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1 Interim report presentation July 2026 – September 2026 Marcus Strömberg, CEO Petter Sylvan, CFO Q1 November 2, 2026
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2 A solid start to the new financial year • Net sales increased by 14.1 percent in the quarter and amounted to SEK 4,679 million (4 101). R12 Sales increased by 8.6 percent amounting to SEK 20,939 million (19,280). — Organic growth was 4.8 percent • Adj. EBITA amounted to SEK 215 million (182), representing a growth of 18.1 percent year-on-year. R12 Adj. EBITA increased by 16.4 percent, amounting to SEK 1 550 million (1332). • The Preschool and International Segment was the primary earnings growth driver, with additional positive contributions from Compulsory School and Adult Education. • Our early literacy initiatives continued to deliver strong results, with 93% of pupils able to read by the end of Grade 1, up from 90% last year. • Two acquisitions in the period: — Kinderopvang Kindernet, 40 preschools in the Netherlands — Florencius, 3 schools in the Netherlands • After the period, AcadeMedia completed the acquisition of Kids&Co with 34 preschools in Poland
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Early literacy outcomes 3 Reading in focus Activities, partnerships and continued investment promote language development, imagination and reading comprehension in preschools and schools. Photo: Innovitaskolan, Segeltorp 93% of AcadeMedia pupils can read by the end of Grade 1 June 2026 Reading attainment (%) 76% 83% 85% 90% 93% 0 25 50 75 100 March 23 March 24 March 25 June 25 June 26
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4 79 acquisitions since 2011/12 — 10 in two years - 39 in Sweden and 40 internationally Acquired growth 3 8 6 2 5 4 2018/19 6 59632 2017/182016/172015/162014/152013/142012/132011/12 5 5 7 2019/20 2020-21 2024/252021/22 2022/23 2023/24 2025/26 3 2026/27 10 acquisitions in the last twelve months THE 10 MOST RECENT ACQUISITIONS ACQUISITIONS BY FINANCIAL YEAR SELECTED EARLIER ACQUISITIONS
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Increased profit YoY - 18% CAGR EBITA development Adj. EBITA development 2007 – 2026/27 5 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 516 1 550 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 516 1 550 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 516 1 550 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 516 1 550 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 516 1 550 71 98 188 128 232 387 391 486 599 572 644 675 650 748 952 1 017 987 1 127 1 315 1 516 1 550 2007 2008 2009 2010 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 R12 Q1 26/27 18% Adj. EBITA MSEK SEK m
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On our way towards 50 percent international business and adult education 6 Net sales 1 4781 4781 4781 4781 4781 478 15,8% 2013/14 67,4% 16,0% 16,5% 2014/15 68,0% 15,9% 16,0% 2015/16 65,3% 16,6% 18,1% 2016/17 66,1% 15,4% 18,5% 2017/18 67,5% 19,9% 2018/19 67,2% 12,7% 20,1% 2019/20 67,1% 13,9% 19,0% 2020/21 67,4% 12,6% 20,0% 2021/22 66,4% 10,5% 23,1% 2022/23 63,2% 9,8% 27,0% 2023/24 60,7% 9,5% 29,9% 2024/25 59,1% 9,3% 31,6% 2025-26 58,3% 9,2% 80,2% Q1 R12 6 372 8 160 8 608 9 516 10 805 11 710 32,5% 13 335 14 334 15 534 17 331 19 021 20 359 20 938 12 268 Swedish preschools and schools Adult education International preschools and schools SEK m ~ 42 %
