Årsredovisning 2025

Financial statements
Consolidated accounts  ................................................................................................... 68
Parent Company accounts ............................................................................................ 90
Signatures  ............................................................................................................................. 98
Audit Report  .......................................................................................................................... 99
The auditor’s examination of the corporate governance statement  ........ 103
Auditor’s limited assurance report of AcadeMedia AB (publ)’s  
statutory sustainability statement  ........................................................................... 104
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ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA  •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION
Drottning Blankas Gymnasieskola, Lund.

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CONSOLIDATED INCOME STATEMENT
(SEK m.) NOTE 2024/25 2023/24
Net sales G2, G3, G7 19,021 17,332
Cost of services sold -1,656 -1,523
Other external expenses G4, G18 -1,790 -1,731
Personnel expenses G5, G6, G7 -11,442 -10,408
Depreciation/amortisation G8 -2,353 -2,159
Result from investments in associated companies G19 0 -4
Items affecting comparability G9 -27 -17
OPERATING PROFIT G2 1,752 1,490
Financial income G10 39 22
Financial expenses G11 -749 -687
PRE-TAX PROFIT 1,042 825
Taxes G12 -221 -193
PROFIT FOR THE YEAR 821 632
Parent Company shareholders – share of profit for the year 821 632
Basic earnings per ordinary share (SEK) G13 8.14 6.06
Diluted earnings per ordinary share (SEK) G13 8.14 6.06
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(SEK m.) NOTE 2024/25 2023/24
PROFIT FOR THE YEAR 821 632
OTHER COMPREHENSIVE INCOME:
Items that will not be reclassified to profit/loss
Actuarial gains and losses G6 20 -41
Deferred tax relating to actuarial gains and losses G12 -4 9
Items that may be reclassified to profit/loss
Translation differences -41 -17
OTHER COMPREHENSIVE INCOME FOR THE YEAR -25 -49
COMPREHENSIVE INCOME FOR THE YEAR 796 584
Parent Company shareholders – share of comprehensive income for the year 796 584
Consolidated income statement 
and Consolidated statement of 
other comprehensive income
Group
Consolidated income statement and  
Consolidated statement of other  
comprehensive income ..................................................... 68
Consolidated statement of  
financial position .................................................................... 69
Consolidated statement of changes  
in equity ........................................................................................ 70
Consolidated cash flow statement ............................ 70
Notes to the Consolidated accounts
G1:  General information, accounting  
and valuation policies ................................................... 71
G2: Segment reporting ....................................................... 75
G3: Revenue from contracts with customers ....... 76
G4: Fees to auditors ............................................................... 77
G5: Personnel expenses ...................................................... 77
G6: Pensions .............................................................................. 79
G7: State subsidies  ............................................................... 80
G8: Depreciation/amortisation ..................................... 80
G9: Items affecting comparability .............................. 80
G10: Financial income .......................................................... 80
G11: Financial expenses ....................................................... 80
G12: Taxes ..................................................................................... 81
G13: Earnings per share ...................................................... 82
G14: Business combinations ............................................ 82
G15: Non-current intangible assets ............................ 83
G16: Impairment testing ..................................................... 83
G17: Property, plant and equipment ........................... 84
G18: Right-of-use assets .................................................... 84
G19: Shares in associated companies ...................... 85
G20: Inventories ....................................................................... 85
G21: Accounts receivable .................................................. 85
G22:  Prepaid expenses and accrued income ...... 85
G23: Cash and cash equivalents ................................. 85
G24: Equity .................................................................................. 85
G25: Other provisions ........................................................... 86
G26:  Accrued expenses and deferred  
income ............................................................................. 86
G27:  Financial risk and management of  
capital risk ..................................................................... 86
G28: Liabilities .......................................................................... 87
G29:  Pledged assets and contingent  
liabilities and commitments ............................. 88
G30:  Disclosures regarding the Group's  
financial instruments ............................................. 88
G31: Related-party transactions ................................. 88
G32: Effects of IFRS 16 Leases ........................................ 89
G33:  Significant events after the end of  
the financial year ...................................................... 89
Parent Company 
Parent Company income statement and  
Parent Company statement of  
comprehensive income ................................................... 90
Parent Company balance sheet .................................. 91
Parent Company statement of changes  
in equity ...................................................................................... 92
Parent Company cash flow statement .................. 92
Notes to the Parent Company accounts
P1: Significant accounting policies ............................ 93
P2: Intra-Group transactions ........................................ 93
P3: Salaries and other remuneration ....................... 93
P4: Fees to auditors ............................................................. 93
P5:  Interest income and similar  
 profit/loss items ........................................................... 93
P6:  Interest expense and similar  
profit/ loss items ........................................................... 93
P7: Taxes ..................................................................................... 93
P8: Shares in subsidiaries ................................................ 94
P9: Equity ..................................................................................... 97
P10: Interest-bearing liabilities ...................................... 97
P11: Post balance sheet events ...................................... 97
P12: Dividend proposal ....................................................... 97
Contents
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ASSETS
(SEK M.) NOTE 30 JUNE 2025 30 JUNE 2024
NON-CURRENT ASSETS
Non-current intangible assets
Goodwill G14, G15, G16 7,390 7,232
Brands G15 353 369
Other non-current intangible assets G15 24 26
7,767 7,627
Property, plant and equipment
Buildings G17, G29 1,173 1,108
Equipment G17 412 425
Expenditure on improvements to leasehold property G17 674 646
2,259 2,179
Right-of-use assets G18 9,981 10,474
Non-current financial assets
Shares in associated companies G19 32 30
Non-current receivables 24 24
Deferred tax assets G12 121 116
177 170
TOTAL NON-CURRENT ASSETS G2 20,184 20,450
CURRENT ASSETS
Inventories G20 20 20
Accounts receivable G21 330 343
Current tax assets 136 141
Other receivables 67 56
Prepaid expenses and accrued income G22 502 404
Cash and cash equivalents G23 777 1,316
TOTAL CURRENT ASSETS 1,831 2,279
TOTAL ASSETS G32 22,015 22,729
EQUITY AND LIABILITIES
 (SEK M.) NOTE 30 JUNE 2025 30 JUNE 2024
EQUITY G24
Share capital 109 107
Other capital contributions 2,106 2,365
Translation reserves -53 -12
Retained earnings including profit for the year 4,464 3,805
TOTAL EQUITY 6,626 6,265
NON-CURRENT LIABILITIES
Non-current liabilities to credit institutions G27, G28, G30 1,188 1,666
Non-current lease liabilities G27, G28, G30 9,012 9,408
Provision for pensions G6 15 45
Other provisions G25 123 196
Deferred tax liability G12 175 160
Other non-current liabilities G27, G28, G30 – 3
TOTAL NON-CURRENT LIABILITIES 10,513 11,477
CURRENT LIABILITIES
Current liabilities to credit institutions G27, G28, G30 315 446
Current lease liabilities G27, G28, G30 1,593 1,574
Accounts payable G27, G28 497 504
Current tax liability 37 23
Other liabilities 189 173
Accrued expenses and deferred income G25, G26 2,243 2,266
TOTAL CURRENT LIABILITIES 4,876 4,987
TOTAL EQUITY AND LIABILITIES G24, G31, G32 22,015 22,729
Consolidated statement of financial position
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TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
(SEK M.)
Share capital 
(Note G24)
Other capital 
contributed 
(Note G24) 
 Translation 
reserve (Note 
G24)
 Retained 
earnings (Note 
G24)
 Total equity 
(Note G24)
OPENING BALANCE, 1 JULY 2023 106 2,634 5 3,390 6,134
Profit for the year – – – 632 632
Other comprehensive income – – -17 -32 -49
Comprehensive income for the year – – -17 601 584
Transactions with owners
Warrants* – 0 – – 0
Redemption of shares -4 -262 – – -266
Bonus issue 5 -5 – – 0
Issue costs – -2 – – -2
Tax on issue costs – 0 – – 0
Convertibles 0 0 – – 0
Dividend paid – – – -185 -185
Share-matching plan* – 0 – – 0
TOTAL TRANSACTIONS WITH OWNERS 1 -269 – -185 -453
OPENING BALANCE, 1 JULY 2024 107 2,365 -12 3,805 6,265
Profit for the year – – – 821 821
Other comprehensive income – – -41 15 -25
Comprehensive income for the year – – -41 836 796
Transactions with owners
Warrants* 0 24 – – 24
Redemption of shares -3 -278 – – -281
Bonus issue 4 -4 – – 0
Issue costs – -1 – – -1
Tax on issue costs – 0 – – 0
Dividend paid – – – -178 -178
Share-matching plan* – 0 – – 0
TOTAL TRANSACTIONS WITH OWNERS 2 -259 – -178 -435
CLOSING BALANCE, 30 JUNE 2025 109 2,106 -53 4,464 6,626
 AcadeMedia has no non-controlling interests.  
Equity is attributable in its entirety to the shareholders of the Parent Company.  
*For more on the Group's share matching plan and warrant programme see Note G5. 
(SEK M.) NOTE 2024/25 2023/24
Operating activities
Operating profit 1,752 1,490
Adjustment for non-cash items
Depreciation/amortisation of non-current assets G8 2,353 2,159
Changes in provisions -30 -4
Capital gain on disposal of non-current assets 0 0
Tax paid -273 -255
Cash flow from operating activities before changes in working capital 3,802 3,391
Cash flow from changes in working capital
Change in inventories -1 3
Change in operating receivables -92 23
Change in operating liabilities 33 87
CASH FLOW FROM OPERATING ACTIVITIES 3,742 3,505
Investing activities
Acquisition of subsidiaries G14 -333 -560
Investments in properties G17 -54 -25
Investments in leasehold property G17 -148 -120
Investments in equipment G17 -129 -151
Investment in non-current intangible assets G15 -10 -9
Sale of property, plant and equipment G17 0 0
Investments in associated companies G19 -3 -3
Investments in non-current financial assets -1 -4
Sale of non-current financial assets 0 0
CASH FLOW FROM INVESTING ACTIVITIES -678 -871
Financing activities
Interest received 31 22
Interest paid* -727 -671
Dividend paid -178 -185
Redemption of shares -282 -268
Warrants G5, G24 25 0
Convertible loan 0 -20
Borrowing G28 0 700
Amortisation of debt G28 -558 -143
Amortisation of lease liability G28 -1,897 -1,705
CASH FLOW FROM FINANCING ACTIVITIES -3,585 -2,270
Cash flow for the year -521 364
Cash and cash equivalents at beginning of year 1,316 967
Exchange-rate differences in cash and cash equivalents -18 -15
CASH AND CASH EQUIVALENTS AT END OF YEAR G23 777 1,316
 *Interest payments relating to lease liability total SEK 628 million (568). 
Consolidated statement of 
changes in equity
Consolidated cash flow 
statement
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Notes to the Consolidated accounts
G1: General information, accounting and 
valuation policies
General information
The Company, AcadeMedia AB (publ), corp. reg. no. 556846-
0231, is domiciled in Stockholm, Sweden. The head office 
address is Adolf Fredriks Kyrkogata 2, Box 213, SE-101 24 
Stockholm, Sweden. The Company has been listed on Nasdaq 
Stockholm since 15 June 2016. AcadeMedia is an independ -
ent education provider with operations in Sweden, Finland, 
Norway, Germany and the Netherlands. Operations are 
divided into four business segments: Preschool & Internation -
al, Compulsory Schools, Upper Secondary Schools and Adult 
Education. The segments are described in the Administration 
Report and in Note G2 to the Consolidated accounts.
The annual report and consolidated accounts for the 
financial year ending 30 June 2025, were approved for 
publication by the Board of Directors and the Chief Executive 
Officer on 22 October 2025 and will be presented for adoption 
at the Annual General Meeting on 26 November 2025.
Basis of preparation 
Compliance with standards and laws 
The consolidated accounts are prepared in accordance 
with IFRS (International Financial Reporting Standards), 
as adopted by the EU. The consolidated accounts are 
also prepared in accordance with Swedish law, through 
application of the Swedish Financial Reporting Board's 
recommendation RFR 1, Supplementary Accounting Rules for 
Groups.
The accounting policies described below have been applied 
consistently in all periods, with the exception of the changes 
referred to in the section “Amended accounting policies”.
Certain comparative figures have been reclassified to accord 
with the presentation of the financial statements for the 
current year.
Principles of valuation applied in preparation of the financial 
statements
Assets and liabilities are measured at historical cost, other 
than as regards certain financial assets and liabilities, which 
are measured at fair value. Financial assets and liabilities 
measured at fair value consist of any conditional purchase 
consideration, together with plan assets within defined-
benefit pension plans.
Functional currency and reporting currency
Items included in the financial statements of the various 
units in the Group are measured in the currency used in the 
financial environment where the company concerned has its 
primary operations (functional currency). In the consolidated 
accounts, Swedish kronor (SEK) is used, which is the Parent 
Company’s functional currency and the Group’s reporting 
currency. Unless otherwise indicated, amounts are in millions 
of Swedish kronor (SEK m.).
Classification of assets and liabilities 
Non-current assets consist essentially of assets that are 
expected to be recovered or paid for more than twelve 
months after the balance sheet date. Current assets consist 
of amounts that are expected to be recovered or paid within 
twelve months of the balance sheet date. Non-current 
liabilities are amounts that the Group has an unconditional 
right to pay more than twelve months after the balance 
sheet date. If the Company does not have such a right, the 
liability amount is recognised as a current liability.
Changes in accounting policies and basis of 
calculation
New standards and interpretations adopted
The following amendments to standards have been adopted 
for the first time by the Group:
– Classification of liabilities and disclosure of loans with 
covenants (amendment to IAS 1)  
The amendments referred to above had no impact on the 
period presented for comparison and had no material 
impact on the current period.
New standards and interpretations not yet adopted
New or amended IFRS that will not enter into force until the 
upcoming financial year or later have not been adopted ear -
ly in the preparation of these financial statements. Such new 
standards and interpretations are not expected to have any 
material impact on the consolidated financial statements.
Principles of consolidation
The consolidated accounts cover the Parent Company 
AcadeMedia AB and its subsidiaries. The financial 
statements for the Parent Company and subsidiaries that 
are included in the consolidated accounts refer to the same 
period and are prepared according to the same accounting 
policies.
Subsidiaries
Subsidiaries are all companies in which the Group has a 
controlling interest. The Group has a controlling interest in 
a company when the Group is exposed, or has the right, 
to a variable return from its holding in the company, and 
has the ability to affect the return through its influence 
over the company. Through AcadeMedia in Germany, 
the Group owns businesses that are legally structured 
as non-profit entities (gGmbH) under German law. In the 
cases where AcadeMedia has a controlling interest over 
the decisions that affect the return on investment and the 
right to a variable return from the holding, AcadeMedia has 
concluded that the Group has a controlling interest over 
those operations and they are therefore consolidated in 
accordance with IFRS 10.   
Subsidiaries are included in the consolidated accounts as 
of the date that the controlling interest is transferred to the 
Group, and are consolidated until the date the controlling 
interest ceases. AcadeMedia has a 100 percent holding in all 
of its subsidiaries.
Associated companies
Associated companies are entities over which the Group has 
a significant, but not controlling, influence over the entity’s 
operational and financial management, usually through 
shareholdings representing between 20 and 50 percent 
of the voting rights. From the date at which the significant 
influence is obtained, investments in associated companies 
are recognised in the consolidated accounts using the 
equity method of accounting.
According to this method, the Group's share of the associ -
ate's net profit or loss, including amortisation of any excess 
values, is recognised in the consolidated income statement. 
Any difference at acquisition between the cost of the 
investment and the fair value of identifiable assets and 
liabilities is recognised using the same principles as for 
acquisitions of subsidiaries. 
Translation of foreign currencies
Foreign currency transactions
Foreign currency transactions are translated to the 
functional currency at the exchange rate in effect on the 
transaction date. On the balance sheet date, monetary 
receivables and liabilities expressed in foreign currencies 
are translated at the exchange rate in effect on the balance 
sheet date. All exchange rate differences are recognised in 
the income statement. Exchange rate differences arising 
from operating items are recognised in operating profit as 
other operating income or other operating expenses, while 
exchange rate differences arising from financial assets and 
liabilities are recognised as financial income or financial 
expense. 
Financial statements of foreign businesses
Assets and liabilities of foreign businesses are translated 
to SEK at the rate on the balance sheet date, while income 
and expense items are translated at an average rate for the 
year. All exchange rate differences arising in translation are 
recognised in other comprehensive income and aggregated 
in the translation reserve in equity. At divestment of a net 
investment in a foreign operation, the translation differences 
pertaining to the net investment are recognised through 
profit or loss.
Non-current intangible assets
Goodwill
Goodwill arising through business combinations is 
recognised under the heading of non-current intangible 
assets. Goodwill is allocated to the cash-generating units 
that are expected to benefit from the business combination 
where the goodwill item arose.
Goodwill is not amortised but is tested annually, or more 
often if there is any indication of impairment, in order 
to identify any impairment loss. An impairment loss is 
recognised if the carrying amount exceeds the recoverable 
amount. Any impairment loss is recognised immediately as 
an expense in the income statement and is not reversed.
Brands
Brands obtained through acquisitions of subsidiaries are 
recognised as an intangible asset with a limited useful life. 
Brands are carried at cost less accumulated amortisation 
and accumulated impairment losses. The straight-line 
depreciation method is used.
NUMBER OF YEARS
Brands 20–25 years
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Development expenditure and other intangible assets
Development expenditure is recognised as an asset on the 
balance sheet when it is likely that the future economic ben -
efits associated with the asset will flow to the entity, the cost 
of the asset can be measured reliably and AcadeMedia has 
control over the asset. Development expenditure that does 
not meet these criteria is expensed in the period in which it 
is incurred.
