AcadeMedia AB (publ)

Interim report July – September 2025

Net sales increased by 6.7 percent, of which 6.2 percent was organic
Continued strong international growth, with more than 500 new preschool places in Germany
Positive development in learning outcomes, supported by initiatives in reading and language development
The Board proposes a share redemption program of SEK 400 million and revises the financial targets

Interim report quarter one, July – September 2025

Summary of the first quarter 2025/26

Net sales increased by 6.7 percent (12.0) and amounted to SEK 4,101 million (3,842). Organic growth, including bolton acquisitions, was 6.2 percent (6.0).
Operating profit (EBIT) amounted to SEK 292 million (272).
Adjusted EBITA, adjusted for items affecting comparability and effects of IFRS 16, amounted to SEK 182 million (166). There were no items affecting comparability during the period (-).
Net profit for the period amounted to SEK 82 million (80).
Earnings per share was SEK 0.82 (0.79) after dilution. Adjusted for IFRS 16, earnings per share was SEK 1.13 (1.09) after dilution.
The average number of children and students in preschool, compulsory school, and upper secondary school during the first quarter was 113,082 (109,281), representing an increase of 3.5 percent.
After the end of the reporting period, the Board of Directors has resolved to propose that the Annual General Meeting approve a voluntary share redemption program with a maximum amount of SEK 400 million.
The Board of Directors has revised the financial targets and dividend policy. The new targets are intended to better reflect the company's continued focus on both organic and acquired growth, and to provide greater clarity to the market and investors. For more information, see page 12.

Summary of the first quarter

		First quarter
SEK m	2025/26	2024/25	Change	Oct 24 – Sep 25	2024/25
Net sales	4,101	3,842	6.7%	19,280	19,021
Organic growth (Incl. Bolt-on), %	6.2%	6.0%	0.2 p.p.	5.8%	5.8%
Operating profit (EBIT)	292	272	7.4%	1,772	1,752
EBIT margin, %	7.1%	7.1%	0.0 p.p.	9.2%	9.2%
Adjusted EBITA1	182	166	9.6%	1,332	1,315
Adjusted EBITA margin, %	4.4%	4.3%	0.1.p.p.	6.9%	6.9%
Net financial items	-186	-179	-3.9%	-717	-710
Profit for the period	82	80	2.5%	822	821
Diluted earnings per share (SEK)	0,82	0,79	4.4%	8,17	8,14
Free cash flow	-111	-225	-50.7%	1,222	1,109
Number of children and students2	113,082	109,281	3.5%	112,240	111,290
Number of FTEs	16,886	16,295	3.6%	n.m.	16,812

¹The key performance indicators Adjusted EBITDA and Adjusted EBITA 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 31-32.

CEO's comments

"Steady student growth, and clear results from reading and language development initiatives."

Solid start to the financial year, with reading in focus

We begin the 2025/26 financial year with stable and positive development. We have continued our focus on language and reading development under the banner "every word counts". Our efforts to strengthen reading skills at an early age are showing results, today nine out of ten students within AcadeMedia can read by the time they complete first grade. But we are not satisfied, through a range of activities, partnerships, and continued investments in reading and language development, we are now taking the next steps.

AcadeMedia remains firmly established as Europe's largest education company, with our international expansion proceeding according to plan. During the quarter, we approved more than 500 new preschool places in Germany across seven new units, an important step in our long-term growth plan. Our Swedish operations demonstrate strong resilience in a demographically challenging environment. Through quality initiatives and clear positioning, we continue to earn the trust of more children, students, and adults who choose our educational offerings.

Continued steady growth in new children and students

Growth is being driven both organically and through acquisitions. Last year, the number of children and students increased by 7.0 percent, demonstrating that our strategy to expand in regions with sustained demand is yielding results. Preliminary enrolment figures for the autumn indicate continued stable growth across the Group.

More students achieving the goals

The number of students finishing compulsory school with eligibility for upper secondary education remains at a high level, while results show that our students continue to perform strongly compared with the national average — a testament to the high quality of our teaching. We also observe a strong alignment between national test results and final grades.

Adult education's role in an evolving workplace

The governments autumn budget confirms that adult education continues to be a priority in Sweden's skills provision. In a period of rapid technological change and high unemployment, where many people are distant from the labor market, the demands on skills are evolving quickly. In this transition AcadeMedia's adult education plays an important role.

AcadeMedia is today one of Sweden's leading providers of vocational higher education and reskilling programs. Our courses give individuals practical tools to take the next step, whether that involves changing industry, upgrading their skills, or returning to the workforce after an extended absence. The segment continues to show strong profitability, exceeding our margin target, which enables us to continue investing in the skills provision of the future.

Further expansion in Germany through new units

Since our establishment in Germany in 2017, AcadeMedia has built a strong and stable preschool operation with 103 units and 8,400 preschool places. From the outset, our expansion strategy has had a clear focus on organic growth, aiming to open 10-15 new preschools per year in regions with continued high demand.

During the quarter, we approved seven new units, corresponding to just over 500 new preschool places. In total, we now have a pipeline of approximately 2,000–2,500 new preschool places over the next three years. This is an important investment, not only for us but for society at large.

The need for additional preschool places in Germany remains very high. The country currently lacks around 300,000 places, and only 37 percent of children under three attend preschools. This shortage negatively affects both the labour market and gender equality, as access to safe and highquality preschool is crucial for parents to work and for children to get a strong start in life.

Our expansion helps address these needs and demonstrates AcadeMedia's ability to achieve long-term and sustainable growth. By expanding in regions with strong demand, and where our quality model has a tangible impact, we bolster our position as a socially responsible actor in Europe.

Sustainability in practice, Award for Vittra Lambohov

We are proud that our primary school, Vittra Lambohov in Linköping, has been awarded the Swedish National Agency for Education's distinction, 'School for Sustainable Development'. This recognition highlights the long-term efforts to integrate sustainability into both teaching and everyday school life.

Supporting parents through the film initiative 'Strong as a Parent'

During the quarter, AcadeMedia Academy launched the film series Strong as a Parent, an initiative designed to support parents in everyday challenges. The series was developed in collaboration with BRIS (Children's rights in society), the Internet Foundation, and psychologist Anna Bennich, among others, and is aimed at parents of children from upper primary school through upper secondary school. The films cover topics such as emotions and relationships, healthy habits and digital balance, as well as exclusion and crime. By providing practical advice from experts and school leaders, we aim to help more parents feel confident in their parenting. The series is free of charge and available on AcadeMedia Academy's open education platform.

Writing workshops in collaboration with the LasseMajas Foundation

During the quarter, we launched a collaboration with the LasseMajas Foundation aimed at strengthening children's reading and writing skills. This autumn, 45 classes are participating in a writing workshop inspired by the popular LasseMajas Detective Agency series. Students in grades 2 and 3 spend six weeks reading, writing, and illustrating their own detective stories with support from writing coaches from AcadeMedia. The initiative is designed to spark a love of language and creativity, particularly in areas where many students have a first language other than Swedish. By creating a fantasy world full of mysteries and stories, children gain tools to express themselves, develop their imagination, and build self-confidence."

Moving forward with quality and responsibility

We continue to develop our operations with focus on quality, accessibility, and long-term stability. Our mission, to provide people with tools to shape their future, is more relevant today than ever. I want to extend my sincere thanks to all our employees in Sweden and internationally. Together, we make a difference every day, for every individual.

Marcus Strömberg

President and CEO AcadeMedia AB (publ)

Development in the first quarter (July – September 2025)

Volume development and net sales

Net sales in the first quarter increased by 6.7 percent to SEK 4,101 million (3.842). Organic growth, including bolt-on acquisitions, was 6.2 percent and changes in exchange rates impacted net sales by -0.7 percent. The average number of children and students, excluding the Adult Education Segment, increased by 3.5 percent to 113,083 (109,281).

Adjusted EBITA and operating profit (EBIT)

Adjusted EBITA was SEK 182 million (166) and the adjusted EBITA margin was 4.4 percent (4.3). Operating profit (EBIT) was SEK 292 million (272) and the EBIT margin 7.1 percent (7.1).

Adjusted EBITA and margin was higher than last year. All segments except the upper secondary school segment contributed to the positive development.

The Preschool and International Segment was positively impacted by the acquisition of Yes! in Netherlands. The compulsory school segment was impacted by higher vacation leave, leading to lower personnel costs. Higher volumes within vocational higher education in the Adult Education segment contributed positively.

The Upper Secondary Segment was impacted negatively by increased costs for teaching materials due to the new upper secondary reform, GY25.

The annual salary revision for large parts of the Swedish school operations from September totalled 3.4 percent (3.3).

Items affecting comparability

There were no items affecting comparability in the quarter (SEK 0 million).

