AcadeMedia (ACAD) Q2 25/26 earnings summary

Executive summary

• Net sales rose 4.1% year-over-year to SEK 5,231 million, with FX-adjusted organic growth (including bolt-on acquisitions) at 5.5%.

• Adjusted EBITA increased 19% to SEK 345 million, with margin improving to 6.6% from 5.8%, and all segments contributing positively.

• International and adult education segments were key drivers of EBIT growth, with strengthened market share in higher vocational education and student numbers up 2.2% to 113,176.

• Acquisitions in Germany and Finland expanded the international footprint, supporting the goal of 50% revenue from outside Sweden.

• Free cash flow improved to SEK -111 million from SEK -225 million year-over-year, and the balance sheet remains strong.

Financial highlights

• Year-on-year revenue growth of 4.1%, with all segments contributing positively; rolling 12-month net sales reached SEK 19.5 billion.

• Adjusted EBITDA/EBITA margin rose to 6.6% (from 5.8%), reaching SEK 345 million, up from SEK 289 million.

• Free cash flow for the last 12 months was SEK 1,342 million, up 21.1%, with a 71% conversion rate from EBITDA.

• Earnings after tax increased 11.2% to SEK 199 million; EPS rose 14.2% to SEK 2.01.

• Net debt (excl. IFRS 16) at SEK 807 million, down 26.3% year-over-year.

Outlook and guidance

• School voucher increase of 3.4% in 2026 expected to outpace salary growth, improving cost structure.

• International revenue target of 50% to be achieved through organic growth and acquisitions.

• Higher Vocational Education allocation increased by 60% year-over-year, strengthening market share above 20%.

• Adult education volumes remain strong, with no immediate impact from lower unemployment rates; margin expected to level out.

• Updated financial targets: sales growth of 5–7% annually, EBITA margin of 7–8%, and net debt/EBITDA below 3.0.