Slides
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1 Interim report presentation July 2025 – December 2025 Marcus Strömberg, CEO Petter Sylvan, CFO Q2 February 2, 2026 Fotografen: Freddy Billqvist. Skolan: Montessori Mondial.
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2 A record quarter for AcadeMedia • Net sales increased by 4.1 percent in the quarter and amounted to SEK 5,231 million (5,025). — FX adjusted organic growth including bolt on acquisitions was 5.5 percent. • Adjusted EBITA amounted to SEK 345 million (289), representing a growth of 19 percent year-on-year. • Positive performance across all segments, led by strong growth in international operations. • Our activities, collaborations and investments in reading and language development continues to yielding results. • AcadeMedia strengthens its market share within Higher Vocational Education, with 60 percent increase in allocation year-on-year. — The allocation strengthens AcadeMedia’s market share within the segment’s largest business area, as it now exceeds 20 percent. • After the period, AcadeMedia acquired Docemus-Privatschule and Sunshine Early Learning Centre, thereby welcoming nearly 1,800 new children and students. • The Swedish school voucher revision for 2026 is expected to amount to 3.4 percent.
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3 Swedish Schools Inspectorate Acknowledge Vittra as Best in Class • Vitra receives the highest rating that can be given by the Swedish Schools Inspectorate. • Highlights Vittra’s work to ensure that its education is grounded in scientific evidence such as early interventions in early grades and continuing professional development in subjects including reading and Swedish as a second language. • The Swedish Schools Inspectorate also highlights Vittra’s work in monitoring and disseminating relevant research and established best practice throughout the organization. • No shortcomings or areas for development were identified. Quick facts about Vittra • 24 units, of which 13 include preschool • 8,000 children and students • 1,000 employees • Founded in 1993 • Part of AcadeMedia since 2008
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Discrepancies between national test results and final grades continues to improve The Swedish National Agency for Education’s (Skolverket) updated statistics on national tests show that discrepancies between national test results and final grades continue to decrease within AcadeMedia’s schools. 4 7,0 23,8 19,3 10,3 25,9 30,4 0 5 10 15 20 25 30 35 English Mathematics Swedish Compulsory School AcadeMedia National average 12,9 25,2 27,0 12,5 25,5 31,6 0 5 10 15 20 25 30 35 English Mathematics Swedish Upper Secondary School AcadeMedia National average
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2026 Higher Vocational Education (YH) Allocations Allocation increased compared with the previous year, with AcadeMedia receiving just over 20% of all approved places. 5 • Total YH allocation 2026: 38,000 places, +30% vs 2025 • AcadeMedia has been granted 7,710 places (4,719), representing just over 20% (16%) of the total approved places. • The largest allocations were granted in the following areas: — Business, Administration and Sales: 8,397 (+60%) — Technology and Manufacturing: 8,288 (+60%) — Civil Engineering and Construction Technology: 6,194 (+17%) • Hermods was allocated 2,214 places, an increase of 28% compared with the previous year. • Municipal market share slightly declined to 19.5%
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Increased profit YoY - 18% CAGR EBITA development Adj. EBITA development 2007 – 2025/26 6 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 388 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 Q2 R12 +18% Adj. EBITA MSEK SEK m
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On our way towards 50 percent international business and adult education 7 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 60,2% 80,2% 30,3% Q2 R12 6 372 8 160 8 608 9 516 10 805 9,4% 12 268 13 335 14 334 15 534 17 331 19 021 19 485 11 710 Swedish preschools and schools Adult education International preschools and schools SEK m