Other intangible assets consist of intangible assets sepa -
rately acquired. Development expenditure and other intan -
gible assets are carried at cost less amortisation and any 
impairment losses. Amortisation is applied on a straight-line 
basis over the estimated useful life of the asset. The useful 
life period is reviewed on every closing date and is adjusted 
as needed. The following useful life periods are applied:
NUMBER OF 
YEARS
Other intangible assets 3–5 
years
Property, plant and equipment
Property, plant and equipment are recognised at cost less 
depreciation and any impairment losses. Cost includes 
expenses that are directly attributable to acquisition of the 
asset.
Further items of expenditure are added to the asset's car -
rying amount or are recognised as a separate asset only 
when it is likely that future economic benefits associated 
with the asset will accrue to the Group and the asset's 
cost can be reliably measured. If the additional expend -
iture refers to replacement of a component, the carrying 
amount for the component replaced is removed from the 
balance sheet and is expensed. All other forms of repair and 
maintenance are recognised as an expense in the income 
statement during the period in which they arise.
Property, plant and equipment are removed from the bal -
ance sheet when divested or when they cannot be expected 
to add any economic benefit in the future. Any gain or loss 
is calculated as the difference between the consideration 
received and the carrying amount of the asset. Any gain or 
loss is recognised in the income statement in the account -
ing period in which the asset was divested, as Other operat -
ing expenses or Other operating income.
Property, plant and equipment are depreciated systemati -
cally over the estimated useful life of the asset. Investments 
made in leased properties are normally depreciated over 
the term of the lease. The useful life period is reviewed on 
every closing date and is adjusted as needed. The straight-
line depreciation method is used for all types of asset and is 
based on the useful life periods shown below.
NUMBER OF 
YEARS
Buildings 25–30 
years
Equipment 3–10 years
Expenditure on improvements to leasehold 
property
2–25 years
Impairment
Goodwill is tested annually for impairment or more 
frequently if there is any indication of loss of value. Property, 
plant and equipment and non-current intangible assets 
with a determinable useful life are tested when there is 
an indication that an asset has declined in value. The 
impairment test is performed by calculating the asset's 
recoverable amount. If the estimated recoverable amount is 
less than the carrying amount, the asset is written down to 
its recoverable amount.
The recoverable amount is net realisable value or the 
asset's value in use in operations, whichever is the higher. A 
judgement is made regarding the recoverable amount per 
cash-generating unit. Previously recognised impairment 
losses are reversed if the recoverable amount is considered 
to exceed the carrying amount. However, the amount 
reversed cannot be greater than the carrying amount would 
have been if an impairment had not been recognised in 
earlier periods. Impairments of goodwill are not reversed.
Financial instruments
Accounts receivable and debt instruments issued are 
recognised when issued. Other financial assets and 
liabilities are recognised in the balance sheet when the 
Group becomes party to the contractual conditions of 
the instrument. A financial asset is removed from the 
balance sheet when the right to receive cash flows from the 
instrument has expired or has been transferred. Financial 
liabilities are removed from the balance sheet when the 
obligations have been discharged, cancelled or have 
otherwise ceased.
Financial assets and liabilities are measured initially at 
fair value plus transaction costs directly attributable to 
the acquisition. Transaction costs attributable to financial 
assets and liabilities that are recognised at fair value via 
the income statement are expensed directly in the income 
statement.
Financial assets
At initial recognition, financial assets are classified as 
those that are recognised at fair value (either via other 
comprehensive income or via the income statement) and 
those that are recognised at amortised cost. Classification 
is made in line with the Group’s business model for 
management of financial assets and the contractual 
conditions for the cash flows. The business model applied 
by AcadeMedia is above all “hold to collect”, that is, financial 
assets are held in order to collect contractual cash flows. 
These cash flows consist solely of payment of nominal 
principal and interest (SPPI). AcadeMedia’s financial assets 
are thus recognised essentially at amortised cost.
• Financial assets measured at amortised cost:  Assets 
in this category are measured at amortised cost by 
application of the effective interest method. Most of the 
Group’s current assets are measured at amortised cost, 
including accounts receivable, cash/cash equivalents 
and other receivables, which are financial assets that 
are not derivatives and that have payment flows that 
are fixed or may be determined in advance. They are 
created when the Group provides cash to a counterparty, 
or supplies goods or services to a customer, without 
intending to convert the claim.  
AcadeMedia uses the forward-looking expected credit 
loss model to measure expected credit losses. In 
accordance with the rules of IFRS 9, the Group applies a 
simplified method for impairment testing of accounts 
receivable. In this method, the provision for expected 
credit losses is calculated on the basis of the risk of losses 
over the entire term of the receivable and is recognised 
when the receivable is initially recognised. For more 
information, see Note G21.
• Financial assets measured at fair value via the income 
statement : Assets in this category are measured at fair 
value. Changes in fair value are recognised in the income 
statement when they arise.  
Transaction costs are expensed directly in the income 
statement.
• Financial assets measured at fair value via other 
comprehensive income: AcadeMedia does not at present 
have any financial assets in this category.
Financial liabilities
Financial liabilities are classified as being measured at 
amortised cost or fair value via profit or loss. A financial 
liability is classified at fair value via profit or loss if it is 
classified as a derivative or was identified as such at initial 
recognition.
• Financial liabilities measured at amortised cost : Liabilities 
in this category are measured at amortised cost, net of 
transaction costs, using the effective interest method. This 
category includes items such as accounts payable, loan 
liabilities and other liabilities that do not fall within the 
category of financial liabilities measured at fair value via 
the income statement.
• Financial liabilities measured at fair value via the income 
statement : Liabilities in this category are measured at fair 
value. At AcadeMedia, this category includes contingent 
purchase considerations. Liabilities in this category are 
measured on an ongoing basis at fair value with changes 
in value being recognised in the income statement. Re-
measurement of a contingent purchase consideration is 
recognised in operating profit/loss under Other external 
expenses. 
Offsetting
Financial assets and liabilities are offset and recognised net, 
only if the Group has a legal right and an intention to offset 
the recognised items with a new amount.
Provisions
Provisions differ from other liabilities in that there is 
uncertainty in the timing or amount of the expenditure 
required to settle the obligation. Provisions are recognised 
when the Group has a legal or constructive obligation 
resulting from past events and when it is likely that a 
payment will be required to discharge the obligation and the 
amount can be reliably measured. Provisions are measured 
at the present value of the amount that is expected to be 
needed to discharge the obligation. Provisions relating to 
restructuring of the organisation are recognised at closure 
of units and employee redundancies, and are recognised 
when a restructuring plan is in place and the entity has 
either started to implement the plan or has announced it 
publicly after calculation of the costs. A provision for onerous 
contracts is recognised when the expected benefits that 
the Group expects to receive from a contract are less than 
the unavoidable costs of meeting the obligations under the 
contract. Any contingent consideration is recognised as a 
provision and is measured at fair value. 
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Contingent liabilities
Any contingent liability is disclosed where there is a possible 
obligation arising from past events, the existence of which 
is confirmed by one or more uncertain future events beyond 
the Group’s control, or where there is an obligation that is 
not recognised as a liability or a provision because it is not 
likely that an outflow of resources will be required or cannot 
be calculated with sufficient reliability.
Remuneration to employees
Short-term remuneration to employees
Salaries, social security contributions, bonuses and other 
short-term remuneration to employees are recognised as 
an expense when the employee has performed the service.
Pensions
The Group's pension plans consist partly of defined-benefit 
plans with a contractual promise regarding future pension 
levels related primarily to the final salary, and partly of de -
fined-contribution plans for which insurance premiums are 
paid and the employee carries the risk associated with the 
future pension level.
A defined-contribution pension plan is a pension plan under 
which the Group pays fixed contributions to a separate legal 
entity. In the case of defined-contribution pension plans, the 
Group pays contributions to publicly or privately managed 
pension insurance plans on a compulsory, contractual or 
voluntary basis. The contributions are normally based on the 
salary level. The Group does not have any further payment 
obligations once the contributions have been paid. The 
Group's obligations regarding defined-contribution plans 
are recognised as a personnel expense in the income 
statement as and when they are earned by the employee 
performing his/her work tasks for the Company.
A defined-benefit pension plan is a pension plan with no 
defined contribution. Such plans consist largely of plans that 
provide a benefit based on final salary and length of service. 
Calculations are made for defined-benefit plans based on 
the Projected Unit Credit Method, in order to establish the 
present value of obligations relating to benefits for current 
and former employees. These calculations are made an -
nually and are based on current assumptions established 
annually at the end of the accounting period. Assumptions 
are made regarding inflation, changes in social security 
charges, staff turnover, discount rates and estimated life 
expectancy. The present value of defined-benefit obliga -
tions is established by discounting estimated future cash 
flows using the interest rate for top-rated investment grade 
corporate bonds issued in the same currency as the one in 
which the compensation will be paid, with maturities com -
parable to that of the current pension obligation.
Pension expenses relating to service during the current 
period are recognised as personnel expenses in the income 
statement. Costs relating to service in previous periods are 
also recognised directly in the income statement as person -
nel expenses. Net interest is calculated by application of the 
discount rate to the defined-benefit pension liability and to 
the fair value of plan assets, and this expense is included in 
personnel expenses in the income statement. In the event 
of any change or adjustment to a defined-benefit pension 
plan, the effect of the adjustment is recognised as a “cur -
tailment gain” in profit for the year.
The Group's net obligation consists of the estimated present 
value of the pension obligations, less the fair value of the 
plan assets, taking the asset ceiling into account where 
appropriate. Changes in the present value of the net obli -
gations resulting from changed actuarial assumptions and 
experience-based adjustments are treated as re-meas -
urement effects and recognised in other comprehensive 
income.
In the defined-benefit pension plans for the Norwegian 
companies, the employees make contributions to the plans 
according to set terms. The contribution consists of a fixed 
percentage of the employee's salary and is unrelated to the 
number of years of service. Employee contributions are rec -
ognised as a reduction in the cost of service for the period in 
which the services are performed.
The defined-benefit pension obligations of the Swedish 
companies under the ITP2 plan are secured via Alecta pen -
sion insurance. This plan is a defined-benefit plan to which 
several employers subscribe. The plan is accounted for as 
a defined-contribution pension plan, since Alecta cannot 
provide sufficient information on the Group's proportional 
share of the plan's obligations, plan assets and expenses to 
be able to account for the plan as a defined-benefit pension 
plan.
Severance pay
Any cost of compensation in connection with termination of 
employment is recognised at either (i) when the Company 
is no longer able to withdraw the offer to the employees, or 
(ii) when the Company recognises costs of restructuring, 
whichever is the earlier.
Share-based remuneration
Share-based payments in the Company relate to the 
share-matching plan settled via equity instruments. The 
cost is determined on the basis of the fair value of shares 
granted. The fair value is calculated at the grant date using 
an accepted valuation model – the Monte Carlo simulation 
model – and takes market-related conditions into account. 
The cost is recognised as a personnel expense in the 
income statement, spread over the vesting period, with a 
corresponding increase in equity. Social security contribu -
tions attributable to share-based instruments to employees 
are expensed over the periods in which the services are 
performed. The provision for social security contributions is 
based on the share price on the balance sheet date.
Leases
AcadeMedia leases properties, offices, equipment and 
vehicles. Leases are accounted for as right-of-use assets 
and lease liability on the day on which the leased asset is 
available for the Group’s use. 
Right-of-use assets are measured initially at cost, which 
consists of the initial amount of the lease liability, plus lease 
fees paid on or before the date of commencement, and any 
initial direct expenses. Right-of-use assets are depreciated 
on a straight-line basis from the date of commencement 
until either the end of the right-of-use period of the asset or 
the end of the lease term, whichever is the earlier.
The lease liability is measured initially at the present value 
of remaining lease fees over the estimated lease term. 
The lease term comprises the non-terminable period plus 
further periods in which it is reasonably certain that options 
to extend will be exercised. As exercise of renewal options 
requires a new investment decision, renewal options are 
only included in calculation of the lease liability when a 
decision has been made to continue operations or when 
significant investments have been made in the property, 
such that there are financial incentives to continue use of 
the premises, making it reasonably certain that the contract 
will be renewed. 
Lease liabilities include the present value of the following 
lease payments:
• Fixed fees less any benefits associated with signing of the 
lease.
• Variable lease fees linked to indexes or prices, initially 
measured on the basis of indexes or prices at the date of 
commencement.
Lease fees are discounted at the Group's marginal 
borrowing rate. In order to obtain a marginal lending rate 
that is more asset-specific in the case of leases for the 
rental of premises, the marginal lending rate is adjusted by 
a risk premium based on the geographical location of the 
respective property. The discount rate for AcadeMedia’s 
leased cars and IT equipment is based on the rate in the 
respective lease.
In the case of leases with a term of twelve months or less, 
and leases where the value of the underlying asset is less 
than SEK 50,000, no right-of-use asset or lease liability is 
recognised. The lease fees for such leases are recognised 
as an expense on a straight-line basis over the term of the 
lease.
Revenue
The Group’s revenue derives above all from education 
services of various types, as described below.
Education-related revenue
AcadeMedia’s revenue consists of education-related 
revenue from school voucher funding, socio-economic 
compensation and participant fees. Tuition fees are 
recognised as revenue and allocated in line with the degree 
of completion over the period during which the instruction is 
provided, including time for planning and grading of student 
learning. Revenue in preschool operations is recognised on 
the basis of the same fundamental principles.
Revenue in the adult education operation is based on the 
same fundamental principles, but also takes into account 
empirical estimates of the number of participants not 
completing the programme started, as well as estimates 
of compensation received based on the number of 
participants completing the programme, when the revenue 
is conditional on completion of the service.
Revenue for services sold is recognised on delivery to the 
student.
Other revenue consists of income not directly related to 
education, such as rental income. Revenue from these 
services is recognised at fair value based on the proportion 
of the total agreed service that has been delivered during 
the financial year when the customer receives and uses 
the services at the same point in time. Revenue from sale of 
goods is recognised on delivery to the customer. Revenue is 
recognised net of VAT and any discounts.
State subsidies
State subsidies are recognised as revenue when there 
is reasonable certainty that they will be received and 
when AcadeMedia meets the conditions attached to the 
subsidy. Subsidies received to cover costs are recognised 
as an expense reduction for the relevant expense item in 
the same period as the costs they are intended to offset. 
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At AcadeMedia, such subsidies are for the purpose of 
subsidising salaries. Other subsidies are recognised as 
revenue. State subsidies received to finance an investment 
are deducted from the cost of the investment.
Financial income
Interest income is recognised using the effective interest 
method.
Dividends
Dividend received is recognised as revenue when the right 
to receive dividend is confirmed.
Cost of services and products sold
The cost of services sold relates mainly to expenses for 
school meals (ingredients and catering), educational 
materials, agency teachers in Adult Education and various 
consumables. Also included is the cost of books sold.
Inventories
Inventories consist of books in connection with publishing 
activities and are stated at the cost or net realisable value, 
whichever is the lower, on the balance sheet date. Cost con -
sists of the direct costs of goods and is determined via the 
FIFO (first-in-first-out) method.  
Items affecting comparability
Items affecting comparability consist of non-recurring 
income and expenses and are recognised on a separate 
line in the income statement. Items affecting comparability 
consist, for example, of any capital gain from sale of real 
estate, major property damage not covered by commer -
cial insurance, consulting costs related to major acquisi -
tions, adjustment of pension plans having major impact on 
earnings, severance payments to senior executives, major 
integration costs arising from acquisitions and reorganisa -
tion, as well as costs following from strategic decisions and 
major restructuring leading to closure of units. Substantial 
retroactive revenue from earlier years is also classified 
as affecting comparability. The purpose of this reporting 
method is to obtain a clearer picture of developments in the 
underlying business.
Taxes
Income tax
Tax expense for the period consists of current tax and 
deferred tax. Tax is recognised in the income statement, 
except where the tax relates to an item that is recognised in 
Other comprehensive income or directly in equity. In such 
cases, the tax is also recognised in Other comprehensive 
income or in equity.
Current tax is tax to be paid or received in the current year 
as well as adjustments to previous years' current tax. The tax 
rates and laws applied in calculating the amount are those 
enacted, or in practice enacted, as of the balance sheet 
date.
Deferred tax
Deferred tax is calculated using the balance sheet method 
for temporary differences between the taxable amounts 
and carrying amounts for assets and liabilities. Deferred tax 
assets are recognised for deductible temporary differences 
and loss carry-forwards to the extent that it is likely that they 
will be utilised.
The value of deferred tax assets is determined on every 
balance sheet date and adjusted to reflect the extent that 
it is no longer likely that a sufficient taxable profit will be 
generated to enable all or part of the deferred tax asset 
to be utilised. Deferred tax assets and tax liabilities are 
calculated on the basis of the tax rates in effect for the 
period in which the asset is realised or the liability paid, 
based on tax rates and legislation that have been enacted, 
or in practice enacted, by the balance sheet date.
Cash flow statement
The cash flow statement is prepared in accordance with the 
indirect method. 
Interest payments are recognised in financing activities.
Cash and cash equivalents consist of available cash and 
bank balances.
Business segments
Reportable segments are identified on the basis of how 
the business is governed and followed up in the internal 
reporting to the highest executive decision-maker, which in 
AcadeMedia's case is the Chief Executive Officer. In this re -
porting, the Group’s performance is monitored on the basis 
of the four operating segments of Preschool & International, 
Compulsory Schools, Upper Secondary Schools and Adult 
Education. 
The segments apply the same accounting policies as the 
Group, other than as regards recognition of the renting 
of premises. The segments recognise rental costs as 
an external expense and thus adaptation to IFRS 16 is 
performed as a consolidation adjustment. 
Key estimates and judgements
In order to prepare financial statements in line with IFRS, 
Executive Management makes judgements, estimates 
and assumptions that are considered reasonable in the 
prevailing conditions. These assumptions and estimates 
are mostly founded on past experience, but also other 
factors, such as anticipated future events. Given other 
judgements, assumptions and estimates, actual results may 
be different and actual outcomes may deviate from the 
estimates made. Judgements, assumptions and estimates 
are reviewed on a regular basis and changes are reported 
in the period the change is made if the change only affects 
the period concerned, or in the period the change is made 
and future periods if the change affects both the period 
concerned and future periods.
