Interim report
Page 1
AcadeMedia AB (publ) YEAR-END REPORT July 2025 – June 2026 • Net sales increased by 10,6 percent, of which 6,0 percent was organic • Continued strong growth, with seven acquisitions during the financial year, of which six internationally • Entered the British and polish preschool market • Improved quality outcomes across nearly all areas of education
Page 2
Year-end report 2025/26 2 Year-end report 2025/26 Summary of the fourth quarter (January 2026 - March 2026) • Net sales increased by 10,6 percent and amounted to SEK 5,658 million (5,118). Organic growth, including bolt-on acquisitions, was 6,0 percent. • Operating profit (EBIT) amounted to SEK 666 million (578). • Adjusted EBITA, adjusted for items affecting comparability and IFRS 16, amounted to SEK 552 million (475). Items affecting comparability amounted to SEK -15 million (-13). • Profit for the period amounted to SEK 385 million (321). • Diluted earnings per share was SEK 4,01 (3.24). Adjusted for IFRS 16, diluted earnings per share was SEK 4,27 (3.43). • The average number of children and students in preschool, compulsory school, and upper secondary school during the quarter was 119,430 (113,530), representing an increase of 5,2 percent. Full year summary (July 2025 – June 2026) • Net sales increased by 7,0 percent to SEK 20,360 million (19,021). Organic growth, including bolt-on acquisitions, was 5,8 percent. • Operating profit (EBIT) amounted to SEK 1,947 million (1,752). • Adjusted EBITA, adjusted for items affecting comparability and IFRS 16, amounted to SEK 1,516 million (1,315). Items affecting comparability amounted to SEK -31 million (-27). • Profit for the period amounted to SEK 955 million (821). • Diluted earnings per share was SEK 9,72 (8.14). Adjusted for IFRS 16, diluted earnings per share was SEK 11,01 (9.00). • The average number of children and students in preschool, compulsory school, and upper secondary school during the year was 115,270 (111,290), representing an increase of 3.6 percent. Summary of the Fourth quarter Fourth quarter Full year SEK m 2025/26 2024/25 Change 2025/26 2024/25 Change Net sales 5,658 5,118 10.6% 20,360 19,021 7.0% Organic growth, % 6.0% 5.6% 0.4, p.p. 5.8% 5.8% 0, p.p. Operating profit (EBIT) 666 578 15.2% 1,947 1,752 11.1% EBIT margin, % 11.8% 11.3% 0.5, p.p. 9.6% 9.2% 0.4, p.p. Adjusted EBITA1 552 475 16.2% 1,516 1,315 15.3% Adjusted EBITA margin, % 9.8% 9.3% 0.5, p.p. 7.4% 6.9% 0.5, p.p. Net financial items -173 -157 -10.2% -730 -710 -2.8% Profit for the period 385 321 19.9% 955 821 16.3% Earnings per share, diluted (SEK) 4.01 3.24 23.6% 9.72 8.14 19.5% Free cash flow 354 532 -33.5% 1,266 1,109 14.2% Number of children and students2 119,430 113,530 5.2% 115,270 111,290 3.6% Number of FTEs3 18,726 17,427 7.5% 17,745 16,812 5.5% 1 The key performance indicators Adjusted EBITDA and Adjusted EBIT A are performance measures adjusted for items affecting comparability and with lease agreements excluding IFRS 16. This means that leases of real estate are recognised as rent and not as finance leases . 2Excl. adult education. See definitions on pages 34-35. 3Preliminary figures for the current quarter
Page 3
Year-end report 2025/26 3 CEO’s comments “Quality is the foundation of everything we do and a prerequisite for AcadeMedia’s continued long-term growth.” During the year, AcadeMedia continued to develop in line with our long-term strategy. We look back on a strong year, with the Group growing by 7.0 percent and revenues now exceeding SEK 20 billion, while delivering a margin within our profitability target. This demonstrates the strength of our model and our ability to combine growth with quality, discipline, and a long- term perspective. Particularly encouraging is the continued contribution of our international operations to profitable growth, further strengthening the Group’s overall performance. Strong end to a solid year Net revenue in the fourth quarter amounted to SEK 5,658 million (5,118), corresponding to growth of 10.6 percent. Organic growth was 6.0 percent, of which currency movements had an impact of 0.4 percentage points. Adjusted EBITA increased by 16.2 percent to SEK 552 million (475). All segments contributed to the earnings improvement, with the international operations being the main driver. Margins were maintained or improved across the Group during the quarter. For the full year, net revenue amounted to SEK 20,360 million (19,021), corresponding to growth of 7.0 percent. Adjusted EBITA amounted to SEK 1,516 million (1,315), corresponding to a margin of 7.4 percent. The year’s performance confirms the strength of our diversified operations and our ability to combine growth with improved profitability. At the same time, we continue to invest in our operations to meet future needs, strengthen the quality of our activities, and create the conditions for sustainable long-term growth. Quality as the Foundation for Long-Term Value Creation Quality remains our most important guiding principle. As AcadeMedia has grown, it has become increasingly clear that scale and quality are not at odds with each other, quite the opposite. We are now Sweden’s fourth-largest compulsory school operator, while our quality data shows that we have the strongest position among the larger compulsory school operators: Stockholm, Gothenburg, and Malmö municipalities, in almost all quality comparisons. This is a strong testament to the results of our long-term and focused efforts across the organisation to create the best possible conditions for children and students to develop and succeed. Strong International Growth International expansion is central to our strategy for long-term, sustainable growth. In the Netherlands, we have now reached an important milestone with more than 100 units following the acquisition of the Florencius Vastgoed B.V. (“Florencius”) school group. Our operations in the Netherlands now comprise approximately 90 preschools and after-schools, 14 schools, and an adult education campus. This scale provides us with a local organisation and overhead structure that can support continued expansion in a highly efficient manner. We have thereby established a strong platform for both greenfield expansion and acquisitions, giving us good opportunities to continue growing while maintaining quality and profitability. Through the acquisition of IVA Business School earlier in the year, we have also broadened our offering and are now represented across all education segments in the Netherlands: preschool, primary school, secondary school, and adult education. This makes us a comprehensive education provider in the market and strengthens our ability to capitalise on opportunities for continued growth. The international operations together with the Adult Education segment, now account for approximately 44 percent of the Group's total pro forma revenue. With the platform we have now built, we see good opportunities to further strengthen our position and create long-term value through a combination of organic growth and strategic acquisitions. Building Platforms for Continued Expansion in the UK and Poland In June, we strengthened our presence in the UK through the acquisition of Chestnut Nursery School (“Chestnut”). The acquisition comprises 21 preschools with approximately 2,100 children across East London, Norfolk, and Cambridge, and represents an attractive platform acquisition for AcadeMedia. With a strong reputation, a high-quality offering, and an established presence across three attractive geographies, Chestnut provides a solid foundation for continued expansion through both greenfield openings and bolt-on acquisitions. Following the end of the quarter, we acquired Kids&Co, Poland’s largest international preschool operator. The company currently operates 34 preschools with approximately 3,000 places in Poland’s largest cities. In September 2026, the company will open its first primary school in Warsaw, thereby entering a new education segment. As a platform acquisition in EU’s fourth-largest preschool market, with approximately 1.8 million children, and one of the Union’s fastest-growing economies, Kids&Co provides an attractive platform for AcadeMedia. These acquisitions represent a natural and important step in the development of our international operations and further strengthen our ability to establish a strong, long-term position in the British and Polish education markets, complemented by continued greenfield expansion. Adult Education - Key to Europe’s Future Skills Development Our adult education operations have continued to perform strongly during the year and delivered their strongest result to date, with adjusted EBITA of SEK 260 million (227), corresponding to growth of 14.6 percent. Demand for our programmes remains strong, at a time when skill supply and reskilling are becoming increasingly important, adult education plays a central role in AcadeMedia’s long-term development. Our Municipal Adult Education operations continue to deliver strong results, with grades above the national average according to the Swedish National Agency for Education’s latest statistics. The operations have also performed very strongly in the Swedish Schools Inspectorate’s planned inspections during 2026. Taken together, these results demonstrate the strength of our broad, systematic, and successful approach to quality. Thank You for a Great Year Our preliminary student enrolment figures for the coming academic year indicate continued stable demand across our operations, with enrolment increasing by approximately 8.0 percent to around 122,100 (113,082) children and students. This is a strong indication that our strategy, positioning and educational offering remain relevant and continue to be in demand. Against a backdrop of demographic changes, this is an important sign of strength and supports AcadeMedia’s continued development. AcadeMedia’s development during the year is built on the work carried out every day across our operations. I would therefore like to extend my warm thanks to all our teachers, employees, and students for the year that has passed. Your commitment and dedication make a difference every day and are an important part of AcadeMedia’s continued development. Marcus Strömberg President and CEO AcadeMedia AB (publ)
Page 4
Year-end report 2025/26 4 Development in the fourth quarter (April 2026 - June 2026) Volume development and net sales Net sales in the fourth quarter increased by 10.6 percent to SEK 5,658 million (5,118). Organic growth, including smaller bolt-on acquisitions, amounted to 6.0 percent, while currency effects impacted net sales by 0.4 percent. The average number of children and students, excluding the Adult Education Segment, increased by 5.2 percent to 119,430 (113,530). Adjusted EBITA and operating profit (EBIT) Adjusted EBITA was SEK 552 million (475) and the adjusted EBITA margin was 9.8 percent (9.3). Operating profit (EBIT) was SEK 666 million (578), corresponding to an EBIT margin of 11.8 percent (11.3). Adjusted EBITA and margin were higher than last year. All segments contributed to the improved earnings, with international operations being the main driver. Margins were maintained or improved across all segments during the quarter. Within Preschool and International operations, the result was positively impacted by acquisitions, higher volumes in German schools, and improved efficiency in Norway. Items affecting comparability Quarter SEK m 2025/26 2024/25 Asset acquisition Norway +9 Write down of IT-projects Norway -9 Acquisition and integration costs (preschool, (Psch. & Int.) -10 -14 Reversal of provision for contingent consideration (Comp.) -5 Total -15 -13 Items affecting comparability during the period amounted to SEK -15 million (-13), relating to acquisition and integration costs. Acquisitions, divestments, new establishments, and discontinued operation During the quarter, three acquisitions were completed, comprising a total of 32 new units: one adult education campus in the Netherlands, 10 schools in Sweden and 21 preschools in the UK. After the end of the period, the Dutch compulsory school and afterschool group Florencius, the Dutch preschool Group Kindernet and the Polish preschool and afterschool group Kids&Co. were acquired. In the graph, the EBITA margin is presented excl. IFRS 16. Summary of the fourth quarter by segment Number of students (average) Net sales, SEK m Adj. EBITA, SEK m Adj. EBITA margin EBIT, SEK m EBIT margin 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 Preschool & International 40,873 37,797 2,276 1,962 216 173 9.5% 8.8% 209 156 9.2% 8.0% Compulsory School 33,353 30,795 1,351 1,197 129 114 9.5% 9.5% 123 114 9.1% 9.5% Upper Secondary School 45,205 44,938 1,552 1,505 197 185 12.7% 12.3% 196 184 12.6% 12.2% Adult Education -1 -1 478 454 47 37 9.8% 8.1% 44 34 9.2% 7.5% Group OH and adj. - - 0 0 -37 -33 - - -43 -33 - - Impact from IFRS 162 - - - - - - - - 137 124 - - Total 119,430 113,530 5,658 5,118 552 475 9.8% 9.3% 666 578 11.8% 11.3% 1 Adult education volume is not measured by the number of participants as the length of the programmes varies from single occas ions to academic years. 2 Please see note 2 for information on how application of IFRS 16 impact the financial reports.
