Årsredovisning 2025

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Annual and 
Sustainability Report
Financial year 2024/2025

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At AcadeMedia, we are more than just education providers – we open 
pathways to the future for more than 211,000 children, students and adult 
learners every year. With nearly 24,000 dedicated staff in more than 900 
preschools, compulsory schools, upper secondary schools and adult 
education centres, we are passionate about giving everyone the chance 
to grow and reach their full potential.
We believe in the power of knowledge, as well as quality and continuous improvement. 
That's why we strive every day to ensure that our students not only achieve their goals – but 
also acquire the tools to dream bigger dreams.
We operate in Sweden, Norway, Finland, Germany, the Netherlands, Poland and the UK, 
and are Europe’s largest education provider. Our size provides stability, but what makes us 
unique is our passion for learning. With a passion-fuelled approach that keeps the future in 
mind, we are playing an important part in building the society of the future, one student at 
a time. 
This is our Annual and Sustainability Report for the 2024/25 financial year. On the next page, 
we provide reading suggestions with tips on how to find what you are most interested in 
discovering. We wish you pleasant reading!  
We are AcadeMedia
Passion 
to develop 
education and 
contribute to a 
higher purpose.
Courage 
to dare to test, 
explore, fail, learn 
and innovate.
Trust 
to create a culture 
where we trust 
each other and 
where we can 
learn.
Photo: Montessori Mondial, Mälarhöjden, Sweden.Cover photo: Klara Teoretiska Gymnasium, Gothenburg.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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About this report and reading suggestions
About this report 
This Annual and Sustainability Report is packed with 
information aimed at a wide range of readers – from 
investors and public authorities to employees and 
educators. Whether read in full or in selected parts, it 
provides a good overview of AcadeMedia's activities, 
outcomes and future ambitions.
The report covers the financial year 1 July 2024 to 30 June 
2025. It has been prepared in accordance with the Swedish 
Annual Accounts Act and International Financial Reporting 
Standards (IFRS). This is the first year that AcadeMedia is 
reporting in accordance with the new requirements for 
sustainability reporting under the Swedish Annual Accounts 
Act, which requires more comprehensive reporting on 
sustainability-related issues, including governance, risks, 
targets and performance.
The financial information has been audited by the 
Company's auditors. The sustainability report has been 
reviewed in accordance with applicable auditing standards 
regarding sustainability reporting.
Language and terms
Both the financial statements and sustainability report 
contain sections with language that may feel overly 
technical and formal. Many of the terms used are technical 
terms from the fields of accounting, finance, governance 
and sustainability. We know that some of these terms may 
be unfamiliar, and have included a glossary of terms at the 
beginning of our sustainability report on page 42. On the 
right you will find some reading suggestions, and on the last 
two pages of the report, 110-111, we have provided definitions 
of a number of key performance indicators.
Reading suggestions!
To make reading easier, we have compiled a number of 
reading suggestions:
• Looking for the shortest summary possible? See page 
6: Significant events during and after the fiscal year.
• Looking for an insight into how we see the future? The 
message from our CEO on pages 7–8 and our Strategy 
and Roadmap 2030 on page 9 give a clear overview.
• Gain a more in-depth understanding of our business:  
The Administration Report on pages 34–66 and the 
numbers section on pages 67-98 summarise the year's 
events, financial position and results.  
• Interested in our areas of operation?  See pages 
13–21 and 36–37 for information about our preschool, 
compulsory school, upper secondary school and adult 
education operations.
• Is your focus on sustainability?  Our Sustainability 
Report, prepared for the first time in accordance the 
new requirements for sustainability reporting under the 
Swedish Annual Accounts Act and the ESRS accounting 
principles, is on pages 42–66. It explains how we work 
on environmental, social sustainability, quality and 
governance issues, and how we identify and address 
material sustainability issues.
• Interested in governance and internal control?  Our 
Corporate Governance Report is provided on pages 
23–33.
The report is also available in digital format at www.
academedia.se, together with our Group-wide Quality 
Report.
Photo: Noblaskolan, Löddeköpinge.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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Contents
We are AcadeMedia ............................................2-22
Significant events .................................................................. 6
Message from the CEO ...................................................... 7
Vision, strategy and objectives .................................... 9
Financial targets and dividend policy .................... 10
Our operations ....................................................................... 13
Governance and control .................................23–33
Corporate Governance Report .................................. 24
Risk and risk management .......................................... 28
Board of Directors and Senior Executives ............. 31
Other information.............................................105–111
Shareholder information .............................................. 106
Multi-year review .............................................................. 108
Reconciliation of alternative KPIs ............................ 109
Definitions of key performance indicators ......... 110
Financial statements .....................................67–104
Consolidated accounts  ................................................ 68
Parent Company accounts ......................................... 90
Signatures ............................................................................... 98
Audit Report ........................................................................... 99
The auditor’s examination of the  
corporate governance statement  ........................ 103
Auditor’s limited assurance report of  
AcadeMedia AB (publ)’s statutory  
sustainability statement .............................................. 104
Administration Report .................................... 34–66
Administration Report ..................................................... 35
About the Sustainability Report ................................ 42
ESRS2 General disclosures ........................................... 43
Environmental disclosures ............................................. 51
- Taxonomy ............................................................................ 53
Social disclosures ............................................................... 57
Governance disclosures ................................................ 64
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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We are AcadeMedia
Significant events ..................................................... 6
Message from the CEO ........................................... 7
Vision, strategy and objectives  .......................... 9
Financial targets and dividend policy ........... 10
Our operations  .......................................................... 13
Photo: Donnergymnasiet, Gothenburg Sweden.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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FINANCIAL OVERVIEW
2024/25 2023/24 Change
Net sales, SEK m. 19,021 17,332 9.7%
Organic growth, % 5.8% 7.3% -1.5 p/e
Adjusted EBITDA, SEK m. 1,802 1,600 12.6%
Adjusted EBITDA margin 9.5% 9.2% 0.3 p/e
Operating profit (EBIT), SEK m. 1,752 1,490 17.6%
EBIT margin 9.2% 8.6% 0.6 p/e
Adjusted EBIT, SEK m. 1,281 1,097 16.8%
Adjusted EBIT margin 6.7% 6.3% 0.4 p/e
Net financial items, SEK m. -710 -665 -6.8%
Profit before taxes, SEK m. 1,042 825 26.3%
Profit for the year, SEK m. 821 632 29.9%
Earnings per share, diluted (SEK) 8.14 6.06 34.3%
Free cash flow 1,109 1,124 -1.3%
Dividend* SEK 2.25 SEK 1.75 SEK 0.50
Number of children and students 111,290 103,994 7.0%
Number of full-time employees (FTEs) 16,812 15,428 9.0%
*Proposed. Resolutions to be taken at the 2025 Annual General Meeting.
The financial year in brief
Changes in AcadeMedia's Executive 
Management
A number of changes were made in the 
Group’s Executive Management during the 
financial year. See pages 33 and 35 for more 
information. 
Board accelatering international 
growth
The Board of Directors’ stated objective that 
international operations should account for 
50 percent of Group sales is accelerating 
international growth. The main elements of 
the plan are organic growth and acquisitions 
in Germany, plus expansion into additional 
countries. For more information, see page 11.
100th preschool opened in Germany
In March 2025, AcadeMedia opened its 
100th preschool in Germany, Stepke-KiTas in 
Kreuzstrasse, Wuppertal, western Germany. The 
new preschool aligns with the Group’s drive to 
meet the demand for preschool places, and 
marks an important milestone in AcadeMedia's 
expansion in Germany. 
AcadeMedia acquires international 
schools in Germany
AcadeMedia has acquired the School 
International Potsdam and School International 
Erfurt, both operating in Germany. The 
acquisition includes preschool, compulsory 
school and upper secondary school operations 
with approximately 1,250 children and students 
in Germany and fits with AcadeMedia's strategy 
to grow internationally. In 2025, the operations 
are expected to achieve sales of around EUR 16 
million.
AcadeMedia acquires preschool group 
in the Netherlands
AcadeMedia has acquired the preschool 
group Yes! Kinderopvang in the Netherlands.  
The acquisition includes 22 preschools with a 
total of 1,400 places in the Netherlands. This 
aligns with AcadeMedia’s strategy to expand 
internationally, supporting the Group’s goal of 
generating 50 percent of sales from schools 
and other educational units outside Sweden. 
Yes! Kinderopvang expects to achieve sales of 
around EUR 17 million and an EBITDA of EUR 1.9 
million in 2025. 
AcadeMedia signs new loan agreements
During the financial year, AcadeMedia signed 
a new loan agreement with DNB, Nordea and 
SEB to refinance existing loans totalling the 
equivalent of SEK 1,660 million. These loans 
run until April 2028, with options to extend until 
April 2030. The loans are repayable in full at 
maturit, which will provide a positive impact of 
SEK 116 million on cash flow. AcadeMedia has 
also entered into a short-term SEK 500 million 
loan agreement with Nordea, with an option to 
extend annually. The agreement represents an 
increase in the Group's existing financing. The 
new loan agreements will support AcadeMedia's 
strategy for international growth.
“After 20 years as CEO of AcadeMedia, I am proud to say that 2024/25 was our 
best year yet. Led by quality, our compass, we have achieved results that show 
we are Europe's leading education provider – and the journey continues.” 
Marcus Strömberg, President and CEO, AcadeMedia AB.
Number of children, 
students and adult 
education participants 
in our programmes
211,290
Number of units
885*
Number of employees
23,934
Operating profit
SEK 1,752 m.
Adjusted EBIT, SEK m.  
excl. effects of IFRS 16
SEK 1,281 m.
*Average per year
Sales
SEK 19,021 m.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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Marcus Strömberg, 
CEO, AcadeMedia
CEO’s statement
International growth and 
high-quality performance
Never before have we been trusted with the education of so many children, students and adult 
education participants, both in Sweden and internationally. In many respects, 2024/25 was our best 
year yet and we are well equipped to meet the future. 
In summing up the year, we note, for example, that the literacy rate among our youngest students 
has improved, that our final grades align well with those of national tests, and that we are increasing 
the proportion of qualified teachers at both compulsory and upper secondary schools. As the 
country’s largest vocational training provider, we also continue to develop our collaboration with 
industry and the business community, both at upper secondary school and in adult education.  
These are key areas to us, and we will continue to focus on them going forward.  
Education is a powerful force for social 
sustainability
Education is one of the strongest forces for creating 
social sustainability at both individual and societal 
levels. Education opens doors, reduces inequalities and 
strengthens democracy. This is our core business. 
Language is the foundation on which all education is 
built, and good language skills are a prerequisite for 
progressing through the education system. As a result, 
language development in its various forms is one of our 
most important areas. During the year, our preschools and 
schools have further stepped up their work on providing a 
solid linguistic foundation to all children and students. With 
centralised expert support for schools needing to develop 
their teaching methods, common language strategies, 
skills development for teachers and a wide range of 
initiatives and partnerships, we are paving the way towards 
continuous development. Good reading and language 
skills, especially for students who have no exposure to the 
Swedish language at home, are among the most pressing 
During the 2024/25 financial year, AcadeMedia has taken 
decisive steps towards becoming a leading international 
education provider. With tens of thousands of students 
in our international operations and many more studying 
online, our model – with its focus on quality, culture and 
leadership – has also proved successful beyond Sweden's 
borders. Today, AcadeMedia is Europe's largest education 
provider and in our Roadmap 2030 we have agreed on a 
common goal that will result in our becoming a leader in 
learning, attractiveness, sustainability and innovation. These 
elements go hand in hand, and high quality is an essential 
requirement for long-term financial success. 
In 2024/25, we can conclude that every part of 
AcadeMedia’s operations has performed well and 
contributed to higher sales and  improved earnings. The 
Group's sales increased by 9.7 percent to SEK 19,021 million 
and adjusted operating profit rose to SEK 1,281 million. Our 
stable profitable growth and performance are evidence that 
our long-term investments are paying off and equipping us 
for the future. We enjoy a strong financial position, a clear 
strategy to grow internationally and an organisation that is 
showing strength in a time of change.
Continued on next page
Photo: Noblaskolan – Mariastaden  
Helsingborg Sweden
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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Sweden needs a new teacher training 
programme
A supply of trained staff with the right skills is one of our 
priorities. During the year, as a further stage of our work on 
skills supply, AcadeMedia has initiated a process to start 
up our own teacher training programme in Sweden. The 
context is growing criticism of the country's teacher training 
programmes, which have identified the need to reduce the 
gap between education theory and education in practice. 
Many teachers report that they do not feel well enough 
equipped when they enter the classroom for the first time. 
We want to play a part in increasing the attractiveness 
of teaching as a profession and offer education in a form 
that better connects theory and practice. This is where we 
believe that an independent teacher training programme 
can help drive the necessary developments. By taking 
responsibility for the entire education chain, from preschool 
to adult education, we are developing our ability to create 
long-term quality and sustainable skills supply in all parts of 
the education system. 
Expansion with local roots
The Board's strategic objective – that activities by schools 
and other educational units outside Sweden should 
represent 50 percent of the Group’s sales – has guided 
us throughout the year. We have completed several 
international acquisitions and continued to grow organically 
and have seen stable development in our Adult Education 
segment. Our preschool operations are particularly strong 
in Germany, but we are also seeing solid progress in our 
mature markets through concept development and a focus 
on quality. Initiatives such as swimming lessons, road safety 
lessons, and parent education have contributed to our 
success.
Our international growth is not an end in itself, but a way 
to spread and scale our quality model. As a result, we are 
also focusing on growth in Sweden, including through our 
campus strategy, in which several schools are brought 
together under one umbrella. Our campuses provide 
students with access to larger and more modern school 
environments and more social settings. They also promote 
sharing of best practices among staff.  In addition, they 
make major investments in libraries, sports centres and 
dining halls possible. We are now moving forward with new 
campuses in Stockholm, Gothenburg and Malmö, which will 
be opened in the years ahead.
A voice in the public discourse 
During Almedalen Week 2025, we actively participated in 
discussions on some of the most pressing issues facing 
the future of education – reading, mental health, AI and 
skills supply. By contributing insights from our activities and 
listening to other stakeholders in society, we are adding 
to our understanding of the challenges affecting children, 
young people and adults in their learning. We see this as a 
natural part of our mission, to be heard as a constructive 
voice in the public debate and to contribute to solutions that 
make a difference, both in the classroom and in society at 
large.
Roadmap 2030 – the way forward for us 
in our sustainability work
Our priorities are guided by our Roadmap 2030. The 
roadmap shows the path towards an organisation that 
is a leader in learning, attractiveness, sustainability and 
innovation. We want to be the first choice for parents and 
guardians, students, staff and partners – a place where 
people grow and reach their full potential.
Photo: Donnergymnasiet, Gothenburg.
Continued from previous page
Photo: Montessori Mondial, Lund.
challenges at Swedish schools. This will continue to be one 
of our priorities in 2025/26. 
Focus on teaching and quality
Excellence in teaching is at the heart of our mission – it is 
an essential requirement if we are to be a leader in learning, 
today and in the future. To succeed in our endeavours, the 
most important asset we have is the commitment and 
knowledge of our staff. This applies to improving reading 
and maths skills, promoting mental health, and developing 
the processes of grading and assessment. Against that 
background, investing in targeted skills development for 
staff is one of the main tools at our disposal for becoming a 
leader in learning. 
The AcadeMedia Academy plays a crucial role in shaping 
AcadeMedia as an organisation where we learn both from 
each other and from others. Through training programmes 
with thousands of participants, along with workshops 
and forums, the Academy creates valuable and popular 
forums for learning, leadership and cultural development. 
The Academy has also extended the breadth and depth 
of collaborations with higher education institutions 
and international stakeholders, establishing itself as an 
educational voice both nationally and globally. 
Read more about the Academy's work on page 22.
The roadmap has also served as a central plank in our 
efforts to prepare for our sustainability work and reporting 
under the new requirements for sustainability reporting 
under the Annual Accounts Act and the ESRS accounting 
principles. We can confirm that our key focus areas remain 
the same as in previous years, with education continuing 
to be our core business and our top priority. The formal 
Sustainability Report starts on page 42. 
To all employees, a big thank you
Finally, I would like to extend my sincere thanks to all our 
employees. It is your commitment, your expertise and your 
day-to-day work that make AcadeMedia the education 
provider we are. Together, we are creating the future of 
education, with our shared values courage, passion, and 
trust. 
Marcus Strömberg  
President and CEO
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AcadeMedia’s vision, strategy and business model
AcadeMedia’s business model is based on a shared vision and common 
objectives, as laid out in Roadmap 2030, but with a decentralised 
organisation where every principal, or equivalent, has overall 
responsibility for his or her units. The heads of unit are overseen by school 
superintendents, or equivalent, who are responsible for a number of units. 
This decentralised business model also creates good opportunities for 
profitable growth, through both new establishments and acquisitions. 
To create a common ground to stand on, we all share AcadeMedia's Code 
of Conduct and a number of Group-wide policies.
Our vision
Our vision is that “AcadeMedia will lead the 
development of the education of the future”.  
To succeed in this aim, we are constantly 
working developing and improving our 
operations. 
Overarching goals 
AcadeMedia’s overarching goal for the 
business is to deliver the highest-quality 
education in the areas where the Group 
conducts operations.  
This quality is also key to enabling us to 
achieve our financial targets. 
Strategies 
To realise our vision and succeed in our goals, 
we follow our strategies:
• Multiple sharply-honed educational 
concepts:  Everyone is different, which is 
why AcadeMedia offers a wide range of 
educational training concepts. Through 
freedom of choice, we contribute both 
to integration and to the development 
of children, young people and adults as 
responsible citizens with good prospects 
in life. 
• Long-term sustainability :  Our activities 
are characterised by a holistic approach to 
sustainability – environmental, social, and 
economic. This is enabling us to build an 
organisation that is robust and sustainable 
in the long term.
• Strategic skills supply and international 
exchange: To secure the skills of the future, 
we work in a long-term and structured way 
to attract, develop and retain employees. 
Through international co-operation and 
exchanges, we not only develop our 
operations but also our ability to meet 
global challenges in education. 
• Unique support/backup functions and 
platforms:  Highly-developed support/
backup functions allow our educators 
to focus on teaching and student 
development.  
• Continuous improvement and innovative 
solutions:  AcadeMedia encourages and 
develops new ideas and solutions for the 
future of education. Via participation, 
inclusion and systematic improvement, 
we ensure that both staff and students 
are active in shaping and renewing the 
learning process.
Roadmap 2030 – our objective and direction of 
travel document
AcadeMedia's Roadmap 2030 sets out our long-term direction of 
travel and Group-wide strategy. It describes how, with our values – 
courage, passion and trust – we will achieve our vision for 2030: to 
be an internationally recognised education provider that contributes 
to a more sustainable society and takes a leading role in developing 
the education of the future.
The roadmap is based on our mission – education for change – and 
our vision to be a leader in learning. To get there, we focus on four 
target areas that are crucial to our success:
• Learning – to provide high quality education that empowers every 
individual to achieve their full potential.
• Attractiveness – to be an employer and education provider that 
attracts and retains employees, students and other participants.
• Sustainability  – to take responsibility for people, environment and 
society and to be climate neutral by 2030.
• Innovative development – to drive continuous improvement and 
develop new solutions for future needs.
Roadmap 2030 is the shared commitment of the whole Group and 
our way forward – a promise to create real change for individuals 
and society through education.
Code of Conduct – our compass
AcadeMedia's Code of Conduct is our Group-wide compass. It lays 
down the ethical guidelines that guide our work, our decisions and 
our behaviour – across the entire Group and in all the countries 
where we operate. The Code of Conduct is a fundamental part of 
our culture and an expression of our values: passion, courage and 
trust.
The Code is more than just a set of rules – it is a guide that helps us 
act correctly, even in situations where easy answers are not always 
to be found. It also shows the world what we stand for and how we 
may be expected to behave.
As our compass, it points the way to sustainable learning, respect 
for human rights, transparency in our business and a work 
environment where every employee can develop and contribute. 
It is closely linked to our Roadmap 2030 and gives us security in 
our day-to-day activities, while committing us to always strive for 
improvement and responsibility.
All employees, managers and partners have a responsibility to 
recognise, follow and contribute to the development of our Code 
of Conduct. By living up to it in action, we ensure that AcadeMedia 
continues to serve as a role model in the education sector and in 
society.
Photo: Classroom in Klara 
Teoretiska Gymnasium, 
Gothenburg.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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AcadeMedia’s financial targets 
and dividend policy
Financial targets
Goals Target Outcome 
2024/25
Growth 5–7% AcadeMedia’s target for growth in sales is 5–7 percent annually for the 
Group, excluding major acquisitions.
5.8% 
(7.3%)
Profitability 7–8% AcadeMedia’s target for operating profit (EBIT) excluding items affecting 
comparability is for it to be maintained at 7–8 percent over time.
6.7%
(6.3%)
Capital structure <3.0x AcadeMedia’s target is for net interest-bearing debt not to exceed three 
times operating profit before depreciation and amortisation (EBITDA), 
excluding items affecting comparability. However, deviation from this 
target during brief periods is permissible, such as in the case of major 
acquisitions.
0.5x
(0.6x)
Use of free cash 
flow
– Free cash flow is in the first instance to be reinvested.  
Any surplus may be distributed to shareholders provided that AcadeMedia 
meets its targets for quality and financial position.
SEK 2.25/
share
(SEK 1.75/
share)
1. Figures in parentheses refer to the previous year. 
*Proposed. Resolutions to be taken at the 2025 Annual General Meeting.
Organic growth and acquisitions
We are growing organically by opening new units in our different segments and by developing our 
capacity in existing units. Where and how we choose to grow organically depends on a variety of 
factors, the most important of which is always that a clear interest exists in the type of business we 
want to establish or develop. 
The table below shows various ways in which AcadeMedia can grow.
ORGANIC GROWTH
Win more bids/awards Procurement of adult education provision, where we make an 
informed choice as to which tenders we are to participate in. Tenders 
that focus solely on low price and essentially ignore quality are low 
priorities. 
Open new units Organic growth that initially has negative impact on profitability. 
However, the investment requirement is low and long-term stable 
profitability is achieved on average within 3–5 years.
Expansion of existing units Organic growth that for a short period has negative impact on 
profitability.
Improve capacity 
utilisation in existing units
Organic growth that has a directly positive impact on profitability.
ACQUIRED GROWTH
Small bolt-on acquisitions Organic growth that is achieved at advantageous values. 
Major strategic acquisitions Acquired growth with the goal of reaching a specific market or niche. 
Dividend policy
AcadeMedia’s purpose is to provide quality education in return 
for the remuneration it receives. AcadeMedia’s free cash flow 
will in the first instance be reinvested in the business to maintain 
high quality and finance future development of the business and 
growth. The Board believes that AcadeMedia should maintain a 
strong balance sheet and, through it, strong financial stability. 
Any surplus may be distributed to shareholders provided that 
AcadeMedia’s targets for quality and financial position have in all 
material respects been met. This may be done through dividends 
and/or redemption of shares, or other alternative method, 
provided that all AcadeMedia shareholders are treated equally. 
AcadeMedia aims to distribute approximately 30 percent of the 
Group's profit after tax.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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Europe's largest education provider
Today, AcadeMedia is Europe's largest education provider. We conduct operations along 
the entire education ladder, from preschool to adult education. In total, around 111,000 
children and students and 100,000 adult education participants attend one of our more 
than 900 units. 
As Europe's largest actor, AcadeMedia plays an important role in shaping the education 
of the future, by combining educational development with long experience and a wide 
range of services.
Sales by segment
Upper Secondary Schools
Preschool and 
International Operations
Adult Education
Compulsory Schools
37%
23%
9%
30%
Operating profit by 
segment
Upper Secondary Schools
Preschool and 
International Operations
Adult Education
Compulsory Schools
24%
23%
16%
37%
The road to 50 percent of activities 
by schools and other educational 
units outside Sweden
To meet the needs of the future and 
progress towards the Group's vision 
of becoming a leading international 
education provider, AcadeMedia's Board 
of Directors has adopted new strategic 
objectives for international growth. This 
involves a new phase and focused efforts 
on growth beyond Sweden's borders. The 
main features of the plan are:
• 50 percent of activities will be by 
schools outside Sweden.
• AcadeMedia will operate 200 
preschools in Germany.
• Leading school provider in Germany 
through acquisitions.
• Continued growth in private education 
and adult education.
• Establishment of operations in new 
countries.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

