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 growth.

• Student numbers grew by 2.2% to 113,176.

• Two international acquisitions in Germany and Finland expanded the platform outside Sweden.

Financial highlights

• Year-on-year revenue growth of 4.1%; adjusted EBITDA/EBITA margin increased to 6.6% (SEK 345m), up from 5.8% (SEK 289m) last year.

• Rolling 12-month net sales reached SEK 19.5 billion; adjusted EBITDA/EBITA margin at 7.1%, within the 7%-8% target.

• Free cash flow for the last 12 months was SEK 1,342 million, up 21.1% year-over-year.

• Net debt (excl. IFRS 16) at SEK 807 million, down 26.3% year-over-year; leverage ratio at 0.4, well below the target of 3.

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

Outlook and guidance

• Organic and acquisition-driven growth expected to continue, aiming for 50% of revenue from international operations.

• School voucher increase of 3.4% in 2026 expected to offset cost pressures and support stable margins.

• No margin increase expected for upper secondary segment for the full year; maintaining current margin levels is the goal.

• Adult education segment expected to remain strong due to vocational program demand, less sensitive to unemployment rates.

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