eEducation Albert (ALBERT) Q3 2025 earnings summary

Executive summary

• Achieved first underlying EBITDA profit of SEK 3 million in Q3 2025, a swing of over SEK 11 million year-over-year from a SEK 8.4 million loss, marking a structural turnaround after significant cost-cutting and organizational restructuring.

• Net revenue for Q3 2025 was SEK 40.8 million, down 3% year-over-year, with stable B2B and B2C performance despite the Strawbees divestment.

• Over 10 million learners have engaged with the group's digital learning platforms, with a strong presence in both B2B and B2C segments.

• Recurring subscription revenues remained strong, supported by high retention and improved pricing.

• The company now operates through three focused business units with decentralized P&L responsibility.

Financial highlights

• Q3 net revenue: SEK 40.8m (down 3% YoY); Q1–Q3 net revenue: SEK 121.0m (down 9% YoY).

• Q3 EBITDA: SEK 18.7m (vs. -8.4m YoY); adjusted EBITDA: SEK 3.0m (excluding Strawbees divestment).

• Q3 EBITA: SEK 15.8m (vs. -12.3m YoY); Q3 net loss: SEK -8.0m (vs. -29.4m YoY).

• Cash flow from operations in Q3: SEK 20.2m (vs. -3.2m YoY); cash and equivalents at period end: SEK 55.0m.

• Gross margin for Q3 and Q1–Q3: 79% (in line with prior year).

Outlook and guidance

• Focus shifts to disciplined growth, customer lifetime value, retention, and product optimization, with continued emphasis on mathematics and adaptive learning.

• Plans to scale Samdag in the U.K. and enhance Albert Junior's go-to-market strategy.

• Positive EBITDA run rate targeted for 2025 and positive cash flow for 2026, supported by restructuring and asset divestment.

• Growth expected to be evidence-based and economically driven, with no immediate need for major investments.