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AcadeMedia’s four segments
Preschool and International Operations
AcadeMedia's Preschool and International operations 
are the Group's fastest-growing business. The segment 
incorporates preschools in Sweden, Norway, Finland, 
Germany and the Netherlands, schools in Germany and the 
Netherlands, and adult education in Germany. 
Compulsory Schools in Sweden
AcadeMedia's 84 compulsory schools and 42 integrated 
preschools are based in locations from Malmö in the south 
to Kalix in the north. The six brands represented in the 
Compulsory Schools segment offer a broad educational 
diversity. 
*Average per year 
Upper Secondary Schools in Sweden
AcadeMedia's 147  upper secondary schools operate in 
locations throughout Sweden, offering both academic and 
vocational programmes. 
Adult Education in Sweden 
AcadeMedia's adult education programme is the largest, 
and leading, adult education service in Sweden. The three 
main areas are Komvux  (municipal adult education), labour 
market services and higher vocational education. 
484 35,279 11,743 37%
units* children and 
students*
staff* Share of sales
126 30,431 5,392 23%
units* children and 
students*
staff* Share of sales
147 45,329 5,128 30%
units* students* staff* Share of sales
150 100,000 1,431 9%
units* adult education 
participants*
staff* Share of sales
Our business is built on four strong segments that together create the wholeness of Europe's largest education 
provider. Each segment brings its unique strengths to the table – but always with quality, learning and innovation 
as the common denominators. The following pages describe our activities and how we make a difference to our 
nearly 24,000 staff members and 211,000 children, students and adult education participants. 
0%
1%
2%
3%
4%
5%
6%
7%
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
17/181 8/19 19/202 0/21 21/22 22/232 3/24 24/25
Net sales, m SEK EBIT-margin %
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8%
0
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4 500
5 000
17/181 8/19 19/202 0/21 21/222 2/23 23/24 24/25
Net sales, m SEK EBIT-margin %
0%
2%
4%
6%
8%
10%
12%
0
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17/181 8/19 19/20 20/212 1/22 22/232 3/24 24/25
Net sales, m SEK EBIT-margin %
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0
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800
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2 000
17/181 8/19 19/20 20/21 21/222 2/23 23/242 4/25
Net sales, m SEK EBIT-margin %
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

===== SIDA 13 =====

We take a structured approach to 
language development from an 
early age. Research shows major 
differences in vocabularies at the 
start of school, and our goal is for 
every child to know at least 8,000 
words. Through language strategies, 
taking joy in reading and providing 
access to books, we develop 
8,000 words 
1–6 
years
*Average per year 
11,743
staff*
35,279
children and students*
484
units
37%
Share of sales
“Pre-school is not only a child's first learning environment – it’s the first chance that society 
has to give all children an equal start in life. With creative learning environments and a 
focus on reading and language, we can give every child a strong foundation for life.”  
Kristofer Hammar, Head of the Preschool and International segment
Preschool lays the groundwork for children's learning. In a safe and play-rich environment, 
the first important steps towards future learning and opportunities are taken. Children at 
AcadeMedia's preschools in five countries are offered a strong start in a stimulating and 
creative learning environment, with the help of language and literacy training by dedicated 
educators. Our activities mainly consist of preschools, but on the international level also 
include compulsory and upper secondary schools.
Preschool and International segment
Learning starts here
Our contribution to society 
We provide availability where no preschool exists  
In the Nordic countries, we take preschool 
availability for granted, while in much of the rest 
of Europe there remains a shortage of preschool 
places that impacts many children. This shortage 
of preschools affects both children's opportunities 
for development and parents' ability to work. We 
want to help change that. Today, AcadeMedia 
operates in Sweden, Norway, Finland, Germany 
and the Netherlands, and the aim is to continue to 
expand operations outside Sweden.
Language development and joy in reading  
A large vocabulary is a prerequisite for 
communicating and acquiring knowledge and 
skills throughout life. The foundations for this are 
laid early, at preschool age. As a result, language 
development is a priority in all countries where 
we operate. Research indicates that children in 
disadvantaged areas may have a vocabulary of 
5,000 words when they start school, compared 
with up to 25,000 words for children in more 
favourable environments. Our goal is for every 
child to have a vocabulary of no less than 8,000 
words by the time they start school. To achieve 
that, we have a systemic focus on language 
strategies, developing children's joy in reading and 
providing access to books.
Photo: Touhula, Ilola, Finland
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

===== SIDA 14 =====

Societal benefit in practice
Reading, playing and learning – for a richer vocabulary  
At Pysslingen Preschools in Sweden, children and educators 
set set a collective goal of reading 120,000 books between 
October 2024 and February 2025. Together, they completed  
a total of 130,000 books. 
The Compulsory Schools segment also includes preschools. 
These integrated preschools operate on the basis of a 
proven method, known as the Före Bornholmsmodellen  
(Before the Bornholm Model), which trains children's speech 
sounds and vocabulary through stories, dialogue and play. 
Through structured language training, inclusive learning 
environments and early intervention, we are making a real 
difference.
Small researchers, big discoveries  
We also strive to stimulate interest in science. Espira 
preschools in Norway are collaborating with Forskarfabriken, 
a national initiative aiming to make experiments and 
discovery a natural part of everyday life. In Germany, several 
of our preschools are taking part in Kleine Forscher , a similar 
nationwide initiative. 
Knowledge shared across borders  
Methods and experiences are shared between educators 
and preschools across borders. Foyer libraries, book 
backpacks, language games and educational materials 
are shared between establishments, and many educators 
take part in international exchanges through the Erasmus+ 
programme. During the year, all staff were also offered basic 
training in artificial intelligence, a step towards future-
proofing teaching.
Results and development
During the year, we had an average of 35,000 children and 
students in our programmes. The vast majority, around 
92 percent, attended preschool. Nearly 2,850 children 
and students attended one of our compulsory or upper 
secondary schools in Germany and the Netherlands. 
We continuously monitor how our activities are perceived by 
both guardians and staff. This year, we have again seen a 
positive trend in our surveys in all countries. 
A particularly large increase was evident in Finland, where 
the Net Promoter Score (NPS) among guardians rose from 
49 to 67, a result that indicates considerable confidence in 
the organisation. At the same time, employee satisfaction 
reached its highest level ever with a score of 7.6. 
International growth is a long-term goal
During the year, we opened our 100th preschool in Germany 
and acquired School International Potsdam and School 
International Erfurt. In the Netherlands, we consolidated 
our position through the acquisition of Yes! Kinderopvang, 
which operates 22 kindergartens.  Our long-term goal is 
further international growth and to have half of our business 
outside Sweden.
DID YOU KNOW THAT ...
Early language 
development is crucial 
to school success and 
integration   
(National Centre for Language 
and Literacy Development) 
---
Children in excluded 
areas may have a 
vocabulary of 5,000 
words compared with 
25,000 words in other 
children
(Svenska Dagbladet  
newspaper article 5/1/2025  
8,000 words) 
---
Language stimulation 
in the preschool 
classroom is crucial 
to children's future 
reading and writing 
skills  
(Swedish National Agency  
for Education)
Language development is a cornerstone of work 
at preschools and is crucial to children's ability 
to express themselves and understand the world 
around them. To encourage joy in reading, all 
Pysslingen preschools in Sweden and Espira in 
Norway are offered the new ABC series, developed 
in association with Sandvik and Goboken, which 
employs fun-filled and engaging stories.
ABC series inspiring 
joy in reading
Photo: Noblaskolan – Mariastaden, 
Helsingborg, Sweden.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

===== SIDA 15 =====

Primary education lays the groundwork for a knowledge-driven society, where every student is 
given the opportunity to succeed. Early intervention in languages, Maths and Swedish as a second 
language are priority areas at AcadeMedia's compulsory schools. Through a long-term and 
systematic focus on quality, we strive to ensure that every student achieves his or her goals and 
qualifies for upper secondary school.
At Noblaskolan in Solna, Year 
4 students have read their 
way to a top placing in “The 
Great Reading Challenge”.  
Together, the two classes 
read for more than 8,000 
hours in ten weeks, aided 
by clear goals, involvement, 
book recommendations, 
conversations and small 
celebrations to boost 
motivation.
Reading 
challenge to 
stimulate joy 
in reading
7–15 
years
5,392
staff*
30,431
children and students*
126
units
23%
Share of sales
*Average per year 
“Our most important social mission is to ensure that all students qualify for upper secondary 
education. This requires early intervention, above all in language, reading and Maths. That’s 
where the foundation for the future is laid.” 
Lotta Krus, Head of Compulsory Schools segment
Compulsory Schools segment 
Focus on early intervention and 
Swedish as a second language
Our contribution to society 
Language development – the foundation of all 
learning
Early literacy is important to children's 
development and future opportunities. That's why 
we have to work systematically to make sure that 
all children have cracked the reading code before 
they leave Year 1. Backed by the national literacy 
and numeracy guarantee, we monitor every 
child's progress and achievements from preschool 
onwards. Over the past two years, we intensified 
our efforts on this area, and it has paid off. Our 
students read better, achieve higher learning 
outcomes and benefit from a stronger base for 
their future learning.
Swedish as a second language, a key to inclusion  
28 percent of students at AcadeMedia's 
compulsory schools have a foreign background 
(the national average is 27 percent), which 
makes teaching Swedish as a second language 
a critical aspect of the schools' mission. For our 
students with a native language other than 
Swedish, teaching Swedish as a second language 
is critically important. This doesn't just provide 
language skills – it opens the door to community, 
self-esteem and future opportunities. When 
students are able to develop both Swedish and 
their native language, they become able to 
perform better in every subject. Language is the 
key to communication, learning and equality – both 
at school and in society.
At Vittra Väsby and Innovitaskolan Södertälje, for 
example, work on Swedish as a second language has 
been developed, in depth and intensity. Systematic 
and focused work at schools has contributed not 
only to the development of students’ language, but 
also to their self-esteem and well-being.  
To create favourable conditions for high-quality 
teaching in Swedish as a second language, 
AcadeMedia expanded its resources during the year 
by the form of acquiring more qualified teachers 
in the subject, and appointed a central quality 
developer with a research background. Through this 
role, support is provided to schools in their work on 
methodology, organisation and teaching quality.
Photo: Noblaskolan – Mariastaden, 
Helsingborg.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

