AcadeMedia
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AcadeMedia (ACAD) investor relations material

AcadeMedia Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary2 Feb, 2026

Executive summary

  • Net sales rose 4.1% year-over-year to SEK 5,231 million, with FX-adjusted organic growth (including bolt-on acquisitions) at 5.5%.

  • Adjusted EBITA increased 19% to SEK 345 million, with margin improving to 6.6% from 5.8%, and all segments contributing positively.

  • International and adult education segments were key drivers of EBIT growth, with strengthened market share in higher vocational education and student numbers up 2.2% to 113,176.

  • Acquisitions in Germany and Finland expanded the international footprint, supporting the goal of 50% revenue from outside Sweden.

  • Free cash flow improved to SEK -111 million from SEK -225 million year-over-year, and the balance sheet remains strong.

Financial highlights

  • Year-on-year revenue growth of 4.1%, with all segments contributing positively; rolling 12-month net sales reached SEK 19.5 billion.

  • Adjusted EBITDA/EBITA margin rose to 6.6% (from 5.8%), reaching SEK 345 million, up from SEK 289 million.

  • Free cash flow for the last 12 months was SEK 1,342 million, up 21.1%, with a 71% conversion rate from EBITDA.

  • Earnings after tax increased 11.2% to SEK 199 million; EPS rose 14.2% to SEK 2.01.

  • Net debt (excl. IFRS 16) at SEK 807 million, down 26.3% year-over-year.

Outlook and guidance

  • School voucher increase of 3.4% in 2026 expected to outpace salary growth, improving cost structure.

  • International revenue target of 50% to be achieved through organic growth and acquisitions.

  • Higher Vocational Education allocation increased by 60% year-over-year, strengthening market share above 20%.

  • Adult education volumes remain strong, with no immediate impact from lower unemployment rates; margin expected to level out.

  • Updated financial targets: sales growth of 5–7% annually, EBITA margin of 7–8%, and net debt/EBITDA below 3.0.

Acquisition strategy: What's the pipeline focus
Capital structure: Rationale for redemption program
Regulatory changes: Impact on operational costs
Principle of publicity law implementation plan
Adult Ed margin drivers and unemployment impact
International acquisition strategy and pipeline
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Frequently asked questions

AcadeMedia AB operates as an independent education provider in northern Europe. The company operates in Sweden, Norway, and Denmark. It provides childcare, preschools, compulsory schools, upper secondary schools, evening high schools, and adult education. As of February 14, 2020, the company operated 710 preschools, 204 compulsory schools, 11 upper secondary schools, 26 evening high schools/adult education centers, and 6 healthcare college centers; and operated 31 nursery schools that had 814 nursery groups.

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