Interim report
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Interim Report January–September 2026
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This is Albert Group eEducation Albert AB (publ) Interim Report January–September 2026 The Albert Group develops and sells EdTech products for schools (B2B) and consumers (B2C). The company was founded in 2015 with the goal of democratising education and giving every child the opportunity to reach their full potential. The company makes learning engaging and individualised through a product portfolio of educational apps, educational videos and physical learning products. The core products in the portfolio include Albert Junior, Swedish Film and Sumdog, with Albert Teen, Jaramba and Albert Code as supplementary brands. The consumer products are provided via apps for a fixed annual or monthly fee, made available on the Apple App Store, Google Play and Amazon Store. The school products are sold directly to schools, school groups and districts on an annual subscription basis. The company is mainly active in the Nordic countries and the United Kingdom. Albert is a leading digital education company in the Nordics and the UK. Since the company was founded, Albert has helped millions of children worldwide with their learning. The company has its headquarters in Gothenburg, Sweden, and local organisations in Stockholm, Sweden and the UK. 2
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CEO Comments The quarter Net revenue for continuing operations was 36.7 mSEK, up 1 percent year-on-year and up from 32.3 in Q1 and 35.0 in Q2. Invoiced sales grew 3 percent to 34.6 mSEK. ARR rose by 8.4 mSEK to 134.0 in the quarter and is now 2 percent below last year for continuing operations. EBITDA for continuing operations was 0.1 mSEK (3.8). The difference is a decision. Marketing is the single largest increase in our cost base this year, alongside the Welsh launch of Sumdog and the team building our new venture. Gross margin is stable at 73 percent, operating cash flow for the nine months was 8.1 mSEK and cash is 48.0 mSEK. Twelve months of progress A year ago the Group was carrying loss-making units, restructuring costs and the one-off gain that funded the clean-up. Today those units are gone, the cost base is more than 35 mSEK lower, and the money we free up goes into growth instead of losses. Adjusted for one-off items in both years, nine-month EBITDA has improved by around 10 mSEK. The decline in B2C ARR is mainly Holy Owly, which left the Group in May. Swedish Film delivered a stable quarter, and the strategic review continues. Albert Junior: more families on board Albert Junior is growing again. More families are joining than a year ago, they pay more on average, and retention is stable. Since we resumed marketing in Q1, new sub- scribers have come in. Finland is developing as planned, and we scale spend market by market as the cohorts prove themselves. Sumdog: Wales shows the model works Sumdog launched in Welsh in September. We now hold framework agreements with five Welsh Local Authorities, Swansea, Cardiff, Caerphilly, Wrexham and Neath Port Talbot, with more in discussion. The agreements are opt-in, but the route through the authority makes selling faster and cheaper, and most schools that trial Sumdog stay. The first schools are live, and more follow through the autumn. The need, and our answer PISA 2025 recorded the lowest OECD mathematics average ever measured; one in three 15-year-olds does not reach the basic level. Governments will not spend less on this. They will demand proof that what they buy works, 3 From reset to investment. A year ago we were cutting. This year we are investing, and the core is responding. Net revenue for continuing operations grew year-on-year, invoiced sales rose, and ARR grew by 8 mSEK during the quarter. Adjusted nine-month EBITDA improved by 10 mSEK. We hold 48 mSEK in cash and carry no interest-bearing debt. and we hold it: Sumdog is independently verified to lift the pupils schools struggle most to reach, and Albert Junior leads three Nordic markets. Our new AI venture builds on that evidence: a platform for ages 7 to 12 that sees how a child thinks, not only what it answers. A tutor at home, a view for the teacher of where the class is stuck. One engine, two channels, built on data we already own. Self-funded and planned to launch in 2027. First revenue from customers we already have. Looking ahead The fourth quarter is seasonally our strongest, and the indicators that turned this quarter carry into it. Every child can be good at maths. That belief founded Albert eleven years ago, and PISA has just shown how far the world is from it. We have the evidence, the data and the brands to close that gap, and AI lets us do it one child at a time. A year ago we secured the company. This year we put it back to work, with our own money. Fredrik Bengtsson CEO, Albert Group eEducation Albert AB (publ) Interim Report January–September 2026