===== SIDA 16 =====

Societal benefit in practice
Early intervention that makes a difference  
All AcadeMedia compulsory schools use early intervention 
to help students learn to read, write and count. Teaching 
reading to the youngest students has been developed 
with a focus on structure, joy in reading and a varied set 
of approaches. According to AcadeMedia’s surveys, which 
are based on a framework set by the National Agency for 
Education, nearly 90% of students can read in Year 1.
Many of our schools use Bornholm Modellen  (the Bornholm 
Model) at preschool and in Year 1. This is a proven 
educational method that stimulates children's language 
awareness and prepares them for literacy learning. 
Research shows that the model delivers positive impact, 
both in the short term and throughout school years up 
to Year 9. Through language games, children learn to 
recognise sounds, identify syllables and play with rhymes, 
all in a fun way. This successful approach has also been 
applied further down the age range and all our integrated 
preschools now use Bornholm Modellen .
DID YOU KNOW THAT ...
Reading comprehension 
affects the ability to 
acquire knowledge 
in all school subjects 
throughout school life  
(Swedish National Agency  
for Education) 
---
A sound knowledge of 
the Swedish language 
is key to integration into 
society   
(Swedish Schools Inspectorate)
---
High-quality Swedish as 
a second language (SfS) 
teaching, throughout 
the school system, 
balances differences 
in students' learning 
progress.   
(National Centre for Swedish  
as a Second Language)
Skills development for greater joy in reading  
If our students are to succeed, teachers also need the 
right tools. To underpin our systematic work on early 
intervention, AcadeMedia has offered teachers the option 
of participation in the Early Literacy  programme at Karlstad 
University, a new commissioned programme developed in 
collaboration with the university. Nearly all our schools have 
engaged in the programme and our teachers have acquired 
practical teaching tools, deeper knowledge and common 
ground. This provides our students with a successful and 
confident start in their reading development.
Results and development
Systematic quality work paying off  
The Swedish Schools Inspectorate's quality reviews from 
both 2023 and 2024 confirm that our systematic quality work 
meets the highest standards. On inspection, 36 percent 
of AcadeMedia's schools were rated as “high quality” in 
all areas, which is more than double the national average 
(15 percent). The areas reviewed are teaching, principal’s 
leadership, a good environment for development and 
learning, and assessment and grading. None of our schools 
were rated as “low quality”, compared with 18 percent 
nationally.
Over the past few years, all compulsory schools have been 
working particularly hard on equivalence of assessment 
and grading. Ensuring that students are awarded grades 
that reflect their actual skills is critical. Through in-service 
training for all teachers (arranged in collaboration 
with Karlstad University), co-assessment and common 
procedures, we have reduced the difference between 
national tests and our final grades for three years in a row, 
and are now lower than the national average for grade 
deviations.
We are also maintaining this positive trend and steadily 
increasing the proportion of qualified teachers in our 
compulsory schools. Over the past five years, the share 
has risen by ten percentage points. We focus actively on 
skills supply by recruiting qualified teachers and providing 
further training for teachers who need to supplement their 
qualifications or enrol in a programme.  
Growth through quality and trust  
During the year, four new compulsory schools joined 
AcadeMedia, expanding our presence in southern Sweden: 
Framtidskompassen, which operates two schools with 
integrated preschools in Vellinge Municipality, and Villa MY 
with two schools and preschools in Ystad.
28 percent of students in AcadeMedia's 
compulsory schools have a foreign 
background, making Swedish as a 
second language an important issue. 
Early intervention enables students 
both to develop their Swedish skills and 
to maintain their own native language. 
This boosts educational performance 
and contributes to equality, inclusion 
and security, at school and in society.
Equal opportunities 
grow from language
Photo: Innovitaskolan Rudan, Haninge, 
Greater Stockholm
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

===== SIDA 17 =====

Upper Secondary Schools segment
Diversity as a driver of 
quality and motivation
To many young people, the choice of upper secondary school is a crucial step that shapes both 
future opportunities and direction in life. Various educational approaches, programmes and 
practices create opportunities for students to find a school that motivates them to progress, 
irrespective of their background or previous academic experience. By offering alternatives to 
municipal schools, we widen freedom of choice. This, in turn, plays a part in development and 
improved quality throughout the school system.
*Average per year 
5,128
staff*
45,579
students*
147
units
30%
Share of sales
“We offer a wide range of programmes that reflect the diversity of society and create real opportunities for young 
people to succeed – whatever their background. By combining freedom of choice with quality, security and 
modern learning environments, we contribute to both individual development and society's skills supply.” 
Jimmy Kjellström, Head of the Upper Secondary School segment 
Our contribution to society
AcadeMedia's upper secondary education segment 
operates 15 brands with a variety of profiles and 
specialisations. The programmes on offer range 
from practical and artistic programmes – including 
vocational programmes and specialist courses in 
areas such as music, theatre and design – to more 
theoretical programmes in economics, natural 
sciences and social sciences. By offering freedom 
of choice, engaging in strategic investments and 
conducting long-term work on quality, we contribute 
to development at both individual and societal 
levels.
We take particular responsibility for vocational 
education and training by investing in modern 
school environments, well-equipped workshops 
and appropriate educational approaches. These 
are investments that otherwise would have 
required public funding. Our presence also creates 
educational facilities that would not otherwise exist, 
especially in metropolitan areas.
According to statistics from the National Agency for 
Education, one third of the country's students attend 
an independent upper secondary school, and the 
proportion is even higher in large cities. Research 
shows that competition increases quality in 
education. School surveys organised by the Swedish 
Schools Inspectorate also show that satisfaction 
is higher among our students and staff than at 
municipal schools.
16–19 
years
Freedom of choice at upper secondary school 
creates higher motivation to study. AcadeMedia 
schools have unique profiles, with specialisations 
ranging from music and design to technology, 
social sustainability and vocational courses. 
When students are able to make choices based 
on their interests, attainment improves and 
more students find a school where they can be 
motivated to succeed.
Freedom of choice leads 
to better goal attainment 
Photo: Internationella hotell- och 
restaurangskolan (IHR),  
Stockholm Sweden.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

===== SIDA 18 =====

Societal benefit in practice
Modern vocational training for the future  
AcadeMedia invests heavily in vocational training. Praktiska 
Gymnasiet, which offers eleven different vocational 
programmes at more than 30 schools, is engaged in a 
extensive modernisation programme, investing in new 
workshops and equipment. We also operate Drottning 
Blankas Gymnasieskolor, Sweden's largest provider of care 
and nursing programmes at upper secondary school level. 
Our students are entering the workforce and benefiting from 
access to higher education at the same time, thanks to a 
new programme structure that gives students in vocational 
education and training basic qualifications for college and 
university.  
Freedom of choice leads to better goal attainment  
Freedom of choice that stimulates motivation to study is a 
cornerstone of AcadeMedia's upper secondary education 
programme. Rytmus Musikgymnasium, NTI Gymnasiet, 
ProCivitas, Designgymnasiet and Praktiska are among our 
upper secondary schools with unique and distinct profiles, 
ranging from arts and technology to social sustainability 
and vocational programmes. The ability to choose a school 
based on interests leads to better goal attainment and 
enables each student to find a school where they can be 
motivated and succeed.
Security is a precondition for learning  
During the year, several schools have ramped up 
their work on student health, with seminars on mental 
health and a closer focus on prevention. A centralised 
psychology function has contributed both strategically 
and operationally through support for local student health 
services at each unit. Student empowerment, strong 
relationships and security on a social level are important 
aspects of this work. 
Maths boosted by teachers engaging in research  
During the year, many of our academic upper secondary 
schools have intensified their focus on Maths. In partnership 
with the IFOUS research institute, results have been 
improved through methodological and skills development. 
Teachers at Klara Teoretiska and Sjölins, among others, were 
engaged in a systematic process to develop their teaching 
using action research, a method that makes it possible to 
test, analyse and improve their teaching right there in the 
classroom.
Results and development
The graduation rate among our upper secondary students rose 
during the school year, while the degree of alignment between 
student results on national tests and the grades awarded at 
schools also increased. 
According to the Swedish Schools Inspectorate's survey of 
schools, teachers at AcadeMedia upper secondary schools 
report a higher degree of satisfaction with their school than 
teachers at municipal upper secondary schools. Our upper 
secondary teachers give a higher rating to educational 
leadership, support, gender equality and security. 
Growth through new schools and modern campuses
In autumn 2024, Drottning Blankas Gymnasieskola and 
Designgymnasiet opened new units in Gothenburg and 
Västerås. In Gothenburg, Odinskolan is undergoing extensive 
renovation, preserving the building's cultural and historical 
features while adapting the premises for modern teaching. 
In Malmö, construction has started on the Malmö Creative 
Campus, a sustainable and modern upper secondary school 
campus that brings together three schools under one roof. The 
campus is scheduled to open in 2026.
DID YOU KNOW THAT ...
Completing upper 
secondary education 
is one of the most 
important factors in 
determining future 
opportunities for young 
people.  
(Swedish Schools 
Inspectorate)
---
Security and good 
relationships are  
the foundation  
of all learning  
(Swedish National Agency for 
Education)
---
Vocational 
programmes 
in healthcare, 
construction and 
technology often lead 
to jobs after graduation
 (SCB, Swedish National 
Agency for Education)
Mental health problems among children are on the rise 
and are affecting well-being and school performance. 
Good health boosts concentration and learning, while 
success at school increases young people's self-
esteem. AcadeMedia schools invest in preventive 
measures, student health, psychological support, 
student influence and strong relationships to create 
security and better learning.
Security makes 
learning possible
Photo: Praktiska Gymnasiet, Karlstad, 
central Sweden.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

===== SIDA 19 =====

Adult education is an important part of AcadeMedia's work to reduce exclusion, address skills shortages and strengthen 
society. Through education and training, we empower people to make a fresh start, while helping to make Swedish 
business more competitive. 
Sweden faces a dual labour market 
problem: high unemployment and a 
shortage of workers with the right skills. 
Through adult education, which enables 
both skills development and retraining, 
we build bridges between people who 
want to work and employers who need 
labour. Our training programmes, 
closely linked to labour market needs, 
are part of the solution.
The key 
to jobs
Adult Education segment
The key to jobs, skills and inclusion
1,431
staff*
100,000
adult education 
participants*
150
units*
9%
Share of sales
*Average per year 
“Success in adult education benefits both the individual and society. We empower people 
to take the next step in life, while helping to solve Sweden's major skills challenges.” 
Christer Hammar,  Head of Adult Education segment
Adults
Our contribution to society
AcadeMedia's adult education programmes 
make a difference, both to the individual and to 
society. We offer everything from labour market 
training and adult education to higher vocational 
education, often in partnership with employers 
and the public sector. Our role in developing skills 
across Sweden is clear:
• We provide people with the tools to move from 
unemployment to employment
• We strengthen Swedish competitiveness 
through programmes that match labour 
market needs
• We create inclusion through language support 
and personalised education
Adult learning was also the focus of increased 
political attention during the year. The 
government's spring budget includes, for 
example, increased investments in vocational 
education and training, universities of applied 
sciences and transition study support – 
investments that strengthen our mission.
Societal benefit in practice 
We make a difference, every day, for more than 
100,000 adult education participants  
Over the past year, AcadeMedia's adult education 
programmes have made a tangible difference 
for more than 100,000 people in Sweden. These 
are adults motivated to take the next step in 
their lives: by learning Swedish, completing 
compulsory school education, enrolling in upper 
secondary school or undergoing vocational 
training with a view to finding a job. Across the 
country, in different life situations, we provide 
people with new opportunities to grow.
We maintain close dialogue with the business 
community, public authorities and other key 
societal functions to obtain an understanding 
of what skills are needed, in both the short 
and long term. Working with industry experts 
and our senior educators, we develop higher 
vocational education programmes that equip 
participants for the labour market of the 
future. Our programmes are in great demand, 
with high application rates, and a large 
proportion of our students go straight into 
jobs in the profession that they were trained 
for. In this way, we contribute both to the 
personal growth of the individual and to the 
development of society's skills supply.
Vocational Swedish – the language that 
leads to jobs  
Combining language development with 
vocational skills reduces the risk of exclusion 
and increases a person’s chances of getting 
a start in the labour market. In association 
with the Swedish Public Employment Service, 
Eductus offers training in vocational Swedish, 
a language programme adapted to a variety 
of professional fields. The aim is to provide 
participants with the language skills needed 
to take up a job in their profession – and 
to thrive, develop and contribute in the 
workplace.
From prison to working life  
More than 100 individuals took part in training 
programmes in prisons during the year, with 
a view to a a future life free from crime. We 
aid participants all the way from education to 
work through coaching, interview training and 
workplace contacts.
Sweden's most-used learning platforms  
As unemployment rises, the importance of 
education becomes ever more critical. Our 
Omniway platform is now one of Sweden’s most 
widely used learning platforms, with around 
50,000 unique users. It plays a key role in 
promoting accessibility, efficiency and quality in 
education.
Sustainability training for all  
AcadeMedia's sustainability training programme,   
“A sustainable future”, is specifically designed 
for our adult education participants. It is now 
offered free of charge to all adult learners via 
our Omniway learning platform. The programme 
aims to enable a better understanding of climate 
and environmental issues, and offers concrete 
tools to enable more sustainable choices in day-
to-day and working life.
Photo: KUI, Sweden.
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA    •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS •  OTHER INFORMATION