Page 5
Year-end report 2025/26 5 Development in the financial year (July 2025 – June 2026) Volume development and net sales Net sales increased by 7.0 percent and amounted to SEK 20,360 million (19,021). Organic growth, including minor bolt-on acquisitions, was 5.8 percent. Changes in exchange rates impacted net sales by -0.8 percent. The average number of children and students, excluding the Adult Education segment, increased by 3.6 percent to 115,270 (111,290). Adjusted EBITA and operating profit (EBIT) Adjusted EBITA for the year was SEK 1,516 million (1,315) and the adjusted EBITA margin was 7.4 percent (6.9). Operating profit (EBIT) amounted to SEK 1,947 million (1,752), corresponding to an EBIT margin of 9.6 percent (9.2). The adjusted EBITA result and margin were higher than in the previous year, mainly attributable to the Preschool & International operations, together with Adult Education and Compulsory School. Upper Secondary segment was in line with the previous year. This was despite Group costs increasing somewhat faster than revenue, driven by higher central costs related to M&A activities. Items affecting comparability Full year SEK m 2025/26 2024/25 Restructuring expenses (Comp. S) -10 Insurance compensation (Comp.S) +2 Gain from asset acquisition Norway +9 Write down of IT-projects Norway -9 Acquisition and integration costs (preschool, (Psch. & Int.) -41 -20 Acquisition and integration costs (preschool, (Comp.S) -5 Harmonization of working conditions (USec.) -13 Reversal of provision for contingent consideration (Psch. & Int.) +27 Total -31 -27 Items affecting comparability for the period amounted to SEK -31 million (-27), related to harmonization of working conditions within upper secondary schools, acquisition and integration costs in preschool and international operations, as well as revaluation of contingent consideration. Acquisitions, divestments, new establishments, and discontinued operation During the year, seven acquisitions were completed, involving a total of 62 new units: eight in Norway, five in Finland, 14 in the Netherlands, four in Germany, 10 in Sweden and 21 in UK as well as four new openings in Germany. In addition, one unit opened, eight schools were discontinued, and two merged into one in Sweden. After the end of the period, the Dutch compulsory school and afterschool group Florencius, the Dutch preschool Group Kindernet and the Polish preschool and afterschool group Kids&Co. were acquired. Full year summary by segment Number of students (average) Net sales, SEK m Adj. EBITA, SEK m Adj. EBITA margin EBIT, SEK m EBIT margin 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 Preschool & International 38,378 35,279 7,874 7,109 500 364 6.4% 5.1% 480 327 6.1% 4.6% Compulsory School 31,045 30,431 4,704 4,431 362 321 7.7% 7.2% 356 313 7.6% 7.1% Upper Secondary School 45,847 45,579 5,886 5,678 503 502 8.5% 8.8% 486 498 8.3% 8.8% Adult Education -1 -1 1,895 1,802 260 227 13.7% 12.6% 250 215 13.2% 11.9% Group OH and adj. - - 1 1 -109 -99 - - -116 -99 - - Impact from IFRS 162 - - - - - - - - 491 498 , , Total 115,270 111,290 20,360 19,021 1,516 1,315 7.4% 6.9% 1,947 1,752 9.6% 9.2% 1 Adult education volume is not measured by the number of participants as the length of the programmes varies from single occas ions to academic years 2 Please see note 2 for information on how application of IFRS 16 impact the financial reports.
Page 6
Year-end report 2025/26 6 Cash flow and financial position In the cash flow analysis below, lease payments attributable to property leasing are reported as part of operating activities. According to IFRS 16, lease payments are reported as part of the financing activities. Please see note 2 for reconciliation with the financial reports. Cash flow adjusted for lease payments Fourth quarter Full year SEK m 2025/26 2024/25 2025/26 2024/25 Cash flow from operating activities before changes in working capital 628 570 1,634 1,472 Cash flow from changes in working capital -190 28 -78 -75 Cash flow from operating activities 438 598 1 556 1,397 Investments related to existing operations1 -83 -67 -290 -288 Investments related to expansion2 -488 -209 -1,139 -389 Cash flow from investing activities -572 -276 -1,429 -678 Cash flow from financing activities3 333 -554 35 -1,240 CASH FLOW FOR THE PERIOD 199 -232 162 -521 Free cash flow4 354 532 1,266 1,109 Cash flow from operating activities before changes in working capital increased and amounted to SEK 628 million (570) in the fourth quarter. Cash flow from changes in working capital was SEK -190 million (28), which was primarily attributable to payments related to acquisitions completed after the balance sheet date, as well as adverse calendar effects on payments from municipalities in the international operations. Taxes paid amounted to SEK -39 million (-14). Cash flow from operating activities for the quarter was SEK 438 million (598). Investments in existing operations1 totaled SEK -83 million (-67), resulting in free cash flow before expansion investments4 of SEK 354 million (532). Expansion investments2 for the period were SEK -488 million (-209), mainly consisting of payments for acquisitions completed during the quarter. Cash flow from investing activities was SEK -572 million (-276). Cash flow from financing activities3 amounted to SEK 333 million (-554). Overall, cash flow for the quarter was SEK 199 million (-232). For the financial year, cash flow from operating activities before changes in working capital amounted to SEK 1,634 million (1,472). Cash flow from changes in working capital was SEK -78 million (-75). Taxes paid during the year totaled SEK -321 million (-273). Cash flow from operating activities for the period was SEK 1,556 million (1,397). Cash flow from investing activities was SEK -1,429 million (-678), of which investments in existing operations1 amounted to SEK -290 million (-288), resulting in free cash flow before expansion investments4 of SEK 1,266 million (1,109). Expansion investments2 for the period amounted to SEK -1,139 million (-389), mainly consisting of the acquisition of subsidiaries completed during the third and fourth quarter. Cash flow from financing activities3 was SEK 35 million (-1,240), of which dividends paid totaled SEK -233 million (-178) and SEK -380 million (-282) were repaid to shareholders under the voluntary redemption program. Overall, total cash flow for the year amounted to SEK 162 million (-521). 1 Investments related to existing operations include leasehold improvements, investments in equipment, investments in intangible non-current assets, investments in non-current financial assets, and divestment of non-current financial assets. 2 Expansion investments include acquisitions and investments in own buildings, as well as divestments of such assets. During the quarter, investments in owned buildings amounted to SEK -13 million (-3), and for the full financial year to SEK -103 million (-54). 3 Cash flow from financing activities include leasing payments of computers amounting to SEK 42 million (43) in the quarter, and SEK 170 million (180) during the year. 4 Free cash flow before expansion investments consists of cash flow from operating activities less investments in existing operations.
Page 7
Year-end report 2025/26 7 Financial position1 Inklusive IFRS 16 Exklusive IFRS 16 SEK m 2026-06-30 2025-06-30 2026-06-30 2025-06-30 Net debt 13,952 11,332 1,918 953 Property-related leasing liabilities 12,033 10,379 - - Net debt/ adjusted EBITDA 3.2 2.7 0.9 0.5 Debt ratio (%) 57.0% 53.4% 14.2% 8.1% Equity/asset-ratio (%) 27.6% 30.1% 53.5% 57.5% Buildings* 1,580 1,173 1,580 1,173 Consolidated interest-bearing net debt1 including property-related leasing liabilities amounted to SEK 13,952 million (11,332), of which property-related leasing liabilities amounted to SEK 12,033 million (10,379). The increase compared to the previous year is due to expansion and the commencement of new lease agreements, the expiration and renewal of existing contracts, as well as indexation of current agreements. Financial expenses increased to SEK - 770 million (-749) as a result of the increased leasing liabilities and higher interest rates. Interest expenses related to leasing of properties were SEK -656 million (-611), and interest expenses excluding leasing agreements were SEK -65 million (-138). Consolidated interest-bearing net debt1 excluding property-related leasing liabilities amounted to SEK 1,918 million (953) as of June 30, 2026. Property loans increased by SEK 235 million over the past 12 months to SEK 865 million (630). Adjusted for currency effects, property loans increased by SEK 208 million. During the same period, buildings increased by SEK 407 million to SEK 1,580 million (1,173). Net debt in relation to adjusted EBITDA1 (rolling 12 months) amounted to 0.9 (0.5), which meets the Group’s financial target of net debt in relation to adjusted EBITDA being lower than 3.0. Net debt in relation to adjusted EBITDA including IFRS 16 (rolling 12 months) amounted to 3.2 (2.7). Impairment test During the fourth quarter, an impairment test regarding goodwill on the group’s cash generating units based on long-term business plans. All cash generating units had a recoverable amount exceeding their book value. Therefore, no impairment of goodwill was reported. For more information on significant assessments and assumptions, see Note 1 on page 20. * Implementation of IFRS 16 had a significant effect on AcadeMedia’s financial statements. By excluding the effects of IFRS 16, continuity is achieved in the KPIs above. See pages 34 and 35 for definitions. 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
Page 8
Year-end report 2025/26 8 Preschool and International • Net sales increased by 16.0 percent and amounted to SEK 2,276 million (1,962), positively affected by acquisitions. Currency changes had a positive impact, 1.2 percent and the organic growth was 9.6 percent. • Adjusted EBITA increased to SEK 216 million (173). AcadeMedia’s Preschool and International Segment runs operations in Sweden, Norway, Finland, Germany, the Netherlands and UK. The segment had 514 units in the quarter whereof 103 preschools in Sweden, 106 preschools and 8 adult learning centres in Norway,119 preschools in Finland, 107 preschools, 7 compulsory schools, 7 upper secondary schools and adult education in Germany, 45 preschools and 12 compulsory- and upper secondary schools, as well as an adult education campus in The Netherlands. Outcome for the fourth quarter The average number of children increased by 8.1 percent compared with the previous year and amounted to 40,873 (37,797). The increase was mainly driven by continued strong organic growth in Germany and acquisitions in the Netherlands. Net sales increased by 16.0 percent to SEK 2,276 million (1,962), of which acquisitions contributed 5.2 percent and organic growth was 9.6 percent. Currency changes had a positive impact of 1.2 percent. Adjusted EBITA was SEK 216 million (173) and the margin was 9.5 percent (8,8). The result was positively impacted by increased volumes and higher school voucher funding in the German operations, and improved efficiency in Norway, partly offset by weaker performance in the Swedish operations. Items affecting comparability for the period amounted to -4 (-13) and pertained to acquisition and integration costs. Outcome for the full year The average number of children for the year increased by 8.8 percent and amounted to 38,378 (35,279). Net sales increased by 10.8 percent and amounted to SEK 7,874 million (7,109). Acquisitions and organic growth accounted for 4.0 and 8.8 percent of the growth, respectively. The currency effect was -2.1 percent. Adjusted EBITA for the year was SEK 500 million (364) and the adjusted EBITA margin was 6.4 percent (5.1). The improvement during the year was positively affected by increased volumes and higher school voucher funding in the German operations improved efficiency in Norway, as well as the integration efforts of acquisitions carried out over the past 18 months. Items affecting comparability Full year MSEK 2025/26 2024/25 Acquisition and integration costs (preschool, (Psch. & Int.) -41 -20 Reversal of provision for contingent consideration (Psch. & Int.) +27 Total -14 -20 Acquisitions, divestments, new establishments, and discontinued operation During the period, six acquisitions were completed, which included a total of 52 new units: eight in Norway, five in Finland, 14 in the Netherlands, four in Germany and 21 in UK, as well as fur new establishment in Germany. After the end of the period, the Dutch compulsory school and afterschool group Florencius, the Dutch preschool Group Kindernet and the Polish preschool and afterschool group Kids&Co. were acquired. Financial overview1 Fourth quarter Full year SEK m 2025/26 2024/25 Change 2025/26 2024/25 Change Net sales 2,276 1,962 16.0% 7,874 7,109 10.8% EBITA 213 159 34.0% 493 344 43.3% Items affecting comparability -4 -13 n.a. -7 -20 n.a. Adjusted EBITA 216 173 24.9% 500 364 37.4% Adjusted EBITA margin, % 9.5% 8.8% 0.7, p.p. 6.4% 5.1% 1.3, p.p. Number of children and students 40,873 37,797 8.1% 38,378 35,279 8.8% Number of children and students 515 484 6.4% 500 461 8.5% The segments report property leasing in accordance with previous accounting practice (IAS 17). This entails that property lea se payments are recognised as rent and not as finance lease. 1 Additional financial information per segment is presented on pages 29-31.