A description follows of the most important areas where 
judgements and assumptions have been made and 
are regarded as likely to have to greatest impact on the 
Group’s financial statements, and where any changes in 
assumptions and estimates made may result in material 
adjustments to the financial statements of the following 
financial year.
Impairment testing of goodwill 
AcadeMedia performs testing annually, or where an 
impairment is indicated, to identify any impairment of 
goodwill, in accordance with the accounting policies 
described above in this Note. For these calculations, certain 
assumptions and estimates must be made regarding future 
revenue, costs, margin, capital employed and return on 
capital requirements. The business is also affected by the 
regulations in force in the country concerned as applying to 
the business, and the levels of remuneration that are paid. In 
the countries where AcadeMedia operates, the development 
and structure of the school system and the framework for 
independent school operations is the subject of continuous 
debate. 
Political decisions leading to changes in regulatory 
frameworks, including systems for reimbursement, may 
have a significant impact on AcadeMedia's operations, 
as well as on its financial performance. In this year's 
impairment test, the current regulations and known 
amendments have been applied and, based on the 
information currently available, the outcome of this year's 
impairment test is not expected to be affected by whether 
the proposed changes have been taken into account. 
Since the pandemic, the German preschool sector has 
experienced lower profits and margins. This is mainly 
because levels of remuneration have not risen in line 
with inflation. The year's impairment test assumes that 
remuneration will reflect the new higher cost situation.
Testing indicates that no impairment loss has occurred. 
Rights-of-use
An impairment of a right-of-use asset is recognised when 
the Group has established that the contract’s expected 
economic benefits are lower than the carrying amount for 
the asset. When the profit generated in a unit is not sufficient 
to cover the rent payments, an impairment write-down is 
applied to the right-of-use asset.
Provision for restructuring/closure of school units 
Provision for restructuring is recognised when a decision on 
restructuring or closure of a unit is taken by management 
and communicated to the parties concerned, and when a 
reliable estimate of the cost of closure can be made. The 
judgements made regarding future net costs take into 
account, for example, student enrolment, leasing costs and 
staffing. The assessment is most sensitive to the assumption 
as to student enrolment.
Provisions for onerous contracts
Management makes judgements regarding the existence of 
onerous contracts based on the performance of the units, 
but also taking forecasts of future developments into ac -
count. If an onerous contract is deemed to exist, a provision 
based on the estimated loss is recognised immediately. If 
the loss relates to a lease, it is recognised as an impairment 
loss on the right-of-use asset. See Note G18. 
Provision for pension liability (defined-benefit pensions) 
AcadeMedia operates a defined-benefit pension plan. 
The present value of pension obligation is determined by 
assumptions that are established on an actuarial basis. 
Significant assumptions include the discount rate, salary 
increases and pension uprating. If these assumptions 
change, this will affect the carrying amount of the pension 
obligations. Further information on items such as sensitivity 
analysis for changes in significant assumptions is provided 
in Note G6.
Amortisation period for investments in leasehold real 
estate
Investments in rented real estate are normally amortised 
over the term of the lease, which ranges from 2 to 25 years.
In a number of properties in exceptional locations, or where 
significant investments have been made, the useful life of 
the investment in the leased property has been judged to 
be longer than the lease term including extension clauses, 
since the judgement is that the property will continue to be 
leased subsequently on the basis of an underlying judge -
ment that it is economically rational. In addition, a right of 
occupancy accrues to such leased premises. The carrying 
amount for these investments at the end of the lease term, 
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including extension clauses, is SEK 165 million. If a lease is 
not extended, the remaining carrying amount will need to be 
tested for impairment.
Assessment at revenue recognition
AcadeMedia recognises school voucher funding as accrued 
over the period in which the teaching takes place, including 
time for planning and grading of student learning. Where 
remuneration is contingent on future performance, judge -
ments are made as to the right to receive the remuneration. 
For a more detailed description of these judgements, see 
the section on revenue recognition in Accounting Policies.
Assumptions for calculation of lease liability
In calculating the lease liability, management has made a 
number of estimates, assumptions and assessments that, if 
made differently, would have affected the size of the lease 
liability and thus of the right-of-use assets. 
In calculating the lease liability, the lease commitments 
have been discounted using a discount rate that categoris -
es the leases by geographical location. A different discount 
interest rate would affect the amount of the liability and the 
right-of-use asset, as well as interest expenses and depreci -
ation/amortisation. 
The leases normally incorporate options for extension. As the 
exercise of options for extension requires new investment 
decisions, options for extension are only included when a 
decision to continue operations is taken and when it is rea -
sonably certain that the lease will be extended. See Notes 
G18 and G32 for more information on lease accounting.
SEGMENT REPORTING
PRESCHOOL & 
INTERNATIONAL
COMPULSORY 
SCHOOLS
UPPER SECONDARY 
SCHOOLS
ADULT EDUCATION OTHER4 ELIMINATIONS GROUP
(SEK M.) 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Revenue, total 7,657 6,928 4,865 4,448 6,610 6,381 1,931 1,820 71 72 -2,113 -2,318 19,021 17,332
Revenue, internal 547 855 434 376 932 899 129 116 70 71 -2,113 -2,318 – –
Revenue, external 7,109 6,073  4,431 4,072 5,678 5,482 1,802 1,704 1 1 – – 19,021 17,332
Adjusted EBITDA 1 467 401 415 389 749 701 240 190 -97 -94 – – 1,775 1,587
Depreciation/amortisation -140 -129 -103 -96 -252 -249 -25 -25 -1 -2 – – -520 -502
Result from associates – – – – – – 0 -4 – – – – 0 -4
Adjusted operating profit (EBIT) 347 290 320 293 498 451 215 161 -99 -97 – – 1,281 1,097
Items affecting comparability -20 -18 -7 1 0 0 0 0 0 0 – – -27 -17
Effects of IFRS 16 – – – – – – – – 498 410 – – 498 410
Operating profit (EBIT) 327 272 313 293 498 451 215 161 399 312 – – 1,752 1,490
Net financial items – – – – – – – – -710 -665 – – -710 -665
Tax on profit for the year – – – – – – – – -221 -193 – – -221 -193
PROFIT FOR THE YEAR – – – – – – – – – – – – 821 632
Total student enrolment 2 35,279 29,464 30,431 29,201 45,579 45,329 - 3 - 3 – – – – 111,290 103,994
Number of children, preschools 2 32,413 27,014 3,582 3,391 – – – – – – – – 35,994 30,406
Number of students, 
compulsory schools 2
2,284 1,975 26,850 25,809 – – – – – – – – 29,134 27,784
Number of students, upper 
secondary schools 2
583 475 – – 45,579 45,329 – – – – – – 46,162 45,804
Average number of employees, 
full-time equivalents 2
7,931 6,581 3,757 3,638 3,854 3,912 1,042 1,081 229 216 – – 16,812 15,428
Number of units 2 461 386 126 118 148 149 – – – – – – 735 653
1 Adjusted EBITDA excludes earnings from associated companies. 
2Average per year.
3Volumes in Adult Education are not measured on the basis of the number of participants since the length of the programmes varies from individual occasions to school years. 
4Other refers to Group-wide items, including adaptation to IFRS 16.Revenue per segment
REVENUE PER SEGMENT
(SEK m.) Preschool & 
International Compulsory Schools
Upper Secondary 
Schools Adult Education Other Elimination Total
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Education-related revenue 7,027 6,108 4,414 4,052 5,920 5,725 1,804 1,719 -3 -3 -720 -880 18,443 16,721
State subsidies 60 33 198 166 72 71 15 12 0 0 – – 346 282
Products 92 90 0 0 0 0 0 0 0 0 – – 92 90
Other revenue 477 697 253 230 618 586 111 89 74 75 -1,393 -1,437 141 239
Total 7,657 6,928 4,865 4,448 6,610 6,381 1,931 1,820 71 72 -2,113 -2,318 19,021 17,332
G2: Segment reporting
The Group’s operations are organised into four segments: 
Preschool & International, Compulsory Schools, Upper 
Secondary Schools and Adult Education.
The Preschool & International segment consists of preschool 
activities in Sweden, Finland and Norway, and both preschool 
and school operations in Germany and the Netherlands. 
Operations in Sweden are based entirely on the school 
voucher funding system. In Norway, Finland and Germany, 
operations are based on publicly funded school voucher 
systems similar to that of Sweden. In the Netherlands, a 
private fee is charged, but families with children in preschool 
education receive a tax credit to compensate for the costs.
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NON-CURRENT ASSETS BY COUNTRY
Right-of-use assets Other non-current assets Total
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Sweden 6,930 7,283 7,056 7,010 13,985 14,293
Norway 593 751 1,814 1,916 2,407 2,667
Finland 904 1,014 32 34 936 1,048
Germany 1,399 1,326 658 540 2,058 1,866
The Netherlands 155 99 464 306 619 405
UK 0 0 0 0 0 0
Poland 0 0 1 1 1 1
Sum total 9,981 10,474 10,026 9,806 20,007 20,280
Non-current assets, above, do not include financial instruments, deferred tax assets and pension assets.
The Compulsory Schools segment operates compulsory 
schools in a large number of municipalities in Sweden, 
including under the brands Montessori Mondial, 
Noblaskolan, Pops Academy and Vittra. The schools operate 
entirely on the basis of the school voucher funding system.
AcadeMedia's Upper Secondary Schools segment provides 
upper secondary education throughout Sweden under more 
than 15 separate brands, offering both academic and voca -
tional programmes. The segment's brands include Drottning 
Blanka, LBS, NTI, Praktiska, ProCivitas and Rytmus. The 
schools operate entirely on the basis of the school voucher 
funding system.
AcadeMedia’s Adult Education segment is Sweden’s biggest 
provider of adult education services. Operations are divid -
ed into three business areas: municipal adult education, 
higher vocational education and labour market services. 
Operations are conducted under several different brands, 
including Eductus, Hermods and NTI-skolan. The reimburse -
ment model varies among the business areas and is based 
on public funding, mainly from municipalities, the Swedish 
National Agency for Higher Vocational Education and the 
Swedish Public Employment Service.
The segments apply the same accounting policies as the 
Group, other than as regards recognition of the renting of 
premises. The segments continue to recognise rental costs 
as an external expense and adaptation to IFRS 16 is shown 
under the heading of Other.
G3: Revenue from contracts with 
customers
AcadeMedia’s revenue consists of:
• Education-related income consists of school voucher 
funding, or the equivalent, in preschools, compulsory 
schools, upper secondary schools and participant fees in 
adult education.
• State subsidies consist of subsidies for the compulsory 
school initiative, smaller classes, skills development and 
before- and after-school care initiatives. For more infor -
mation on State subsidies, see Note G7.
• Other revenue consists of income not directly related to 
education, such as rental income.
BREAKDOWN OF REVENUE PER CUSTOMER CATEGORY |  
TIMING OF REVENUE RECOGNITION
SEK m. Over time At a point in time TOTAL
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Education-
related 
revenue
18,443 16,721 – – 18,443 16,721
State 
subsidies
346 282 – – 346 282
Products – – 92 90 92 90
Other 
revenue
141 239 0 0 141 239
Total 18,929 17,242 92 90 19,021 17,332
REVENUE-RELATED CONTRACT ASSETS AND CONTRACT 
LIABILITIES
SEK m. 30 June 2025 30 June 2024
Contract receivables
Accounts receivable (Note G21) 330 343
Accrued income (Note G22) 297 212
Total contract receivables 627 555
Contract liabilities
Deferred income (Note G26) 540 592
Total contract liabilities 540 592
The major share of contract liabilities on 30 June 2025 are 
expected to be recognised as revenue in 2025/2026.
Recognised revenue in 2024/2025 for performance under -
takings fulfilled in previous years is insignificant in view of 
the nature of the services and consists primarily of “con -
ditional payments”. Retroactive revenue relating to earlier 
periods totalled SEK 52 million (55), of which SEK 0 million (0) 
is recognised under the heading Items affecting compara -
bility.
The major share of this amount originates from municipali -
ties and central government in Sweden, and the equivalent 
in other countries. The major share of this revenue is paid 
under fixed payment plans that may be either before or 
after the service has been performed. In cases where fixed 
payment plans do not exist, the payment conditions vary in 
the main between 0 (zero) and 60 days. Advance payments 
from customers are made monthly, quarterly or by school 
term, but payments are also made for up to a year in ad -
vance.
Remaining performance obligations
The Group's income is usually related to fixed-term pro -
grammes, which generally range from a month to a school 
year. Exceptionally, programmes in the Adult Education 
segment may take place over up to two years. However, 
in the Preschool & International, Compulsory Schools and 
Upper Secondary Schools segments, it is normal for stu -
dents to continue their education for several school years. 
Remuneration from municipalities or other parties is based 
on numbers of enrolled children and students or course 
participants that are approved by the client. This means 
that remaining performance obligations are normally very 
limited, and so no information is provided on this item. The 
pandemic and restrictions, including distance education in 
the upper secondary schools, have made it more compli -
cated to determine whether the commitment has been met, 
and thus revenue recognition. 
Note G2 provides information on the number of students 
(annual average) that corresponds to AcadeMedia’s 
contract portfolio and may generate future revenue.
The segments are responsible for the ongoing financial 
results up to and including operating profit. Responsibility 
for operating assets and financing, including cash and 
cash equivalents, rests at the Group level. This means that 
cash and cash equivalents and interest-bearing assets and 
liabilities are not allocated to the segments. Consequently, 
it is not possible to allocate net financial items and tax per 
segment either.
Geographic information
REVENUE FROM EXTERNAL CUSTOMERS (BASED ON DOMICILE)
2024/25 2023/24
Sweden 13,333 12,659
Finland 1,171 432
Norway 2,411 2,401
Germany 1,798 1,607
The Netherlands 302 232
UK 0 0
Poland 5 1
Sum total 19,021 17,332
The Group generated revenue totalling SEK 1,853 million 
(1,811) from one customer, accounting for around 10 percent 
(10) of the Group’s total sales for 2024/25. The breakdown 
by segment for this customer is as follows: Preschool & 
International SEK 628 million (636), Compulsory Schools SEK 
474 million (472), Upper Secondary Schools SEK 667 million 
(636) and Adult Education SEK 84 million (67).
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G4: Fees to auditors
SEK m. 2024/25 2023/24
Öhrlings PricewaterhouseCoopers AB
Audit engagement 11 11
– of which PwC AB 9 8
Other statutory engagements 3 1
– of which PwC AB 2 0
Tax advisory services 0 0
– of which PwC AB 0 0
Other services 1 2
– of which PwC AB 0 1
UHY Deutschland AG
Audit engagement 4 5
Other services – –
Other auditing firms
Audit engagement 2 1
Other services 0 0
Total fees 22 21
“Audit engagement” refers to the fee for the statutory 
audit, i.e. the work necessary to produce the audit report, 
and advice arising from audit findings. “Other statutory 
engagements in addition to the audit engagement” refers 
to fees for opinions and other engagements that are 
required by law to be performed by the external auditor 
or that are associated with the audit and are normally 
performed by the external auditor, e.g. consultations on 
reporting requirements, review of sustainability report and 
interim report. The item “Other services” refer to costs that 
are not categorised as audit engagements, other statutory 
engagements in addition to audit services and tax advice.
G5: Personnel expenses
SALARIES AND REMUNERATION 
SEK m. 2024/25 2023/24
Board of Directors, CEO and 
Deputy CEO 1 20 22
Other employees 8,609 7,803
8,630 7,825
Expenses for social security 
contributions and pension 
obligations 
Board of Directors, CEO and 
Deputy CEO 1 10 10
Of which pension costs, 
including payroll tax 4 4
Other employees 2,926 2,684
Of which pension costs, 
including payroll tax 708 582
2,936 2,694
TOTAL 11,565 10,519
1 The Deputy CEO took office on 1 July 2023.
The Group received hiring subsidies, in the form of salary 
subsidies and State subsidies for the teacher salary 
premium and the head teacher salary premium, totalling 
SEK 253 million (209). This was offset against the Group’s 
personnel expenses, as the subsidies are provided as a 
way of compensating for higher costs. The cost of hired 
personnel is recognised in the income statement under 
Other external expenses in the amount of SEK 170 million 
(189), and under Cost of services sold in the amount of SEK 
255 million (239).
GENDER BREAKDOWN
2024/25 2023/24
Board of Directors
Women* 43% 44%
Men 57% 56%
Senior executives
Women 34% 44%
Men 66% 56%
*Excl. deputy employee representative
AVERAGE NUMBER OF EMPLOYEES (FULL-TIME EQUIVALENTS)
Men Women Other/not stated Total
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Sweden 3,406 3,454 7,036 6,995 0 – 10,442 10,449
Norway 297 304 2,273 2,194 – – 2,570 2,498
Finland 89 26 1,322 475 0 – 1,411 501
Germany 361 386 1,773 1,396 2 – 2,135 1,782
The Netherlands 40 38 214 162 – – 254 199
Total 4,194 4,207 12,617 11,221 2 – 16,812 15,428
BOARD OF DIRECTORS’ FEE
(Amounts in SEK t.) Board of Directors’ 
fee
Committee 
members’ fee
Board of Directors’ 
fee
Committee 
members’ fee
2024/25 2023/24
Chair of the Board
Håkan Sörman 680 98 650 93
Board members
Johan Andersson 301 170 289 160
Ann-Marie Begler 301 118 289 114
Jan Bernhardsson 301 230 289 182
Mikael Helmerson 301 49 289 63
Hilde Britt Mellbye (from 1/12/2023) 301 59 172 34
Marie Osberg (from 1/12/2023) 301 183 172 104
Pia Rudengren (until 30/11/2023) – – 117 90
Silvija Seres (until 30/11 2023) – – 117 23
Employee representatives
Anders Lövgren – – – –
Anna Lundmark Boman – – – –
Pernilla Larsson (deputy) – – – –
Sum total 2,485 907 2,383 862
No benefits or pension disbursements were paid to the Board of Directors in 2024/25 or 2023/24.