Acquisitions, divestments, new establishments, and discontinued operation

During the quarter, 8 units were closed, and two units were merged to one.

In the graph, the EBITA margin is presented excl. IFRS 16.

Summary of the first quarter by segment

	Number of students (average)		Net sales,	SEK m	SEK m	Adj. EBITA,	EBITA margin	Adj.	SEK m	EBIT,	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	36,371	33,683	1,583	1,452	0	-7	0.0%	-0.5%	-3	-11	-0.2%	-0.8%
Compulsory School	30,236	29,486	904	860	49	44	5.4%	5.1%	49	44	5.4%	5.1%
Upper Secondary School	46,476	46,112	1,193	1,139	65	70	5.4%	6.1%	64	68	5.4%	6.0%
Adult Education	1 -	1 -	421	391	79	70	18.8%	17.9%	77	67	18.3%	17.1%
Group OH and adj.	-	-	0	-	-12	-12	-	-	-12	-12	-	-
Impact from IFRS 162	-	-	-	-	-	-	-	-	117	115	-	-
Total	113,083	109,281	4,101	3,842	182	166	4.4%	4.3%	292	272	7.1%	7.1%

¹ Adult education volume is not measured by the number of participants as the length of the programmes varies from single occasions to academic years.

² Please see note 2 for information on how application of IFRS 16 impact the financial reports.

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

	First quarter		Rolling 12 months	Full year
SEK m	2025/26	2024/25	Oct 24 – Sep 25	2024/25
Cash flow from operating activities before changes in working capital	236	207	1,501	1,472
Cash flow from changes in working capital	-258	-335	2	-75
Cash flow from operating activities	-22	-128	1,503	1,397
Investments related to existing operations1	-90	-97	-281	-288
Investments related to expansion2	-5	-73	-322	-389
Cash flow from investing activities	-95	-170	-603	-678
Cash flow from financing activities3	137	39	-1,142	-1,240
CASH FLOW FOR THE PERIOD	20	-259	-242	-521
Free cash flow before expansion investments 4	-111	-225	1,222	1,109

Cash flow from operating activities before changes in working capital increased in the quarter and amounted to SEK 236 million (207). Cash flow from changes in working capital was SEK -258 million (-335) and is seasonally negative during the first quarter due to vacation leave and higher accounts receivable related to the start of the school year. Calendar effects related to received government grants also negatively impacted cash flow in the first quarter of the current financial year. Paid tax in the quarter amounted to SEK 85 million (80). Cash flow from operating activities amounted to SEK -22 million (-128) in the quarter.

Investments in existing operations¹ were higher compared to last year and amounted to SEK -90 million (-97) contributing to a free cash flow⁴ of SEK -111 million (-225). Expansion investments² in the period were SEK -5 million (-73) Cash flow from investing activities amounted to SEK -95 million (-170).

Cash flow from financing activities³ totalled SEK 137 million (39). All in all, cash flow for the quarter amounted to SEK 20 million (-259).

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 preschool buildings in Norway, as well as divestments of such assets.

³ Cash flow from financing activities include leasing payments of computers amounting to SEK 41 million (39) in the quarter. Full year 2024/25 the leasing payments of computers was SEK 180 million.

⁴ Free cash flow before expansion investments consists of the cash flow from operating activities less investments in existing operations.

Financial position¹

		Including IFRS 16			Excluding IFRS 16
SEK m	2025-09-30	2024-09-30	2025-06-30	2025-09-30	2024-09-30	2025-06-30
Net debt	12,486	12,634	11,332	1,244	1,466	953
Property-related leasing liabilities	11,242	11,168	10,379	-	-	-
Net debt/ adjusted EBITDA	3,0	3,3	2,7	0,7	0,9	0,5
Debt ratio (%)	55.3%	56.7%	53.4%	10.1%	12.3%	8.1%
Equity/asset-ratio (%)	28.7%	27.1%	30.1%	56.1%	52.8%	57.5%
Buildings2	1,155	1,082	1,173	1,155	1,082	1,173

Consolidated interest-bearing net debt¹ including propertyrelated leasing liabilities amounted to SEK 12,486 million (12,634), of which property-related leasing liabilities amounts to SEK 11,242 million (11,168). The increase compared to last year is related to expansion, commencement of new lease agreements, renewal of current lease agreements, and indexation of existing rental agreements. Financial expenses increased to SEK -186 million (-184) following the increased leasing liabilities and increased interest rates. Interest expenses related to property related leasing liabilities amounted to SEK -157 million (-155), interest expenses excluding leasing was SEK -16 million (-23).

Consolidated interest-bearing net debt¹ excluding property-related leasing liabilities amounted to SEK 1,244 million (1,466) as of 30 September 2025.

The property loans have decreased by SEK 53 million over the past 12 months to SEK 612 million (664). Excluding the currency effects, the property loans decreased by SEK 21 million. During the same period, buildings increased by SEK 73 million to SEK 1,155 million (1,082).

Net debt in relation to adjusted EBITDA¹ (rolling 12 months) amounted to 0.7 (0.9), which meets the Group's financial target of a net debt in relation to adjusted EBITDA lower than 3.0. Net debt in relation to adjusted EBITDA including IFRS 16 (rolling 12 months) was 3.0 (3.3).

¹ 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 32 and 33 for definitions.

Preschool and International

The number of children increased by 8.0 percent to 36,371 (33,683) in the first quarter.
Net sales increased by 9.0 percent and amounted to SEK 1,583 million (1,452), positively affected by acquisitions. Currency changes had a negative impact, -2.0 percent and the organic growth was 7.5 percent.
Adjusted EBITA increased to SEK 0 million (-7).

AcadeMedia's Preschool and International Segment runs operations in Sweden, Norway, Finland, Germany, and the Netherlands. The segment had 482 units in the quarter whereof 104 preschools in Sweden, 106 preschools in Norway,114 preschools in Finland, 103 preschools, 4 compulsory schools, 7 upper secondary schools and adult education in Germany, as well as 32 small preschools and 12 small compulsory- and upper secondary schools in The Netherlands.

Outcome for the first quarter

The average number of children increased by 8.0 percent compared with the previous year and amounted to 36,371 (33,683). The increase was mainly driven by acquisitions in Netherlands and Germany.

Net sales increased by 9.0 percent and amounted to SEK 1,583 million (1,452). Acquisitions contributed 3.5 percent. The organic growth was 7.5 percent. Currency changes had a negative impact, -2.0 percent.

Adjusted EBITA was SEK 0 million (-7) and the margin -0.2 percent (-0.5). The profitability and margin improvement was largely related to the acquired of Yes! In the Netherlands.

No items affecting comparability (-).

Operational changes

In the quarter, two units were closed in Sweden.

Financial overview¹

		First quarter	Rolling 12 months	Full year
SEK m	2025/26	2024/25	Change	Oct 24 – Sep 25	2024/25
Net sales	1,583	1,452	9.0%	7,240	7,109
EBITA	0	-7	-%	350	344
Items affecting comparability	-	-	n.a.	-20	-20
Adjusted EBITA	0	-7	-%	370	364
Adjusted EBITA margin, %	-	-0.5%	0.5 p.p.	5.1%	5.1%
Number of children and students	36,371	33,683	8.0%	35,951	35,279
Number of units	482	450	7.1%	n.m.	461

The segments report property leasing in accordance with previous accounting practice (IAS 17). 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 26–28.

Compulsory School

The number of students increased by 2.5 percent to 30,236 (29,486) in the first quarter.
Net sales increased by 5.1 percent to SEK 904 million (860).
Adjusted EBITA was SEK 49 million (44).

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, and Vittra. Operations are based entirely on the school voucher system. The segment had 122 units during the quarter, whereof 41 integrated preschools.

Outcome for the first quarter

The average number of students increased by 2.5 percent compared with the previous year and amounted to 30,236 (29,486). The increase relates to acquisitions in September last year. Adjusted for units that are to be closed, the number of students increased by 3.3 percent.

Net sales increased by 5.1 percent and amounted to SEK 904 million (860), which in addition to the increase in number of students, also was due to the annual adjustment of school vouchers.

Adjusted EBITA was SEK 49 million (44) and the margin 5.4 percent (5.1). The quarter's results benefited from higher vacation leave, which led to lower personnel costs. We have continued with targeted investments and initiatives in reading and language development to further strengthen students' progress.

No items affecting comparability (-).

Operational changes

During the period two schools in Stockholm were merged and one integrated preschool closed. Additional two schools, one in Malmö and one in Umeå has closed.

