Aprendere Skolor (APRNDR) Q1 24/25 earnings summary

Executive summary

• Net sales for Q1 2024/25 rose 7.7% year-over-year to 91,110 TSEK, with EBIT up 160% to 15,259 TSEK and a margin of 16.7%.

• Adjusted EBIT, excluding one-time items, reached 17,088 TSEK (18.8% margin); further adjusted for goodwill write-downs, EBIT was 18,423 TSEK (20.2% margin).

• Net income after tax increased 181% to 11,588 TSEK; EPS was 1.85 SEK versus 0.66 SEK a year ago.

• The quarter included the acquisition of Hörby Yrkesgymnasium and the announcement of a takeover offer from Cedergrenska.

• Decision made to close Kajan Friskola's primary school due to insufficient student numbers and low municipal funding.

Financial highlights

• Operating expenses decreased to 80,671 TSEK from 81,287 TSEK year-over-year.

• Cash flow from operations was 245 TSEK, down from 4,264 TSEK in Q1 last year.

• Total assets at quarter-end were 119,400 TSEK; equity was 56,524 TSEK.

• Long-term debt decreased to 6,960 TSEK from 11,479 TSEK; short-term debt rose to 51,214 TSEK.

• Number of students increased 5.4% to 1,845; full-time staff rose 7.3% to 325.

Outlook and guidance

• Integration with Cedergrenska is expected to provide growth and development opportunities.

• Management anticipates potential approval for previously denied education expansions after the ownership change.