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%.

• All segments contributed positively, with international and adult education segments leading EBIT growth and strengthened positions in higher vocational education.

• Recent acquisitions in Germany and Finland expanded the international footprint, supporting the goal of increasing non-Swedish revenue to 50%.

• Student numbers grew by 2.2% to 113,176, and Vittra schools received top inspection results, especially in socio-economically challenging areas.

Financial highlights

• Year-on-year revenue growth of 4.1%, with all segments contributing positively.

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

• Rolling 12-month net sales reached SEK 19.5 billion; adjusted EBITDA/EBITA SEK 1.388 billion (margin 7.1%).

• Free cash flow for the last 12 months was SEK 1.342 billion, 71% of EBITDA, up 21.1% year-over-year.

• Net debt (excl. IFRS 16) decreased by SEK 288 million year-over-year to SEK 807 million; leverage ratio at 0.4.

Outlook and guidance

• International revenue target set at 50%, to be achieved through organic growth and acquisitions.

• Margin in upper secondary school expected to be maintained or slightly lower year-over-year; no increase anticipated.

• Adult education margins expected to level out, with strong volumes mitigating cost increases.

• No change to the 6% margin ambition for the preschool segment, despite strong quarterly performance.

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