FULLTEXT DEL 2 AV 4
Årsredovisning 2025
39 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Criteria for the award of variable cash remuneration, etc. Variable cash remuneration is to be aimed at promoting AcadeMedia's business strategy and long-term interests, including its sustainability, by: Promoting the Group's objectives through rewarding good performance. Helping to develop commitment and motivation on the part of managers, who in turn will motivate their employees. Creating clarity by communicating and contracting objectives and expected work performance. Developing an attractive image to aid the recruitment of new managers. Incentivising existing managers to stay with the Group. The variable cash remuneration is therefore to be linked to predetermined and measurable criteria, which may be financial or non-financial. They may also be general or personalised quantitative or qualitative targets. The criteria are to be designed to promote the Company's business strategy and long-term interests, including its sustainability, for example by establishing a clear link to the business strategy or promoting the executive’s long-term development. At the end of the measurement period for the fulfilment of criteria for the payment of variable cash remuneration, the extent to which the criteria have been met is to be determined. The Board of Directors and, where appropriate the CEO, may at their discretion, withdraw or reduce all variable salary components for an individual if the individual has shown a lack of judgement and has ignored negative consequences regarding quality in order to maximize financial targets. As regards financial targets, the assessment is to be based on the established financial framework for the current period. The Board of Directors is to have the option, in accordance with legal or contract requirements, and subject to any restrictions arising therefrom, to recover, in whole or in part, variable remuneration wrongly paid out. Decision-making process for establishing, reviewing and implementing the guidelines The Board has established a Remuneration Committee. The committee's tasks include preparing the Board's decision on proposed guidelines for remuneration to senior executives. The Board is to draw up proposals for new guidelines at least every four years, and submit them to the Annual General Meeting for resolution. The guidelines are to remain in force until new guidelines are adopted by the Shareholders’ Meeting. The Remuneration Committee is also to monitor and evaluate the variable remuneration programmes for Executive Management, the application of the guidelines for remuneration of senior executives and the current remuneration structures and levels in AcadeMedia. Deviation from the guidelines The Board of Directors is permitted resolve to deviate temporarily from the guidelines wholly or in part if there are specific reasons for doing so in any individual case and if a deviation is necessary to satisfy the long-term interests of the Company, including its sustainability, or to ensure the financial viability of AcadeMedia. As stated above, the Remuneration Committee's tasks include preparing the Board's decisions on remuneration issues, including decisions on deviations from the guidelines. For a more detailed description of the incentive programmes, see Note G5. Review of the guidelines prior to the 2025 AGM In preparation for the 2025 AGM, the Remuneration Committee has reviewed the guidelines and concluded that there is no need for any amendment. Related party transactions in the Group Salaries and other remuneration to senior executives and the Board of Directors are paid as described in Note G5. The senior executives also participate in the Group’s incentive programmes as described in Note G5. For further details of the Group’s transactions with related parties, see Note G31. Parent Company The Parent Company AcadeMedia AB (publ) is listed on the stock market and exercises certain management functions, such as those of the CEO and Deputy CEO. Operations are conducted in individual subsidiaries that, directly or indirectly, are 100 percent owned by the Parent Company. At year-end, AcadeMedia had 268 (245) wholly owned subsidiaries, as listed in Note P8. All education services are provided by subsidiaries owned by AcadeMedia AB, referred to below as the AcadeMedia Group. Sales during the financial year amounted to SEK 23 million (20). Operating profit (EBIT) totalled SEK -17 million (-19) and profit after tax for the period SEK 17 million (31). The Parent Company’s assets consist essentially of participations in Group companies and receivables from Group companies. Operations are funded by equity, bank loans, and intra- Group loans. Equity in the Parent Company as per 30 June 2025 was SEK 1,398 million (1,815). The Parent Company’s interest-bearing external loans as per 30 June 2025 totalled SEK 300 million (818). Share capital and shareholders AcadeMedia AB (publ) is a public limited company that has been listed on Nasdaq Stockholm since 2016. As per 30 June 2025, the share capital was SEK 108,804,056.5. The number of shares outstanding totalled 99,204,786, represented by 99,011,729 ordinary shares and 193,057 Class C shares. The Class C shares are owned by AcadeMedia AB. The quota value is SEK 1.097 per share. Mellby Gård AB is the largest shareholder in AcadeMedia, with 24.57 percent of the capital as per 30 June 2025. The number of shares and votes in AcadeMedia AB increased during February 2025 as a result of share subscription through the exercise of warrants under the warrant programme adopted by AcadeMedia's Annual General Meeting held on 30 November 2021. In total, the number of shares and votes increased by 380,766 ordinary shares and the same number of votes. The number of shares and votes in AcadeMedia AB decreased in March 2025 by 2,894,806 ordinary shares and the same number of votes as a result of the redemption of ordinary shares within the voluntary share redemption programme adopted by AcadeMedia's Annual General Meeting held on 28 November 2024. In addition, 12,848 Class C shares were converted into ordinary shares in order to deliver ordinary shares to participants in the share matching programme adopted by AcadeMedia's Annual General Meeting held on 30 November 2021, leading to an increase of 11,563.2 in the number of votes. The total number of shares decreased by 2,881,958 ordinary shares, 12,848 Class C shares and 2,883,242.8 votes. The number of shares and votes in AcadeMedia AB increased during May 2025 as a result of share subscription through the exercise of warrants under the warrant programme adopted by AcadeMedia's Annual General Meeting held on 30 November 2021. The total number of shares and votes increased by 21,227 ordinary shares and the same number of votes. Further information regarding the incentive programmes is provided in Note G5. to the extent that this is required by mandatory collective agreement provisions applicable to the executive. Pension premiums for defined-contribution pension benefits shall not exceed twenty-five (25) percent of the fixed annual cash salary. The fixed annual cash salary shall also include statutory holiday pay. Other benefits may be paid if deemed to be in line with market conditions, and in such cases are to constitute a minor part of the total remuneration. Such benefits must not exceed a total of ten (10) percent of the fixed annual cash salary. In the case of employment conditions governed by rules other than those applying in Sweden to pension and other benefits, appropriate adjustments have to be made in order to comply with such mandatory rules or established local practice. In such a case, the overall purposes of these guidelines must to the maximum extent possible be fulfilled. Termination of employment In the event of termination by the Company, the notice period is to be no more than twelve months. Fixed cash remuneration during the period of notice and severance pay must not in total exceed an amount equal to the fixed cash remuneration for two years for the CEO and for one year for other senior executives. In the event of termination by the executive, the period of notice is to be no more than six months, without entitlement to severance pay. In addition, remuneration may be paid for any anti- competitive commitment. Photo: Innovitaskolan, Mölndal, west Sweden. ===== SIDA 40 ===== 40 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Dividend policy and proposal 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. Board of Directors' proposal to the AGM The Board proposes that the Consolidated income statement and Consolidated balance sheet be presented to the Annual General Meeting, to be held on 26 November 2025, for adoption. The Board proposes to the Annual General Meeting that a dividend of SEK 2.25 (1.75) per share be paid for the 2024/25 financial year. The Board of Directors also intends to propose a voluntary redemption programme or a buy-back programme. AVAILABLE FOR APPROPRIATION BY THE AGM Parent Company SEK Retained earnings 1,271,725,511 Profit for the year 17,025,181 To be carried forward 1,288,750,692 The Board proposes that the retained earnings be appropriated as follows: Dividend to shareholders (SEK 2.25 per share) 222,776,390 To be carried forward 1,065,974,302 Sum total 1,288,750,692 Board of Directors’ statement regarding the proposed dividend The Board hereby issues the following statement regarding the dividend proposal, in accordance with Chapter 18, Section 4 of the Swedish Companies Act. The Company’s unappropriated earnings as per 30 June 2025 amounted to SEK 1,288,750,692 with profit for the year totalling SEK 17,025,181. A profit of SEK 1,288,750,692 is thus available for appropriation by the AGM before the resolution regarding dividend for the 2024/25 financial year. Provided that the 2025 AGM resolves in accordance with the Board’s proposal on appropriation of profits, SEK 222,776,390 will be paid as dividend and SEK 1,065,974,302 carried forward. Full coverage is available for the Company’s restricted equity following the proposed appropriation of profit. Regarding the proposed dividend, the Board has taken into account the consolidation requirements and liquidity of the Company and the Group through an assessment of all aspects of the financial position of the Company and the Group, and of the ability of the Company and the Group to fulfil their commitments in the long term. The proposed dividend does not jeopardise the Company’s ability to carry out the investments deemed necessary. The Company’s financial position does not give rise to any conclusion other than that the Company can remain a going concern, and that the Company is expected to fulfil its obligations in the short and long term. In addition to the assessment of the Company’s consolidation requirements and liquidity, the Board of Directors has also taken into account all other known circumstances that may have significance in terms of the Company’s financial position. With reference to the above, the Board of Directors considers the proposed dividend is justifiable in view of the requirements which the type of operations, size and risks of the Company and the Group place on the size of the Company's and the Group’s equity, consolidation requirements, liquidity and position in general. Outlook and financial targets Market outlook All four of AcadeMedia’s segments are in the field of education. The business models are structured differently, but all four are primarily financed by public funds. External factors that may affect the demand for our services include demographic trends, urbanisation, proportion of parents with children at preschools and schools, state of the general economy, unemployment, integration and trade and industry’s need for suitably qualified personnel. In addition, the finances of the municipalities, along with government initiatives and prioritisations, may affect the markets where we operate. A major need remains for new preschool places in major areas of Europe. Germany, where at the financial year- end AcadeMedia operated 101 preschools, has a shortage of more than 300,000 preschool places, with the biggest demand in North Rhine-Westphalia. The shortage of preschool places is a major problem for society when young people, especially women, are struggling to be able to maintain their professional lives and establish a family. Political decisions in Germany are helping to make preschool places available to all. Free preschool was introduced in a number of Germany’s federal states in 2019. The preschool market in Sweden, Norway, Finland and the Netherlands is mature, with most children of preschool age attending preschool. The forecast demographic trend in both countries regarding the number of children of preschool age in Sweden and Finland is negative over the next few years. In Norway and the Netherlands, the demographic trend is relatively stable. AcadeMedia's strategy, which assumes particular importance in times of lower child populations, is to ensure that our preschools are the first choice and that new preschools are established in growth areas. The Swedish adult education market continues suffer considerably from the effects of the recession. Unemployment is high and protracted, while the labour market is characterised by imbalances, with skills shortages in several sectors making it difficult to match jobseekers with employers. The recovery is expected to be slow, especially for groups in a weak competitive position. At the same time, there is a growing need for training and reskilling in several sectors. Structural shifts in the economy, digitalisation and the transition to a more sustainable economy are driving demand for new skillsets. Academedia is expanding Investment in vocational training in all the Group’s adult education programmes. Our broad and flexible range of courses in municipal adult education, higher vocational education, labour market initiatives and commissioned training programme meets a growing need for skills development and transition in all areas of working life. Ongoing policy studies Publicly funded independent education providers in Sweden and Norway have been, and continue to be, subject to wide-ranging scrutiny, for example by public authorities and the media. Governing parties may commission studies as a basis for future legislation. A common feature of various political proposals is that in many cases the processes they go through are long-winded, and such proposals have to be scrutinised by various consultation bodies, of which AcadeMedia is often one. In the face of extensive criticism from consultation bodies, it may be difficult to mobilise a majority in the parliament of the country concerned, and then the government may decide to proceed with individual elements of the proposals, which also have to be passed by the parliament of the country concerned. The following is a description of a selection of current studies. The status of the studies described may have changed since publication of this annual report. For more about the risks associated with changes in laws, regulations and political risks, see page 28. In Sweden, the issue as to whether the principle of public access to information should also apply to independent schools has been debated in recent years and has also been the subject of several studies. The government that took office after the 2022 general election has announced that it considers it would be overly burdensome for independent schools if the principle of public access to information were to be introduced. An alternative to the principle of public access to official records, a so- called transparency law that is less burdensome from an administrative point of view, has therefore been developed through a study. The issue of whether a public access principle or a transparency law, or a combination of the two, will be introduced is likely to be decided in 2025. In what is known as Tidö Agreement, the government has stated its intention to review the school funding system. On that basis, in November 2023 the government appointed a Commission of Inquiry into School Voucher Funding to examine the issue of introducing a national school voucher funding standard to improve equivalence. The inquiry presented its proposals for compulsory school education in June 2025 (SOU 2025:72) and will present its proposals for upper secondary school education in November 2026 (the funding system for preschool education is not subject to any changes). The proposals presented in June 2025 thus only apply to AcadeMedia's Swedish compulsory school operations and their effect is, among other things, that municipalities will be allowed to make a certain deduction from the school voucher funding to offset the costs to the municipalities for what is known as supply responsibility. It is unlikely that these proposals will be considered by the current Parliament. In April 2025, the Swedish government’s Commission of Inquiry into Profit in Education presented an interim report (SOU 2025:37). The report’s proposals included bans on value transfers in certain situations. The bans are intended to prevent principals of independent schools from distributing profits or making other transfers of value from ===== SIDA 41 ===== 41 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION organisations showing, for example, quality deficiencies that have led to a penalty notice from a supervisory authority. The bans on value transfer are for a fixed period and impose a restriction on the value transfers that the principals of independent schools may make during the period of the ban. The aim of the proposals is not to prevent principals from making profits. Some of the proposals are likely to be put before Parliament in spring 2026. In Norway, a political debate on private preschools continues. In recent years, the sector has gradually become more heavily regulated, for example via regulations on staffing and a requirement that every preschool is to be structured as an independent legal entity. Effective January 2022, the level of pension contributions was reduced. In June 2025, Norway’s Parliament adopted legislative amendments regarding the management and financing of private preschools. One of the most important amendments is the introduction of cost recovery for the pension costs of private preschools. The details of the amended provisions will be clarified during the rule-making process in autumn 2025. The amendments will enter into force partially from 2026 and fully from 2027. Financial targets AcadeMedia’s overarching goal is to provide the highest- quality education in the areas where the Group operates. AcadeMedia’s financial targets are unchanged from earlier years. Implementation of IFRS 16 Leases has not affected the Company’s financial targets, as they are still defined and accounted for excluding the effects of IFRS 16. AcadeMedia's financial targets are as described below: • Profitability: AcadeMedia’s profitability target for operating profit (EBIT) excluding items affecting comparability is to be seven to eight percent of net sales over time. • Growth: AcadeMedia intends to grow organically by utilising spare capacity in existing units, and by opening new startups. AcadeMedia also intends to continue to grow by taking over education units, as well as through continued consolidation of the market through acquisitions. AcadeMedia’s target for sales growth is five to seven percent annually, excluding major acquisitions. • Indebtedness: AcadeMedia’s target for indebtedness is that interest-bearing net debt should be no more than 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. In the view of the Board of Directors, the financial position is stable and other objectives have been fulfilled. The Board of Directors therefore proposes an ordinary dividend of SEK 2.25 per share (1.75) for the 2024/25 financial year. This amounts to SEK 223 million (178), 24 percent (24) of profit for the year excluding the effects of IFRS 16, and 27 percent (28) of profit for the year including the effects of IFRS 16. The Board's stated target of 50 percent international business In 2024/25, AcadeMedia's Board of Directors set out clearly how its target of 50 percent international business and adult education will be achieved. The main elements of the plan are organic growth and acquisitions in Germany, plus expansion into more countries. The plan is based on • Continued expansion of preschool activities in Germany – target 200 pre-schools. • Ambition to become a leading private provider of school-based education in Germany. • International expansion and adult learning – a key part of the future. • Intensify the process of establishing operations in more countries. Significant events after the end of the financial year Provisional student enrolment numbers for autumn 2025 show aggregate average growth of around 3 percent in our three school segments, to around 112,500 (109,281) children and students. This compares with 8.5 percent growth in the first quarter of the previous year. The Board of Directors intends to propose that the Annual General Meeting either resolve on a voluntary share redemption programme, in the form