Page 9
Year-end report 2025/26 9 Compulsory School • Net sales increased by 12.9 percent to SEK 1,351 million (1 197). • Adjusted EBITA was SEK 129 million (114). AcadeMedia's Compulsory School segment runs compulsory schools and integrated preschools in many municipalities in Sweden under the brands Innovitaskolorna, Montessori Mondial, Noblaskolorna, Pops Academy, Snitz, Vittra and Prolympia. Operations are based entirely on the school voucher system. The segment had 122 units during the quarter, whereof 41 integrated preschools. Outcome for the fourth quarter The average number of students increased by 8.3 percent compared with the previous year and amounted to 33,353 (30,795). The quarter was positively impacted by 9.5 percent from the acquisition of the Prolympia school group. Adjusted for acquisitions and units under discontinuation, the number of students decrease by 0.5 percent, outperforming the corresponding figure for Sweden as a whole. Net sales increased by 12.9 percent and amounted to SEK 1,351 million (1,197), mainly driven by the annual school voucher adjustment. Adjusted EBITA was SEK 129 million (114), corresponding to a margin of 9.5 percent (9.5). The quarterly result was positively impacted by the school voucher adjustment. Our targeted initiatives in reading and language development to strengthen students’ progress have continued. Items affecting comparability amounted to SEK -5 million during the period (-) and was related to acquisition costs. Outcome for the full year The average number of children and students increased by two percent compared to the previous year and amounted to 31,045 (30,431). Net sales increased by 6.2 percent to SEK 4,704 million (4,431). Adjusted EBITA was SEK 362 million (321), with a margin of 7.7 percent (7.2). The result was positively impacted by higher school voucher adjustments for 2025 and 2026 than cost increases, together with strong performance from acquisitions made last year that contributed positively to the earnings improvement. Items affecting comparability amounted to SEK -5 million during the period (-7) and was related to acquisition costs. Acquisitions, divestments, new establishments, and discontinued operation During the year, two schools in Stockholm were merged and an integrated preschool was discontinued. Ten schools were added through the acquisition of Prolympia. Additionally, two more schools, one in Malmö and one in Umeå, have now been fully discontinued. Financial overview1 Fourth quarter Full year SEK m 2025/26 2024/25 Change 2025/26 2024/25 Change Net sales 1,351 1,197 12.9% 4,704 4,431 6.2% EBITA 124 114 8.8% 357 314 13.7% Items affecting comparability -5 - n.a. -5 -7 n.a. Adjusted EBITA 129 114 13.2% 362 321 12.8% Adjusted EBITA margin, % 9.5% 9.5% 0, p.p. 7.7% 7.2% 0.5, p.p. Number of children and students 33,353 30,795 8.3% 31,045 30,431 2.0% Number of units 132 126 4.8% 125 126 -0.8% The segments report property leasing excluding IFRS 16. This entails that property lease payments are recognised as rent and not as finance lease. 1 Additional financial information per segment is presented on pages 29–31.
Page 10
Year-end report 2025/26 10 Upper Secondary School • Net sales increased by 3.1 percent to SEK 1,552 million (1,505). • Adjusted EBITA was SEK 197 million (185). AcadeMedia's Upper Secondary School Segment provides upper secondary education throughout Sweden under 15 different brands, offering both academic and vocational programmes. The schools operate entirely based on the school voucher system. The segment had 145 units during the quarter. Outcome for the fourth quarter The number of students increased by 0.6 percent compared with the same period last year, amounting to 45,205 (44,938). Net sales increased by 3.1 percent to SEK 1,552 million (1,505), as a result of the annual school voucher revision and continued growth in student numbers. Adjusted EBITA amounted to SEK 197 million (185), representing a margin of 12,7 percent (12.3). The result benefited from lower rental costs following lower rent indexation, reduced costs for leased computers, and slightly improved capacity utilisation. No items affecting comparability during the period (-). Outcome for the full year The number of students increased by 0.6 percent to 45,847 (45,579) and net sales increased by 3.7 percent to SEK 5,886 million (5,678). Growth was attributable to expansions, the annual school voucher revision and targeted grants. Adjusted EBITA amounted to SEK 503 million (502), corresponding to a margin of 8.5 percent (8.8). Higher costs for teaching materials due to the new upper secondary reform (GY25) as well as increased costs linked to school libraries and other initiatives affected the result negatively. Items affecting comparability Full year SEK m 2025/26 2024/25 Harmonization of working conditions (USec.) -13 - Total -13 - Acquisitions, divestments, new establishments, and discontinued operation During the year one unit were closed and two were merged to one. Financial overview1 Fourth quarter Full year SEK m 2025/26 2024/25 Change 2025/26 2024/25 Change Net sales 1,552 1,505 3.1% 5,886 5,678 3.7% EBITA 197 185 6.5% 490 502 -2.4% Items affecting comparability - - n.a. -13 - n.a. Adjusted EBITA 197 185 6.5% 503 502 0.2% Adjusted EBITA margin, % 12.7% 12.3% 0.4, p.p. 8.5% 8.8% -0.3, p.p. Number of children and students 45,205 44,938 0.6% 45,847 45,579 0.6% Number of units 145 147 -1.4% 145 148 -2.0% The segments report property leasing excluding IFRS 16. This entails that property lease payments are recognised as rent and not as finance lease. 1 Additional financial information per segment is presented on pages 29–31.
Page 11
Year-end report 2025/26 11 Adult Education • Net sales increased by 5.3 percent to SEK 478 million (454). • Adjusted EBITA increased to SEK 47 million (37). AcadeMedia's Adult Education Segment is Sweden's largest provider of adult education with a presence in about 150 locations in the country. The segment works in three main customer groups: Municipal Higher Education (39 percent of net sales in the quarter), Higher Vocational Education (41) and Labour Market Services (12). Outcome for the fourth quarter Net sales increased by 5.3 percent and amounted to SEK 478 million (454). The increase is attributable to higher volumes within Labour Market Services as well as Municipal Adult Education. The number of participants in Higher Vocational Education was in line with the previous year, as was revenue. In Municipal Adult Education, participant volumes were higher than the previous year and sales increased by 6 percent. Sales in Labour Market Services grew by 30 percent compared to the previous year by 28 percent, driven by increased volumes. Adjusted EBITA rose to SEK 47 million (37), corresponding to a margin of 9.8 percent (8.1). The improvement in results was mainly due to increased volumes in Labour Market Services as well as Municipal Adult Education. Outcome for the full year Net sales increased by 5.2 percent to SEK 1,895 million (1,802). Adjusted EBITA increased to SEK 260 million (227) and the margin amounted to 13.7 percent (12.6). All business areas contributed to the segment’s earnings improvement. The Adult Education segment displays a clear seasonal pattern. For the segment's earnings, the first half-year is the strongest period. The second half-year includes more courses that are completed, resulting in a lower capacity utilization. This mainly affects the fourth quarter. Operational changes and market development During the fourth quarter, the Swedish economy remained in recession, although there were signs of a gradual recovery. The labour market showed modest positive developments, but unemployment remained high. According to Statistics Sweden (SCB), unemployment stood at 9.4 percent in May, while employment increased compared with the previous year. The Swedish Public Employment Service and the National Institute of Economic Research expect the recovery to gradually gain momentum during the second half of 2026, although the labour market is expected to strengthen with some delay. Long-term unemployment is expected to remain high, while labour market matching challenges persist, with many jobseekers lacking the work experience or education required by employers. During the quarter, several reforms were further developed that strengthen the role of adult education in the labour market and skills supply system. These include simplified and more long-term government grants for regional vocational adult education, new activity requirements for income support, the forthcoming education requirement for unemployed individuals without upper secondary education, and language-support initiatives within elderly care. Taken together, these reforms are expected to increase demand for vocational adult education, combined education programmes, employment support initiatives, and work-based skills development. Financial overview1 Fourth quarter Full year SEK m 2025/26 2024/25 Change 2025/26 2024/25 Change Net sales 478 454 5.3% 1,895 1,802 5.2% EBITA 47 37 27.0% 260 227 14.5% Items affecting comparability - -0 n.a. - -0 n.a. Adjusted EBITA 47 37 27.0% 260 227 14.5% Adjusted EBITA margin, % 9.8% 8.1% 1.7,p.e. 13.7% 12.6% 1.1,p.e. The segments report property leasing excluding IFRS 16. This entails that property lease payments are recognised as rent and not as finance lease. 1 Additional financial information per segment is presented on pages 28–30.
Page 12
Year-end report 2025/26 12 Quality AcadeMedia’s vision is to lead the development of the education of the future. To achieve this, one of our goals is to be a leader in learning, with our key indicator being “100% – everyone reaches their full potential”. We can only achieve this by delivering the highest quality education across the areas in which the Group operates. To this end, AcadeMedia takes a focused and systematic approach to quality improvement. We have a common quality management model, and our scale provides strong opportunities to drive development initiatives and facilitate the sharing of experience across the organisation. We are a learning organisation in continuous development. “All AcadeMedia operations are part of a clear structure with a common framework and a culture focused on continuous improvement, making us stronger together. We shall deliver high-quality teaching and strong achievement of objectives, both in terms of our core educational mission and our business objectives.” - AcadeMedia’s Roadmap Ongoing analysis of this year’s quality results Compilation and analysis of the quality results from the past academic year are ongoing and will be presented in the quality reports prepared at both unit and provider level, as well as in the Group’s quality report, to be published in autumn 2026. Quality results in the fourth quarter Preschool In June, the results of the Swedish preschools’ own assessments of achievement against the national curriculum were compiled. The area in which preschool teaching achieved the highest result for the 2025/26 academic year was Language and Communication, at 6.1 (5.8), followed by Science and Technology at 5.6 (5.3). The lowest result was recorded in Mathematics, at 5.4 (5.2). Compulsory School At the end of the academic year in June, the grades achieved at AcadeMedia’s schools were compiled. The results that can currently be reported are preliminary, and national averages are not yet available for comparison. The grade compilation² for the 2025/26 academic year shows that the share of compulsory school students achieving passing grades in all subjects increased to 81.2 percent (79.9), while the average merit rating increased to 242.8 (242.4). The share of students eligible for upper secondary school decreased compared with the previous academic year, to 89.3 percent (90.0). All grade results across AcadeMedia’s compulsory schools remain materially above the latest published national averages. Upper Secondary School The preliminary grade compilation for AcadeMedia’s upper secondary schools shows that the share of students graduating with a diploma increased to 89.7 percent (89.2). The average grade points for graduating students are preliminarily unchanged at 14.0 (14.0). Overall, the results remain below the latest published national averages, although there is significant variation between the different upper secondary school operations. National statistics will be published by the Swedish National Agency for Education at the end of the autumn term 2026. Adult Education No new quality results were compiled for the adult education operations during the quarter. 1!The assessment scale consists of five levels (0, 2, 4, 6 and 8), where a score of eight represents the highest possible level of quality, while a score of four indicates that the achievement of objectives is fully acceptable in relation to the requirements set out in the governing documents. 2The results reported in last year’s year-end report were based on preliminary internal compilations, which is why some changes to the results may be noted. This applies to all three performance measures.
