eEducation Albert (ALBERT) Q3 2026 earnings summary

Executive summary

• Continuing-operations revenue grew 1% YoY, ARR rose SEK 8.4m QoQ to SEK 134.0m, and EBITDA reached break-even at SEK 0.1m.

• Growth investment weighed on Q3 earnings; adjusted nine-month EBITDA improved ~SEK 10m YoY, and quarter-end cash was SEK 48.0m with no interest-bearing debt.

Financial highlights

• Continuing-operations net revenue was SEK 36.7m, up 1% YoY and 5% QoQ; invoice sales rose 3% to SEK 34.6m.

• Continuing-operations ARR increased SEK 8.4m QoQ to SEK 134.0m, remaining 2% below the prior year.

• Continuing-operations EBITDA was SEK 0.1m versus SEK 3.8m in Q3 2025; marketing, the Welsh Sumdog launch and new venture investment weighed on the comparison.

• Nine-month continuing-operations EBITDA improved to -SEK 5.7m from -SEK 7.0m; adjusted nine-month EBITDA improved ~SEK 10m YoY.

• Nine-month operating cash flow was SEK 8.1m; Q3 cash flow was close to neutral and quarter-end cash was SEK 48.0m.

Outlook and guidance

• Full-year 2026 targets for positive EBITDA and cash flow were reaffirmed; Q4 is seasonally the strongest quarter.

• The self-funded AI learning venture for ages 7–12 is planned to launch in 2027, with initial revenue expected from existing customers.

• Albert Junior marketing is being scaled market by market as cohorts demonstrate performance; Finland is progressing as planned.