of an offer to all shareholders for the voluntary redemption of shares, or a buyback programme for the Company’s own shares via Nasdaq Stockholm. The scope and the detailed provisions of such a programme will be determined when the notice of the 2025 Annual General Meeting is adopted by the Board. Annual General Meeting The Annual General Meeting will be held on 26 November 2025 in Stockholm. Photo: LBS Kreativa Gymnasiet, Stockholm. ===== SIDA 42 ===== 42 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Sustainability Statement At AcadeMedia, we took important steps during the year in taking our sustainability work forward and preparing for the EU’s new requirements according to the Swedish Annual Accounts Act (Årsredovisningslagen, 1995:1554) and the European Sustainability Reporting Standards (ESRS). A key initiative was our first double materiality assessment, in which we identified both how our operations impact people and the environment (impact materiality) and how sustainability matters affect AcadeMedia’s financial position (financial materiality). To meet the requirements of ESRS reporting, we have strengthened our processes for governance, internal control and ESG data collection. This reporting has also been integrated into existing processes and structures, with adjustments made to ensure the systematic measurement, monitoring and quality assurance of our data. A new element in the reporting is AcadeMedia’s climate impact, which from 2024/25 is calculated on the basis of ESRS-compliant emissions data. The calculations follow the principles of the Greenhouse Gas Protocol . This approach will provide a more comprehensive overview of emissions and, in turn, enable the Group to implement appropriate measures to reduce its environmental footprint. Ultimate responsibility for the sustainability statement lies with AcadeMedia's Board of Directors, which also lays out the course for AcadeMedia’s long-term work. In addition, a sustainability steering group has been established to coordinate the Group's sustainability work and ensure that reporting according toESRS is integrated into existing processes. The group monitors progress, quality assures data collection and reporting, and serves as a link between Board, Management and the organisation. Day-to-day work is performed and coordinated by AcadeMedia's sustainability team, with representatives from different parts of the organisation. AcadeMedia's 2030 Roadmap and a structured stakeholder dialogue – providing perspectives from owners, investors, suppliers, employees, students and community stakeholders – have been important sources of information in the double materiality assessment. This has provided us with valuable information for sustainability reporting and has helped to identify both risks and areas of impact and opportunities arising from sustainability matters. According to all stakeholder groups, AcadeMedia’s most material area is the education it provides. Other significant areas include the work environment, equal treatment, diversity and climate impact. Overall, the conclusions are in line with assessments in previous years. The following sections present our sustainability statement in accordance with the Swedish Annual Accounts Act (2024:347), based on ESRS standards. Terminology In sustainability reporting, a number of abbreviations and terms are used that may need clarification. The most important of them are listed below: CSRD (the Corporate Sustainability Reporting Directive): An EU directive that expands and strengthens the requirements for corporate sustainability reporting, with the aim of creating more transparent and comparable information. ESRS (European Sustainability Reporting Standards): Specific reporting standards designed to guide companies in their sustainability reporting under the CSRD framework. ESG (Environmental, Social, Governance): The three main areas of sustainability, covering environmental, social and governance information. As part of their double materiality assessment, companies must evaluate and comment on the materiality within these areas. DMA (Double Materiality Assessment): A process in which companies assess and identify which sustainability aspects are material both from a financial perspective and from an environmental, social and corporate governance perspective. This assessment is fundamental in ensuring that all relevant sustainability issues are addressed in this reporting. Greenhouse Gas Emissions (GHG Emissions): Emissions of greenhouse gases that companies are required to quantify and report within the ESRS framework. This includes Scope 1, Scope 2 and often Scope 3 emissions. IROs (Impacts, Risks, Opportunities): The impact on people and the environment and the risks and opportunities arising from the various sustainability issues regarding the Company’s business and financial performance Forms the basis of the double materiality assessment. Scopes 1, 2 and 3: A categorization of emissions. In simple terms, Scope 1 covers direct emissions and Scope 2 indirect emissions from energy, such as electricity, heat and steam, purchased and consumed. Scope 3 encompasses other indirect emissions in the value chain. Picture taken at Klara Gymnasium, Stockholm. ===== SIDA 43 ===== 43 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION GENERAL DISCLOSURES CSRD (the Corporate Sustainability Reporting Directive (EU Directive 2022/2464) is the EU’s new directive on corporate sustainability. The directive was incorporated into the Swedish Annual Accounts Act on 1 July 2024. CSRD is based on the EU Green Deal and the Sustainable Finance Action Plan. Its origins lie in the Paris Agreement and the goal of limiting global warming to 1.5 degrees Celsius. The directive aims to harmonize sustainability reporting and ensure comparable, transparent, and reliable information for investors and other stakeholders. Additionally, it imposes extensive formal requirements on reporting and follow-up, including goal management and related internal controls. General basis for preparation of sustainability statements BP-1 Our sustainability reporting is presented in our sustainability statement as a separate chapter on sustainability. Unless otherwise indicated, the data in the sustainability statement refers to that of the Group and all subsidiaries (in the follow - ing: “the Group”) included in the Company’s consolidated accounts, and cover the same annual reporting period (1 July to 30 June) as the consolidated accounts. A list of all subsidiaries included in the consolidated accounts and their countries of incorporation is provided on page 94. AcadeMedia develops and operates preschools, schools and adult education programmes, with a focus on high quality, in several countries. Our business model is based on a decentralised organisation, where each principal or equivalent is fully responsible for their school or unit. Principals are overseen by school superintendents, or their equivalent, who are responsible for several units within the organisation. In most cases, the licences to provide edu - cation are tied to AcadeMedia subsidiaries, which are then referred to as providers. The sustainability information encompasses data from both the upstream and downstream value chains in our four segments, where such information is relevant, material and required for Group-level reporting. This includes data related to our direct upstream and downstream business relationships. Disclosures regarding policies, actions and targets concerning AcadeMedia’s upstream and down - stream value chains are presented in the relevant sections of the Sustainability statement. Disclosures in relation to specific circumstances BP-2 Time horizons: Unless otherwise indicated, the terms short, medium and long term are used as the senses defined in ESRS 1. Time horizon Duration Comment Short term 0–12 months Refers to immediate and current operational impacts, risks, and opportunities arising from our operations. Medium term 1–5 years Involves evaluating the effects of current strategies and anticipating developments that will unfold in the near future. Long term > 5 years Involves future impacts and sustainability strategies that will shape the Company’s long-term trajectory. Sources of estimation and outcome uncertainty In the preparation of this sustainability statement, the major share of AcadeMedia’s quantitative data has been sourced directly from internal systems. Where data has been collected through alternative approaches, such as estimation or extrapolation within AcadeMedia’s value chain, this is disclosed. When data are collected through estimates or extrapolation, rather than through direct measurements, this introduces some uncertainty into the results of the calculations. Estimates and assumptions are in most cases based on historical experience, supplemented by other relevant factors, such as external references and general practice, and are considered reasonable in the prevailing circumstances. These calculations are reviewed regularly to ensure reliability of reported metrics over time. Revisions of estimations may affect the figures presented in future reporting periods. Where data has been collected through alternative methods, such as estimates or extrapolation within the AcadeMedia value chain, this is indicated in the sections of the sustainability statement concerned. Changes in preparation or presentation of sustainability information In 2024/25, AcadeMedia transitioned from sustainability reporting inspired by the Global Reporting Initiative (GRI) standards to compliance with the Swedish Annual Accounts Act (2024:347), which through the implementation of the EU CSRD directive now requires reporting according to the European Sustainability Reporting Standards (ESRS). In this way, we are meeting the new legal requirements, ensuring greater consistency with EU regulations and making it possible to provide more clearly comparable and relevant sustainability disclosures. Where possible, the quantitative data in this report is provided alongside comparative data from the prior financial year or years to offer context and clarity. No material errors or other adjustments in prior reporting years have been identified. Incorporation by reference Certain disclosures in this sustainability statement are incorporated by reference to other sections of the annual report. Where such references are made, they are clearly indicated within the relevant sections. For further details, see the Reference Table on page 65 . Compliance with legislation and standards Our sustainability statement has been prepared in ac - cordance with the Swedish Annual Accounts Act (2024:347), based on ESRS standards within the framework of CSRD, as adopted by the European Commission. Reporting is based on a double materiality assessment, taking into account both AcadeMedia’s impacts on people and the environment and the financial implications for the Group. This is the first period in which we are reporting in accordance with ESRS, and no retrospective adjustments have been made. All dis - closures cover the Group as a whole are consistent with the scope of financial reporting and are presented in millions of Swedish kronor (SEK m.). AcadeMedia closely monitors developments in the legislative and regulatory spheres, including anticipated reductions in mandatory ESRS data points, although the timing and scope of these changes have not yet been confirmed. Governance AcadeMedia has published sustainability reports since 2017. Sustainability is part of AcadeMedia’s day-to-day work in every unit. To ensure sustainable operations, we have started work on developing internal controls in connection with our material sustainability matters. During the first year of reporting, the primary focus has been on establishing a structured framework and designing the necessary controls. This is considered a foundational phase to define responsibilities and processes. More comprehensive work on implementation and ongoing management of these controls is expected to take place progressively over the years ahead. The role of the administrative, management and supervisory bodies GOV-1, G1.GOV-1 Corporate responsibility is fundamental to AcadeMedia's business model. We strive to conduct our business in a trans - parent, ethical and responsible manner, in order to build and maintain the trust of students, guardians, staff, investors and the communities in which we operate. Our sustainability gov - ernance ensures that we meet our commitments to society and our stakeholders. AcadeMedia’s Board of Directors is responsible for laying out the right course for the Company by establishing pol - icies, sustainability goals and strategies. The Board is also ultimately responsible for sustainability work and issues a sustainability statement in accordance with the Swedish Annual Accounts Act. According to AcadeMedia’s Articles of Association, the Board of Directors, as appointed by the General Meeting of Shareholders, shall consist of no less than three and no more than ten members. The Board of Directors currently consists of seven members, including the Chair of the Board. All members are elected by the General Meeting of Shareholders for the period until the end of the 2025 Annual General Meeting and do not hold any operational positions at the Company. The Board of Directors is composed of 43 percent women and 57 percent men (see also note G5). Employee organisations are entitled by law to appoint workers’ representatives to the Board with the same rights and duties as other the Board members. The Swedish Teachers' Union has appointed a total of two members and one deputy to serve on the Board. The Board of Directors adopts the Code of Conduct which sets out the guiding principles for business conduct, as well as AcadeMedia’s Environment and Climate Policy and Whistleblower Policy. In addition, the Board of Directors has established four committees: the Audit, Remuneration, Quality and Real Estate committees. Each committee consists of three Board members. Of these, the Audit Committee has been allocated the responsibility of supervising the sustainability reporting. In addition to the Board, the members of Executive Management hold key internal leadership roles. Executive Management currently consists of nine members, including the Chief Executive Officer. Executive Management bears overall responsibility for the Company's operations and operational management Operational managers outside Executive Management fulfil important roles in ensuring the monitoring and management ===== SIDA 44 ===== 44 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION of various business units. They bring their experience and expertise to the decision-making processes, supporting the work of the Executive Management at strategic level. In 2024, AcadeMedia developed its sustainability governance by establishing s steering group responsible for the sustainability work. The steering group consists of three members of the Executive Management, in order to cover key business areas. The group also includes our sustainability team , with three representatives from our main business areas, Operations, HR and Finance, and an independent project manager. The group leverages the experience and views of our stakeholders in shaping its activities. In autumn 2024, the Board conducted an inventory of skills. The aim was to enable targeted efforts to be made with a view to assuring the high level of expertise needed to comply with the regulatory framework. Information provided to and sustainability matters addressed by the Company’s administrative, management and supervisory bodies GOV-2 AcadeMedia’s double materiality assessment identified the following areas as material: S1 Own workforce, S3 Affected communities, S4 Consumers and end-users, G1 Business conduct and E1 Climate change, of which the sustainability topics under S and G are considered the most important. The Board has extensive experience of education-related issues (S3 and S4) and the Quality Committee is specifically dedicated to this sustainability matter and includes Board members with a relevant background. The Board and its members have extensive experience from leading positions with responsibility for governance (G1) and experience of managing labour-intensive enterprises and organisations (S1). AcadeMedia’s Board of Directors and Executive Management have performed an ESG self-assessment to identify any potential knowledge gaps. The stakeholder dialogue also involves members of the Board and of Executive Management, ensuring updates on an ongoing basis. During the current reporting period, the Board received regular updates on sustainability reporting issues, such as IROs and policies. The double materiality assessment was formally approved by the Board. The double materiality assessment, including analysis of material IROs and related documentation, will be reviewed annually and submitted to the Board for approval. Integration of sustainability-related performance in incentive schemes GOV-3, E1-GOV3 The Board’s Remuneration Policy is subject to resolution by the Annual General Meeting. AcadeMedia offers long-term initiatives that are linked to sustainability targets. For more detailed information on the Group’s long-term initiatives see pages 38 and 78. At present, AcadeMedia's long- term initiatives are not structured on the basis of specific climate-related factors Statement on due diligence GOV-4 We recognise the importance of continuously exercising due diligence regarding environmental and social impacts, including human rights, across AcadeMedia’s value chain. This process may influence strategy, business model, operations and our relationships with stakeholders. It requires continuous assessment of actual and potential impact through stakeholder consultations, feedback mechanisms and reviews of publicly available information. The findings are integrated into AcadeMedia’s double materiality assessment. Core elements of due diligence Points in sustainability statement a) Embedding due diligence in governance, strategy and business model ESRS2: GOV-2, GOV-3, SBM-3 b) Engaging with affected stakeholders in all key steps of due diligence ESRS2: GOV-2, SBM-2, IRO-1, MDR-P ESRS E1-1 ESRS S1-2 ESRS S3-2 ESRS S4-2 c) Identifying and assessing adverse impacts ESRS2: IRO-1, SBM-3 d) Taking actions to address these adverse impacts ESRS2: MDR-A ESRS E1-1, E1-3 ESRS S1-4 ESRS S3-4 ESRS S4-4 e) Tracking the effectiveness of these efforts and communicating ESRS2: MDR-M. MDR-T ESRS E1-4, E1-5, E1-6 ESRS S1-5, S1-6, S1-9, S1-13, S1-15, S1-16 ESRS S3-5 ESRS S4-5 Risk management and internal controls over sustainability reporting GOV-5 All business activities involve risks. Proactive and effective risk management is therefore necessary to deliver on Aca - deMedia’s strategic sustainability ambitions. Integration of the reporting principles (ESRS) and sustainability reporting in our risk management and internal control processes and systems are ongoing. AcadeMedia’s existing procedures include data quality reviews, reconciliations, consistency and plausibility checks by senior management. The aim is to minimise the risk of material misstatement in the sustaina - bility report (see also GOV-1). All segments and Group functions are responsible within their respective organisation for identifying and managing risks in line with the Group-wide risk management process and current policies, guidelines and instructions. For more information on AcadeMedia’s risk management and internal control systems and its features, see the Risk management and control section, starting on page 27. Impacts, Risks and Opportunities Strategy, business model and value Chain SBM-1 A detailed description of the key elements in AcadeMedia’s general strategy, together with a description of the Group’s business model, is presented in AcadeMedia’s Administration Report, starting on page 35. AcadeMedia’s decentralised structure involves many stakeholders that are affected by the our sustainability work and our sustainability framework. At the same time, AcadeMedia must comply with external laws and regulations governing our core business – education. This affects how we conduct our business and needs to be taken into account when analysing our sustainability performance. The sustainability statement aligns with our financial reporting structure, which is divided into four operating segments: Preschool and International operations, Compulsory Schools, Upper Secondary Schools and Adult Education. Other regulations The education sector is highly regulated at national level and there are few common international guidelines. This means that laws and rules differ from one country to another. Examples of laws and regulations governing the education sector: Laws regulating the education sector Laws regulating the education sector are adopted by national governments to govern the education system. In many cases, these laws are designed to ensure access to education, to establish standardised curricula and to safeguard the rights of students and teachers. Each country has its own laws governing the education sector, all with differing provisions. Such laws may also regulate issues