Page 13
Year-end report 2025/26 13 Employees The average number of full-time employees in the quarter amounted to 18,726* (17,472), which represents an increase of 7.5 percent, the increase was mainly driven by acquisitions. For the full year, the Group had an average headcount of 24,814* employees (23,934), an increase of 3.7 percent. The average number of full-time employees in the Group during the full year amounted to 17,745* (16,812), an increase of 5.5 percent. Women represented 74.6 percent (75.0) of the Group’s average FTE during the full year. Employee turnover in the Group was 14.3 percent for July–June, compared with 16.3 percent in the previous year. A comparable aggregated sick-leave rate is not available at Group level due to differences in reporting methods and coverage between operations. *Preliminary figures Parent Company Net sales during the year amounted to SEK 26 million (23). Operating profit (EBIT) amounted to SEK -14 million (-17) and profit after tax was SEK 27 million (17). The Parent Company’s assets essentially consist of participations in Group companies and intercompany receivables. Equity in the Parent Company as of 30 June 2026 was SEK 823 million (1,398). The Parent Company’s interest-bearing debt as of 30 June 2026 amounted to SEK 839 million (300). Owners and share capital AcadeMedia AB (publ) is a public limited company listed on Nasdaq Stockholm since 2016. As of 30 June 2026, share capital was SEK 109,697,858.459308 and the number of shares amounted to a total of 96,059,263 shares distributed among 95,866,206 ordinary shares and 193,057 Class C-shares, where the C-shares are held by AcadeMedia AB. The quota value is SEK 1.14 per share. Mellby Gård AB is the largest shareholder in AcadeMedia with 24.71 percent of the capital as of 30 June 2026. Significant events after the end of the reporting period On 1 July, AcadeMedia acquired all shares in the Dutch preschool group Kinderopvang Kindernet (“Kindernet”). The acquisition comprises 40 preschools and after-school activities with 1,430 places in the Netherlands. In 2025, Kindernet reported net revenue of approximately EUR 18.4 million, with adjusted EBITA exceeding the Group’s profitability target. On 7 August, AcadeMedia entered into an agreement to acquire all shares in the Polish preschool group Kids&Co. The acquisition comprises 34 preschools with approximately 3,000 places in Poland. In 2025, Kids&Co. generated revenue of approximately PLN 99 million, with adjusted EBITA in line with the Group’s Preschool & International segment. [Subject to conditions] On 20 August, AcadeMedia acquired all shares in the Dutch school group Florencius. The acquisition comprises two compulsory schools and one preschool/after-school operation with 100 places in the Netherlands. In 2025, Florencius reported net revenue of approximately EUR 3 million, with adjusted EBITA exceeding the Group’s profitability target. Financial Targets Sales growth 5–7% AcadeMedia’s target for sales growth is 5–7 percent annually for the Group, excluding major acquisitions. Profitability 7–8% AcadeMedia’s profitability target for EBITA excluding items affecting comparability and the effects of IFRS 16, is to amount to 7 to 8 percent 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.
Page 14
Year-end report 2025/26 14 Other Group items Risks and uncertainties AcadeMedia categorises its risks as operational risks, external risks, and financial risks, which are described in detail in the 2024/25 Annual Report. All risks are assessed based on probability, consequence, and the company’s management capabilities, enabling prioritisation of group-wide key risks that are closely monitored by Group Management and the Board. The main operational risks include, among others, the supply of qualified employees, quality and compliance with agreements, demographic changes, information security, and matters related to premises and procurement. External risks primarily include political and regulatory changes, as well as IT and cyber risks. Financial risks mainly relate to liquidity, refinancing, and interest rate risks, as well as risks associated with decisions regarding student funding, which are managed through stable financial planning and clear governance processes. In line with the EU’s new sustainability reporting standards (CSRD), AcadeMedia has conducted a double materiality analysis to identify the company’s most significant impacts, risks, and opportunities (IROs). Work on these is integrated into regular risk management and is not monitored separately but as a natural part of existing processes and governance. A detailed description of AcadeMedia’s risks and the work to manage them can be found on pages 28–30 and in the sustainability statement on pages 42–66 of the 2024/25 Annual Report. Seasonal variations AcadeMedia’s four segments show different seasonal variations. The three school segments show recurring seasonal variations, in which the first half of the year, July to December, typically reports weaker sales and earnings. This is mainly due to school holidays, annual leave, and the annual salary review. The second half, January to June, is stronger, as sales typically rise because of the annual school voucher funding reviews and higher numbers of children and students. The Adult Education segment shows more irregular seasonal variations and major contractual changes or changes in public initiatives can have a large effect. The seasonal variations are described in more detail in AcadeMedia AB’s annual report for 2024/25. Outlook AcadeMedia does not publish any forecasts. Proposed Allocation of Profit The Board of Directors intends to decide on a proposed dividend. The Board’s proposal will be published in connection with the notice of the Annual General Meeting. Annual General Meeting 2025 Annual General Meeting 2026 AcadeMedia's Annual General Meeting will take place on 2 December 2026 in Stockholm. Shareholders wishing to have a matter considered at the AGM should do so by sending an e-mail to bolagsstamma@academedia.se. Proposals must be received by the company no later than 14 October 2025 in order to allow the company reasonable time to include them in the notice and agenda of the annual general meeting. Shareholders wishing to submit proposals to the Nomination Committee for the AGM 2 December 2026, can do so by sending an e-mail to valberedning@academedia.se. Proposals must be received no later than 14 October 2026 in order to be considered by the Nomination Committee.
Page 15
Year-end report 2025/26 15 Calendar 31 August 2026 Year-end report 2025/26 23 October 2026 Annual report 2025/26 2 November 2026 Interim report, Q1 2 December 2026 Annual General Meeting 2026 1 February 2026 Interim report, Q2 3 May 2026 Interim report, Q3 30 August 2026 Year-end report 2026/27 For further information, please visit https://corporate.academedia.se The Board of Directors and the Chief Executive Officer certify that the interim report gives a true and fair view of the Parent Company's and Group's operations, their financial position and results of operations, and describes significant risks and uncertainties facing the Parent Company and other companies in the Group. Stockholm 31 August 2026 Marcus Strömberg Chief Executive Officer This report has not been reviewed by the company’s auditors. AcadeMedia AB (publ) Corp. reg. no. 556846-0231 Box 213, 101 24 Stockholm tel. +46-8-794 42 00 www.academedia.se For more information, please contact: Petter Sylvan, CFO Telefon: +46-8-794 43 40 E-post: petter.sylvan@academedia.se Ludvig Andersson, Head of Investor Relations Telefon: +46-738-755-726 E-post: ludvig.andersson@academedia.se This information is information that AcadeMedia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CET on 31 August 2026.
Page 16
Year-end report 2025/26 16 Consolidated income statement Fourth quarter Full year SEK m Not 2025/26 2024/25 2025/26 2024/25 Net Sales 3 5,658 5,118 20,360 19,021 Cost of services -458 -410 -1,792 -1,656 Other external expenses -526 -509 -1,872 -1,790 Personnel expenses -3,367 -3,018 -12,308 -11,442 Depreciation/amortisation -626 -589 -2,410 -2,353 Items affecting comparability 1) -15 -13 -31 -27 TOTAL OPERATING EXPENSES -4,991 -4,540 -18,413 -17,269 OPERATING INCOME (EBIT) 666 578 1,947 1,752 Financial income 6 23 20 40 39 Financial expenses 6 -197 -177 -770 -749 Net financial items -173 -157 -730 -710 , , , , INCOME BEFORE TAX 493 421 1,217 1,042 Tax 7 -108 -101 -262 -221 PROFIT FOR THE PERIOD 385 321 955 821 Profit for the period attributable to: Owners of the parent company 385 321 955 821 Basic earnings per share (SEK) 4.01 3.24 9.73 8.14 Diluted earnings per share (SEK) 4.01 3.24 9.72 8.14 Earnings per share based on number of shares outstanding (SEK) 4.01 3.24 9.97 8.29 1 Items affecting comparability are specified on page 4. Key performance indicator definitions are on pages 34 to 35. Please see note 2 for information on how application of IFRS 16 impact the financial reports.
Page 17
Year-end report 2025/26 17 Consolidated statement of comprehensive income Fourth quarter Full year SEK m Not 2025/26 2024/25 2025/26 2024/25 PROFIT FOR THE PERIOD 385 321 955 821 Other comprehensive income Items that will not be reclassified to profit/loss Actuarial gains and losses 31 14 11 20 Deferred tax relating to actuarial gains and losses -7 -3 -2 -4 24 11 9 15 Items that may be reclassified to profit/loss Translation differences 12 1 29 -41 Other comprehensive income for the period 36 12 38 -25 COMPREHENSIVE INCOME FOR THE PERIOD 421 333 993 796 Comprehensive income for the period attributable to: Owners of the parent company 421 333 993 796
Page 18
Year-end report 2025/26 18 Consolidated statement of financial position in summary SEK m 30 June 2026 30 June 2025 ASSETS Intangible non-current assets 5 8,818 7,767 Buildings 1,580 1,173 Right-of-use assets 9 11,475 9,981 Other property, plant, and equipment 1,146 1,086 Other non-current assets 157 177 Total non-current assets 23,177 20,184 Current receivables 1,313 1,055 Cash and cash equivalents1 948 777 Total current assets 2,261 1,831 TOTAL ASSETS 25,438 22,015 EQUITY AND LIABILITIES Total equity 7,018 6,626 Non-current liabilities to credit institutions 1,416 1,183 Long-term lease liabilities 10,548 9,012 Provisions and other non-current liabilities 245 319 Total non-current liabilities 12,208 10,513 Current interest-bearing liabilities 1,240 315 Short-term lease liabilities 1,696 1,593 Other current liabilities 3,275 2,967 Total current liabilities 6,212 4,876 TOTAL EQUITY AND LIABILITIES 25,438 22,015 1 Cash includes Cash restricted for payroll tax withholdings with SEK 0 million (SEK 0 million per 31 March 2025). Summary of consolidated statement of changes in equity Equity attributable to the owners of the Parent Company Jul - June Jul - June SEK m 2025/26 2024/25 Adjusted Opening balance 6,626 6,265 Profit for the period 955 821 Other comprehensive income for the period 38 -25 Consolidated statement of comprehensive income 993 796 Dividend paid -223 -178 Share redemption programme -380 -282 Other transactions with owners1 2 25 Closing balance 7,018 6,626 1 Transactions with owners during the current year amounted to SEK 1.8 million and included proceeds from issued warrants of SEK 0.7 million as well as a share matching program of SEK 1.1 million. Transactions with owners during the previous year amounted to SEK 23.5 million and included proceeds from issued warrants of SEK 23.6 million as well as a share matching program of SEK -0.1 million.
Page 19
Year-end report 2025/26 19 Consolidated cash flow statement Fourth quarter Full year SEK m 2025/26 2024/25 2025/26 2024/25 Operating profit (EBIT) 666 578 1,947 1,752 Depreciation/amortisation 626 589 2,410 2,353 Adjustment for other non-cash items -3 -0 -44 -30 Tax paid -39 -14 -321 -273 Cash flow from operating activities before changes in working capital 1,250 1,153 3,993 3,802 Cash flow from changes in working capital -132 32 -63 -60 Cash flow from operating activities 1,118 1,185 3,930 3,742 Acquisition of subsidiaries -475 -206 -1,036 -333 Investments in buildings -13 -3 -103 -54 Leasehold improvements -51 -35 -120 -148 Investments in equipment -32 -28 -154 -129 Investments in intangible non-current assets -1 -4 -13 -10 Investments in non-current financial assets 0 -0 -4 -3 Cash flow from investing activities -572 -276 -1,429 -678 Interest received (+) and paid (-) -34 -23 -93 -67 Interest paid, lease liabilities -173 -153 -669 -628 Dividends to shareholders - - -223 -178 New issue/share redemption - - -380 -282 Issue of warrants 1 1 2 25 Increase (+)/decrease (-) of interest-bearing liabilities 411 -487 912 -558 Repayment of lease liabilities -552 -479 -1,888 -1,897 Cash flow from financing activities -348 -1,141 -2,339 -3,585 CASH FLOW FOR THE PERIOD 199 -232 162 -521 Cash and cash equivalents at beginning of period 741 1,001 777 1,316 Exchange-rate differences in cash and cash equivalents 9 7 9 -18 Cash and cash equivalents at end of period 948 777 948 777 Please see note 2 for information on how application of IFRS 16 impact the financial reports .