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Summary of Independent School Policy Proposals 8 Independent School 1. The Profit Inquiry (PI) 2. The Principle of Publicity (PP) 3. The School Voucher Inquiry (SVI) -2024 2025 2026 2027 2028 3. 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 - 2. PP Consultati on Round Draft Bill Review by the Council on Legislation Vote in Parliament Consultation Round The earliest likely adoption of above proposals is January 2027/2028 Law in place? New proposal on PP, final negotiations among the Tidö parties (ruling parties + SD) on proposals for new legislation on PI. Law in place? Draft Bill Review by the Council on Legislation Vote in Parliament Draft Bill Review by the Council on Legislation Vote in Parliament Consultation Round
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9 The principle of publicity Gives the public access to official documents to ensure transparency • On January 19, the Government presented the proposition of new legislation on the principle of publicity • Expected to be adopted January 2027 – initially expected January 2028 • Right for the public to request access to documents from the operations (on the same basis as for public authorities) — Requested documents are subject to a confidentiality assessment — Formal decisions are required when information is not disclosed • Obligation to maintain and provide a complete public register (diary) of documents • Obligation to comply with the Archives Act, including proper archiving of documents
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10 Episodes A Podcast for Investors 1. Initiation of AcadeMedia (Initiering av AcadeMedia) 2. Behind the Political Statements (Bakom de politiska utspelen) 3. Myths and Facts about Independent Schools (Myter och fakta om friskolor) 4. Education Capacity Planning (Dimensionering – en behovsstyrd utbildning) 5. Political positioning (Den politiska positioneringen) 6. Meeting with a major owner (Möte med storägare) 7. The principle of publicity (Vad innebär offentlighetsprincipen) All episodes in Swedish
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Continued stable growth and improved Adj. EBITA Key figures Q2 2025/26 excluding effects of IFRS 16 (SEK m) 2025/26 2024/25 Change # of Students 113,176 110,744 2.2% Net sales 5,231 5,025 4.1% EBIT 450 402 11.9% EBIT-margin 8.6% 8.0% 0.6 p.p. Adj. EBITA 345 289 19.4% Adj. EBITA margin 6.6% 5.8% 0.8 p.p. Earnings after tax 199 179 11,2% Earnings per share1, SEK 2,01 1,76 14,2% Free cash flow 735 615 19.5% 1) Earnings per share before dilution and based on average number of shares during the period. • Student numbers grew by 2.2 percent. • Net sales increased by 4.1 percent, organic growth was 4.5 percent, adjusted for currency effect -1.4 percent. • Adjusted EBITA was SEK 345 million (289). • Adjusted EBITA-margin was 6.6 percent (5.8). • All segments contributed to the positive development. • Free cash flow, SEK -111 million (-225), was improved compared to last year. 11 Highlights Q2
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12 Highlights Q2 345 332 457 43 125 Adj EBITA 24/25 Preschool & Int. 11Compulsory School Upper Secondary Schools 3Adult Education -5Group Adj EBITA 25/26 Items affecting comparability EBITA 25/26* IFRS 16 EBITA 25/26* 289 5 -13 Preschool & International: Positively impacted by acquisitions, higher volumes and efficiency improvements in international operations. Compulsory School: Continued stable development, positively impacted by the annual school voucher revision and by last year’s acquisitions. Upper Secondary School: ). The result is primarily attributable to higher capacity utilization. Earnings were negatively affected by purchase of literature, 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 increased compared to same period last year. Items affecting comparability: Non-recurring personnel cost related to the harmonization of employment terms within upper secondary education. * Excluding IFRS 16 Stable growth and improved Adj. EBITA
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12 month rolling figures Q2 2025/26 • 12 month rolling net sales continued to grow and amounts to SEK 19.486 million. • Rolling 12-month Adjusted EBITA SEK 1,388 million, adjusted EBITA margin rolling 12-months 7.1 percent. • Adjusted EBITA margin in the lower range of target of 7-8 percent. • Continued solid free cash flow SEK 1,342 million. NB Comparison between Q2 12-month rolling figures and full year 2024/25 Continued growth with stable Adj. EBITA and margin 13 (SEK m) Jan 2025- Dec 2025 2024/25 Change Net sales 19,486 19,021 2.4% EBITA 1,850 1,786 3.6% Items affecting comparability -43 -27 59.3% Adjusted EBITA 1 388 1,315 5.6% Adjusted EBITA margin 7,1% 6.9% 0.2 p.p. Earnings after tax 843 821 2.4% Free cash flow 1,342 1,109 21.1% * Change column refers to only two quarter, year’s growth.
