HEGRNasdaq StockholmStaffing & Employment ServicesIFRS · SEK

Hedera Group

Hedera Group is a Swedish group focused on personal assistance, staffing, and recruitment within healthcare and care services. Its operations are organized around Hedera Assistans and Hedera Bemanning, with staffing activities covering both life science and doctor-and-nurse assignments.

Revenue125m SEK
−76.9 %y/y
Operating profit (EBIT)9,621m SEK
−36.3 %y/y
EBIT margin7,678.4%
+4,899.1 ppy/y
Net income-1.6m SEK
−116.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

05,00010,00015,00020,000m SEK2021: 678 m SEK2021: EBIT 16 m SEK20212022: 247 m SEK2022: EBIT 4.6 m SEK20222023: 553 m SEK2023: EBIT 15 m SEK20232024: 543 m SEK2024: EBIT 15,100 m SEK20242025: 125 m SEK2025: EBIT 9,621 m SEK20251259,621
RevenueOperating profit (EBIT)

Business

Share of revenue
Personal assistance55 %

Support services for individuals needing daily personal assistance and care.

Healthcare staffing30 %

Temporary staffing of doctors and nurses for healthcare providers.

Life Science staffing and recruitment10 %

Specialized staffing and recruitment for life science roles.

Recruitment and other services5 %

Recruitment and related staffing services across niche roles.

Customers

Hedera serves public and private buyers that need regulated care services or flexible healthcare labor. Its customer base includes municipalities, regions, healthcare organizations, and individuals receiving personal assistance through public funding or care arrangements.

Public healthcare buyers

Regions and other public healthcare bodies buy temporary doctors and nurses to cover staffing gaps and specialist needs.

Personal assistance users

Individuals receiving assistance services, often funded through public systems, buy daily support and care continuity.

Municipal and public care buyers

Municipalities and public entities buy care-related staffing and support services for service delivery.

Life Science employers

Companies in life science buy specialized staffing and recruitment for niche technical roles.

Strategy

Hedera’s stated strategy is to grow through acquisitions and organic expansion in niche care and staffing markets. The group also emphasizes quality leadership, digitalization, automation, and stronger sales and service capabilities to improve scalability and support growth.

Acquisition-led and organic growthMedium term

Adds scale and broadens the service base in fragmented niche markets.

Digital workflow improvementShort term

Improves matching, booking, and administrative efficiency in staffing operations.

Life Science expansionMedium term

Diversifies the staffing portfolio and opens a specialized growth niche.

Sales and quality strengtheningShort term

Supports customer retention, service delivery, and competitive positioning.

Geography

Hedera Group is headquartered in Stockholm and all of its subsidiaries operate in Sweden. Its personal assistance business is described as spanning from Malmö in the south to Orsa in the north, while staffing demand is tied to Swedish regions and public healthcare systems.

Risks

Hedera is exposed to regulatory scrutiny, public-sector purchasing decisions, and changes in demand for outsourced healthcare labor. Its personal assistance business also faces legal and reimbursement risk, while staffing depends on access to qualified personnel and on regional demand for temporary workers.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory and legal risk in personal assistance1Reduced demand for healthcare staffing2Dependence on public reimbursement systems3Labor availability risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory and legal risk in personal assistanceImpact: HighLikelihood: High

    The business operates in a heavily supervised area with reassessments and reimbursement disputes.

    Exposure: Forensic and legal claims in subsidiaries

  2. Reduced demand for healthcare staffingImpact: HighLikelihood: High

    Regions are limiting use of temporary staff, which can reduce assignment volumes and pricing power.

    Exposure: Doctor and nurse staffing

  3. Dependence on public reimbursement systemsImpact: MediumLikelihood: High

    Revenue is tied to state, municipal, and regional funding decisions and procurement processes.

    Exposure: Public care and healthcare contracts

  4. Labor availability riskImpact: MediumLikelihood: High

    The model requires qualified caregivers, nurses, and doctors to fulfill assignments and maintain service quality.

    Exposure: Staffing and personal assistance operations

  5. Credit risk on public receivablesImpact: Medium

    The group carries receivables from municipalities, regions, and other public entities.

    Exposure: Customer and sick-pay receivables

Accounting

Judgemental items
Business combinations and contingent consideration

The group grows through acquisitions, so purchase price allocation and remeasurement can affect earnings and balance sheet values.

Impact: Goodwill, intangible assets, and operating profit

IFRS 16 leases

Office and operating leases are capitalized, affecting EBITDA, depreciation, and leverage metrics.

Impact: Right-of-use assets and lease liabilities

Provisions and contingent liabilities

Reimbursement claims and legal disputes require judgment on probability and amount.

Impact: Operating profit and liabilities

Receivables and expected credit losses

Public-sector receivables and sick-pay claims need collectability assessment.

Impact: Working capital and impairment charges

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Hedera Group (XSTO) – Staffing & Employment Services | Financial Analysis – Clarifo