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Summary of Swedish Legislation on Independent Schools 7 The regulatory process in Sweden 1. The Profit Regulation (PR) 2. The Principle of Publicity (PP) 3. The School Voucher Inquiry (SVI) -2025 2026 2027 2028 3. SVI SVI: Deduction of 6% on school voucher for municipality supply responsibility PR: Government grants withdrawn in case of profit distributions Most of the restrictions proposed under the PR do not pose significant challenges for AcadeMedia PR, PP: Increased administration → likely increased consolidation → benefits larger players - 1. PR -Status/Timing -Where we are today - 2. PP Consultati on Round Draft Bill Review by the Council on Legislation Vote in Parliament Consultation Round Law in place, Jul 2027 Law in place, Jan 2027 Draft Bill Review by the Council on Legislation Vote in Parliament Draft Bill Review by the Council on Legislation Consultation Round Vote in Parliament
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Continued stable growth and improved Adj. EBITA Key figures Q1 2026/27 excluding effects of IFRS 16 (SEK m) 2026/27 2025/26 Change # of Students 121 436 113 083 7,4% Net sales 4 679 4 101 14,1% EBIT 200 175 14,3% EBIT-margin 4,3% 4,3% 0 p.p. Adj. EBITA 215 182 18,1% Adj. EBITA-margin 4,6% 4,4% 0,2 p.p. Earnings after tax 155 112 38,4% Earnings per share1, SEK 1,61 1,13 42,5% Free cash flow 195 -111 306 1) Earnings per share before dilution and based on average number of shares during the period. • Student numbers grew by 7,4 percent. • Net sales increased by 14.1 percent, organic growth was 4.8 percent, currency effect was 1.0 percent. • Adjusted EBITA was SEK 215 million (182). • Adjusted EBITA-margin was 4.6 percent (4.4). • The improvement in earnings was primarily driven by preschool and international operations, but also by the compulsory school and adult education segments. • Free cash flow of SEK 195 million (-111). 8 Highlights Q1
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Highlights Q1 Preschool & International leads EBITA growth 10 Change in adjusted EBITA by segment, Q1 2026/27 vs Q1 2025/26 (SEK m) Key Drivers +32 +14 +6 -3 -15 Preschool & International Compulsory School Adult Education Group Upper Secondary School Acquisitions and seasonally lower personnel costs School funding adjustment, acquisitions, vacation utilisation and deferred purchases Positive contributions from Higher Vocational Education and Labour Market Services Higher central costs Costs related to relocations to new premises and quality initiative costs
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12 month rolling figures Q1 2026/27 • 12 month rolling net sales continued to grow and amounts to SEK 20,939 million. • Rolling 12-month Adjusted EBITA of SEK 1,550 million, adjusted EBITA-margin was 7.4 percent. • Adjusted EBITA-margin within the target of 7-8 percent. • Continued solid free cash flow SEK 1,572 million. Continued growth with stable Adj. EBITA and margin 10 (SEK m) 2026/27 2025/26 Change Net sales 20,939 19,280 8.6% EBITA 2,027 1,805 12.3% Items affecting comparability -39 -27 44.4% Adjusted EBITA 1,550 1,332 16.4% Adjusted EBITA-margin 7.4% 6.9% 0.5 p.p. Earnings after tax 1,124 910 23.5% Free cash flow 1,572 1,222 28.7% Oct - Sep
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Segment reporting Q1 11
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Preschool & International Compulsory School Upper Secondary School Adult Education Age group 0-6 yrs 6-16 yrs 16-18 yrs 18+ yrs Geography # FTE* 8,986 4,457 3,828 1,153 Net sales split 39% 23% 29% 9% 4 business segments and presence in 7 countries We operate throughout the education chain *) 2025/26 12
