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Interim report presentation July 2025 – September 2025 Marcus Strömberg, CEO Petter Sylvan, CFO Q1 November 3, 2025 Fotografen: Freddy Billqvist. Skolan: Montessori Mondial.
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CEO introduction 2 • Net sales increased by 6.7 percent in the quarter, 6.2 percent organically including bolt on acquisitions. • Dedicated and creative efforts to strengthen our value proposition had a positive impact on the number of children at our units. • All in all, the number of children and students shows a stable increase despite a declining demographic trend, and indications show continued growth of approximately 3.5 percent, for the new school year. • Our activities, collaborations and investments in reading and language development are yielding results. • The Board of Directors propose the Annual General Meeting to resolve on a voluntary share redemption program of a total maximum of SEK 400 million. • The Board of Directors has revised the financial targets and dividend policy. The new targets are intended to better reflect the company's continued focus on growth, both organic and acquired.
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Clear results from reading and language development initiatives 3 Reading in focus • Through a range of activities, partnerships, and continued investments AcadeMedia continues its efforts to promote language development, imagination, and reading comprehension in preschools and schools. • 9 out of 10 students within AcadeMedia can read by the time they complete first grade. 100 Read A +2,4 +4,7 March 23 March 24 March 25 June 25 Fotografen: Freddy Billqvist. Skolan: Montessori Mondial.
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AcadeMedia revises its financial targets and dividend policy 4 Revised financial targets SEK m First quarter Full year Group 2025/26 2024/25 2024/25 2023/24 2022/23 2021/22 2020/21 Adjusted EBIT 175 157 1,281 1,097 964 1,001 939 Adjusted EBIT margin, % 4.3% 4.1% 6.7% 6.3% 6.2% 7.0% 7.0% Adjusted EBITA 182 166 1,315 1,127 987 1,017 952 Adjusted EBITA margin, % 4.4% 4.3% 6.9% 6.5% 6.4% 7.1% 7.1% Delta revised margin in p.p. 0.1 p.p. 0.2 p.p. 0.2 p.p. 0.2 p.p. 0.2 p.p. 0.1 p.p. 0.1 p.p. Sales growth 5–7% AcadeMedia’s target for sales growth is 5–7 percent annually for the Group, excluding major acquisitions. Profitability 7–8% Profitability target for EBITA excluding items affecting comparability and the impact attributable to IFRS 16, is to amount to 7 to 8 per cent of revenue over time. Capital structure <3,0x AcadeMedia’s target is to for net interest-bearing debt to be no more than three times operating profit before depreciation and amortisation (EBITDA) excluding items affecting comparability and IFRS 16. During brief periods, however, deviation from this target may occur, such as in the case of major acquisitions. The updated financial targets revise the profitability goal to an annual adjusted EBITA margin of 7 – 8%, instead of the previous adjusted EBIT margin target of 7–8%, to better reflect the company’s focus on acquisitions.
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Increased profit YoY - 17% CAGR EBIT development Adj. EBITA development 2007 – 2025/26 5 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 332 2007 2008 2009 2010 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 Q1 R12 +17% Adj. EBIT MSEK SEK m
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On our way towards 50 percent international business and adult education 6 Net sales 1 478 15,8%4,0% 2013/14 67,4% 16,0% 16,5% 2014/15 68,0% 15,9% 16,0% 2015/16 65,3% 16,6% 18,1% 2016/17 66,1% 15,4% 18,5% 2017/18 67,5% 19,9% 2018/19 67,2% 12,7% 20,1% 2019/20 67,1% 13,9% 19,0% 2020/21 67,4% 12,6% 20,0% 2021/22 66,4% 10,5% 23,1% 2022/23 63,2% 9,8% 27,0% 2023/24 60,7% 9,5% 29,9% 2024/25 60,4% 80,2% 30,1% Q1 R12 6 372 8 160 8 608 9 516 10 805 9,5% 12 268 13 335 14 334 15 534 17 331 19 021 19 280 11 710 Swedish preschools and schools Adult education International preschools and schools SEK m
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Summary of Independent School Policy Proposals 7 Independent School Government Inquiry – Interim Report 1. The Profit Inquiry (PI) 2. The School Voucher Inquiry (SVI) 3. The Principle of Publicity (PP) -2022 2023 2024 2025 2026 2027 2028 2. SVI SVI: Deduction of 6% on school voucher for municipality supply responsibility PI: Government grants withdrawn in case of profit distributions Most of the PI suggested restrictions does not pose significant problem for us PI, PP: Increased administration → likely increased consolidation → benefits larger players - 1. PI -Status/Timing -Where we are today - 3. PP Government Inquiry – Interim Report Consultati on Round Draft Bill Review by the Council on Legislation Vote in Parliament Government Inquiry – Interim Report Consultation Round Draft Bill Review by the Council on Legislation Vote in Parliament Consultation Round Draft Bill Review by the Council on Legislation Vote in Parliament The earliest likely adoption of above proposals is January 2028 Law in place? Ongoing negotiations among the Tidö parties (ruling parties + SD) on proposals for new legislation