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Segment reportingQ2 14
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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 15
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Preschool and International Segment Quarter results (SEK m) 2025/26 2024/25 Change Net sales 1,933 1,825 5.9% EBITA 115 72 59.7% Items affecting comparability - - n.a. Adj. EBITA 115 72 59.7% Adj. EBITA-margin 5.9% 3.9% 2 p.p. # of children 36,852 34,233 7.7% • The number of children increased by 7.7 percent driven by international expansion. • Net sales were SEK 1,933 million, positively affected by acquisitions. • Adjusted EBITA was SEK 115 million (72), the improvement in profitability and margins was largely driven by the integration of acquisitions completed during the second half of 2024/25. • In the first six months, two units were closed in Sweden and one opened. Acquisitions and new openings continue to drive growth 16
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Compulsory School Segment • Number of children and students decreased by 1.3 percent, adjusted for units that are to be closed, the number of students decreased by 0.6 percent. • Net sales grew 2.9 percent, primarily explained by the annual school voucher revision. • Acquisition made during last year had a positive impact on EBITA in the quarter. Adjusted EBITA was SEK 88 million (77) • Adjusted EBITA margin increased compared to last year, 7.2 percent (6.5). • During the first six months 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 17 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 1,228 1,193 2.9% EBITA 88 80 10.0% Items affecting comparability -0 2 n.a. Adjusted EBITA 88 77 14.3% Adjusted EBITA margin 7.2% 6.5% 0.7 p.p. # of children 30,236 30,648 -1.3%
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Upper Secondary School Segment • Student numbers increased by 0.5 percent. • Net sales increased by 3.6 percent as a result of more students and annual voucher revision. • Adjusted EBITA increased in the quarter to SEK 114 million (109). • Non-recurring personnel cost of SEK -13 million, related to the harmonization of employment terms within upper secondary education. • Adjusted EBITA margin increased compared to last year, 7.3 percent (7.2). • The increased result is primarily attributable to higher capacity utilization. • Higher costs connected to purchase of literature and the expansion of library staff had a negative impact on the result. Stable sales and profitability growth in the period 18 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 1,569 1,515 3.6% EBITA 101 109 -7.3% Items affecting comparability -13 - n.a. Adjusted EBITA 114 109 4.6% Adjusted EBITA margin 7.3% 7.2% 0.1 p.e. # of children 46,088 45,863 0.5%
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Adult Education Segment • Net sales increased by 1.8 percent to SEK 501 million (492), mainly attributable to higher volumes in Higher Vocational Education and Labour Market Services. • Adjusted EBITA increased in the quarter to SEK 67 million (63). • Adjusted EBITA margin came in at 13.4 percent (12.8). • Rolling 12 months, profitability (Adj. EBITA) has continued to improve for ten consecutive quarters, 13.0 percent. • The first half-year is seasonally strong, positively affected by higher enrolment rate. • January 2026, AcadeMedia was awarded approximately 7,700 new study places (4,700), an increase of over 60 percent compared with the previous year. Profitability improved for the ninth consecutive quarter 19 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 501 492 1.8% EBITA 67 63 6.3% Items affecting comparability - - n.a. Adjusted EBITA 67 63 6.3% Adjusted EBITA margin, % 13.4% 12.8% 0,6 p.p.
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Financial position Q2 20
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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 1.4 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 21 688 356 805 1 117 922 792 1 124 1 109 1 342 75% 38% 75% 86% 66% 56% 70% 62% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 200 400 600 800 1 000 1 200 1 400 1 600 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 25/26 Q2 R12M Free cash flow FCF as % of EBITDA 131 174 134 107 148 109 120 148 113 98 131 115 128 152 167 151 129 14010 22 17 10 2 7 13 11 20 610 34 48 232 214 169 563 335 266 121 197 60 -39 20 29 25 54 98 2,0% 2,8% 2,2% 1,8% 2,1% 1,8% 1,6% 1,5% 1,4% -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 Q2 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 04x (0.6) and well below AcadeMedia’s financial target of maximum 3.0x. • Property related lease liabilities amounted to SEK 11,284 million as per 31 December 2025 (11,015). • Book value of property increased to SEK 1,184 million (1,102). • Debt ratio* including IFRS and excluding IFRS decreased compared to last year. • During the period RCF and credit-line repayment amounted to SEK -491 million. Financial position remains strong Net debt and Net debt / Adj. EBITDA Max 3.0 22 SEK m 2025/26 31 Dec 2024/25 31 Dec Change Total equity (excl IFRS 16) 7,293 6,901 5.7% Net debt (excl IFRS 16) 807 1,095 -26.3% Net debt (incl IFRS 16) 12,091 12,110 -0.2% Property related lease liabilities 11,284 11,015 2.4% Property BV 1,184 1,102 7.4% Net debt / Adj. EBITDA incl IFRS 16 2.9 3.1 -5.9% Net debt / Adj. EBITDA excl IFRS 16 0.4 0.6 -33.8% Debt ratio, incl IFRS 16 54,7% 55.5% -0.8 p.p. Debt ratio, excl IFRS 16 6.8% 9.4% -2.6 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 1 244 807 2,4 1,7 0,9 0,7 0,6 0,6 0,5 0,7 0,4 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 25/26 Q1 25/26 Q2 Net debt exkl IFRS 16 Net debt exkl IFRS 16/ Adj. EBITDA
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Financial performance vs Revised targets Growth and Profitability within the financial targets Financial Targets • Adj. EBITA margin of 7-8% over timeProfitability2 7-8% 7.1% (6.6%) • 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% 5.3% (6.6%) • Net debt / adj. EBITDA below 3.0x • Leverage may temporarily, exceed the maximum level Capital structure2 <3.0x 0.4x (0.6x) • 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 1 (1.75) Q2 R12M 25/26 (Q2 R12M 24/25) 1 Dividend paid 2 Defined excluding effects of IFRS 16 23
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Q&A 24
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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. 25
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26 change through education