such as qualification requirements for teachers and head teachers, quality assurance and supervision of schools, financing and school voucher funding and rules on the admission and selection of students. Students' rights to support, work environment and safety, as well as grading principles, are other topics governed by legislation. Curricula Curricula are structured local frameworks that define learning objectives, content, educational materials and teaching methods used by an educational institution or system. They specify what students are expected to learn, how the instruction is to be delivered and how students’ progress will be assessed. Value chain ESRS requires organisations to assess and disclose information on their environmental, social, and governance (ESG) impacts, not only within their direct operations but also across their entire value chain. This broader value chain perspective includes: Upstream activities , which involve all suppliers, partners and activities that provide the necessary materials, services and resources for AcadeMedia’s operations. Resources also include potential employees and students. The most significant environmental impact stems from properties, fol - VALUE CHAIN Upstream Governance & Legislation Potential Employees & Students Climate Demographics Suppliers & Procurement Financial Resources Own operations Education – Core Operations Employees Governance Property Downstream Children & Students (End-users) Society Environment Dividend to shareholders ===== SIDA 45 ===== 45 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION lowed by food and IT, with consumables also playing a role. External factors affecting demand include demographic trends, urbanisation, parental population dynamics, economic conditions, unemployment, integration and labour market needs. Additionally, municipal financ - es and government policies and priorities may affect the markets in which AcadeMedia operates. Downstream activities encompass all developments following the delivery of educational programmes, such as those involving our end-users – children, students and adult education participants – as well as both broader societal impacts and impact on the climate and nature Own operations comprise the activities, processes and resources that are directly under AcadeMedia’s control. These activities make up the core business, including areas such as education, student health and leadership. In 2024/25, AcadeMedia had a total of 23,934 (21,032) employees, calculated as the number of individuals engaged. For further information about geographical distribution, see S1-6 Characteristics of the undertaking’s employees, page 59. Interests and views of stakeholders SBM-2 An integral part of the process of compiling and assessing sustainability information is the stakeholder dialogue. The aim is to engage key stakeholders in meaningful dialogue to shape the Company’s sustainability agenda and identify material sustainability matters that align with not only the Company’s objectives but also external expectations and requirements. By involving stakeholders, we seeks to ensure that the Company’s sustainability statement is accurate, transparent and aligned with both regulatory standards and stakeholder interests. As an education provider – with a mission to provide high-quality teaching that leads to strong academic results and supports students’ personal development – AcadeMedia bears a significant responsibility on the societal level. This responsibility and the Group’s a decentralised governance model mean that a wide range of stakeholders are impacted by AcadeMedia’s core operations. In recent years, AcadeMedia has engaged in dialogues with a number of stakeholder groups. A comprehensive survey of key stakeholders was conducted in spring 2024 as part of the value chain mapping process (see SBM-1). AcadeMedia’s stakeholder dialogue includes both external and internal stakeholders. Both qualitative and quantitative stakeholder dialogues were conducted to ensure high quality of the data gathered. These included sustainability surveys, personal interviews and workshops. The method chosen was determined by when in the process the dialogue was conducted, the age of the stakeholders and the size of the group. Primary Stakeholder Groups Engagement Primary topics of interest Examples of outcome from the dialogues Owners and investors • Direct investor dialogues and capital market days • Annual General Meeting • Sustainability questionnaires from investors and analysts • Continuous dialogue with investors and analysts • Employee-related matters • Clear and transparent financial and sustainability reporting • Environment and climate • Focus on quality in education • Sustainability topics within the CSRD/ ESRS framework • Impacts, risks and opportunities in relation to AcadeMedia’s sustainability topics • Materiality ranking of AcadeMedia’s sustainability topics • The need for a specific environmental policy Board of Directors • Interviews • Surveys • Focus on quality in education • Employee-related matters • Materiality ranking of AcadeMedia’s sustainability topics • Self-assessment of knowledge related to sustainability in general and sustainability reporting in particular • How to report entity-specific topics Lenders • Interviews • Surveys • Employee-related matters • Clear and transparent financial and sustainability reporting • Environment and climate • Focus on quality in education • Sustainability topics within the CSRD/ ESRS framework • Materiality ranking of AcadeMedia’s sustainability topics • The need for a specific environmental policy Suppliers • Interviews • Surveys • Collaboration and close dialogue • Adhering to policies • Reducing carbon dioxide emissions through joint solutions • Materiality ranking of AcadeMedia’s sustainability topics Public authorities and environmental organisations • Interviews • Further emphasis on learning • Collaboration with others • Skills development with a focus on transition • Grading and assessment • Values-based work • Materiality ranking of AcadeMedia’s sustainability topics • The need for a specific environmental policy Own workforce • Workshops • Surveys • Leadership • Professional development • Feedback systems regarding sustainable choices in day-to-day operations • Collaboration with student health services • Knowledge and inspiration on sustainability from environmental, social, and economic perspectives, with a focus on sustainable choices and the development of teaching • Democracy • Increasing use of digital tools • Impacts, risks and opportunities in relation to AcadeMedia’s sustainability matters • Materiality ranking of AcadeMedia’s sustainability matters • Improvement of communication and training End-users (children, students and adult participants) • Teacher-led discussions • Surveys • Reducing climate and environmental impact • Involving students in work on sustainability • More thematic content in teaching that highlights everyday situations • High quality in education • Safety and a calm learning environment • Low staff turnover • Student health and wellbeing • Nutritious and appealing food • Materiality ranking of AcadeMedia’s sustainability matters ===== SIDA 46 ===== 46 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION 1. ldentifica - tion of relevant sustainability matters 4. Validation with external stakeholders and subject matter experts 2. Defining impacts, risks and opportunities (IROs) 5. Calibration with senior leadership and Board 3. Assessing the materiality of the IROs previous studies, industry-specific recommendations from the Sustainability Accounting Standards Board, analyst reports and relevant sustainability references. This enabled us to focus on the sustainability matters where AcadeMedia may have significant impacts, risks or opportunities. The due diligence process described on page 44 was integral to AcadeMedia’s materiality assessment and supports the identification of its material impacts and the work of identifying material impacts, risks and opportunities (IROs). 2. Defining impacts, risks and opportunities (IROs) On the basis of the refined selection of sustainability matters, the associated IROs were assessed, recognising that each sustainability matter is characterised by the IROs involved. Impacts may be positive or negative, actual or potential, and may arise over the short, medium or long term. Financial risks and opportunities may, in turn, be short, medium or long term. In our assessment, we have taken into account the interdependence between IROs and specific sustainability matters. We have also learnt lessons from AcadeMedia's risk management process for financial reporting, which may also impact sustainability-related risks. This included evaluating financial and operational risks arising from regulatory developments, workforce issues and reputational concerns, as well as how these may affect AcadeMedia’s overarching business strategy. We are committed to further integrating the double materiality perspective into the Group’s broader risk management framework in the years ahead. 3. Assessing the materiality of the IROs Once relevant IROs were identified, each was assessed for materiality. The significance of an impact was determined based on its severity, taking into account its scale, scope, remediability (in the case of negative impacts) and likelihood. In the event of a potential negative impact on human rights, the severity of the impact takes precedence over its likelihood. Risks and opportunities were assessed The chart above illustrates the key sustainability matters identified during the stakeholder dialogue. It provides an overview of the perceived impact and reporting relevance of each topic to the sustainability statement, assessed on a ten-point scale. This visual representation supports AcadeMedia’s materiality analysis by highlighting the topics considered most significant, from both an impact and disclosure perspective, including S3 and S4 Education (purple), S1 Own Workforce (apricot) and G1 Business Conduct (blue). Description of the process to identify and assess material impacts, risks and opportunities IRO-1 In 2024, a materiality assessment was performed on behalf of AcadeMedia in accordance with the principle of double materiality, as outlined in ESRS 1. According to the double materiality principle, sustainability matters are assessed from two perspectives • Impact materiality – whether the matter has a significant impact on people or the environment, and • Financial materiality – whether the matter involves risks or opportunities that may have a material impact on the Group's current or future financial performance or position. The work on the materiality assessment was led by the sustainability team (see GOV-1). A description follows, below, of the five steps in the process to identify and assess material impacts, risks and opportunities. In addition, a fit-for-purpose governance model was developed in 2024/25. More information on how the IROs identified are addressed is provided in the respective sections on Environmental, Social, and Governance disclosures. For information about applicable ESRS Disclosure Requirements, based on AcadeMedia’s material IROs, see reference list, page 65. 1. Identification of relevant sustainability matters The process of identifying significant impacts, risks and opportunities (IROs) has been based on an assessment of AcadeMedia's operations and our business relationships across the value chain (see SBM-2). Particular focus has been placed on AcadeMedia's educational activities under all topics (including sub-topics and sub-sub- topics) included in the ESRS topics list. This first step in AcadeMedia's materiality assessment was performed by AcadeMedia experts. Selection was then further refined by excluding sustainability matters judged not to be relevant. The assessment took into account several external sources, including our value chain analysis, stakeholder dialogues, E1 Climate change S3 Affected communities E4 Biodiversity & ecosystems E2 Pollution S1 Own owrkforce E3 Water & Marine Resources E5 Resource use & circular economy S2 Workers in the value chain S4 Consumers & end-users G1 Business conduct S3&S4 Company specific: Education AcadeMedias impact AcadeMedia should report on the topic Result Stakeholders’ dialogue Company priority Low priority Stakeholder priority High priority E1 Climate change S3 Affected communities E4 Biodiversity & ecosystems E2 Pollution S1 Own owrkforce E3 Water & Marine Resources E5 Resource use & circular economy S2 Workers in the value chain S4 Consumers & end-users G1 Business conduct S3&S4 Company specific: Education AcadeMedias impact AcadeMedia should report on the topic Result Stakeholders’ dialogue Company priority Low priority Stakeholder priority High priority ===== SIDA 47 ===== 47 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION according to their estimated financial magnitude and the likelihood of their occurring. A five-point scale was used to ensure consistency across assessments for all criteria. Any topic with an average score above three was regarded as material for reporting purposes, as such matters may affect the Company’s strategic direction, influence stakeholder expectations, and because such matters are expected to become increasingly relevant in the future. This work resulted in a gross list of 8 material areas in total, which were then subject to further assessment. The list is reproduced below, with each essential IRO being shown in relation to its place in the value chain. The colours refer to the applicable ESRS, where green stands for E (Environmental Disclosures), pink for S (Social Responsibility Disclosures) and apricot for G (Governance Responsibility Disclosures). 4. Validation with external stakeholders and subject matter experts The impacts, risks, and opportunities (IROs) identified were regularly validated in 2024/25 through engagement with the stakeholders and internal subject matter experts concerned. Where necessary, additional insights were obtained from both internal and external experts to ensure that the assessment remained accurate and relevant. 5. Calibration with senior leadership and the Supervisory Board AcadeMedia’s sustainability reporting is based on the double materiality assessment in accordance with the Swedish Annual Accounts Act. The assessment was prepared by the project team under the supervision of the sustainability steering committee, see GOV-1 for a description of the project team and steering committee. The sustainability steering committee met monthly and was responsible for day-to-day decision-making, monitoring the project schedule and keeping the Board informed of the project's progress. The committee thus ensured that the project was implemented in accordance with the objectives set. The Board of Directors, which is AcadeMedia's highest decision-making body, is responsible for implementing and monitoring the sustainability work. This includes the approval of the double materiality assessment, related documentation, policies and reporting of the stakeholder dialogues. The outcome of the double materiality assessment, comprising the material IROs for each topic identified, was reviewed by the steering committee, presented to the Audit Committee and subsequently approved by the Board of Directors. Entity-specific IROs As part of AcadeMedia’s double materiality assessment, one entity-specific sustainability matter was identified – education – that is highly relevant to the Group’s opera - tions but does not fully fit with the structure or thematic categories outlined in the CSRD and ESRS framework. While this topic may fall outside the predefined standards, we have chosen to include it in AcadeMedia’s sustainability report in accordance with ESRS to ensure a comprehensive and accurate representation of material impacts, risks, and opportunities. Education was included as sub-topic in the S3 and S4 framework, which refer to impacts on society and on end-users. The sub-topics deal with education, grading and student health. Interdependencies between impacts and risks/ opportunities During the materiality assessment, every topic was analysed with regard to its potential impact, as well as the risks and/or opportunities involved. At present, no material impacts, risks, or opportunities are expected to have financial effects significant enough to warrant adjustments to the carrying amounts for AcadeMedia’s assets or liabilities. We have concluded that some impacts identified, also carry inherent risks or opportunities, as shown in the table on page 50. Every topic was assessed separately to ensure that the relationships between impacts, risks and opportunities in certain areas of sustainability were taken into account. In 2024/25, we changed from sustainability reporting based on the Global Reporting Initiative (GRI) to the European Sustainability Reporting Standards (ESRS) for compliance with the Swedish Annual Accounts Act. While GRI focuses on impact materiality, ESRS applies a double materiality approach, covering both the Company’s impacts on people and the environment, and the financial effects of sustainability matters on the Company. Comparative information from prior periods is presented where available. No material prior-period errors or restatements have been identified. Comparative information from prior periods is presented where available. Description of processes to identify and assess material climate-related impacts, risks and opportunities E1.IRO-1 AcadeMedia has conducted a materiality assessment according to the double materiality principle, encompassing both its own operations and the value chain (see IRO-1). In the process, activities have been assessed on the basis of the IROs in connection with E1 Climate change. According to the analysis, AcadeMedia makes a negative contribution to climate change, but an inventory of greenhouse gas emissions indicates that these are relatively limited in scale. Stakeholder dialogues confirm the low emissions picture, but at the same time underline the importance of measuring and reducing our greenhouse gas emissions in line with global climate targets. To identify and assess climate-related physical risks (e.g. temperature, heat, wind, water and extreme weather) and transition risks (e.g. regulatory, technological and reputational changes), a comprehensive climate scenario analysis has been performed. In the assessment, we have also considered key locations, such as preschools, schools and headquarters. The findings indicate that the main risks are indirect transition risks, mainly financial, associated with higher costs of capital and tighter emission reduction requirements. The materiality assessment identified one negative impact, greenhouse gas emissions generated in Scopes 1–3 (see ESRS E1). An indirect potential positive impact has been identified in the form of the role of education in raising awareness of climate change, but this is not considered material under ESRS E1 and is addressed within the curriculum of each programme. Description of the process for identifying and assessing the impacts, risks and opportunities of the other ESRS in environmental disclosures, E2.IRO-1, E3.IRO-1, E4.IRO-1, E5.IRO-1 All disclosure requirements in ESRS E2 Pollution, E3 Water and marine resources, E4 Biodiversity and ecosystems and E5 VALUE CHAIN Upstream Governance & Legislation Potential Employees & Students Climate Demographics Suppliers & Procurement Financial Resources Own Operations Education – Core Operations Employees Governance Property Downstream Children & Students (End-users) Society Environment Dividend to shareholders MATERIAL TOPICS 1. Climate change mitigation 2. Equal treatment 3. Diversity, equity & inclusion 4. Privacy 5. Work-life Balance 6. Education – Affected communities (entity-specific) 6. Education – End-users (entity-specific) 7. Corruption & bribery 8. Whistleblower protection ===== SIDA 48 ===== 48 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Resource use and circular economy have been omitted, as AcadeMedia’s material assessment has found them to be non-material. The analysis covered both own operations and upstream and downstream activities without any material impact, risk or opportunity being identified. AcadeMedia is not engaged in production; it is a labour-intensive activity that mainly takes place in buildings in urban environments, which means very limited direct intervention in ecosystems, shared natural resources or biodiversity. Impacts mainly occur upstream via purchasing (for example, of food) and transport (in the form of travel). Direct impact mainly arises in the form of waste from school activities, in particular food waste, paper consumption and end-of-life IT equipment. However, this impact is minor , which is why the topic was not assessed as material in the double materiality assessment performed. As E2 – E5 were not considered material, no specific consultations have taken place with affected communities. However, the areas have been included in the stakeholder dialogue, where they were also assessed as non-material to AcadeMedia. No scenario analysis for biodiversity has been carried out, and neither