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4 2026 2025 2026 2025 2025 kSEK Jul-Sept Jul-Sept Jan-Sept Jan-Sept Jan-Dec Total Group ARR (Annual recurring revenue) 133,997 141,949 133,997 141,949 134,366 Net revenue 36,698 40,789 104,135 120,988 161,083 EBITDA 146 18,738 -1,272 1,618 3,802 EBITDA MARGIN (%) 0.4% 45.9% -1.2% 1.3% 2.4% Profit/loss for the period -9,868 -8,043 -31,098 -52,540 -62,557 Earnings per share (SEK)* -0.39 -0.32 -1.24 -2.09 -2.49 Equity/Assets ratio, % 14% 35% 14% 35% 35% Cash flow from operating activities 26 20,193 8,077 17,234 8,822 Cash flow for the period -1,181 21,292 4,894 11,111 -1,050 Continuing operations Net revenue 36,698 36,364 103,238 106,633 145,944 EBITDA 106 3,817 -5,726 -6,964 -3,219 Discontinued operations Net revenue – 4,425 897 14,355 15,139 EBITDA 40 14,921 4,454 8,582 7,021 Key figures * Refers to both before and after dilution when the amount is negative. eEducation Albert AB (publ) Interim Report January–September 2026
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The quarter in brief 1 July – 30 September (Q3) Significant events in the third quarter of 2026 ● No significant events during Q3 2026 5 ● Annual recurring revenue (ARR) from subscriptions for continuing operations was 133,997 (137,208) kSEK, which is a decrease of 2% compared to the previous year. ● Invoiced sales for the continuing operations during the quarter amounted to 34,590 (33,577) kSEK, an increase of 3% compared to the previous year. ● Net revenue for the Total Group amounted to 36,698 (40,789) kSEK, a decrease of 10% compared to the same period last year. Net revenue for continuing operations amounted to 36,698 (36,364) kSEK, which is in line with the previous year. ● EBITDA for Total Group amounted to 146 (18,738) kSEK. EBITDA for continuing operations amounted to 106 (3,817) kSEK. ● EBITA amounted to -1,598 (15,777) kSEK. ● The result after financial items amounted to -10,813 (-8,988) kSEK. ● The result for the period amounted to -9,868 (-8,043) kSEK. ● Earnings per share amounted to -0.39 (-0.32) SEK, before and after dilution. ● Cash flow from operating activities amounted to 26 (20,193) kSEK. ● Cash and cash equivalents at the end of the period amounted to 48,044 (55,031) kSEK. 1 January – 30 September ● Annual recurring revenue (ARR) from subscriptions was 133,997 (137,208) kSEK, which is a decrease of 2% compared to the previous year. ● Invoiced sales for the continuing operations during the period amounted to 114,675 (115,420) kSEK, broadly in line with the prior year. ● Net revenue for the Total Group amounted to 104,135 (120,988) kSEK, a decrease of 14% compared to the same period last year. Net revenue for continuing operations amounted to 103,238 (106,633) kSEK. ● EBITDA for Total Group amounted to -1,272 (1,618) kSEK. EBITDA for continuing operations amounted to -5,726 (-6,964) kSEK. ● EBITA amounted to -6,840 (-7,951) kSEK. ● The result after financial items amounted to -33,934 (-55,376) kSEK. ● The result for the period amounted to -31,098 (-52,540) kSEK. ● Earnings per share amounted to -1.24 (-2.09) SEK, before and after dilution. ● Cash flow from operating activities amounted to 8,077 (17,234) kSEK. ● Cash and cash equivalents at the end of the period amounted to 48,044 (55,031) kSEK. eEducation Albert AB (publ) Interim Report January–September 2026
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Q3 Financial KPIs Net revenue Quarterly Net revenue in MSEK, Q1 2023 to Q3 2026 6 Net revenue, Continuing Operations Quarterly Net revenue for Continuing Operations in MSEK, Q1 2023 to Q3 2026 eEducation Albert AB (publ) Interim Report January–September 2026
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EBITDA Quarterly EBITDA in MSEK, Q1 2023 to Q3 2026 7 EBITDA, Continuing Operations* Quarterly EBITDA for Continuing Operations in MSEK, Q1 2023 to Q3 2026 Q3 Financial KPIs (cont.) * Also adjusted for reversal of major Sumdog acquisition earn out in Q4 2023 eEducation Albert AB (publ) Interim Report January–September 2026
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Cash Balance Quarterly Cash Balance in MSEK, Q1 2023 to Q3 2026 Q3 Financial KPIs (cont.) Cash flow Quarterly Cash Flow in MSEK, Q1 2023 to Q3 2026 8 eEducation Albert AB (publ) Interim Report January–September 2026
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Q3 Revenue Overview Organic and acquired revenue No acquisitions were made that impact the current period or the comparison period. Albert had total net revenue of 36,698 (40,789) kSEK in the third quarter, corresponding to a decrease of 10%. Target group Revenue from schools, school groups, and the education sector (B2B) accounted for 51% (53%), while revenue from families (B2C) made up 49% (47%). Markets Revenue in the Nordics accounted for 81% (68%), in the UK for 15% (13%). Together, these core markets represented 96% (81%) of total revenue, reflecting the company’s strategic focus on the Nordics and the UK. ■ B2B revenue from other products 7% (18%). The decrease is mainly connected to the divestment of Strawbees AB. Annual recurring revenue from subscriptions Annual recurring revenue (ARR) from B2B subscriptions amounted to 62,074 (65,480) kSEK, a decrease of 5% compared to the previous year. ARR from B2C subscriptions amounted to 71,923 (76,469) kSEK, a decrease of 6% compared to the previous year. ARR from B2C subscriptions for continuing operations amounted to 71,923 (71,728) kSEK which is in line with the previous year. Total ARR from subscriptions amounted to 133,997 (141,949) kSEK. Note 8 provides further details on the breakdown of revenue. 