Avonova

Avonova Bidco AB (publ) – Interim report Q3 2026

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Positiv

Sammanfattning

Avonova redovisar en nettoomsättningstillväxt på 17,1% till 379 MSEK och en justerad EBITDA på 41 MSEK (30,4 MSEK) i Q3 2026. Tillväxten drivs av Solutions-segmentet med en ökning av årliga återkommande intäkter (ARR) med 35,7%.

Analys

Bolaget visar fortsatt stark tillväxt inom Solutions, vilket drivs av ökande årliga återkommande intäkter (ARR). Health-segmentet påverkades negativt av säsongsvariationer men förväntas stärkas från Q4. Den justerade EBITDA-marginalen förbättrades, vilket indikerar en positiv lönsamhetsutveckling.

VD-ord

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Solutions fortsätter att växa lönsamt medan Health inte återhämtade sig som förväntat. Marginalpress i Health Sverige har åtgärdats. Fokus ligger på att omvandla kapacitet till lönsam tillväxt.

Utsikter: Marknadsmiljön bedöms som konstruktiv med stabil efterfrågan på företagshälsovårdstjänster.

Nyckeltal

Net sales Q3 2026
SEK 379.0 million
Net sales growth Q3 2026
17.1 percent
Adjusted EBITDA Q3 2026
SEK 41.0 million
Adjusted EBITDA margin Q3 2026
10.8 percent
ARR Solutions Q3 2026
SEK 556.9 million
ARR Solutions growth Q3 2026
35.7 percent

Insikter

  • • Fokus på att konvertera förbättrade leveransplattformar och kommersiellt ledarskap till lönsam tillväxt.
  • • Finansiell ställning med god marginal mot covenants och tillräcklig likviditet.
  • • Webbcasting för obligationsinnehavare indikerar fokus på finansieringsaspekter.
Fundamental påverkan
Positiv

Rapporten visar en fortsatt positiv utveckling med stark tillväxt och förbättrad lönsamhet, drivet av Solutions-segmentet.

Omfattning: 4/10Liten påverkan
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Avonova grew net sales by 17.1 percent to SEK 379.0 million in the third quarter, and adjusted EBITDA increased to SEK 41.0 million (30.4), a margin of 10.8 percent (9.4). Growth was driven by Solutions, where annual recurring revenue rose 35.7 percent to SEK 556.9 million. Health was affected by the seasonally weak quarter, and its sales capabilities will get an uplift from the fourth quarter.

Avonova grew net sales by 17.1 percent to SEK 379.0 million in the third quarter, and adjusted EBITDA increased to SEK 41.0 million (30.4), a margin of 10.8 percent (9.4). Growth was driven by Solutions, where annual recurring revenue rose 35.7 percent to SEK 556.9 million. Health was affected by the seasonally weak quarter, and its sales capabilities will get an uplift from the fourth quarter.

Third quarter (July–September 2026)

  • Net sales increased by 17.1 percent to SEK 379.0 million (323.6). On the segment basis, Solutions grew 27.9 percent and Health 7.3 percent.
  • EBITDA amounted to SEK 32.3 million (21.1). Adjusted EBITDA was SEK 41.0 million (30.4), a margin of 10.8 percent (9.4).
  • Operating loss was SEK −0.2 million (−14.6).
  • Cash flow from operating activities amounted to SEK −75.0 million (−95.1).
  • Annual recurring revenue (ARR) in Solutions increased by 35.7 percent to SEK 556.9 million (410.3).

First nine months (January–September 2026)

  • Net sales increased by 8.2 percent to SEK 1 332.3 million (1 231.2).
  • Adjusted EBITDA amounted to SEK 181.1 million (158.2), a margin of 13.6 percent (12.8).
  • Operating profit was SEK 34.9 million (11.7).
  • Cash flow from operating activities amounted to SEK 85.6 million (−181.0).

Financial position

Leverage under the bond terms was 4.21x, against the covenant of maximum 5.00x, and liquidity including the undrawn revolving credit facility was SEK 152.5 million against a minimum of SEK 50 million.

Comment from the CEO, Jonas Arlebäck

"Solutions continues to scale with strong profitability, and in Health the foundation is now in place: a more efficient delivery platform and strengthened commercial leadership. The organization is now working intensively to convert these capabilities into increased profitable growth."

Webcast

Avonova will host a webcast for bondholders on 19 November 2026 at 11:00 CET. https://teams.microsoft.com/meet/3704394590503396?p=S71UECy5lfwmhXPHlo

The full report is available at www.avonova.com.

ContactBjörn Tjälldin, Chief Financial Officerbjorn.tjalldin@avonova.se

About UsAvonova is Nordic’s leading provider of occupational health services and is the only Nordic occupational health services provider with a fully integrated hybrid digital/physical delivery model.

Avonova offers a comprehensive range of services to promote well-being and reduce absence, among employees of companies and institutions of all sizes and in all industries. It is leading in preventive evidence based occupational health services in highest impact areas, such as presenteeism, vaccination, and drug testing and rehab.

Avonova has its main offices in Larvik, Norway and Stockholm, Sweden and delivers its services digitally and from 166 locations in Norway and Sweden, by about 1 100 employees – mainly physicians, psychiatrists, nurses, and workplace engineers. For more information, visit www.avonova.com.

AttachmentsInterim Report Q3 2026 Publicerad

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