eEducation Albert (ALBERT) investor relations material

Executive summary

• EBITDA improved to SEK 2.3 million in Q2 2026 from SEK -10.5 million last year, with group EBITDA positive and aided by a one-off gain from Holy Owly deconsolidation.

• Operating cash flow for H1 was SEK 8.1 million, a turnaround from negative last year, and the group holds SEK 49 million in cash with zero bank debt.

• Strategic focus sharpened on mathematics and core brands, with a new standalone AI venture launched and a strategic review initiated for Swedish Film.

• Deliberate scaling back of unprofitable customer acquisition and non-margin revenue in 2025 led to a temporary decline in ARR and net revenue.

• Discontinued operations include the liquidation of Holy Owly and divestment of Strawbees, aligning with the focus on fewer subjects and geographies.

Financial highlights

• Net revenue for Q2 2026 was SEK 35.1 million, down 16% year-over-year; H1 net revenue was SEK 67.4 million, down 16% year-over-year.

• ARR declined 10% to SEK 125.6 million, reflecting prior strategic decisions.

• Q2 EBITDA margin reached 6.5% (vs. -25.1% YoY); H1 EBITDA margin was -2.1% (vs. -21.3% YoY).

• Q2 operating cash flow was SEK -8 million due to planned campaign investments, but H1 operating cash flow was SEK +8.1 million.

• Cash position at quarter-end: SEK 49 million; zero bank debt.

Outlook and guidance

• Sequential improvement expected in the second half, which is seasonally stronger.

• Full-year 2026 targets reaffirmed: positive EBITDA and positive cash flow for the group.

• Negative ARR trend expected to gradually abate, with sequential improvements anticipated.