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REMUNERATION TO THE CEO AND OTHER SENIOR EXECUTIVES 
(Amounts in 
SEK t.)
Fixed salary Holiday pay 2
Variable 
remuneration Benefits 
Benefit/subsidy share-
based programmes Pensions Total 
24/25 23/24 24/25 23/24 24/25 23/24 24/25 23/24 24/25 23/24 24/25 23/24 24/25 23/24
Marcus Strömberg, 
CEO 
6,672 6,286 120 73 3,338 3,240 168 157 45 – 2,101 2,039 12,441 11,722
Katarina Wilson, 
Deputy CEO
4,200 4,145 78 65 2,100 2,040 92 84 15 – 898 965 7,384 7,234
Other senior 
executives 
13,512 11,738 176 156 4,506 3,052 506 515 145 – 3,317 2,746 22,162 18,052
SUM TOTAL 24,384 22,170 375 294 9,942 8,332 766 756 204 – 6,317 5,750 41,987 37,007
Number of other 
senior executives 1 
7 6 7 6 6 5 7 6 5 – 7 6 7 6
CEO base salary-Comment on change compared to previous year: The CEO´s base salary for 23/24 included ten months of regular base salary and two months of sick 
leave remuneration. The sick leave remuneration resulted in total compensation that was 4% lower than it would have been with a full year of regular base salary. The base 
salary increased by 3% from 23/24 to 24/25.
 1  Paula Hammarskog was a member until 29 February 2024 in the previous financial year. Petter Sylvan has been a member since 4 March 2024 and Richard Sjöberg was 
a member from 15 April 2024 to 6 January 2025. Jonas Nordström has been a member of Executive Management since 1 February 2025. The number of senior executives 
is calculated on the basis of the number of months of the financial year they were a member of Executive Management. In 2023/24, the CEO was on sick leave for two 
months and the CEO’s remuneration thus includes compensation for the period of sick leave. During the CEO’s period of sick leave, Katarina Wilson served as Acting CEO. 
2 Holiday pay refers to renumeration received during the year related to used vacation days. Additionally, the CEO received another SEK 240 thousand in 24/25 related to 
unused vacation days (older than 5 years). Total remuneration to CEO 24/25, including this disbursement, amounts to SEK 12,681 thousand.
resolved on a long-term incentive programme in the form 
of a warrant programme, aimed at Executive Management 
and other key AcadeMedia employees. The warrants were 
acquired at market value calculated according to the Black 
& Scholes method at the time of issue. The programme 
comprised a total of 442,673 warrants, each entitling the 
holder to subscribe for 1.02 AcadeMedia shares at a price of 
SEK 59 each. 
The total number of shares subscribed through the exercise 
of warrants in the programme was: 401 993. 
The CEO held 40,000 warrants and the Dep. CEO held 
37,500, all of which were transferred to the Company's main 
shareholder Mellby Gård at market value during the first 
subscription window. 
Warrant programme 22/26  
In autumn 2022, AcadeMedia launched a warrant pro -
gramme aimed at Executive Management and other key 
personnel in the Group. Participants acquired warrants at 
SEK 5.94 each, which is regarded as the market value based 
on an independent valuation using the Black and Scholes 
warrant model. Each option entitles the holder to subscribe 
for 1.02 AcadeMedia shares at a price of SEK 55.70 each.  The 
warrants may be exercised during two periods: (i) for two 
weeks from the day after publication of the interim report 
for the second quarter of the 25/26 financial year and (ii) 
for two weeks from the day after publication of the interim 
report for the third quarter of the 25/26 financial year. 
At year-end, 245,597 warrants were outstanding, including 
30,000 held by the CEO, 10,000 by the Dep. CEO and 97,500 by 
other members of Executive Management.
Warrant programme 24/28 – new during the year  
In autumn 2024, AcadeMedia launched a warrant pro -
gramme aimed at Executive Management and other key 
personnel in the Group. Participants acquired warrants at 
SEK 7.46 each, which is regarded as the market value based 
on an independent valuation using the Black and Scholes 
warrant model. Each option entitles the holder to subscribe 
for 1.01 AcadeMedia shares at a price of SEK 80.90 each.  The 
warrants may be exercised during two periods: (i) for two 
weeks from the day after publication of the interim report for 
the second quarter of the 27/28 financial year and (ii) for two 
weeks from the day after publication of the interim report for 
the third quarter of the 27/28 financial year. 
At year-end, 180,000 warrants were outstanding, including 
20,000 held by the CEO, 20,000 by the Dep. CEO and 140,000 
by other members of Executive Management.
Composition of Executive Management
During the year, Executive Management consisted of the fol -
lowing positions: CEO; Heads of Compulsory Schools, Upper 
Secondary Schools and Adult Education; Deputy CEO/COO; 
CFO; Head of HR; Head of Communication and Public Affairs; 
Chief Legal Officer; and Director of Business Development. 
Terms and conditions of employment of the CEO
Remuneration for AcadeMedia’s CEO is subject to annual 
approval by the Remuneration Committee in accordance 
with the guidelines set by the Annual General Meeting. The 
remuneration is made up of a basic salary and benefits 
(car allowance), pension benefit and variable remunera -
tion.  In the event of sick leave, the CEO is paid 90 percent of 
basic salary. The CEO has a premium-based pension plan, 
where the annual pension premium is 30 percent of the fixed 
basic salary. The targets for variable remuneration are both 
operational and financial, and are based on factors such as 
quality and financial performance. The guidelines state that 
variable remuneration may amount to a maximum of six 
months' salary and may not exceed 50 percent of the fixed 
cash salary. 
If notice of termination is given by AcadeMedia, the CEO 
is entitled to a twelve-month period of notice. The salary 
during the period of notice will be reduced by the amount of 
any remuneration from another employer as of month sev -
en. If notice of termination is given by AcadeMedia, the CEO 
is entitled to twelve months' severance pay, in addition to 
the period of notice. If notice is given by the CEO, the notice 
period is six months. The employment contract includes a 
six-month anti-competitive clause if the CEO intends to take 
up a new position with a company engaged in a competing 
business. During this time, the CEO is entitled to remuner -
ation corresponding to the difference between the his/her 
salary in new employment and the salary he/she had in his/
her employment with the Company.
Terms and conditions of employment for other senior 
executives
Other senior executives receive fixed and variable salary, 
plus pension benefits. The criteria for variable remuneration 
are the same as for the CEO. For other senior executives, 
notice periods of between four and twelve months apply, 
depending on whether notice is given by the executive or 
the Company. The notice period is generally longer in cases 
where a senior executive intends to take new employment in 
a company engaged in a competing business. When notice 
is given by the employer, certain senior executives are enti -
tled to severance pay amounting to between six and twelve 
months’ salary, in addition to regular salary during the 
notice period. For more information on guidelines applied 
during the year, see page 38-39.
Incentive programmes
During the year, AcadeMedia operated four long-term 
incentive programmes: a share-matching plan (concluded) 
and three warrant programmes (of which, one concluded). 
The rationale for the incentive programmes is to motivate 
and retain competent employees, to align the participants' 
goals with those of the Company and to increase motivation 
to meet the targets set. 
At AcadeMedia, variable remuneration is conditional on 
the achievement of quality targets. AcadeMedia’s Board of 
Directors has determined that, at a company such as Aca -
deMedia, it is appropriate to evaluate whether management 
has used good judgement in its quality improvement work. 
This is important in ensuring that the business develops 
in a way that benefits the students and, in the long term, 
the Company. The Board of Directors and its Remuneration 
Committee evaluate the incentive programmes annually to 
ensure that they achieve their intended purposes.
Share-matching programme – concluded during the year
At the 2021 AGM, the shareholders also resolved on a long-
term incentive programme in the form of a share-matching 
programme, aimed at managers and other key employees 
within the Group, with the exception of the CEO and Group 
Management. Provided that the employee made a personal 
investment in AcadeMedia shares (savings shares), retained 
the shares during the term of the plan (Feb 22 – Feb 25) 
and was employed by AcadeMedia for the entire term, the 
employee was entitled to be allocated a corresponding 
number of matching shares. The criteria for allocation 
of matching shares were that the total return on the 
Company’s shares over the term of the plan exceeded ten 
percent and that AcadeMedia maintained good quality in its 
education services over the term of the plan. At conclusion 
of the programme, the conditions were deemed to have 
been met and the total number of savings shares amounted 
to 11,342, giving rise to 12,848 matching shares. 
The effect of the programme on earnings was SEK -0.1 
million (0.3) during the year.
NUMBER OF SHARES IN THE SHARE SAVINGS PLAN
2024/25 2023/24
Outstanding on 1 July 11,342 12,850
Issued – –
Forfeited – -1,508
Redeemed -11,342 –
Outstanding on 30 June – 11,342
Warrant programme 21/25 – concluded during the year
At the 2021 Annual General Meeting, the shareholders 
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G6: Pensions
The Group operates defined-contribution and defined-ben -
efit plans in Sweden and Norway, while Finland, Germany and 
the Netherlands only operate defined-contribution pension 
plans. Defined-benefit pension plans in Sweden are in line 
with the ITP 2 agreement. They are secured via pension 
insurance with Alecta, a pension scheme to which several 
employers are subscribed. This pension plan is accounted 
for as a defined-contribution pension plan, as Alecta cannot 
provide sufficient information for the plan to be accounted for 
as a defined-benefit pension plan. Thus, only defined-ben -
efit pension plans in Norway are recognised on the balance 
sheet.
NET PENSION COSTS 
2024/25 2023/24
Cost of service during the period -9 -9
Employee contributions 0 0
Net interest -3 -2
Pension expense, defined-benefit pensions, in 
profit for the year -12 -11
Pension expense, defined-contribution 
pensions, charged to profit for the year -610 -492
Pension costs charged to profit for the year -621 -503
Re-measurement of defined-benefit pensions 
recognised in other comprehensive income
Actuarial gains (+)/losses (-) due to changes in 
financial assumptions 6 -34
Actuarial gains (+)/losses (-) due to experience-
based adjustments 11 6
Return over and above interest income 4 -13
Re-measurement of defined-benefit pensions 
recognised in other comprehensive income 20 -41
Pension expense charged to comprehensive 
income for the period -601 -544
The premiums for the year for pension insurance plans, con -
tracted with Alecta, amounted to SEK 80  million (77). The Group's 
percentage of the premiums paid to Alecta totalled around 0.6 
percent (0.5). Premiums for the defined-benefit retirement and 
family pension plans are calculated on an individual basis and 
determined by factors such as salary, previously earned pen -
sion and expected remaining period of service.
The collective funding ratio consists of the market value of 
Alecta's assets as a percentage of its insurance obligations, 
calculated using Alecta's actuarial methods and assump -
tions, which do not align with IAS 19. The collective funding 
ratio should normally be allowed to vary between 125 and 
155 percent. If Alecta's collective funding ratio is less than 
125 percent or exceeds 155 percent, steps are to be taken to 
restore the funding ratio to within the normal range. In the 
case of a low funding ratio, an option is to raise the agreed 
rates for new policies and to increase existing benefits. In the 
case of a high funding ratio, an option may be to reduce pre -
miums. Such measures are for decision by the Alecta Board. 
On 30 June 2025, Alecta's surplus in the form of its collective 
funding ratio was 161 percent (164). As a result of the high level 
of consolidation, premium reductions were made. 
The following describes the defined-benefit pension plan in 
Norway. Norwegian companies are obliged to comply with 
the Norwegian law on mandatory occupational pensions. 
The companies’ pension plans meet the requirements of this 
law. The plans provide defined future benefits in the form of 
retirement, family and disability pension. These benefits are 
mainly determined by the number of years of service, salary 
at retirement and social insurance levels. Defined-ben -
efit pension plans in Norway are secured in accordance 
with the plan’s rules via pension insurance contracted with 
Storebrand Livforsikring AS. The size of the pension premiums 
is determined by the insurance provider, based on criteria 
differing from those in IAS 19. Under the pension agreement, 
employees contribute two percent of their gross salary in 
premium payments.
CHANGE IN FAIR VALUE OF PLAN ASSETS
2024/25 2023/24
Plan assets, opening balance 279 270
Interest income 8 8
Return over and above interest income 4 -13
Employer contributions 20 23
Pension disbursements from plan assets -3 -3
Other -2 -3
Exchange rate difference -16 -3
Plan assets, closing balance 289 279
The Norwegian pension plan covers 447 (455) persons, of 
whom 157 (173) were active and 290 (282) were retirees, as 
per 30 June 2025.  
The defined-benefit pension obligation totals SEK 322 million 
(323), of which SEK 113 million (126) pertains to the active 
employees and the remaining SEK 209 (197) million to the 
retirees. The weighted average duration of defined-benefit 
pension liabilities is around 21 years (20).
The anticipated total contributions to the Norwegian 
defined-benefit plan is around SEK 19 million (20) for the 
upcoming financial year. Added to this is Norwegian payroll 
tax of around SEK 3 million (3). Anticipated contributions to 
the Swedish defined-benefit plan with Alecta total around 
SEK 91 million (91). This also includes Swedish payroll tax of 
around SEK 22 million (22).
The defined-benefit pension plan exposes the Group to 
various risks, including risks associated with changes 
in life expectancy, salary levels etc. Each change in the 
assumptions applied will have an impact on the carrying 
amounts of the pension obligations. However, responsibility 
for the pension obligation for former employees – “paid-
up policies” – is transferred to the insurer, and the pension 
obligation for these paid-up policies is not recognised as 
net debt. 
DEFINED-BENEFIT PENSION LIABILITY, NET
30 June 2025 30 June 2024
Present value of defined-benefit pension 
obligations 305 325
Fair value of plan assets -289 -279
Net pension liability (+) /assets (-) on 
the balance sheet 15 45
CHANGE IN PRESENT VALUE OF PENSION LIABILITY
2024/25 2023/24
Pension liability, opening balance 325 286
Cost of service during the period 9 9
Interest expense 11 10
Re-measurement of pensions
– financial assumptions -6 34
– experience-based adjustments -11 -6
Pension disbursements -3 -3
Payroll tax paid -2 -3
Exchange rate difference -18 -4
Pension liability, closing balance 305 325
The plan assets consist of pension insurance through 
Storebrand Livforsikring AS, invested according to the 
Storebrand Standard.
Risk is controlled via dynamic risk management, meaning 
that the equity portion is weighted up or down, depending 
on developments in the financial markets. Risk capacity is 
determined by several factors, such as the buffer and level 
of interest rates.
INVESTMENT OF PLAN ASSETS
30 June 2025 30 June 2024
Shares 16% 11%
Interest-bearing investments 64% 67%
Property 16% 10%
Alternative investments 4% 12%
Sum total 100% 100%
Of the above, Equities and Interest-bearing investments are 
invested in an active market.
SIGNIFICANT ACTUARIAL ASSUMPTIONS
30 June 2025 30 June 2024
Discount rate 3.80% 3.40%
Salary increases 4.00% 3.50%
Pension uprating 2.40% 2.10%
Increase in social security amount 3.75% 3.25%
Life expectancy, mortality table G2013BE G2013BE
The present value of pension obligations is determined by a 
number of factors based on a number of assumptions.
SENSITIVITY ANALYSIS FOR PENSION LIABILITY
Change in 
assumption
Change in liability, 
SEK m.
Discount rate -0.50% 0.50% +34 -30
Salary increase, incl. 
increase in social security 
charge -1.00% 1.00% -4 +4
Pension uprating -0.50% +0.50% +32 -28
Estimated life expectancy - 1 year + 1 year -10 +10
The sensitivity analysis was applied to the most significant 
actuarial assumptions – the discount rate, salary increases, 
pension uprating and estimated life expectancy. The 
sensitivity analysis involved changing one actuarial 
assumption and leaving the other assumptions unchanged. 
The method shows the sensitivity of the liability sensitivity 
to an individual assumption. It is a simplified method, as the 
actuarial assumptions are normally correlated.
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G7: State subsidies 
2024/25 2023/24
Salary subsidy, teacher salary premium 106 107
Salary subsidy, head teachers/career 
service 68 61
Other salary subsidies 79 41
Equitable school/expansion in skills 
development 133 105
The School Billion 0 14
Erasmus 42 33
Other State subsidies 170 129
SUM TOTAL 598 489
AcadeMedia receives State subsidies to implement 
government-led initiatives. These include programmes 
to increase the attractiveness of the teaching profession, 
for smaller classes and to promote greater equality. State 
subsidies are classified as salary subsidies and other State 
subsidies, and they involve a corresponding expense.
State subsidies received to cover increased payroll expens -
es such as the teacher salary premium, head teacher pre -
mium and other salary subsidies, are recognised net under 
personnel expenses. In all, State salary subsidies totalled SEK 
253 million (209).
Other State subsidies recognised in revenue amounted 
to SEK 346 million (280), of which the State subsidy for 
equitable school is the single largest subsidy at SEK 133 
million (105). The second largest amount, SEK 42 million (33), 
was a subsidy for the Erasmus programme. Other State 
subsidies , totalling SEK 170 million (129) go to fund teaching 
assistants, smaller classes and apprenticeship grants.
In Germany, investment subsidies are received in 
connection with startups of new preschools. During the 
year, AcadeMedia received SEK 26 million (51) in investment 
subsidies in Germany.