9 Business model The company has three business models: ■ B2C revenue from digital products through subscriptions accounted for 49% (47%). ■ B2B revenue from digital products through subscriptions contributed 44% (40%). B2C digital products (subscription) B2B digital products (subscription) Other Nordics UK ROW B2B B2C eEducation Albert AB (publ) Interim Report January–September 2026
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Q3 Financial overview Net revenue and results Invoiced sales for the continuing operations during the quarter amounted to 34,590 (33,577) kSEK, an increase of 3% compared to the previous year. Annual recurring revenue (ARR) from subscriptions amounted to 133,997 (141,949) kSEK. Annual recurring revenue (ARR) for continuing operations was 133,997 (137,208) kSEK, which is a decrease of 2% compared to the previous year. Net revenue for the Total Group amounted to 36,698 (40,789) kSEK, a decrease of 10% year-on-year. For continuing operations, net revenue was 36,698 (36,364) kSEK representing an increase of 1%. The B2B segment accounted for 51% (53%) of the Group’s total net revenue during the quarter. The gross margin on net revenue amounted to 72%, which is in line with the previous year’s gross margin of 71%. EBITDA for the period amounted to 146 (18,738) kSEK. The decrease is attributable to the divestment of Strawbees in the previous year. EBITDA for continuing operations amounted to 106 (3,817) kSEK. Amortisation of acquired intangible assets during the quarter amounted to 4,621 (4,621) kSEK, while amortisation of goodwill during the quarter amounted to 4,844 (20,353) kSEK. The change is primarily attributable to the divestment of Strawbees. The result for the period amounted to -9,868 (-8,043) kSEK. Earnings per share before and after dilution amounted to -0.39 (-0.32) SEK. Working capital As of 30 September, working capital amounted to -66,410 (-63,885) kSEK. The change is due to lower prepaid expenses and accrued income, and inventory no longer being held due to the Strawbees divestment. Cash flow for the period The total cash flow for the period amounted to -1,181 (21,292) kSEK, a change of -22,473 kSEK compared to the same period last year. The change is due to the sale of Strawbees in September of the previous year, which generated proceeds of 26,6 MSEK. During the third quarter of 2026, cash flow from operating activities before changes in working capital was 83 (18,970) kSEK, a change of -18,887 kSEK compared to the third quarter of the previous year. The change is due to the sale of Strawbees in September of the previous year. Cash flow from investing activities during the quarter was -1,207 (1,856) kSEK. The change is primarily attributable to the sale of intangible assets in the third quarter of the previous year. Cash flow from financing activities amounted to 0 (-757) kSEK. The company’s cash and cash equivalents at the end of the period totalled 48,044 (55,031) kSEK. 10 Third quarter eEducation Albert AB (publ) Interim Report January–September 2026
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Q1-Q3 Financial overview Net revenue and results Invoiced sales for continuing operations for the first three quarters of the year amounted to 114,675 (115,420) kSEK, broadly in line with the prior year. Annual recurring revenue (ARR) from subscriptions amounted to 133,997 (141,949) kSEK. Annual recurring revenue (ARR) for continuing operations was 133,997 (137,208) kSEK, which is a decrease of 2% compared to the previous year. Net revenue for the Total Group amounted to 104,135 (120,988) kSEK, a decrease of 14% compared to the same period last year. Net revenue for continuing operations amounted to 103,238 (106,633) kSEK. The B2B segment accounted for 51% (53%) of the Group’s total net revenue during the period. The gross margin on net revenue amounted to 73%, which is in line with the previous year’s gross margin of 72%. EBITDA for Total Group amounted to -1,272 (1,618) kSEK. EBITDA for continuing operations amounted to -5,726 (-6,964) kSEK. Amortisation of acquired intangible assets during the period amounted to 13,865 (13,865) kSEK and amortisation of goodwill during the period amounted to 14,455 (32,965) kSEK. The decrease is primarily attributable to the divestment of Strawbees. The result for the period amounted to –31,098 (-52,540) kSEK. Earnings per share before and after dilution amounted to -1.24 (-2.09) SEK. Working capital As of 30 