Cedergrenska (CEDER) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2024/25 increased by 57.7% year-over-year to 362,096 KSEK, mainly due to the Aprendere Skolor AB acquisition and other school additions.

• EBITA for the quarter was 29,239 KSEK (up from 20,685 KSEK), with an EBITA margin of 8.1% (9.0%).

• Net income with reversed goodwill amortization reached 22,734 KSEK, and adjusted EPS was 1.96 SEK (1.35) for the quarter.

• Integration of Aprendere Skolor AB exceeded expectations, with annual synergies of ~4 MSEK and an expected EBITA contribution of at least 20 MSEK by 2026/27.

• Capital structure optimization included a new dividend policy, a synthetic buyback program (up to 10% of shares), and a 150 MSEK revolving credit facility.

Financial highlights

• Q3 revenue: 362,096 KSEK (229,614 KSEK last year); 9-month revenue: 864,882 KSEK (666,205 KSEK).

• Q3 EBITA: 29,239 KSEK (20,685 KSEK); 9-month EBITA: 61,119 KSEK (38,357 KSEK).

• Q3 EBITA margin: 8.1% (9.0%); 9-month EBITA margin: 7.1% (5.8%).

• Net debt at period end: -41,768 KSEK; net debt/EBITDA: -0.5.

• Operating cash flow for Q3: 14,945 KSEK (22,410 KSEK); decrease due to working capital changes and normalization of tax effects.

Outlook and guidance

• Forecast reinstated for FY 24/25: EBITA margin of at least 6%, revenue growth of at least 10%, and goodwill-adjusted EPS of at least 4 SEK.

• Continued focus on cost efficiencies and integration synergies, especially from Aprendere Skolor AB.