Page 20
Year-end report 2025/26 20 Notes and accounting policies The interim report includes pages 1 to 33 and pages 1 to 14 are an integrated part of this financial report. NOTE 1: ACCOUNTING POLICIES This Interim Report for the Group is prepared in accordance with IAS 34 Interim Financial Reporting, as well as applicable stipulations in the Annual Accounts Act. The Interim report for the Parent Company is prepared in accordance with chapter 9 Interim report in the Annual Accounts Act. The accounting policies and basis of calculation applied are the same as those described in AcadeMedia's 2024/25 Annual Report, which was prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU. New and amended accounting standards applied from 1 July 2025 New and amended standards and interpretations applicable from 1 July 2025 have had no impact on the financial statements.
Page 21
Year-end report 2025/26 21 NOTE 2: FINANCIAL STATEMENTS WITH EFFECT OF IFRS 16 LEASING Below, the effects on the financial reports from implementation of IFRS 16 Leasing are disclosed. Consolidated income statement Fourth quarter 25/26 Full year 25/26 Full year 24/25 SEK m IFRS 16 effect Excl. IFRS 16 IFRS 16 effect Excl. IFRS 16 IFRS 16 effect Excl. IFRS 16 Net Sales 5,658 - 5,658 20,360 - 20,360 19,021 - 19,021 Cost of services -458 - -458 -1,792 - -1,792 -1,656 - -1,656 Other external expenses -526 622 -1,148 -1,872 2,359 -4,230 -1,790 2,330 -4,120 Personnel expenses -3,367 - -3,367 -12,308 - -12,308 -11,442 - -11,442 Depreciation/amortisation -626 -485 -141 -2,410 -1,868 -543 -2,353 -1,831 -521 Items affecting comparability -15 - -15 -31 - -31 -27 - -27 TOTAL OPERATING EXPENSES -4,991 137 -5,129 -18,413 491 -18,904 -17,269 498 -17,767 OPERATING INCOME (EBIT) 666 137 529 1,947 491 1,456 1,752 498 1,254 Financial income 23 - 23 40 - 40 39 - 39 Financial expenses -197 -170 -26 -770 -656 -114 -749 -611 -138 Net financial items -173 -170 -3 -730 -656 -74 -710 -611 -99 INCOME BEFORE TAX 493 -33 526 1,217 -165 1,382 1,042 -113 1,155 Tax -108 8 -116 -262 38 -300 -221 26 -247 PROFIT FOR THE PERIOD 385 -25 410 955 -127 1,082 821 -87 908 Other comprehensive income for the period 36 - 36 38 - 38 -25 - -25 COMPREHENSIVE INCOME FOR THE PERIOD 421 -25 446 993 -127 1,120 796 -87 883 Earnings per share basic (SEK) 4.01 -0.26 4.27 9.73 -1.29 9.73 8.14 -0.86 9.01 Earnings per share basic/diluted (SEK) 4.01 -0.26 4.27 9.72 -1.29 9.72 8.14 -0.86 9.00 Earnings per share based on number of shares outstanding (SEK) 4.01 -0.26 4.27 9.97 -1.32 9.97 8.29 -0.88 9.17
Page 22
Year-end report 2025/26 22 Consolidated statement of financial position in summary 30 Jun 2026 30 Jun 2025 SEK m IFRS 16 effect Excl. IFRS 16 IFRS 16 effect Excl. IFRS 16 ASSETS Intangible non-current assets 8,818 - 8,818 7,767 - 7,767 Buildings 1,580 - 1,580 1,173 - 1,173 Right-of-use assets 11,475 11,272 203 9,981 9,763 217 Other property, plant, and equipment 1,146 - 1,146 1,086 - 1,086 Other non-current assets 157 73 84 177 52 125 Total non-current assets 23,177 11,346 11,832 20,184 9,815 10,369 Current receivables 1,313 -359 1,672 1,055 -344 1,398 Cash and cash equivalents 948 - 948 777 - 777 Total current assets 2,261 -359 2,620 1,831 -344 2,175 TOTAL ASSETS 25,438 10,987 14,451 22,015 9,471 12,543 EQUITY AND LIABILITIES Total equity 7,018 -719 7,737 6,626 -592 7,218 Non-current liabilities to credit institutions 1,416 - 1,416 1,183 - 1,183 Long-term lease liabilities 10,548 10,464 84 9,012 8,916 96 Provisions and other non-current liabilities 245 -192 436 319 -175 493 Total non-current liabilities 12,208 10,272 1,935 10,513 8,741 1,772 Current interest-bearing liabilities 1,240 - 1,240 315 - 315 Short-term lease liabilities 1,696 1,570 127 1,593 1,463 131 Other current liabilities 3,275 -137 3,412 2,967 -141 3,108 Total current liabilities 6,212 1,433 4,779 4,876 1,322 3,554 TOTAL EQUITY AND LIABILITIES 25,438 10,987 14,451 22,015 9,472 12,543 Consolidated cash flow statement Fourth quarter 25/26 Full year 25/26 SEK m IFRS 16 effect Excl. IFRS 16 IFRS 16 effect Excl. IFRS 16 Operating profit/loss (EBIT) 666 137 529 1,947 491 1,456 Depreciation/amortisation 626 485 141 2,410 1,868 543 Adjustment for other non-cash items -3 - -3 -44 - -44 Tax paid -39 - -39 -321 - -321 Cash flow from operating activities before changes in working capital 1,250 622 628 3,993 2,359 1,634 Cash flow from changes in working capital -132 58 -190 -63 15 -78 Cash flow from operating activities 1,118 681 438 3,930 2,374 1,556 Cash flow from investing activities -572 - -572 -1,429 - -1,429 Cash flow from financing activities -348 -681 333 -2,339 -2,374 35 CASH FLOW FOR THE PERIOD 199 0 199 162 0 162
Page 23
Year-end report 2025/26 23 NOTE 3: NET SALES Fourth quarter Full year SEK m 2025/26 2024/25 2025/26 2024/25 Education-related income 5,456 4,965 19,614 18,442 State subsidies 99 86 436 346 Products 27 22 103 92 Other income 76 45 206 141 Net Sales 5,658 5,118 20,360 19,021 Education-related income consists of school vouchers and participant fees. Tuition fees are recognised as net sales and allocated in line with the degree of completion over the period during which the education is provided, including time for planning and grading of student learning. Net sales for preschool operations are recognised based on the same fundamental principles. Net sales for services sold is recognised upon delivery to students. Net sales in the adult education operation are based on the same fundamental principles but also considers the empirical estimate of the number of participants not completing the programme started, as well as estimates of compensation received based on the number of participants completing the programme. State subsidies include State subsidies for the primary school initiative, smaller classes, skills development and before and after school care initiatives. State subsidies are recognised at fair value in the case that there is reasonable certainty that they will be received and that AcadeMedia will meet the conditions attached to the grant. Subsidies received to cover costs are recognised as an expense reduction for the relevant expense item, for example teacher salary premiums, head teacher premiums and other salary subsidies. Products comprise products and services for the education market. Other income refers to income not directly related to education. NOTE 4: TRANSACTIONS WITH RELATED PARTIES Related party transactions are described in the Annual Report 2024/25. Transactions with related parties are conducted on an arm's length basis. There were no significant related party transactions during the quarter. NOTE 5: ACQUISITIONS Acquiring company Acquired company Acquisition date Segment AcadeMedia Education GmbH Docemus Privatschulen gGmbH 02-feb-26 Preschool & int Touhula Leikki Oy Sunshine Early Learning Centre Oy 02-feb-26 Preschool & int AcadeMedia Educational Services AS K2 Kompetanse AS 02-mar-26 Preschool & int AcadeMedia Nederland BV MAM's Kinderopvang BV 11-mar-26 Preschool & int AcadeMedia Nederland BV IVA Business School BV 15-apr-26 Preschool & int AcadeMedia Grundskolor AB ULNO AB 02-may-26 Comp.S AcadeMedia Grundskolor AB Rubato Utbildning AB 02-majy26 Comp.S AcadeMedia UK Ltd. Coish Properites Ltd 18-jun-26 Preschool & int The purchase price allocations are preliminary one year from the acquisition date. The acquisitions above represent a combined value of less than 5 percent of the Group. Voting rights amount to 100 percent. The purchase consideration was in the form of cash. Details of the net assets and goodwill acquired are given below. Goodwill attributed to company value exceeding net assets is not tax deductible whereas goodwill attributed to assets in asset-based acquisitions is tax deductible. No part of this years’ additional goodwill is tax deductible.
Page 24
Year-end report 2025/26 24 Acquisition effects of acquisitions made (SEK m) Adjustment Acquisitions Total Purchase consideration including transaction expenses and interest compensation 1,262 1,262 Purchase consideration excluding transaction expenses and including interest compensation 1,217 1,217 Valuation of earnout relating to acquisitions made in prior years 0 Fair value of acquired net assets excluding goodwill 14 -232 -218 Total goodwill 14 985 999 Fair values acquired (SEK m) Adjustment Acquisitions Total Intangible non-current assets 11 11 Property, plant, and equipment -17 397 380 Right-of-use assets 570 570 Financial non-current assets 5 5 Current assets 0 83 83 Cash and cash equivalents 213 213 Interest bearing liabilities 0 -197 -197 Interest bearing liabilities – IFRS 16 -570 -570 Non-interest-bearing liabilities 0 -255 -255 Current tax liability -2 -2 Deferred tax liability 3 -24 -21 Net assets acquired -14 232 218 Goodwill that has arisen in connection with acquisitions consists in part of synergies with existing businesses for example within recruitment, personnel development, and with service organisation, which can be streamlined as a result of the acquisitions, and in part of acquired resources which are not valued such as staff and the future sales development. The purchase price that affected the Group's cash and cash equivalents includes the settlement of an additional purchase price of SEK 52 million related to acquisitions during the previous financial year. Impact of the acquisitions on the Group’s cash and cash equivalents (SEK million) Adjustment Acquisitions Total Purchase consideration excluding transaction expenses and including interest 52 1,217 1,269 Less purchase consideration that has not been settled in cash as of period end -20 -20 Cash and cash equivalents at time of acquisition -213 -213 Impact on the Group’s cash and cash equivalents 52 984 1,036 Contribution of acquisitions to consolidated profit (SEK million) Acquisitions Total Net sales 315 315 Adjusted EBITA 10 10 Operating profit (EBIT) 3 3 If the units had been included in consolidated profit for the entire financial year the contribution would have been (SEK million) Acquisitions Total Net sales 1,382 1,382 Adjusted EBITA 115 115 Operating profit (EBIT) 109 109
Page 25
Year-end report 2025/26 25 NOTE 6: FINANCIAL INCOME AND EXPENSES Fourth quarter Full year SEK m 2025/26 2024/25 2025/26 2024/25 Financial income Interest income 3 5 6 17 Exchange rate gains 18 15 32 22 Other 2 - 2 - Interest income and similar items 23 20 40 39 Financial expenses Interest expense excl. lease liability -21 -18 -64 -86 Borrowing costs 1 -1 -3 -2 -4 Interest expense on the lease liability -173 -153 -669 -628 Exchange rate losses - - -24 -24 Other -2 -4 -10 -7 Interest expense and similar items -197 -177 -770 -749 Interest expense on the lease liability properties -170 -149 -656 -611 1 Acquisition costs for loans are expensed over the term of the loan. The financial expenses are somewhat higher than previous year, following increased property-related leasing liabilities as the operations grow and higher interest rates. NOTE 7: TAX EXPENSE The tax expense for the period amounted to SEK -262 (-221) million, corresponding to an effective tax rate of 21.5 percent (21.2). The increase in the effective tax rate compared with the same quarter last year was primarily due to geographical distribution. NOTE 8: FINANCIAL INSTRUMENTS AcadeMedia's financial instruments consist of accounts receivable, other receivables, accrued income, cash and cash equivalents, accounts payable, accrued expenses, interest-bearing liabilities, and deferred consideration. Since loans to credit institutions are at variable interest, which essentially are deemed to correspond to current market interest rates, the carrying amount excluding loan expenses is considered to correspond to fair value. Other financial assets and liabilities have short terms. It is therefore deemed that the fair values of all the financial instruments are approximately equal to their carrying amounts. NOTE 9: RENTAL COMMITMENTS In addition to the lease agreements reported in the balance sheet, AcadeMedia has entered into lease agreements that have not yet entered into force. The total nominal commitment for these contracts amounts to SEK 3,440 million as of 31 June 2026 (1,642 as of 30 June 2025). SEK 1,400 million of the total commitment is attributable to the German preschool operations. Approximately SEK 1,150 million of this is expected to be reimbursed by the municipalities as part of the statutory reimbursement model.