G8: Depreciation/amortisation
According to plan Acquisition-related Rights-of-use TOTAL
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Brands 0 0 22 17 – – 22 17
Other intangible assets 8 7 4 5 – – 12 12
Equipment 155 153 – – 165 164 321 317
Expenditure on improvements to 
leasehold property 118 112 – – – – 118 112
Buildings 43 38 6 6 1,831 1,656 1,880 1,700
SUM TOTAL 324 310 33 28 1,997 1,820 2,353 2,159
G9: Items affecting comparability
Items affecting comparability include revenue and 
expenses of such a nature as to affect comparability. These 
are reported on a separate line in the accounts to improve 
comparability between periods and to clearly illustrate the 
trend in the underlying business.
ITEMS AFFECTING COMPARABILITY
2024/25 2023/24
Transaction costs -17 -18
Restructuring (Int.) -3 –
Restructuring (Comp. sch.) -10 0
Restructuring (Upp. sec. sch.) – 0
Fire insurance claim payment 2023 (Comp. 
sch.) +2 0
Fire insurance claim payment 2021 (Comp. 
sch.) – +1
Impairment Saas project (Int.) -9 –
Gain on acquisition of assets (Int.) +9 –
Sum total -27 -17
Items affecting comparability consist of transaction costs 
related to acquisitions in Germany and the Netherlands, 
restructuring costs in compulsory schools and in 
international operations, insurance compensation related to 
a school fire, impairment of IT projects and a gain on a low-
priced asset acquisition in Norway. 
In the preceding year, items affecting comparability mainly 
consisted of transaction costs. 
The Group's operating profit would be as follows if items af -
fecting comparability had not been recognised on their own 
line in the accounts:
OPERATING PROFIT
2024/25 2023/24
Net sales 19,024 17,332
Cost of services sold -1,656 -1,523
Other external expenses -1,816 -1,753
Personnel expenses -11,446 -10,408
Depreciation/amortisation -2,353 -2,159
Operating profit 1,752 1,490
G10: Financial income
2024/25 2023/24
Interest income 17 22
Foreign exchange gains 22 –
Other 0 0
Financial income 39 22
G11: Financial expenses
2024/25 2023/24
Interest expense -86 -95
Borrowing costs* -4 -1
Interest expense, lease liability -628 -568
Exchange rate losses -24 -14
Bank charges and similar -7 -9
Financial expenses -749 -687
* Setup charges for new loans are expensed over the term of the loan. During the 
financial year, profit was charged with accrued borrowing costs of SEK 4 million 
(1).
Interest expense arising from lease liabilities consists 
of interest expense of SEK 17 million (14) in connection 
with finance leases and interest expense incurred via 
implementation of IFRS 16, i.e. SEK 611 million (554) relating to 
leases on premises.
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G12: Taxes
INCOME TAXES CONSISTS MAINLY OF THE FOLLOWING 
COMPONENTS:
2024/25 2023/24
Current tax
Current tax on profit for the year -228 -209
Adjustment of tax pertaining to previous year 2 1
Total current tax -227 -208
Deferred tax 
Deferred tax on temporary differences 5 15
Total deferred tax 5 15
TOTAL TAX EXPENSE RECOGNISED IN THE 
INCOME STATEMENT -221 -193
Other comprehensive income
Deferred tax relating to actuarial gains and 
losses -4 9
TOTAL TAX EXPENSE RECOGNISED IN OTHER 
COMPREHENSIVE INCOME -4 9
RECONCILIATION OF EFFECTIVE TAX IN THE INCOME 
STATEMENT
2024/25 2023/24
Pre-tax profit 1,042 825
Tax at current tax rate (20.6%) -215 -170
Tax effect of:
Other tax rates in foreign subsidiaries -4 3
Non-deductible expenses -13 -18
Non-taxable income 2 0
Profits from non-taxable entities 16 13
Utilisation of previous year’s unrecognised loss 
carry-forwards 4 2
Uncapitalised tax loss carry-forwards -11 -12
Adjustment, previous years 4 1
Other -4 -12
Effective tax recognised -221 -193
The effective tax rate is slightly lower than last year at 21.2 
(23.4) percent, partly due to increased income from non-
taxable entities.
Loss carry-forwards and temporary differences for which 
deferred tax assets are not recognised amount to a total 
of SEK 126 million (92), corresponding to a tax value of SEK 
35 million (24). A breakdown per country is shown in the 
table below. The loss carry-forwards have not been valued 
because they are subject to Group contribution restrictions 
and it is therefore uncertain whether it will be possible for 
them to be utilised, or whether taxable surpluses against 
which they can be utilised will be available within five years.
LOSS CARRY-FORWARDS NOT MEASURED – TAX VALUE
2024/25 2023/24
Sweden 8 8
Germany 27 14
The Netherlands – 2
Total 35 24
CHANGE IN DEFERRED TAX
Intangible 
non-current 
assets
Property, plant 
and equipment
Right-of-use 
assets
Lease liabilities Pension provision Allocations and 
provisions
Untaxed reserves Loss carry-for -
wards
Offsetting of 
receivable/
payable
SUM TOTAL
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
At start of year -76 -41 30 31 -2,429 -2,142 2,525 2,252 10 3 59 66 -267 -249 54 8 – – -44 -72
Recognised in the 
income statement
4 4 8 9 140 -73 -114 110 – -3 -2 -8 34 -18 1 -6 – – 5 15
Recognised 
in other 
comprehensive 
income
– – – – – – – – -4 9 – – – – – – – – -4 9
Acquisitions – -40 – -9 -47 -213 47 213 – – – 1 – – 1 52 – – 1 4
Reclassification -2 – 4 – – 0 – 0 – – -1 – – – – – – – 0 –
Translation differ -
ence
1 1 7 0 -1 -1 0 0 -2 0 -2 0 – – 1 1 – – -12 0
At year-end -72 -76 36 30 -2,337 -2,429 2,508 2,575 3 10 54 59 -301 -267 56 54 – – -54 -44
Of which
Deferred tax 
assets
– – 36 39 – – 2,508 2,575 3 10 54 59 – – 56 54 -2,535 -2,518 121 219
Deferred tax 
liability
-72 -76 – -9 -2,337 -2,429 – – – – – – -301 -267 – – 2,535 2,518 -175 -262
Global minimum top-up tax
AcadeMedia is subject to the OECD Pillar Two Model Rules. 
Pillar Two legislation entered into force on 1 January 2024 
and became applicable to the financial year 2024/25. The 
Group applies the exemption set out in IAS 12 for recognition 
and disclosure of deferred tax assets and tax liabilities 
related to Pillar Two income taxes. 
Under this legislation, corporate groups are required to pay 
an additional tax on the difference between the effective tax 
rate (ETR) in each jurisdiction, calculated according to the 
GloBE rules, and the minimum tax rate of 15%. 
During the first three financial years from when the 
legislation entered into force, “transitional rules” apply, 
according to which if certain criteria are fulfilled in a 
jurisdiction, no additional tax will apply to that jurisdiction. 
Based on AcadeMedia’s analysis, all jurisdictions fulfil 
the criteria in the transitional rules and in the Company’s 
judgement the legislation will not have any significant 
impact on the Group's financial report, even after the 
transitional rules cease to apply. 
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G13: Earnings per share
2024/25 2023/24
Profit attributable to shareholders in the 
Parent Company (SEK m.) 821 632
Average number of ordinary shares, basic 
(thousands) 100,848 104,376
Effect of warrants (thousands) 44 –
Average number of ordinary shares, diluted 
(thousands) 100,892 104,376
Earnings per share, basic (SEK)* 8.14 6.06
Earnings per share, diluted (SEK)* 8.14 6.06
The average number of shares outstanding, basic, totalled 
100,848,345 (104,375,613). In total, the number of ordinary 
shares decreased by 2,479,965 (+84) during the year as 
a result of redemption programmes, share matching 
programmes and warrant programmes.
As per 30 June 2025, two warrant programmes are in op -
eration. One comprises a total of 245,597 warrants, which 
have been excluded from the calculation of diluted earnings 
per share, as they did not give rise to any dilutive effect. The 
second option programme, consisting of 180,000 warrants, 
resulted in dilution equivalent to 43,768 ordinary shares.
G14: Business combinations
The acquisitions below represent a combined value of less 
than 5 percent of the Group’s sales and are therefore not 
specified separately in the tables. In the previous year, only 
Touhula was accounted for separately. In all acquisitions, 
100 percent of the shares and voting rights in the companies 
were acquired.
In all acquisitions, the purchase consideration took the form 
of a cash payment.
The following are disclosures regarding acquired net assets 
and goodwill. No portion of goodwill is tax deductible.
Acquisitions 2024/2025
Acquiring company
Acquired 
company/business
Date of 
acquisition Segment
Winford Beheer BV Vecht College BV 1 July 24 Preschool & 
International
AcadeMedia Förskolor 
Holding AB
Bättre förskolor i 
Östersund AB
2 Sept. 24 Preschool & 
International
AcadeMedia 
Grundskolor Holding AB
Monteprenör AB 2 Sept. 24 Compulsory 
Schools
AcadeMedia Gr -
undskolor Holding AB
Framtids kompassen 
AB
12 Sept. 24 Compulsory 
Schools
AcadeMedia Förskolor 
Holding AB
Norrtelje -
Pedagogerna AB
3 Dec. 2024 Preschool & 
International
AcadeMedia Nederland 
BV
YES! Kinderopvang 
Beheer B.V. 
15 Apr. 25 Preschool & 
International
AcadeMedia Education 
GmbH
International 
Schools Potsdam 
gGmbH
5 May 25 Preschool & 
International
AcadeMedia Education 
GmbH
Kreativ Campus 
Potsdam gGmbH
5 May 25 Preschool & 
International
AcadeMedia Education 
GmbH
Kreative Schulge -
sellschaft Thüringen 
gGmbH
5 May 25 Preschool & 
International
Acquisitions 2023/2024
Acquiring company
Acquired company/
business
Date of 
acquisition Segment
AcadeMedia Education 
GmbH
Mediadesign 
Akademie für Aus- 
und Weiterbildung 
gGmbH
3 July 23 Preschool & 
International
AcadeMedia Nederland 
BV
Winford College BV 1 Aug. 23 Preschool & 
International
AcadeMedia 
Grundskolor Holding AB
Vindseglet AB 1 Sept. 23 Compulsory 
Schools
AcadeMedia Vuxenut -
bildning Holding AB
Berghs School of 
Communication AB
2 Oct. 23 Adult Education
ACM 2001 AB VKPA-varhaiskasva-
tus Oy (Touhula)
1 Mar. 24 Preschool & 
International
Acquisition effects
EFFECTS OF ACQUISITIONS
2024/25 2023/24
Other 
acquisitions Touhula
Other 
acquisitions
Total 
acquisitions
Purchase consideration 
including transaction 
costs 513 529 433 962
Transaction costs -18 -11 -43 -54
Purchase consideration 
excluding transaction 
costs 495 517 391 908
Value of additional 
purchase price, 
acquisitions in previous 
years -23 – – –
Fair value of acquired 
net assets excluding 
goodwill -259 -94 -33 -128
Goodwill 213 423 358 780
* The acquisition analysis for Touhula was adjusted during the year as a result of a 
new value attributed to the additional purchase price. For more information, see the 
section Definitive acquisition analyses.  
Goodwill is in the main attributable to :
• Whether the business can operate with satisfactory profitability 
sustainably, on the basis of its quality and attractiveness, and 
through being a well-developed organisation.
• Annual cost synergies that are expected to be gained from 
overlapping resources in sales and marketing, administration 
and education.
• Economies of scale and streamlining in purchasing and 
administration.
• Expansion of operations into new geographic markets.
FAIR VALUES ACQUIRED
2024/25 2023/24
Total 
acquisitions Tou hula
Other 
acquisitions
Total 
acquisitions 
Non-current intangible assets 7 133 67 200
Property, plant and equipment 132 37 -23 14
Right-of-use assets 207 1,089 193 1,282
Non-current financial assets 1 55 1 56
Current assets 25 96 90 186
Cash and cash equivalents 200 23 117 140
Interest-bearing liabilities -14 0 0 0
Lease liabilities -207 -1,089 -193 -1,282
Non-interest-bearing liabilities -84 -214 -191 -405
Current tax liability 0 0 0 0
Provisions – -36 -28 -64
Net assets acquired 259 94 33 128
Purchase consideration not settled in cash at the balance 
sheet date, see table below, consists of a contingent 
consideration. During the year, SEK 59 million attributable 
to an additional purchase consideration for an acquisition 
in a previous year was settled and an adjustment of 
SEK 23 million applied to goodwill due to a new value 
attribution. On the balance sheet date, the liability for 
contingent consideration totalled SEK 141 million (207). 
The conditions governing payment of the additional 
purchase consideration are based on the extent to which 
performance targets are achieved.
EFFECT OF ACQUISITIONS ON THE GROUP’S CASH AND CASH 
EQUIVALENTS
2024/25 2023/24
Purchase consideration excluding 
transaction costs and including interest 
compensation 495 908
Settlement of additional purchase price, 
acquisitions in previous years 59 –
Less purchase consideration not settled in 
cash as per 30 June -21 -208
Cash and cash equivalents at acquisition -200 -140
Impact on the Group’s cash and cash 
equivalents 333 560
Definitive acquisition analyses
The acquisition analyses are provisional for one year 
from the acquisition date. During the year, the acquisition 
analysis for Touhula was adjusted. The acquisition 
analysis was adjusted as a result of a new assessment 
of the additional purchase price, which resulted in a 
reduction of SEK 23 million for goodwill. 
CONTRIBUTION OF ACQUISITIONS TO CONSOLIDATED 
PROFIT
2024/25 2023/24
Net sales 275 736
Adjusted operating profit (Adj. EBIT) 21 68
Operating profit (EBIT) 45 70
IF THE ACQUISITIONS HAD BEEN INCLUDED IN 
CONSOLIDATED PROFIT FROM 1 JULY, THEIR CONTRIBUTION 
WOULD HAVE BEEN:
2024/25 2023/24
Net sales 441 1,489
Adjusted operating profit (Adj. EBIT) 61 35
Operating profit (EBIT) 129 67
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G15: Non-current intangible assets
Goodwill Brand Other intangible 
assets
TOTAL
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Cost, opening balance 7,237 6,484 448 250 49 38 7,733 6,772
Adjustment of acquisition analyses -23 – – – – – -23 0
Business combinations 236 777 7 197 0 3 243 977
Purchases – – – – 10 9 10 9
Divestments and disposals – – 0 – -5 0 -5 0
Reclassifications 0 0 0 – 0 0 0 0
Exchange rate difference -54 -24 -2 0 -1 0 -57 -25
ACCUMULATED COST, CLOSING BALANCE 7,395 7,237 453 448 54 49 7,902 7,733
Amortisation and impairment -4 -4 -78 -61 -23 -12 -106 -77
Amortisation for the year – – -22 -18 -12 -12 -34 -29
Divestments and disposals – – 0 – 4 0 4 0
Exchange rate difference – – 0 0 0 1 1 1
ACCUMULATED AMORTISATION AND IMPAIRMENT, 
CLOSING BALANCE
-4 -4 -101 -78 -30 -23 -135 -106
CARRYING AMOUNT, CLOSING BALANCE 7,390 7,232 353 369 24 26 7,767 7,627
G16: Impairment testing
AcadeMedia performs a review at least annually to de -
termine any impairment of goodwill, by calculating the 
recoverable amount for the cash-generating units (CGUs). 
See Accounting Policies, Note G1. The review is performed 
during the fourth quarter and as per 31 March. Goodwill is 
allocated to the lowest level at which it is possible to identify 
substantially independent cash flows (cash-generating 
units, CGUs). In AcadeMedia, this is per segment except for 
the Preschool & International segment, which consists of 
four cash-generating units, Preschool Sweden, Preschool 
Norway, Preschool Germany, The Netherlands and Finland 
(new this year). This also corresponds to the lowest level at 
which comprehensive financial information is available and 
is monitored internally. 
The recoverable amount is calculated as the value in use 
for the operations in Sweden, Germany, the Netherlands and 
Finland, and as fair value less costs of selling for the Norway 
CGU. This is because the value-in-use approach does not 
fully take into account the fair value of the Group’s assets 
in Norway, where for example, the value-in-use approach 
does not reflect the fair value of Norway’s properties, which 
is estimated to exceed the book value by more than SEK 500 
million after tax. The properties have been valued at level 3 
of the IFRS valuation hierarchy and are based on estimated 
market values, which correspond to the value at which the 
properties could be transferred between knowledgeable, 
willing parties in an arm's length transaction.
The value in use for all CGUs is based on cash flow cal -
culations, based in turn on business plans adopted by 
management and Board. During the impairment testing, 
but also in the annual accounts as per 30 June 2025, these 
are based the current and known regulatory framework. 
The business plans cover a period of five years and after 
that forecasts are made for a further five years to make a 
total forecast period of 10 years, in part to take account of 
the need for reinvestment associated with the right-of-use 
assets. The most important assumptions in the impairment 
testing are rate of growth, operating margin, investment 
requirement and discount rate (WACC). The rate of growth 
in the business plans (for Years 1–5) is set at 2.0%–5.5% and 
is based on assumptions as to growth in student numbers 
and expectations regarding market trends. The cash flows 
thus calculated are based on an annual rate of growth of 2.0 
percent (2.0). Operating margin and investment level have 
been determined by the Board and management on the ba -
sis of historical results and past experience.
The discount rates applied are calculated before tax and 
reflect the specific risk associated with each CGU. For the 
review of the Norwegian business, a fair value measurement 
less costs of selling is made, which involves separate val -
uations of the business and the properties. The business is 
measured as though all units had a market rent, to neutral -
ise the cost benefits of operating in their own premises.  Real 
estate is in the first instance measured using direct yield 
requirements for similar properties.
CGU Norway includes both preschool operations and 
the Sandvik business of education-related products and 
services. Inflation in recent years has negatively impacted 
all operations in Norway, creating pressure on profitability. 
