Humana
Humana is a Nordic care services group that provides personal assistance, individual and family care, specialised child and youth care, and elderly care. Its operations are organised across Sweden, Norway and Finland, with services delivered through residential homes, outpatient units, family-based homes and other care facilities.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueSupport services for individuals with functional impairments who need daily living assistance.
Care and support services for children, young people and families in institutional or home-based settings.
Highly specialised residential and outpatient care for children and adolescents with complex needs.
Operation of elderly care homes and related residential care services.
Smaller care and support offerings, including specialised and local service units.
Customers
Humana serves individuals who directly receive care, including people needing personal assistance, children and young people in specialised care, and older adults in residential care. In parts of the business, the direct contractual counterparty is a public authority such as a municipality, region or health authority, which commissions the service on behalf of the end user.
Individuals with functional impairments who buy or receive daily assistance for living at home and participating in society.
Children and adolescents placed in residential or outpatient care for complex behavioural, social or health needs.
Public bodies that contract Humana for care services and fund many of the placements and support packages.
Households that use family-based homes, respite and support services, often alongside public commissioning.
Older adults receiving residential care and related support services in Humana-operated homes.
Strategy
Humana’s strategy centres on filling existing capacity through organic growth, adding selective acquisitions, and concentrating on service areas where it has specialised expertise. The group also emphasises digitalisation and AI to improve quality assurance, support employees and strengthen operating efficiency while maintaining a care-focused service model.
The care model depends on filling existing units and service capacity efficiently.
Acquisitions can add scale, geography and specialised capabilities.
Specialised services can strengthen market position and service differentiation.
Technology is used to improve quality control and free staff time for direct care.
Geography
Humana operates primarily in Sweden, Norway and Finland, with each country representing a core operating market and regulatory environment. The group’s footprint includes around 185 units and a large employee base distributed across these Nordic markets, making local regulation, public commissioning and labour availability central to execution.
Risks
Humana is exposed to regulatory, political and permit-related risks because many of its services are publicly commissioned and tightly supervised. The business also depends on recruiting and retaining qualified care staff, maintaining service quality and managing integration risk when acquiring new operations.
The business operates in heavily regulated care markets and needs licences and approvals to operate.
Care delivery errors can harm clients, damage reputation and lead to contract loss or legal claims.
Exposure: All care operations
The model depends on large numbers of frontline employees with specialised care skills.
Exposure: All countries
Public budgets and policy decisions influence outsourcing, pricing and demand for private care.
Exposure: Nordic public sector contracts
Growth through acquisitions can create execution risk and integration complexity.
Exposure: Nordic bolt-on acquisitions
Accounting
Judgemental itemsManagement must estimate future cash flows, margins and discount rates for care units and acquisitions.
Impact: Can materially affect reported assets and earnings if assumptions weaken
Bolt-on acquisitions require fair value allocation of acquired assets and liabilities.
Impact: Affects amortisation, goodwill and post-deal comparability
Care homes and facilities create lease liabilities under IFRS 16.
Impact: Changes leverage metrics and operating profit presentation
Many contracts are index-adjusted or individually negotiated with public purchasers.
Impact: Affects revenue timing, pricing visibility and period-to-period comparability
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Last updated: 11/08/2026