Page 26
Year-end report 2025/26 26 Parent company – financial reports Parent company income statement in summary Fourth quarter Full year SEK m 2025/26 2024/25 2025/26 2024/25 Net sales 4 1 26 23 Operating expenses -10 -12 -40 -39 OPERATING PROFIT -6 -11 -14 -17 Interest income and similar items 36 40 143 196 Interest expense and similar items -32 -40 -125 -199 Net financial items 4 0 17 -2 Appropriations 30 40 30 40 PROFIT BEFORE TAX 28 29 34 21 Tax -6 -6 -7 -4 PROFIT FOR THE PERIOD 22 23 27 17 Parent company other comprehensive income Fourth quarter Full year SEK m 2025/26 2024/25 2025/26 2024/25 Profit/loss for the period 22 23 27 17 Other comprehensive income for the period - - - - COMPREHENSIVE INCOME FOR THE PERIOD 22 23 27 17 Parent company balance sheet in summary SEK m 30 Jun 2026 30 Jun 2025 ASSETS Participations in Group companies 3,263 3,261 Deferred tax assets - - Total non-current assets 3,263 3,261 Current receivables 6,082 5,521 Cash and cash equivalents - 58 Total current assets 6,082 5,578 TOTAL ASSETS 9,345 8,840 EQUITY AND LIABILITIES Restricted equity 110 109 Non-restricted equity 714 1,289 Total equity 823 1,398 Non-current liabilities - - Current liabilities 8,521 7,442 TOTAL EQUITY AND LIABILITIES 9,345 8,840 Parent company statement of changes in equity Jul -Jun Jul -Jun SEK m 2025/26 2024/25 Opening balance 1,398 1,815 Profit for the period 27 17 Other comprehensive income for the period - - Total profit for the period 27 17 Dividend -223 -178 Share redemption programme -380 -282 Other transactions with owners1 2 25 Closing balance 823 1,398 1 Transactions with owners during the current year amounted to SEK 1.8 million and included proceeds from issued warrants of SEK 0.7 million as well as a share matching program of SEK 1.1 million. Transactions with owners during the previous year amounted to SEK 23.5 million and included proceeds from issued warrants of SEK 23.6 million as well as a share matching program of SEK -0.1 million .
Page 27
Year-end report 2025/26 27 Multi-year review SEK m, unless otherwise stated Fourth quarter Full year 2025/26 2024/25 2025/26 2024/25 2023/24 2022/23 2021/22 2020/21 PROFIT/LOSS ITEMS Net sales 5,658 5,118 20,360 19,021 17,332 15,539 14,339 13,340 Items affecting comparability -15 -13 -31 -27 -17 -45 -64 -7 EBITDA 1,292 1,167 4,358 4,105 3,649 3,194 2,980 2,754 Depreciation/impairment of tangible assets -618 -581 -2,381 -2,319 -2,130 -1,902 -1,739 -1,567 EBITA 674 586 1,976 1,786 1,519 1,292 1,241 1,187 Amortisation/impairment of intangible assets -8 -8 -29 -34 -29 -22 -16 -14 EBIT 666 578 1,947 1,752 1,490 1,270 1,224 1,174 Net financial items -173 -157 -730 -710 -665 -511 -441 -402 Profit/loss for the period before tax 493 421 1,217 1,042 825 759 784 772 Profit/loss for the period after tax 385 321 955 821 632 578 605 599 BALANCE SHEET ITEMS Non-current assets 23,177 20,184 23,177 20,184 20,430 18,111 17,024 15,773 Current receivables and inventories 1,313 1,055 1,313 1,055 964 840 704 662 Cash and cash equivalents 948 777 948 777 1,316 967 1,137 966 Non-current interest-bearing liabilities 1,416 1,188 1,416 1,188 1,666 1,430 747 1,850 Long-term lease liabilities 10,548 9,012 10,548 9,012 9,408 8,203 7,464 6,495 Non-current non-interest-bearing liabilities 245 314 245 314 384 175 187 162 Current interest-bearing liabilities 1,240 315 1,240 315 446 167 1,207 195 Short-term lease liabilities 1,696 1,593 1,696 1,593 1,574 1,309 1,180 1,077 Current non-interest-bearing liabilities 3,275 2,967 3,275 2,967 2,967 2,501 2,323 2,319 Equity 7,018 6,626 7,018 6,626 6,265 6,134 5,758 5,305 Total assets 25,438 22,015 25,438 22,015 22,709 19,918 18,864 17,401 Capital employed 10,603 8,947 10,603 8,947 9,105 8,322 8,181 7,705 Net debt including IFRS 16 13,952 11,332 13,952 11,332 11,778 10,142 9,460 8,650 Net debt, excluding IFRS 16 1,918 953 1,918 953 1,020 825 987 1,222 Property adjusted net debt, excl IFRS 16 1,053 324 1,053 324 327 97 237 526 KEY RATIOS Net sales 5,658 5,118 20,360 19,021 17,332 15,539 14,339 13,340 Organic growth incl. Bolt-on acquisitions, % 6.0% 5.6% 5.8% 5.8% 7.3% 6.0% 5.2% 8.1% Acquired growth, larger acquisitions, % 4.1% 1.1% 2.1% 4.7% 4.4% 1.9% 1.6% 1.6% Change in currency, % 0.4% -1.3% -0.8% -0.7% -0.1% 0.5% 0.8% -1.1% Operating margin (EBIT), % 11.8% 11.3% 9.6% 9.2% 8.6% 8.2% 8.5% 8.8% Adjusted EBIT 544 467 1,487 1,281 1,097 964 1,001 939 Adjusted EBIT margin, % 9.6% 9.1% 7.3% 6.7% 6.3% 6.2% 7.0% 7.0% Adjusted EBITA 552 475 1,516 1,315 1,127 987 1,017 952 Adjusted EBITA margin, % 9.8% 9.3% 7.4% 6.9% 6.5% 6.4% 7.1% 7.1% Adjusted EBITDA 685 598 2,030 1,802 1,600 1,422 1,398 1,295 Adjusted EBITDA margin, % 12.1% 11.7% 10.0% 9.5% 9.2% 9.2% 9.7% 9.7% Return on capital employed, %, (12 months) 15.3% 14.4% 15.3% 14.4% 12.8% 11.8% 12.6% 12.6% Return on equity, % (12 months) 14.5% 13.0% 14.5% 13.0% 11.1% 10.7% 12.0% 13.3% Equity/assets ratio, %, incl IFRS 16 27.6% 30.1% 27.6% 30.1% 27.6% 30.8% 30.5% 30.5% Equity/assets ratio, %, excl IFRS 16 53.5% 57.5% 53.5% 57.5% 53.0% 57.9% 55.3% 53.3% Interest coverage ratio, times 19.6 12.8 19.6 12.8 10.5 15.6 31.6 27.9 Net debt/Adjusted EBITDA (12 m) incl IFRS 16 3.2 2.7 3.2 2.7 3.2 3.1 3.1 3.1 Net debt/Adjusted EBITDA (12 m) 0.9 0.5 0.9 0.5 0.6 0.6 0.7 0.9 Debt ratio, incl IFRS 16 57.0% 53.4% 57.0% 53.4% 55.1% 53.5% 53.4% 52.6% Debt ratio, excl. IFRS 16 14.2% 8.1% 14.2% 8.1% 8.9% 8.0% 10.1% 13.0% Free cash flow 354 532 1,266 1,109 1,124 792 922 1,117 Cash flow from investing activities -572 -276 -1,429 -678 -871 -481 -536 -437 Number of full-time employees* 18,726 17,427 17,745 16,812 15,428 14,459 13,829 13,360 *Preliminary figures for the current quarter
Page 28
Year-end report 2025/26 28 Quarterly data, Group Quarterly data 2025/26 2024/25 SEK m, unless otherwise stated Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net sales 5,658 5,371 5.231 4.101 5.118 5.037 5.025 3,842 EBITDA 1,292 1,163 1.040 863 1.167 1.083 1.006 849 Depreciation and amortisation -626 -624 -590 -571 -589 -583 -604 -577 Operating income (EBIT) 666 539 450 292 578 499 402 272 Total financial items -173 -171 -200 -186 -157 -195 -179 -179 Income before taxes 493 368 250 106 421 304 223 93 Tax for the current period -108 -78 -51 -25 -101 -63 -45 -13 Profit/loss for the period 385 290 199 82 321 241 179 80 Number of children/students, schools 119,430 115,393 113.176 113.083 113.530 111.603 110.744 109,281 Number of full-time employees* 18,726 17,366 17.162 16.918 17.427 16.676 16.604 16,198 Number of education units 792 781 749 749 757 729 728 724 Key ratios Operating margin (EBIT), % 11.8% 10.0% 8.6% 7.1% 11.3% 9.9% 8.0% 7.1% Adjusted EBIT 544 430 338 175 467 377 280 157 Adjusted EBIT, % 9.6% 8.0% 6.5% 4.3% 9.1% 7.5% 5.6% 4.1% Adjusted EBITA 552 438 345 182 475 386 289 166 Adjusted EBITA, % 9.8% 8.2% 6.6% 4.4% 9.3% 7.7% 5.8% 4.3% Adjusted EBITDA 685 570 474 302 598 510 415 280 Adjusted EBITDA, % 12.1% 10.6% 9.1% 7.4% 11.7% 10.1% 8.3% 7.3% Net margin, % 6.8% 5.4% 3.8% 2.0% 6.3% 4.8% 3.6% 2.1% Return on equity, % (12 months) 1 14.5% 14.3% 13.1% 12.8% 13.0% 12.7% 12.5% 11.3% Return on capital employed, % (12 Months) 1 15.3% 15.0% 15.2% 14.0% 14.4% 13.6% 13.4% 12.3% Equity/assets ratio, %1 53.5% 53.6% 58.5% 56.1% 57.5% 54.5% 53.6% 52.8% Net debt/Adjusted EBITDA (12 months) 1 0.9 0.9 0.4 0.7 0.5 0.7 0.6 0.9 Interest coverage ratio1 19.6 18.9 16.2 13.8 12.8 10.9 10.3 10.2 Other Items affect comparability -15 -3 -13 - -13 -16 2 - Free cash flow 354 288 735 -111 532 186 615 -225 Cash flow from operating activities 438 337 803 -22 598 236 691 -128 Cash flow from investing activities -572 -623 -139 -95 -276 -127 -105 -170 1 Net debt/EBITDA and interest coverage ratio, as well as equity ratio, return on equity and return on capital employed, are key performance in dicators in AcadeMedia’s operations and, from 1 July 2019, are calculated adjusted for the effect of IFRS 16 Leases in order to reflect a measure comp arable with the KPIs of previous periods. *Preliminary figures for the current quarter
Page 29
Year-end report 2025/26 29 Quarterly data, segment SEK m, unless otherwise stated 2025/26 2024/25 Preschool and International (SE, NO, DE, NL, FL) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Number of children/students (average) 40,873 39,415 36,852 36,371 37,797 35,404 34,233 33,683 Net sales 2,276 2,081 1,933 1,583 1,962 1,871 1,825 1,452 of which Sweden 392 387 375 283 393 386 371 278 of which Norway 771 689 643 491 650 657 629 475 of which Finland 329 318 302 227 318 318 307 228 of which Germany 587 553 498 479 483 442 454 419 of which Netherlands 197 134 116 104 117 67 65 53 EBITDA 251 201 148 33 189 149 104 25 EBITDA margin, % 11.0% 9.7% 7.7% 2.1% 9.6% 8.0% 5.7% 1.7% Depreciation/impairment of tangible assets -38 -35 -32 -32 -30 -29 -31 -32 Amortisation/impairment of intangible assets -3 -3 -3 -3 -4 -4 -4 -4 Depreciation of right-of-use assets -0 -0 -0 -0 -0 -0 -0 -0 EBITA 213 166 115 0 159 119 72 -7 EBITA margin, % 9.4% 8.0% 5.9% - 8.2% 6.4% 4.0% -0.4% Operating profit/loss (EBIT) 209 163 112 -3 156 115 68 -11 EBIT margin, % 9.2% 7.8% 5.8% -0.2% 8.0% 6.1% 3.7% -0.8% Items affecting comparability -4 -3 - - -13 -6 - - Adjusted EBITA 216 169 115 0 173 125 72 -7 Adjusted EBITA margin, % 9.5% 8.1% 5.9% - 8.8% 6.7% 3.9% -0.5% Adjusted EBIT 213 166 112 -3 169 121 68 -11 Adjusted EBIT margin, % 9.4% 8.0% 5.8% -0.2% 8.6% 6.5% 3.7% -0.8% Number of preschool units 515 514 482 482 484 456 454 450 SEK m, unless otherwise stated 2025/26 2024/25 Compulsory School (Sweden) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Number of children/students (average) 33,353 30,357 30,236 30,236 30,795 30,796 30,648 29,486 Net sales 1,351 1,221 1,228 904 1,197 1,181 1,193 860 EBITDA 157 127 119 77 141 102 105 67 EBITDA margin, % 11.6% 10.4% 9.7% 8.5% 11.8% 8.6% 8.8% 7.8% Depreciation/impairment of tangible assets -23 -21 -21 -21 -21 -20 -19 -18 Amortisation/impairment of intangible assets -0 -0 -0 -0 -0 -0 -0 -0 Depreciation of right-of-use assets -10 -10 -11 -7 -6 -6 -6 -5 EBITA 124 96 88 49 114 76 80 44 EBITA margin, % 9.2% 7.9% 7.2% 5.4% 9.5% 6.4% 6.7% 5.1% Operating profit/loss (EBIT) 123 96 88 49 114 76 80 44 EBIT margin, % 9.1% 7.9% 7.2% 5.4% 9.5% 6.4% 6.7% 5.1% Items affecting comparability -5 0 -0 - - -10 2 - Adjusted EBITA 129 96 88 49 114 86 77 44 Adjusted EBITA margin, % 9.5% 7.9% 7.2% 5.4% 9.5% 7.3% 6.5% 5.1% Adjusted EBIT 128 96 88 49 114 85 77 44 Adjusted EBIT margin, % 9.5% 7.9% 7.2% 5.4% 9.5% 7.2% 6.5% 5.1% Number of education units 132 122 122 122 126 126 126 126
