Fourth quarter 2025
• Net sales SEK 361.8 million (389.0)
• EBITA SEK 13.1 million (19.5), adjusted for non-recurring items SEK 16.3 million (12.8)
• EBITA margin 3.6 percent (5.0), adjusted for non-recurring items 4.5 percent (3.3)
• EBIT SEK 10.9 million (17.2), adjusted for non-recurring items SEK 14.1 million (10.6)
• EBIT margin 3.0 percent (4.4), adjusted for non-recurring items 3.9 percent (2.7)
• Profit after financial items SEK 10.9 million (17.7)
• Profit for the period SEK 7.5 million (14.4)
• Basic earnings per share 0.78 SEK (1.51)
• Diluted earnings per share 0.78 SEK (1.50)
The period January-December 2025
• Net sales SEK 1,454.8 million (1,719.7)
• EBITA SEK 50.5 million (69.3), adjusted for non-recurring items SEK 54.6 million (73.3)
• EBITA margin 3.5 percent (4.0), adjusted for non-recurring items 3.8 percent (4.3)
• EBIT SEK 41.4 million (60.2), adjusted for non-recurring items SEK 45.5 million (64.2)
• EBIT margin 2.8 percent (3.5), adjusted for non-recurring items 3.1 percent (3.7)
• Profit after financial items SEK 42.8 million (59.7)
• Profit for the period SEK 33.1 million (47.1)
• Basic earnings per share 3.46 SEK (4.92)
• Diluted earnings per share 3.46 SEK (4.89)
Performance measures
Q4 | Q4 | Jan-Dec | Jan-Dec | |
2025 | 2024 | 2025 | 2024 | |
Net sales, SEK million | 361.8 | 389.0 | 1,454.8 | 1,719.7 |
Growth, % | -7.0% | -16.2% | -15.4% | -12.7% |
EBITDA, SEK million | 16.1 | 23.6 | 62.7 | 84.8 |
EBITDA margin, % | 4.5% | 6.1% | 4.3% | 4.9% |
EBITA, SEK million | 13.1 | 19.5 | 50.5 | 69.3 |
EBITA margin, % | 3.6% | 5.0% | 3.5% | 4.0% |
EBITA adjusted for non-recurring items, SEK million | 16.3 | 12.8 | 54.6 | 73.3 |
EBITA margin adjusted for non-recurring items, % | 4.5% | 3.3% | 3.8% | 4.3% |
EBIT, SEK million | 10.9 | 17.2 | 41.4 | 60.2 |
EBIT margin, % | 3.0% | 4.4% | 2.8% | 3.5% |
EBIT adjusted for non-recurring items, SEK million | 14.1 | 10.6 | 45.5 | 64.2 |
EBIT margin adjusted for non-recurring items, % | 3.9% | 2.7% | 3.1% | 3.7% |
Net profit for the period, SEK million | 7.5 | 14.4 | 33.1 | 47.1 |
Basic earnings per share, SEK | 0.78 | 1.51 | 3.46 | 4.92 |
Diluted earnings per share, SEK | 0.78 | 1.50 | 3.46 | 4.89 |
Cash flow from operating activities, SEK million | 56.3 | 33.9 | 64.4 | 81.3 |
Equity per share, SEK | 30.44 | 31.30 | 30.44 | 31.30 |
Dividend
Dedicare's Board of Directors has proposed an ordinary dividend of SEK 1.75 per share (2.50), corresponding to SEK 16.7 million (23.9) for the financial year 2025. The group's dividend policy is that the annual dividend should amount to at least 50 percent of consolidated net profit over a business cycle. The proposed dividend corresponds to 50.6 percent (50.8) of net profit for the year. Dedicare's equity/assets ratio amounts to 47.3 percent (45.5) after the proposed dividend, which is consistent with the group's long-term target of at least 30 percent
Chief Executive Officer's statement
Dedicare strengthens its competitive position in a continued challenging market
During the fourth quarter, we are seeing certain signs of incipient stabilisation on individual markets and business segments. The market for healthcare staffing remained challenging, but our overall assessment is that the downturn is bottoming out, as also reflected in Dedicare's progress in the quarter. Our sales were down by 7 percent, a smaller reduction than in the seven preceding quarters. Our margin improved on previous quarters of 2025 yeah due to the actions we took in the year.
