Cedergrenska (CEDER) Q1 2025 earnings summary

Executive summary

• Revenue for July–September 2024 increased by 19.3% year-over-year to 252,831 KSEK, driven by acquisitions and higher school funding.

• EBITA rose to 12,637 KSEK (4,765), with EBITA margin improving to 5.0% (2.2%), reflecting successful efficiency measures.

• Adjusted net income with goodwill amortization add-back was 9,250 KSEK (2,968); adjusted EPS was 0.80 SEK (0.26).

• First quarter is seasonally weakest due to upfront student-related costs; no one-off items reported.

Financial highlights

• EBITDA for the quarter was 14,940 KSEK (7,208); net result was -1,781 KSEK (-6,169).

• Cash flow from operations was -1,893 KSEK, mainly due to seasonal salary payments and working capital changes from acquisitions.

• Cash and equivalents at period end were 41,649 KSEK; net debt was -7,828 KSEK.

• Equity stood at 132,837 KSEK (127,087); total bank loans at 33,820 KSEK.

Outlook and guidance

• Full-year forecast maintained: at least 10% revenue growth, EBITA margin of at least 6%, and adjusted EPS of at least 4.0 SEK.

• Integration of recent acquisitions progressing well; Aprendere Skolor AB acquisition offer announced, with completion expected by end of December 2024.