Cedergrenska (CEDER) Q2 24/25 earnings summary

Executive summary

• Revenue for Q2 2024/25 increased by 14.6% year-over-year to 257,438 KSEK, driven by acquisitions and organic growth.

• EBITA margin improved to 7.4% from 5.7% in the same quarter last year, reflecting successful efficiency initiatives.

• Acquisition of Aprendere Skolor AB completed, adding 18 schools and broadening the offering, especially in vocational and adapted education.

• Integration of Aprendere expected to be finalized by autumn 2026, with anticipated annual EBITA contribution of at least 20 MSEK from 2026/27.

• No one-off items affected the quarter's results.

Financial highlights

• Q2 revenue: 257,438 KSEK (224,624), up 14.6% year-over-year; H1 revenue: 503,470 KSEK (436,590), up 15.3%.

• Q2 EBITA: 18,937 KSEK (12,906); H1 EBITA: 31,574 KSEK (17,671).

• Q2 adjusted net income (with goodwill amortization added back): 14,154 KSEK (9,295); EPS: 1.22 SEK (0.80).

• Cash flow from operations in Q2: 24,709 KSEK (13,108); cash position at period end: 67,190 KSEK.

• Net cash position: -29,626 KSEK (net cash), compared to 5,240 KSEK net debt last year.

Outlook and guidance

• Previous forecast for at least 10% revenue growth, EBITA margin of at least 6%, and adjusted EPS of at least 4.0 SEK is paused due to the Aprendere acquisition.

• Aprendere integration expected to deliver at least 20 MSEK EBITA annually from 2026/27, including 4 MSEK in net synergies.

• Focus on optimal capital structure with net debt/EBITDA not exceeding 2x.