===== SIDA 20 =====

DID YOU KNOW THAT ...
A majority of 
individuals who 
receive qualifications 
from vocational 
education and training 
programmes quickly 
get established in the 
labour market
(Swedish National Agency  
for Education) 
---
Digital tools stimulate 
student participation 
and learning  
(University of Stockholm)
---
Vocational Swedish, 
combined with 
vocational training, 
aids the newly arrived 
in getting established 
and creates important 
contacts in the labour 
market 
(Swedish Agency for 
Economic and Regional 
Growth)
Omniway is among Sweden's 
most-used digital learning 
platforms, with around 50,000 
unique users each year. 
As a hub for learning and 
collaboration, it provides easy 
access to course materials, 
study plans, assignments and 
communication with teachers 
and fellow students.
50,000 using 
digital learning 
platform
In association with the Swedish Public 
Employment Service, Eductus offers 
training in vocational Swedish, a 
language programme adapted to 
a variety of professional fields. The 
aim is to provide participants with 
the language skills needed to take 
up a job in their profession – and to 
thrive, develop and contribute in the 
workplace. 
Vocational Swedish 
– the language 
that leads to jobs
Results and development
We continuously monitor our results and focus 
systematically on quality and participant 
satisfaction. We are constantly develop our quality 
processes, which are based on ISO certification and 
high participant and staff satisfaction. 
Our participant surveys from 2024 indicate a high 
level of satisfaction: 85.9 percent were satisfied 
with the programme and 84.2 percent would 
recommend it.
Swedish for Immigrants  
Swedish for Immigrants (SfI) is a specialised 
language course designed to give adult immigrants 
basic knowledge of the Swedish language. The 
proportion of students with a passing grade (of 
those who were graded) in AcadeMedia's SfI courses 
in 2024 was 83.0 percent, compared with the 
national average of 92.8 percent.
Basic adult education  
The aim of basic adult education is to provide adults 
with the skills needed to continue their studies and 
to participate in society, the labour market and 
further studies at upper secondary school level. In 
2024, 85.5 percent of students in AcadeMedia's basic 
adult education programme achieved passing 
grades, compared with the national average of 83.9 
percent.
Upper secondary school education for adults  
The Adult Education programme aims to provide 
adults with skills at a level equivalent to that of 
upper secondary school. In AcadeMedia's upper 
secondary adult education programme, a total of 
80.0 percent of students achieved at least grade E 
in 2024, compared with the national average of 85.5 
percent. However, the proportion of those engaging 
in distance and/or flexible learning is significantly 
higher in AcadeMedia's adult education programme 
than in the rest of the country, at around 79 percent 
compared with 35 percent nationally.
Higher vocational education  
Higher Vocational Education and Training is a form 
of post-upper secondary education that combines 
theoretical studies and practical exercises with 
on-the-job learning, and should lead to a clear 
professional role. The courses range from short 
courses to full programmes, and are developed 
in close cooperation with the workplaces in the 
professional fields where a skills shortage exists.
The employment progress of course graduates 
is followed up for six months after the end of the 
person’s course. The 2024 follow-up shows that 
65 percent of those who were employed or self-
employed after course completion were in jobs that 
were fully or mostly consistent with their training. The 
outcome is lower than in previous years (72 percent 
in 2023) but still higher than the most recently 
published national average of 62 percent (for 
courses completed in 2023).
In addition, Berghs School of Communication has 
recently been named the world's most creative 
school in “Young Ones 2024”, one of the most 
prestigious international student competitions in 
communication.
Growth and investment
We continue to develop and grow, both in Sweden 
and internationally. During the year, FutureGames 
expanded into Poland and Liverpool to address 
the global demand for game developers. At the 
same time, we are investing in skills development 
and retraining in engineering and construction, 
two areas where an acute shortage of skilled 
labour exists. The award of 4,700 higher vocational 
education places by the Swedish Higher Vocational 
Education Authority in January 2025 offered clear 
evidence of the considerable trust that AcadeMedia 
enjoys as a training provider.
Strategic investments in quality, creativity and 
labour market relevance are paying off.Photo: Movant, Sweden.
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Our employees are central to AcadeMedia's 
contribution to society
AcadeMedia’s employees represent its most important contribution to society. Every day, nearly 
24,000 employees go to work in AcadeMedia's operations in Sweden, Norway, Finland, Germany, 
Poland, the Netherlands and the UK. By engaging day-to-day, they play a part in performing one of 
society's most crucial tasks: creating the conditions for learning, inclusion, personal development 
and a sustainable supply of skills.
To provide every employee with the best possible conditions 
to succeed in their mission, AcadeMedia offers broad 
support in leadership, educational theory, work environment 
and organisation. The AcadeMedia Academy offers more 
than 200 training programmes annually, in areas ranging 
from AI and digitalisation to language development, 
sustainability and mental health. Several initiatives have 
been developed in association with stakeholders including 
researchers, professional networks and higher education 
institutions.
Leaders leading together
At AcadeMedia, there is a strong belief that leadership is 
best developed by working with others. Through the Leaders 
for Leaders initiative, more than 100 managers from across 
the Group gather annually for four two-day meetings. The 
meetings discuss the leadership of the future, societal issues 
and development activities, often with inspiration from 
external guests such as the Swedish Police Commissioner 
Carin Götblad, former Swedish state epidemiologist Anders 
Tegnell, and poet Bob Hansson. In parallel, participants 
oversee targeted development projects in areas including 
culture, communication, internationalisation and learning. 
The aim is to create environments where our leaders can 
grow together and as individuals.
As part of this initiative, an annual Leaders' Forum is held, 
bringing together all principals and heads of unit. This year, 
leaders from our operations in Norway, Finland, Germany 
and the Netherlands also participated. The forum provides 
an opportunity to share experience between levels of school, 
inspiration from the outside world and examples from each 
person’s organisation. The focus was on Gapminder's work 
on global understanding, as well as in-depth studies on 
digitalisation, sustainability and internationalisation.
“Irrespective of role, location or country, our people are the collective force behind 
every aspect of teaching, every secure learning environment and every individual 
taking steps towards their future. Their expertise, commitment and day-to-day 
initiatives are the foundation on which AcadeMedia's long-term contribution to society 
is built.” 
Lisa Oldmark, Head of HR, AcadeMedia
Number of employees (percentage) by country
Norway
Germany
The Netherlands
Sweden
Finland
62%15%
8%
13%
2%
25% 27% 33% 33%
12% 12% 6% 5%
17% 22% 16% 19%
75% 73% 67% 67%
88% 88% 94% 95%
83% 78% 84% 81%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
 24/25  23/24  24/25  23/24  24/25  23/24  24/25  23/24  24/25  23/24  24/25  23/24
Total Sweden Norway Finland Germany Nether-
lands
Male  Female
Gender distribution by country
Focus on our employees 
AcadeMedia's 23,934 employees make a difference every day. It is through their efforts that we can create 
sustainable quality – for the individual, for the labour market and for society. More Information is provided 
below about our employees and where they are located.
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Teachers of the future – our shared responsibility
There is a major need for committed and trained educators. 
Against that background, AcadeMedia is engaged in long-
term partnerships with teacher training programmes. We 
offer work placements throughout Sweden and participate 
in public events such as the Gothenburg Book Fair and 
SETT, the Scandinavian forum for education and learning. 
Educational tools such as conversation cards and training 
materials support both new and experienced teachers in 
their work.
Talent programmes, mentoring and special initiatives 
for newly qualified teachers create secure pathways into 
the profession and develop the conditions to encourage 
teachers to stay in the profession and develop in their roles 
at our schools.
A culture of health, security and diversity
AcadeMedia takes a structured and long-term approach to 
creating safe and inclusive work environments. During the 
year, particular attention was focused on the mental health 
• 200+ training activities per year  via AcadeMedia Academy
• Leaders for Leaders  brings 100 managers together regularly to share 
experiences and develop
• Increased focus on mental health  – several initiatives and a newly 
created post 
• Expanded crisis management capability  for better preparedness in a 
turbulent world
• Talent programmes and mentoring  develop future leaders and 
teachers
• Active employee networks  for equality, diversity and sustainability
of both students and staff. In addition to the efforts of the 
units at local level, we have established a central mental 
health promotion service to provide support, training and 
strategic development for the well-being of students and 
staff. This initiative is an important extra element of strength 
in our long-term work. 
In a world characterised by turmoil and rapid change, we 
have further developed our crisis management capability. 
A new centralised crisis management function has been 
established to provide rapid support to organisations in 
the event of specific incidents, such as ongoing deadly 
violence or evacuation. Efforts to increase security and 
provide leadership support in times of stress have also been 
intensified.
In addition, active employee networks are in place 
to promote issues related to equality, diversity and 
sustainability. Internal commitment has increased and this 
is also reflected in employee surveys, with more employees 
expressing pride in working at AcadeMedia.
Together we make a difference
Number of 
employees (FTE): 
16,812
Number of 
employees: 
23,934
Percentage of 
women: 
75%
Percentage 
of staff taking 
parental leave: 
13%
Staff  
turnover: 
16%
Our employees in figures
Photo: ProCivitas Gymnasium, Uppsala
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Governance and control
Corporate Governance Report  ........................ 24
Risk and risk management ............................... 28
Board of Directors and Senior Executives ...... 31
Photo: Espira, Norway.
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The purpose of corporate governance at AcadeMedia is to 
ensure that the Board of Directors and management ensure 
that the Group's operations develop in a way that creates 
long-term value for shareholders and other stakeholders, 
such as students, employees and customers. This includes 
ensuring:
• a fit-for-purpose organisation, 
• quality management, risk management and internal 
control, together with 
• transparent internal and external reporting.
Corporate governance at AcadeMedia is exercised via 
principles established in external and internal systems of 
regulation. The external system of regulation consists of 
relevant statutes and regulations, including the Swedish 
Companies Act, the Swedish Annual Accounts Act, IFRS 
(the International Financial Reporting Standards), Nasdaq 
Stockholm’s Rules for Issuers of Shares and the Swedish 
Code of Corporate Governance (“the Code”). The Code is 
available at www.bolagsstyrning.se, which also describes 
the Swedish corporate governance model. The internal 
system of regulation consists of the Company’s Articles of 
Association and the control instruments that AcadeMedia 
has established in the form of rules of procedure for the 
Board of Directors, as well as internal instructions, policies 
and guidelines to Board committees, the Chief Executive 
Officer and the operational organisation. 
The structure of corporate governance at AcadeMedia is 
represented in the illustration above.
This Corporate Governance Report was prepared in 
accordance with the Swedish Annual Accounts Act and the 
Code.
Deviations from the Code
AcadeMedia has no deviations from the Code to report for 
the 2024/25 financial year.
Shares and shareholders
AcadeMedia’s ordinary shares were listed on the Nasdaq 
Stockholm exchange in 2016 and are traded on the 
Nasdaq Stockholm Mid Cap market. The number of 
shares outstanding in the Company is 99,011,729 ordinary 
shares, each carrying an entitlement of one vote per 
share, and 193,057 Class C treasury shares, each carrying 
an entitlement of one tenth of a vote per share (in all, 
99,204,786 shares in the Company). All Class C shares are 
held by the Company itself and cannot be represented at 
general meetings of shareholders. The biggest shareholder 
in AcadeMedia since its IPO has been Mellby Gård. On 30 
June 2025, the company held 24.58 percent of the capital 
and 24.62 percent of the votes. Other major shareholders 
are shown on the list of shareholders on page 106.
Shareholders’ Meeting 
The shareholders’ meeting is AcadeMedia’s highest 
decision-making body. At the meeting, the shareholders 
exercise their right of decision over the affairs of the 
Company. The Annual General Meeting resolves on issues 
such as the adoption of income statements and balance 
sheets, appropriation of the Company’s profit or loss, 
discharge from liability of members of the Board of Directors 
and the Chief Executive Officer, election of members of the 
Board of Directors and auditor, and remuneration of Board 
members and the auditor. 
The Annual General Meeting (AGM) of shareholders shall 
be held within six months from the end of the financial year. 
AcadeMedia’s 2025 AGM will be held on 26 November 2025 
in Stockholm. Notice convening a Shareholders’ Meeting 
shall be published via press release and by the notice 
being posted on the Company’s website. The day after the 
notice has been published it shall be printed in the Swedish 
National Gazette (Sw.: Post och Inrikes Tidningar) and at the 
same time published in the financial newspaper Dagens 
Industri.
Right to participate in Shareholders’ Meeting 
Shareholders wishing to participate in a Shareholders’ 
Meeting must be included in the shareholders’ register 
maintained by Euroclear Sweden, and must notify the 
Company of their intention to participate no later than on 
the date indicated in the notice convening the meeting. 
Shareholders may attend the Shareholders’ Meeting 
in person or by proxy and may be accompanied by a 
maximum of two advisors. Shareholders may register for the 
Shareholders’ Meeting in several different ways, as detailed 
in the notice of the meeting. 
Shareholders are entitled to vote for all shares in the 
Company that are held by the shareholder. Since the 
decision of the 2020 Annual Shareholders’ Meeting to amend 
the Company's Articles of Association, the Board of Directors 
has the option to collect proxies in accordance with the 
Swedish Companies Act and to resolve that shareholders 
can exercise their vote by post before the Annual General 
Meeting. 
Shareholder initiatives 
Any shareholder wishing to have a matter brought before 
the Shareholders’ Meeting must submit a written request 
to that effect to the Board of Directors. Such requests must 
be received by the Board of Directors well in advance of the 
meeting, in accordance with the information provided on 
the Company’s website at the time of the announcement of 
the time and place of the Shareholders’ Meeting. 
Nominating Committee
The Nominating Committee is tasked with presenting 
proposals to the Shareholders’ Meeting regarding election 
of and fees to Board members and auditor. The Nominating 
Committee shall also propose the chair for the AGM. 
The Nomination Committee shall perform its duties in 
accordance with the Code and the instructions to the 
Nomination Committee adopted by the Annual General 
Meeting.
The Nomination Committee applies section 4.1 of the Code 
as a diversity policy, whereby the Nomination Committee 
shall ensure that the Board, in view of AcadeMedia's 
business, stage of development and circumstances in 
general, has an appropriate composition, characterised 
by diversity and breadth in terms of the skills, experience 
and background of the members elected by the General 
Meeting. Furthermore, the Nomination Committee shall 
work towards the goal of establishing a balanced gender 
representation on the Board. 
According to the instructions to the Nominating Committee, 
AcadeMedia’s Nominating Committee shall consist of one 
representative of each of the three biggest shareholders, 
based on their holding in the Company at the end of the 
financial year’s third quarter and as may be determined 
from Euroclear’s shareholder register and other reliable 
information provided to the Company at that point in time. 
The Chair of the Board shall serve as a co-opted member. 
The composition of the Nomination Committee for the 2025 
External control instruments
• Swedish Companies Act
• Swedish Annual Accounts Act
• Other applicable laws
• Nasdaq Stockholm's Rules for Issuers of Shares
• Swedish Code of Corporate Governance
Internal control instruments
• AcadeMedia's Articles of Association
• Rules of procedure, instructions for the Board/CEO
• Values and culture
• Codes of Conduct
• Policies and guidelines
Corporate governance AcadeMedia
ACADEMEDIA’S 
BOARD OF 
DIRECTORS
NOMINATING
COMMITTEE
PRESIDENT 
& CEO
Goals 
Control  
instruments
Strategy 
Control 
Reports
EXTERNAL 
AUDITOR 
4  
COMMITTEES
Auditing
Remuneration
Quality
Real Estate
ACADEMEDIA’S
ANNUAL GENERAL
MEETING
Resolu-
tion
Pro-
posal
Informa-
tion
Informa-
tion
Informa-
tion
Corporate Governance Report
AcadeMedia AB (publ) is a public limited company with its registered office in Stockholm. Its 
shares were listed on the Mid Cap List of Nasdaq Stockholm on 15 June 2016. 
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Annual General Meeting was announced on 16 May 2025. 
Subsequently, a change of ownership took place, whereby 
Nordea Fonder made its seat available and the new owner 
Bolero Holdings Sarl was offered and accepted a seat on the 
Nomination Committee. As per 30 June, the composition of 
the Nomination Committee is as follows:
• Rune Andersson (Chair), Mellby Gård, 24.62 percent of 
votes at the end of May 2025. 
• Jakob Rikwide, Bolero Holdings Sarl, 5.30 per cent of the 
votes at the end of May 2025. 
• Ola Wessel-Aas, Taiga Fund Management AS, 2.53 percent 
of the votes at the end of May 2025. 
• Håkan Sörman, Chair of the Board (co-opted).
Board of Directors 
Composition of the Board of Directors
According to AcadeMedia’s Articles of Association, the 
Board of Directors, as elected by the Shareholders’ Meeting, 
shall consist of no less than three and no more than ten 
members. The Company's Board of Directors currently 
consists of seven regular members, including the Chair, 
elected by the Shareholders’ Meeting for the period until 
the end of the 2025 AGM. Employee organisations are 
entitled by law to appoint employee representatives to 
the Board with the same rights and duties as other Board 
members. The Swedish Teachers' Union has appointed a 
total of two members and one deputy member to serve 
on the Board. The list on this page shows AcadeMedia's 
Board members, when they were first elected to the Board 
and whether the elected members are independent of the 
Company, management and/or the principal owner. The 
composition of the Board of Directors of AcadeMedia meets 
the requirements for independent Board members. None of 
the members of Executive Management has any significant 
shareholding or partnership in any company with which the 
Company is engaged in a material business relationship.
Håkan Sörman has served as AcadeMedia’s Chair of the 
Board since 2022. The Chair is elected by the AGM.
Division of work
The Board of Directors is responsible for ensuring that 
the Company’s organisation is fit-for-purpose in order 
to administer the Company’s affairs in the best way 
possible, for continuously assessing the Group’s financial 
situation and for ensuring that the business is conducted 
in accordance with the Articles of Association, the Swedish 
Companies Act, the Code and other applicable laws and 
regulations, as well as with the Board’s rules of procedure. 
The Chair supervises the work of the Board, and ensures that 
the Board fulfils the functions that are incumbent on the 
Board, and that this work is conducted in an efficient and 
well-organised manner.
The Board follows written rules of procedures that are 
reviewed and adopted annually at the statutory Board 
meeting. The rules of procedure govern for example, Board 
functions and allocation of duties between Board members 
and the Chief Executive Officer, as well as between the Board 
and its various committees. At the statutory Board meeting, 
the Board also adopts the instructions to the Chief Executive 
Officer, including instructions for financial reporting.
The Board meets according to an annually fixed schedule. In 
addition to these Board meetings, additional meetings may 
be convened to address issues that cannot be referred to a 
regular Board meeting. In addition to Board meetings, the 
Chair and the Chief Executive Officer maintain continuous 
dialogue concerning management of the Company.
Board of Directors’ work during the 2024/25 
financial year
During the financial year the board held 15 meetings 
at which the minutes were recorded. Board member 
attendance is presented in the table, right. Chief Legal 
Officer Jonas Nordström served as Secretary at the Board 
meetings. Before the meetings, Board members received 
written information on the issues to be discussed at the 
meeting.
During the year, as in previous years, the Board continuously 
monitored the performance and finances of the Group and 
the segments, and reviewed and analysed the Company's 
financial reporting. The Board has also focused closely on 
quality work, sustainability issues in the context of CSRD and 
digital development/AI. In addition, the Board invested time 
on implementing and following up the share redemption 
programme approved at the AGM, as well as on refinancing 
of existing loans. 
Strategy discussions within the Board focused on analysing 
the conditions for expansion of AcadeMedia's international 
operations. Political scrutiny was a central issue and 
strategic discussions were held with regard to managing 
the associated risks. As far as the Board was concerned, 
the media debate also brought a close focus to bear on 
communication issues and on the Company's public affairs 
activities. The Board also took decisions during the year 
on new preschool startups in Germany, acquisitions of the 
International School Potsdam and the International School 
Erfurt in Germany and acquisition of the Yes! Kinderopvang 
preschool group in the Netherlands. In the Swedish market, 
decisions were taken on the acquisition of three preschool 
units and two compulsory school units. 
Other matters regularly addressed by the Board included 
governance issues such as the development of internal 
control, clarification and streamlining of the Group’s legal 
structure and decisions on growth and expansion projects, 
i.e. acquisitions, investments and major real estate issues.
Audit Committee 
AcadeMedia’s Board of Directors has established an 
Audit Committee comprising three members, who are 
independent of the Company and its management: Marie 
Osberg (Chair), Johan Andersson and Jan Bernhardsson. 
The Company’s CFO takes part in the Audit Committee’s 
meetings, which are also regularly attended by the 
Company’s auditors. The Audit Committee shall inter 
alia, without compromising the other responsibilities and 
tasks of the Board of Directors: monitor the Company’s 
financial reporting and sustainability reporting; monitor the 
efficiency of the Company’s internal control, compliance 
and risk management; keep informed as to the auditing 
of the annual report and the consolidated accounts, the 
auditing of the Company’s and the Group’s sustainability 
report and quality control by the Swedish Inspectorate of 
Auditors ( Revisorsinspektionen ); inform the Board regarding 
the findings from review and audit, of the sustainability 
report; examine and monitor the auditor’s impartiality and 
independence; and pay particular attention as to whether 
the auditor is providing the Company with other services 
other than review and auditing of sustainability reports. The 
Committee is also tasked with evaluating the audit work and 
providing this information to the Nominating Committee. 
A further task is to assist the Nominating Committee in the 
preparation of proposals regarding election of auditors and 
auditors’ fees.
The Audit Committee has a scheduled annual cycle of five 
planned meetings each year. During the 2024/25 financial 
year, six meetings were held. Over the year, the Audit 
Committee addressed a number of issues that were specific 
to that financial year. These included business monitoring, 
including with regard to acquisitions, tax and VAT issues, 
ESRS reporting, refinancing of existing loans and internal 
control.
Remuneration Committee 
The Board of Directors of AcadeMedia has a Remuneration 
Committee comprising three members: Johan Andersson 
(Chair), Håkan Sörman and Jan Bernhardsson. The 
Remuneration Committee prepares proposals concerning 
remuneration principles and remuneration, as well as other 
BOARD COMPOSITION, INDEPENDENCE AND ATTENDANCE IN 2024/25
Independent of Attendance
Member Elected Position the Company 
and Executive 
Management
Company’s 
major 
shareholders
Board 
meetings
Audit 
Commit -
tee
Remunera -
tion Com -
mittee
Quality 
Commit -
tee
Real Estate 
Committee
Håkan Sörman 2017 Chair of the 
Board
Yes Yes 14 (15) – 5 (5) 4 (4) –
Johan Andersson 2017 Board member Yes No 15 (15) 4 (6) 5 (5) * – –
Ann-Marie Begler 2020 Board member Yes Yes 15 (15) – – 4 (4) * –
Jan Bernhardsson 2021 Board member Yes Yes 15 (15) 6 (6) 5 (5) – 8 (8) *
Mikael Helmerson 2022 Board member Yes No 15 (15) – – – 8 (8)
Hilde Britt Mellbye 2023 Board member – – 14 (15) – – 3 (4) –
Marie Osberg 2023 Board member – – 15 (15) 6 (6) * – – –
Anna Lundmark 
Boman
2021 Employee  
representative
– – 15 (15) – – 4 (4) –
Anders Lövgren 2016 Employee  
representative
– – 15 (15) – – 4 (4) 8 (8)
Pernilla Larsson 2016 Deputy  
employee  
representative
– – 14 (15) – – – –
*Committee Chair.
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terms of employment for the CEO and senior executives. The 
Remuneration Committee is also tasked with monitoring 
and evaluating variable remuneration programmes 
for management, application of the guidelines for 
remuneration to senior executives, as adopted by the AGM, 
and the structures and levels of remuneration in the Group. 
The Remuneration Committee held five meetings during 
the financial year. In addition to the day-to-day issues 
addressed by the committee, particular focus during the 
year focused on succession planning, skills provision in the 
AcadeMedia Group and ways for AcadeMedia to work on 
increasing the Company’s attractiveness as an employer. 
Quality Committee
The Board of Directors of AcadeMedia also has a Quality 
Committee comprising three members: Ann-Marie Begler 
(Chair), Hilde Britt Mellbye and Håkan Sörman. Employee 
representatives Anna Lundmark Boman and Anders Lövgren 
also serve on the Quality Committee. The purpose of the 
Quality Committee is to work in greater depth on issues 
that may help to improve the quality of operations, and 
thus to monitor and evaluate the quality of structures, 
processes and performance within the Company, as well as 
the systematic work on quality at the Company. The Quality 
Committee held four meetings during the financial year.
Activities focused on included further work to increase 
equivalence in assessment and grading, where the work 
already performed has shown good results. The committee 
also focused on working to increase teacher accreditation, 
ongoing and planned quality initiatives to improve goal 
attainment, and the ongoing review of grading. Discussions 
were also held regarding the current model for quarterly 
reporting in the segments, and the possible need to develop 
it in the light of current and future changes.
Real Estate Committee 
AcadeMedia’s Board of Directors also established a 
two-member Real Estate Committee: Jan Bernhardsson 
(Chair) and Mikael Helmerson. Employee representative 
Anders Lövgren also serves on the Real Estate Committee. 
The committee's task is to manage and resolve ongoing 
property-related issues, with the aim of reducing the burden 
on the Board.
The committee held eight meetings during the financial 
year. Matters addressed and resolved by the committee 
mainly consist of real estate lease renewals and the 
signing of new real estate leases for AcadeMedia's existing 
operations. The Real Estate Committee also prepared and 