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Preschool and International Segment Quarter results (SEK m) 2026/27 2025/26 Change Net sales 1,961 1,583 23.9% EBITA 24 0 - Items affecting comparability -8 - n.a. Adj. EBITA 32 0 - Adj. EBITA-margin 1,6% - 1.6 p.p. # of children 40,510 36,371 11.4% • The number of children increased by 11.4 percent driven by international expansion. • Net sales were SEK 1,961 million, positively affected by acquisitions. • Adjusted EBITA was SEK 32 million (0). The result was positively impacted by acquisitions and temporarily lower personnel costs due to increased vacation leave taken, as well as improved efficiency in Swedish preschools. • Adjusted EBITA-margin increased compared to last year, 1.6 percent (-). • During the period, two acquisitions were completed, which included a total of 43 new units. • The acquisition of the Polish preschool operator Kids&Co., which operates 34 units, was completed on October 1. Acquisitions and new openings continue to drive growth 13
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Compulsory School Segment • Number of children and students increased by 13.7 percent. • Net sales grew 17.8 percent. • Adjusted EBITA was SEK 63 million (49). • Adjusted EBITA-margin was 5.9 percent (5.4). • Student numbers, Net sales and Adjusted EBITA were positively impacted by the acquisition of the Prolympia school group. • Higher vacation uptake, resulting in lower personnel costs, and deferred material purchases also contributed positively to adjusted EBITA during the quarter. Continued stable sales and earnings growth boosted by acquisition 14 Quarter results (SEK m) 2026/27 2025/26 Change Net sales 1,065 904 17.8% EBITA 63 49 28.6% Items affecting comparability - - n.a. Adjusted EBITA 63 49 28.6% Adjusted EBITA-margin 5.9% 5.4% 0.5 p.p. # of children 34,375 30,236 13.7%
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Upper Secondary School Segment • Student numbers increased by 0.2 percent. • Net sales increased by 1.6 percent. • Adjusted EBITA decreased in the quarter to SEK 50 million (65). • Adjusted EBITA-margin decreased compared to last year, 4.1 percent (5.4). • The result was negatively impacted by increased costs associated with the move to newly renovated premises, new campus openings and quality initiatives introduced during the previous academic year. Softer result due to relocation costs 15 Quarter results (SEK m) 2026/27 2025/26 Change Net sales 1,212 1,193 1.6% EBITA 50 65 -23.1% Items affecting comparability - - n.a. Adjusted EBITA 50 65 -23.1% Adjusted EBITA-margin 4.1% 5.4% -1.3 p.p. # of children 46,551 46,476 0.2%
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Adult Education Segment • Net sales increased by 5.0 percent to SEK 442 million (421). • Adjusted EBITA increased in the quarter to SEK 85 million (79). • Adjusted EBITA-margin came in at 19.2 percent (18.8). • Rolling 12-month Adjusted EBITA has improved for thirteen consecutive quarters, with the Adjusted EBITA margin reaching 13.8 percent. • The improvement in earnings was primarily driven by higher volumes in higher vocational education and labour market services. • The first quarter typically represents the seasonal peak for the adult education segment, driven by a higher number of programme starts. Profitability improved for the thirteenth consecutive quarter 16 Quarter results (SEK m) 2026/27 2025/26 Change Net sales 442 421 5.0% EBITA 85 79 7.6% Items affecting comparability - - n.a. Adjusted EBITA 85 79 7.6% Adjusted EBITA-margin 19.2% 18.8% 0.4 p.p.