Financial overview¹

		First quarter	Rolling 12 months	Full year
SEK m	2025/26	2024/25	Change	Oct 24 – Sep 25	2024/25
Net sales	904	860	5.1%	4,475	4,431
EBITA	49	44	11.4%	319	314
Items affecting comparability	-	-	n.a.	-7	-7
Adjusted EBITA	49	44	11.4%	327	321
Adjusted EBITA margin, %	5.4%	5.1%	0.3 p.p.	7.3%	7.2%
Number of children and students	30,236	29,486	2.5%	30,618	30,431
Number of units	122	126	-3.2%	n.m.	126

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 26–28.

Upper Secondary School

The number of students increased by 0.8 percent in the first quarter, amounting to 46,476 (46,112).
Net sales increased 4.7 percent to SEK 1,193 million (1,139).
Adjusted EBITA decreased to SEK 65 million (70).

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 first quarter

The number of students increased by 0.8 percent compared with the previous year, amounting to 46,476 (46,112). The overview of the unit portfolio that was initiated 2023 has continued and the capacity utilisation was 87.8 percent (87.1).

Net sales increased by 4.7 percent to SEK 1,193 million (1,139), driven by the annual school voucher adjustment of 2.6 percent (3.8) in January 2025, continued growth in student numbers, and EU grants which are matched by corresponding costs.

Adjusted EBITA was SEK 65 million (70), representing a margin of 5.4 percent (6.1). Earnings were negatively affected by initially higher costs for teaching materials following the new upper secondary reform (GY25), some of which are expected to persist throughout the financial year, together with increased costs for materials and additional library staff due to new legislation, had a negative impact on earnings. Higher capacity utilization contributed positively to the result.

No items affecting comparability (-).

Operational changes

During the period one unit were closed and two were merged to one.

Financial overview¹

		First quarter	Rolling 12 months	Full year
SEK m	2025/26	2024/25	Change	Oct 24 – Sep 25	2024/25
Net sales	1,193	1,139	4.7%	5,732	5,678
EBITA	65	70	-7.1%	498	502
Items affecting comparability	-	-	n.a.	-	-
Adjusted EBITA	65	70	-7.1%	498	502
Adjusted EBITA margin, %	5.4%	6.1%	-0.7 p.p.	8.7%	8.8%
Number of children and students	46,476	46,112	0.8%	45,670	45,579
Number of units	145	148	-2.0%	n.m.	148

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 26–28.

Adult Education

Net sales increased 7.7 percent to SEK 421 million (391).
Adjusted EBITA increased to SEK 79 million (70).

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 (35 percent of net sales in the quarter), Higher Vocational Education (47) and Labour Market Services (11).

Outcome for the first quarter

Net sales increased by 7.7 percent and amounted to SEK 421 million (391). The increase is mainly attributable to higher volumes in Higher Vocational Education and Labour Market Services.

Number of participants within Higher Vocational Education continued to increase and net sales increased by 6 percent compared to last year.

Volumes in Municipal Adult Education were somewhat higher than last year, and net sales increased 2 percent.

Net sales in the Labour Market Services business increased compared to last year and net sales increased 35 percent.

Adjusted EBITA increased to SEK 79 million (70), and the margin was 18.8 percent (17.9). The higher earning was mainly related to higher volumes in Higher Vocational Education, an increase which mainly relate to the high demand for short courses.

The first quarter, like last year, is a seasonally strong quarter positively affected by lower personnel costs due to summer vacation.

Operational changes and market development

During the quarter, the Swedish economy showed early signs of stabilization, although the recession persists and unemployment remains elevated. Employment growth has been modest, and labor demand continues

to be subdued across several sectors. At the same time, cautious signs of renewed confidence are emerging among households and businesses, supported by easing inflation and declining interest rates.

Assessments from the Public Employment Service and the National Institute of Economic Research point to a gradual recovery in 2026. However, structural mismatches in the labor market remain a challenge. Skills shortages in healthcare, education, industry, and technology continue to constrain companies' recruitment capacity.

In the government's 2026 budget proposal, investments in education and skills development remain a priority. Adult vocational training is being expanded to meet demand in shortage occupations, and the vocational higher education system is being further strengthened. The transition study support scheme is also being developed to help more individuals retrain or upskill.

Overall, the focus is on equipping the workforce to support a sustainable, long-term economic recovery.

Financial overview¹

		First quarter		Rolling 12 months	Full year
SEK m	2025/26	2024/25	Change	Oct 24 – Sep 25	2024/25
Net sales	421	391	7.7%	1,832	1,802
EBITA	79	70	12.9%	236	227
Items affecting comparability	-	-0	n.a.	-0	-0
Adjusted EBITA	79	70	12.9%	236	227
Adjusted EBITA margin, %	18.8%	17.9%	0.9 p.p.	12.9%	12.6%

Quality

AcadeMedia's vision is to lead the development of education for the future. One of our goals in achieving this is to be a leader in learning, where the main indicator is '100% – everyone should achieve their educational objectives'. We can only accomplish this by providing the highest quality education in the areas in which the Group operates. To attain our goal, AcadeMedia maintains strong focus on systematic quality enhancing work. We have a group-wide quality management model, and our size enables us to pursue development initiatives and find ways for the structured exchange of experiences on a large scale. We are constantly developing as a learning organisation.

"All of AcadeMedia's operations are part of a clear structure with a common framework and a culture with a focus on continuous improvement that makes us stronger together. We must deliver high-quality teaching and good goal fulfilment both based on core tasks and business tasks." AcadeMedia's Roadmap 2030.

Publication of AcadeMedia's quality report and AcadeMedia's annual and sustainability report for 2024/25

On 3 November 2025, AcadeMedia's quality report was published on the company website, https://academedia.se/. The report presents quality results at group level. This year's report highlights the importance of early intervention, particularly in relation to children's and students' language development. Language development is a key focus throughout AcadeMedia's operations, starting in preschool. Through library corners, reading aloud and common language strategies, children are given a strong foundation for learning.

In compulsory school, the increased focus on reading and writing development in the lower grades has yielded strong results – last spring, nine out of ten Year 1 students were able to read according to the Swedish National Agency for Education's mandatory assessment support. The work continues, with additional emphasis on Swedish as a second language.

In upper secondary education, both the share of students graduating and the alignment between national tests and final grades have improved. As Sweden's largest provider of vocational education, AcadeMedia is now intensifying its efforts to strengthen cooperation with the business community and ensure high quality in students' workplace-based learning (APL).

Adult education plays a crucial role in increasing employment and supporting integration in Sweden. AcadeMedia offers a wide range of programmes in this area, including vocational higher education, which continues to prove highly effective in helping individuals find employment after completing their studies.

On 23 October 2025, AcadeMedia's Annual and Sustainability Report was published. The sustainability report can be found on pages 42–66 and is prepared in accordance with the Swedish Annual Accounts Act and the European Sustainability Reporting Standards (ESRS). The report describes how AcadeMedia works with environmental and social sustainability, quality, governance, and how material sustainability issues are identified and managed.

Quality results for the first quarter

No new quality results have been compiled during the first quarter. However, at the end of September, The Swedish National Agency for Education published national statistics for Grade 9 results, academic year 2024/25. The national statistics show a slight upward trend for the country as a whole after four consecutive years of declining results. The proportion of students with passing grades in all subjects remained unchanged at 71.9 per cent, while the proportion of students eligible for upper secondary school increased by 0.4 percentage points (from 83.7 to 84.1 per cent).

AcadeMedia's results remain significantly above the national average, although a slight decline can be noted. The share of students with passing grades decreased from 81.7 to 79.9 per cent, and the share eligible for upper secondary school decreased from 90.6 to 90.0 per cent.

According to AcadeMedia's own grade compilation, discrepancies between the results of national tests and final grades continue to decrease overall. Comparative figures at national level regarding the alignment between national test results and final grades will be presented in November, when the Swedish National Agency for Education publishes statistics for the national tests for the academic year 2024/25.

The corresponding results for upper secondary schools will be published by the Agency at the end of November..

Employees

The average number of full-time employees in the quarter 16,886 (16,295) which represents an increase of 3.6 percent. The proportion of women in the Swedish operation was 67.4 percent (67.2) in July-August. Employee turnover in Sweden, measured as the proportion of individuals who resigned, was 4.6 percent aggregated over the two-month July - August period, compared with 5.6 percent aggregated over the corresponding period in the previous year. Absence due to illness for AcadeMedia employees in Sweden (aggregated average short-term absence <90 days) was 2.0 percent (2.3) during July-August.

Parent Company

Net sales in the quarter amounted to SEK 11 million (9). Operating profit (EBIT) amounted to SEK -0 million (0) and profit after tax was SEK 3 million (-2). The Parent Company's assets essentially consist of participations in Group companies and intercompany receivables. Equity in the Parent Company as of 30 September 2025 was SEK 1,400 million (1,813). The Parent Company's interest-bearing debt as of 30 September 2025 was SEK 506 million (918).