presented material to the Board of Directors regarding a 
number of matters in connection with entering into new 
leases for newly established businesses, minor acquisitions 
that involve entering into leases and termination of a 
number of leases. 
Evaluation of the Board's work
The Board’s work is evaluated annually via a structured 
process in which all Board members and deputy members 
answer questions about how they feel the Board is 
performing in a number of areas. The areas evaluated 
include whether the skills and composition of the Board are 
fit-for-purpose, and the focus and direction of the Board’s 
work. The Chair of the Board is responsible for the evaluation, 
and ensures that the findings are presented and discussed 
by the Board, as well as by the Nominating Committee. The 
evaluation thus serves as a basis for the Board’s ongoing 
work and performance, as well as for the work of the 
Nominating Committee. The evaluation of the Board's work 
in 2024/25 was shared with the Nomination Committee and 
distributed ahead of the Board meeting in June 2025. With 
regard to work performed in 2024/25, the evaluation was 
conducted in accordance with the Boardclic system.
Remuneration to Board members and 
shareholdings
The 2024 AGM resolved that remuneration for the period until 
the next AGM shall be paid at SEK 690,000 per year to the 
Chair of the Board and SEK 305,000 per year to each of the 
other Board members who are not employed by the Group. 
In addition, the Chair of the Audit Committee will receive 
a fee of SEK 185,000 and each of the other members of the 
Audit Committee who are not employees of the Group will 
receive SEK 95,000. SEK 80,000 will be paid to the Chair of 
the Remuneration Committee and SEK 40,000 to each of the 
other members of the Remuneration Committee who are 
not employees of the Group. SEK 120,000 will be paid to the 
Chair of the Quality Committee and SEK 60,000 to each of 
the other members of the Quality Committee who are not 
employees of the Group. SEK 100,000 will be paid to the Chair 
of the Real Estate Committee and SEK 50,000 to each of the 
other members of the Real Estate Committee who are not 
employees of the Group. 
For information on the Board members and their 
shareholdings, see page 32. For details of remuneration paid 
to the Board members during the 2024/25 financial year, see 
Note G5. 
Chief Executive Officer and other Senior Executives
Marcus Strömberg has served as President and Chief 
Executive Officer of AcadeMedia since 2005. The division of 
work between the Board of Directors and the CEO is set out 
in the rules of procedure for the Board of Directors and the 
instructions to the CEO. 
Katarina Wilson has served as Executive Vice President of 
AcadeMedia since June 2023.
The CEO shall attend to day-to-day management and 
coordinate the activities of the Company, with the care 
and to the extent required to handle these affairs, and 
in accordance with the Articles of Association, the rules 
of procedure for the Board, the instructions to the CEO, 
applicable legislation and other guidelines and directions 
issued by the Board. The CEO shall ensure that the 
Company’s accounting is maintained in accordance with 
applicable legislation, and that the management of assets is 
conducted in a proper manner with a satisfactory measure 
of control and follow-up.   
According to the instructions for financial reporting, the 
CEO is responsible for financial reporting in the Company, 
and consequently must ensure that the Board receives 
adequate information to enable its members to evaluate 
the Company’s financial position on an ongoing basis. 
In addition, the CEO must continuously keep the Board 
of Directors informed of developments in the Company’s 
operations, the trend of sales, the Company’s performance 
1 In addition to the issues specifically mentioned above, others are 
discussed on an ongoing basis, such as operational performance, 
information from the CEO, financial updates from the CFO, reporting 
back from Board committees, investigations and responses to 
consultation referrals, updates from the segments, strategy, market, 
acquisitions and startups, real estate issues etc.
2The meeting was held per capsulam .
28 August 2024 2
Meeting 
Year-end Report
Voluntary share redemption 
programme, purpose
27 September 2024
Meeting
Ongoing investigations
LTIP
International Operations
Acquisitions
Preliminary annual report
27 August 2024
Meeting 
Reporting, auditors
Media analysis
CSRD
Dividend
Board evaluation
IR activities
18 July 2024
Meeting 
Preliminary Q4 report
Acquisitions
28 November 2024
Statutory meeting 
Authorised signatories 
Establishment of Board committees 
Policy documents
28 November 2024
Meeting 
Ongoing investigations
New preschool startups, Germany
Real estate issues
IR activities
CSRD
11 June 2025
Meeting 
Budget 25/26
Board evaluation
Quality issues
CSRD
Market development
Communication
23 May 2025 2
Meeting 
Outcome WP 2021/2025
6 March 2025
Meeting 
Summary of strategy meeting
Financial outcome and forecast
Investment budget
Acquisitions and startups
3 March 2025 2
Meeting 
Implementation of share 
matching programme 2021/2025
10 April 2025 2
Meeting 
Decision on refinancing
14 February 2025 2
Meeting 
Final terms and conditions, 
voluntary share redemption 
programme
5 February 2025
Meeting  
Q2 report
Status of refinancing
New preschool startups
CSRD
LTIP
7 May 2025
Meeting 
Q3 report
Ongoing investigations
Quality issues
Acquisitions and start-ups
Communication
23 October 2024
Meeting
Annual report
Q1 report
CSRD
LTIP
Remuneration report
Voluntary share redemption 
programme
Notice of AGM
2024/25
1
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and financial position, liquidity and credit status, major 
business events and all other events, circumstances 
and conditions that may be assumed to be of material 
importance to the Company’s shareholders.
The CEO is supported by an Executive Management team 
consisting of the Senior Vice President/COO, the Heads of 
the Preschool & International, Compulsory Schools, Upper 
Secondary Schools and Adult Education segments, the CFO, 
the Head of Human Resources/Communications and Public 
Affairs and the Chief Legal Officer.
For more information regarding the CEO and other members 
of senior management, along with their shareholdings, see 
page 33.
For a description of the remuneration and terms of 
employment for the CEO and management for the 2024/25 
financial year, and of the Company’s outstanding incentive 
programmes, see Note G5 and AcadeMedia’s Remuneration 
Report on the Company’s website. 
Internal control and risk management
Internal control framework 
Under the Swedish Companies Act, the Board of Directors 
is required to ensure that the Company’s organisation is 
structured such that the Company’s accounting records, 
management of assets and financial position are controlled 
in a proper manner. The Code provides clarification on 
this point and stipulates that the Board is responsible for 
internal control. AcadeMedia’s procedures for internal 
control are based on two perspectives: internal control and 
risk management regarding (i) operations, and (ii) financial 
reporting. Internal governance and control shall ensure 
reliable financial reporting and that operations at any one 
time meet the requirements and expectations applying 
to a company that operates a publicly funded business. 
AcadeMedia’s internal control structure for financial 
reporting is based on the COSO model. It consists of five 
main components, which together form the framework 
for effective internal control: Control environment, 
Risk assessment, Control activities, Information and 
communication and Follow-up.
In parallel with the procedures for financial accounting and 
financial reporting, AcadeMedia’s internal control and risk 
management are largely based on systematic and wide-
ranging quality management. AcadeMedia has developed 
its own quality system in the form of the AcadeMedia Model. 
The purpose of the quality model is both to minimise risk 
and to improve quality at our schools. Within the Group’s 
preschools, compulsory schools and upper secondary 
schools, internal controls have been applied for several 
years to verify that operations meet the requirements of 
laws, regulations and other statutes, and serve as tools 
for development and improvement initiatives. In adult 
education, internal audits/self-monitoring are performed 
in various ways, depending on the type of operation. Where 
shortcomings are identified, an action plan is to be drawn 
up and the shortcoming must normally be remedied within 
three months. To oversee and control ongoing regulatory 
and inspection cases, logs are kept of all pending cases. The 
Group’s Head of Quality and the Group’s Chief Legal Officer 
prepare a monthly list of units where risks and material 
shortcomings have been found. This is reported to the 
Executive Management and also to the Board quarterly. The 
results of the annual quality survey are published annually 
for the Group as a whole, for each principal and for each 
education unit, on their respective websites.
Control environment 
The control environment forms the framework for the 
internal control system for financial reporting. An important 
aspect of the control environment is for authorities and 
responsibilities to be clearly defined and for governing 
documents in the form of internal policies and guidelines 
for areas of key importance to be in place. The Board of 
Directors annually adopts a number of control documents 
intended to serve as the framework for effective internal 
control and to establish and maintain a high standard of 
ethics in the Group. These documents include the Board’s 
rules of procedure, instructions to the CEO, Code of Conduct, 
delegation of authorities, attestation instructions, financial 
policy and information policy, and are available on the 
Company’s intranet. AcadeMedia’s financial management 
manual forms a central part of this documentation. 
AcadeMedia’s CEO has delegated responsibility for 
implementation and enforcement of formalized guidelines 
for financial reporting and internal control to the CFO. The 
CFO reports to the Audit Committee, which has a specific 
responsibility for overseeing the efficiency of the Company's 
internal control and governance of financial reporting.
Risk assessment 
AcadeMedia continuously assesses the risks in its business. 
Such risks consist of operational and financial risks, as well 
as risks associated with financial reporting and compliance. 
The most significant risks are documented in a risk register 
and are evaluated by AcadeMedia's Executive Management, 
with each risk having a nominated risk owner. The risk 
analysis also includes an assessment of the capacity for 
risk management. Risk assessment with regard to financial 
reporting is based on the materiality of items (quantitative), 
the degree of complexity and the risk of fraud. These are 
then linked to financial processes to ensure that controls 
are in place to manage the risks concerned. For more 
information on risks and risk management, see pages 28-30 
and Note G27.
Control activities 
Control activities are designed to manage the risks identified 
as material to internal control of the financial reporting at 
AcadeMedia. The controls used consist partly of control 
activities aimed at preventing risks of errors in reporting, 
such as rules on attestation, appropriate allocation of 
responsibilities (duality) and authorities, and partly of 
control activities aimed at detecting and correcting errors 
and deviations, such as analysis of results, reconciliations, 
checking of error lists and random sampling. 
Information and communication 
AcadeMedia maintains communication and information 
channels that are designed to enable appropriate and 
accurate information to be distributed quickly, both 
internally and externally. The Board of Directors receives 
monthly business reports containing both operational and 
financial information. Internal governing documents are 
incorporated into the Company’s management system and 
are posted, where relevant, on AcadeMedia’s intranet. 
AcadeMedia’s governing documents, in the form of policies, 
guidelines and manuals are, to the extent they refer to 
financial reporting, communicated above all via the intranet 
and the Group’s financial management manual. The 
financial management manual is updated continuously 
to reflect changes in external requirements and changes 
in AcadeMedia’s business that require clarifications and 
instructions. 
AcadeMedia has a Communication Policy with guidelines 
on both internal communication to employees and external 
communication. Financial communication is subject to 
an investor relations policy to ensure that the supply of 
information to the capital markets is conducted in line with 
applicable rules. 
Follow-up 
AcadeMedia's internal control and risk management 
activities are performed primarily via executive 
management’s and line management's continual monitoring 
of operations vis-à-vis set goals, by formulating KPIs and by 
focusing on early warning signs. The Company's key financial 
reporting processes, including key controls and their fitness 
for purpose, are continually assessed by the CFO and the 
CFO's organisation. Compliance with the accounting manual, 
policies and legislation is reviewed. Any deviations either 
result in corrective action or improvement of processes and 
procedures. The Audit Committee summarises the status of 
action plans identified and reports it to the Board.
Internal audit
The Board of Directors conducts an annual review of the 
need for an internal audit function. Based on the Audit 
Committee’s assessment, the Board has resolved not to 
establish a separate internal audit function. In the Board’s 
view, the quality management system, combined with 
well-established financial procedures for follow-up and 
assessment of controls used within the Group Controller 
function, provides sufficient reliability in financial reporting 
without the need for an independent internal audit unit. 
Auditing
The auditor shall review the Company’s annual report and 
accounts, as well as the administration of the Company by 
the Board of Directors and the CEO. After the end of each 
financial year, the auditor is required to present an audit 
report and a Group audit report to the AGM.
According to the Company's Articles of Association, the 
Company shall have no less than one and no more than 
two auditors, with no more than two deputy auditors. The 
Company’s auditors are Öhrlings PricewaterhouseCoopers 
AB, with Camilla Samuelsson as key audit partner and Jakob 
Frid. Camilla Samuelsson is an authorised public accountant 
and partner at PwC. She has many years of experience of 
auditing companies listed on a regulated market. Camilla 
Samuelsson's current audit assignments include those 
at Dynavox Group, Projektengagemang, Apoteket and 
Stockholm Exergi, and co-signatory at Saab. Jakob Frid also 
has many years of experience of auditing companies listed 
on a regulated market.  
The Audit Committee performs an annual evaluation of the 
auditors' work and independence. 
The Company’s auditors are presented in more detail in 
the section “Board of Directors, Executive Management and 
Auditors” on pages 38–39 .
For information on the remuneration paid to the auditors for 
the 2024/25 financial year, see Note G4.
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Risk and risk management
All risks identified are assessed on the basis of likelihood, 
impact and our ability to manage them. This enables key 
risks to be prioritised across the Group and such risks are 
monitored in particular by Executive Management and the 
Board of Directors. 
AcadeMedia has chosen to classify its risks into three 
categories: 
• Operational risks:  Risks that are directly linked to our 
day-to-day operations, such as long-term sick leave in 
individual schools and contract management challenges 
in adult education.
• External risks:  External factors where our impact is limited, 
but where our ability to manage them is crucial – such as 
political changes, regulatory risks and cyber threats.
• Financial risks: Risks associated with the Company's 
financial position, such as liquidity, refinancing risk and 
fluctuations in interest rates.
Part of our systematic quality management work
Risk management is an integral part of AcadeMedia's 
systematic work on quality management. All Group staffs 
and segments are responsible for identifying, analysing 
and managing relevant risks on an ongoing basis. These 
are collated five times a year and reported to Executive 
Management and the Board of Directors. Heads of staffs 
and segments are responsible for each risk area, while the 
quality and legal staffs are responsible for coordination and 
reporting.
An important aspect of the work on risk lies in analysing 
the organisation's ability to manage a specific risk. A high 
coping capacity may mitigate the impacts of a serious 
risk, while a low coping capacity may amplify the effect 
of a seemingly minor risk. Risk areas where our assessed 
capacity is low are prioritised. 
Decentralised risk management helps maintain a high level 
of risk awareness throughout the organisation. Work on risk 
mitigation is a natural part of many employees' day-to-day 
work, in many cases without it being felt to be a separate 
aspect of risk management. The development of policies, 
guidelines, checklists, in-house training and systematic 
monitoring are key elements of this process.
Sustainability risks
In line with the new requirements for sustainability reporting 
under the Swedish Annual Accounts Act and the ESRS 
accounting principles, AcadeMedia has conducted a 
double materiality analysis with the aim of identifying the 
Company's most material impacts, risks and opportunities 
(IROs). As with other risks, work on sustainability risks is 
an integral part of our existing operations and functions. 
As a result AcadeMedia does not, for example, monitor 
sustainability-related risks separately, but they are included 
in the ongoing risk monitoring. More information on the 
process to identify the Group's most material impacts, risks 
and opportunities and the methodology used is provided in 
the Sustainability Report, pages 44–50.
AcadeMedia's core business – providing quality education for all – fulfils a crucial social function 
and contributes to positive progress in society. As an education provider, we are exposed to a wide 
range of risks and uncertainties, which means that our ability to identify, assess and manage these 
risks is key, both from a strategic and an operational perspective.
EXTERNAL RISKS
Description of risk Management
IT and cyber risk
Cyber risks are calculated attacks by external actors 
aimed at stealing, manipulating or extorting data. 
Attacks may cause operational disruptions, loss 
of information, damage to trust, and may have 
financial and legal consequences. This risk is growing 
as digitalisation, cloud computing and the threat 
landscape become more complex.
At the same time, the Company is working on 
technology-based protection, as well as on raising 
awareness in the organisation. Regular training, 
guidelines and awareness-raising activities are 
improving the level of digital vigilance. Technological 
solutions such as firewalls, intrusion detection, multi-
factor authentication and encryption provide protection 
against attacks. The Company also has established 
incident management procedures, and continuously 
monitors developments in the external threat 
landscape.
Political risk 
Operations are conducted in a regulated sector with 
high political visibility. Future legislation restricting 
the establishment of businesses, cost recovery and 
profitability may have a negative impact on the Group's 
operations and performance. Changes in government 
priorities, particularly in adult education, also represent 
risks. The political and regulatory environment is 
changing and may affect the scale and profitability of 
operations.
The Company continuously monitors the business 
environment, including political initiatives, commissions 
of inquiry and budget priorities that may affect its 
operations. We work with industry organisations in each 
country in order to contribute to an evidence-based 
debate. The slow legislative process allows time for 
dialogue and adaptation. Compliance is a key element 
in managing regulatory risks and changing conditions.
Reputation
Schools and education are an issue in which society 
is very much engaged. Dissatisfaction, failures or 
breaches of rules may bring negative attention. 
Individual events, too, may affect trust in individual 
schools or the whole organisation. A weakened 
reputation may impact student choice, recruitment, 
relationships with decision-makers and AcadeMedia’s 
long-term legitimacy.
Reputational risk is managed through robust, 
systematic quality management, with early detection 
and resolution of non-conformities reducing the risk 
of damage to trust. Communication with external 
stakeholders is clear, accurate and transparent. 
AcadeMedia handles media management via 
established procedures, and actively builds good 
relationships with politicians, public authorities, 
the media and other key stakeholders. Values, 
professionalism and fact-based dialogue are the key 
elements of our long-term reputation management
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OPERATIONAL RISKS
Description of risk Management
Staff
AcadeMedia's ability to attract, recruit and retain qualified, 
committed and confident members of staff is crucial in 
terms of its ability to deliver high quality education and to 
achieve the objectives of the organisation. A shortage of 
competent staff may impair operational capacity, quality 
and opportunities for growth. Ineffective leadership is a 
particular risk factor that may adversely affect the work 
environment, well-being and efficiency. Taken together, 
this may detract from AcadeMedia's attractiveness and 
long-term ability to fulfil its mission.
AcadeMedia strives proactively to be an attractive 
employer by offering good development opportunities, 
leadership and conditions enabling the Company to 
succeed in its mission. Commitment and well-being are 
monitored via regular employee surveys. We invest in 
leadership development, systematic work environment 
management and shared values that focus on courage, 
passion and trust. Internal work functions are guided by 
policies and Code of Conduct.
Quality and contract compliance 
The Group’s operations are conducted in a regulated 
sector and are subject to supervision by the Swedish 
Schools Inspectorate, municipalities and other clients. High 
standards of training quality and contract compliance are 
required.  Quality and contractual shortcomings may have 
significant consequences, financial and brand-wise, not 
only to individual units but also to the Group as a whole. 
This may lead to penalties, cancelled contracts, reduced 
revenue and reputational damage.
Quality and contract compliance is assured through 
systematic quality work, internal control and monitoring 
at all levels.  Quality is continuously reviewed, both in-
house and by external parties. Deviations are managed 
through working in cooperation with the organisation. In 
Adult Education, follow-up is conducted on a targeted 
basis via surveys and contacts with clients and public 
authorities. AcadeMedia's broad offering provides stability, 
and experience sharing between countries and units 
contributes to development and learning.
Demographics and demand
Demand for education is affected by demographic trends, 
local competition, political decisions and changing 
preferences among students and clients. Declining student 
or participant numbers may lead to lower revenues, 
poorer capacity utilisation and reduced profitability. 
Risks vary from location to location and may affect 
both individual entities and major regions. New startups 
by other operators may also affect the AcadeMedia’s 
attractiveness.
AcadeMedia strives actively to maintain and enhance 
its attractiveness through high quality education, clear 
communication, presence in the local community 
and a strong brand. Regular quality measurements 
and customer surveys are conducted to ensure that 
our operations meet the expectations of students , 
participants and clients.
Diversification across educational programmes, 
geographical markets and countries helps to reduce 
exposure to local demographic or market shifts. 
AcadeMedia also has established processes for adjusting 
capacity in the event of a lasting reduction in demand.
Description of risk Management
Acquisitions and integration
One important element of AcadeMedia's strategy for 
growth is value-creating acquisitions. There is a risk that, 
if potential acquisitions are poorly selected, material 
issues may be overlooked or assumptions may prove 
incorrect. This may result in unexpected costs, obligations 
or integration problems. If an acquisition does not 
meet expectations, it may have a negative impact on 
profitability, cash flow and financial position.
Prior to acquisitions, AcadeMedia performs a structured 
due diligence process examining commercial, financial 
and legal issues. The aim is to identify risks, hidden 
commitments and integration challenges at an early 
stage.
Risks identified are managed through contractual 
guarantees, amended commercial terms or specific 
measures at the time the contract is entered into.
Purchasing and procurement
In a decentralised organisation, there is a greater risk of 
lack of compliance with shared purchasing procedures. 
This may lead to unauthorised direct procurement, 
irregularities or the risk of corruption. Contracts that do 
not support the organisation’s needs may be entered into, 
leading to operational and financial risks. Failures in terms 
of the supplier’s responsibilities, for example with regard to 
working conditions, the environment or ethics, may affect 
AcadeMedia's reputation and lead to legal consequences.
AcadeMedia operates Group-wide purchasing 
procedures, a Code of Conduct and policies to reduce 
the risk of non-compliance and corruption. Monitoring is 
performed via centralised support functions and system 
support. Framework contract suppliers are quality-
assured and serve an important role in a decentralised 
structure. Sustainability and ethical requirements are 
set in procurement procedures and followed up both 
systematically and via manual verification.
Provision of premises
The organisation is dependent on the availability of 
suitable premises with a clear division of responsibilities. 
A shortage of attractive or suitable premises may hamper 
growth, create a poorer work environment and lead to 
operational disruptions. Variations in lease terms and 
conditions, delays, maintenance failures and lack of clarity 
in contractual terms may engender financial and legal 
risks, including increased costs, instability or litigation.
AcadeMedia operates strategically in provision of 
premises through property support services, common 
guidelines and long-term relationships with professional 
landlords. New and existing contracts are analysed with 
regard to conditions, responsibilities and flexibility.
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A number of important factors that affect the Group’s results 
are presented below in a sensitivity analysis. The estimated 
impact of the changes is based on the Group’s results for 
the 2024/25 financial year, excluding the effects of IFRS 
16, and, for each individual factor, assumes that all other 
factors are unchanged. The sensitivity analysis illustrates 
SENSITIVITY ANALYSIS
FACTOR CHANGE EFFECT
Student enrolment in the three school 
segments
+/- 1% +/- SEK 170 million on sales and +/- SEK 60–115 million on operating profit 
(EBIT)*
Average personnel expense per employee +/- 1% -/+ SEK 115 million on operating profit (EBIT)
Average student voucher funding (all 
countries)
+/- 1% +/- SEK 170 million on sales and operating profit (EBIT)
Interest change, Group loans + 1 percentage point SEK -20 million on profit/loss after financial items
Exchange-rate fluctuations NOK/SEK  +/- 10% +/- SEK 240 million on sales and +/- SEK 10 million on operating profit (EBIT)
Exchange-rate fluctuations EUR/SEK  +/- 10% +/- SEK 330 million on sales and +/- SEK 15 million on operating profit (EBIT)
*The effect on operating profit is determined entirely by where the volume change occurs and whether it is widespread or concentrated.
Sensitivity analysis
the effects on the Group’s performance as if the changes 
had occurred during the 2024/25 financial year, but is not a 
forecast of future effects on results. The table below shows 
the effect of each factor on EBIT. The sensitivity regarding 
equity is the effect on EBIT less taxes.
FINANCIAL RISK
Description of risk Management of risk
Refinancing and liquidity risks, as well as other 
risks arising from AcadeMedia's financial situation, 
excluding decisions on student voucher funding
Liquidity risk is the risk that AcadeMedia cannot 
fulfil its payment obligations in connection with 
financial liabilities. Refinancing risk is the risk that loan 
refinancing cannot be arranged, or cannot be arranged 
on acceptable terms. 
AcadeMedia’s interest rate risk relates to the Group’s 
long-term borrowing, including its real estate loans. 
At the end of the financial year, 100 percent of the 
borrowing was at a variable (six-month) interest rate. 
The effect of an increase of one percent in the variable 
interest rate on the Group's interest expense is SEK 20 
million (25).
 
