Cedergrenska (CEDER) Q1 25/26 earnings summary

Executive summary

• Revenue for July–September 2025 increased by 46.1% year-over-year to 369.5 MSEK, driven by acquisitions and organic growth.

• EBITA rose to 30.9 MSEK (12.6), with an EBITA margin of 8.4% (5.0), reflecting improved profitability.

• Adjusted net income (excluding goodwill amortization) reached 23.3 MSEK (9.3), and adjusted EPS was 1.66 SEK (0.80).

• Integration of Aprendere Skolor AB and Skärgårdsgymnasiet contributed significantly to growth.

• The company maintained its full-year outlook for at least 15% revenue growth, EBITA margin of at least 6%, and adjusted net profit of at least 67 MSEK.

Financial highlights

• Revenue: 369.5 MSEK (252.8), up 46.1% year-over-year.

• EBITA: 30.9 MSEK (12.6), EBITA margin: 8.4% (5.0).

• EBITDA: 34.7 MSEK (14.9).

• Net income: 7.9 MSEK (-1.8).

• Adjusted net income: 23.3 MSEK (9.3).

• Cash flow from operations: -28.2 MSEK (-1.9), mainly due to timing of state grants and investments.

• Net debt: 44.0 MSEK (-7.6), Net debt/EBITDA: 0.4x.

Outlook and guidance

• Full-year forecast reiterated: revenue growth of at least 15%, EBITA margin of at least 6%, and adjusted net profit of at least 67 MSEK.

• Ongoing investments in quality and support functions expected to further improve profitability.

• Main Market listing preparations underway, with timing and costs still uncertain; guidance excludes potential one-off costs for listing.