Owners and share capital

AcadeMedia AB (publ) is a public limited company listed on Nasdaq Stockholm since 2016. As of 30 September 2025, share capital was SEK 108,804,056.5 and the number of shares amounted to a total of 99,204,786 shares distributed among 99,011,729 ordinary shares and 193,057 Class C-shares, where the C-shares are held by AcadeMedia AB. The quota value is SEK 1.097 per share. Mellby Gård AB is the largest shareholder in AcadeMedia with 24.57 percentof the capital as of 30 September 2025.

Significant events after the end of the reporting period

The Board of AcadeMedia proposes a voluntary share redemption program

On the 22 rd of October, it was communicated that the Board of AcadeMedia has resolved to propose that the Annual General Meeting resolves on a voluntary share redemption program with a maximum amount of SEK 400 million, as an offer to all shareholders for voluntary redemption of shares. The proposal is in accordance with the intention to propose a voluntary redemption program announced in the year-end report for the period July 2024 – June 2025.

Revised financial targets and dividend policy

AcadeMedia's Board of Directors has decided to revise the company's financial targets and dividend policy. The updated targets aim to better reflect the company's continued focus on acquisition-driven growth. Under the revised financial targets, the profitability goal has been changed to an annual adjusted EBITA margin of 7–8 percent, replacing the previous goal of an adjusted EBIT margin of 7–8 percent.

For the 2024/25 financial year, the company's adjusted EBIT margin amounted to 4.1 percent, while the adjusted EBITA margin was 4.3 percent.

For further information regarding historical outcomes based on the new and previous margin targets, see the multi-year overview on page 24.

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.

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.

Annual General Meeting 2025

The Annual General Meeting (AGM) will be held on Thursday 26 November 2025 at AcadeMedia headquarters, Adolf Fredriks Kyrkogata 2, Stockholm.

Calendar

26 November 2025 Annual General Meeting 2025

2 February 2026 Interim report Q2 11 May 2026 Interim report Q3 31 August 2026 Interim report Q4

For further information, please visit https://corporate.academedia.se

This report has not been reviewed by the company's auditors.

Stockholm 3 November 2025

Marcus Strömberg Chief Executive Officer

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:

Marcus Strömberg, President and CEO Petter Sylvan, CFO

Telephone: +46-8-794 42 00 Telephone: +46-8-794 43 40

E-Mail: [email protected] E-mail: [email protected]

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 08:00 CEST on 3 November 2025.

Consolidated income statement

			Rolling	Full year
Not e	2025/26	2024/25	Oct 24- Sep 25	2024/25
3	4,101	3,842	19,280	19,021
	-383	-348	-1,692	-1,656
	-420	-387	-1,823	-1,790
	-2,434	-2,258	-11,618	-11,442
	-571	-577	-2,347	-2,353
	-	-0	-27	-27
	-3,808	-3,570	-17,508	-17,269
	292	272	1,772	1,752
				39
				-749
	-186	-179	-717	-710
	106	93	1,056	1,042
7	-25	-13	-233	-221
	82	80	822	821

	82	80	822	796
				8.14
	0.82	0.79	8.17	8.14
	0.82	0.79	8.33	8.29
	6 6	1 -186 0.82	First quarter 5 -184 0.79	12 Months 35 -751 8.18

¹ Items affecting comparability are specified on page 4. Key performance indicator definitions are on pages 31 to 32. Please see note 2 for information on how application of IFRS 16 impact the financial reports.

Consolidated statement of comprehensive income

		First quarter	Rolling 12 months	Full year
SEK m	Note	2025/26	2024/25	Oct 24- Sep 25	2024/25
PROFIT FOR THE PERIOD		82	80	822	821

Other comprehensive income
Items that will not be reclassified to profit/loss
Actuarial gains and losses		-7	4	8	20
Deferred tax relating to actuarial gains and losses		2	-1	-2	-4
		-5	3	7	15
Items that may be reclassified to profit/loss
Translation differences		-2	-24	-18	-41
Other comprehensive income for the period		-7	-20	-12	-25
COMPREHENSIVE INCOME FOR THE PERIOD		74	60	811	796
Comprehensive income for the period attributable to:
Owners of the parent company		74	60	811	796

Consolidated statement of financial position in summary

SEK m		Sep 30, 2025	Sep 30, 2024	June 30, 2025
ASSETS
Intangible non-current assets	5	7,761	7,655	7,767
Buildings	9	1,155	1,082	1,173
Right-of-use assets	10	10,923	10,978	9,981
Other property, plant, and equipment		1,108	1,090	1,086
Other non-current assets		193	187	177
Total non-current assets		21,139	20,993	20,184
Current receivables		1,438	1,305	1,055
Cash and cash equivalents1		793	1,047	777
Total current assets		2,231	2,352	1,831
TOTAL ASSETS		23,370	23,345	22,015

EQUITY AND LIABILITIES
Total equity		6,700	6,324	6,626
Non-current liabilities to credit institutions		1,164	1,626	1,183
Long-term lease liabilities		10,014	9,873	9,012
Provisions and other non-current liabilities		336	406	319
Total non-current liabilities		11,514	11,905	10,513
Current interest-bearing liabilities		530	537	315
Short-term lease liabilities		1,566	1,639	1,593
Other current liabilities		3,060	2,939	2,967
Total current liabilities		5,156	5,115	4,876
TOTAL EQUITY AND LIABILITIES		23,370	23,345	22,015

¹ Cash includes Cash restricted for payroll tax withholdings with SEK 32 million (SEK 31 million per 30 Sep 2024 and SEK 32 million per 30 June 2025).

Summary of consolidated statement of changes in equity

Equity attributable to the owners of the Parent Company

	Jul - Sep	Jul - Sep	Full year
SEK m	2025/26	2024/25	2024/25
Opening balance	6,626	6,265	6,265
Profit for the period	81	80	821
Other comprehensive income for the period	-7	-21	-25
Consolidated statement of comprehensive income	74	59	796
Dividend paid	-	-	-178
Share redemption programme	-	-	-282
Other transactions with owners1	-	-0	25
Closing balance	6,700	6,324	6,626

¹ Transactions with owners in the previous year amounts to SEK -0.2 million and included premium for issued warrants of SEK -0.2 million and sharematching program SEK +0.1 million.

Consolidated cash flow statement

	First quarter		Full year
SEK m	2025/26	2024/25	2024/25
Operating profit (EBIT)	292	272	1,752
Depreciation/amortisation	571	577	2,353
Adjustment for other non-cash items	19	6	-30
Tax paid	-85	-80	-273
Cash flow from operating activities before changes in working capital	798	776	3,802
Cash flow from changes in working capital	-251	-322	-60
Cash flow from operating activities	547	453	3,742
Acquisition of subsidiaries	-	-59	-333
Investments in buildings	-5	-14	-54
Leasehold improvements	-35	-51	-148
Investments in equipment	-50	-45	-129
Investments in intangible non-current assets	-6	-1	-10
Investments in non-current financial assets	-	-	-3
Cash flow from investing activities	-95	-170	-678
Interest received (+) and paid (-)	-18	-18	-67
Interest paid, lease liabilities	-161	-159	-628
Dividends to shareholders	-	-	-178
New issue/share redemption	-	-	-282
Issue of warrants	-	-	25
Increase (+)/decrease (-) of interest-bearing liabilities	196	96	-558
Repayment of lease liabilities	-448	-461	-1,897
Cash flow from financing activities	-432	-542	-3,585
CASH FLOW FOR THE PERIOD	20	-259	-521
Cash and cash equivalents at beginning of period	777	1,316	1,316
Exchange-rate differences in cash and cash equivalents	-4	-10	-18
Cash and cash equivalents at end of period	793	1,047	777

Please see note 2 for information on how application of IFRS 16 impact the financial reports.

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.