Preschool operations were also negatively affected by the 
fact that regulations have been tightened over a number 
of years, including requirements for staffing and teacher 
density norm, as well as adjusted remuneration, which has 
negatively affected profitability and thus cash flow. Howev -
er, reviews of the school voucher funding over the past three 
years have led to an increase in school voucher funding, 
which partly eases this pressure. Operations made positive 
progress in 2024/25 and the business plan going forward 
assumes that operations will continue to make positive 
progress. In addition to the book value of the Norwegian 
operation's 42 properties, unrecognised surplus values have 
been taken into account in the impairment testing of the 
Norwegian business. As a result of this surplus value being 
included in impairment testing, the recoverable amount 
exceeds the carrying amount and indicates that no impair -
ment loss exists. In addition, the impairment assessment in -
dicates that no impairment is required even with reasonable 
changes in key assumptions. 
CGU Germany includes both pre-school and school oper -
ations. Since the pandemic, the German preschool sector 
has experienced lower profits and margins. This is mainly 
because levels of remuneration have not risen in line with 
inflation. However, it is clear that profitability is increasing 
as planned and the year's impairment test assumes that 
remuneration will reflect the new higher cost situation. The 
impairment assessment indicates that no impairment is 
evident, even with reasonable changes in key assumptions. 
CGU Finland, new this year, comprises pre-school oper -
ations. At the time of acquisition, the business had just 
completed a restructuring process and profitability was 
below the average margin for the Group. The Group plans to 
be part of Touhula's development journey. The business plan 
shows continued growth in earnings and profitability. The 
impairment test performed shows that there is no need for 
any impairment write-down, even with reasonable expecta -
tions in assumptions.
The impairment assessment for the other CGUs (Preschool 
Sweden, The Netherlands, Compulsory Schools, Upper Sec -
ondary Schools, Adult Education) indicates no impairment 
write-down, either in the annual test or in the case of rea -
sonable changes in key assumptions. 
For the recoverable amount to equal the carrying amount, 
the return on capital requirement before tax needs to in -
crease by 2.3 percentage points (1.8) for Preschool Sweden, 
2.3 percentage points (1.4) for Germany, 1.7 percentage 
points (1.3) for The Netherlands, 1.0 percentage points (–) for 
Finland, 1.4 percentage points (0.8) for Compulsory Schools, 
4.5 percentage points (3.8) for Upper Secondary Schools 
and 4.5 percentage points (2.6) for Adult Education. CGU 
Norway has a higher headroom than the other CGUs in view 
of the surplus value of the properties. If the surplus value of 
the property had not been taken into account, the recovera -
ble amount would have been below the book value.
 CGU – 30 June 2025 CGU – 30 June 2024
Goodwill Growth rate
WACC before 
tax
WACC after 
tax Goodwill Growth rate
WACC before 
tax
WACC after 
tax 
Preschool Sweden 1 643 2% 8.8% 7.4% 643 2% 8.7% 7.5%
Finland 1 400 2% 10.3% 8.8% – – – –
The Netherlands 1 228 2% 10.0% 8.2% 229 2% 10.0% 8.1%
Norway 1 819 2% 10.5% 8.9% 867 2% 10.4% 8.8%
Germany 1 329 2% 9.8% 7.1% 335 2% 9.8% 7.0%
Compulsory Schools 1,527 2% 8.7% 7.4% 1,527 2% 8.7% 7.4%
Upper Secondary Schools 2,200 2% 10.2% 8.5% 2,200 2% 10.1% 8.5%
Adult Education 1,008 2% 12.7% 10.7% 1,008 2% 13.1% 11.2%
Acquisitions 1, 2 236 423
Sum total 7,390 7,232
1 The Preschool and International segment consists of Preschool Sweden, Finland, Norway, the Netherlands and Germany. 
2 No impairment test has been performed on businesses acquired in the past 12 months. Goodwill attributable to these operations is recognised on the line Acquisitions. 
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G17: Property, plant and equipment
Buildings Equipment
Expenses for 
improvements to 
leasehold property Total
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
Cost, opening balance 1,375 1,399 870 813 1,172 1,064 3,417 3,276
Business combinations 100 18 15 21 17 19 132 58
Purchases 54 25 129 151 148 120 331 296
Divestments and disposals 0 -1 -40 -91 -18 -34 -58 -126
Reclassifications 15 -44 7 -18 -17 4 5 -58
Exchange rate differences -71 -23 -8 -6 -7 -2 -86 -30
Accumulated cost, closing balance 1,473 1,375 972 870 1,296 1,172 3,741 3,417
Depreciation, opening balance -267 -230 -445 -397 -526 -445 -1,238 -1,072
Depreciation for the year -49 -44 -155 -153 -118 -112 -322 -309
Divestments and disposals 0 0 40 90 18 31 58 121
Reclassifications 0 4 -6 12 0 0 -5 16
Exchange rate differences 16 3 6 2 3 1 24 6
Accumulated depreciation, closing balance -300 -267 -561 -445 -622 -526 -1,483 -1,238
Carrying amount, closing balance 1,173 1,108 412 425 674 646 2,259 2,179
As of 30 June 2025, AcadeMedia owned 45 (41) preschool buildings in Norway, 17 (7) buildings in Germany, 2 (2) buildings in Finland and one (–) building in the 
Netherlands. 
AcadeMedia’s lease commitments consist primarily of leas -
es on premises, IT equipment and vehicles. AcadeMedia has 
around 1,300 (1,200) leases on premises, representing the 
major share of the Group’s leased assets and liabilities. The 
terms of property leases vary according to the activity. In 
adult education, the lease term is relatively short, whereas 
in school operations the lease term is longer.
Variable expenses
Variable expenses, such as real estate tax, VAT and other 
variable real estate expenses, including maintenance costs, 
electricity, heating and water etc. are excluded from the 
calculation of the lease liability to the extent that such costs 
can be separated from the rental cost.
Cash flows
The total cash flow for leases entered into was SEK -2,345 
million (-2,272) over the financial year.
Leases entered into, not yet in force
In addition to the leases recognised on the balance 
sheet, the Group has entered into leases that are not yet 
in force, representing a leasing commitment of SEK 1,642 
million (1,650). Approximately SEK 900 million of the overall 
commitment pertains to the German preschool business. 
Approximately SEK 800 million of this amount is expected to 
be reimbursed by the municipalities as part of the statutory 
reimbursement model. 
Discount rates applied
Lease fees are discounted at the Group's marginal 
borrowing rate. The rate for leases in Sweden was 3.7–7.4 
percent (3.7–7.4), in Norway 4.6–6.4 percent (4.6–6.4), in 
Germany 4.5–6.5 percent (4.5–6.5), in the Netherlands 
5.6–6.7 percent (5.6–6.7) and in Finland 5.0–7.0 percent.  The 
discount rate for new leases in Sweden was 5.2–6.4 percent 
(6.6–7.4). 
CARRYING AMOUNTS IN THE INCOME STATEMENT
2024/25 2023/24
Expenses attributable to short-term leases 41 55
Expenses attributable to low-value leases 36 29
Expenses attributable to variable lease 
fees not included in the lease liability
16 14
Sum total 92 98
Interest expense attributable to leases 628 568
Amortisation on leases 1,997 1,820
COMMON CONTRACT DURATIONS PER SEGMENT
Adult Education 1–3 years
Compulsory Schools 10–15 years
Upper Secondary Schools 5–10 years
Preschool Sweden 3–15 years
Preschool Norway 15–20 years
Preschool Finland 10–15 years
Preschools and Schools Netherlands 5–15 years
Preschools and Schools Germany 20–30 years
G18: Right-of-use assets
LEASES
Property Other* Sum total
2024/25 2023/24 2024/25 2023/24 2024/25 2023/24
At start of year 10,256 8,928 217 191 10,474 9,119
New leases, extensions, etc. 956 1,196 166 190 1,122 1,386
Index-adjustments 291 657 – – 291 657
Acquisitions 210 1,174 – – 210 1,174
Depreciation/amortisation -1,846 -1,656 -165 -164 -2,011 -1,820
Reclassification from provisions for write-downs -20 – – – -20 –
Exchange rate differences -84 -43 – – -84 –
At year-end 9,763 10,256 217 217 9,981 10,474
*Leases of IT equipment and vehicles.
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G19: Shares in associated companies
Associated 
company
Corp. ID. no. Ownership 
share
Equity 
share
Profit 
share
Hypocampus AB 559072-5155 35.52% 20.5 3.1
EdAI Technologies 559209-0871 45.15% 11.7 -3.5
32.2 -0.4
AcadeMedia owns 36 percent (36) of the shares in 
Hypocampus AB (corporate identity number 559072-5155), 
registered office in Gothenburg.
Hypocampus provides a study platform as a software 
service to producers of educational/study materials. It 
also operates a publishing business offering access, via 
hypocampus.se, to self-produced digital study material for 
medical students. 
Sales for the financial year totalled SEK 53 million (36), with a 
loss of SEK -21 million (-2). Equity in Hypocampus totalled SEK 
26 million (14).  AcadeMedia's share in profit for the 2024/25 
financial year was SEK 3.1 million (-0.3) and its share of capi -
tal SEK 21 million (20). 
AcadeMedia owns 45 percent (29) of EdAI Technologies AB 
(corporate identity number 559209-0871). EdAI Technologies 
develops and sells digital educational materials and tools 
for learning and teaching. 
Sales by EdAI Technologies in the 2024/25 financial year 
totalled SEK 5 million (5) and the company reported a loss 
of SEK -6 million (-11). Equity in the company totalled SEK 9 
million (13). AcadeMedia's share in profit was SEK -3,5 million 
(-3,8) and its share of capital SEK 12 million (10).
G20: Inventories
30 June 2025 30 June 2024
Merchandise 22 21
Provision for obsolescence -2 -2
Sum total 20 20
The cost of inventories is determined on a first-in-first-out 
(FIFO) basis. 
G21: Accounts receivable
30 June 2025 30 June 2024
Accounts receivable, gross
Not overdue 277 320
Overdue 1–15 days 8 12
Overdue 16–30 days 30 4
Overdue more than 30 days 23 18
Sum total 338 354
Provision for doubtful accounts 
receivable
At start of year 11 2
Provisions for the year 4 6
Acquisitions 0 10
Reversed provisions -6 -7
At year-end 9 11
Accounts receivable at year-end 330 343
Confirmed bad debt losses 1 1
The Group's customers consist essentially of municipalities, 
public authorities and companies, representing a 
low credit risk to the Group, and the credit quality of 
outstanding accounts receivable is considered to be very 
high. The Group is not exposed to any significant credit 
concentrations. 
The Group recognises expected credit losses on trade 
receivables via the simplified approach. An assessment 
of expected credit losses is made for all trade receivables 
from initial recognition. Expected credit losses are assessed 
on the basis of historical experience, current exposure and 
forward-looking factors such as customer creditworthiness 
and other conditions. The provision for expected credit 
losses and confirmed bad debt losses is recognised in the 
item Other external expenses. The Group does not normally 
hold collateral for accounts receivable.
G22: Prepaid expenses and accrued 
income
30 June 2025 30 June 2024
Prepaid expenses 205 192
Accrued income 297 212
Sum total 502 404
Accrued income consists primarily of unbilled adult 
education programmes and accrued remuneration in 
Germany. 
G23: Cash and cash equivalents
30 June 2025 30 June 2024
Cash and bank balances 777 1,316
Sum total 777 1,316
Cash and cash equivalents consist of bank balances, of 
which SEK 32 million (35) relates to tax accounts in Norway. 
These are bank accounts where the balance is blocked/
not accessible and must at least equal the withholding tax 
liability. The definition of cash and cash equivalents is the 
same for the balance sheet as for the cash flow statement.
G24: Equity
Number of 
ordinary 
shares 
Number 
of Class 
C shares 
Number of 
shares
Share 
capital
CLOSING BALANCE, 
30 JUNE 2023
105,587,477 205,905 105,793,382 105,793,382
Conversion of 
convertible bonds
84 – 84 84
Redemption of 
shares
-4,095,867 – -4,095,867 -4,095,867
Bonus issue – – – 5,279,378
CLOSING BALANCE, 
30 JUNE 2024
101,491,694 205,905 101,697,599 106,976,977
Redemption of 
shares
2,894,806 – 2,894,806 3,045,082
Bonus issue – – – 4,448,349
Exercise of 
warrants
401,993 – 401,993 423,813
Conversion of 
Class C shares 
12,848 -12,848 – –
CLOSING BALANCE, 
30 JUNE 2025
99,011,729 193,057 99,204,786 108,804,056
Consolidated capital
The AcadeMedia Group's financial target is growth of five 
to seven percent in sales per year for the Group, excluding 
major acquisitions. In addition, AcadeMedia also intends to 
provide the highest quality education in the areas where the 
Group operates. The target is that adjusted operating profit 
should amount to seven to eight percent of sales.
For indebtedness, AcadeMedia's target is to have net debt 
relative to operating profit – before depreciation and am -
ortisation (adjusted EBITDA) and excluding items affecting 
comparability – not exceeding a factor of three. However, 
during brief periods deviations from this target may occur, 
for example in the event of major acquisitions.
AcadeMedia has no non-controlling interests.
Share capital and number of shares
The share capital as per 30 June 2025 was SEK 108,804,056 
(106,976,977). The share capital is represented by 99,011,729 
ordinary shares (101,491,694) and 193,057 Class C shares 
(205,905). The Class C shares have been repurchased and 
are held in treasury. The number of shares outstanding is 
thus 99,204,786 (101,697,599). 
Holders of ordinary shares are entitled to a dividend and their 
shareholding entitles them to exercise one vote per share at 
the shareholders’ meeting. Class C shares entitle holders to 
one tenth of a voting right. 
All shares have the same right to the remaining net assets 
of AcadeMedia AB (publ). All shares are fully paid up and no 
shares are held in reserve for transfer.
During the year, AcadeMedia operated a share matching 
programme that expired. At the time of the programme, the 
number of savings shares was 11,342, giving rise to 12,848 
matching shares. As a result, 12,848 Class C shares were 
converted into ordinary shares.
A warrant programme expired during the year. As a result 
of this programme, 401,933 new ordinary shares were sub -
scribed and the share capital increased by SEK 423,813.
In addition, two warrant programmes, 2022/2026 and 
2024/2028, are in operation. If the warrants in the pro -
grammes are exercised in full, this may result in the issue of 
an additional maximum of 2,033,646 shares.
The Annual General Meeting held in November 2024 resolved 
to approve a voluntary share redemption programme. Dur -
ing the financial year, the number of shares decreased by 
2,894,806 through the redemption programme and the share 
capital decreased by SEK 3,045,082.  In parallel, a bonus issue 
was also carried out, increasing the share capital by SEK 
4,448,349. 
Other capital contributions
Other capital contributions consists of capital contributed 
by the owners of AcadeMedia AB (publ). These includes 
premiums paid in connection with share issues, as well as 
capital contributions received from shareholders.
Translation reserve
The translation reserve includes all exchange rate 
differences arising from the translation of financial 
statements of foreign operations prepared in a currency 
different from the Group’s presentation currency.
The Parent Company’s and the Group’s presentation 
currency is Swedish kronor (SEK).
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G25: Other provisions
30 June 2025 30 June 2024
Reserves for contract renegotiation/ 
loss-making contracts
16 37
Restructuring reserve 63 83
Additional purchase consideration 150 216
Other 27 6
SUM TOTAL, PROVISIONS 256 341
30 June 2025 30 June 2024
At start of year 341 130
Provisions during the year 104 283
Provisions utilised during the year -144 -73
Provisions reversed during the year -23 0
Reclassification -17 –
Exchange rate differences -5 -1
At year-end 256 341
Short-term provisions 133 144
Long-term provisions 123 196
Reserves for contract renegotiation/ loss-making contracts 
consist mostly of the Adult Education segment’s reserves 
for termination costs; see Critical judgements in Note G1. 
Restructuring costs for closure of units. Other consists 
mainly of provision for disputes and penalties. Additional 
purchase considerations are attributable to acquisitions in 
the Netherlands, Finland and Germany. Provisions expected 
to be utilised in the next twelve months are recognised in 
accrued expenses, see Note G26.
G26: Accrued expenses and deferred 
income
30 June 2025 30 June 2024
Accrued payroll expenses 1,426 1,378
Deferred income 540 592
Accrued interest on loans 18 30
Short-term provisions 133 144
Other accrued expenses 126 122
SUM TOTAL 2,243 2,266
Accrued payroll expenses consist mainly of vacation pay 
liabilities, but also accrued salaries, social security fees and 
other charges. 
Specification of provisions, see Note G25.
G27: Financial risk and management of 
capital risk
AcadeMedia has a general financial policy that focuses on 
the unpredictability of the financial markets. The policy’s 
aim is to minimise potential unfavourable impact on the 
Group's financial results.
Risk management is handled centrally by the Group’s 
support function in line with policies established by the 
Board. The Board has adopted a financial policy covering 
the overarching financial risk management in specific 
areas, such as liquidity risk, refinancing risk, currency 
risk, interest rate risk, credit risk, use of derivatives and 
placement of surplus liquidity. No derivative instruments 
were used in 2024/25 or 2023/24. 
The purpose of the policy is to minimise the Group's cost 
of capital through appropriate financing and by effective 
management and control of the Group's financial risks. 
The Group focuses actively on monitoring its liquidity and 
continuously updates its forecasts for anticipated changes 
in liquidity.
Interest rate risk
AcadeMedia’s interest rate risk arises in the Group’s 
long-term borrowing, including its real estate loans from 
Husbanken (the Norwegian State Housing Bank). At the end 
of the financial year, 98 percent of the borrowing was at a 
variable interest rate.
The effect of an increase of one percentage point in the 
variable interest rate on the Group's interest expense is SEK 
15 million (23).
Credit risk/Counterparty risk
Credit risk is the risk that accounts receivable, other 
receivables and cash/cash equivalents will not be paid. 
