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1 Interim report presentation July 2025 – June 2026 Marcus Strömberg, CEO Petter Sylvan, CFO Q4 August 31, 2026 Fotografen: Freddy Billqvist. Skolan: Montessori Mondial.
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2 A record quarter for AcadeMedia • Net sales increased by 10.6 percent in the quarter and amounted to SEK 5,658 million (5,118). FY Sales increased by 7.0 percent, amounting to SEK 20,360 million (19,021). — Organic growth was 6.0 percent • Adj. EBITA amounted to SEK 552 million (475), representing a growth of 16,2 percent year-on-year. FY Adj. EBITA increased by 15.3 percent, amounting to SEK 1516 million (1315). • All segments contributed to the improvement in earnings, with the international operations serving as the primary driver. • Our activities, collaborations and investments in reading and language development continue to yield results. • Three acquisitions in the period: — IVA Business School in the Netherlands — Prolympia, 10 primary schools in Sweden — Chestnut, 21 preschools in the UK • After the period, AcadeMedia acquired: — Kinderopvang Kindernet, 40 preschools in the Netherlands — Kids&Co, 34 preschools in Poland — Florencius, 3 schools in the Netherlands
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More accurate grading Quality in focus AcadeMedia outperforms on almost every key quality metric 3 Qualified teachers Quality Inspections 23% 19% 17% 0% 5% 10% 15% 20% 25% Municipality Independent AcadeMedia 75% 84% 88% 73% 83% 86% 65% 70% 75% 80% 85% 90% English Math Swedish AcadeMedia National average Percent of final grades exceed national standard test results (low is good) Share of teachers with teaching certification and subject qualification 25% 16% 0% 5% 10% 15% 20% 25% 30% High quality to a large extent AcadeMedia National average Share of schools with assessment ‘High quality to a large extent’ by Swedish Schools Inspectorate assessment Socio-economics 70% 51% 40% 45% 50% 55% 60% 65% 70% 75% 2022/23 2023/24 2024/25 AcadeMedia National average Share of compulsory school units outperforming socioeconomic expectations, AcadeMedia vs. national average
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Share of students attending municipal versus independent schools 4 43% 45% 55% 57% 55% 45% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Stockholm Göteborg Malmö Upper Secondary School Municipal Independent 71% 75% 86% 29% 25% 14% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Stockholm Göteborg Malmö Primary School Municipal Independent - Source: Statistics Sweden (SCB)/Swedish National Agency for Education | Students in national programmes 2025/26 | Number of students in the municipality of residence
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5 Since 2011/12, AcadeMedia has made 79 acquisitions – 39 in Sweden and 40 internationally Acquired growth 3 8 6 2 5 4 2018/19 6 59632 2017/182016/172015/162014/152013/142012/132011/12 5 5 7 2019/20 2020-21 2024/252021/22 2022/23 2023/24 2025/26 3 2026/27
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6 • Our first step into the British preschool market • With its strong reputation, high- quality offering, and established presence across three attractive geographies • 21 preschool units with approximately 2,100 children • An additional Chestnut setting is opening in East London in September 2026 • Net Revenue of GBP 19 million in 2025 with solid EBITA-margin
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7 • Our first step into the Polish preschool market • Poland’s largest international preschool chain and a leading private provider • 34 school units with approximately 3,000 childcare places • In September 2026, KIDS&Co. will open its first primary school in Warsaw • Net Revenue of PLN 99 million in 2025 with solid EBITA-margin
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8 • With the addition of Florencius, AcadeMedia’s operations in the Netherlands now comprise more than 100 units. • Represented across all education segments in the Netherlands. • Florencius comprises 3 school units, with approximately 100 children and students. • Net Revenue of EUR 3 million in 2025 with solid EBITA-margin.