 
Liquidity and refinancing risks are managed centrally. 
Refinancing risk is managed via credit facilities within 
the scope of existing loan agreements, by financing the 
real estate portfolio in Norway long term via Husbanken 
and by ensuring that the Group uses several banks. A 
strong balance sheet reduces refinancing risk. Liquidity 
risk is managed by ensuring that the Company always 
has an available liquidity reserve and by continuously 
forecasting cash flows. To facilitate liquidity planning 
and liquidity control, the Group operates cash pools.
Student voucher funding risks 
AcadeMedia's revenue comes from public funds which 
are determined by priorities in society and the state of 
the economic cycle. This, along with other changes in 
budgets and education grants in each municipality, 
may lead to lower reimbursement per education 
programme, which would impact the entire market, 
including AcadeMedia.
When the municipalities announce their school voucher 
funding decisions, AcadeMedia reviews those of the 
decisions that are most relevant to AcadeMedia. 
Decisions that are incomplete or appear to violate the 
equivalence principle are appealed.
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Board of Directors, senior executives and auditors
Håkan Sörman
Pernilla Larsson
Anna Lundmark Boman
Anders Lövgren
Marie Osberg
Hilde Britt Mellbye
Ann-Marie Begler
Jan Bernhardsson
Mikael Helmerson
Johan Andersson
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Håkan Sörman
Born 1952. Board member since 2017 and Chair of the 
Board since 2022. Member of the Quality Committee 
and the Remuneration Committee.
Education: M. Sc. in Business and Economics, 
Stockholm School of Economics.
Other current assignments: Senior Consultant, 
Compass Rekrytering AB.
Former assignments:  County Governor of Jönköping 
County, CEO of the Swedish Association of Local 
Authorities and Regions, Mayor of Södertälje 
Municipality, Municipal Administrator, Täby. Chair 
of the Parliamentary Committee on Municipal 
Tax Equalisation. Head of government Inquiry into 
Municipal Cost Equalisation. Chair of the Board 
of Karolinska University Hospital. Board member 
of SOS Alarm Sverige AB, KPA Pension AB, SKL 
Kapitalförvaltning AB and Dagens Samhälle AB.
Shareholding in the Company: 3,389 shares, 
including 997 shares via related party.
Independent in relation to AcadeMedia and Executive 
Management and AcadeMedia's major shareholders.
Johan Andersson
Born 1978. Board member since 2017. Chair of the 
Remuneration Committee and member of the Audit 
Committee.
Education:  M.Sc. in Engineering, Chalmers University 
of Technology. MBA, INSEAD.
Other current appointments:  Chair of the Board of 
Mellby Gård AB. Board member of Feralco, Roxtec AB, 
Älvsbyhus Intressenter AB, StudentConsulting Holding 
AB and the Confederation of Swedish Enterprise.
Previous appointments:  CEO of Mellby Gård AB and 
Smarteyes International AB. Board member of Duni AB 
(publ), Optik Smart Eyes AB and Chalmers University 
of Technology. Member of the Super Advisory Board 
at Flowbird.
Shareholding in the Company: 24,379,066 shares via 
Mellby Gård AB.
Independent in relation to AcadeMedia and Executive 
Management, but not in relation to AcadeMedia's 
major shareholders.
Board of Directors
Mikael Helmerson
Born 1972. Board member since 2022. Member of the 
Real Estate Committee
Education:  Master's degree in Economics from 
the University of Gothenburg, School of Business, 
Economics and Law.
Other current appointments:  CEO of Mellby Gård AB. 
Chair of the Board of Feralco and Board member of 
StudentConsulting Group AB, Roxtec AB and FPI Group 
AB.
Previous appointments:  CEO of Roxtec AB and Nord-
Lock Group AB. Deputy CEO of Mellby Gård AB.
Shareholding in the Company: 1,000 shares.
Independent in relation to AcadeMedia and Executive 
Management, but not in relation to AcadeMedia's 
major shareholders.
Jan Bernhardsson
Born 1962. Board member since 2021. Chair of the Real 
Estate Committee and member of the Quality and 
Audit Committees.
Education:  Studied economics and law at the 
University of Gothenburg and the University of Borås. 
In-service training at IMD Business School, Duke 
University and SSE Executive Education.
Other current assignments:  Chair of the Board of AB 
Svensk Filmindustri. Board member of Bonnier Books 
Holding AB.
Former assignments:   Executive Vice President 
(EVP) of AMC Europe's European operations. Chief 
Operating Officer (COO) of the ODEON Cinemas 
Group, Europe. President and CEO of Nordic Cinema 
Group, SF Bio AB and AB Svensk Filmindustri. Chair of 
the Board of SF Anytime AB, Discshop AB, HomeEnter 
AB and Chiffer Media AB.
Shareholding in the Company:  2,793 shares.
Independent in relation to AcadeMedia and Executive 
Management and AcadeMedia's major shareholders.
Ann-Marie Begler
Born 1954. Board member since 2020. Chair of the 
Quality Committee.
Education: Degree in Sociology from the Department 
of Social Work, Stockholm University.
Other current appointments: Board member of 
LegiLexi. Deputy board member of AB Skattenytta 2.0.
Previous appointments: Chair of the Board of Ersta 
Sköndal Bräcke University College. Director-General 
of the Swedish National Council for Crime Prevention 
(Brå), the Swedish Social Insurance Agency and the 
Swedish Schools Inspectorate. Deputy National Police 
Commissioner. Chair of the Organising Committee 
for the establishment of the Swedish Schools 
Inspectorate. Member of the Health Care Leadership 
Academy and the Unemployment Insurance Fund 
of the IF Metall Union. Board member of the Swedish 
National Council of Adult Education.
Shareholding in the Company:  2,550 shares, 
including 1,300 shares via related party.
Independent in relation to AcadeMedia and Executive 
Management and AcadeMedia's major shareholders.
Hilde Britt Mellbye
Born 1961. Board member since 2023. Member of the 
Quality Committee.
Education:  M. Sc. in Business and Economics from the 
Norwegian School of Economics (NHH).
Other current assignments:  Board member of 
Ambea AB, President and Chair of UNICEF Norway.
Former assignments:  CEO of Falck Norge AS and 
A/S Vinmonopolet, CEO of Frisk Gruppen A/S and 
Norlandia Care Group AS. Chair of the Board of Abilia 
AB and Plantasjen Group AS. Board member of Health 
Tech AS and LHL Eiendom.
Shareholding in the Company: 3,500 shares.
Independent in relation to AcadeMedia and Executive 
Management and AcadeMedia's major shareholders.
Marie Osberg
Born 1960. Board member since 2023. Chair of the 
Audit Committee.
Education:  M. Sc. in Business and Economics, Lund 
University, and MBA, Webster University, Geneva, 
Switzerland.
Other current assignments:  Board member of ATG, 
Nordisk Bergteknik AB, Almi AB and Norion Bank AB.
Former assignments:  Chair of the Board of Save the 
Children, Gothenburg District. Senior positions at DNB 
Bank. Board member of Destination Invest i Göteborg 
AB.
Shareholding in the Company:   3,000 shares, all of 
which via related party.
Independent in relation to AcadeMedia and Executive 
Management and AcadeMedia's major shareholders.
Anders Lövgren
Born 1967. Employee representative on Board of 
Directors since 2016, Swedish Teachers’ Union. 
Employee representative on the Quality Committee 
and the Real Estate Committee.
Education:  Higher Education Diploma in Vocational 
Education, Stockholm University.
Other current appointments : None.
Previous appointments:  None.
Shareholding in the Company: 111 shares.
Independent in relation to AcadeMedia's major 
shareholders, but not in relation to AcadeMedia and 
Executive Management.
Anna Lundmark Boman
Born 1973. Employee representative since 2021, 
Deputy employee representative since 2020, Swedish 
Teachers’ Union. Employee representative on the 
Quality Committee.
Education: Bachelor of Physical Education, Umeå 
University; Bachelor of Education, Växjö University.
Other current appointments:  None.
Previous appointments:  None.
Shareholding in the Company: None.
Independent in relation to AcadeMedia's major 
shareholders, but not in relation to AcadeMedia and 
Executive Management.
Pernilla Larsson
Born 1976. Deputy employee representative since 
2016, Swedish Teachers’ Union.
Education:  Bachelor of Education, Kristianstad 
University; studies at Lund University.
Other current appointments:  None.
Previous appointments:  None.
Shareholding in the Company:  None.
Independent to AcadeMedia's major shareholders, 
but not in relation to AcadeMedia and Executive 
Management.
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Kristofer Hammar
Born in 1978. Director of Business 
Development at AcadeMedia since 
2017 and Head of the Preschool and 
International segment, employed at 
AcadeMedia since 2009.
Education: M.Sc. in Business and 
Economics, Lund University.
Other current assignments:   None.
Former assignments:  Analyst at Bure Equity, Board member 
of Textilia AB.
Shareholding in the Company: 25,697 shares and 57,500 
warrants.
Christer Hammar
Born 1969. Head of Adult Education 
segment since 2015.
Education: Business and Economics 
degree, IHM.
Other current appointments: Chair 
of Almega Federation of Education 
Enterprises and NSG Holding & 
subsidiaries.  Board member of Almega 
Service Employer Associations.
Previous appointments: CEO of Manpower A/S and Proffice 
Care AB, as well as deputy CEO and regional manager of 
Humana Assistans.
Shareholding in the Company: 21,560 shares, including 415 
via related party, and 36,000 warrants.
Jimmy Kjellström
Born 1979. Director of Administration 
since 2022 and Head of the Upper 
Secondary School segment since 2023. 
Worked at AcadeMedia since 2000.
Education: Degree in Advanced 
Vocational Training, IHM Management 
Training.
Other current assignments: None.
Previous appointments: Deputy Segment Manager for 
Compulsory Schools and Upper Secondary Schools 
segments.
Shareholding in the Company: 22,732 shares and 40,000 
warrants.
Lotta Krus
Born 1971. Head of Compulsory Schools 
segment since 2022. Worked at 
AcadeMedia since 2001.
Education: Compulsory school teacher 
training at Gothenburg University.
Other current assignments: Member 
of the Board of Directors of the Swedish 
Association of School Principals.
Former assignments: Head of Education at AcadeMedia's 
Creative Upper Secondary School division. Senior roles 
at Plusgymnasiet and LBS. Teacher, City of Gothenburg, 
Kungsbacka Municipality, Vittra.
Shareholding in the Company: 4,293 shares and 33,000 
warrants
Marcus Strömberg
Born 1967. Chief Executive Officer of the 
Group since 2005.
Education:  M.Sc. Engineering, Physics 
and Electrical Engineering, Linköping 
University.
Other current appointments: Board 
member of Klara Hill.
Previous appointments: Board member 
of Scandinavian Photo, the Swedish Association of 
Independent Schools, SIQ and OPG and IFOUS innovation; 
numerous assignments at Lernia.
Shareholding in the Company: 133,618 shares and 50,000 
warrants.
Katarina Wilson
Born 1971. Deputy CEO and COO since 
2023. CFO between 2019 and 2023. 
Started at AcadeMedia in 2016.
Education:  M. Sc. in Materials Technology, 
Royal Institute of Technology, Stockholm, 
MBA from Warwick Business School, 
England.
Other current appointments:  None.
Previous appointments: Group Controller and Head of 
Group Accounting at AcadeMedia, Group Controller at 
Husqvarna; various controller and finance functions at 
Johnson & Johnson and at Electrolux.
Shareholding in the Company: 2,923 shares and 30,000 
warrants.
Petter Sylvan
Born 1974. CFO since 2024.
Education:  M.Sc in Automation 
Engineering from Chalmers University 
of Technology in Gothenburg, Executive 
MBA from Stockholm School of 
Economics.
Other current appointments:  None.
Previous appointments: CFO at Avonova 
and CFO at Profoto. 
Shareholding in the Company:  12,228 shares and 20,000 
warrants.
Lisa Oldmark
Born 1964. Head of Communications and 
Public Affairs since 2025 and Head of 
HR since 2014. Employed at AcadeMedia 
since 1998.
Education: A number of different 
management training programs at 
the City of Stockholm, Tutor Training 
and trained Organization Consultant, 
Humanova.
Other current appointments:  Chair of Nomination 
Committee at Almega Education and member of the 
Nomination Committee at Almega.
Previous appointments: Several management assignments 
within Pysslingen Förskolor, Pysslingen Skolor and the City of 
Stockholm.
Shareholding in the Company: 31,020 shares and 30,000 
warrants.
Jonas Nordström
Born 1966. Chief Legal Officer since 
2018 and member of the Executive 
Management since 2025.
Education: Bachelor of Laws, Lund 
University.
Other current assignments:  None.
Previous appointments: Judge at the 
Svea Court of Appeal, member of the 
Swedish Bar Association and Head of the Legal Department 
at the Swedish National Agency for Education. 
Shareholding in the Company: 2,600 shares and 21,000 
warrants.
Senior executives
Auditors
The Company’s auditors are Öhrlings PricewaterhouseCoopers AB, with Camilla Samuelsson as key audit partner and 
Jakob Frid. Öhrlings PricewaterhouseCoopers AB was elected at the 2024 Annual General Meeting for the period until 
the end of the 2025 Annual General Meeting. Camilla Samuelsson (born 1968) is an authorised public accountant and 
member of FAR (the professional association for authorised public accountants in Sweden). Camilla Samuelsson has no 
shareholdings in the Company. Jakob Frid (born 1985) is an authorized public accountant and member of FAR (professional 
association for authorized public accountants). Jakob Frid has no shareholdings in the Company.
33
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA  •  GOVERNANCE AND CONTROL •  ADMINISTRATION REPORT  •  FINANCIAL STATEMENTS •  OTHER INFORMATION
Administration Report
Administration Report  ......................................... 35
Sustainability statement  .................................... 42
ESRS 2 General Disclosures  ............................... 43
Environmental disclosures  ................................. 51
– Taxonomy ............................................................. 53
Social disclosures ................................................... 57
Governance disclosures  ..................................... 64
Picture taken at Innovitaskolan, Mölndal, Sweden.

