AcadeMedia (ACAD) Q4 25/26 earnings summary

Executive summary

• Achieved record Q4 and strong full-year results, with net sales up 7.0% to SEK 20,360 million, driven by organic growth, international expansion, and acquisitions in the UK, Poland, Netherlands, and Sweden.

• Adjusted EBITA increased by 15.3% for the year, with international operations and adult education as key earnings drivers.

• All business segments contributed to improved earnings, supported by seven acquisitions and new school openings.

• Quality metrics, including grading accuracy and qualified teachers, outperformed municipal schools, with notable gains for socioeconomically weaker students and improvements in language and graduation rates.

• Student numbers rose by 5.2% in Q4, with preliminary enrollment for the next year expected to rise by 8%.

Financial highlights

• Q4 net sales rose 10.6% to SEK 5.7 billion; adjusted EBITA up 16.2% to SEK 552 million; margin improved to 9.8%.

• Full-year adjusted EBITA reached SEK 1,516 million, margin at 7.4%; EBIT margin at 9.6%.

• Earnings after tax for the year were SEK 1,082 million, up 19.2%; profit for the period was SEK 955 million, up 16.3%.

• Free cash flow for the year was SEK 1,266 million, up 14.2% year-over-year.

• Net debt (excl. IFRS 16) increased to SEK 1,918 million, mainly due to acquisitions; leverage ratio at 0.9x adjusted EBITA.

Outlook and guidance

• Financial targets reaffirmed: annual revenue growth of 5–7%, adjusted EBITA margin of 7–8%, and net debt/EBITDA below 3.0x.

• Preliminary student enrollment for the upcoming year is up 8% year-over-year, including M&A.

• Expect consolidation in international segment after recent acquisitions, with margin defense but no further margin increase anticipated.