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Increased profit YoY - 18% CAGR EBITA development Adj. EBITA development 2007 – 2025/26 9 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 516 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 25/26 18% Adj. EBITA MSEK SEK m
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On our way towards 50 percent international business and adult education 10 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 59,1% 80,2% 31,6% 2025-26 6 372 8 160 8 608 9 516 10 805 9,3% 12 268 13 335 14 334 15 534 17 331 19 021 20 359 11 710 Swedish preschools and schools Adult education International preschools and schools SEK m
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Summary of Swedish Legislation on Independent Schools 11 The regulatory process in Sweden 1. The Profit Regulation (PR) 2. The Principle of Publicity (PP) 3. The School Voucher Inquiry (SVI) -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. PR -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/August 2027Law 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 Consultation Round Vote in Parliament
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Continued stable growth and improved Adj. EBITA Key figures Q4 2025/26 excluding effects of IFRS 16 (SEK m) 2025/26 2024/25 Change # of Students 119,430 113,530 5.2% Net sales 5,658 5,118 10.6% EBIT 529 454 16.5% EBIT-margin 9.3% 8.9% 0.4 p.p. Adj. EBITA 552 475 16.2% Adj. EBITA-margin 9.8% 9.3% 0.5 p.p. Earnings after tax 410 339 20.9% Earnings per share1, SEK 4.27 3.43 24.6% Free cash flow 354 532 -33.5% 1) Earnings per share before dilution and based on average number of shares during the period. • Student numbers grew by 5.2 percent. • Net sales increased by 10.6 percent, organic growth was 10.2 percent, adjusted for currency effect 0.4 percent. • Adjusted EBITA was SEK 552 million (475). • Adjusted EBITA-margin was 9.8 percent (9.3). • All segments contributed to the improvement in earnings, with the international operations serving as the primary driver. • Free cash flow of SEK 354 million (532), somewhat lower due to timing effects in working capital. • Lower free cash flow primarily reflects temporary working capital timing effects, including acquisition-related payments and the timing of municipal payments. 12 Highlights Q4
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13 Highlights Q4 552 537 674 475 43 137 Adj EBITA 24/25 Preschool & Int. 14Compulsory School Upper Secondary Schools 10Adult Education -10Group Adj EBITA 25/26 -15Items affecting comparability EBITA 25/26* IFRS 16 EBITA 25/26 12 Preschool & International: Positively impacted by increased volumes and revenue in Germany, and improved efficiency in Norway. Compulsory School: Continued stable development, positively impacted by the annual school voucher revision and acquisitions. Upper Secondary School: Positively impacted by lower rental costs and improved capacity utilisation. Adult Education: Higher Vocational education and Labour Market Services had a positive impact on operations. Group: Group costs increased compared to same period last year. Items affecting comparability: Non-recurring costs relating to acquisition and integration. * Excluding IFRS 16 Stable growth and improved Adj. EBITA
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FY figures 2025/26 • FY net sales continued to grow and amounts to SEK 20,360 million. • FY Adjusted EBITA of SEK 1,516 million, adjusted EBITA- margin was 7.4 percent. • Adjusted EBITA-margin within the target of 7-8 percent. • Continued solid free cash flow SEK 1,266 million. Continued growth with stable Adj. EBITA and margin 14 (SEK m) 2025/26 2024/25 Change Net sales 20,360 19,021 7.0% EBITA 1,976 1,786 10.6% Items affecting comparability -31 -27 14.8% Adjusted EBITA 1,516 1,315 15.3% Adjusted EBITA-margin 7.4% 6.9% 0.5 p.p. Earnings after tax 1,082 908 19.2% Free cash flow 1,266 1,109 14.2%
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Segment reportingQ4 15
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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* 8,986 4,457 3,828 1,153 Net sales split 39% 23% 29% 9% 4 business segments and presence in 7 countries We operate throughout the education chain *) 2025/26 16
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Preschool and International Segment Quarter results (SEK m) 2025/26 2024/25 Change Net sales 2,276 1,962 16.0% EBITA 213 159 34.0% Items affecting comparability -4 -13 n.a. Adj. EBITA 216 173 24.9% Adj. EBITA-margin 9.5% 8.8% 0.7 p.p. # of children 40,873 37,797 8.1% • The number of children increased by 8.1 percent driven by international expansion. • Net sales were SEK 2,276 million, positively affected by acquisitions. • Adjusted EBITA was SEK 216 million (173), the improvement in profitability and margins was largely driven by increased volumes and higher school voucher funding in the German operations, as well as temporarily lower cost levels in the Norwegian operations. • Adjusted EBITA-margin increased compared to last year, 9.5 percent (8.8). • During the period, four acquisitions were completed, which included a total of 30 new units. Acquisitions and new openings continue to drive growth 17