===== SIDA 35 =====

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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA  •  GOVERNANCE AND CONTROL •  ADMINISTRATION REPORT  •  FINANCIAL STATEMENTS •  OTHER INFORMATION
Business overview 
AcadeMedia is the largest independent education provider 
in northern Europe. In 2024/2025 approximately 111,000 
children and students attended AcadeMedia’s preschools, 
compulsory schools and upper secondary schools. A 
further approximately 100,000 people took part in one of 
AcadeMedia’s education programmes for adults. During the 
2024/25 financial year, AcadeMedia operated on average 
885 preschools, compulsory schools, upper secondary 
schools and adult education units, geographically located 
all over Sweden, Norway and Finland, as well as in parts of 
Germany and the Netherlands. 
AcadeMedia operates over the whole of the education 
ladder, from preschool to adult education. Operations 
are divided into four segments: Preschool & International, 
Compulsory Schools, Upper Secondary Schools and 
Adult Education. As a rule, education programmes are 
commissioned exclusively by customers in the public 
sector, such as municipalities in Sweden, Norway, Finland, 
Germany and the Netherlands, as well as Sweden’s Public 
Employment Service and National Agency for Higher 
Vocational Education.
Significant events during the financial year
The 2024/25 financial year was dominated by a number of 
major events. 
Changes in Executive Management and Board of 
Directors 
During the financial year, changes took place in Executive 
Management.  AcadeMedia has implemented an 
organisational change whereby Communication is 
organised under HR Director and executive management 
member Lisa Oldmark. At the same time, Communications 
Director Richard Sjöberg left the company to return to 
his own consulting business. Chief legal officer Jonas 
Nordström joined the executive management team with 
responsibilities including compliance and regulatory affairs. 
See page 33 for a summary of AcadeMedia’s Executive 
Management. See page 33 for a summary of AcadeMedia’s 
Executive Management. 
Board accelatering international growth 
The Board's stated objective that international operations 
should account for 50 percent of Group sales is accelerating 
international growth. The main elements of the plan are 
organic growth and acquisitions in Germany, plus expansion 
into more countries. For more information, see page 11 .
Administration Report
22 preschools with a total of 1,400 places in the Netherlands. 
It aligns with AcadeMedia's strategy to grow internationally 
towards the Group’s goal of 50 percent of sales being 
generated by schools and other educational units outside 
Sweden. Yes! Kinderopvang expects to achieve sales of 
around EUR 17 million and an EBITDA of EUR 1.9 million in 2025. 
AcadeMedia signs new loan agreements
During the period under review, AcadeMedia signed a new 
loan agreement with DNB, Nordea and SEB to refinance 
existing loans totalling the equivalent of SEK 1,660 million. 
The new loan runs until April 2028, with an option to extend 
until April 2030. The loans are non-amortising, which will 
provide a positive impact of SEK 116 million on cash flow. 
AcadeMedia has also entered into a short-term SEK 500 
million loan agreement with Nordea, with an option to 
extend annually. The new loan agreements will support 
AcadeMedia's strategy for international growth.
Volume growth and net sales
Net sales increased by 9.7 percent to SEK 19,021 million 
(17,332). The acquisitions of Yes! Kinderopvang (April 2025), 
Touhula (March 2024) and Winford College (August 2023) 
contributed 4.7 percent of the increase. Organic growth, 
including minor acquisitions, was 5.8 percent. Changes 
in exchange rates had negative impact, -0.7 percent, on 
net sales. The average number of children and students 
enrolled, excluding the Adult Education segment, increased 
by 7.0 percent to 111,290 (103,994).
Adjusted operating profit and operating profit (EBIT) 
Adjusted profit for the year totalled SEK 1,281 million (1,097). 
The adjusted EBIT margin was 6.7 percent (6.3). Operating 
profit (EBIT) totalled SEK 1,752 million (1,490), representing an 
EBIT margin of 9.2 percent (8.6). 
Adjusted profit was higher than last year, with all segments 
contributing to earnings and the increase in margins. 
School voucher funding in the international businesses 
better compensated for the higher costs of previous years, 
especially in Germany. Higher capacity utilisation and 
effective cost control in the Upper Secondary Schools 
segment made a positive contribution to earnings. Higher 
volumes in higher vocational education also contributed to 
the increase in earnings in the segment. 
Group expenses were higher than last year through the 
filling of vacancies and augmentation of certain staff 
functions.
REVENUE AND EARNINGS
GROUP, SEK m. FULL YEAR
2024/25 2023/24 2022/23 2021/22 2020/21 2019/20 2018/19
Net sales 19,021 17,332 15,539 14,339 13,340 12,271 11,715
Adjusted EBITDA* 1,802 1,600 1,422 1,398 1,295 1,066 931
Adjusted EBITDA margin, % 9.5% 9.2% 9.2% 9.7% 9.7% 8.7% 7.9%
Operating profit, EBIT 1,752 1,490 1,270 1,224 1,174 973 635
EBIT margin, % 9.2% 8.6% 8.2% 8.5% 8.8% 7.9% 5.4%
Adjusted operating profit (EBIT)* 1,281 1,097 964 1,001 939 728 634
Adjusted EBIT margin, % 6.7% 6.3% 6.2% 7.0% 7.0% 5.9% 5.4%
Net financial items -710 -665 -511 -441 -402 -417 -69
Pre-tax profit 1,042 825 759 784 772 556 566
Profit for the year 821 632 578 605 599 431 431
Earnings per share, basic (SEK) 8.14 6.06 5.47 5.73 5.64 4.09 4.09
Earnings per share, diluted (SEK) 8.14 6.06 5.47 5.72 5.62 4.09 4.09
Free cash flow 1,109 1,124 792 922 1,117 805 356
Number of children and students** 111,290 103,994 97,916 92,549 87,823 82,433 79,493
Number of full-time employees 16,658 15,428 14,459 13,829 13,360 12,686 12,405
*See definitions of key performance indicators on pages 111–112. ** Excl. Adult Education.
Unless otherwise indicated, all figures from the 2019/2020 financial year onward are reported in accordance with the accounting standard IFRS 16 Leases. 
The segments are reported excluding the effects of IFRS 16.  Figures for the financial years 2018/19 have not been restated. 
100th preschool opened in Germany
In March 2025, AcadeMedia opened its 100th preschool 
in Germany, Stepke-KiTas on Kreuzstrasse, Wuppertal, 
western Germany.The new unit is part of the Group’s focus 
on meeting the high demand for preschool places and 
marks an important milestone in AcadeMedia's expansion 
in Germany. 
AcadeMedia acquires international schools in Germany
AcadeMedia has acquired the School International Potsdam 
and School International Erfurt, both operating in Germany. 
The acquisition includes preschool, compulsory school and 
upper secondary school operations with approximately 
1,250 children and students in Germany. This aligns with 
AcadeMedia's strategy to grow internationally towards the 
Group’s target of 50 percent of sales being generated by 
schools and other educational institutions outside Sweden. 
In 2025, the operations are expected to achieve sales of 
around EUR 16 million.
AcadeMedia acquires preschool group Yes! Kinderopvang 
in the Netherlands
AcadeMedia has acquired the preschool group Yes! 
Kinderopvang in the Netherlands. The acquisition includes 
The Board of Directors and the Chief Executive Officer of AcadeMedia AB (publ), referred to below as 
AcadeMedia, corporate registration number 556846-0231, registered office in Stockholm, Sweden, 
hereby submit their Annual Report and consolidated accounts for the financial year 1 July 2024–30 
June 2025.

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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA  •  GOVERNANCE AND CONTROL •  ADMINISTRATION REPORT  •  FINANCIAL STATEMENTS •  OTHER INFORMATION
Items affecting comparability 
Items affecting comparability totalled SEK -27 million 
(-17), consisting of insurance compensation from the 
fire at a compulsory school in January 2023, transaction 
and restructuring costs in the Netherlands and Germany, 
the merger of two compulsory schools in Stockholm and 
the closure of an integrated preschool, profit from asset 
acquisitions and impairment of IT projects.  
CASH FLOW
 Full year
(SEK m.) 2024/25 2023/24
Cash flow from operating activities before 
changes in working capital
1,472 1,325
Cash flow from changes in working capital -75 84
Cash flow from operating activities 1,397 1,409
Investments in connection with existing 
activities 1
-288 -284
Expansion investments 2 -389 -587
Cash flow from investing activities -678 -871
Cash flow from financing activities -1,240 -173
CASH FLOW FOR THE YEAR -521 364
Free cash flow before expansion investments 3 1,109 1,124
1  Investments in existing operations consist of investments in leasehold real 
estate, equipment, non-current intangible assets, non-current financial assets 
and sale of non-current financial assets.
2  Expansion investments are investments in owned preschool buildings in 
Norway, and in business combinations.
3 Free cash flow before expansion investments is the cash flow from operating 
activities less investments in existing operations.
(SEK m.) 2024/25 2023/24
Restructuring (Comp. sch.) -10 –
Fire insurance claim payment (Comp. sch.) 2 1
Transaction costs (Presch. & Int.) -20 -17
Gain from asset acquisition in Norway +9 –
Impairment of IT projects in Norway -9 –
Sum total -27 -17
Net financial items
Net financial items amounted to SEK -710 million (-511), 
including SEK -611 million (-554) in interest expense from 
property-related lease liabilities.  
Profit and comprehensive income for the year
Profit after tax increased to SEK 821 million (632). The 
tax charge for the full year totalled SEK 221 million (193), 
representing an effective tax rate of 21.2 percent (23.9). The 
effective tax rate was slightly lower than in the preceding 
year, partly as a result of higher non-taxable income and the 
impact of other tax rates applying to our foreign subsidiaries.
Comprehensive income for the year was SEK 796 million 
(584), taking into account, above all, items such as 
translation differences of SEK -41 million (-17) and actuarial 
gains of SEK +15 million (-32).
Adjusted for property-related lease expenses, profit for the 
period was higher than in the preceding year at SEK 908 
million (740), with comprehensive income rising to SEK 883 
million (692).
Earnings per share were SEK 8.14 (6.06), basic and diluted. 
Financial position and cash flow
Cash flow
Following implementation of IFRS 16 in 2019/2020, lease 
payments are recognised under the heading of financing 
activities. In the cash flow statement presented below, lease 
payments related to property rentals are recognised, as 
previously, under operating activities.  
previous communications. In this first year of operation, 
Touhula had a negative impact on the segment’s margin. 
Items affecting comparability, SEK -20 million (-18), consist of 
transaction and restructuring costs, gain from asset acqui -
sitions and impairment of IT projects.  Operating profit (EBIT) 
increased to SEK 327 million (272), representing an operating 
margin of 4.6 percent (4.5).
During the financial year, 33 units were acquired: three 
preschools in Sweden, one preschool in Norway, one 
preschool in Finland, 22 preschools and one school in the 
Netherlands, and one preschool, two compulsory schools 
and two upper secondary schools in Germany. In addition, 
seven new units opened, two centres merged into one in 
Germany and one preschool in Sweden closed. 
Next year, the plan is to open around 10 new preschools, 
including eight in Germany, one in Finland and one in 
Norway. 
2024/25 2023/24 Change
Number of children/
students*
35,279 29,464 19.7%
Number of employees* 11,749 8,956 31.2%
Number of units* 461 387 19.3%
Capacity utilisation
Sweden 89.9% 92.5% -2.6 p/e
Norway 88.0% 87.4% +0.6 p/e
Germany 90.0% 90.4% -0.4 p/e
The Netherlands** – – –
Finland 87.8% 88.7% -0.9 p/e
* Average per year
** Harmonisation of calculation in progress.
 For further financial information, see page 75, Note G2 Segment reporting.
Preschool & International, Net sales and EBIT margin
0%
1%
2%
3%
4%
5%
6%
7%
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
17/181 8/19 19/202 0/21 21/22 22/232 3/24 24/25
Net sales, m SEK EBIT-margin %
Preschool & International 
AcadeMedia's Preschool & International segment operates 
in Sweden, Norway, Finland, Germany and the Netherlands. 
In the last quarter, the segment comprised a total of 484 
units, including 106 preschools in Sweden, 106 preschools 
in Norway and 114 preschools in Finland. It also included 
103 preschools, 4 compulsory schools, 7 upper secondary 
schools and an adult education programme in Germany, 
as well as 32 small private preschools and 12 small private 
compulsory schools and upper secondary schools in the 
Netherlands.
During the year, the average number of children increased 
by 19.7 percent, to 35,279 (29,464). Sales rose 17.1 percent to 
SEK 7,109 million (6,073). Acquisitions and organic growth 
accounted for 13.4 and 5.7 percent, respectively, of growth. 
Exchange rate effects totalled -2.1 percent. 
Adjusted operating profit for the year was recognised 
at SEK 347 million (290), with an operating margin of 4.9 
percent (4.8). The improvement over the year is partly due to 
acquisitions, an increase in the number of children enrolled 
and higher remuneration in Germany
Acquisition of Touhula, Finland, accentuated the seasonal 
effect, with a weak first quarter. Operations in Finland on a 
full-year basis are expected to perform well, with margins 
improving gradually over the years ahead, in line with 
Cash flow from operating activities in the financial year 
amounted to SEK 1,397 million (1,409). Cash flow from changes 
in working capital amounted to SEK -75 million (84). Tax paid 
in the financial year totalled SEK 273 million (255).
Investments in existing operations 1 were somewhat higher 
than last year, at SEK -288 million (-284), resulting in a free 
cash flow of SEK 1,109 million (1,124) before investments in ex -
pansion2. Investments in expansion 3 in the period totalled SEK 
-389 million (587) including inter alia  the consideration paid 
for the acquisitions over the full year, any additional purchase 
consideration paid and investments in properties. See Note 14 
for further information on business combinations completed. 
In the preceding year, expansion investments included the 
considerations paid for the acquisitions of Berghs, Winford 
College and Touhula. In all, the cash flow from investing ac -
tivities over the full year totalled SEK -678 million (-871). Cash 
flow from financing activities 4 totalled SEK -1,240 million (-173). 
Of this amount, dividends paid amounted to SEK -178 million 
(-185) and repayments to shareholders under the voluntary 
redemption programme totalled SEK -282 million (-268). All 
in all, cash flow for the financial year totalled SEK -521 million 
(364).
Financial position
The Group's net interest-bearing debt 1, including property-
related lease liabilities amounted to SEK 11,332 million (11,778), 
of which property-related lease liabilities totalled SEK 10,379 
million (10,758). The decrease from the preceding year is an 
effect of the ongoing amortisation, as well as the facts that 
few contracts expired and were re-signed and that indexation 
of existing contracts was lower than in the preceding year. 
Financial expenses increased to SEK -749 million (705), as a 
result of an increased lease liability during the year. Interest 
expenses attributable to property leases totalled SEK 611 
million (554); interest expenses excluding leases totalled 
SEK 138 million (151). On 30 June 2025, the Group’s interest-
bearing net debt 1, excluding property-related lease liabilities 
amounted to SEK 953 million (1,020). 
Real estate loans decreased by SEK 63 million over the past 
12 months to SEK 630 million (693). Discounting the effect 
of exchange rates, real estate loans decreased by SEK 26 
million. In the same period, buildings increased in value by 
SEK 65 million to SEK 1,173 million (1,108). 
Net debt in relation to adjusted EBITDA1 (rolling 12 months) 
was calculated at 0.5 (0.6), in line with the Group’s financial 
target of a net debt in relation to adjusted EBITDA being lower 
than 3.0. Net debt in relation to adjusted EBITDA, as per IFRS 16 
(rolling 12 months) was 2.7 (3.2).