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8 Podcast AcadeMedias new podcast for Investors In October, we launched our own podcast to engage Swedish investors through short, focused episodes delivering clear insights in just 10–15 minutes. In the podcast, we explore current topics that are relevant to both AcadeMedia and the education sector at large. Through conversations with key individuals, experts, and decision-makers, we aim to provide investors and other stakeholders with deeper insights into AcadeMedia’s operations, markets, and strategic priorities. The podcast’s purpose is to offer transparent and accessible insight into AcadeMedia, helping to enhance understanding of the company while highlighting the opportunities and challenges shaping Europe’s largest education provider. Podcast host Charlotte Stjerngren • Partner at Cord Communication • Former Editor in Chief at EFN and Analyst at DNB Carnegie Episodes are in Swedish Two episodes released 1. Initiation of AcadeMedia (Initiering av AcadeMedia) with Petter Sylvan, CFO at Academedia 2. Behind the Political Statements (Bakom de politiska utspelen) With Henrik von Sydow, External Affairs Strategist at DNB Carnegie and former Member of the Swedish Parliament Coming episodes include • Education Capacity Planning (Dimensionering) with Jimmy Kjellström. Head of Upper Secondary School Segment at AcadeMedia • Myths and Facts about Independent Schools (Myter och fakta om friskolor) with Lotta Krus, Head of Compulsory School Segment at AcadeMedia • The Swedish School Voucher System (Skolpengen) with Gustav Blomberg, School voucher expert at AcadeMedia • And more… Available wherever you get your podcasts!
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Continued stable growth and improved Adj. EBITA Key figures Q1 2025/26 excluding effects of IFRS 16 (SEK m) 2025/26 2024/25 Change # of Students 113,082 109,281 3.5% Net sales 4,101 3,842 6.7% EBIT 292 272 7.4% EBIT-margin 7.1% 7.1% 0.p.p. Adj. EBITA 182 166 9.6% Adj. EBITA margin 4.4% 4.3% 0.1.p.p. Earnings after tax 82 80 2.5% Earnings per share1, SEK 1,13 1,09 4.4% Free cash flow -111 -225 -50.7% 1) Earnings per share before dilution and based on average number of shares during the period. • Student numbers grew by 3.5 percent. • Net sales increased by 6.7 percent, organic growth was 6.2 percent, adjusted for currency effect -0.7 percent. • Adjusted EBITA was SEK 182 million (166). • Adjusted EBITA-margin was 4.4 percent (4.3). • The first quarter is a seasonally small quarter as parts of the business are closed. This impacts net sales and profit. • All segments except the upper secondary school segment contributed to the positive development. • Free cash flow, SEK -111 million (-225), was improved compared to last year. 9 Highlights Q1
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10 Highlights Q1 182 182 299 166 117 Adj EBITA 24/25 7Preschool & Int. 5Compulsory School -5Upper Secondary Schools 9Adult Education 0Group Adj EBITA 25/26 Items affecting comparability EBITA 25/26* IFRS 16 EBITA 25/26* Preschool & International: The increase was mainly driven by acquisitions in Netherlands and Germany. Compulsory School: Continued stable development, helped by increase in number of students and the annual adjustment of school vouchers. Upper Secondary School: Earnings were negatively affected by higher costs following the new (GY25) reform, together with increased costs for libraries. Adult Education: Increase in volumes in the higher vocational education and Labour Market Services had a positive impact on operating profit. Group: Group costs were in line with last year. Items affecting comparability: There were no items affecting comparability in the period. * Excluding IFRS 16 Stable growth and improved Adj. EBITA
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12 month rolling figures Q1 2025/26 • 12 month rolling net sales continued to grow and amounts to SEK 19.280 million. • Rolling 12-month Adjusted EBITA SEK 1,332 million, and adjusted EBITA margin rolling 12-months 6.9 percent. • Adjusted EBITA margin below target of 7-8 percent, impacted by inflation. • Continued solid free cash flow SEK 1,222 million. NB Comparison between Q1 12-month rolling figures and full year 2024/25 Continued growth with stable Adj. EBITA and margin 11 (SEK m) Oct 2024- Sep 2025 2024/25 Change Net sales 19,280 19,021 1.4% EBITA 1,805 1,786 1.1% Items affecting comparability -27 -27 0.0% Adjusted EBITA 1,332 1,315 1.3% Adjusted EBITA margin 6.9% 6.9% 0 p.p. Earnings after tax 910 908 0.2% Free cash flow 1,222 1,109 10.2% * Change column refers to only one quarter, year’s growth.