September, working capital amounted to -66,410 (-63,885) kSEK. The change is due to lower prepaid expenses and accrued income, and inventory no longer being held due to the Strawbees divestment. Cash flow for the period The total cash flow for the period amounted to 4,894 (11,111) kSEK, a change of -6,217 kSEK compared to the same period last year. During the period, cash flow from operating activities before changes in working capital was -4,991 (2,668) kSEK, a change of -7,659 kSEK compared to the same period in the previous year. This is primarily explained by the divestment of Strawbees AB in September, the gain on deconsolidation of Holy Owly, and the restructuring programme in place. The cash flow effect from changes in working capital amounted to 13,068 (14,566) kSEK. Cash flow after changes in working capital for the first three quarters amounted to 8,077 (17,234) kSEK. Cash flow from investing activities during the period was -3,697 (-4,030) kSEK. Cash flow from financing activities amounted to 514 (-2,093) kSEK. The company’s cash and cash equivalents at the end of the period totalled 48,044 (55,031) kSEK. The company's financial goal of achieving positive EBITDA and cash flow in 2026 remains unchanged. 11 January–September eEducation Albert AB (publ) Interim Report January–September 2026
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Other information Investments During the quarter, the Albert Group invested 1,207 (915) kSEK in internally developed intangible assets, which included development of new products and launching new functions in existing products. The investments included capitalisation of development costs, such as personnel costs for employees in product and technology development and consultancy costs. Financing The Albert Group has outstanding debts to credit institutions totalling 0 (4,210) kSEK. The equity ratio stands at 14% (35%) as of 30 September 2026, and the net cash amounted to 48,044 (50,821) kSEK. Material risks and uncertainties The Albert Group works continuously and systematically to identify, evaluate and manage overall risks, systems and processes. In this way, the company can maintain a high rate of development while managing both opportunities and risks. The most significant strategic and operational risks affecting Albert's business and industry are described in detail in the management report in the annual report for 2025 on pages 18–20. The reported risks are assessed to remain essentially unchanged. Transactions with related parties During the period, no related party transactions occurred other than customary remuneration to the Board of Directors. 12eEducation Albert AB (publ) Interim Report January–September 2026
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13 Content Summary of Financial Reports 14 Consolidated income statement 15 Consolidated balance sheet 17 Consolidated changes in equity 18 Consolidated statement of cash flow 19 Parent Company income statement 20 Parent Company balance sheet Notes 22 Note 1 Accounting principles 22 Note 2 Estimates and assessments 22 Note 3 Intangible and tangible assets 23 Note 4 Discontinued Operations 23 Note 5 Equity 24 Note 6 Share-related compensation 24 Note 7 Events after the end of the interim period 24 Note 8 Business area eEducation Albert AB (publ) Interim Report January–September 2026
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Income statement 14 GROUP Note 2026 2025 2026 2025 2025 kSEK Jul-Sept Jul-Sept Jan-Sept Jan-Sept Jan-Dec Net revenue 8 36,698 40,789 104,135 120,988 161,083 Capitalised work for own account 3 1,207 915 3,568 6,801 7,848 Other income 41 18,972 3,877 18,740 18,755 37,946 60,676 111,580 146,529 187,686 Operating expenses Raw materials and consumables – -595 – -2,002 -2,002 Other external expenses -25,759 -26,838 -76,075 -80,698 -104,835 Personnel expenses -12,002 -14,217 -36,667 -61,225 -75,891 Depreciation, amortisation, and impairment of tangible and intangible assets 3 -11,209 -27,934 -33,888 -56,399 -68,868 Other operating expenses -39 -288 -110 -986 -1,156 Operating profit/loss -11,063 -9,196 -35,160 -54,781 -65,066 Net financial items Other interest income and similar income 979 306 1,371 298 437 Interest expense and similar items -729 -98 -145 -893 -1,578 Profit/loss after financial items -10,813 -8,988 -33,934 -55,376 -66,207 Tax on profit/loss for the period 945 945 2,836 2,836 3,650 Profit/loss for the period 4 -9,868 -8,043 -31,098 -52,540 -62,557 Earnings per share – before and after dilution (SEK)* -0.39 -0.32 -1.24 -2.09 -2.49 Number of shares outstanding at the end of the reporting period 25,128,917 25,128,917 25,128,917 25,128,917 25,128,917 Average number of shares outstanding 25,128,917 25,128,917 25,128,917 25,128,917 25,128,917 eEducation Albert AB (publ) Interim Report January–September 2026