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

		First quarter 25/26			First quarter 24/25		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	4 101	-	4 101	3 842	-	3 842	19 021	-	19 021
Cost of services	-383	-	-383	-348	-	-348	-1 656	-	-1 656
Other external expenses	-420	562	-982	-387	569	-956	-1 790	2 330	-4 120
Personnel expenses	-2 434	-	-2 434	-2 258	-	-2 258	-11 442	-	-11 442
Depreciation/amortisation	-571	-444	-127	-577	-453	-123	-2 353	-1 831	-521
Items affecting comparability	-	-	-	-0	-	-0	-27	-	-27
TOTAL OPERATING EXPENSES	-3 808	117	-3 926	-3 570	115	-3 685	-17 269	498	-17 767
OPERATING INCOME (EBIT)	292	117	175	272	115	157	1 752	498	1 254
Financial income	1	-	1	5	-	5	39	-	39
Financial expenses	-186	-157	-29	-184	-155	-29	-749	-611	-138
Net financial items	-186	-157	-29	-179	-155	-24	-710	-611	-99
INCOME BEFORE TAX	106	-40	146	93	-40	133	1 042	-113	1 155
Tax	-25	9	-34	-13	9	-22	-221	26	-247
PROFIT FOR THE PERIOD	82	-30	112	80	-30	110	821	-87	908
Other comprehensive income for the period	-7	-	-7	-20	-	-20	-25	-	-25
COMPREHENSIVE INCOME FOR THE PERIOD	74	-30	105	60	-30	90	796	-87	883
Earnings per share basic (SEK)	0.82	-0.31	1.13	0.79	-0.30	1.09	8.14	-0.86	9.01
Earnings per share basic/diluted (SEK)	0.82	-0.31	1.13	0.79	-0.30	1.09	8.14	-0.86	9.00
Earnings per share based on number of shares outstanding (SEK)	0.82	-0.31	1.13	0.79	-0.30	1.09	8.29	-0.88	9.17

Consolidated statement of financial position in summary

		30 Sep 2025			30 Sep 2024
SEK m		IFRS 16 effect	Excl. IFRS 16		IFRS 16 effect	Excl. IFRS 16
ASSETS
Intangible non-current assets	7,761	-	7,761	7,655	-	7,655
Buildings	1,155	-	1,155	1,082	-	1,082
Right-of-use assets	10,923	10,593	330	10,978	10,641	337
Other property, plant, and equipment	1,108	-	1,108	1,090	-	1,090
Other non-current assets	193	57	136	187	45	142
Total non-current assets	21,139	10,650	10,489	20,993	10,686	10,307
Current receivables	1,438	-338	1,776	1,305	-329	1,634
Cash and cash equivalents	793	-	793	1,047	-	1,047
Total current assets	2,231	-338	2,569	2,352	-329	2,681
TOTAL ASSETS	23,370	10,312	13,058	23,345	10,357	12,988
	,	,	,	,	,	,
EQUITY AND LIABILITIES	,	,	,	,	,	,
Total equity	6,700	-622	7,323	6,324	-535	6,859
Non-current liabilities to credit institutions	1,164	-	1,164	1,626	-	1,626
Long-term lease liabilities	10,014	9,842	173	9,873	9,690	183
Provisions and other non-current liabilities	336	-179	515	406	-146	552
Total non-current liabilities	11,514	9,663	1,851	11,905	9,544	2,361
Current interest-bearing liabilities	530	-	530	537	-	537
Short-term lease liabilities	1,566	1,400	166	1,639	1,478	161
Other current liabilities	3,060	-129	3,189	2,939	-129	3,068
Total current liabilities	5,156	1,271	3,885	5,115	1,348	3,767
TOTAL EQUITY AND LIABILITIES	23,370	10,312	13,058	23,345	10,357	12,988

Consolidated cash flow statement

	Fi	rst quarter 25/2	26	Fii	rst quarter 24/2	5
SEK m		IFRS 16 effect	Excl. IFRS 16		IFRS 16 effect	Excl. IFRS 16
Operating profit/loss (EBIT)	292	117	175	272	115	157
Depreciation/amortisation	571	444	127	577	453	123
Adjustment for other non-cash items	19	-	19	6	-	6
Tax paid	-85	-	-85	-80	-	-80
Cash flow from operating activities before changes in working capital	798	562	236	776	569	207
Cash flow from changes in working capital	-251	7	-258	-322	12	-335
Cash flow from operating activities	547	568	-22	453	581	-128
Cash flow from investing activities	-95	-	-95	-170	-	-170
Cash flow from financing activities	-432	-568	137	-542	-581	39

CASH FLOW FOR THE PERIOD	20	0	20	-259	-	-259

NOTE 3: NET SALES

		First quarter	Full year
SEK m	2025/26	2024/25	2024/25
Education-related income	3,951	3,710	18,442
State subsidies	90	61	346
Products	25	24	92
Other income	35	46	141
Net Sales	4,101	3,842	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

No acquisitions were made during the first quarter of 2025/26.

NOTE 6: FINANCIAL INCOME AND EXPENSES

	First quarter		Rolling 12m Oct 24-	Full year
SEK m	2025/26	2024/25	Sep 25	2024/25
Financial income
Interest income	1	5	13	17
Exchange rate gains	-	-	22	22
Interest income and similar items	1	5	35	39
Interest expense excl. lease liability	-16	-23	-80	-86
Financial expenses
Borrowing costs 1	-0	-0	-4	-4
Interest expense on the lease liability	-161	-159	-631	-628
Exchange rate losses	-6	-2	-28	-24
Other	-3	-1	-9	-7
		-184	-751	-749
Interest expense and similar items	-186

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: TAXES

The tax expense for the period amounted to SEK 25 (13) million, corresponding to an effective tax rate of 23.4 percent (14.0). The increase in the effective tax rate compared with the same quarter last year was primarily due to tax-related adjustments.

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 leasing contracts reported in the balance sheet, AcadeMedia has entered leasing contracts which have not yet commenced. The total commitment for these contracts as per 30 September 2025 amounts to SEK 2,322 million (1,642 as per 30 June 2025).

SEK 1,000 million of the total commitment is attributable to the German preschool operations. Approximately SEK 900 million of this is expected to be reimbursed by municipalities as part of the statutory reimbursement model.

Parent company – financial reports

Parent company income statement in summary

		First quarter
SEK m	2025/26	2024/25	2024/25
Net sales	11	9	23
Operating expenses	-11	-9	-39
OPERATING PROFIT	-0	0	-17
Interest income and similar items	39	62	196
Interest expense and similar items	-35	-64	-199
Net financial items	4	-3	-2
Appropriations	-	-	40
PROFIT BEFORE TAX	3	-2	21
Tax	-1	0	-4
PROFIT FOR THE PERIOD	3	-2	17

Parent company other comprehensive income

	First quarter	Full year
SEK m	2025/26	2024/25	2024/25
Profit/loss for the period	3	-2	17
Other comprehensive income for the period	-	-	-
COMPREHENSIVE INCOME FOR THE PERIOD	3	-2	17

Parent company balance sheet in summary

	Sep 30,	Sep 30,	Jun 30,
SEK m	2025	2024	2025
ASSETS
Participations in Group companies	3,261	3,261	3,261
Deferred tax assets	-	-	-
Total non-current assets	3,261	3,261	3,261
Current receivables	5,339	5,350	5,521
Cash and cash equivalents	-	461	58
Total current assets	5,339	5,812	5,578
TOTAL ASSETS	8,601	9,073	8,840
EQUITY AND LIABILITIES
Restricted equity	109	107	109
Non-restricted equity	1,291	1,706	1,289
Total equity	1,400	1,813	1,398
Non-current liabilities	-	399	-
Current liabilities	7,201	6,862	7,442
TOTAL EQUITY AND LIABILITIES	8,601	9,073	8,840

Parent company statement of changes in equity

	Jul -Sep	Jul -Sep	Full year
SEK m	2025/26	2024/25	2024/25
Opening balance	1,398	1,815	1,815
Profit for the period	3	-2	17
Other comprehensive income for the period	-	-	-
Total profit for the period	3	-2	17
Dividend	0	0	-178
Share redemption programme	0	0	-282
Other transactions with owners1	0	0	25
Closing balance	1,400	1,813	1,398

¹ Transactions with owners in the previous year amounted amounts to SEK -0.2 million and include included premium for issued warrants of SEK -0.2 million and share-matching program SEK +0.1 million.