have Life Cycle Analyses (LCAs), Material Flow Analyses (MFAs) or scenario analyses. An indirect potential positive impact has been identified in the form of the role of education in raising awareness of pollution (E2), water and marine resources (E3), biodiversity and ecosystems (E4) and resource use and circular economy (E5). However, this is not considered as material in the context of the ESRS, but is addressed within the curriculum of each programme. Description of the process to determine and assess material impacts, risks and opportunities G1.IRO-1 Business conduct is a central element of AcadeMedia's business and is based on acting in accordance with laws and international guidelines in our operations. Compliance is crucial in terms of both avoiding legal and financial risks and securing our long-term ability to attract and retain competent staff. We are committed to a corporate culture that protects human rights, fights corruption and guarantees whistleblower protection. This is vital if we are to enjoy trust as an education provider, and is an important part of our social strategy (see S1 – Own workforce). As will be clear from our overarching process, we have combined dialogues with internal and external stakeholders in order to identify and assess material impacts, risks and opportunities (IROs). We also regularly assess conditions in the sector, business relationships and applicable regulations. One particularly important area has been to identify potential privacy-related impacts, risks and opportunities. Stakeholder dialogues emphasise that our ethical compass is crucial, in terms of both the ability to address management of IROs identified in other sustainability areas and to build trust. This enables us to ensure both compliance and continuous improvement. Material impacts, risks and opportunities, and their interaction with strategy and business model SBM-3 Through AcadeMedia’s double materiality assessment, material impacts, risks, and opportunities (IROs) within the Group’s own operations and across both the upstream and downstream segments of the value chain were identified. The material topics identified are summarised in the table on page 50. They are grouped into eight overarching material topics, each of which is explored in greater detail in dedicated sections in the sustainability statement. These sections provide explanations of how each material topic and its associated IROs affect AcadeMedia’s strategy and business model, as outlined in the Administration Report, and how these IROs are managed. For ease of reference, the table alongside offers a summary of how each material topic aligns with the Group’s strategic objectives and business model. At present, no material IROs are expected to have financial effects material enough to require adjustments to the carrying amounts for AcadeMedia’s assets or liabilities during the next annual accounting period. Details of the climate resilience analysis conducted are provided in the section on climate change action. As regards the remaining material topics, management believes that the existing strategy and business model show sufficient resilience to address the material risks and impacts identified, while also enabling the organisation to capitalise on the opportunities concerned, as discussed in the respective sections. The list of IROs outlines sustainability matters that, if not addressed properly, may cause adverse effects to individuals (negative impacts) or negatively affect AcadeMedia’s business (risks). Conversely, impacts may also be positive, and certain sustainability matters may give rise to potential positive financial effects (opportunities) Disclosure Requirements in ESRS covered by the undertaking’s sustainability statements IRO-2 The material topics, along with detailed descriptions of their associated impacts, risks, and opportunities, are outlined in the following sections under three main categories: Environmental disclosures, Social responsibility disclosures and Corporate governance disclosures. Compliance with disclosure requirements in the Company’s sustainability statements A comprehensive list of the ESRS disclosure requirements observed in the preparation of AcadeMedia’s sustainability statements is provided in the reference table on page 65. Disclosures are considered material when relevant to AcadeMedia’s business activities. They provide meaningful insight into our policies, actions, metrics and targets, as relating to our material impacts, risks and opportunities. AcadeMedia’s sustainability statement also includes entity- specific disclosures on our impacts on society (S3) and our end-users (S4), as the IROs identified in these areas are not explicitly covered by the ESRS framework. Data points derived from other EU Legislation In additional, a list of data points required under other EU legislation is presented on page 66, offering a summary of the relevant information provided. Topics considered but not deemed material As part of AcadeMedia’s double materiality assessment and process under the Swedish Annual Accounts Act, we have assessed potential impacts on human rights, working conditions, equal opportunities and labour rights across the value chain. Particular attention has been focused on the assessment of engagements, direct or indirect, in high- risk countries where such issues may be more prevalent. Based on this year’s assessment, we have concluded that these areas do not give rise to material impacts, risks, or Picture taken at Joki preschool, Germany. ===== SIDA 49 ===== 49 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION opportunities. AcadeMedia’s core business and our supplier relationships are primarily based in Northern Europe, where regulatory frameworks for human rights are generally more robust. AcadeMedia remains committed to upholding the rights of workers throughout its upstream and downstream value chain, and to continuously mitigating any adverse impacts of our operations. Assessment of materiality of disclosures The disclosures in this sustainability statement are considered material, either if provided on the basis of mandatory requirements under relevant ESRS or if providing more in-depth insight into AcadeMedia’s material impacts, risks and opportunities. This includes descriptions of how impacts, risks and opportunities are addressed through policies and actions, which indicators are used to monitor performance and background information to facilitate understanding of the data presented. Policies and actions All policies adopted to manage the impacts, risks, and opportunities (IROs) associated with AcadeMedia’s material sustainability matters are outlined in the relevant thematic and entity-specific sections of this sustainability statement. These sections also Include the actions taken and resources allocated in response to the IROs identified. AcadeMedia has established policies and action plans for practically all material IROs related to its own operations. Some policies are in the implementation phase, for example in the form of training programmes and employee buy-in. AcadeMedia continues to assess how best to allocate resources to implement its strategy effectively, with due consideration given to the IROs linked to each material sustainability matter. A list of the policies concerned is presented in the table, left. Metrics and targets The sustainability team, in consultation with the steering committee and the parts of the organisation concerned, have defined key performance indicators (KPIs) for each material impact, risk and opportunity identified through the materiality assessment, as summarised in the overview below. An overview of data is presented in the table, left, while further relevant metrics and more detailed information are provided in the thematic sections of the sustainability statement. AcadeMedia has not yet set specific targets, but we are continuously assessing initiatives and their impact at the relevant management level. This is done within the framework of established processes and functions that bear day-to-day responsibility for ensuring compliance with the Company's policies. The process is also supported through regular dialogues and the channels available for raising concerns. The selected KPIs are used above all to measure progress over time. This helps to assure continuous improvement in AcadeMedia’s sustainability performance. The approach aligns with AcadeMedia’s commitment to upholding a strategic focus and addressing sector-specific priorities. Any abbreviation is explained in the section concerned of the ESRS. A list of material IROs, classified by sustainability matter is presented in the table below, on page 50. For further information, see the topic and entity-specific sections of this Sustainability statement. Gaps AcadeMedia conducted its first double materiality analysis at the end of the 2023/24 financial year, followed by an assessment of data points related to material impacts, risks, and opportunities. During the process, certain data points were identified as inconsistent or incomplete. This resulted in a list of gaps. These gaps are disclosed in each of the ESRS sections concerned. MATERIAL SUB-TOPIC* EXAMPLES OF METRICS (KPIS) POLICIES ENVIRONMENT 1. Climate change mitigation Reduction of Scopes 1, 2 and 3 carbon dioxide emissions Environment & climate policy MATERIAL SUB-TOPIC* EXAMPLES OF METRICS (KPIS) POLICIES SOCIETY 2. Equal treatment Annual employee survey Code of Conduct 3. Diversity & actions against violence Gender pay gap, employee age Code of Conduct 4. Privacy Number of incidents Information security policy 5. Work-life balance Collective bargaining, social security system Union agreements Roadmap 2030 Local policies and guidelines 6. Education Quality KPIs Roadmap 2030 Local laws on education sector Local curricula 6. Grading Deviation from national standards Local laws for education sector Local curricula 6. Student health Perception of safety Local laws for education sector Local curricula MATERIAL SUB-TOPIC* EXAMPLES OF METRICS (KPIS) POLICIES CORPORATE GOVERNANCE 7. Corruption & bribery Number of incidents Number of training sessions completed Code of Conduct Procurement policy 8. Whistleblower protection Number of incidents Whistleblower policy Code of Conduct *The numbers preceding the sub-topic aligns with the table on page 50. ===== SIDA 50 ===== 50 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION # ESRS ACTIVITY CONCERNED DESCRIPTION OF MATERIAL IRO IDENTIFIED VALUE CHAIN IRO TIME HORIZON ACTUAL/ POTENTIAL S3 – Affected communities 6 Entity-specific – Education Education Our core business helps to advance knowledge and educates the citizens of the future. Downstream Impact (positive) Long term Actual AcadeMedia’s reputation may suffer if we cannot live up to the expectations placed on the Group’s core business and are unable to deliver good education to children, students and adult education participants. Downstream Risk Long term – S4 - End-users 6 Entity-specific – Education Grading Incorrect grading of students’ performance and knowledge may impact equal conditions for other students seeking entry to higher education, leading to reputational damage and loss of trust among stakeholders. Downstream Impact (negative) Short term Potential Education Our core business helps to advance knowledge and educates the citizens of the future. Downstream Impact (positive) Long term Actual By continuously developing the quality of our education programmes, we enhance our attractiveness as an education provider and improve our ability to attract and retain students across all segments. Downstream Opportunity Long term – Student health Failure to support student well- being and adapt the learning environment may hinder their ability to participate and succeed in education. Downstream Impact (negative) Short term Potential G1 – Business conduct 7 Corruption & bribery Impacts of bribery incidents Reputational damage due to cases of corruption or bribery. Upstream Risk Medium term – 8 Whistleblower protection Reporting, management and follow-up activities Impact on people due to inability to protect the identity of the whistleblower. This may lead to personal impact for the individual and damage the Company. Own Operations Impact (negative) Medium term Potential # ESRS ACTIVITY CONCERNED DESCRIPTION OF MATERIAL IRO IDENTIFIED VALUE CHAIN IRO TIME HORIZON ACTUAL/ POTENTIAL E1 – Climate change mitigation 1 Emissions generated in Scopes 1–3 Emissions Climate change caused by GHG emissions from travel, purchases, heating and waste management. Upstream/Own operations Impact (negative) Short term Actual S1 – Own workforce 2 Equal treatment and opportunities for all Diversity and actions against violence and harassment in the workplace Operational activities and recruitment An employee or potential candidate experiences discrimination in the workplace or during the recruitment process. Own Operations Impact (negative) Short term Potential 3 Equal treatment and opportunities for all Diversity Strategic planning for own workforce AcadeMedia fails to strategically manage or fulfil specific diversity goals that impact the work environment Own Operations Impact (negative) Short term Potential 4 Other work- related rights – privacy Digital operations Exposure to possible harmful external threats and potential data privacy breaches. Own Operations Impact (negative) Short term Potential Leaking of privacy data. Own Operations Risk Short term – 5 Working conditions – Work- life balance & work environment Operational activities for all AcadeMedia employees Stress and other work-related issues that may also indirectly impact colleagues/team. Own Operations Impact (negative) Short term Potential Failure to offer good working conditions in line with policies, collective bargaining agreements or expectations from employees in general. Own Operations Impact (negative) Medium term Potential Leadership development and day-to-day work Inadequate leadership impacting employee well- being and reducing overall organisational efficiency. Own Operations Impact (negative) Medium term Actual Inadequate leadership negatively affecting employee well-being and reducing organisational efficiency. Own Operations Risk Medium term – Material impacts, risks and opportunities ===== SIDA 51 ===== 51 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION ENVIRONMENTAL DISCLOSURES E1 Climate change mitigation In autumn 2024, the Board adopted AcadeMedia’s Environment and climate policy to formalise our approach to environmental stewardship and sustainability. The policy provides a framework for managing our environmental responsibilities, ensuring that we act consistently, responsibly and in line with stakeholder expectations. Material impacts, risks and opportunities and their interaction with strategy and business model E1.SBM-3 AcadeMedia is firmly committed to mitigating climate change and we actively endeavour to reduce the negative environmental impact that arises from the Group’s greenhouse gas (GHG) emissions over the short, medium and long term. The impact of our Scope 1 and 2 GHG emissions is relatively minor, and manageable. The major share of the Group’s emissions fall within Scope 3, originating from suppliers’ activities, as well as from materials and components that cannot be substituted. Consequently, dialogue and collaboration with suppliers are critical to our ability to achieve our targets and reduce our environmental footprint. In terms of climate change adaptation, natural disasters and extreme weather events present potential negative impact to both AcadeMedia’s and its suppliers’ operations in the medium term. AcadeMedia’s operations have a critical societal function. Education and schools are considered a part of the total defence system. Even if external circumstances may affect AcadeMedia’s operations, we can adapt quickly to meet our societal obligations. For example, during the pandemic, AcadeMedia quickly adapted our operations to provide our education services digitally and ensure that our students received proper education. Based on the overarching climate scenario analysis (see 1.IRO–1), we have also assessed the resilience of our business strategy and business model in terms of the risks posed by climate-related natural disasters. AcadeMedia is at present considered resilient to the existing level of risk. Through the Group’s established continuous risk management processes, both present and future risks are assessed and managed. Specific measures to reduce the risk of disruption due to future climate scenarios have been analysed. These measures are described in the following sections, and will be implemented if judged necessary. Transition plan for climate change mitigation E1-1 At present, AcadeMedia does not have a formal transition plan in place to align the Group’s strategy and business model with the shift towards a sustainable economy and the goal of limiting global warming to 1.5 degrees Celsius, as set out in the Paris Agreement. However, in 2024 AcadeMedia took some important first steps. We initiated the collection of greenhouse gas (GHG) data and embarked on the assessment of the pathway towards developing a comprehensive transition plan, informed by the greater depth of disclosures established during the year. We will continue to focus on implementation in the next few years. Looking ahead, AcadeMedia is committed to lowering its environmental impact by setting reduction targets with associated action plans. Key measures include increasing the proportion of energy sourced from fossil- free alternatives, optimising energy efficiency across the organisation and consolidating procurement activities to reduce the volume of transport. We also intend to continue to promote efforts to engage students by stimulating awareness and participation to create positive impact down the value chain. Policies related to climate change mitigation and adaption E1-2 In 2024, AcadeMedia adopted an environment and climate policy that reflect our commitment to mitigate climate change and improve energy efficiency across the organisation. The policy supports the transition to a low-carbon economy and addresses both transitional and physical climate-related risks. AcadeMedia’s policy is built on four main principles: • The precautionary principle: We are committed to take a precautionary approach to decisions that may adversely affect the environment. Against that background, we evaluate potential risks and choose options with the least damaging impact. We are continuously striving to act preventively and adapt our operations to a changing climate, and to prepare for the challenges posed by global warming. • The substitution principle: Wherever possible, AcadeMedia endeavours to substitute products and services with more environmentally friendly alternatives. This includes opting for renewable energy sources, recyclable materials and sustainable transport, as well as working with suppliers who share our vision of a sustainable future and who operate according to our Code of Conduct. • Resource efficiency: We make conscious choices to optimise resource use, minimise waste and reduce our carbon footprint. This involves setting and monitoring annual climate targets, taking resource efficiency and environmental perspectives into account in our decisions and reducing our carbon emissions through climate- smart solutions. • The learning principle: Through educational content at preschool, compulsory school, upper secondary school and adult education levels, sustainability is integrated into our programmes. We encourage our students to develop a deep understanding of environmental and climate issues and play a part in informing a generation that is equipped to face the challenges of the future. To address financial risks identified, particularly the risk of not meeting stakeholder expectations for climate action, we are working actively to reduce our business travel- related emissions. Where travel is necessary, low-emission transport modes must be considered when feasible. Actions and resources in relation to climate change policies E1-3 While we have implemented key foundational policies, our climate mitigation efforts are still in an early phase. We are currently developing a comprehensive overview of our organisation-wide carbon footprint. This effort will enable additional areas for emissions reduction to be identified, beyond our current focus on renewable energy and travel. AcadeMedia is in the process of building a robust GHG emissions data infrastructure, which will support future target setting and enable informed decisions to be taken in line with the requirements of ESRS and the Swedish Annual Accounts Act. AcadeMedia’s current mitigation actions are aligned with the environmental impacts identified in the Company’s environment and climate policy, with a primary focus on reducing emissions arising from energy consumption. These actions were initiated prior to the introduction of the new reporting requirements, demonstrating our early commitment to climate responsibility. To address AcadeMedia’s energy-related impacts, measures have been implemented to increase the share of renewable energy used