The Group’s accounts receivable are almost exclusively from 
central government, municipalities and public authorities 
with a very high credit rating, and surplus liquidity is 
deposited with Nordic banks with a very high credit rating (A 
or higher). As a result, AcadeMedia’s credit risk is considered 
to be limited. Collateral is not normally held for these 
accounts receivable. For more information on accounts 
receivable, see Note G21.
Currency risk
AcadeMedia conducts operations in Norway, Finland, 
Germany and the Netherlands, and is therefore exposed to 
currency risk, above all in NOK but also EUR. The risk consists 
partly of transaction exposure and partly of translation 
exposure. Transaction exposure is limited, in that both 
revenue and costs are in all material respects denominated 
in the local currency. The translation exposure arises when 
the Group’s net assets in foreign currencies are translated 
to SEK, and when earnings are translated to SEK. Currency 
exposure in net assets is managed by financing such assets 
wholly or partly via loans in the local currency. Net assets in 
foreign currency on 30 June 2025 totalled NOK 679 million 
(634), EUR 28 million (20), PLN -1 million (0) and GBP 0 million 
(0).
In all, 13 percent (14) of sales are generated in NOK and 17 
percent (18) in EUR. In the event of a change of +/-10 percent 
in exchange rates, sales would be impacted in the amount 
of +/- SEK 568 million (467) and operating profit in the 
amount of +/- SEK 21 million (18).
LIQUIDITY RESERVE
30 June 2025 30 June 2024
Revolving credit facility 1,100 700
Overdraft facility 500 –
Loan facilities utilised 300 300
Loan facilities not utilised 1,300 400
Available bank balances 777 1,316
Liquidity reserve 2,077 1,716
Carrying amounts for the Group's financial liabilities 
totalled SEK 12,606 million (13,598), of which current liabilities 
amounted to SEK 1,909 million (2,020) and non-current 
liabilities SEK 10,099 million (11,073).  
The table below shows the Group's financial liabilities, 
classified according to the period remaining on the balance 
sheet date until the contractual maturity date. The amounts 
shown in the table are the contractual liabilities. Liabilities 
and contractual amortisations denominated in EUR and NOK 
have been translated to SEK at the balance sheet date rates: 
EUR/SEK 11.1465 (11.3595) and NOK/SEK 0.94186 (0.99675). 
Loan agreement
On 23 June 2025, AcadeMedia signed a loan agreement 
with DNB and SEB to refinance existing loans totalling the 
equivalent of SEK 1,660 million, with a term until mid-2028 
and an option to extend until 2030. AcadeMedia has also 
entered into a short-term SEK 500 million loan agreement 
with Nordea, with an option to extend annually.
The total loan amount under the new agreement is SEK 1,660 
million and is provided in several currencies. Of the total, 
SEK 1,100 million is a revolving credit facility that can be used 
for acquisitions or as liquidity for operations. As per 30 June 
2025, the Group had drawn SEK 874 million (1,417) of the total 
loan amount of SEK 1,660 million. 
The arrangement applies until mid-2028, with an option 
to extend, after a credit check, for a further two years until 
2030.
The following financial commitments (covenants) were 
attached to the refinancing facility.
Covenant 1, debt/equity ratio = net debt/EBITDA. The ratio may 
not exceed a multiple of 3.00 (3.00). Outcome 30 June 2025: 0.5 
(0.6)
Covenant 2, interest coverage = EBITDA/interest paid in cash. 
The ratio must exceed a multiple of 4. Outcome 30 June 
2025: 18.6 (16.6) 
Liquidity and refinancing risk
Liquidity risk is the risk that AcadeMedia is unable to fulfil 
its payment obligations arising from financial liabilities. 
Refinancing risk is the risk that refinancing for loans cannot 
be arranged, or cannot be arranged on acceptable terms. 
Liquidity and refinancing risks are managed centrally. The 
refinancing risk is managed via credit facilities within the 
scope of existing loan agreements, by financing the real 
estate portfolio in Norway long term via Husbanken and by 
ensuring that the Group uses several banks. The liquidity risk 
is managed by ensuring that the Company always has an 
available liquidity reserve and by continuously forecasting 
cash flows. To facilitate liquidity planning and liquidity con -
trol, the Group operates cash pools.
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As per 30 June 2025, all covenants were fulfilled. If 
AcadeMedia breaches any of these covenants in the future, 
this could result in the loans under the loan agreement 
becoming due, in entirety or in part, for immediate payment. 
For further information on the Group’s outstanding liabilities, 
see Note G28.
The interest rate for the facilities under the loan agreement 
is variable and based on IBOR, plus a variable margin based 
on net indebtedness in relation to EBITDA. IBOR may be no 
less than zero.
The average interest rate on the balance sheet date was 
4.36 percent (5.00).
In addition to the financing loan, AcadeMedia has a loan 
from Husbanken (the Norwegian State Housing Bank) to 
finance its real estate holdings in Norway. As per 30 June 
2025, Husbanken loans totalled SEK 603 million (677). The 
interest on these loans was 2.7–4.6 percent (2.7–4.5). The 
original term for the Husbanken loans is 30 years, but the 
effective term varies from loan to loan. AcadeMedia has 
pledged properties as collateral for these loans, see also 
Note G29.
Capital risk 
The Group's operations are for the most part personnel-in -
tensive and require a low level of investment. In the Acade -
Media Group, investments are mainly required for equip -
MATURITY ANALYSIS, CONTRACTUAL PAYMENTS FOR FINANCIAL LIABILITIES
30 June 2025 Carrying amounts Nominal amounts 1–12 months 2–5 years 6–10 years >10 years
Liabilities to credit 
institutions
874 879 338 688 2 1
Real estate loans 630 630 48 202 223 493
Lease liability 10,605 13,297 2,227 6,077 3,442 1,577
Accounts payable 497 497 497 0 0 0
SUM TOTAL 12,606 15,303 3,110 6,967 3,667 2,070
30 June 2024 Carrying amounts Nominal amounts 1–12 months 2–5 years 6–10 years >10 years
Liabilities to credit 
institutions
1,419 1,422 489 1,085 2 1
Real estate loans 693 693 51 204 245 558
Lease liability 10,982 14,310 2,347 6,501 3,850 1,634
Accounts payable 504 504 504 0 0 0
SUM TOTAL 13,598 16,930 3,392 7,790 4,098 2,194
ment, other than in Norway, where new preschools mostly 
require investment in their own buildings. Furthermore, the 
overwhelming share of revenue/school voucher funding 
is received in advance, and as a result working capital is 
negative. AcadeMedia's operations thus generate a positive 
cash flow even during growth. Additional funding is needed 
primarily to finance future acquisitions.
There is a risk that AcadeMedia, at maturity of the 
above-mentioned loan agreement, or if additional financing 
should be needed, would not be able to obtain such financ -
ing on acceptable terms, or at all. Factors such as the gen -
eral availability of credit and the Group's credit rating have 
an impact on access to additional financing. Also, access 
to additional financing is dependent on the Group's lenders 
having a positive view of the Group's long- and short-term 
financial prospects. Disruptions and uncertainties in the 
capital and credit markets may also limit access to capital. 
These factors may have a significantly negative impact on 
AcadeMedia's business, financial position and results. In the 
Group’s view, the covenants will be fulfilled over the loan 
term and so the risk of being required to repay the loans 
early is low. In addition, it is judged that the Group would be 
capable of making interest payments even if the benchmark 
interest rate is further increased.
G28: Liabilities
CHANGE IN FINANCIAL LIABILITIES 2024/25
NON-CASH ADJUSTMENTS
1 July 2024 Cash flow Acquisitions/
divestments of 
subsidiaries
Unrealised 
exchange rate 
differences
Other 
changes 1
30 June 2025
Liabilities to credit institutions, excl. real 
estate loans
1,419 -518 0 -25 -2 874
Real estate loans 693 -39 14 -38 0 630
Lease liabilities 10,982 -1,897 207 93 1,220 10,605
Other interest-bearing liabilities 0 0 0 0 0 0
Capitalised borrowing costs -3 -5 0 0 4 -5
SUM TOTAL 13,090 -2,460 220 30 1,222 12,103
CHANGE IN FINANCIAL LIABILITIES 2023/24
NON-CASH ADJUSTMENTS
1 July 2023 Cash flow Acquisitions/
divestments of 
subsidiaries
Unrealised 
exchange rate 
differences
Other 
changes 1
30 June 2024
Liabilities to credit institutions, excl. real 
estate loans
842 582 0 -14 9 1,419
Real estate loans 727 -25 0 -10 0 693
Lease liabilities 9,511 -1,705 1,282 0 1,893 10,982
Other interest-bearing liabilities 27 -20 0 0 -7 0
Capitalised borrowing costs -4 0 0 0 0 -3
SUM TOTAL 11,104 -1,168 1,282 -23 1,895 13,090
1 Other renewals of lease liabilities include new leases, renewed leases and annual indexation of existing leases.
Carrying amounts, by currency, for the Group's borrowing are as follows:
Amounts in SEK m. 30 June 2025  30 June 2024  
SEK 7,660 8,450
NOK* 1,648 1,906
EUR* 2,806 2,741
SUM TOTAL 12,114 13,097
*In the table, NOK and EUR have been translated to SEK.
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G29: Pledged assets and contingent 
liabilities and commitments
30 June 2025 30 June 2024 
Pledged assets
Real estate mortgages 673 677
Floating charges – 544
673 1,221
Contingent liabilities and 
commitments
Leases 1,642 1,650
Guarantees 11 13
1,653 1,663
The real estate mortgages relate to properties that are 
pledged as collateral for loans from Husbanken, Norway.
Contingent liabilities and commitments also include leases 
entered into but not yet in force. See also, Note G18 Right-of-
use assets. 
The floating charges relate to a previous loan by Touhula, 
Finland. The collateral items pledged were cancelled and 
released after the balance sheet date. 
G30: Disclosures regarding the Group's financial instruments
Classification and categorisation of the Group's assets and liabilities 
FINANCIAL ASSETS MEASURED AT
Amortised cost Fair value via the income statement
30 June 2025 30 June 2024 30 June 2025 30 June 2024
Non-current receivables 21 21 – –
Accounts receivable 330 343 – –
Other receivables 43 39 – –
Prepaid expenses and accrued income 298 212 – –
Cash and cash equivalents 777  1,316 – –
TOTAL ASSETS 1,468 1,930 – –
FINANCIAL LIABILITIES MEASURED AT
Amortised cost Fair value via the income statement
30 June 2025 30 June 2024 30 June 2025 30 June 2024
Provisions 34 48 90 149
Liabilities to credit institutions 1,503 2,112 – –
Other non-current liabilities 0 0 – –
Lease liabilities 10,605 10,982 – –
Accounts payable 497 504 – –
Other current liabilities 24 10 – –
Accrued expenses and deferred income 1,643 1,607 60 67
TOTAL EQUITY AND LIABILITIES 14,306 15,262 150 215
The carrying amount for trade and other receivables, 
cash and cash equivalents, trade and other payables is a 
reasonable approximation of their fair value because of 
their short maturity. The carrying amount for loans is also 
a reasonable approximation as the loans bear interest at a 
variable rate.
Fair value and carrying amount
IFRS 13 Fair Value Measurement provides a hierarchy for 
fair value measurement of inputs. This valuation hierarchy 
is divided into three levels, which are in line with the levels 
introduced in IFRS 7 Financial Instruments: Disclosures.
Level 1:   Quoted prices (unadjusted) in active markets for 
identical assets or liabilities that the entity has 
access to on the measurement date.
Level 2:  Inputs other than quoted prices as included in Level 
1, which are directly or indirectly observable for the 
asset or liability. This may also include inputs other 
than quoted prices that are observable for the 
asset or liability, such as interest rates, yield curves, 
volatility and credit spreads.
Level 3:  Unobservable inputs for the asset or liability. At 
this level, market participant assumptions used 
in pricing of the asset or liability, including risk 
assumptions, are taken into account.
Level 3 in the measurement hierarchy is applied for 
measurement of additional purchase considerations in 
connection with business combinations.
G31: Related-party transactions
Salaries and other remuneration to senior executives and 
the Board of Directors are paid as described in Note G5. 
Senior executives also participate in the Group’s incentive 
programmes as described in Note G5. 
Transactions with associated companies
During the year, AcadeMedia made purchases to a value of 
SEK 1.5 million (0.3) from Hypocampus and to a value of SEK 
0.9 million (0.2) from EdAI Technologies AB. On the balance 
sheet date, AcadeMedia recognised liabilities totalling SEK 
0.1 million (0.2) to Hypocampus AB and liabilities totalling SEK 
0.4 million (0.1) to EdAI Technologies AB. 
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G32: Effects of IFRS 16 Leases
SPECIFICATION OF EFFECTS OF IFRS 16 ON THE INCOME STATEMENT
SEK m. 2024/25 2024/25 IFRS 16 2024/25, excl. the 
effects of IFRS 16
2023/24 2023/24 IFRS 16 2023/24, excl. the 
effects of IFRS 16
Net sales 19,021 – 19,021 17,332 – 17,332
Cost of services sold -1,656 – -1,656 -1,523 – -1,523
Other external expenses -1,790 2,330 -4,120 -1,731 2,066 -3,797
Personnel expenses -11,442 – -11,442 -10,408 – -10,408
Depreciation/amortisation -2,353 -1,831 -521 -2,159 -1,656 -503
Result from investments in associated 
companies
0 – 0 -4 – -4
Items affecting comparability -27 – -27 -17 – -17
OPERATING PROFIT (EBIT) 1,752 498 1,254 1,490 410 1,080
Financial income 39 – 39 22 – 22
Financial expenses -749 -611 -138 -687 -554 -132
PRE-TAX PROFIT 1,042 -113 1,155 825 -144 970
Taxes -221 26 -247 -193 37 -230
PROFIT/LOSS FOR THE PERIOD 821 -87 908 632 -108 740
EFFECTS OF IFRS 16 ON THE BALANCE SHEET
SEK m. 2024/25 2024/25 
IFRS 16
2024/25, excl. the 
effects of IFRS 16
2023/24 2023/24 
IFRS 16
2023/24, excl. the 
effects of IFRS 16
ASSETS
Non-current intangible assets 7,767 – 7,767 7,627 – 7,627
Buildings 1,173 – 1,173 1,108 – 1,108
Other property, plant and equipment 1,086 – 1,086 1,071 – 1,071
Other non-current assets 177 52 125 170 42 128
Right-of-use assets 9,981 9,763 217 10,474 10,256 217
TOTAL NON-CURRENT ASSETS 20,184 9,815 10,369 20,450 10,298 10,151
Current receivables 1,055 -344 1,398 964 -330 1,294
Cash and cash equivalents 777 – 777 1,316 – 1,316
TOTAL CURRENT ASSETS 1,831 -344 2,175 2,279 -330 2,610
TOTAL ASSETS 22,015 9,471 12,543 22,729 9,968 12,761
EQUITY AND LIABILITIES
TOTAL EQUITY 6,626 -592 7,218 6,265 -505 6,769
Non-current liabilities to credit institutions 1,188 – 1,188 1,666 – 1,666
Non-current lease liabilities 9,012 8,916 96 9,408 9,307 100
Provisions and other non-current liabilities 314 -175 488 404 -143 547
TOTAL NON-CURRENT LIABILITIES 10,513 8,741 1,772 11,477 9,165 2,313
Current interest-bearing liabilities 315 – 315 446 – 446
Current lease liabilities 1,593 1,463 131 1,574 1,451 123
Other liabilities 2,967 -141 3,108 2,967 -143 3,110
TOTAL CURRENT LIABILITIES 4,876 1,322 3,554 4,987 1,308 3,679
TOTAL EQUITY AND LIABILITIES 22,015 9,471 12,543 22,729 9,968 12,761
SPECIFICATION OF EFFECTS OF IFRS 16 ON CASH FLOW
SEK m. 2024/25 2024/25 
IFRS 16
2024/25, excl. 
the effects of 
IFRS 16
2023/24 2023/24 
IFRS 16
2023/24, excl. 
the effects of 
IFRS 16
Operating profit (EBIT) 1,752 498 1,254 1,490 410 1,080
Depreciation/amortisation 2,353 1,831 521 2,159 1,656 503
Adjustment for non-cash items -30 – -30 -4 – -4
Tax paid -273 – -273 -255 – -255
Cash flow from operating activities before 
changes in working capital
3,802 2,330 1,472 3,391 2,066 1,325
Cash flow from changes in working capital -60 15 -75 114 30 84
Cash flow from operating activities 3,742 2,345 1,397 3,505 2,096 1,409
Cash flow from investing activities -678 – -678 -871 – -871
Interest received (+) and paid (-) -67 – -67 -81 – -81
Interest paid, lease liability -628 -611 -17 -568 -554 -14
Dividend to shareholders -178 – -178 -185 – -185
Warrants 25 – 25 0 – 0
Redemption of shares -282 – -282 -268 – -268
Convertibles 0 – 0 -20 – -20
Increase (+)/decrease (-) in interest-bearing 
liabilities
-558 – -558 557 – 557
Amortisation of lease liability -1,897 -1,734 -163 -1,705 -1,542 -163
Cash flow from financing activities -3,585 -2,345 -1,240 -2,270 -2,096 -173
CASH FLOW FOR THE YEAR -521 0 -521 364 0 364
Cash and cash equivalents at beginning of year 1,316 – 1,316 967 – 967
Exchange-rate differences in cash and cash 
equivalents
-18 – -18 -15 – -15
Cash and cash equivalents at year-end 777 – 777 1,316 – 1,316
G33: 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 (109,000) children and 
students. This compares with 8.5 percent growth in the first quarter of the preceding year. 
• After the end of the financial year, the Board of Directors announced that it intends to propose 
that the Annual General Meeting resolve on a voluntary share redemption programme or a 
share buyback programme. The scope of the proposed programmes will be determined when 
the notice of the 2025 Annual General Meeting is adopted by the Board.