Page 30
Year-end report 2025/26 30 SEK m, unless otherwise stated 2025/26 2024/25 Upper Secondary School (Sweden) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Number of children/students (average) 45,205 45,620 46,088 46,476 44,938 45,403 45,863 46,112 Net sales 1,552 1,572 1,569 1,193 1,505 1,519 1,515 1,139 EBITDA 255 190 162 121 246 205 174 125 EBITDA margin, % 16.4% 12.1% 10.3% 10.1% 16.3% 13.5% 11.5% 11.0% Depreciation/impairment of tangible assets -28 -28 -28 -27 -28 -28 -27 -26 Amortisation/impairment of intangible assets -1 -1 -1 -1 -1 -1 -1 -1 Depreciation of right-of-use assets -30 -34 -34 -29 -34 -38 -38 -29 EBITA 197 127 101 65 185 139 109 70 EBITA margin, % 12.7% 8.1% 6.4% 5.4% 12.3% 9.2% 7.2% 6.1% Operating profit/loss (EBIT) 196 126 99 64 184 138 107 68 EBIT margin, % 12.6% 8.0% 6.3% 5.4% 12.2% 9.1% 7.1% 6.0% Items affecting comparability - - -13 - - - - - Adjusted EBITA 197 127 114 65 185 139 109 70 Adjusted EBITA margin, % 12.7% 8.1% 7.3% 5.4% 12.3% 9.2% 7.2% 6.1% Adjusted EBIT 196 126 113 64 184 138 107 68 Adjusted EBIT margin, % 12.6% 8.0% 7.2% 5.4% 12.2% 9.1% 7.1% 6.0% Number of education units 145 145 145 145 147 147 148 148 SEK m, unless otherwise stated 2025/26 2024/25 Adult Education (Sweden) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net sales 478 495 501 421 454 465 492 391 EBITDA 50 70 70 83 40 58 67 74 EBITDA margin, % 10.5% 14.1% 14.0% 19.7% 8.8% 12.5% 13.6% 18.9% Depreciation/impairment of tangible assets -2 -2 -3 -3 -3 -2 -3 -3 Amortisation/impairment of intangible assets -3 -3 -2 -2 -3 -3 -3 -3 Depreciation of right-of-use assets -0 -0 -0 -0 -0 -0 -0 -0 EBITA 47 67 67 79 37 56 63 70 EBITA margin, % 9.8% 13.5% 13.4% 18.8% 7.9% 11.8% 12.6% 17.6% Operating profit/loss (EBIT) 44 64 64 77 34 53 60 67 EBIT margin, % 9.2% 12.9% 12.8% 18.3% 7.5% 11.4% 12.2% 17.1% Items affecting comparability - - - - -0 - - -0 Adjusted EBITA 47 67 67 79 37 56 63 70 Adjusted EBITA margin, % 9.8% 13.5% 13.4% 18.8% 8.1% 12.0% 12.8% 17.9% Adjusted EBIT 44 64 64 77 34 53 60 67 Adjusted EBIT margin, % 9.2% 12.9% 12.8% 18.3% 7.5% 11.4% 12.2% 17.1%
Page 31
Year-end report 2025/26 31 SEK m, unless otherwise stated 2025/26 2024/25 Group-OH and adjustments Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net sales 0 0 0 0 0 1 0 0 EBITDA 579 574 541 550 550 569 557 558 Depreciation -485 -485 -454 -445 -459 -451 -470 -454 EBITA 94 90 86 105 91 117 87 103 Operating profit/loss (EBIT) 94 90 86 105 91 117 87 103 Items affecting comparability -7 - - - - - - - Adjusted EBITA -37 -22 -38 -12 -33 -21 -33 -12 Adjusted operating profit/loss (EBIT) -37 -22 -38 -12 -33 -21 -33 -12 SEK m, unless otherwise stated 2025/26 2024/25 Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Number of children/students (average) 119,430 115,393 113,176 113,083 113,530 111,603 110,744 109,281 Net sales 5,658 5,371 5,231 4,101 5,118 5,037 5,025 3,842 EBITDA 1,292 1,163 1,040 863 1,167 1,083 1,006 849 EBITDA margin, % 22.8% 21.7% 19.9% 21.0% 22.8% 21.5% 20.0% 22.1% Depreciation/impairment of tangible assets -92 -87 -83 -83 -82 -80 -81 -79 Amortisation/impairment of intangible assets -8 -7 -7 -7 -8 -9 -9 -9 Depreciation of right-of-use assets -526 -530 -499 -481 -499 -495 -514 -489 EBITA 674 546 457 299 586 508 411 281 EBITA margin, % 11.9% 10.2% 8.7% 7.3% 11.4% 10.1% 8.2% 7.3% Operating profit/loss (EBIT) 666 539 450 292 578 499 402 272 EBIT margin, % 11.8% 10.0% 8.6% 7.1% 11.3% 9.9% 8.0% 7.1% Items affecting comparability -15 -3 -13 - -13 -16 2 - Effect of IFRS 16 on operating profit 137 112 125 117 124 139 120 115 Adjusted EBITA 552 438 345 182 475 386 289 166 Adjusted EBITA margin, % 9.8% 8.2% 6.6% 4.4% 9.3% 7.7% 5.8% 4.3% Adjusted EBIT 544 430 338 175 467 377 280 157 Adjusted EBIT margin, % 9.6% 8.0% 6.5% 4.3% 9.1% 7.5% 5.6% 4.1% Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net financial items -173 -171 -200 -186 -157 -195 -179 -179 Profit/loss after financial items 493 368 250 106 421 304 223 93 Tax -108 -78 -51 -25 -101 -63 -45 -13 Profit/loss for the period 385 290 199 82 321 241 179 80 Number of full-time employees (period)* 18,726 17,180 17,162 16,918 17,427 16,676 16,604 16,198 Number of units 792 779 749 749 757 729 728 724 *Preliminary figures for the current quarter
Page 32
Year-end report 2025/26 32 Reconciliation of alternative key performance indicators The table below presents the data from which the alternative key performance indicators used in the report are calculated. See definitions for more information. SEK m, unless otherwise stated Fourth quarter Full year 2025/26 2024/25 2025/26 2024/25 2023/24 2022/23 2021/22 2020/21 Adjusted EBIT Operating profit (EBIT) 666 578 1,947 1,752 1,490 1,270 1,224 1,174 - Items affecting comparability 15 13 31 -27 -17 -45 -64 -7 - IFRS 16 impact -137 -124 -491 -498 -410 -350 -288 -243 = Adjusted EBIT 544 467 1,487 1,281 1,097 964 1,001 939 Adjusted EBIT margin Adjusted EBIT 544 467 1,487 1,281 1,097 964 1,001 939 Divided by /Net sales 5,658 5,118 20,360 19,021 17,332 15,539 14,339 13,340 = Adjusted EBIT margin 9.6% 9.1% 7.3% 6.7% 6.3% 6.2% 7.0% 7.0% Adjusted EBITA Adjusted EBIT 544 467 1,487 1,281 1,097 964 1,001 939 Depreciation and impairment of intangible assets 8 8 29 -34 -29 -22 -16 -14 = Adjusted EBITA 552 475 1,516 1,315 1,127 987 1,017 952 Adjusted EBITA margin Adjusted EBITA 552 475 1,516 1,315 1,127 987 1,017 952 Divided by /Net sales 5,658 5,118 20,360 19,021 17,332 15,539 14,339 13,340 = Adjusted EBITA margin 9.8% 9.3% 7.4% 6.9% 6.5% 6.4% 7.1% 7.1% Adjusted EBITDA Adjusted EBIT 544 467 1,487 1,281 1,097 964 1,001 939 - Depreciation excluding depreciation relating to property rental agreements 141 130 543 -521 -503 -458 -398 -357 = Adjusted EBITDA 685 598 2,030 1,802 1,600 1,422 1,398 1,295 Net debt Non-current interest-bearing liabilities 11,963 10,199 11,963 10,199 11,073 9,633 8,211 8,344 + Current interest-bearing liabilities 2,936 1,909 2,936 1,909 2,020 1,476 2,386 1,272 - Interest-bearing receivables - - - - - - - - - Cash and cash equivalents 948 777 948 777 1,316 967 1,137 966 = Net debt including IFRS 16 13,952 11,332 13,952 11,332 11,778 10,142 9,460 8,650 - IFRS 16 Non-current and current lease liabilities 12,033 10,379 12,033 10,379 10,758 9,317 8,474 7,428 = Net debt excluding IFRS 16 1,918 953 1,918 953 1,020 825 987 1,222 Property-adjusted net debt Net debt (as described above) 1,918 953 1,918 953 1,020 825 987 1,222 - non-current property loans 824 609 824 609 663 698 722 671 - current property loans 41 21 41 21 30 30 28 25 = Property adjusted net debt excluding IFRS 16 1,053 324 1,053 324 327 97 237 526 Return on capital employed %, 12 months Adjusted EBIT 1,487 1,281 1,487 1,281 1,097 964 1,001 939 + Interest income 6 17 6 17 22 9 1 0 divided by Average equity 6,822 6,445 6,822 6,445 6,199 5,946 5,531 5,047 + average non-current interest-bearing liabilities 11,081 10,636 11,081 10,636 10,353 8,922 8,277 8,302 + average current interest-bearing liabilities 2,423 1,964 2,423 1,964 1,748 1,931 1,829 1,276 - IFRS 16 average equity -655 -548 -655 -548 -451 -349 -256 -165 - IFRS 16 average non-current and current lease liabilities 11,206 10,568 11,206 10,568 10,038 8,896 7,951 7,321 = Return on capital employed excluding IFRS 16, % 15.3% 14.4% 15.3% 14.4% 12.8% 11.8% 12.6% 12.6%
Page 33
Year-end report 2025/26 33 Return on equity %, 12 months Profit/loss after tax 955 821 955 821 632 578 605 599 - IFRS 16 profit/loss after tax -127 -87 -127 -87 -108 -97 -88 -95 divided by Average equity 6,822 6,445 6,822 6,445 6,199 5,946 5,531 5,047 - IFRS 16 average equity -655 -548 -655 -548 -451 -349 -256 -165 = Return on equity, % 12 months 14.5% 13.0% 14.5% 13.0% 11.1% 10.7% 12.0% 13.3% Debt ratio, incl IFRS 16 Net debt incl IFRS 16 13,952 11,332 13,952 11,332 11,778 10,142 9,460 8,650 divided by Total assets 25,438 22,015 25,438 22,015 22,709 19,918 18,864 17,401 -cash and cash equivalents 948 777 948 777 1,316 967 1,137 966 =Debt ratio incl IFRS 16 57.0% 53.4% 57.0% 53.4% 55.1% 53.5% 53.4% 52.6% SEK m, unless otherwise stated Fourth,quarter ,Full,year 2025/26 2024/25 2025/26 2024/25 2023/24 2022/23 2021/22 2020/21 Debt ratio, excl IFRS 16 Net debt excl IFRS 16 1,918 953 1,918 953 1,020 825 987 1,222 divided by Total assets 14,451 12,543 14,451 12 543 12,761 11,289 10,951 10,353 -cash and cash equivalents 948 777 948 777 1,316 967 1,137 966 =Debt ratio excl IFRS 16 14.2% 8.1% 14.2% 8,1% 8.9% 8.0% 10.1% 13.0% 2025/26 2024/25 SEK m., unless otherwise stated Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Interest coverage ratio Adjusted operating profit EBIT (12 months) 1,487 1,411 1,358 1,299 1,281 1,229 1,179 1,103 + Interest income (12 months) 6 8 10 13 17 20 23 24 + Other financial income (12 months) 34 29 15 22 22 6 25 18 divided by Interest expense (12 months) -734 -711 -702 -711 -715 -732 -729 -694 - Interest expense (12 months) IFRS 16 1 -656 -634 -617 -614 -611 -617 -610 -582 = Interest coverage ratio (excl. IFRS 16) 19.6 18.9 16.2 13.8 12.8 10.9 10.3 10.2 1 Amounts relate to adjustments and reclassifications made to reverse the adjustments associated with implementation of the acc ounting standard, IFRS 16 Leases, to reflect an accounting practice applied in previous accounting periods (IAS 17).