in operations. Specifically, AcadeMedia is prioritising the transition to green energy in our premises, to ensure that the electricity used across AcadeMedia’s operations is sourced from renewable energy suppliers. These actions support AcadeMedia’s overarching objective to reduce the organisation’s carbon footprint and are contributing to the transition towards a low-carbon economy. Although GHG emissions from the Group’s operations are currently assessed as non-material from a financial perspective, we remain committed to acting as a responsible corporate citizen. On that basis, we continue to take climate change mitigation actions and intend to expand our efforts in the years ahead, initiating a proactive strategy for transparency and collaboration. AcadeMedia’s climate- related responsibilities are currently integrated into existing business functions, and the resources required to manage this work are regarded as moderate. At this stage, AcadeMedia does not foresee any need for significant additional resources in order to implement the next phases of its climate action plans. Metrics and targets related to climate change mitigation and adaption E1-4 AcadeMedia has not yet adopted any formal, quantified GHG emission reduction targets, as we are still in the process of building a comprehensive and reliable emissions database. This foundational work is a prerequisite for setting targets that align with EU climate objectives. However, our overriding ambition is to continuously reduce the Group’s carbon footprint, particularly in relation to energy consumption, business travel and AcadeMedia’s upstream value chain. In the near term, the focus is on • increasing the share of renewable electricity across all operations • further reducing the energy intensity of the organisation, including offices, schools and digital infrastructure • expanding the reach and relevance of our GHG calculation tool to support in-house decision-making • enhancing the quality and scope of emissions data, including via review of Scope 3 categories such as purchased goods and services, commuting, and downstream consumption. AcadeMedia aims to establish targets once its emissions baseline is validated. These will include prioritised actions for reductions, in line with AcadeMedia’s Roadmap 2030, the EU Climate Act and the 1.5°C target. ===== SIDA 52 ===== 52 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Gross Scopes 1, 2, 3 and total GHG emissions E1-6 We calculate AcadeMedia's greenhouse gas emissions in accordance with ESRS. The calculations are based on the Greenhouse Gas Protocol. In accounting for greenhouse gas (GHG) emissions and pollution, we have determined the scope of consolidation on the basis of operational control. The recent acquisition of a school business in Germany (in May) has not been included, as the business is not yet fully integrated into our operational systems and therefore cannot be reliably reported in this reporting period. In drawing up an inventory of buildings, offices and service vehicles for inclusion in the calculation of Scopes 1 and 2, no threshold has been applied. Total Group emissions, comprising Scope 1, Scope 2 (market- based) and Scope 3, totalled 77,170 metric tonnes of carbon dioxide. Around 20 percent of the total emissions are caused by energy consumption at our schools (Scope 2). Within Scope 3, the largest share of emissions, 37 percent, arises from purchased goods and services, with food accounting for the largest portion. Employee commuting is the second-largest source, at 24 percent. An extensive employee survey was conducted in spring 2025, involving 2,463 respondents. The average commuting distance among participants was 38 km per day, with car travel representing approximately 35 percent of the total distance. This indicates that commuting is a key source of emissions in the upstream sector. Methodology by Scope Scope 1 – Direct emissions: Includes emissions from sources owned or controlled by AcadeMedia, such as vehicles, freezers and refrigerators. Emissions are calculated on the basis of direct measurements of GHG emissions from pipe leakages, and on measurements of GHG emissions based on distance in kilometres travelled by each vehicle. Emission factors are primarily sourced from UK DEFRA, UK DESNZ, and the International Energy Agency (IEA). Scope 2 – Indirect Emissions (Purchased Energy) Includes indirect emissions from purchased and consumed energy, such as electricity and heating on AcadeMedia’s premises. Total Scope 2 energy consumption amounted to 199 thousand MWh. Around 25 percent of total energy consumption is based on actual energy use, mainly electricity. The remaining 75 percent is based on estimates, mainly per square metre. Leased properties account for the major share of energy use, which in many cases is included in the monthly payments to the lessor. This means that the supply of the energy actually consumed is often fragmented and spread over several different sources. Given this fragmentation, obtaining reliable and comprehensive data is challenging. In calculating gross Scope 2 GHG emissions, both the location-based and market-based approaches have been applied, as provided for in the Greenhouse Gas Protocol. • The market-based approach calculates emissions based on the specific energy sources actively chosen. Around 70 percent of energy consumed was supplied from renewable sources. The remaining 30 cent is of unknown origin and therefore assumed to originate from non- renewable energy sources. All the electricity from sources that AcadeMedia controls in Sweden – some 23 thousand MWh – is renewable and labelled with guarantees of origin from the Swedish Energy Agency. This represents approximately 12 percent of total energy consumption. In the case of the share of the energy consumption where an active choice is not available GHG emissions have been calculated using the residual mix provided by the Association of Issuing Bodies (AIB). • The location-based approach has calculated emissions based on the average energy mix and emissions intensity of the electricity grid where the energy is consumed, multiplied by energy consumption identified for AcadeMedia (199 thousand MWh). The methodology thus reflects the overall energy mix in the region and takes no account of AcadeMedia's own purchasing decisions. Emission factors by region are provided by the Association of Issuing Bodies (AIB). Scope 3 – Other Indirect Emissions Includes all other indirect emissions produced in AcadeMedia’s value chain. Emissions are calculated via two methodologies: i) a transaction-based (spend-based) methodology, and ii) an activity-based methodology. Emission factors are primarily sourced from Exiobase. More details on each category are provided below. • Category 1 – Calculations for goods and services purchased are based on a combination of spend-based and activity-based methodologies. Includes purchases such as food and teaching materials. TOTAL GHG EMISSIONS Retroactive Years for milestones and targets (tonnes CO2e unless stated otherwise) Base year 2024/25 2023/24* Change 2025 2030 2050 Annual % target / Base year Scope 1 GHG emissions Gross Scope 1GHG emissions – 382 – – – – – – Biogenic carbon dioxide emissions Scope 1 – 24 – – – – – – Percentage of Scope 1 GHG emissions from regulated emission trading schemes – – – – – – – – Scope 2 GHG emissions Location-based Scope 2 GHG emissions; – 8,770 – – – – – – Market-based Scope 2 GHG emissions – 14,575 – – – – – – Biogenic carbon dioxide emissions Scope 2 – 2,875 – – – – – – Significant Scope 3 GHG emissions Total indirect Scope 3 emissions – 62,213 – – – – – – Biogenic carbon dioxide emissions Scope 3 – 261 – – – – – – Percentage of emissions calculated on basis of primary data – 14% 3.1 Goods and services purchased – 28,727 – – – – – – 3.2 Capital goods – 4,425 – – – – – – 3.3 Fuel- and energy-related activities (not included in Scopes 1 or 2) – 6,325 – – – – – – 3.4 Upstream transportation and distribution – 419 – – – – – – 3.5 Waste generated in operations – 432 – – – – – – 3.6 Business travel – 3,224 – – – – – – 3.7 Employee commuting – 18,625 – – – – – – 3.15 Investments – 36 – – – – – – Total GHG emissions Total GHG emissions (location-based) – 71,365 – – – – – – Total GHG emissions (market-based) – 77,170 – – – – – – GHG Intensity based on net sales Net sales (MSEK) – 18,993 – – – – – – Total GHG emissions (location-based) per net sales (tCO2eq/monetary unit) – 3.76 – – – – – – Total GHG emissions (market-based) per net sales (tCO2eq/monetary unit) – 4.06 – – – – – – * The GHG emissions table does not include historical information, as no historical data is available. The GHG emissions table does not include information on milestones and targets, as no targets were adopted in 2024/25. * The GHG emissions table does not include retroactive information, as no historical data is available. The GHG emissions table also does not include information on milestones and targets, as no such targets were adopted in 2024/25. • Category 2 – Calculations for capital goods are based on a combination of spend-based and activity-based methodologies. Includes items such as computers, IT equipment and investments in property. • Category 3 – Calculations for fuel and energy-related activities are based on upstream emission factors from energy production, transportation and transmission. • Category 4 – Calculations for upstream transport and distribution are based on the spend-based methodology. • Category 5 – Calculations for waste are based on a combination of spend-based and activity-based methodologies. • Category 6 – Calculations for business travel are based on a spend-based methodology. ===== SIDA 53 ===== 53 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION • Category 7 – Calculations for employee commuting are based on the total number of employees at AcadeMedia, a commuting survey involving 2,463 respondents among employees in Sweden and actual commuting data for employees in the Netherlands. • Category 15 – Investments (unlisted holdings): Emissions deriving from investments in various assets, including unlisted holdings. Emissions are estimated using emission factors from Exiobase. In the reporting for 2024/25, Scope 3 categories 3.8–3.14 have not been included. These include the onward distribution, processing, utilisation and final disposal of products sold, as well as franchising and leased assets. The Company's core business consists of educational services, where these categories are not relevant. AcadeMedia operates a small publishing business representing approximately 0.5 percent of total sales. This business has been assessed but regarded as not material in relation to the Group's overall climate impact. Impacts from the distribution, use and final disposal of printed materials are therefore excluded from the reporting. Emission Intensity GHG emission intensity is calculated as total annual GHG emissions, divided by Group net sales. This metric provides comparability and enables progress over time in relation to growth in the organisation to be tracked. Net revenue (other) in the table below relates to acquisitions not included in the GHG calculation for this reporting period, as these activities have not yet been fully integrated into our operational systems. (SEK m.) 2024/25 Net revenue used to calculate GHG intensity 18,993 Net revenue (other) 28 Total net revenue (in financial statements) 19,021 The EU taxonomy To support the EU’s climate objective of achieving carbon neutrality by 2050, and to facilitate the identification of environmentally sustainable economic activities, the EU has introduced its Taxonomy Regulation. This common framework is designed to define and promote investments in sustainable activities across the Union. AcadeMedia’s operations are subject to the reporting requirements laid down in the Taxonomy Regulation. Education is included as an economic activity related to environmental objective 2, but as AcadeMedia's primary purpose of education is not to contribute to climate adaptation or become more resilient to environmental change, the Company does not fall within the scope of that economic activity. Because our operations currently lack defined technical screening criteria defined in the taxonomy our reporting is limited. Nonetheless, we firmly believe that our core activity, education, plays a vital role in the transition to a more sustainable society. Comments on KPIs and accounting policies Turnover Turnover under the Taxonomy is the same as net sales in the Group’s income statement. AcadeMedia’s operations consist of education provision. Because the education we provide currently lacks defined technical screening criteria defined in the taxonomy, 0 (zero) percent of AcadeMedia’s turnover is considered to be taxonomy-eligible. Investments (CapEx) Total investments (CapEx) as defined by the EU Taxonomy include investments in property, plant and equipment and intangible fixed assets (see Notes G15 and G17) made during the financial year, including through acquisitions of sub - sidiaries, with the aim of increasing the value of assets on the balance sheet. CapEx also includes new and amended lease agreements that are recognized as right-of-use as - sets (see Note G18). AcadeMedia has deemed that the portion of CapEx that is related to owned but primarily new and modified leased premises, which are reported as right-of-use assets, is taxonomy-eligible, Annex I, 7.7 “Acquisition and ownership of building”. Taxonomy-eligible capital expenditure amounts to 85 percent (90) of total capital expenditure. The change from the preceding year is mainly due to investments via acquisitions in the preceding year. ACADEMEDIA’S OPERATIONS AS PER THE EU SUSTAINABLE INVESTMENT TAXONOMY SEK millions Total Share of activities not included in the taxonomy (not taxonomy- eligible) (%) Share of economic activities that are taxonomy-eligible but not environmentally sustainable (%) Share of economic activities that are taxonomy-eligible and environmentally sustainable (%) Turnover 19,021 100% – – CapEx 2,096 15% 85% – OpEx 171 100% – – During the year, we started work on compiling data – e.g. on the primary energy requirement and data on climate risk assessments – in order to identify where our impact can be most effective and to determine whether our property investments meet section 7.7 of the Taxonomy criteria. We identify a significant challenge in obtaining reliable data to ensure compliance with the criteria for Taxonomy compatibility. Since AcadeMedia for the most part leases its premises, responsibility for climate risk assessments and energy efficiency measures lies with the property owners. However, as a tenant, AcadeMedia plays an important role in pointing property owners towards more sustainable solutions. Due to the lack of relevant information required to reliably determine whether investments meet all requirements for classification as taxonomy-aligned—that is, contributing substantially to environmental objectives and not causing significant harm to other environmental objectives—these investments are reported as not taxonomy-aligned. Operating expenditure (OpEx) Total operating expenditures (OpEx) according to the Taxonomy’s definition include costs for the maintenance of property, plant and equipment and short-term lease agreements. These costs are reported under Other external expenses in the income statement. AcadeMedia has elected not to assess the taxonomy- alignment of OpEx, in accordance with the Taxonomy’s exemption for non-material operating expenses. Social minimum safeguards One of the prerequisites for an economic activity to be classified as taxonomy-aligned is that the Group meets the criteria for what are termed social minimum safeguards. These are intended to ensure that sustainable activities also respect fundamental human rights, workers’ rights and principles regarding anti-corruption, taxation and fair competition. AcadeMedia works actively to meet these requirements through our efforts in business ethics and supplier monitoring. Operations are conducted in line with international guidelines such as the UN Global Compact (the ten principles) and the ILO core conventions. We also strive to contribute to the UN Sustainable Development Goals 2030 Agenda. We conduct an annual risk analysis to identify and manage material risks. The Board adopts a code of conduct for our employees that includes social responsibility requirements. AcadeMedia’s Code of Conduct is the core of the Group’s ethical framework, which provides guidance to employees regarding their ethical conduct and their interactions with both colleagues and external stakeholders. We also have a whistleblower policy adopted by the Board, and a whistleblower function in all countries Guidelines on tax management are set out in our financial handbook. They are based on compliance with applicable rules in the countries where we operate, acting in a businesslike manner and avoiding grey areas and transactions that solely aim to minimize tax costs. Nuclear energy and fossil gas-related activities AcadeMedia's activities have no connection with coal, oil or gas. ===== SIDA 54 ===== 54 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Share of economic activities aligned with the requirements of the taxonomy Share of turnover from products or services associated with economic activities aligned with the requirements of the taxonomy Criteria for substantial contribution Criteria for do not cause significant harm (DNSH) Economic activities Code/ codes Absolute turnover Share of sales Climate change mitigation Climate change adaptation Water and marine resources Circular economy Pollution Biodiversity and ecosystems Climate change mitigation Climate change adaptation Water and marine resources Circular economy Pollution Biodiversity and ecosystems Minimum protection measures Taxonomy-aligned (A1), or not, share of turnover (A2), 2024/25 Taxonomy-aligned (A1), or not, share of turnover (A2), 2023/24 Category (enabling activity or not) Category (transitional activity) SEK millions % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T A. Taxonomy-eligible activities A.1. Environmentally sustainable (taxonomy-aligned) activities Sales from environmentally sustainable (taxonomy-aligned) activities (A.1) – – – – – – – – – – – – – – – – – – – A.2 Activities that are taxonomy-eligible but not environmentally sustainable (not taxonomy-aligned) Turnover from activities that are taxonomy-eligible but not environmentally sustainable (not Taxonomy-aligned) (A.2) – – – – – – Total (A.1 + A.2) – – – – – – B. Activities that are not taxonomy-eligible Sales from activities that are not taxonomy-eligible (B) 19,021 100% Total (A + B) 19,021 100% ===== SIDA 55 ===== 55 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Share of CapEx for products or services associated with economic activities that are taxonomy-aligned Criteria for substantial contribution Criteria for do not cause significant harm (DNSH) Economic activities Code/ codes Absolute CapEx Percentage of CapEx Climate change mitigation Climate change adaptation Water and marine resources Circular economy Pollution Biodiversity and ecosystems Climate change mitigation Climate change adaptation Water and marine resources Circular economy Pollution Biodiversity and ecosystems Minimum protection measures Taxonomy-aligned (A1), or not, share of turnover (A2), 2024/25 Taxonomy-aligned (A1), or not, share of turnover (A2), 2023/24 Category (enabling activity or not) Category (transitional activity) SEK millions % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T A. Taxonomy-eligible activities A.1. Environmentally sustainable (taxonomy-aligned) activities Turnover from environmentally sustainable (taxonomy-aligned) activities (A.1) – – – – – – – – – – – – – – – – – – – A.2 Activities that are taxonomy-eligible but not environmentally sustainable (not taxonomy-aligned) Acquisition and ownership of buildings 7.7, CCM 1,776 85% CapEx for activities that are taxonomy- eligible but not environmentally sustainable (not taxonomy-aligned) (A.2) 1,776 85% 85% 90% – – Total (A.1 + A.2) 1,776 85% – – – – B. Activities that are not taxonomy-eligible CapEx for activities that not taxonomy- eligible (B) 320 15% Total (A + B) 2,096 100% ===== SIDA 56 ===== 56 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Share of OpEx for products or services associated with economic activities aligned with the requirements of the taxonomy Criteria for substantial contribution Criteria for do not cause significant harm (DNSH) Economic activities Code/ codes Absolute OpEx Percentage of OpEx Climate change mitigation Climate change adaptation Water and marine resources Circular economy Pollution Biodiversity and ecosystems Climate change mitigation Climate change adaptation Water and marine resources Circular economy Pollution Biodiversity and ecosystems Minimum protection measures Taxonomy-aligned (A1), or not, share of turnover (A2), 2024/25 Taxonomy-aligned (A1), or not, share of turnover (A2), 2023/24 Category (enabling activity or not) Category (transitional activity) SEK millions % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T A. Taxonomy-eligible activities