The group's net sales were SEK 361.8 million in the quarter, down by 7.0 percent quarter on quarter. The EBITA margin was 3.6 percent (5.0), or 4.5 percent (3.3) adjusted for non-recurring items. The improved margins on previous quarters of the year are largely explained by cost savings executed and a sharper focus on operational efficiency.
For the full year 2025, Dedicare's net sales were SEK 1,454.8 million, a 15.4 percent decrease on 2024. The EBITA margin for the full year it was 3.5 percent (4.0). As expected, the year was challenging, but we have managed the market downturn in a structured and responsible manner.
The group's financial position remains strong. Our equity/assets ratio was 48.8 percent at quarter-end, giving us secure financial stability and freedom to act going forward.
Norway, which represented 60 percent of the group's sales in the quarter, reported net sales of SEK 216.4 million, a 14.0 percent decrease year on year; currency adjusted, the downturn was 9.8 percent. The EBITA margin was 5.9 percent (6.0) or 7.1 percent (6.0) adjusted for non-recurring items. In an intensely competitive market, Norway has reported significantly stronger earnings.
After a long period of decline in Sweden, we're now seeing signs of stabilisation. Net sales increased by 2.0 percent and were SEK 77.1 million, while EBITA improved to SEK -1.2 million (-1.5). Our investments in physiotherapist and occupational therapist staffing, as well as life science, are helping expand our offering and consolidate our positioning as a sustainable and complete partner for the healthcare sector. These initiatives also mean that Sweden reported a loss in the fourth quarter.
Denmark reported net sales of SEK 62.2 million in the quarter, growth of 9.1 percent year on year. The EBITA margin in the quarter was 9.2 percent (4.0).
Largely, our growth and improved profitability is due to our acquisition of We Care, which became part of Dedicare on 1 October 2025. Meanwhile, our traditional staffing business is still being adversely impacted by contracting restrictions for nurses and doctors.
In the UK, sales were SEK 10.8 million, down 12.9 percent year on year. EBITA was SEK -0.7 million (0.5). Earnings were primarily affected by the change of CEO in the UK in a quarter, with Antony Law becoming our new CEO in November when Fiona Thompson retired.
This operation is still being impacted by restrictions in the National Health Service (NHS), but our diversification and experience in segments including international recruitment mean we have good potential to respond to the change occurring on the market.
Against the background of altered market conditions with lower demand, heightened competition and increasing price pressure, the Board of Directors has decided to adjust Dedicare's financial profitability target. At the same time, over recent years we have broadened our operations, both geographically and through an expanded service offering, with the aim of strengthening the company's long-term competitiveness and creating a more diversified business model. We're changing our long-term EBITA margin target to 6.0 percent over time, from 7 percent previously. The Board believes the adjusted target level better reflects the company's long-term earnings capacity and is aligned with the prevailing market structure and Dedicare's strategic direction, while simultaneously creating scope for continued investment in growth, new business areas and long-term value creation, without compromising profitability and financial stability.
Overall 2025 was, as expected, a challenging year, which we managed in a disciplined and responsible manner. In the year, we cut our costs by SEK 40 million on 2024, while winning market shares on several of our markets. With a strong financial position and a more diversified business, we look ahead to 2026 with cautious optimism, while uncertainty in the market remains.
The investments we've made in new segments are sharpening our competitiveness. With committed staff, a strong corporate culture and clear strategy, we're continuing to create value-for our customers, staff and wider society.
In closing, I'd like to offer my warm thanks to all our staff for their commitment and professionalism in the year.
You're the foundation of our success and our ability to deliver social benefit even in challenging market conditions. With our collective competence and strong culture, I'm confident about our future.
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 below contact at 8 a.m. CET on 6 February 2026
Bård Kristiansen, CEO & Managing Director, +47 97 08 88 83
Anette Sandsjö, CFO, +46 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 1.5 billion in 2025. 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/