Multi-year review

SEK m, unless otherwise stated	First quarter				Full year
	2025/26	2024/25	2024/25	2023/24	2022/23	2021/22	2020/21
PROFIT/LOSS ITEMS
Net sales	4,101	3,842	19,021	17,332	15,539	14,339	13,340
Items affecting comparability	-	-	-27	-17	-45	-64	-7
EBITDA	863	849	4,105	3,649	3,194	2,980	2,754
Depreciation/impairment of tangible assets	-564	-568	-2,319	-2,130	-1,902	-1,739	-1,567
EBITA	299	281	1,786	1,519	1,292	1,241	1,187
Amortisation/impairment of intangible assets	-7	-9	-34	-29	-22	-16	-14
EBIT	292	272	1,752	1,490	1,270	1,224	1,174
Net financial items	-186	-179	-710	-665	-511	-441	-402
Profit/loss for the period before tax	106	93	1,042	825	759	784	772
Profit/loss for the period after tax	82	80	821	632	578	605	599
BALANCE SHEET ITEMS
Non-current assets	21,139	20,993	20,184	20,430	18,111	17,024	15,773
Current receivables and inventories	1,438	1,305	1,055	964	840	704	662
Cash and cash equivalents	793	1,047	777	1,316	967	1,137	966
Non-current interest-bearing liabilities	1,168	1,631	1,188	1,666	1,430	747	1,850
Long-term lease liabilities	10,014	9,873	9,012	9,408	8,203	7,464	6,495
Non-current non-interest-bearing liabilities	331	401	314	384	175	187	162
Current interest-bearing liabilities	530	537	315	446	167	1,207	195
Short-term lease liabilities	1,566	1,639	1,593	1,574	1,309	1,180	1,077
Current non-interest-bearing liabilities	3,060	2,939	2,967	2,967	2,501	2,323	2,319
Equity	6,700	6,324	6,626	6,265	6,134	5,758	5,305
Total assets	23,370	23,345	22,015	22,709	19,918	18,864	17,401
Capital employed	9,360	9,372	8,947	9,105	8,322	8,181	7,705

Net debt including IFRS 16	12,486	12,634	11,332	11,778	10,142	9,460	8,650
Net debt, excluding IFRS 16	1,244	1,466	953	1,020	825	987	1,222
Property adjusted net debt, excl IFRS 16	632	802	324	327	97	237	526
KEY RATIOS
Net sales	4,101	3,842	19,021	17,332	15,539	14,339	13,340
Organic growth incl. Bolt-on acquisitions, %	6.2%	6.0%	5.8%	7.3%	6.0%	5.2%	8.1%
Acquired growth, larger acquisitions, %	1.3%	7.1%	4.7%	4.4%	1.9%	1.6%	1.6%
Change in currency, %	-0.7%	-1.2%	-0.7%	-0.1%	0.5%	0.8%	-1.1%
Operating margin (EBIT), %	7.1%	7.1%	9.2%	8.6%	8.2%	8.5%	8.8%
Adjusted EBIT	175	157	1,281	1,097	964	1,001	939
Adjusted EBIT margin, %	4.3%	4.1%	6.7%	6.3%	6.2%	7.0%	7.0%
Adjusted EBITA	182	166	1,315	1,127	987	1,017	952
Adjusted EBITA margin, %	4.4%	4.3%	6.9%	6.5%	6.4%	7.1%	7.1%
Adjusted EBITDA	302	280	1,802	1,600	1,422	1,398	1,295
Adjusted EBITDA margin, %	7.4%	7.3%	9.5%	9.2%	9.2%	9.7%	9.7%
Return on capital employed, %, (12 months)	14.0%	12.3%	14.4%	12.8%	11.8%	12.6%	12.6%
Return on equity, % (12 months)	12.8%	11.3%	13.1%	11.1%	10.7%	12.0%	13.3%
Equity/assets ratio, %, incl IFRS 16	28.7%	27.1%	30.1%	27.6%	30.8%	30.5%	30.5%
Equity/assets ratio, %, excl IFRS 16	56.1%	52.8%	57.5%	53.0%	57.9%	55.3%	53.3%
Interest coverage ratio, times	13.8	10.2	12.8	10.5	15.6	31.6	27.9
Net debt/Adjusted EBITDA (12 m) incl IFRS 16	3.0	3.3	2.7	3.2	3.1	3.1	3.1
Net debt/Adjusted EBITDA (12 m)	0.7	0.9	0.5	0.6	0.6	0.7	0.9
Debt ratio, incl IFRS 16	55.3%	56.7%	53.4%	55.1%	53.5%	53.4%	52.6%
Debt ratio, excl. IFRS 16	10.1%	12.3%	8.1%	8.9%	8.0%	10.1%	13.0%
Free cash flow	-111	-225	1,109	1,124	792	922	1,117
Cash flow from investing activities	-95	-170	-678	-871	-481	-536	-437
Number of full-time employees	16,886	16,295	16,658	15,428	14,459	13,829	13,360

Quarterly data, Group

Quarterly data	2025/26		2024/25				2023/24
SEK m, unless otherwise stated	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Net sales	4,101	5,118	5,037	5,025	3,842	4,856	4,613	4,433	3,430
EBITDA	863	1,167	1,083	1,006	849	1,111	977	831	729
Depreciation and amortisation	-571	-589	-583	-604	-577	-580	-556	-526	-498
Operating income (EBIT)	292	578	499	402	272	532	422	305	232
Total financial items	-186	-157	-195	-179	-179	-193	-149	-168	-155
Income before taxes	106	421	304	223	93	339	272	137	77
Tax for the current period	-25	-101	-63	-45	-13	-90	-58	-31	-14
Profit/loss for the period	82	321	241	179	80	249	215	106	62

Number of children/students, schools	113,083	113,530	111,603	110,744	109,281	109,510	104,421	101,292	100,752
Number of full-time employees	16,886	17,427	16,676	16,604	16,198	16,539	15,561	14,973	14,641
Number of education units	749	757	729	728	724	713	711	595	595
Key ratios
Operating margin (EBIT), %	7.1%	11.3%	9.9%	8.0%	7.1%	11.0%	9.1%	6.9%	6.8%
Adjusted EBIT	175	467	377	280	157	415	327	204	151
Adjusted EBIT, %	4.3%	9.1%	7.5%	5.6%	4.1%	8.5%	7.1%	4.6%	4.4%
Adjusted EBITA	182	475	386	289	166	425	334	210	157
Adjusted EBITA, %	4.4%	9.3%	7.7%	5.8%	4.3%	8.8%	7.2%	4.7%	4.6%
Adjusted EBITDA	302	598	510	415	280	537	459	334	269
Adjusted EBITDA, %	7.4%	11.7%	10.1%	8.3%	7.3%	11.1%	10.0%	7.5%	7.8%
Net margin, %	2.0%	6.3%	4.8%	3.6%	2.1%	5.1%	4.7%	2.4%	1.8%
Return on equity, % (12 months) 1	12.8%	13.0%	12.7%	12.5%	11.3%	11.1%	10.9%	10.3%	10.2%
Return on capital employed, % (12 Months) 1	14.0%	14.4%	13.6%	13.4%	12.3%	12.8%	11.8%	11.6%	11.3%
Equity/assets ratio, %1	56.1%	57.5%	54.5%	53.6%	52.8%	53.0%	50.5%	54.7%	54.5%
Net debt/Adjusted EBITDA (12 months) 1	0,7	0,5	0,7	0,6	0,9	0,6	1,0	0,7	0,9
Interest coverage ratio1	13,8	12,8	10,9	10,3	10,2	10,5	11,4	11,9	13,5
Other
Items affect comparability	-	-13	-16	2	-	-	-11	0	-6
Free cash flow	-111	532	186	615	-225	514	200	537	-127
Cash flow from operating activities	-22	598	236	691	-128	592	242	606	-32
Cash flow from investing activities	-95	-276	-127	-105	-170	-84	-372	-154	-261

¹ Net debt/EBITDA and interest coverage ratio are important key performance indicators in AcadeMedia's business which from 1 July 2019 are calculated adjusted for the effect of IFRS 16 Leases to reflect a comparable measure to key performance indicators from previous periods.

Quarterly data, segment

SEK m, unless otherwise stated	2025/26		2024/25				2023/24
Preschool and International (SE, NO, DE, NL, FL)	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Number of children/students (average)	36,371	37,797	35,404	34,233	33,683	35,475	29,938	26,452	25,989
Net sales	1,583	1,962	1,871	1,825	1,452	1,876	1,605	1,427	1,165
of which Sweden	283	393	386	371	278	383	372	364	282
of which Norway	491	650	657	629	475	668	646	608	479
of which Finland	227	318	318	307	228	323	109	-	-
of which Germany	479	483	442	454	419	438	415	395	358
of which Netherlands	104	117	67	65	53	65	62	60	45
EBITDA	33	189	149	104	25	178	131	66	27
EBITDA margin, %	2.1%	9.6%	8.0%	5.7%	1.7%	9.5%	8.2%	4.6%	2.3%
Depreciation/impairment of tangible assets	-32	-30	-29	-31	-32	-21	-31	-32	-31
Amortisation/impairment of intangible assets	-3	-4	-4	-4	-4	-5	-3	-2	-2
Depreciation of right-of-use assets	-0	-0	-0	-0	-0	-0	-1	-1	-0
EBITA	0	159	119	72	-7	156	99	33	-4
EBITA margin, %	-	8.2%	6.4%	4.0%	-0.4%	8.3%	6.2%	2.4%	-0.3%
Operating profit/loss (EBIT)	-3	156	115	68	-11	150	97	31	-6
EBIT margin, %	-0.2%	8.0%	6.1%	3.7%	-0.8%	8.0%	6.0%	2.2%	-0.5%
Items affecting comparability	-	-13	-6	-	-	-0	-11	0	-6