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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA  •  GOVERNANCE AND CONTROL •  ADMINISTRATION REPORT  •  FINANCIAL STATEMENTS •  OTHER INFORMATION
Upper Secondary Schools segment
AcadeMedia's Upper Secondary Schools segment provides 
upper secondary education throughout Sweden under 14 
different brands, covering both academic and vocational 
programmes. The schools operate entirely on the basis of 
the school voucher funding system. The segment consisted 
of 147 units during the quarter.  
Student enrolment increased by 0.6 percent to 45,579 (45,329) 
and net sales rose 3.6 percent to SEK 5,678 million (5,482). This 
growth was generated by new establishments, the annual 
adjustment to school voucher funding and targeted grants.
Adjusted operating profit totalled SEK 498 million (451), 
representing a margin of 8.8 percent (8.2). Higher capacity 
utilisation and effective cost control made a positive 
contribution to earnings. Sales and earnings last year were 
boosted by electricity subsidies.
There were no items affecting comparability in the period (–). 
Operating profit (EBIT) totalled SEK 498 million (451), represent -
ing an operating margin of 8.8 percent (8.2).
At the start of autumn 2024, two new upper secondary schools 
opened, one in Gothenburg and one in Västerås. These schools 
had approximately 170 students enrolled in the quarter. During 
the period, the number of units was also affected by closure of 
two units and the merging of four units into two.
Upper Secondary Schools 
(Sweden) 
2024/25 2023/24 Change
Number of children/
students
45,579 45,329 0.6%
Number of employees* 5,128 5,208 -1.5%
Number of units* 148 149 -1.0%
Capacity utilisation 86.3% 85.8% 0.5 p/e
* Average per year. For further financial information, see page 75, Note G2 Segment 
reporting.
Upper Secondary Schools segment, Net sales and EBIT margin
0%
2%
4%
6%
8%
10%
12%
0
1 000
2 000
3 000
4 000
5 000
6 000
17/181 8/19 19/20 20/212 1/22 22/232 3/24 24/25
Net sales, m SEK EBIT-margin %
Adult Education 
AcadeMedia's Adult Education segment is Sweden's largest 
provider of adult education, operating in approximately 
150 locations across the country. The segment serves three 
main customer categories: municipal adult education 
(39 percent of sales in the quarter), higher vocational 
education (43) and labour market services (10).
Net sales increased by 5.8 percent to SEK 1,802 million (1,704). 
Operating profit increased to SEK 215 million (161) and the 
operating margin to 11.9 percent (9.4). 
The improvement in earnings was for the most part 
attributable to increased volumes in higher vocational 
education and better capacity utilisation in municipal adult 
education during the autumn. 
Adult education is affected by the state of the economy. The 
year was again dominated by the effects of the recession, 
with high and prolonged unemployment and weak demand 
for labour. Unemployment is expected to continue rising 
in 2025 and not to start falling until 2026 – albeit from high 
levels and still a long way from pre-recession levels. 
Share of sales in the 
segment 
2024/25 2023/24 Change
Higher vocational 
education
45% 44% 1 p.e.
Municipality 37% 40% -2 p/e
Labour market 9% 8% 1 p.e.
Private/Business 7% 7% 0 p/e
Other 1% 1% 0 p/e
 For further financial information, see page 75, Note G2 Segment reporting.
Adult Education segment, Net sales and EBIT margin
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
17/181 8/19 19/20 20/21 21/222 2/23 23/242 4/25
Net sales, m SEK EBIT-margin %
Compulsory Schools segment 
AcadeMedia's Compulsory Schools segment operates 
compulsory schools and integrated preschools in a large 
number of municipalities in Sweden under the brands 
Innovitaskolorna, Montessori Mondial, Noblaskolorna, Pops 
Academy, Snitz and Vittra. The schools operate entirely 
on the basis of the school voucher funding system. The 
segment operated 126 units during the quarter, including  
42 integrated preschools.
The average number of children and students enrolled 
increased by 4.2 percent to 30,431 (29,201). Net sales 
increased by 8.8 percent to SEK 4,431 million (4,072). 
Adjusted operating profit totalled SEK 320 million (293). The 
margin was in line with that of the preceding year, at 7.2 
percent. Acquisition and expansion of units made a positive 
contribution to earnings. Targeted initiatives to develop 
students' learning led to higher costs. Sales and earnings last 
year were boosted by electricity subsidies. 
Items affecting comparability totalled SEK -7 million (1), 
comprising insurance claim of SEK 2 million for fire damage 
in 2023 and SEK -10 million arising from the merger of 
two schools in Stockholm and closure of an integrated 
preschool. Operating profit (EBIT) totalled SEK 313 million (293), 
representing an operating margin of 7.1 percent (7.2).
At the end of the first quarter, four compulsory schools 
with integrated preschools were acquired, two in Vellinge 
Municipality and two in Ystad Municipality. In all, the 
acquisitions bring around 1,435 children and students into the 
Group, including an average of 1,071 in the first twelve months.
In the third quarter, it was decided that two schools in 
Stockholm would be merged and one integrated preschool 
would be closed. The merger will be effective as of the 
autumn term 2026.
Compulsory Schools 
(Sweden) 
2024/25 2023/24 Change
Number of children/
students*
30,431 29,201 4.2%
Number of employees* 5,392 5,166 4.4%
Number of units* 126 118 6.8%
Capacity utilisation 93.3% 93.2% 0.1
* Average per year.  For further financial information, see page 75 , Note G2 
Segment reporting.
Compulsory Schools segment, Net sales and EBIT margin
0%
1%
2%
3%
4%
5%
6%
7%
8%
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
17/181 8/19 19/202 0/21 21/222 2/23 23/24 24/25
Net sales, m SEK EBIT-margin %
PERFORMANCE PER SEGMENT
STUDENT ENROLMENT 
(AVERAGE)
NET SALES, SEK m. ADJ. OPERATING PROFIT 
(EBIT), SEK m. 
ADJ. EBIT MARGIN OPERATING PROFIT 
(EBIT), SEK m.
EBIT MARGIN
 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Preschool & 
International 
35,279 29,464 7,109 6,073 347 290 4.9% 4.8% 327 272 4.6% 4.5%
Compulsory 
Schools
30,431 29,201 4,431 4,072 320 293 7.2% 7.2% 313 293 7.1% 7.2%
Upper Secondary 
Schools 
45,579 45,329 5,678 5,482 498 451 8.8% 8.2% 498 451 8.8% 8.2%
Adult Education -1 -1 1,802 1,704 215 161 11.9% 9.4% 215 161 11.9% 9.4%
Group adj., Parent 
Company
– – 1 1 -99 -97 – – -99 -97 – –
Effects of IFRS 16 – – – – – – – – 498 410   
Total 111,290 103,994 19,021 17,332 1,281 1,097 6.7% 6.3% 1,752 1,490 9.2% 8.6%
1 Volumes in adult education are not calculated on the basis of the number of participants, since the length of the programmes varies from individual occasions to several 
school years.

===== SIDA 38 =====

38
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA  •  GOVERNANCE AND CONTROL •  ADMINISTRATION REPORT  •  FINANCIAL STATEMENTS •  OTHER INFORMATION
December. This is mainly because of school holidays, 
annual leave and the annual salary review. The second half 
of the year, January to June, is stronger, as sales typically 
rise because of annual school voucher funding reviews and 
higher numbers of children and students. 
The Adult Education segment is affected by more irregular 
seasonality, but with a stable contract portfolio, the fourth 
quarter is typically the weaker one. One important seasonal 
factor is how the number of education/training days are 
spread over the year. However, the seasonal variation in the 
Adult Education segment may show sharp deviations from 
this pattern as a result of major contractual changes or 
changes in social initiatives. 
The following is a summary of the key events driving 
seasonal variations for AcadeMedia during the year. The 
description of seasonal variations at AcadeMedia is a 
summary based on experience and general patterns. 
School holidays and annual leave
Part of the first quarter of the Group’s financial year 
coincides with the school summer holidays. During this 
period of no activity, the Group’s revenue is lower than in 
the other quarters. Personnel expenses are also lower, as 
personnel are taking annual leave.  
In the Adult Education segment, the number of working days 
or education days in the period may have some impact. 
These are governed by factors such as vacation periods and 
major holidays (e.g. Christmas, New Year and Easter). 
Salary adjustments
The salaries of the Group’s employees are adjusted 
annually. The highest proportion of the Group's employees 
are teaching staff, whose salaries are adjusted as of 1 
September each year. After that date, personnel expenses 
rise without a corresponding increase in school voucher 
funding. This means that margins are usually lower in the 
second quarter of the financial year. 
School voucher funding review
School voucher funding is adjusted at the end of 
the calendar year in Sweden, Norway and Germany. 
Consequently, revenues increase during the third and fourth 
quarters, without any actual change in the cost structure. 
Normally, the fourth quarter is the strongest in terms of 
revenues. Partly for the above reason, and partly because 
direct costs are lower. For example, the requirement for 
school meal provision reduces and the holiday period starts, 
while revenues do not fall at the same rate. 
In the Swedish school activities, some retroactive 
reimbursements from the municipalities may also be 
received during the spring, depending on whether the 
municipal accounts show higher-than-budgeted costs in 
the school voucher calculations. 
Growth in enrolment numbers
In preschools, children are enrolled continuously throughout 
the year, although predominantly in May and June, with 
a corresponding increase in revenue. However, at upper 
secondary schools, numbers decline during the year due to 
students dropping out. Student attrition is also evident over 
the summer holidays.  
Accentuated seasonal pattern in Norway
Preschools in Norway show the same seasonal variation 
as those in Sweden and Germany, but the pattern is 
accentuated by national regulations on staff density. 
Higher staff densities are required for young children than 
for older children. The change, i.e. when young children are 
considered older, takes place at the turn of the calendar 
year. As a result, staffing levels are higher in the first half of 
the year than in the second half. 
Guidelines for remuneration to senior 
executives
The guidelines for CEO and other senior executive 
remuneration – the main points of which are set out below 
– were adopted at the Annual General Meeting held on 30 
November 2023 and have been applied to remuneration 
agreed, and amendments made to previously agreed 
remuneration, since then. The guidelines thus do not apply 
to forms of remuneration adopted by the Shareholders’ 
Meeting.
How the guidelines promote the Company's business 
strategy, long-term interests and sustainability
In short, AcadeMedia's business concept is to develop 
and operate educational institutions over the whole of the 
education ladder with the aim of being at the forefront 
in learning, attractiveness, sustainability and innovative 
development. AcadeMedia's strategies to achieve that are 
based on the following elements:
1. Diversity of sharply-honed educational concepts. 
2. Long-term sustainability.
3.  Strategic skills provision and international exchange. 
4. Unique support and backup functions and platforms. 
5. Continuous improvement and innovative solutions
To be able to successfully implement AcadeMedia's 
business strategies and to safeguard the long-term 
interests of the Company and its sustainability, the 
Company needs to be able to recruit and retain qualified 
employees. For this, we need to be able to offer competitive 
remuneration. The aim of these remuneration guidelines 
is to create an environment at AcadeMedia that attracts, 
motivates and retains qualified employees.
AcadeMedia has also established long-term share-based 
incentive plans. Further information on these plans are 
provided in Note G5 Personnel expenses.
Forms of remuneration etc.
Remuneration of senior executives is to be in line with market 
conditions and may consist of fixed cash remuneration, 
variable cash remuneration, pension benefits and other 
benefits. In addition – and irrespective of these guidelines 
– the Shareholders’ Meeting may resolve on, for example, 
share-based and share price-related remuneration.
The fixed cash salary forms the basis of the total market 
remuneration required to attract senior executives. The fixed 
cash salary is to take the individual's responsibilities and 
performance into account.
Variable cash remuneration may amount to a maximum 
of fifty (50) percent of the total fixed cash salary during the 
measurement period. Compliance with the criteria for the 
payment of variable cash remuneration is to be measurable 
over a period of one year.
Pension benefits and other insurance for the CEO shall 
be based on defined-contribution plans. Variable cash 
remuneration is not to be pensionable but may be 
converted into pension by agreement. Pension premiums 
for defined-contribution pensions is not to exceed thirty (30) 
percent of the fixed annual cash salary. 
Pension benefits for other senior executives, over and 
above the mandatory pension benefits under the collective 
agreement, are to be based on defined-contribution plans. 
Mandatory pension benefits here consist of the ITP plan's 
disability pension, premium waiver and, where applicable, 
equalisation payment, together with any defined-benefit 
pension on salary components up to 7.5 income base 
amounts. In the absence of a collective agreement, or if 
one is not applicable to the executive, the benefit equating 
to the mandatory disability pension under the ITP plan is 
to apply in addition to the defined-contribution pension 
benefit. Variable cash remuneration is to be pensionable 
Risks and risk management
AcadeMedia categorises its risks as operational risks, 
external risks, and financial risks. All risks are assessed on 
the basis of probability, consequence and the Company’s 
ability to manage them, which enables prioritisation 
of Group-wide key risks that are monitored specifically 
by Executive Management and the Board of Directors. 
Risk management is an integral part of AcadeMedia’s 
systematic quality work. All staffs and segments are 
responsible for continuously identifying, analysing and 
managing relevant risks, which are regularly compiled and 
reported to Group management and the Board.
The main operational risks relate to the supply of qualified 
staff, quality and contractual compliance, demographic 
changes, information security, and issues related to 
premises and procurement. External risks mainly include 
political and regulatory changes, as well as IT and cyber 
risks. What these risks have in common is that the ability to 
manage them is crucial to mitigate the effects of an adverse 
event. Financial risks mainly relate to liquidity, refinancing 
and interest rate risks, as well as risks related to decisions 
on school vouchers, which are managed through financial 
planning and clear governance processes. 
In line with the EU’s new sustainability regulations (CSRD), 
AcadeMedia has conducted a double materiality analysis 
to identify the company’s most material impacts, risks 
and opportunities (IROs). The work with these is integrated 
into the regular risk management and is not monitored 
separately, but as a natural part of existing processes and 
governance.
The ongoing risk work contributes to a high level of risk 
awareness throughout the organisation. Risk mitigation 
is a natural part of everyday life for many employees, 
often through the development of guidelines, training and 
systematic follow-ups that strengthen the resilience and 
long-term stability of the organisation.
An in-depth account of AcadeMedia’s risks and the work 
to manage them can be found on pages 28-30 and in the 
sustainability statement on pages 42-66.
Seasonal variations
AcadeMedia’s four segments face different seasonal 
variations. 
The three school segments have a regular seasonal 
variation, with weaker sales and earnings typically being 
reported in the first half of the financial year, July to

===== SIDA 39 =====