A.1. Environmentally sustainable (taxonomy-aligned) activities Turnover from environmentally sustainable (taxonomy-aligned) activities (A.1) – – – – – – – – – – – – – – – – – – – A.2 Activities that are taxonomy-eligible but not environmentally sustainable (not taxonomy-aligned) OpEx for activities that are taxonomy- eligible but not environmentally sustainable (not taxonomy-aligned) (A.2) – – – – – Total (A.1 + A.2) – – – – – B. Activities that are not taxonomy-eligible OpEx for activities that are not taxonomy- eligible (B) 171 100% Total (A + B) 171 100% ===== SIDA 57 ===== 57 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION SOCIAL DISCLOSURES S1 Own workforce AcadeMedia’s employees are the very heart of the Company’s business. Employees are individuals engaged under either permanent or temporary employment contracts, including interns. Non-employee workers are external contingent personnel contracted to support core business operations. In this report, the term “workforce” encompasses both employees and non-employee workers. Unless otherwise specified, all policies and actions outlined in sections S1-1, S1-2, and S1-3 apply to the entire workforce. All other sections refer exclusively to employees according to ESRS reporting standards. Material impacts, risks and opportunities, and their interaction with strategy and business model S1. SBM-3 AcadeMedia is committed to supporting our employees’ personal and professional development and strives to foster an inclusive culture where every individual employee feels valued and empowered. AcadeMedia provides equal career opportunities to all employees, irrespective of factors such as gender, age or location. All permanent employees, freelancers and contractors may be exposed to various impacts resulting from AcadeMedia’s operations, as outlined in the table of IROs. While the challenges inherent in the education sector may have negative impacts, AcadeMedia’s initiatives seek to deliver positive outcomes for the entire workforce. The material topics addressed in the sustainability statement include equal treatment and equal opportunities for all, other work-related rights and working conditions – all areas that have been identified for their potentially material impact on employees. AcadeMedia places particular emphasis on diversity issues, actions against violence and harassment as well as the work environment, recognising these as essential in terms of fostering a truly supportive environment. AcadeMedia values social dialogue, freedom of association, workers’ rights and collective bargaining as vital mechanisms for bringing various perspectives to the fore. We also recognise that leadership and working conditions play a crucial role. As a result, we invest substantially in both employee development and their contributions to society while at the same time encouraging a healthy work-life balance. In the context of AcadeMedia’s business model, the topics of adequate housing, child and forced labour, as well as secure employment, have been assessed and are considered non- material. Employee engagement, leadership quality and operational excellence are central aspects of AcadeMedia’s educational mission and our value proposition to students, parents and other stakeholders. Having a motivated workforce that feels good about itself is important in terms of providing high-quality education programmes. This also promotes AcadeMedia's long-term growth, profitability and reputation, and is important in terms of employees' job satisfaction. With close to 24,000 employees working in a digital environment, we recognise the potential for negative impact arising from data privacy incidents leading to leakage of confidential data. No formal transition plans are currently in place regarding workforce initiatives, other than further implementation of training initiatives and strengthening of internal control measures to mitigate potential negative impacts and support continuous improvement. Policies related to own workforce S1-1 In November 2024, AcadeMedia’s Board of Directors adopted a new Group-wide Code of Conduct. Implementation of and training in the Code of Conduct have started and will continue throughout 2025. This training is designed for all employees and is intended to be incorporated into the employee onboarding process. A detailed plan for responsibility and follow-up will be prepared in conjunction with the launch of the training initiative. Alongside the Code of Conduct, an information security policy has been developed to help us achieve our overall vision, strategies and objectives. While we maintain several policies and action plans concerning our own workforce, without exception and regardless of specific groups, Group-wide data collection remains incomplete and inconsistently aligned. All policies are available on the Company's intranet. Group-wide policies are subject to approval by the Board, which bears overall responsibility for the policies. Any problems are reported via country-specific procedures and if necessary addressed through the Company’s emergency action plan. Potential impacts on human rights are monitored on an ongoing basis through AcadeMedia’s annual employee survey, which gauges employee wellbeing and identifies any negative impacts. Outcomes are followed up by AcadeMedia’s Human Resources department, and action plans are in place to address any negative impacts. The Group has incorporated its workplace accident prevention policy into the Code of Conduct, in the section ”Labour Law and Work Environment,” emphasising our commitment to creating a safe, healthy and threat-free work environment. Follow-up systems are managed on a national basis; for instance, Sweden introduced the “IA” system in 2024. Anti-discrimination policies have also been embedded into the Code of Conduct, in the “Human Rights” section, affirming that all employees, children, students, guardians, adult education participants and other stakeholders must be treated respectfully. The Group maintains zero tolerance towards any form of discrimination based on ethnic origin, colour, gender, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction, social origin or any other characteristic protected under EU or national legislation. Additional country-specific policies may be introduced where necessary. Procedures for liaising with employees and their representatives regarding impacts S1-2 AcadeMedia promotes active employee engagement through multiple channels. Employee representatives sit on the Board of Directors, and the Company maintains a continuous, structured dialogue with trade unions, including regular collaboration with the Swedish Teachers’ Association at both local and central levels. An annual employee survey is carried out to collect feedback that forms the basis for targeted initiatives and continuous improvements. A dedicated Teachers’ Council further underpins employee dialogue. Staff engagement is fostered through various forums, including professional networks, training initiatives, thematic meetings and local activities within our schools and business units. Engagement is daily practice at local level, supported systematically at operational level by the Human Resources department. Executive Management bears overall responsibility for staff engagement. Management monitors the annual survey, analyses the findings and decides on any actions to improve the work environment. Employee views are gathered through questionnaire-based surveys, pulse surveys, local complaints mechanisms and our whistleblower system. Key HR indicators, such as sick leave rates, are also monitored to assess workplace satisfaction and well-being. While AcadeMedia does not centrally monitor employees’ particular needs in order to prevent potential discrimination, our survey findings, broken down by gender and age, enable targeted interventions where appropriate. Processes to remediate negative impacts and channels for own workforce to raise concerns S1-3 AcadeMedia operates a robust whistleblower system in accordance with European legislation, notably the Whistleblower Directive (2019/1937). All cases are handled confidentially to protect the identity of the whistleblower, with investigations conducted solely by specially appointed internal or external parties. Personal data is shared only with those directly involved and is deleted once the case is closed. External reporting channels are detailed within country-specific annexes, as well as in country-specific requirements. In Sweden, an external reporting tool is used. The tool is available internationally, although full implementation remains in progress. Less serious concerns are dealt with through local grievance procedures or via dialogue with Human Resources, immediate supervisors or managers. AcadeMedia has established several separate channels and processes to reflect the nature and severity of concerns. The details of the whistleblowing procedure are published on AcadeMedia’s websites, with ongoing work to ensure visibility across international platforms. Employee awareness of these channels is measured, for example, through the annual employee survey in Sweden, which consistently shows high levels of awareness and satisfaction regarding support for issues such as threats, violence, sexual harassment and victimisation. ===== SIDA 58 ===== 58 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION ESRS sub-topic Action Taken Purpose Outcome 2024/25 Work-life balance – leadership Talent and mentorship programmes for identified future leaders Prepare employees for senior leadership roles and secure future management capacity More internal promotions; structured career progression pathways Equal treatment & diversity Monitor diversity, inclusion and work-life balance through surveys, HR KPIs, grievances received and union feedback Identify and address inequalities and ensure a supportive workplace environment Sustained attention to diversity and inclusion issues; corrective actions taken when needed Work-life balance Structured governance via Code of Conduct, GDPR/IT security function, HR coordination, crisis management team and Academy training Embed accountability, compliance and employee development across the organisation Reinforce Group-wide standards and practices; robust internal control framework Work-life balance Monitor employee well-being through annual questionnaire-based surveys, pulse surveys and trade union collaboration Detect early signs of dissatisfaction or adverse impact on well- being and take corrective action Early intervention capability; consistent improvement in employee satisfaction metrics Work-life balance – leadership Implementation of leadership development programmes (“Leaders for Leaders”) and leadership model Ensure high leadership quality, improve employee experience and support strategic succession planning Stronger leadership pipeline and increased overall employee wellbeing; positive leadership evaluations in staff surveys Work-life balance - work environment Remedial action at school, management or Board level in response to negative trends Rapidly address and correct workforce-related issues before escalation Increased agility in workforce management and safeguarding of organisational stability Work-life balance - work environment Preventive training (PDV for violence, IT security training) and implementation of NATO-based crisis management model Protect employee safety, enhance resilience against security threats and mitigate crisis impacts Improved preparedness for physical threats and cyber incidents; strengthened crisis response capability Equal treatment and opportunities for all Review and improve employee benefits (e.g., wellness allowances) Enhance employee attraction, retention and well-being Improved competitiveness of employee offering; strengthened employer brand Taking actions on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions S1–4 AcadeMedia’s management of material impacts relating to our own workforce (S1) is supported by a comprehensive framework of resources. This includes the Group-wide Code of Conduct, a dedicated IT security and GDPR compliance function responsible for identifying and informing management of potential negative impacts, a structured and coordinated HR, crisis management and safety and security organisation, strong and ongoing collaboration with trade union partners and a centralised training and development platform (the AcadeMedia Academy). The table below outlines a selection of actions addressing material impacts, risks and opportunities concerning Own Workforce (S1). AcadeMedia proactively manages material workforce impacts through preventive training, leadership development, monitoring of employee well-being and structured succession planning. Governance is reinforced by a Code of Conduct, GDPR and IT security oversight, HR coordination and crisis management systems. Diversity, inclusion, and work-life balance are regularly assessed through surveys and grievance processes, with rapid escalation mechanisms in place for important issues. AcadeMedia continuously provides micro-training of all employees in cybersecurity and proper IT security management to safeguard against unauthorized disclosure of personal information. We also focus on continuous improvements in employ - ee benefits to further support employee satisfaction and retention. These combined efforts contribute to positive employee outcomes, enhanced resilience and alignment with AcadeMedia’s strategic objectives. Equal treatment & diversity AcadeMedia engages in initiatives aimed at steadily improving diversity, with a focus on fostering an inclusive and representative leadership structure. In so doing, we address potential negative impacts associated with lack of diversity within our workforce. At this stage, no further specific time-bound or outcome-oriented targets have been set to mitigate negative or enhance positive impacts on AcadeMedia’s employees, other than affirming zero tolerance for discrimination. The effectiveness of AcadeMedia’s policies and initiatives related to its workforce is assessed through internal risk management processes and regular reporting to AcadeMedia’s Executive Management. This ensures transparency and continuous improvement in work on diversity and inclusion. Work-life Balance AcadeMedia employees are generally covered by a range of collective bargaining agreements. In Sweden, the primary agreements in force are the Friskoleavtalet (the Independent Schools Agreement with the Vision union, the Swedish Municipal Workers' Union and the Swedish Teachers’ Union) and Utbildningsavtalet (the national education sector agreement). Information regarding collective agreements in Finland and Norway is pending completion. The workforce in the Netherlands, the United Kingdom, Poland and Germany constitutes less than 10 percent of the total number of AcadeMedia’s employees and so is not subject to separate reporting under current materiality thresholds. ===== SIDA 59 ===== 59 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Metrics and targets S1-5, S1-6, S1-9, S1-15, S1-16 AcadeMedia has not established specific targets but we regularly assess the effectiveness of our actions and their impacts at various management levels as part of our ongoing business practices. We have established processes locally that are applied within the functions responsible day-to-day for ensuring compliance with the Company's policies. This work is also supported via our ongoing dialogues and channels available for raising concerns. The approach reflects AcadeMedia’s commitment to maintaining a strategic focus and addressing sector- specific issues. KPIs that only include employees in countries with more than 5 percent of the total number of employees are marked * and thus exclude the Netherlands. FTEs The following data, based on the number of employees, refers to all consolidated Group companies. Unless otherwise stated, the full-time equivalent (FTE) is used as the unit of measurement for numbers of employees. FTEs represent the number of full-time employees at national level. All figures are based on accurate underlying data; however, due to rounding, totals may show minor discrepancies. Annual averages are used for the calculation of certain key ratios. Employee characteristics (S1-6 ) In this section, KPIs are presented on characteristics of AcadeMedia’s employees (S1-6), diversity (S1-9) and remuneration (S1-16). The figures presented reflect the characteristics of AcadeMedia’s employees, based on data gathered via AcadeMedia’s Human Resources systems. These characteristics include age, gender, country of employment and nature of employment. Employees may self-identify as male or female, but also have the option to refrain from disclosing their gender identity. Fewer than one percent of employees prefer not to disclose their gender. Employee numbers are reported as the number as per 30 June 2025. Sweden, Norway and Germany are the only countries with 1,000 or more employees, each representing at least 10 percent of AcadeMedia’s total workforce. The figures for total employees have been reconciled with those disclosed in the Financial Statements (see note G5, page 77). Employee turnover (S1-6) The rate of employee turnover is calculated as the percentage of employees who have left, based on the average number of employees over the same period. Departures are aggregated across all countries of operation, excluding freelancers and contractors, to ensure consistency with reporting boundaries. This methodology aligns with AcadeMedia’s annual reporting standards and provides a consistent basis for monitoring workforce stability. Diversity metrics (S1-9) Gender representation among employees, both at company and management level, is calculated by dividing the number of individuals self-identifying as each gender, by the total number of employees at the relevant level. During the year, Executive Management consisted of the following positions: CEO, heads of the Preschool and International, Compulsory Schools, Upper Secondary Schools and Adult Education segments, together with the Deputy CEO, CFO, HR Director, and Chief Legal Officer. The number of employees at management level is reported as number of employees rather than as full-time equivalents. Due to changes during the year, this results in a higher total (10) than the actual number of full-time equivalents (9). Expressed as FTEs, the metric would indicate a 34–66 percent distribution (see also note G5 on page 77) Remuneration metrics (pay gap and total compensation) (S1-16) Pay ratio: CEO remuneration relative to median employee salary: This ratio is calculated by dividing the CEO’s total remuneration for the 2024/25 reporting year, as disclosed in the Remuneration Report, by the median annual remuneration of all other employees. Gender pay gap (S1-16. AR98) The gender pay gap is calculated as the difference in average pay levels between male and female employees, expressed as a percentage of the average pay level for male employees. The calculation takes the following components of remuneration into account: - Base salary - Cash benefits - Benefits in kind - Annual long-term incentives The base salary used in the calculation is the annualised salary at year-end, based on full-time employment. Cash benefits, such as bonuses and commission payments, are based on actual payments made during the reporting year. Benefits in kind are included only for countries where such benefits are considered a material part of total compensation, excluding items provided uniformly to all employees. Values of long-term incentive values are based TOTAL NUMBER OF EMPLOYEES (as number of full-time equivalents) 2024/25 % 2023/24 % Total number of employees 16,812 15,428 By gender 16,812 100% 15,428 100% Men 4,194 25% 4,207 27% Women 12,617 75% 11,221 73% Other/not disclosed 2 0% – 0% By countries 16,812 15,428 Sweden 10,442 62% 10,449 68% Norway 2,570 15% 2,498 16% Finland 1,411 8% 501 3% Germany 2,135 13% 1,782 12% The Netherlands 254 1% 199 1% By country and by gender 1 16,812 15,428 Men 4,194 4,207 Sweden 3,406 33% 3,454 33% Norway 297 12% 304 12% Finland 89 6% 26 5% Germany 361 17% 386 22% The Netherlands 40 19% 38 19% Women 12,617 11,221 Sweden 7,036 67% 6,995 67% Norway 2,273 88% 2,194 88% Finland 1,322 94% 475 95% Germany 1,773 83% 1,396 78% The Netherlands 214 84% 162 81% Other/not disclosed 2 – Sweden 0 0% – – Norway – 0% – – Finland – 0% – – Germany 2 0% – – The Netherlands – 0% – – 1 As a percentage of the total workforce in the country TOTAL NUMBER OF EMPLOYEES BY AGE GROUP 2 (number of individuals) 2024/25 % 2023/24 % Total 23,527 21,032 Below 30 5,986 25% – – Between 30 and 50 11,939 51% – – Above 50 5,602 24% – – NUMBER OF EMPLOYEES, SENIOR MANAGEMENT (number of individuals) 2024/25 % 2023/24 % Total 10 10 By gender Men 7 70% 6 60% Women 3 30% 4 40% GENDER PAY GAP 3 2024/25 2023/24 Gender pay gap (%) 7,6% – Ratio of the annual total compensation for the organisation's highest-paid individual (CEO) to the median annual total compensation for all other employees 26.3 – TOTAL NUMBER OF EMPLOYEES (number of individuals) 2024/25 % 2023/24 % Total number of employees 23,934 21,032 By gender 23,934 100% – – Men 5,605 23% – – Women 18,327 77% – – Other/not disclosed 2 0% – – By full-time/part-time and by gender 2 23,527 – Full-time 15,369 65% – – Men 3,765 68% – – Women 11,603 64% – – Other/not disclosed 2 67% – – Part-time 8,157 35% – – Men 1,766 32% – – Women 6,391 36% – – Other/not disclosed 1 33% – – Staff turnover 2 Rate 16% – on the intended annual grant value, typically expressed as a percentage of base salary according to job grade. The number of working hours used as the denominator in calculating average pay is based on the statutory full- time working hours in the country concerned. The gender pay gap expresses a simple comparison of average pay between male and female employees, excluding CEO, across the organisation. The metric does not take into account differences in role and seniority mapping across countries or functions, which can impact the metric. AcadeMedia intends to conduct a more detailed pay equity analysis in 2026, in line with the EU’s new Pay Transparency Directive. 