Adjusted EBITA	0	173	125	72	-7	156	111	33	2
Adjusted EBITA margin, %	-	8.8%	6.7%	3.9%	-0.5%	8.3%	6.9%	2.3%	0.2%
Adjusted EBIT	-3	169	121	68	-11	151	108	31	0
Adjusted EBIT margin, %	-0.2%	8.6%	6.5%	3.7%	-0.8%	8.0%	6.7%	2.2%	-
Number of preschool units	482	484	456	454	450	446	444	328	328

SEK m, unless otherwise stated	2025/26		2024/25				2023/24
Compulsory School (Sweden)	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Number of children/students (average)	30,236	30,795	30,796	30,648	29,486	29,377	29,344	29,257	28,825
Net sales	904	1,197	1,181	1,193	860	1,091	1,092	1,091	799
EBITDA	77	141	102	105	67	124	102	89	74
EBITDA margin, %	8.5%	11.8%	8.6%	8.8%	7.8%	11.4%	9.3%	8.2%	9.3%
Depreciation/impairment of tangible assets	-21	-21	-20	-19	-18	-19	-17	-17	-16
Amortisation/impairment of intangible assets	-0	-0	-0	-0	-0	-0	-0	-0	-0
Depreciation of right-of-use assets	-7	-6	-6	-6	-5	-6	-7	-7	-6
EBITA	49	114	76	80	44	99	78	66	51
EBITA margin, %	5.4%	9.5%	6.4%	6.7%	5.1%	9.1%	7.1%	6.0%	6.4%
Operating profit/loss (EBIT)	49	114	76	80	44	99	78	65	51
EBIT margin, %	5.4%	9.5%	6.4%	6.7%	5.1%	9.1%	7.1%	6.0%	6.4%
Items affecting comparability	-	-	-10	2	-	-0	-0	-0	1

Adjusted EBITA	49	114	86	77	44	99	78	66	51
Adjusted EBITA margin, %	5.4%	9.5%	7.3%	6.5%	5.1%	9.1%	7.1%	6.0%	6.4%
Adjusted EBIT	49	114	85	77	44	99	78	65	51
Adjusted EBIT margin, %	5.4%	9.5%	7.2%	6.5%	5.1%	9.1%	7.1%	6.0%	6.4%
Number of education units	122	126	126	126	126	118	118	118	118

SEK m, unless otherwise stated	2025/26		2024/25				2023/24
Upper Secondary School (Sweden)	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Number of children/students (average)	46,476	44,938	45,403	45,863	46,112	44,658	45,139	45,583	45,938
Net sales	1,193	1,505	1,519	1,515	1,139	1,465	1,473	1,441	1,102
EBITDA	121	246	205	174	125	241	187	154	119
EBITDA margin, %	10.1%	16.3%	13.5%	11.5%	11.0%	16.5%	12.7%	10.7%	10.8%
Depreciation/impairment of tangible assets	-27	-28	-28	-27	-26	-28	-28	-27	-27
Amortisation/impairment of intangible assets	-1	-1	-1	-1	-1	-1	-1	-1	-1
Depreciation of right-of-use assets	-29	-34	-38	-38	-29	-33	-37	-37	-28
EBITA	65	185	139	109	70	180	122	90	64
EBITA margin, %	5.4%	12.3%	9.2%	7.2%	6.1%	12.3%	8.3%	6.2%	5.8%
Operating profit/loss (EBIT)	64	184	138	107	68	179	121	89	63
EBIT margin, %	5.4%	12.2%	9.1%	7.1%	6.0%	12.2%	8.2%	6.2%	5.7%
Items affecting comparability	-	-	-	-	-	-0	-0	-0	0

Adjusted EBITA	65	185	139	109	70	180	122	90	64
Adjusted EBITA margin, %	5.4%	12.3%	9.2%	7.2%	6.1%	12.3%	8.3%	6.2%	5.8%
Adjusted EBIT	64	184	138	107	68	179	121	89	63
Adjusted EBIT margin, %	5.4%	12.2%	9.1%	7.1%	6.0%	12.2%	8.2%	6.2%	5.7%
Number of education units	145	147	147	148	148	149	149	149	149

SEK m, unless otherwise stated	2025/26			2024/25				2023/24
Adult Education	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Net sales	421	454	465	492	391	423	443	473	365
EBITDA	83	40	58	67	74	30	50	52	54
EBITDA margin, %	19.7%	8.8%	12.5%	13.6%	18.9%	7.1%	11.3%	11.0%	14.8%
Depreciation/impairment of tangible assets	-3	-3	-2	-3	-3	-3	-3	-3	-3
Amortisation/impairment of intangible assets	-2	-3	-3	-3	-3	-3	-3	-2	-2
Depreciation of right-of-use assets	-0	-0	-0	-0	-0	-0	-0	-0	-0
EBITA	79	37	56	63	70	26	46	48	50
EBITA margin, %	18.8%	7.9%	11.8%	12.6%	17.6%	5.9%	10.2%	10.1%	13.7%
Operating profit/loss (EBIT)	77	34	53	60	67	23	43	46	48
EBIT margin, %	18.3%	7.5%	11.4%	12.2%	17.1%	5.4%	9.7%	9.7%	13.2%
Items affecting comparability	-	-0	-	-	-0	-0	-0	0	-0

Adjusted EBITA	79	37	56	63	70	26	46	48	50
Adjusted EBITA margin, %	18.8%	8.1%	12.0%	12.8%	17.9%	6.1%	10.4%	10.1%	13.7%
Adjusted EBIT	77	34	53	60	67	23	43	46	48
Adjusted EBIT margin, %	18.3%	7.5%	11.4%	12.2%	17.1%	5.4%	9.7%	9.7%	13.2%

SEK m, unless otherwise stated	2025/26		2024/25				2023/24
Group-OH and adjustments	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Net sales	0	0	1	0	0	0	0	0	0
EBITDA	550	550	569	557	558	538	507	470	456
Depreciation	-445	-459	-451	-470	-454	-458	-424	-397	-380
EBITA	105	91	117	87	103	80	83	73	76
Operating profit/loss (EBIT)	105	91	117	87	103	80	83	73	76
Items affecting comparability	-	-	-	-	-	-	-	-	-

Adjusted EBITA	-12	-33	-21	-33	-12	-36	-23	-27	-10
Adjusted operating profit/loss (EBIT)	-12	-33	-21	-33	-12	-36	-23	-28	-10

SEK m, unless otherwise stated	2025/26		2024/25			2023/24
Group	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Number of children/students (average)	113,083	113,530	111,603	110,744	109,281	109,510	104,421	101,292	100,752
Net sales	4,101	5,118	5,037	5,025	3,842	4,856	4,613	4,433	3,430
EBITDA	863	1,167	1,083	1,006	849	1,111	977	831	729
EBITDA margin, %	21.0%	22.8%	21.5%	20.0%	22.1%	22.9%	21.2%	18.7%	21.3%
Depreciation/impairment of tangible assets	-83	-82	-80	-81	-79	-72	-80	-80	-77
Amortisation/impairment of intangible assets	-7	-8	-9	-9	-9	-10	-7	-6	-6
Depreciation of right-of-use assets	-481	-499	-495	-514	-489	-498	-468	-441	-414
EBITA	299	586	508	411	281	542	429	311	238
EBITA margin, %	7.3%	11.4%	10.1%	8.2%	7.3%	11.2%	9.3%	7.0%	6.9%
Operating profit/loss (EBIT)	292	578	499	402	272	532	422	305	232
EBIT margin, %	7.1%	11.3%	9.9%	8.0%	7.1%	11.0%	9.1%	6.9%	6.8%
Items affecting comparability	-	-13	-16	2	-	-	-11	-	-6
Effect of IFRS 16 on operating profit	117	124	139	120	115	117	106	101	86
Adjusted EBITA	182	475	386	289	166	425	334	210	157
Adjusted EBITA margin, %	4.4%	9.3%	7.7%	5.8%	4.3%	8.8%	7.2%	4.7%	4.6%
Adjusted EBIT	175	467	377	280	157	415	327	204	151
Adjusted EBIT margin, %	4.3%	9.1%	7.5%	5.6%	4.1%	8.5%	7.1%	4.6%	4.4%

Net financial items	-186	-157	-195	-179	-179	-193	-149	-168	-155
Profit/loss after financial items	106	421	304	223	93	339	272	137	77
Tax	-25	-101	-63	-45	-13	-90	-58	-31	-14
Profit/loss for the period	82	321	241	179	80	249	215	106	62
Number of full-time employees (period)	16,886	17,427	16,676	16,604	16,198	16,539	15,561	14,973	14,641
Number of units	749	757	729	728	724	713	711	595	595

