Tellusgruppen (TELLUS) Q2 2025 earnings summary

Executive summary

• Delivered strongest interim report since listing, with improved profitability and financial stability despite market challenges.

• Revenue grew 6.3% year-over-year for H1 2025, with both organic growth and acquisitions contributing.

• Cash flow and balance sheet significantly strengthened, with net debt/EBITDA at a historic low of 0.1x.

• Integration of acquisitions and operational improvements drove results, especially in preschool and educational resources.

Financial highlights

• Q2 2025 revenue increased 4.1% to 135.8 MSEK; H1 2025 revenue up 6.3% to 267.5 MSEK year-over-year.

• Adjusted EBITDA for Q2 was 10.3 MSEK (7.6% margin), up from 4.6 MSEK; H1 adjusted EBITDA was 13.5 MSEK (5.0% margin), up from 1.0 MSEK.

• Net income for Q2 was 3.4 MSEK (EPS 0.2 SEK), compared to -4.1 MSEK; H1 net income was -1.8 MSEK (EPS -0.1 SEK), up from -17.9 MSEK.

• Cash flow from operations for H1 was 30.3 MSEK, up from 8.2 MSEK; period-end cash was 20.2 MSEK.

• Net debt reduced to 3.4 MSEK from 41.5 MSEK year-over-year.

Segment performance

• Preschool: H1 revenue up 5.2% to 157.9 MSEK; adjusted EBITDA 13.8 MSEK (8.7% margin), occupancy at 80%.

• School: H1 revenue up 0.6% to 64.5 MSEK; adjusted EBITDA 0.8 MSEK (1.2% margin), improved from -0.2 MSEK.

• Educational resources: H1 revenue up 25.1% to 39.0 MSEK, mainly from Vikariepoolen acquisition; adjusted EBITDA 4.4 MSEK (11.2% margin).

• Meal services: H1 revenue up 1.1% to 17.7 MSEK; adjusted EBITDA 0.7 MSEK, up from -0.6 MSEK.

• Babysitting: H1 revenue down 32% to 1.6 MSEK; adjusted EBITDA -0.2 MSEK, impacted by lower demand.