2 KPIs only include employees in countries with more than 5 percent of the total number of employees 3 The pay gap is 7.6%. Adjustment according to country: 4.2% The adjustment is made by comparisons within each country and aggregating the results. This removes the effects of wage differentials between countries. ===== SIDA 60 ===== 60 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION employees within each relevant entity, excluding freelancers and contractors, and dividing this figure by the number of employees represented by workers’ representatives during the reporting period. Adequate wages, work-life balance and social protection S1-10, S1-11, S1-15 AcadeMedia is committed to providing adequate, fair, and competitive compensation. The Group monitors wage levels with the aid of appropriate metrics as defined in the European Sustainability Reporting Standards (ESRS). As a minimum, AcadeMedia complies with the requirements of collective bargaining agreement as well as minimum wage requirements set by legislation. Salary structures, which serve as the principal reference point for employee remuneration, are regularly reviewed to ensure they reflect changes in reasonable salary levels across the countries in which AcadeMedia operates. AcadeMedia operates above all in the EU countries of Sweden, Germany, Finland and the Netherlands, as well as in Norway and the UK. All of these countries are covered by statutory social protection programmes, ensuring benefits against loss of income due to sickness, unemployment, occupational injury, acquired disability, parental leave and retirement. We consider this follow-up as relevant, as it relates to the well-being of employees and their work-life balance. AcadeMedia ensures that all employees are entitled to take family-related leave in accordance with their terms of employment and applicable regulations. Family-related leave includes leave taken for the care of sick children or relatives, parental leave and leave in connection with birth and adoption. It does not include time off for employees’ own medical appointments or time off due to funerals or the death of relatives or similar. Furthermore, time recorded as unspecified leave of absence is not regarded as family- related leave. Data regarding family-related leave are calculated by dividing the number of employees of each gender who have taken family-related leave, by the number of employees entitled to such leave for each gender. Eligible employees are defined in accordance with S1-6, Total number of employees. An employee who has taken family-related leave on multiple occasions within the reporting year is counted only once, ensuring no double counting. Collective bargaining coverage and social dialogue S1-8 Within the European Economic Area (EEA), AcadeMedia is party to four collective bargaining agreements. Only agreements in entities with more than 50 employees and representing at least 5 percent of the total workforce are represented in the table. AcadeMedia does not currently have any representation agreements in place under a European Works Council (EWC) or a Societas Europaea (SE) Works Council or a Societas Cooperativa Europaea (SCE) Works Council. 2024/25 Percentage of employees covered by collective bargaining agreements 91% Collective bargaining coverage at AcadeMedia is calculated by dividing the number of employees covered by collective bargaining agreements (excluding freelancers and contractors) by the total number of employees. For entities with significant employment, defined as more than 250 employees and at least 10 percent of the total workforce, coverage is determined by the proportion of employees covered within each relevant entity. In Germany all employees have tariff agreements and therefore do not have any collective bargaining coverage (0 percent coverage) Coverage rate* Employees Workplace representation 0–19% Germany (0%) Finland (10%) 20–39% – – 40–59% – – 60–79% – Sweden (74%) Germany (74%) 80–100% Sweden (100%) Finland (100%) Norway (99%) Norway (84%) * Countries with >50 employees, representing >5 percent of total employees. Workplace representation is defined as workplaces with employee-elected individuals who represent the workforce at specific locations on matters relating to the work environment and working conditions. For entities with a large number of employees, defined as more than 250 employees and representing at least 10 percent of the total workforce, coverage is calculated by aggregating the number of Picture taken in Klara Teoretiska Gymnasium, Gothenburg, Sweden. TOTAL NUMBER OF EMPLOYEES GENDER DISTRIBUTION BY COUNTRY 10 449 10 442 2 498 2 570 501 1 4111 782 2 135199 254 23/24 24/25 Sweden Norway Finland Germany Netherlands 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 EMPLOYEES ENTITLED TO TAKE FAMILY-RELATED LEAVE (in number of employees) 2024/25 2023/24 Employees entitled to take family-related leave* 23,527 21,032 Percentage of employees entitled to take family-related leave* 100% – Percentage of employees who took family- related leave 13% – By gender Men 13% – Women 13% – Other/not disclosed 0% – *KPIs only include employees in countries with more than 5 percent of the total number of employees. Incidents, complaints and severe human rights impacts S1-17 In 2024-25, AcadeMedia received 91 submissions via its whistleblower channel, of which 15 were validated. These cases were handled internally in line with the Whistleblower Policy. All cases have been closed after being dealt with by the internal function responsible, in co-operation with the individuals concerned (see G1-1, page 64). No severe human rights incidents occurred in the reporting year, and as a result no fines, penalties or compensation were paid in connection with severe human rights incidents. ===== SIDA 61 ===== 61 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION S3 och S4 Affected communities and end-users – Entity-specific: Education Material impacts, risks and opportunities, and their interaction with strategy and business model S3.SBM-3, S4.SBM-3 AcadeMedia provides education for children, students and adults, operating across multiple units in Europe. With nearly 24,000 employees, our intention is to be a driver of positive change through education. Our work is guided by national curricula and the AcadeMedia Strategic Roadmap. Our operations directly impact approximately 210,000 children, students and adults through our preschools, compulsory schools, upper secondary schools and adult education programmes in seven North European countries. Ensuring fair assessment is a priority, and AcadeMedia takes responsibility for supporting students in achieving their educational goals. Potential negative impacts include grading inconsistencies, lack of child and student well- being and inadequate learning environments. AcadeMedia focuses actively on ensuring accurate grading and preventing discrepancies between final grades and national test results. We also seek to develop and ensure stimulating learning environments and to promote the health and well- being of children and students AcadeMedia takes the view that the importance of education to both society and the individual student falls within the scope of ESRS S3 and S4 (which deal with social responsibility disclosures), as these encompass both society and the end-user, in this case children, students and adult participants. The AcadeMedia Model AcadeMedia’s quality assurance system serves to underpin educational excellence. AcadeMedia defines quality as to the extent to which opportunities are created that are great enough to enable the goals set to be achieved. As a result, AcadeMedia’s quality model is structured into structural quality, process quality and quality of performance. We maintain a structured and conscious focus on our critical conditions and processes and our KPIs, and we systematically monitor how they develop over time within the scope of our quality management framework. In this way, the AcadeMedia Model provides strategic guidance in enabling strong results to be achieved. Employee development is prioritized, with initiatives to attract more teachers and focus on collegial learning in order to improve the educational process. Significant investments are made in school and preschool development to focus on critical improvements. Education generates an estimated SEK 16.7 billion in revenue (see Note G2). Maintaining high educational standards is key to AcadeMedia’s impact on society. Negative impacts such as grade inflation may affect university admissions, necessitating adjustments. Inadequate preventive measures may lead to higher operational costs. AcadeMedia operates across four educational segments in multiple European countries. The Preschool segment is included in international key performance indicators (KPIs), while other segments primarily operate in Sweden. Ensuring inclusive learning environments is crucial, with school principals and health teams addressing student needs. AcadeMedia recognises that children are considered particularly vulnerable and so require particular attention. Against that background, the AcadeMedia organisation is operated with particular care focused on its end-users. Policies for affected communities and end-users S3-1, S4-1 AcadeMedia’s Roadmap 2030 (see G1-1) and Code of Conduct have been produced in line with the UN’s Sustainable Development Goal 4 for inclusive, quality education. We also comply with international frameworks such as the UN Global Compact, the OECD Guidelines, and human rights conventions, securing responsible business conduct, labour rights and anti-corruption measures. AcadeMedia operates under national education acts and curricula, adapting to regional variations. Compliance with human rights laws, including the UN Convention on the Rights of the Child (UNCRC), underpins the Company’s commitment to educational fairness and equality. AcadeMedia operates across multiple European countries, with the result that the Company’s activities are bound by national laws. For example, Sweden’s Education Act mandates equal educational opportunities and prohibits discrimination, while Germany’s Basic Law guarantees universal access to education. Similarly, Finland’s constitution ensures free basic education, the Netherlands enshrines equal educational opportunities in its legal framework and Norway’s Education Act promotes inclusive education with a strong focus on equality and student welfare. To comply with these various legal framework, we have to continuously monitor and adapt our educational approach. AcadeMedia has a quality system in place to ensure excellence in every educational programme we offer and to ensure compliance with applicable regulations and standards. AcadeMedia’s employees are our most valuable asset, and meeting future competence needs involves not only recruitment but also supporting the growth and development of existing staff (see S-1). AcadeMedia actively engages in encouraging more people to enter the teaching profession and has long worked on fair assessment and grading practices. We make significant investments in development work at AcadeMedia’s preschools and schools, allowing them to focus on areas they identify as most important. By delivering strong educational outcomes for children, students and adult education participants, AcadeMedia strengthens its contribution to society and overall attractiveness. To mitigate grade inflation, AcadeMedia systematically monitors grading practices, conducts external reviews and takes actions to ensure quality control. Addressing grading inconsistencies remains a priority in upholding academic standards and credibility. We systematically assess the effectiveness of our dialogue with students, parents and other stakeholders in accordance with the framework established by the Education Act, and seek to ensure full compliance with its requirements. Issues raised in the educational environment are continuously tracked and monitored through collaboration with student and children’s representatives, reinforcing accountability. AcadeMedia adheres to the standards set by Sweden’s Schools Inspectorate, undergoing regular inspections to ensure compliance and to have performance outcomes assessed. By aligning its operations with anti-discrimination legislation, the organisation ensures that matters concerning equity and inclusion are effectively addressed. Stakeholder contact and dialogue are critical, with regular input from students, parents and guardians via meetings, surveys and consultations. Collaboration with school authorities and research bodies assures compliance with legal and ethical standards. In addition, we have support mechanisms in place for students with additional needs. AcadeMedia continuously assesses its ability to adapt educational environments to diverse student needs, maintaining compliance with EU and UN guidelines on human rights. We operate in four different segments in several European countries. However, the preschool segment is the only one sufficiently large to be included in global key performance indicators (KPIs). The remaining segments primarily operate within Sweden. Procedures for liaising with affected communities and end-users regarding impacts S3-2, S4-2 Swedish authorities, for example, assess and investigate AcadeMedia’s operations and their compliance with governing documents. Through these processes, AcadeMedia’s impact on society is assured. The Schools Inspectorate ensures adherence to legal and quality standards, while the National Agency for Higher Education aligns vocational education with labour market needs. Direct engagement with students, parents and staff ensures a participatory approach to educational quality. Surveys, meetings and collaborations with school boards facilitate dialogue and decision-making. In addition to these direct contacts, evidence from research is also used to develop teaching. AcadeMedia’s governance structure places operational responsibility at segment level, with each provider ensuring legal compliance. AcadeMedia uses both proxies and regular assessments to provide information about the quality of its operations. This includes, for example, self-assessments, collegial reviews of teaching, and internal audits to ensure that all units comply with legal ===== SIDA 62 ===== 62 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION requirements. Quality assurance mechanisms, such as grading analysis and external audits, help to assure transparency and accountability. Findings are summarised in AcadeMedia’s annual quality report. To promote transparency and trust, we employ a variety of decision-making processes. This ensures that stakeholders' views are taken into account regarding strategically important issues. Direct feedback is facilitated through performance appraisals, parent-teacher meetings and student councils. Benchmarks and key performance indicators (KPIs) guide the way to continuous improvement. Annual surveys enable us to assess student well-being, with vulnerable students receiving dedicated support. AcadeMedia complies with social legislation and the Education Act, in order to be able to provide a safe learning environment. A whistleblower mechanism allows concerns to be raised without fear of retaliation. Processes to remediate negative impacts and channels for end-users to raise concerns S4-3 AcadeMedia systematically evaluates potential negative impacts and takes remedial actions. Fair grading is a key focus, addressing variations across educational institutions. Student well-being concerns are managed in line with established health protocols. A structured complaint management system ensures transparency. Teachers handle classroom issues, while principals address issues escalated to management level. Student health teams support student well-being and a whistleblower mechanism ensures that serious concerns can be raised safely. AcadeMedia tracks and monitors complaints to ensure timely resolution. Collaboration with student representatives strengthens accountability. Regular inspections by the Schools Inspectorate ensure compliance with educational standards and anti-discrimination policies. The assessment of children’s and students’ trust is grounded in students’ perception of safety, as, in AcadeMedia’s view, it is a key indicator of trust in its processes and our learning environment in general (see S4-5). Taking actions on material impacts on affected communities and end-users, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions S3-4, S4-4 At AcadeMedia, we have the opportunity to equip children and students with knowledge for the future through use of a quality system which ensures that we approach this correctly. We assess our impact through KPIs, as described in our annual quality report. Via our comprehensive quality management model we can support continuous improvement, appropriate resource allocation and strategic planning. We have allocated resources to managing material impacts by leveraging our quality management model and our development department, the AcadeMedia Academy, and through continuously evolving and improving our schools. Our quality management model enables us to gain an overview of investments in personnel, budgets and processes dedicated to monitoring and improving quality and sustainability. Functions at the AcadeMedia Academy include resources for skills development and development projects linked to teaching programmes. We also participate in research projects related to our core business, education. Through these initiatives, at both overarching and operational levels, we can demonstrate how we work strategically to manage material impacts effectively on behalf of our stakeholders. The following examples illustrate how we combine targeted interventions via a structured framework to address challenges effectively and engender sustainable improvements: Measures Against Grade Inflation (Educational Initiatives with Karlstad University): Accurate grading is a priority issue, and we strive to ensure that final grades correlate with national test results. AcadeMedia collaborates with Karlstad University in training teachers in assessment and grading practices. Systematic work within the scope of the quality management model: Through our quality management model, we conduct systematic assessments to identify areas for improvement. Academedia has an established student health organisation, involving several different professions dedicated to support our schools in work at both day- to-day and strategic levels to provide the best possible learning conditions for every child and student. AcadeMedia also focuses on increasing transparency, for example via additional support services for children and students and via targeted interventions at certain units. These measures are also assessed in relation to the national policy documents. AcadeMedia’s goal is to ensure necessary and positive changes for individuals by providing improved quality of life through education as our core business. At the same time, we recognise that failure in this endeavour poses a potential reputational risk, especially regarding stakeholder trust and public perception. Key performance indicators and survey findings are regularly monitored at several levels of the organisation. AcadeMedia’s engages with affected communities, for example, with regard to grading, as well as via external reviews and serving in a consultative role on various issues. By evaluating our success in these areas, we can also assess the effectiveness of our community relations. The grading issue offers a valuable insight in how our operations affect communities, especially when grading is compared with results, for example, from national tests. External reviews of grading and/or reporting, for example, provide an unbiased and transparent assessment. When AcadeMedia serves in a consultative role, it can help us assess the effectiveness of our community engagements as a mechanism for broader consultation. Metrics and targets S3-5, S4-5 AcadeMedia uses both proxies and regular assessments to provide information about the quality of its operations. This includes, for example, self-assessments, collegial reviews of teaching, and