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Balance sheet 15 GROUP Note 2026 2025 2025 kSEK 30 Sep 30 Sep 31 Dec ASSETS Fixed assets Intangible assets Capitalised development costs and similar work 3, 4 11,287 22,555 18,603 Goodwill 3, 4 19,942 39,240 34,302 Concessions, patents, licences, brands as well as similar rights 3, 4 4,714 15,796 12,851 35,943 77,591 65,756 Tangible fixed assets Equipment, tools, and installations 85 147 124 85 147 124 Financial assets Other non-current receivables 284 421 394 284 421 394 Total fixed assets 36,312 78,159 66,274 Current assets Inventory 4 – – - Accounts receivable 12,054 12,524 10,157 Tax receivables 445 232 312 Other receivables 4,256 4,591 2,995 Prepaid costs and accrued income 5,266 7,862 6,829 22,021 25,209 20,293 Cash and cash equivalents Cash and cash equivalents 48,044 55,031 42,422 48,044 55,031 42,422 Total current assets 70,065 80,240 62,715 TOTAL ASSETS 106,377 158,399 128,988 eEducation Albert AB (publ) Interim Report January–September 2026
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Cont. Balance sheet 16 GROUP Note 2026 2025 2025 kSEK 30 Sep 30 Sep 31 Dec EQUITY AND LIABILITIES EQUITY Share capital 1,256 1,256 1,256 Other capital contributed 520,838 520,838 520,838 Retained earnings including profit/loss for the period -506,794 -466,541 -476,673 Shareholders' equity, attributable to the Parent Company's shareholders 15,300 55,553 45,421 Total equity 15,300 55,553 45,421 Provisions Deferred tax liabilities 2,336 6,118 5,172 Other provisions 311 311 311 2,647 6,428 5,483 Long-term liabilities Liabilities to credit institutions – 4,210 1,960 – 4,210 1,960 Current liabilities Accounts payable 5,894 5,926 3,682 Overdraft facility 4 – 2,258 – Current tax liabilities – – – Short term liabilities to credit institutions – – 1,740 Other liabilities 7,049 8,158 5,625 Accrued expenses and deferred income 75,487 75,867 65,078 88,430 92,209 76,125 TOTAL EQUITY AND LIABILITIES 106,377 158,399 128,988 eEducation Albert AB (publ) Interim Report January–September 2026
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Changes in equity 17 GROUP kSEK Share Capital Other capital contributed Retained earnings including profit/loss for the period Total Equity Opening equity 2025-01-01 1,256 520,838 -411,894 110,200 Result for the period - - -52,540 -52,540 Changes in equity Translation difference - - -2,804 -2,804 Employee stock options 697 697 - - -2,107 -2,107 Closing equity 2025-09-30 1,256 520,838 -466,541 55,553 kSEK Share Capital Other capital contributed Retained earnings including profit/loss for the period Total Equity Opening equity 2026-01-01 1,256 520,838 -476,673 45,421 Result for the period - - -31,098 -31,098 Changes in equity Translation difference - - -168 -168 Employee stock options - - 1,145 1,145 - - 977 977 Closing equity 2026-09-30 1,256 520,838 -506,794 15,300 eEducation Albert AB (publ) Interim Report January–September 2026
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Cash flow statement 18 GROUP 2026 2025 2026 2025 2025 kSEK Jul-Sept Jul-Sept Jan-Sept Jan-Sept Jan-Dec Operating activities Operating profit/loss -11,063 -9,196 -35,160 -54,781 -65,066 Adjustments for non-cash flow items Depreciation, amortisation and impairment 11,209 27,934 33,888 56,399 68,868 Gain/loss on disposal – – – – – Options 110 443 331 697 817 Gain or loss on deconsolidation – – -3,714 – – Exchange rate gains/losses -10 -54 -94 993 1,073 Interest received 717 306 71 298 437 Interest paid -728 -346 -180 -485 -551 Tax paid -152 -117 -133 -453 -666 Cash flow from operating activities before changes in working capital 83 18,970 -4,991 2,668 4,912 Cash flow from changes in working capital Increase (-)/Decrease (+) in inventories – 5,332 – 5,239 5,239 Increase (-)/Decrease (+) of operating receivables -4,074 -3,324 164 3,202 7,967 Increase (+)/Decrease (-) of trade and other payables 4,017 -785 12,904 6,125 -9,296 Cash flow from operating activities 26 20,193 8,077 17,234 8,822 Investing activities Cash and cash equivalents disposed of with subsidiary – – -129 – – Acquisition of tangible fixed assets – – – – - Acquisition of intangible assets -1,207 -915 -3,568 -6,801 -7,848 Sale of intangible assets – 2,771 – 2,771 2,771 Cash flow from investing activities -1,207 1,856 -3,697 -4,030 -5,077 Financing activities Change in overdraft facility – -185 – -198 -2,457 Share warrants – – 814 – Repayment of non-current loans – -572 -300 -1,895 -2,338 Cash flow from financing activities – -757 514 -2,093 -4,795 Cash flow for the period -1,181 21,292 4,894 11,111 -1,050 Cash and cash equivalents at beginning of the period 49,002 34,026 42,422 44,472 44,472 Exchange rate difference in cash and cash equivalents 223 -287 728 -552 -1,000 Cash and cash equivalents at end of the period 48,044 55,031 48,044 55,031 42,422 eEducation Albert AB (publ) Interim Report January–September 2026