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Segment reportingQ1 12
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Preschool & International Compulsory School Upper Secondary School Adult Education Age group 0-6 yrs 6-16 yrs 16-18 yrs 18+ yrs Geography # FTE* 7,931 3,757 3,854 1,042 Net sales split 39% 22% 29% 10% 4 business segments and presence in 5 countries We operate throughout the education chain *) 2024/25 13
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Preschool and International Segment Quarter results (SEK m) 2025/26 2024/25 Change Net sales 1,583 1,452 9.0% EBITA 0 -7 - Items affecting comparability - - n.a. Adj. EBITA 0 -7 - Adj. EBITA-margin - -0.5% 0.5 p.p. # of children 36,371 33,683 8.0% • The number of children increased by 8.0 percent driven by international expansion. • Net sales were SEK 1,583 million, positively affected by acquisitions. • Adjusted EBITA was SEK 0 million (-7) reflecting the segments seasonal low. The acquisition of Yes! contributed positively to the quarter. • During the period two units in Sweden were closed. • On Sep 25 we announced the decision to establish over 500 new preschool places in Germany, across seven new units. • The plan is to open about 10 new preschools in 2025/26, of which eight in Germany, one in Finland and one in Norway. Acquisitions and new openings continue to drive growth 14
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Compulsory School Segment • Number of children and students increased by 2.5 percent. • Net sales grew 5.1 percent as a result of increased number of students and annual voucher revisions. • Acquisition and expansion units had a positive impact on EBITA in the quarter. Adjusted EBITA was SEK 49 million (44) • Adjusted EBITA margin increased compared to last year, 5.4 percent (5.1). • During the period two schools in Stockholm were merged and one integrated preschool closed. Additional two schools, one in Malmö and one in Umeå has closed. Continued stable sales and earnings growth. 15 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 904 860 5.1% EBITA 49 44 11.4% Items affecting comparability - - n.a. Adjusted EBITA 49 44 11.4% Adjusted EBITA margin 5.4% 5.1% 0.3 p.p. # of children 30,236 29,486 2.5%
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Upper Secondary School Segment • Student numbers increased by 0.8 percent. • Net sales increased by 4.7 percent as a result of more students and annual voucher revision. • Adjusted EBITA decreased in the quarter to SEK 65 million (70). • Adjusted EBITA margin somewhat softer compared to last year, 5.4 percent (6.1). • Earnings were negatively impacted by higher costs following the new (GY25) reform, together with increased costs for libraries. Stable sales growth while profitability was softer in the period 16 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 1,193 1,139 4.7% EBITA 65 70 -7.1% Items affecting comparability - - n.a. Adjusted EBITA 65 70 -7.1% Adjusted EBITA margin 5.4% 6.1% -0.7 p.p. # of children 46,476 46,112 0.8%
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Adult Education Segment • Net sales increased by 7.7 percent to SEK 421 million (391), mainly attributable to higher volumes in Higher Vocational Education and Labour Market Services. • Adjusted EBITA increased in the quarter to SEK 79 million (70). • Adjusted EBITA margin came in at 18.8 percent (17.9). • Rolling 12 months, profitability (Adj. EBITA) has continued to improve for nine consecutive quarters, 12.9 percent. • The first quarter is a seasonally strong quarter, positively affected by lower personnel costs due to vacation. • During the quarter, the Swedish economy showed early signs of stabilization, although the recession persists and unemployment remains elevated Profitability improved for the ninth consecutive quarter 17 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 421 391 7.7% EBITA 79 70 12.9% Items affecting comparability - -0 n.a. Adjusted EBITA 79 70 12.9% Adjusted EBITA margin, % 18.8% 17.9% 0.9 p.p.