internal audits to ensure that all units comply with legal requirements. Annual surveys and regular individual discussions provide a channel for feedback from students and guardians, forming the basis for KPIs and performance tracking at various levels. National benchmarks, which are presented once a year, allow for ongoing performance comparisons. No quantitative targets are currently set. Impacts on affected communities and end-users are regularly assessed at the management levels concerned. Responsibilities are embedded in the work of operational staffs, with day-to-day policy oversight, supported by structured engagement, regular dialogue and accessible grievance channels. Processes ensure that we focus on material social impacts in line with strategic and industry priorities. AcadeMedia evaluates its KPIs systematically over time and by reference to national benchmarks. The metrics presented in the next section aid us in assessing the effectiveness of our quality management model and of our day-to-day operations. Most KPIs are publicly available as published by the respective public authority or company. Certain indicators are developed in house, as indicated in the “Source” column. KPIs marked with an asterisk (*) represent preliminary figures generated in house. The equivalent official KPIs will be published by the authority responsible later in the autumn/winter. In the case of our preschools in Norway, the national 2024/25 parent survey indicates that AcadeMedia’s preschools are on par with the national average on the overall question of satisfaction with the child’s preschool (4.5 compared with 4.5). Surveys have also been conducted In the German preschool business, but the response rates this year did not reach sufficient levels for a reliable result to be established, hence the overall international KPIs do not apply. As a result, overall international KPIs are not applicable (marked "1" in the table). AcadeMedia’s 2024/25 quality results show positive developments overall across the preschool, compulsory schools, upper secondary schools and adult education segments. In the Preschool segment, the overall score was 5.2 (on an eight-point scale), a slight increase from last year. The highest scores were in the areas of language Picture taken at Touhula, Ilola, Finland ===== SIDA 63 ===== 63 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION and communication and play/creativity, while maths and science/technology scored slightly lower. Parent surveys showed very high satisfaction, particularly regarding children’s influence, safety and educational quality, with 86 percent willing to recommend their child’s preschool. At compulsory schools, grade results remain above the national average despite a slight decline: 79.9 percent of students achieved passing grades in all subjects, with 90 percent qualifying for upper secondary school. Merit values stayed strong at 242.3, compared to the national figure of 227.6. Survey findings highlighted student and parent perceptions of safety being good (79 and 82 percent, respectively), though calm learning environment and classroom discipline remain weaker. At upper secondary schools, the share of students graduating rose to 89.2 percent, with higher rates in university entrance programmes than in vocational programmes. Average grade points remained at 14.0, showing clear gender differences. Student surveys again emphasized safety (85 percent), though satisfaction with calm learning environment and discipline was lower (63 percent). 57 percent said that they would recommend their school. In adult education, results varied: within Swedish for Immigrants (SFI), 83 percent passed, compared to the national average of 92.8 percent, but student satisfaction was relatively high (81 percent). In basic adult education, 85.4 percent achieved passing grades, slightly above the national average, with higher outcomes for classroom learning than distance education. In upper secondary adult education, 80 percent achieved a passing grade, slightly below the national average, though students reported very high satisfaction (87 percent ). Within vocational higher education (YH) programmes, 64 percent passed – unchanged from last year – with higher outcomes in campus-based studies than from distance learning. Six months after graduation, 76 percent of students were employed, with 65 percent affirming that their work matched their education. YH students continued to indicate high satisfaction. 85 percent stated that they were satisfied with their programmes. Overall, AcadeMedia maintains results above or close to national averages, with strong satisfaction among students and guardians, though challenges remain in calm learning environment, distance education outcomes and completion rates in higher vocational education. KPI/Key performance indicator Part of AcadeMedia Sub-topic AcadeMedia 24/25 AcadeMedia 23/24 National average 23/24 AcadeMedia 22/23 National average 22/23 Source Goal attainment vs curriculum Preschool Sweden Education 5.2 5.0 n.a. n.a. n.a. Internal Preschool International (1) Education n.a. n.a. n.a. n.a. n.a. Percentage with lowest passing grade (A–E) in all subjectss Compulsory School Sweden Education/ grading 79.9%* 81.7% 71.9% 80.3% 73.2% Swedish National Agency for Education Percentage eligible for upper secondary school Compulsory School Sweden Education/ grading 90.0%* 90.6% 83.7% 90.2% 85.2% Swedish National Agency for Education Percentage with diploma (based on students with “leaving certificate”) Upper Secondary School Sweden Education/ grading 89.2%* 88.1% 90.7% 88.2% 90.7% Swedish National Agency for Education Percentage with passing grade Basic Adult Education Education/ grading 85.4% 85.1% 84.4% 85.4% 85.1% Internal Upper Secondary School for Adults 80.0% 81.4% 86.9% 82.7% 86.9% Internal (full year 2024) Swedish for Immigrants 83.0% 86.8% 93.9% 89.6% 93.8% Internal (full year 2024) Percentage in jobs matching course Higher Vocational Education Education 65% 72% n.a. 77% 66% Internal (full year 2024) Percentage of pupils who obtained a higher grade than they achieved in national tests Compulsory School Sweden Grading 17.0%* 19.4% 22.1% 19.4% 20.6% Swedish National Agency for Education Upper Secondary School Sweden 21.5%* 23.1% 23.8% 24.6% 24.7% Swedish National Agency for Education High perception of safety at school – guardiansl Preschool Sweden Student health 93% 92% n.a. n.a. n.a. Origo Compulsory School Sweden 82% 81% n.a. n.a. n.a. Origo Preschool international n.a. n.a. n.a. n.a. n.a. High perception of safety at school – students l Compulsory School Sweden Student health 79% 75% n.a. n.a. n.a. Origo Upper Secondary School Sweden 85% 85% n.a. n.a. n.a. Origo Recommendation level - guardians/students/ adult education participants Preschool Sweden Education 86% 83% n.a. n.a. n.a. Origo Preschool international n.a. n.a. n.a. n.a. n.a. n.a. Complusory School. Sweden (students) 59% 52% n.a. n.a. n.a. Origo Compulsory School Sweden (guardians) 74% 70% n.a. n.a. n.a. Origo Upper Secondary School Sweden 57% 53% n.a. n.a. n.a. Origo Adult Education. 84% n.a. n.a. n.a. n.a. Internal ===== SIDA 64 ===== 64 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION GOVERNANCE DISCLOSURES G1 Business conduct Within the Business conduct thematic standard, the follow - ing two areas have been identified as material at Acade - Media, • Corruption and bribery • Whistleblower protection Business ethics policies and corporate culture G1-1 Compliance with applicable legislation and international frameworks for ethical business practices is a priority. This is not just about legal and financial risks, but also about ensuring long-term legitimacy and trust on the part of our stakeholders. At the core of AcadeMedia’s ethical framework is AcadeMe - dia’s Code of Conduct, which provides guidance to employ - ees regarding their ethical conduct and their interactions with both colleagues and external stakeholders. The Code of Conduct training programme plays a vital role in preventing bribery, corruption and other forms of misconduct, reinforcing a culture of integrity and encouraging individuals to raise concerns where necessary. The programme is complemented by whistleblower protection training, IT security training and, where relevant, procurement and anti-corruption training. Fostering a corporate culture that actively safeguards employees and other stakeholders from potential breaches of human rights prevents instances of corruption, and ensures the protection of whistleblowers, is vital. This commitment is essential not only from a legal and regulatory standpoint but also to secure AcadeMedia’s licence to operate and underpin AcadeMedia’s internal social strategy. It is also essential to our long-term success. As an influential organisation with growing responsibilities, transparent and responsible payment practices form an essential part of the standards of business conduct to which AcadeMedia is committed. We choose to assess our efforts via close monitoring of whistleblowing activity. AcadeMedia creates, develops, promotes and evaluates its corporate culture via a number of platforms designed to promote open dialogue, collaboration and a shared sense of purpose. These include: • Company-wide - Leadership forums : Regular leadership meetings to align strategic priorities and reinforce AcadeMedia’s core values. - Roadmap 2030 : Our long-term framework for sustainability, embedding innovation and responsibility into our organisational culture. - Employee surveys : Conducted regularly to gauge satisfaction, engagement and alignment with AcadeMedia’s cultural values. - International exchanges : Inter-country collaboration initiatives aimed at promoting diversity, inclusivity and global teamwork. • Local initiatives - Leaders for Leaders forum : A leadership initiative for those leading other leaders, promoting trust, collaboration and effective implementation of business strategies. - Mentorship programmes : Facilitating knowledge- sharing, professional development and collaboration across the organisation. Initiatives such as these help us to continuously consolidate a culture of ethical behaviour, inclusiveness and shared responsibility. This also ensures that, by the way we work, we advance not only our educational mission but also our broader business objectives. Business ethics policies and corporate culture Protection of whistleblowers G1-1 AcadeMedia's Swedish Whistleblower Policy has been in place since 2013. It was revised into a Group-wide version in 2024. In order to protect the person providing information and offer security in the process, several safe channels may be used to report misconduct in the Group. The whistleblower function in Sweden is managed by an independent external party. Reports can be submitted via an external system, by letter or by phone (24/7). All incoming reports are dealt with by the independent external party within 24 hours of the report being received. An initial assessment of the report is made and submitted to the AcadeMedia Whistleblower Committee within two business days. Unless a country has expressed a shorter deadline in advance, whistleblowers must in all cases receive confirmation of receipt of the report within seven days. Feedback on any action taken then has to be given within three months of the report being received. Either the whistleblower case is dealt with as decided by the committee – depending on the nature of the case – or as an HR case, where it is not found to be validated but investigation is still regarded as justified. Metrics and targets Figures for whisteblower protection are reported according to their nature. Group-wide, 91 cases were reported, 72 of which were unique. Of the 72 unique cases, 15 met the validation criteria, meaning that actions were taken in accordance with AcadeMedia’s internal procedures (see above). There were no cases in which the whistleblower’s identify was unlawfully disclosed. Reports that are not validated are those that do not fall within the definition of whistleblowing under Directive (EU) 2019/1937. Such reports are generally treated as complaints or the like, depending on their nature. Prevention and detection of corruption and bribery and confirmed cases of corruption and bribery G1-3, G1-4 At AcadeMedia, we aim to promote a highly ethical corpo - rate culture throughout the organisation. For example, we are preparing to launch a comprehensive training program aimed at implementing and embedding the basic guide - lines drawn from the Code of Conduct. This initiative is de - signed to ensure that all our employees, irrespective of role or function, understand how they are expected to behave and are familiar with the ethical standards that underpin how the organisation operates. AcadeMedia’s Code of Conduct includes explicit obligations that prohibit all forms of corruption, bribery and improper influence. As part of our planned training programme, these topics are addressed to ensure that employees exposed to particularly delicate situations can identify, avoid and report corrupt practices in line with policies and legal require - ments. As part of this assessment, data on participation will be compiled regularly and evaluated to ensure Group-wide coverage. This proactive approach helps us to uphold the Group’s zero-tolerance stance on corruption and bribery. Metrics and targets In addition to the Group’s governance structures and procedures for tracking, monitoring and preventing corruption and bribery, routines are also in place to monitor ongoing or potential legal proceedings. This includes the compilation and monitoring of data related to convictions and fines for corruption and bribery offences. In 2024-25, the Group recorded 0 (0) convictions for breaches of anti- corruption and anti-bribery laws. No fines were paid in relation to such breaches during the year. The data reported on convictions and fines have not been externally validated, as such validation is not deemed necessary for the sustainability statement. As there were no relevant court cases in 2024-25, no specific actions were required or taken to address breaches of anti-corruption and anti-bribery policies or procedures. Non-validated whistleblower reports* Duplicates Validated whistleblower reports 91 SUBMITTED REPORTS IN THE WHISTLEBLOWER SYSTEM 19% 57% 15% NUMBER OF REPORTED WHISTLEBLOWER CASES Total number of cases 91 – Of which Duplicates 19 Non-validated whistleblower reports* 57 Validated whistleblower reports 15 Number of reported whistleblower cases where the identity of the whistleblower was unlawfully disclosed. 0 * Non-validated reports are those regarding cases that do not fall within the definition of whistleblowing as stated in EU Directive 2019/1937. Such cases are generally treated as complaints or the like, depending on their nature. ===== SIDA 65 ===== 65 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION Data point Disclosure requirements Reference General disclosures (ESRS2) BP-1 General basis for preparation 43 BP-2 Disclosures in relation to specific circumstances 43 GOV-1, G1.GOV-1 The role of the administrative, management and supervisory bodies 43 GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies 44 GOV-3 Integration of sustainability-related performance in incentive schemes 38, 44, 78 E1.GOV-3 Integration of sustainability-related performance in incentive schemes 44 GOV-4 Statement on sustainability due diligence 44 GOV-5 Risk management and internal controls over sustainability reporting 44 SBM-1 Strategy, business model and value chain 44, 45 SBM-2 Interests and views of stakeholders 45, 46 SBM-3 Material impacts, risks and opportunities, and their interaction with strategy and business model 48, 49, 51, 57, 61 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities 46, 47, 48 IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 48 MDR-P Policies adopted to manage material sustainability matters 48, 51, 57, 61, 64 MDR-A Actions and resources in relation to material sustainability matters 48, 51, 57, 61, 64 MDR-M Metrics in relation to material sustainability matters 49, 51, 52, 59, 60, 63, 64 MDR-T Tracking effectiveness of policies and actions through targets 49, 51, 52, 59, 60, 62, 63, 64 E1.IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities 47, 48 E2-E5. IRO-1 Description of the process for identifying and assessing the impacts, risks and opportunities of other ESRS in environmental disclosures 47 G1.IRO-1 Description of the process to identify and assess material impacts, risks and opportunities 48 Environmental disclosures - Climate mitigation (E1) E1.SBM-3 Strategy and Business Model 51 E1-1 Transition plan for climate change mitigation 51 E1-2 Policies related to climate change mitigation and adaptation 51 E1-3 Actions and resources related to climate change mitigation 51 E1-4 Targets related to climate change mitigation and adaptation 51 E1-6 Gross Scopes 1, 2, 3 and total GHG emissions 52, 53 EUTR The EU taxonomy 53–56 Social disclosure - Own workforce (S1) S1.SBM-3 Strategy and Business Model 57 S1-1 Policies related to own workforce 57 Data point Disclosure requirements Reference S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 57 S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 57 S1-4 Taking actions on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 58 S1-5 Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities 59 S1-6 Characteristics of the undertaking’s employees 59 S1-8 Collective bargaining coverage and social dialogue 60 S1-9 Diversity metrics 59 S1-10 Adequate wages 60 S1-11 Social protection 60 S1-15 Work-life balance metrics 60 S1-16 Remuneration metrics (pay gap and total remuneration) - Only year-end reporting 59 S1-17 Incidents, complaints and severe human rights impacts – general 60 Social disclosures – Affected communities and end-users – Entity-specific: Education (S3 & S4) S3.SBM-3 Strategy and Business Model 61 S4.SBM-3 Strategy and Business Model 61 S3-1 Policies related to affected communities 61 S3-2 Processes for engaging with affected communities about impacts 61 S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns 62 S3-4 Taking actions on material impacts on affected communities, and approaches to mitigating material risks and pursuing material opportunities, and effectiveness of those actions 62 S3-5 Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities 62, 63 S4-1 Policies related to consumers and end-users 61 S4-2 Processes for engaging with consumers and end-users about impacts 61 S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns 62 S4-4 Taking actions on material impacts on consumers and end-users, and approaches to mitigating material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions 62 S4-5 Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities 62, 63 Governance disclosures (G1) G1-1 Business conduct policies and corporate culture 43 G1-3 Prevention and detection of corruption and bribery 64 G1-4 Confirmed incidents of corruption or bribery 64 G1-1 Whistleblower 57, 64 REFERENCE TABLE BY PAGE OTHER INFORMATION ===== SIDA 66 ===== 66 ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA • GOVERNANCE AND CONTROL • ADMINISTRATION REPORT • FINANCIAL STATEMENTS • OTHER INFORMATION LIST OF DATA POINTS THAT DERIVE FROM OTHER EU LEGISLATION Disclosure requirements Data points SFDR reference Pillar 3 reference Benchmark regulation reference EU climate law reference Report/section Page General disclosures ESRS 2 GOV-1 21 (d) Board’s gender diversity x Management’s review 38, 43, 44 ESRS 2 GOV-1 21 (e) Percentage of Board members who are independent x Management’s review 43 ESRS 2 GOV-4 30 Statement on due diligence x Statement on due diligence 44 Environmental disclosures ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 x Climate change mitigation 51 ESRS E1-4 34 GHG emissions reduction targets x x x Climate change mitigation 51 ESRS E1-6 44 Gross Scopes 1, 2 and 3 and total GHG emissions x x x Climate change mitigation 52 ESRS E1-6 53-55 Gross GHG emissions intensity x x x Climate change mitigation 52 Social disclosures ESRS S1-1 20 Human rights policy commitments x Own workforce 57 ESRS S1-3 32 (c) Grievance/complaints handling mechanisms x Own workforce 57 ESRS S1-16 97 (a) Unadjusted gender pay gap x x Own workforce 59 ESRS S1-16 97 (b) Excessive CEO pay ratio x Own workforce 59 ESRS S1-17 103 (a) Incidents of discrimination x Own workforce 60 ESRS S4-1 16 Policies related to consumers and end-users x Consumers and end-users 61 ESRS S4-1 17 Non-compliance with UN’s Guiding Principles on Business and Human Rights and OECD guidelines x x Consumers and end-users 61 ESRS S4-4 35 Human rights issues and incidents x Consumers and end-users 62 Governance disclosures ESRS G1-1 10 (b) United Nations Convention against Corruption x Business conduct 64 ESRS G1-1 10 (d) Whistleblower protection x Business conduct 64 ESRS G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws x x Business conduct 64 ESRS G1-4 24 (b) Anti-corruption and anti-bribery standards x Business conduct 64 Other data points listed in ESRS 2 Appendix B, which are not included in the table above, are considered either not material or not relevant. ===== SIDA 67 =====