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	First quarter				Full year
	2025/26	2024/25	2024/25	2023/24	2022/23	2021/22	2020/21
Adjusted EBIT
Operating profit (EBIT)	292	272	1,752	1,490	1,270	1,224	1,174
- Items affecting comparability	-	-	27	17	45	64	7
- IFRS 16 impact	-117	-115	-498	-410	-350	-288	-243
= Adjusted EBIT	175	157	1,281	1,097	964	1,001	939

Adjusted EBIT margin
Adjusted EBIT	175	157	1,281	1,097	964	1,001	939
Divided by /Net sales = Adjusted EBIT margin	4,101 4.3%	3,842 4.1%	19,021 6.7%	17,332 6.3%	15,539 6.2%	14,339 7.0%	13,340 7.0%

Adjusted EBITA
Adjusted EBIT	175	157	1,281	1,097	964	1,001	939
Depreciation and impairment of intangible	7	9	34	29	22	16	14
assets
= Adjusted EBITA	182	166	1,315	1,127	987	1,017	952
Adjusted EBITA margin
Adjusted EBITA	182	166	1 315	1 127	987	1 017	952
Divided by /Net sales	4 101	3 842	19 021	17 332	15 539	14 339	13 340
= Adjusted EBIT margin	4,4%	4,3%	6,9%	6,5%	6,4%	7,1%	7,1%

Adjusted EBITDA
Adjusted EBIT	175	157	1 281	1 097	964	1 001	939
- Depreciation excluding depreciation relating to	127	123	521	503	458	398	357
property rental agreements = Adjusted EBITDA
	302	280	1 802	1 600	1 422	1 398	1 295
Net debt
Non-current interest-bearing liabilities	11,183	11,504	10,199	11,073	9,633	8,211	8,344
+ Current interest-bearing liabilities	2,096	2,176	1,909	2,020	1,476	2,386	1,272
- Interest-bearing receivables	-	-	-	-	-	-	-
- Cash and cash equivalents	793	1,047	777	1,316	967	1,137	966
= Net debt including IFRS 16	12,486	12,634	11,332	11,778	10,142	9,460	8,650
- IFRS 16 Non-current and current lease liabilities	11,242	11,168	10,379	10,758	9,317	8,474	7,428
= Net debt excluding IFRS 16	1,244	1,466	953	1,020	825	987	1,222

Property-adjusted net debt
Net debt (as described above)	1,244	1,466	953	1,020	825	987	1,222
- non-current property loans	591	643	609	663	698	722	671
- current property loans	21	21	21	30	30	28	25
= Property adjusted net debt excluding IFRS 16	632	802	324	327	97	237	526

Return on capital employed %, 12 months
Adjusted EBIT	1,299	1,103	1,281	1,097	964	1,001	939
+ Interest income	13	24	17	22	9	1	0
divided by
Average equity	6,512	6,249	6,445	6,199	5,946	5,531	5,047
+ average non-current interest-bearing liabilities	11,344	10,801	10,636	10,353	8,922	8,277	8,302
+ average current interest-bearing liabilities	2,136	2,084	1,964	1,748	1,931	1,829	1,276
- IFRS 16 average equity	-579	-481	-548	-451	-349	-256	-165
- IFRS 16 average non-current and current lease liabilities	11,205	10,484	10,568	10,038	8,896	7,951	7,321
= Return on capital employed excluding IFRS
16, %	14.0%	12.3%	14.4%	12.8%	11.8%	12.6%	12.6%

Return on equity %, 12 months
Profit/loss after tax	822	650	821	632	578	605	599
- IFRS 16 profit/loss after tax	-87	-108	-87	-108	-97	-88	-95
divided by Average equity	6,512	6,249	6,445	6,199	5,946	5,531	5,047
- IFRS 16 average equity	-579	-481	-548	-451	-349	-256	-165
= Return on equity, % 12 months	12.8%	11.3%	13.0%	11.1%	10.7%	12.0%	13.3%

Debt ratio, incl IFRS 16
Net debt incl IFRS 16	12,486	12,634	11,332	11,778	10,142	9,460	8,650
divided by
Total assets	23,370	23,345	22,015	22,709	19,918	18,864	17,401
-cash and cash equivalents	793	1,047	777	1,316	967	1,137	966
=Debt ratio incl IFRS 16	55.3%	56.7%	53.4%	55.1%	53.5%	53.4%	52.6%

SEK m, unless otherwise stated	First quarter		Full year
	2025/26	2024/25	2024/25	2023/24	2022/23	2021/22	2020/21

Debt ratio, excl IFRS 16
Net debt excl IFRS 16	1,244	1,466	953	1,020	825	987	1,222
divided by
Total assets	13,058	12,988	12,543	12,761	11,289	10,951	10,353
-cash and cash equivalents	793	1,047	777	1,316	967	1,137	966
=Debt ratio excl IFRS 16	10.1%	12.3%	8.1%	8.9%	8.0%	10.1%	13.0%

	2025/26		2024/25				2023/24
SEK m., unless otherwise stated	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Interest coverage ratio
Adjusted operating profit EBIT (12 months)	1,299	1,281	1,229	1,179	1,103	1,097	1,015	966	965
+ Interest income (12 months)	13	17	20	23	24	22	18	16	11
+ Other financial income (12 months)	22	22	6	25	18	19	34	15	21
divided by
Interest expense (12 months)	-711	-715	-732	-729	-694	-662	-616	-588	-561
- Interest expense (12 months) IFRS 161	-614	-611	-617	-610	-582	-554	-523	-504	-487
= Interest coverage ratio (excl. IFRS 16)	13.8	12.8	10.9	10.3	10.2	10.5	11.4	11.9	13.5

¹ Amounts relate to adjustments and reclassifications made to reverse the adjustments associated with implementation of the accounting standard, IFRS 16 Leases, to reflect an accounting practice applied in previous accounting periods (IAS 17).

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	Purpose5
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 equity6	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.

⁵ According to ESMA guidelines on performance measures, each performance measure must be motivated.

⁶ The 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 continuity is achieved.

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.
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 the same period in the previous year, unless otherwise stated. Totals of amounts in whole figures do not always match reported totals due to rounding. The reported total amounts are correct.

AI Terminal

AcadeMedia

2996_10-q_2025-11-03_b3bf3dd6-872e-4ab6-a463-f71bb6e482ae.pdf

Interim report July – September 2025

Interim report quarter one, July – September 2025

Summary of the first quarter 2025/26

Summary of the first quarter

CEO's comments

Solid start to the financial year, with reading in focus

Continued steady growth in new children and students

More students achieving the goals

Adult education's role in an evolving workplace

Further expansion in Germany through new units

Sustainability in practice, Award for Vittra Lambohov

Supporting parents through the film initiative 'Strong as a Parent'

Writing workshops in collaboration with the LasseMajas Foundation

Moving forward with quality and responsibility

Marcus Strömberg

Development in the first quarter (July – September 2025)

Volume development and net sales

Adjusted EBITA and operating profit (EBIT)

Items affecting comparability

Acquisitions, divestments, new establishments, and discontinued operation

Summary of the first quarter by segment

Cash flow and financial position

Cash flow adjusted for lease payments

Financial position1

Preschool and International

Outcome for the first quarter

Operational changes

Financial overview1

Compulsory School

Outcome for the first quarter

Operational changes

Financial overview1

Upper Secondary School

Outcome for the first quarter

Operational changes

Financial overview1

Adult Education

Outcome for the first quarter

Operational changes and market development

Financial overview1

Quality

Publication of AcadeMedia's quality report and AcadeMedia's annual and sustainability report for 2024/25

Quality results for the first quarter

Employees

Parent Company

Owners and share capital

Significant events after the end of the reporting period

The Board of AcadeMedia proposes a voluntary share redemption program

Revised financial targets and dividend policy

Financial Targets

Other Group items

Risks and uncertainties

Seasonal variations

Outlook

Annual General Meeting 2025

Calendar

For more information, please contact:

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of financial position in summary

Summary of consolidated statement of changes in equity

Consolidated cash flow statement

Notes and accounting policies

NOTE 1: ACCOUNTING POLICIES

New and amended accounting standards applied from 1 July 2025

NOTE 2: FINANCIAL STATEMENTS WITH EFFECT OF IFRS 16 LEASING

Consolidated income statement

Consolidated statement of financial position in summary

Consolidated cash flow statement

NOTE 3: NET SALES

NOTE 4: TRANSACTIONS WITH RELATED PARTIES

NOTE 5: ACQUISITIONS

NOTE 7: TAXES

NOTE 8: FINANCIAL INSTRUMENTS

NOTE 9: RENTAL COMMITMENTS

Parent company – financial reports

Parent company income statement in summary

Financial position¹

Financial overview¹

Financial overview¹

Financial overview¹

Financial overview¹