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Financial position Q1 18
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Free cash flow and investments • AcadeMedia has a strong Free cash flow. • Swings between years are mainly an effect of changes in net working capital. Strong free cash flow can fund investments in current operations and growth SEK m • Capex in current operations (”maintenance capex”) amounts to 1.5 percent of net sales following fewer new openings and expansion units than the previous years. • Growth capex can largely be funded by free cash flow except for large acquisitions. FCF as % of adj. EBITDA Capex and Maintenance capex as % of net sales SEK m 19 688 356 805 1 117 922 792 1 124 1 109 1 222 75% 38% 75% 86% 66% 56% 70% 62% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 200 400 600 800 1 000 1 200 1 400 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 25/26 Q1 R12M Free cash flow FCF as % of EBITDA 131 174 134 107 148 109 120 148 132 98 131 115 128 152 167 151 129 13310 22 17 10 2 7 13 11 16 610 34 48 232 214 169 563 335 277 121 197 60 -39 20 29 25 54 45 2,0% 2,8% 2,2% 1,8% 2,1% 1,8% 1,6% 1,5% 1,5% -3,0% -2,0% -1,0% 0,0% 1,0% 2,0% 3,0% 4,0% -200 0 200 400 600 800 1 000 1 200 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Q1 R12M Investments in leased property Investments in equipment Other maintanence capex Other expansion capex Investments in property (net) Maintenance capex as % of net sales
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Financial position • Net debt including and excluding IFRS 16 was lower than last year. • Leverage ratio (excl IFRS 16) was below last year 0.7x (0.9) and well below AcadeMedia’s financial target of maximum 3.0x. • Property related lease liabilities amounted to SEK 11,242 million as per 30 September 2025 (11,168). • Book value of property increased to SEK 1,155 million (1,082). • Debt ratio* including IFRS and excluding IFRS decreased compared to last year. • No new loan agreements were signed in the period. Financial position remains strong Net debt and Net debt / Adj. EBITDA Max 3.0 20 SEK m 2025/26 30 Sep 2024/25 30 Sep Change Total equity (excl IFRS 16) 7,323 6,859 6.8% Net debt (excl IFRS 16) 1,244 1,466 -15.1% Net debt (incl IFRS 16) 12,486 12,634 -1.2% Property related lease liabilities 11,242 11,168 0.7% Property BV 1,155 1,082 6.7% Net debt / Adj. EBITDA incl IFRS 16 3.0 3.3 -9.9% Net debt / Adj. EBITDA excl IFRS 16 0.7 0.9 -25.1% Debt ratio, incl IFRS 16 55.3% 56.7% -1.4 p.p. Debt ratio, excl IFRS 16 10.1% 12.3% -2.2 p.p. *) Debt ratio: defined as net debt/ total assets excluding cash and cash equivalents 2 266 1 797 1 222 987 825 1 020 953 1 466 1 244 2,4 1,7 0,9 0,7 0,6 0,6 0,5 0,9 0,7 0,0 0,5 1,0 1,5 2,0 2,5 3,0 0 500 1 000 1 500 2 000 2 500 18/19 19/20 20/21 21/22 22/23 23/24 24/25 24/25 Q1 25/26 Q1 Net debt exkl IFRS 16 Net debt exkl IFRS 16/ Adj. EBITDA
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Financial performance vs Revised targets Growth within and Profitability just below the financial targets Revised Financial Targets • Adj. EBITA margin of 7-8% over timeProfitability2 7-8% 6.9% (6.9%) • Annual revenue growth rate of 5-7% including organic growth and smaller bolt-on acquisitions but excluding larger strategic acquisitions and FX Growth 5-7% 5.8%1 (7.0%) • Net debt / adj. EBITDA below 3.0x • Leverage may temporarily, exceed the maximum level Capital structure2 <3.0x 0.7x (0.5x) • Free cash flow primarily to be reinvested • Excess cash distributed to the shareholders while still maintaining quality and leverage targets Use of free cash flow n.a. 2.25 SEK/ share 2 (1.75) Q1 R12M (FY 24/25) 1 Q1R12 25/26 vs Q1R12 24/25 2 Dividend proposed 21
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Q&A 22
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This presentation may contain forward-looking statements which reflect AcadeMedia’s current view on future events and financial and operational development, and the current expectations of the AcadeMedia Group’s management. Forward- looking statements are all statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, contain wording such as “believes”, “estimates”, “anticipates”, “expects”, “assumes”, “forecasts”, “intends”, “could”, “will”, “should”, “would”, “according to estimates”, “is of the opinion”, “may”, “plans”, “potential”, “predicts”, “projects”, “to the knowledge of” or similar expressions, which are intended to identify a statement as forward-looking. Although the management deems that the expectations presented by such forward-looking information are reasonable, no guarantee can be given that these expectations will prove correct. Forward-looking statements are subject to risks, uncertainties, and other factors which may entail that the actual results may differ materially from what is stated in the forward-looking information. 23
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24 change through education