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Financial position Q1 17
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Free cash flow and investments • AcadeMedia has a strong Free cash flow. • Swings between years are mainly an effect of changes in net working capital. Strong free cash flow can fund investments in current operations and continued growth SEK m • Increase in other expansion CapEx driven by acquisitions completed in Q3 and Q4 in 2025/26, and Q1 2026/27. • Capex in current operations (”maintenance capex”) amounts to 1.6 percent of net sales following an increase in new openings and expansion units compared to the previous years. • Growth capex can largely be funded by free cash flow except for large acquisitions. FCF as % of adj. EBITDA Capex and Maintenance capex as % of net sales SEK m 18Free cash flow before expansion investments consists of cash flow from operating activities less investments in existing operations. 688 356 805 1 117 922 792 1 124 1 109 1 266 1 572 75% 38% 75% 86% 66% 56% 70% 62% 62% 76% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 26/27 Q1 R12 Free cash flow FCF as % of EBITDA 131 174 134 107 148 109 120 148 120 152 98 131 115 128 152 167 151 129 154 18210 22 17 10 2 7 13 11 16 11 610 34 48 232 214 169 563 335 1 036 1 206121 197 60 -39 20 29 25 54 103 114 2,0% 2,8% 2,2% 1,8% 2,1% 1,8% 1,6% 1,5% 1,4% 1,6% -3,0% -2,0% -1,0% 0,0% 1,0% 2,0% 3,0% 4,0% -200 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 Q1 R12 Investments in leased property Investments in equipment Other maintenance capex Other expansion capex Investments in property (net) Maintenance capex as % of net sales
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Financial position • Net debt including and excluding IFRS 16 was higher than last year. • Leverage ratio (excl. IFRS 16) was above last year 1.0x (0.7) and well below AcadeMedia’s financial target of maximum 3.0x. • Property related lease liabilities amounted to SEK 12,504 million as per 30 September 2026 (11,242). • Book value of property increased to SEK 1,650 million (1,155). • Debt ratio* including IFRS and excluding IFRS increased compared to last year. • The increase in net debt year-on-year is mainly an effect of acquisitions completed during the year. Financial position remains strong Net debt and Net debt / Adj. EBITDA Max 3.0 19 SEK m 2026/27 30 Sep 2025/26 30 Sep Change Total equity (excl. IFRS 16) 7,929 7,323 8.3% Net debt (excl. IFRS 16) 2,102 1,244 69.0% Net debt (incl. IFRS 16) 14,605 12,486 17.0% Property related lease liabilities 12,504 11,242 11.2% Property BV 1,650 1,155 42.9% Net debt / Adj. EBITDA incl. IFRS 16 3.2 3.0 7.6% Net debt / Adj. EBITDA excl. IFRS 16 1.0 0.7 0.3x Debt ratio, incl. IFRS 16 56.6% 55.3% 1.3 p.p. Debt ratio, excl. IFRS 16 14.6% 10.1% 4.5 p.p. *) Debt ratio: defined as net debt/ total assets excluding cash and cash equivalents 2 266 1 797 1 222 987 825 1 020 953 1 918 1 244 2 102 2,4 1,7 0,9 0,7 0,6 0,6 0,5 0,9 0,7 1,0 0,0 1,0 2,0 3,0 0 1 000 2 000 3 000 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 25/26 Q126/27 Q1 Net debt exkl IFRS 16 Net debt exkl IFRS 16/ Adj. EBITDA
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Financial performance vs Revised targets Growth and Profitability within the financial targets Financial Targets • Adj. EBITA margin of 7-8% over timeProfitability1 7-8% 7.4% (6.9%) • Annual revenue growth rate of 5-7% including organic growth and smaller bolt-on acquisitions but excluding larger strategic acquisitions and FX Growth 5-7% 5.4% (5.8%) • Net debt / adj. EBITDA below 3.0x • Leverage may temporarily, exceed the maximum level Capital structure1 <3.0x 1.0x (0.7x) • Free cash flow primarily to be reinvested • Excess cash distributed to the shareholders while still maintaining quality and leverage targets Use of free cash flow n.a. 2.802 (2.25) Q1 R12 26/27 (Q1 R12 25/26) 1 Defined excluding effects of IFRS 16 2 The Board’s proposal to the AGM 20
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Q&A 21
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This presentation may contain forward-looking statements which reflect AcadeMedia’s current view on future events and financial and operational development, and the current expectations of the AcadeMedia Group’s management. Forward-looking statements are all statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, contain wording such as “believes”, “estimates”, “anticipates”, “expects”, “assumes”, “forecasts”, “intends”, “could”, “will”, “should”, “would”, “according to estimates”, “is of the opinion”, “may”, “plans”, “potential”, “predicts”, “projects”, “to the knowledge of” or similar expressions, which are intended to identify a statement as forward-looking. Although the management deems that the expectations presented by such forward-looking information are reasonable, no guarantee can be given that these expectations will prove correct. Forward-looking statements are subject to risks, uncertainties, and other factors which may entail that the actual results may differ materially from what is stated in the forward-looking information. 22
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23 change through education