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Income statement 19 PARENT COMPANY Note 2026 2025 2026 2025 2025 kSEK Jul-Sept Jul-Sept Jan-Sept Jan-Sept Jan-Dec Net revenue 17,061 16,586 47,095 47,736 63,060 Capitalised work for own account 451 332 1,703 3,020 3,602 Other income 1,556 2,221 7,153 10,926 12,861 Total operating income 19,068 19,139 55,951 61,682 79,523 Operating costs Other external expenses -15,066 -12,474 -50,307 -41,565 -54,091 Personnel expenses -4,767 -3,177 -14,759 -22,338 -28,176 Depreciation, amortisation, and impairment of tangible and intangible assets -1,221 -2,322 -4,106 -7,756 -9,685 Other operating expenses -5 -109 -167 -376 -493 Operating profit/loss -1,991 1,057 -13,388 -10,353 -12,922 Net financial items Other interest income and similar income 319 116 1,195 121 283 Interest costs and similar profit and loss items -166 -16 -408 -111 -747 Impairment loss on shares in subsidiaries – -17,982 – -17,982 -56,470 Profit/loss after financial items -1,838 -16,825 -12,601 -28,325 -69,856 Year-end appropriations Group contributions – – – – 1,100 Result before taxes -1,838 -16,825 -12,601 -28,325 -68,756 Tax on profit/loss for the period – – – – – Profit/loss for the period -1,838 -16,825 -12,601 -28,325 -68,756 eEducation Albert AB (publ) Interim Report January–September 2026
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Balance sheet 20 PARENT COMPANY Note 2026 2025 2025 kSEK 30 Sep 30 Sep 31 Dec ASSETS Fixed assets Intangible assets Capitalised development costs and similar work 4,577 8,196 6,883 Concessions, patents, licences, brands as well as similar rights 32 161 129 4,609 8,357 7,011 Financial assets Shares in group companies 134,121 171,609 133,121 Receivables from group companies 2,652 – 2,483 Other non-current receivables 257 257 257 137,030 171,866 135,861 Total fixed assets 141,639 180,223 142,872 Current assets Accounts receivable 5,417 11,784 3,958 Receivables from group companies 1,583 11,986 4,814 Tax receivables 656 548 641 Other receivables 3 6 1 Prepaid costs and accrued income 1,466 3,161 3,571 9,125 27,485 12,985 Cash and cash equivalents Cash and cash equivalents 12,485 29,552 18,051 12,485 29,552 18,051 Total current assets 21,610 57,037 31,036 TOTAL ASSETS 163,249 237,260 173,909 eEducation Albert AB (publ) Interim Report January–September 2026
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Cont. Balance sheet 21 PARENT COMPANY Note 2026 2025 2025 kSEK 30 Sep 30 Sep 31 Dec EQUITY AND LIABILITIES EQUITY Restricted equity Share capital 1,256 1,256 1,256 Development expenditure reserve 4,925 8,196 6,881 6,181 9,452 8,137 Non-restricted equity Share premium reserve 520,838 520,838 520,838 Retained earnings -416,237 -352,016 -350,581 Profit/loss for the period -12,601 -28,325 -68,756 92,000 140,497 101,501 Total equity 98,181 149,949 109,638 Provisions Other provisions 311 311 311 311 311 311 Non-current liabilities Liabilities to group companies 31,400 – 28,500 31,400 – 28,500 Current liabilities Accounts payable 3,957 5,364 2,601 Liabilities to group companies 15,880 65,361 17,995 Current tax liabilities – – – Other liabilities 3,940 3,496 3,156 Accrued expenses and deferred income 9,580 12,779 11,708 33,357 87,000 35,460 TOTAL EQUITY AND LIABILITIES 163,249 237,260 173,909 eEducation Albert AB (publ) Interim Report January–September 2026
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Notes 22 Note 1. Accounting principles This interim report has been prepared in accordance with the Annual Accounts Act (1995:1554) and the accounting principles set out in BFNAR 2012:1 Annual accounts and consolidated accounts (K3). The same accounting principles and calculation bases have been applied as in the most recent annual report. All amounts are, unless otherwise stated, rounded to the nearest thousand. The company’s direct sales costs refer to commodity costs, platform fees, royalties, licences and fees for payment processing. For 2026, the consolidated accounts include eEducation Albert AB (publ), eEducation Albert Invest AB, Ampd AB, Sumdog Ltd and ARPU Management AB. Kids SAS MBA (Holy Owly) was included in the consolidated accounts until 6 May 2026, when the Group lost control following the company's judicial liquidation. Strawbees AB was divested in September 2025 and is therefore not included in the consolidated accounts for 2026. Note 2. Estimates and assessments Preparing interim reports requires management to make judgements, estimates and assumptions that affect the application of accounting principles and the reported amounts of assets, liabilities, income and expenses. The actual outcome may differ from these estimates and judgements. Except as described below, the key judgements and sources of uncertainty in the estimates are the same as in the most recent annual report. As the business has historically focused on growth, a negative taxable result is reported. This has resulted in tax loss carryforwards in the company. Considering the uncertainty about the future, company management has decided not to report these as deferred tax assets. As of 30 September 2026, Albert had tax loss carryforwards totalling 286 MSEK. Note 3. Intangible and tangible assets Intangible internally developed assets During the quarter, Albert and Sumdog have capitalised work for their own account regarding capitalised development