Humana (HUM) investor relations material

Executive summary

• Adjusted operating profit increased by 6% year-over-year, driven by efficiency programs and improved margins, especially in Sweden and the Individual & Family segment, where margins rose from 6.1% to 7.2%.

• Expanded growth pipeline, with SEK 100 million in new unit revenues opened and SEK 200 million in new contracts signed year to date, and a total pipeline of SEK 550 million.

• Welcomed new customers and colleagues from Homsan LSS units, doubling daily activity units and strengthening the platform for future growth; completed acquisitions of Homsan AB and Familiehjelpgruppen.

• Ambea announced a public offer, with the board recommending acceptance.

• Net revenue for Q2 2026 increased by 3% year-over-year to SEK 2,581m, with organic growth at -0.3% and acquired operations contributing SEK 52m.

Financial highlights

• Adjusted EBIT for the quarter was SEK 81 million, up from SEK 76 million a year ago; adjusted EBIT margin improved to 4.9% LTM, with adjusted operating profit at SEK 492m.

• Revenue for the last twelve months (LTM) was SEK 10,421m, a 4% decrease year-over-year.

• Free cash flow more than doubled to SEK 229m in Q2, with LTM free cash flow at SEK 326m; supported by divestment of elderly care property in Strängnäs.

• Dividend of SEK 64 million paid, in line with policy of 30% of annual net income; SEK 102m used for share buybacks.

• Net debt ratio improved to 2.4x at quarter end, reflecting a stronger capital structure.

Outlook and guidance

• Positive organic growth outlook supported by a robust pipeline, especially in Finland and Sweden, with new contracts signed for units opening through 2029.

• Efficiency programs and digitalization, including AI initiatives, are expected to deliver further margin improvements.

• Profitability in Finland expected to pick up significantly in Q3, with focus on filling unused capacity.