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AcadeMedia (ACAD) investor relations material
AcadeMedia Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 25/26 earnings summary3 Nov, 2025
Executive summary
Net sales increased by 6.7% year-over-year to SEK 4,101 million, with 6.2% organic growth including bolt-on acquisitions and strong student enrollment across segments.
Student numbers grew by 3.5% to 113,082, despite a declining demographic trend, with continued growth expected for the new school year.
The Board proposes a voluntary share redemption program of up to SEK 400 million and has revised financial targets and dividend policy to focus on growth and EBITA.
Initiatives in reading and language development are showing clear results, with 9 out of 10 students able to read by the end of first grade.
International expansion remains strong, with over 500 new preschool places approved in Germany and a pipeline of 2,000–2,500 new places over three years.
Financial highlights
Adjusted EBITA for Q1 was SEK 182 million, up from SEK 166 million year-over-year; margin improved to 4.4% from 4.3%.
Rolling 12-month adjusted EBITA reached SEK 1,332 million, margin at 6.9%, just below the 7%-8% target.
Free cash flow for the last 12 months was SEK 1.222 billion, 67% of EBITDA; Q1 free cash flow improved to SEK -111 million from SEK -225 million.
Earnings per share after dilution was SEK 0.82 (up from SEK 0.79); adjusted for IFRS 16, EPS was SEK 1.13 (up from SEK 1.09).
Net debt (excl. IFRS 16) decreased by SEK 222 million year-over-year, leverage ratio at 0.7, well below the threshold of 3.
Outlook and guidance
Expectation to maintain or improve margins in preschool and international segments, aiming for the 7%-8% margin target.
Upper secondary school margins expected to remain stable due to persistent higher costs from reforms.
Adult education margins likely to be slightly below last year but could exceed long-term target of 9%-11% if current trends persist.
Continued focus on international expansion, especially in Germany and the Netherlands, with about 10 new preschools planned in 2025/26.
Revised financial targets set annual sales growth at 5-7% and adjusted EBITA margin at 7-8% over time.
Path to new 7-8% adjusted EBITA margin
Mitigate GY25 reform impact on secondary school
What are the next steps for Germany preschool expansion?
M&A pipeline's geographic focus?
Expected full-year impact of GY25 reforms?
How will profit inquiry impact operations?
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Next AcadeMedia earnings date
Q2 25/262 Feb, 2026
Next AcadeMedia earnings date
Q2 25/262 Feb, 2026
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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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