expenditure. These developments are concerned with the development of the companies’ products such as Albert Junior and Jaramba. These investments per the third quarter of 2026 amounted to 1,207 (915) kSEK. Total investments for January to September were 3,568 (6,801) kSEK. Depreciation and impairment of tangible and intangible assets 2026 2025 2026 2025 2025 kSEK Jul-Sept Jul-Sept Jan-Sept Jan-Sept Jan–Dec Capitalised work for own account -1,716 -2,928 -5,485 -9,470 -12,437 Acquired intangible assets -4,621 -4,621 -13,865 -13,865 -18,485 Goodwill -4,844 -20,353 -14,455 -32,965 -37,810 Equipment, Tools and Installations -28 -32 -83 -99 -136 Total -11,209 -27,934 -33,888 -56,399 -68,868 eEducation Albert AB (publ) Interim Report January–September 2026
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23 Note 5. Equity As of 30 September 2026, the registered share capital comprised 25,128,917 ordinary shares (25,128,917) with a quota value of 0.05 (0.05) SEK. Note 4. Discontinued Operations 2026 2025 2026 2025 2025 kSEK Jul-Sept Jul-Sept Jan-Sept Jan-Sept Jan-Dec Net revenue – 4,425 897 14,355 15,139 Other income – 18,778 3,754 18,989 18,989 Operating expenses 40 -8,282 -197 -24,762 -27,107 Depreciation and amortisation -3 -15,947 -111 -20,034 -20,263 Operating profit (EBIT) 37 -1,026 4,343 -11,452 -13,242 Financial items -32 -99 -122 -243 -398 Profit/loss for the period from discontinued operations 5 -1,125 4,221 -11,695 -13,640 1. Income Statement from Discontinued Operations This table provides transparency for analysts to compare the "core" ongoing business between Q3 2026 and Q3 2025. During September 2025, the Group divested the net assets (business assets and liabilities) of the subsidiary Strawbees AB. The divestment involved the cessation of all operational activities. On 6 May 2026, Kids MBA (Holy Owly) entered judicial liquidation by the Commercial Court of Besançon, France, further strengthening the Group’s focus toward fewer subjects and fewer geographies, clarifying and aligning Group strategy. The following information illustrates the impact of the discontinued operations (Strawbees and Holy Owly) on the Group’s financial position and results. 2. Assets and Liabilities Divested This section explains the major balance sheet items that were present in Q3 2025 but have been removed as of Q3 2026. In connection with the divestment of Strawbees, the Group's overdraft facility of 2,500 kSEK was terminated and settled in full. Following the judicial liquidation of Holy Owly and the resulting loss of control, its liabilities to credit institutions of 4,210 kSEK are no longer included in the Group’s consolidated balance sheet. Remaining balance sheet items as of 30 September 2026, related to the divested company are considered immaterial and primarily consist of residual administrative items. eEducation Albert AB (publ) Interim Report January–September 2026
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24 Note 8. Business area The company’s operating segments are divided as follows: ● B2C - Sales to households ● B2B - Sales to schools/other businesses Albert Group has three different business models: B2C sales of digital products through subscriptions: All B2C products are apps sold via subscription, where customers pay a recurring fee either monthly or annually. B2B sales of digital products through subscription: B2B products such as Sumdog and Film & Skola are purely digital app- or web-based products sold via subscription, with customers paying in advance. B2B sales other business models Some digital B2B products (such as films) are sold or rented on a one-time basis, often in connection with specific events. While not subscription-based, these sales are typically recurring with the same customers. Physical B2B products are sold or rented for one-time payments. A significant portion of this revenue comes from recurring sales to existing customers, such as organisations regularly renting films. Business model 2026 2025 2026 2025 2025 kSEK Jul-Sept Jul-Sept Jan-Sept Jan-Sept Jan-Dec Business model B2C digital products subscription 18,093 19,150 51,181 55,415 73,925 B2B digital products subscription 16,325 16,350 45,693 46,857 65,164 B2B other products 2,280 5,289 7,261 18,716 21,994 Sum 36,698 40,789 104,135 120,988 161,083 Other events after the end of the period: ● No significant events occurred after the end of the reporting period. Note 7. Events after the end of the interim period As of 30 September 2026, the company has two employee stock option programmes. The first, consisting of up to 1,793,479 options, entitles the holders to subscribe for a maximum of 1,793,479 shares. The employee stock options vest over a period of three (3) years from the date of grant and may thereafter be exercised by the option holder to subscribe for shares no later than two months thereafter. The final possible exercise request date occurs during November 2026. The exercise price for each share covered by the employee stock options amounts to SEK 13.74. The maximum dilution amounts to 6.6%. The second, consisting of a total of 1,162,143 warrants in the company's incentive programme, Warrant Program 2026/2029, entitles the holders to subscribe for a maximum of 1,162,143 shares. Each warrant entitles the holder to subscribe for one new share in eEducation Albert at a strike price of SEK 6.47, exercisable during a four-month period ending 21 September 2029. The maximum dilution amounts to 4.4%. Note 6. Share-related compensation eEducation Albert AB (publ) Interim Report January–September 2026
