eEducation Albert (ALBERT) Q2 2025 earnings summary

Executive summary

• New CEO and CFO appointed in Q2, initiating decisive actions for profitable growth and efficiency.

• SEK 25 million annual cost savings program launched, reducing headcount from 103 to 75, mainly in central and overlapping roles, incurring one-off restructuring costs of SEK 5.3 million in Q2.

• Net revenue for Q2 2025 declined 16% year-over-year to SEK 41.6 million, mainly due to a sharp drop in B2B sales, especially in North America.

• Annual recurring revenue (ARR) from subscriptions grew 6% year-over-year to SEK 139.5 million, driven by B2C subscription growth.

• Shift to a decentralized model with each business unit carrying its own P&L responsibility for increased agility.

Financial highlights

• Q2 net revenue: SEK 41.6 million (down 16% YoY); H1 net revenue: SEK 80.2 million (down 12% YoY).

• Q2 EBITDA: -SEK 10.5 million, impacted by SEK 5.3 million in one-off restructuring costs; adjusted EBITDA: -SEK 5.1 million.

• Q2 EBITDA margin: -25%; adjusted margin (excluding one-offs): -12%.

• Q2 EBITA: -SEK 13.7 million; Q2 net loss: -SEK 24.2 million; EPS: -0.96 SEK.

• Cash and cash equivalents at period end: SEK 34 million (down from SEK 65.3 million YoY).

Outlook and guidance

• Cost savings expected to reduce cash burn and support path to positive EBITDA in 2025 and cash flow break-even in 2026.

• Management confident current cash position and cost measures are sufficient to reach break-even, with ongoing evaluation of options to strengthen the balance sheet if needed.

• Focus on strengthening B2C in the Nordics, selectively rebuilding B2B momentum, and maintaining strong customer relationships.