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Compulsory School Segment • Number of children and students increased by 8.3 percent. • Net sales grew 12.9 percent. • Adjusted EBITA was SEK 129 million (114). • Adjusted EBITA-margin was 9.5 percent (9.5). • Student numbers, Net sales and Adjusted EBITA were positively impacted by the acquisition of the Prolympia school group. Continued stable sales and earnings growth boosted by acquisition 18 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 1,351 1,197 12.9% EBITA 124 114 8.8% Items affecting comparability -5 - n.a. Adjusted EBITA 129 114 13.2% Adjusted EBITA-margin 9.5% 9.5% 0 p.p. # of children 33,353 30,795 8.3%
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Upper Secondary School Segment • Student numbers increased by 0.6 percent. • Net sales increased by 3.1 percent as a result of more students and annual voucher revision. • Adjusted EBITA increased in the quarter to SEK 197 million (185). • Adjusted EBITA-margin increased compared to last year, 12.7 percent (12.3). • The result benefited from lower rental costs following lower rent indexation, reduced costs for leased computers, and improved capacity utilisation. Stable sales and earnings growth 19 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 1,552 1,505 3.1% EBITA 197 185 6.5% Items affecting comparability - - n.a. Adjusted EBITA 197 185 6.5% Adjusted EBITA-margin 12.7% 12.3% 0.4 p.p. # of children 45,205 44,938 0.6%
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Adult Education Segment • Net sales increased by 5.3 percent to SEK 478 million (454). • Adjusted EBITA increased in the quarter to SEK 47 million (37). • Adjusted EBITA-margin came in at 9.8 percent (8.1). • Rolling 12 months, Adjusted EBITA has continued to improve for twelve consecutive quarters, 13.7 percent. • The increase in sales and profitability is mainly attributable to higher volumes within Labour Market Services as well as Municipal Adult Education. • The second half of the reporting year includes more courses that are completed, resulting in lower capacity utilization. This is mainly impacting the fourth quarter. Profitability improved for the twelfth consecutive quarter 20 Quarter results (SEK m) 2025/26 2024/25 Change Net sales 478 454 5.3% EBITA 47 37 27.0% Items affecting comparability - -0 n.a. Adjusted EBITA 47 37 27.0% Adjusted EBITA-margin 9.8% 8.1% 1.7 p.p.
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Financial position Q4 21
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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 continued growth SEK m • Increase in other expansion CapEx driven by acquisitions completed in Q3 and Q4. • Capex in current operations (”maintenance capex”) amounts to 1.8 percent of net sales following an increase in new openings and expansion units compared to 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 22Free cash flow before expansion investments consists of cash flow from operating activities less investments in existing oper ations. 688 356 805 1 117 922 792 1 124 1 109 1 266 75% 38% 75% 86% 66% 56% 70% 62% 62% 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 Free cash flow FCF as % of EBITDA 131 174 134 107 148 109 120 148 120 98 131 115 128 152 167 151 129 15410 22 17 10 2 7 13 11 16 610 34 48 232 214 169 563 335 1 036 121 197 60 -39 20 29 25 54 103 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 1 400 1 600 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 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 higher than last year. • Leverage ratio (excl. IFRS 16) was above last year 0.9x (0.5) and well below AcadeMedia’s financial target of maximum 3.0x. • Property related lease liabilities amounted to SEK 12,033 million as per 30 June 2026 (10,379). • Book value of property increased to SEK 1,580 million (1,173). • Debt ratio* including IFRS and excluding IFRS increased compared to last year. • The increase in net debt year-on-year is mainly an effect of acquisitions completed during the year. Financial position remains strong Net debt and Net debt / Adj. EBITDA Max 3.0 23 SEK m 2025/26 30 Jun 2024/25 30 Jun Change Total equity (excl. IFRS 16) 7,737 7,218 7.2% Net debt (excl. IFRS 16) 1,918 953 101.3% Net debt (incl. IFRS 16) 13,952 11,332 23.1% Property related lease liabilities 12,033 10,379 15.9% Property BV 1,580 1,173 34.7% Net debt / Adj. EBITDA incl. IFRS 16 3.2 2.7 15.9% Net debt / Adj. EBITDA excl. IFRS 16 0.9 0.5 78.7% Debt ratio, incl. IFRS 16 57.0% 53.4% 3.6 p.p. Debt ratio, excl. IFRS 16 14.2% 8.1% 6.1 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 1 752 1 918 2,4 1,7 0,9 0,7 0,6 0,6 0,5 0,7 0,4 0,9 0,9 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 25/26 Q3 25/26 Q4 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% 7.4% (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% (5.7%) • Net debt / adj. EBITDA below 3.0x • Leverage may temporarily, exceed the maximum level Capital structure2 <3.0x 0.9x (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) 25/26 (24/25) 1 Dividend paid 2 Defined excluding effects of IFRS 16 24
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Q&A 25
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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. 26
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27 change through education