AcadeMedia (ACAD) Q1 26/27 earnings summary

Executive summary

• Q1 net sales rose 14.1% to SEK 4,679m, including 4.8% organic growth; adjusted EBITA increased 18.1% to SEK 215m, with margin rising to 4.6%.

• Student numbers increased 7.4% to 121,436; growth was slightly below initial expectations after the KIDS&Co. consolidation was delayed until after quarter-end.

• Preschool & International led earnings growth; Compulsory School and Adult Education also contributed positively.

• Grade 1 reading attainment reached 93% in June 2026, up from 90% a year earlier; quality was described as stable.

Financial highlights

• Q1 EBIT was SEK 200m versus SEK 175m; reported EBIT increased 17.5% to SEK 343m, while profit for the period was SEK 126m, or SEK 155m excluding IFRS 16.

• Free cash flow before expansion investments was SEK 195m versus negative SEK 111m; reported cash flow for the quarter was negative SEK 43m versus positive SEK 20m.

• R12 net sales rose 8.6% to SEK 20,939m and adjusted EBITA increased 16.4% to SEK 1,550m; R12 adjusted EBITA margin was 7.4%.

• R12 free cash flow increased 28.7% to SEK 1,572m; reported R12 EBITA was SEK 2,027m, including SEK -39m of items affecting comparability.

Outlook and guidance

• Financial targets remain annual sales growth of 5–7%, excluding major acquisitions, and adjusted EBITA margin of 7–8% over time; no earnings forecast was issued.

• Preschool & International full-year margin is expected to be in line with the prior year; Q1 uplift reflected acquisition timing and temporary cost effects, not a trend shift.

• Upper Secondary School margin is expected to normalize gradually and be in line with the prior year for the full year, despite higher recurring quality costs.

• Adult Education volumes are expected to remain at current levels in FY 2026/27 if conditions do not change dramatically; profitability may hold or decline slightly from its elevated level.