Second quarter 2025
• Net sales SEK 351.7 million (439.6)
• EBITA SEK 13.1 million (21.2), adjusted for non-recurring items SEK 14.0 million (24.1)
• EBITA margin 3.7 percent (4.8), adjusted for non-recurring items 4.0 percent (5.5)
• EBIT SEK 10.8 million (18.9), adjusted for non-recurring items SEK 11.7 million (21.8)
• EBIT margin 3.1 percent (4.3), adjusted for non-recurring items 3.3 percent (5.0)
• Profit after financial items SEK 11.7 million (19.6)
• Profit for the period SEK 9.1 million (15.3)
• Basic earnings per share SEK 0.95 (1.60)
• Diluted earnings per share SEK 0.95 (1.59)
The period January-June 2025
• Net sales SEK 703.1 million (869.8)
• EBITA SEK 23.5 million (38.6), adjusted for non-recurring items SEK 24.4 million (41.5)
• EBITA margin 3.3 percent (4.4), adjusted for non-recurring items 3.5 percent (4.8)
• EBIT SEK 18.9 million (34.0), adjusted for non-recurring items SEK 19.8 million (36.9)
• EBIT margin 2.7 percent (3.9), adjusted for non-recurring items 2.8 percent (4.2)
• Profit after financial items SEK 20.2 million (33.1)
• Profit for the period SEK 16.0 million (25.8)
• Basic earnings per share SEK 1.66 (2.70)
• Diluted earnings per share SEK 1.66 (2.67)
Performance measures
Chief Executive Officer's statement
"Dedicare is winning market shares and investing in new business segments in a market that remains challenging"
Market conditions for healthcare staffing remained poor in the second quarter of 2025, characterised by reduced demand, price pressure and increased payroll expenses. However, Dedicare is in a stronger position than most of our competitors with our size and diversified business model. We're winning market shares and continuing to invest in segments offering high potential like social care in Denmark, and life science.
The Dedicare group's net sales were SEK 351.7 million in the second quarter, a 20.0 percent downturn in year-on-year terms. All our markets weakened. Our EBITA margin narrowed to 3.7 percent (4.8) due to reduced demand, intensified competition and increased costs per assignment.
The group's financial position remains stable, with an equity/assets ratio of 49.8 percent at the end of the quarter.
As part of adapting to prevailing market conditions, we implemented a new cost savings programme in the quarter, generating an estimated yearly saving of some SEK 20 million, fully realised from the fourth quarter 2025.
Norway, which makes up 63.1 percent of the group's revenues, reported net sales of SEK 223.1 million in the quarter, down by 21.0 percent year on year. Adjusted for currency effects, net sales were down by 16.3 percent. Despite this, we succeeded in maintaining good profitability with an EBITA margin of 8.1 percent (7.9).
As evidence of the strong corporate culture we've created, Dedicare Norway was recognised as Norway's Best Workplace for the third consecutive year by Great Place to Work.
In Sweden, net sales in the quarter were SEK 73.4 million, down by 16.0 percent on the corresponding quarter of the previous year. EBITA was SEK -1.8 million (-2.4). The demand for healthcare staffing services remains low, which is having an impact, as clearly evidenced by the insolvency of Agila, a former billion-kronor player, and one of our biggest competitors in Sweden.
Denmark reported net sales of SEK 47.9 million for the quarter, down by 18.2 percent. Its EBITA margin was 4.4 percent (7.5) in the quarter. Contracting limits on nurses are continuing to affect the market adversely.
In the UK, sales in the quarter were SEK 12.1 million, down 10.4 percent year on year. EBITA was SEK -0.4 million (0.4). The National Health Service (NHS) reports that UK healthcare staff contracting is down by over 40 percent in 2024/2025.
Prevailing market conditions are challenging-but also create opportunities for a larger and more diversified player like Dedicare. We're winning market shares and continuing to invest in segments offering high potential.
In life science, in the first half-year, we built an organisation with the capacity to develop business in current and new markets. We're seeing higher demand for this business segment.
The launch of Dedicare Social in Denmark is another strategic step towards expanding our service proposition. Given our experience in health and social care, we have great potential to secure a presence in the social services segment.
This has been a challenging first half-year for Dedicare. Even if we're not seeing any clear signs of market conditions improving yet, we're well prepared organisationally and financially to deal with continued uncertainty. We've demonstrated that we can move quickly, adapt our business while simultaneously identifying new opportunities.
So despite this tough position, I take a confident view of the future. First and foremost, our committed and experienced professionals are the core of our business, which is why I want to say a big thank-you to all my colleagues for your commitment and efforts day to day. With our combined expertise and strong corporate culture, we're ready to address challenges and new opportunities.
Bård Kristiansen, CEO and Managing Director
This information is mandatory for Dedicare AB (publ) to publish pursuant to the EU Market Abuse Regulation (MAR) and the Swedish Securities Markets Act. This information was submitted for publication, through the agency of the contact persons below, at 8 a.m. CEST on 11 July 2025.
Bård Kristiansen, CEO & Managing Director, +47 97 08 88 83
Anette Sandsjö, CFO, +46 (0)73 343 44 68
About Dedicare
At Dedicare, we're passionate about adding expertise to healthcare, life science and social work. We're driven by making a responsible and sustainable contribution to people's health, development and quality of life. Dedicare was founded in 1996 and is the Nordic region's largest recruitment and staffing provider. We have operations in Sweden, Norway, Denmark and in the UK. Dedicare is listed on Nasdaq Stockholm and had sales of SEK 1.7 billion in 2024. Each day, we have about 2,000 employees on assignment. We see Europe as our future market, and in time, our vision is to grow into one of Europe's leading recruitment and staffing providers in healthcare, life science and social work.
Read more about Dedicare at https://www.dedicaregroup.com/en/
