the presentation. We also have quite significant investments in our IT structure. I mean, infrastructure upgrades. We are investing in cybersecurity. We are investing in a new Nordic quality management system. And this is all to enable growing at high pace with quality in all parts of the business. And sometimes, I mean, the investments are -- they are not always coming in smooth with the same amount every month because you have some launches and some things that are happening. And this particular quarter, there were quite a lot of things happening. But we are not planning this to impact our financial target or our margin target of 9.5%. So that's for sure.

But do you expect similar level of investments here in the next coming quarters and 2026 as a whole?

No. But I mean we are expecting, of course, continuous investments in the business, and that's also why we have not guided any higher margin target because we believe that the importance here is to grow with quality. It's to fulfill all new legislation and demands that are coming in. That's quite extensive these recent years. There's a new Social Services Act in Sweden, which has required quite a lot of changes in Nytida, now also in Vardaga to make sure that we are updated, fully compliant and on top of things. There's a new elderly care legislation last July in Denmark, which also puts additional requirements on us and overall society is just putting more demands on us. And we need to make sure that we can fulfill them and can fulfill them with quality. So as we grow, I mean, keeping that high pace of growth, delivering consistently on our margin target is what we plan to do with a controlled leverage in line also with our financial targets. So yes, you should expect investments to continue, but not investments that would impact our financial targets as communicated.

Okay. That's clear. And my last question, could you just repeat what you said about the new financing package?

Yes. So we have a new financing package negotiated and in place. And maybe, Benno, you want...

Yes. We have a so-called committed finance agreement of SEK 5 billion in multiple currencies that are -- that has increased from SEK 4 million in the last 3-year period. There's also an option, a so-called accordion to expand that with SEK 1.5 million more in that 3 plus 1 plus 1 year period.

And is this just replacing what you have had before or something new?

Yes. Yes. It's replaced the one we had before. And it comes with more volume. We had, as I said, SEK 4 billion in the previous, now we have SEK 5 billion with an optional expansion of SEK 1.5 billion still over that.

There are no further questions at this time. I would now like to turn the conference back to Mark Jensen for closing remarks.

Thank you so much, and thank you all for joining us today and for your continued interest in Ambea. The report for the first quarter will be published on May 7, 2026. So I wish you all a nice day. Stay safe and healthy.

This concludes today's conference call. Thank you for participating. You may now disconnect.