Page 34
Year-end report 2025/26 34 Definitions of key performance indicators Implementation of IFRS16 has a major impact on AcadeMedia in that all leases must be capitalised as lease assets and liabilities, respectively. Several important key performance indicators have the same definition as previously and are not affected by IFRS 16. KPIs Definition Purpose1 Number of children/students Average number of children/students enrolled during the specified period. Adult education participants are not included in the Group's total figures for number of children/students. The number of children/students is the most important driver for revenue. Number of education units Refers to the number of preschools, compulsory schools and/or upper secondary schools operating in the period. Integrated units where preschools and compulsory schools are combined are counted as two units as they each hold their own permit. The number of education units indicates how the Company grows over time through new establishments and acquisitions minus discontinued units. Number of full- time employees Average number of full-time employees during the period, full-time equivalent (FTE). The number of employees is the main cost driver for the Company. Return on equity2 Profit/loss for the most recent 12-month period according to IAS 17 i.e., excluding the effects of the implementation of IFRS16, divided by average equity applying IAS 17 (opening balance + closing balance)/2. Return on equity is a profitability measure used to set profit (loss) in relation to shareholders’ paid-in and earned capital. Return on capital employed2 Adjusted operating profit/loss (EBIT) for the most recent 12 -month period plus interest income, divided by average capital. Adjusted return on capital employed is used to set adjusted operating profit/loss in relation to total tied up capital regardless of type of financing. EBITDA Operating profit/loss before depreciation/amortisation and impairment of non-current assets and right-of-use assets. This KPI is only used for monitoring the segments which accounts for leasing of properties in accordance with IAS 17. EBITDA is used to measure profit (loss) from operating activities, regardless of depreciation/amortisation. EBITDA margin EBITDA as a percentage of net sales. EBITDA margin is used to set EBITDA in relation to sales. Equity excl. IFRS162 Equity according to IAS 17 i.e., excluding the effects of the implementation of IFRS16. Equity excluding IFRS16 is used to be able to calculate return on equity consistently. Net financial items Financial income less financial expenses. The measure Net financial items is used to illustrate the outcome of the Company’s financial activities. Free cash flow2 Cash flow from operating activities and changes in working capital inclusive of property lease payments less investments in operating activities. Investments in operating activities relate to all investments in property, plant and equipment and intangible assets except buildings and acquisitions. This measure shows how much cash flow the business generates after the necessary investments have been made. This cash flow can be used for purposes such as expansion, amortisation, or dividends. Acquired growth Increase of net sales due to larger acquisitions during the last 12 months. Indicates growth generated from acquisitions in contrast to organic growth and currency effects. Adjusted EBITDA2 Operating profit/loss according to the previous standard IAS 17 i.e., excluding the effects of IFRS16 and before amortisation/depreciation of intangible assets and property, plant, and equipment, and excluding items affecting comparability. Adjusted EBITDA is used to measure underlying profit from operating activities, excluding depreciation/amortisation and items affecting comparability. Adjusted EBITDA margin2 Adjusted EBITDA as a percentage of net sales. Adjusted EBIT margin sets underlying operating profit excluding amortisation in relation to sales. Adjusted net debt2 Net debt less real estate-related Adjusted net debt shows the portion of loans that finance the business, while property loans are linked to a building asset that can be separated off and sold. Adjusted net debt/Adjusted EBITDA2 Adjusted net debt divided by adjusted EBITDA for the past 12 months Net debt/adjusted EBITDA is a theoretical measure of how many years it would take, with current earnings (adjusted EBITDA), to pay off the Company's liabilities, including property-related loans. It shows the loan-to- value ratio of the business excluding real assets such as real estate. Adjusted EBITA² Adjusted EBITA excluding amortisation and impairment of intangible assets and items affecting comparability, calculated excluding IFRS 16 effects. In other words, the measure includes lease expenses. The measure is used to provide a fair representation of the underlying operational profitability and to enable comparisons over time and between periods, independent of leasing effects and non-recurring items. Adjusted EBITA margin² Adjusted EBITA as a percentage of net sales. The adjusted EBITA margin relates the underlying operating profit before amortisation to net sales. Adjusted EBIT2 Operating profit/loss (EBIT) according to the previous standard IAS 17 i.e., excluding the effects of the implementation of IFRS 16, adjusted for items affecting comparability. Adjusted EBIT is used to get a better picture of the underlying operating profit. Adjusted EBIT margin2 Adjusted EBIT as a percentage of net sales. Adjusted EBIT margin sets underlying operating profit in relation to sales. Items affecting comparability Items affecting comparability are income and cost of an irregular nature such as larger (>SEK 5 million) retroactive income related to prior financial years, to property-related items such as capital gains, major property damage not covered by insurance, advisory costs relating to larger acquisitions or fundraising, major integration costs resulting from acquisitions or reorganisations according to plan, as well as costs arising from strategic decisions and major restructuring that result in closing units. Items affecting comparability are used to illustrate the profit/loss items that are not included in ongoing operating activities, to obtain a clearer picture of the underlying profit trend.
Page 35
Year-end report 2025/26 35 Net debt2 Interest-bearing debt excluding property-related lease liabilities net of cash and cash equivalents and interest-bearing receivables. Net debt is used to illustrate the size of the debt less current cash and cash equivalents (which in theory could be used to repay loans). Net debt/ Adjusted EBITDA2 Net debt (closing balance for the period) divided by adjusted EBITDA for the past 12 months. . Net debt/EBITDA is a theoretical measure of how many years it would take, with current earnings (EBITDA), to pay off the Company's liabilities, including property- related loans. Organic growth incl. smaller bolt- on acquisitions Increase of net sales excluding larger acquisitions and changes in currency. The Company’s growth target is to increase net sales including smaller bolt-on acquisitions by 5-7 percent per year. The purpose of the key performance indicator is thus to follow up on this target. Employee turnover The average number of employees who left the company during the year, in relation to the average number of employees. (Number of permanent and probationary employees who quit) / (Average number of permanent and probationary employees) Calculated on an aggregated basis over the reporting period. Employee turnover is used to measure the proportion of employees who leave the company and who must be replaced every year. Earnings per share Profit/loss for the period in SEK, divided by the average number of shares outstanding, basic/diluted calculated according to IAS 33. The key performance indicator is affected by IFRS16 because net profit is affected by elimination of rent and the addition of amortisation and interest expense related to right-of-use assets. Earnings per share is used to clarify the amount of profit for the period to which each share is entitled. Interest coverage ratio2 Adjusted EBIT for the past 12 months plus financial income, in relation to interest expense excluding interest expense attributable to property -related leasing liabilities. Interest coverage ratio is used to measure the Company's ability to pay interest costs. Operating margin (EBIT margin) Operating profit/loss as a percentage of net sales. The operating margin shows the percentage of sales remaining after operating expenses, which can be allocated to other purposes. Operating profit/loss (EBIT) Operating profit/loss before net financial items and tax. Operating profit/loss (EBIT) is used to measure operating profit before financing and tax. Operating profit/loss (EBITA) Operating profit/loss before financial items, tax, and amortisation or impairment of intangible assets. EBITA is used to measure the operating result before financing and tax. Absence due to illness Short-term and long-term absence due to illness recalculated to full-time divided by the number of full-time employees (FTE). Calculated as an average over the reporting period. Absence due to illness is used to measure employee absence and provide indications as to employee health. Equity/assets ratio2 Equity according to IAS 17 i.e. excluding the effects of the implementation of IFRS16 in percent of total assets excluding property-related right of use assets. The equity/assets ratio shows the proportion of the Company's total assets financed by shareholders’ equity. A high equity/assets ratio is a measure of financial strength. Capital employed excl. IFRS162 Total assets, less non-interest-bearing current liabilities, provisions, and deferred tax liabilities adjusted for property-related lease liabilities. Or: Equity plus interest-bearing liabilities but excluding property-related lease liabilities. Capital employed indicates how much capital is needed to run the business regardless of type of financing (borrowed or equity). By excluding the IFRS16 effect, continuity can be achieved in the return figure. General All amounts in tables are in SEK million unless otherwise stated. All figures in parentheses () are comparative figures for t he same period in the previous year, unless otherwise stated. Totals of amounts in whole figures do not always match reported total s due to rounding. The reported total amounts are correct. 1According to ESMA guidelines on performance measures, each performance measure must be motivated. 2The key indicator was calculated applying IAS 17 i.e., excluding effects from implementing IFRS 16, as the implementation had a significant impact on assets and liabilities as well as items in the income statement. By excluding the IFRS 16 effects continuit y is achieved.