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Key Figures – Definitions 25 Financial key figures Definition Motivation for users Net revenue Net revenue refers to income from the sale of goods and services within the ordinary business. Net revenue provides a clear and accurate picture of a company’s actual income from its core operations. Invoiced Sales Invoiced, not periodised sales. Clarifies total sales, which provides an indication of future net revenue. Net revenue growth Change in net revenue compared to the same period the previous year. Clarifies the Company's growth in net revenue compared to the same period last year. Gross profit Net revenue after deduction of direct sales costs, which are defined as cost of goods sold, platform fees, royalties, licences, and payment processing fees Clarifies the Company’s contribution, which is intended to cover both fixed and variable costs of the business. Gross margin Gross profit as a percentage of net revenue. EBITDA Earnings before interest, taxes, depreciation, and amortisation. Measure the results from the ongoing business independent of depreciation and write-downs of tangible and intangible assets. EBITDA margin EBITDA as a percentage of net revenue. Clarifies the Company’s profitability generated by the ongoing operations. Facilitates the comparison of profitability between different companies and industries. EBITA Earnings before interest, tax, and amortisation and impairment of acquisition-related intangible assets. Measures the results from the ongoing business independent of amortisation and impairment of acquisition-related assets. EBIT Earnings before interest and tax Measures the result from the current operations independent of taxes and interest. eEducation Albert AB (publ) Interim Report January–September 2026
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Cont. Key Figures – Definitions 26 Financial key figures Definition Motivation for users Net cash (-)/debt (+) Interest-bearing liabilities minus interest-bearing receivables and cash and cash equivalents. Shows the company's total indebtedness. Working capital Current assets, excluding cash and cash equivalents, less accounts payable, accrued expenses, other current liabilities and deferred income. Clarifies how much capital is needed to finance ongoing operations. Equity ratio Equity as a percentage of total assets. Clarifies the Company's capital structure and, hence the company's financial strength. Earnings per share before dilution Profit for the period after tax attributable to the parent company's shareholders divided by the weighted average number of ordinary shares outstanding during the period. Clarifies shareholders’ earnings per share before dilution. Earnings per share after dilution Profit for the period after tax attributable to the parent company's shareholders divided by the weighted average number of ordinary shares outstanding adjusted for the effects of all potential ordinary shares that give rise to a dilutive effect during the period. Clarifies shareholders’ earnings per share after dilution. ARR Annual Recurring Revenue (ARR) in kSEK refers to expected future recurring revenues based on the existing subscriber base. ARR from B2B and B2C is calculated from Monthly Recurring Revenue (MRR) in the last month of the period multiplied by 12. The Company’s expected revenue from subscriptions on an annual basis. eEducation Albert AB (publ) Interim Report January–September 2026
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The Board of Directors and the CEO ensure that the interim report provides a fair overview of the company’s operations, position and results and describes significant risks and uncertainties that the company faces. Signature of report Gothenburg, 28 October 2026 Björn Bengtsson Chairman Carl Kinell Board Member Fredrik Bengtsson CEO Andrea Carr Board Member Financial Calendar Year-End Report 2026 16 February Annual Report 16 March Annual General Meeting 28 April Interim Report Q1 2027 28 April Interim Report Q2 2027 28 July Interim Report Q3 2027 28 October Contact For further information, please contact: CEO, Fredrik Bengtsson +46 72-328 01 44 fredrik@hejalbert.se This information is such information that eEducation Albert is required to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the above contact person, for publication on 28 October 2026 at 07.30 am. Review This report has not been subject to review by the company’s auditors. .