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Parent Company income 
statement and Parent 
Company statement of 
comprehensive income
PARENT COMPANY INCOME STATEMENT 
(SEK M.) NOTE 2024/25 2023/24
Net sales P2 23 20
Other external expenses P2, P4 -13 -10
Personnel expenses P3 -27 -29
OPERATING PROFIT -17 -19
Interest income and similar profit/loss items P5 196 230
Interest expense and similar profit/ loss items P6 -199 -243
PROFIT/LOSS AFTER FINANCIAL ITEMS -19 -32
APPROPRIATIONS
Group contributions received 40 70
40 70
PRE-TAX PROFIT 21 38
Taxes P7 -4 -8
PROFIT FOR THE YEAR 17 31
PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME
(SEK M.) NOTE 2024/25 2023/24
Profit for the year 17 31
Other comprehensive income – –
COMPREHENSIVE INCOME FOR THE YEAR 17 31
Photo: NTI Johanneberg, Gothenburg
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Parent Company balance sheet
ASSETS
(SEK M.) NOTE 30 JUNE 2025 30 JUNE 2024
NON-CURRENT ASSETS
Non-current financial assets
Participations in Group companies P8 3,261 3,261
TOTAL NON-CURRENT ASSETS 3,261 3,261
CURRENT ASSETS
Current receivables
Receivables from Group companies 5,505 5,146
Current tax assets 12 8
Other receivables 1 0
Prepaid expenses and accrued income 2 1
5,521 5,156
Cash and bank balances 58 703
TOTAL CURRENT ASSETS 5,578 5,858
TOTAL ASSETS 8,840 9,120
EQUITY AND LIABILITIES
(SEK M.) NOTE 30 JUNE 2025 30 JUNE 2024
Equity P9
Restricted equity
Share capital 109 107
109 107
 
Non-restricted equity
Share premium reserve 2,106 2,364
Retained earnings -833 -686
Profit for the year 17 31
1,289 1,709
TOTAL EQUITY 1,398 1,815
NON-CURRENT LIABILITIES
Non-current liabilities to credit institutions P10 0 398
Other non-current liabilities P10 0 0
TOTAL NON-CURRENT LIABILITIES 0 398
CURRENT LIABILITIES
Liabilities to credit institutions P10 295 416
Accounts payable 1 1
Liabilities to Group companies 7,131 6,460
Other liabilities 1 2
Accrued expenses and deferred income 15 28
TOTAL CURRENT LIABILITIES 7,442 6,907
TOTAL EQUITY AND LIABILITIES 8,840 9,120
Donnergymnasiet, Gothenburg.
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Parent Company statement 
of changes in equity
Parent Company cash flow 
statement
 Restricted equity Non-restricted equity
Total  
Equity
 (SEK m.)
Share capital (Note 
P9)
Share premium 
reserve Retained earnings
OPENING BALANCE, 1 JULY 2023 106 2,633 -502 2,237
Profit for the year and comprehensive income – – 31 31
Comprehensive income for the year – – 31 31
Transactions with owners
Conversion of convertible bonds 0 0 – 0
Redemption of shares -4 -262 0 -266
Bonus issue 5 -5 0 0
Issue costs – -2 – -2
Tax on issue costs – 0 – 0
Issue of warrants – 0 – 0
Dividend paid – – -185 -185
Share-matching plan* – 0 – 0
TOTAL TRANSACTIONS WITH OWNERS 1 -269 -185 -452
OPENING BALANCE, 1 JULY 2024 107 2,364 -656 1,815
Profit for the year and comprehensive income – – 17 17
Comprehensive income for the year – – 17 17
Transactions with owners
Redemption of shares -3 -278 – -281
Bonus issue 4 -4 – –
Issue costs – -1 – -1
Tax on issue costs – 0 – 0
Issue of warrants 0 24 – 24
Dividend paid – – -178 -178
Share-matching plan* – 0 – 0
TOTAL TRANSACTIONS WITH OWNERS 2 -259 -178 -435
CLOSING BALANCE, 30 JUNE 2025 109 2,106 -816 1,398
(SEK M.) NOTE 2024/25 2023/24
Cash flow from operating activities 
Operating profit -17 -19
Adjustment for non-cash items 0 0
Income tax paid -8 -1
Cash flow from operating activities before changes in working capital -25 -20
Cash flow from changes in working capital
Change in operating receivables -205 -689
Change in operating liabilities 495 880
CASH FLOW FROM OPERATING ACTIVITIES 266 172
Financing activities
Interest received 10 16
Interest paid -38 -38
New share issue P9 0 0
Dividend paid -178 -185
Issue of warrants 24 0
Convertible loan 0 -20
Redemption of shares -281 -268
Group contributions received 70 15
Borrowing P10 0 700
Amortisation of debt P10 -518 -116
CASH FLOW FROM FINANCING ACTIVITIES -911 104
Cash flow for the year -645 276
Cash and cash equivalents at beginning of year 703 427
CASH AND CASH EQUIVALENTS AT END OF YEAR 58 703
 
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Notes Parent Company
P3: Salaries and other remuneration
SEK M. 2024/25 2023/24
Board of Directors and CEO
Salaries and other remuneration 20 22
Pension costs 4 4
Social security contributions 6 6
Sum total 30 32
Other employees
Salaries and other remuneration 0 0
Pension costs 0 0
Social security contributions – –
SUM TOTAL 0 0
TOTAL 30 32
AVERAGE NUMBER OF EMPLOYEES
2024/25 2023/24
Women 1 1
Men 1 1
SUM TOTAL 2 2
P1: Significant accounting policies
The Parent Company has prepared its annual accounts 
in accordance with the Swedish Annual Accounts Act 
(1995:1554) and the Swedish Financial Reporting Board's 
Recommendation RFR 2, Accounting for Legal Entities. Under 
RFR 2, the Parent Company is required in accounting for the 
legal entity to apply all IFRS adopted by, and statements 
from, the EU as far as is possible within the framework 
of the Swedish Accounts Act (Sw.: ÅRL) and the Swedish 
Pension Obligations Vesting Act, and with due regard to 
the correlation between accounting and taxation. The 
recommendation states which exemptions and which 
additions are to be applied.
The differences between the Group’s accounting policies, as 
described in Note G1, and those of the Parent Company are 
set out below. The principles described have been applied 
consistently to all periods presented.
Presentation of income statement and balance sheet
The financial statements consist of the income statement, 
statement of comprehensive income, balance sheet, cash 
flow statement and statement of changes in equity. The 
Parent Company uses the presentations described in the 
Swedish Annual Accounts Act for the income statement and 
balance sheet, whereas the statement of changes in equity 
and the cash flow statement are based on IAS 1 Presentation 
of Financial Statements and IAS 7 Statement of Cash Flows.
Participations in Group companies
Participations in Group companies are recognised at cost 
less any impairment losses. An estimate of recoverable 
amount is made when there is an indication that shares and 
participations in subsidiaries have decreased in value. If 
the recoverable amount is lower than the carrying amount, 
an impairment loss is recognised. Impairment losses 
are reported under Income from participation in Group 
companies.
Financial instruments
With due account being taken of the correlation between 
accounting and taxation, the Parent Company does not 
apply IFRS 9 Financial Instruments. In the Parent Company, 
non-current financial assets are measured at cost less 
any impairment losses, while current financial assets are 
measured at cost or fair value, whichever is the lower. 
Financial liabilities are recognised at amortised cost.
Leases
In the Parent Company, any leases where the Parent 
Company is the lessee are recognised by expensing the 
lease payment on a straight-line basis over the term of the 
lease.
Group contributions and shareholder contributions
Shareholder contributions paid are recognised as an 
increase in the value of shares and participations in Group 
companies. An assessment is then made of whether any 
impairment has arisen in the value of the shares and 
participations concerned. Group contributions paid and 
received are recognised as appropriations.
Dividends
Dividend receipts are recognised in the income statement 
when the shareholders' right to receive a dividend payment 
has been established.
Dividends paid are recognised as a liability when the Annual 
General Meeting has resolved to approve the dividend.
P2: Intra-Group transactions
Of the Parent Company’s income, SEK 23 million (20) consists 
of sales to other companies in the corporate group of which 
the Company is part.
The Parent Company’s revenue consists of fees for services 
performed on behalf of the subsidiaries.
Of the Parent Company’s expenses, SEK 0 million (0) consists 
of purchases from other Group companies.
P4: Fees to auditors
SEK M. 2024/25 2023/24
Öhrlings PricewaterhouseCoopers 
AB
Audit engagement 1 1
Auditing services over and above 
audit engagement 0 0
Tax advisory services 0 0
Other services 0 1
SUM TOTAL 1 2
Audit engagement refers to the fee for the statutory 
audit, i.e. the work necessary to produce the audit report, 
and advice arising from audit findings. “Other statutory 
engagements in addition to the audit engagement” refers to 
fees for opinions and other engagements that are required 
by law to be performed by the external auditor or that are 
associated with the audit and are normally performed 
by the external auditor, e.g. consultations on reporting 
requirements, review of sustainability report and interim 
report. Other services refer to costs that are not categorised 
as audit engagements, other statutory engagements in 
addition to audit services or tax advice.
P5:  Interest income and similar profit/
loss items
2024/25 2023/24
Interest income from Group 
companies 186 215
Other interest income 10 16
Foreign exchange gains 0 0
INTEREST INCOME AND SIMILAR 
PROFIT/LOSS ITEMS 196 230
P6:  Interest expense and similar profit/ 
loss items
2024/25 2023/24
Interest expense on bank loans -30 -34
Interest expense to Group 
companies -162 -204
Borrowing costs* -4 -1
Bank charges and similar -3 -4
INTEREST EXPENSE AND SIMILAR 
PROFIT/ LOSS ITEMS -199 -243
*  Setup charges for new loans are expensed over the term of the loan. Accrued 
borrowing costs over the financial year totalled SEK 4 million (1).
P7: Taxes
RECONCILIATION OF EFFECTIVE TAX
SEK M. 2024/25 2023/24
Net pre-tax profit 21 38
Tax at current tax rate -4 -8 
TAX EXPENSE RECOGNISED -4 -8
93
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 94 =====

Direct ownership, subsidiaries Corp. ID. No. Registered office
Percentage of 
capital
Number of 
shares Nominal value Book value
ACM 2001 AB 556057-2850 Stockholm 100% 12,061,246 2 3,261
Nominal values in the tables below are shown in local currency.
INDIRECT OWNERSHIP OF SUBSIDIARIES IN THE GROUP (SWEDEN)
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal value/
share (SEK)
AcadeMedia Edtech AB 559377-6296 Stockholm 100% 250 100
AcadeMedia Eductus AB 556527-4007 Stockholm 100% 20,000 100
AcadeMedia fria grundskolor AB 556932-0699 Stockholm 100% 50,000 1
AcadeMedia Förskolor Holding AB 559373-5771 Stockholm 100% 25,000 1
AcadeMedia Game Education AB 559377-6288 Stockholm 100% 250 100
AcadeMedia Grundskolor Holding AB 559383-5902 Stockholm 100% 25,000 1
AcadeMedia Gymnasieskolor Holding AB 559383-5910 Stockholm 100% 25,000 1
AcadeMedia Support AB 556568-8479 Stockholm 100% 1,000 100
AcadeMedia TM AB 559383-5936 Stockholm 100% 25,000 1
AcadeMedia Vuxenutbildning Holding AB 559383-5928 Stockholm 100% 25,000 1
Anew Learning AB 556402-8925 Stockholm 100% 10,000 10
Banérporten AB 556442-1724 Stockholm 100% 1,000 100
Banérporten Förskolor AB 556994-3565 Stockholm 100% 500 100
Banérportsskolan AB 556606-4001 Stockholm 100% 2,000 100
Berghs School of Communication AB 556135-0355 Stockholm 100% 37,100 100
Bikupan i Östersund AB 556867-6695 Stockholm 100% 500 100
Bättre förskolor i Östersund AB 556895-3573 Stockholm 100% 500 100
Cybergymnasiet Malmö AB 556569-3289 Stockholm 100% 1,000 100
Cybergymnasiet Stockholm AB 556554-7964 Stockholm 100% 10,000 100
DBGY Juvelen AB 556578-9129 Stockholm 100% 1,000 100
DBGY Kronan AB 556566-8794 Stockholm 100% 4,000 100
DBGY Manteln (formerly Didaktus Skolor AB) 556473-2856 Stockholm 100% 4,300 50
DBGY Regenten AB (formerly Cybergymnasiet Göteborg AB) 556569-3297 Stockholm 100% 1,000 100
P8: Shares in subsidiaries
Shares and participations
The Group operates in Sweden, Norway, Germany, Finland, the Netherlands and the UK. The Parent Company has a controlling 
interest over the subsidiaries. All subsidiaries are directly or indirectly owned 100 percent by the Parent Company.
SEK M. 2024/25 2023/24
Carrying amount, opening balance 3,261 3,261
Acquisitions – –
CARRYING AMOUNT, CLOSING 
BALANCE 3,261 3,261
Designgymnasiet i Sverige AB 556932-0681 Stockholm 100% 50,000 1
Didaktus Utbildningar AB 556645-3626 Stockholm 100% 2,000 50
Donnergymnasiet AB 556540-8381 Stockholm 100% 1,500 100
EC Utbildning AB 556626-4387 Karlshamn 100% 1,000 100
Framtidskompassen AB 556786-5943 Stockholm 100% 1,000 100
Framtidsutveckling i Sverige AB 556546-7056 Stockholm 100% 1,000 100
Framtidsutveckling Norden AB 556873-3470 Stockholm 100% 505,000 0.1
Friskolan Lyftet AB 556604-4599 Gävle 100% 1,000 100
FutureGames AB 556719-6158 Stockholm 100% 1,000 100
Färjan AB 556768-0631 Stockholm 100% 1,000 100
Förskolan Moroten AB 556450-3612 Stockholm 100% 1,000 100
Global Education Services AB 556606-7855 Stockholm 100% 1,000 100
Guldkusten AB 556983-1430 Stockholm 100% 500 100
Hagströmska Gymnasiet AB 556755-0461 Falun 100% 1,000 100
Hermods AB 556044-0017 Stockholm 100% 11,000 1,000
International Montessori School Sweden AB 556764-0205 Ekerö 100% 1,000 100
Internationella hotell- och restaurangskolan IHR AB 556982-8451 Stockholm 100% 50,000 1
Kastanjelunden Förskola AB 556755-0032 Stockholm 100% 1,000 100
KLARA Gymnasium Bildning AB 556528-6696 Stockholm 100% 2,800 100
KLARA Gymnasium Kunskap AB 556630-3938 Stockholm 100% 1,000 100
KLARA Gymnasium Lärande AB 556558-3282 Stockholm 100% 250,000 1
Kompetensutvecklingsinstitutet Sverige AB 556355-7395 Stockholm 100% 1,000 100
Kringlaskolan AB 556773-4065 Stockholm 100% 1,000 100
Kråkbrinkens Förskola AB 559197-0800 Stockholm 100% 1,020 100
Kungsholmens Förskola AB 559042-7000 Stockholm 100% 500 100
KYH AB 556644-7768 Stockholm 100% 1,000 100
Limhamns Förskola AB 556483-3829 Stockholm 100% 878 178
LBS Kreativa Gymnasiet AB (formerly Ljud & Bildskolan LBS AB) 556485-1649 Stockholm 100% 10,000 100
Matchning och Utveckling i Sverige AB 556820-7673 Stockholm 100% 500 100
Monteprenör AB 556787-4945 Stockholm 100% 2 50,000
MontessoriGrundskolan Maria AB 556541-8455 Stockholm 100% 1,000 100
Movant AB 556526-5005 Gothenburg 100% 1,000 100
NTI Gymnasiet Ellips AB 556597-0471 Stockholm 100% 6,000 100
NTI Gymnasiet Helix AB 556674-7290 Stockholm 100% 1,000 100
NTI Gymnasiet Macro AB 556120-3679 Stockholm 100% 10,000 100
NTI-skolan AB 556709-8057 Stockholm 100% 2,000 100
NorrteljePedagogerna AB 556778-0340 Stockholm 100% 1,002 100
Omniway AB 556442-1328 Stockholm 100% 5,000 100
Plushögskolan AB 556495-5853 Gothenburg 100% 1,000 100
Pops Academy AB 556958-3197 Stockholm 100% 1,000 50
Praktiska Lärande AB 556530-4481 Stockholm 100% 6,999 100
Praktiska Studier Riks AB 556575-5500 Stockholm 100% 1,000 100
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal value/
share (SEK)
94
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 95 =====

Praktiska Sverige AB 556257-5786 Gothenburg 100% 1,000 100
Praktiska Utbildning AB 556478-1606 Stockholm 100% 1,000 100
Primaskolan i Sverige AB 556557-0958 Stockholm 100% 4,000 100
ProCivitas Privata Gymnasium AB 556615-7102 Stockholm 100% 1,000 100
Pysslingen Förskolor AB 556629-2537 Stockholm 100% 1,000 100
Pysslingen Förskolor och Skolor AB 556035-4309 Stockholm 100% 90,000 100
Pålsjö Skogs Förskola AB 556451-3587 Stockholm 100% 1,230 100
RE Skolor AB 559024-4579 Stockholm 100% 50,000 1
Rytmus AB 556464-8979 Stockholm 100% 8,000 100
Sandviks Förlag AB 556398-3609 Malmö 100% 8,000 100
Sjölins Gymnasium AB 556375-8399 Stockholm 100% 500 1,000
Sofiero Förskola AB 556555-3079 Stockholm 100% 1,000 100
Swedish Education Group AB 556504-2255 Stockholm 100% 1,000 100
Sälj och Marknadshögskolan i Sverige AB 556518-9361 Stockholm 100% 1,000 100
Söder Triaden Förskolor AB 556468-5955 Stockholm 100% 102 1,000
TGA utbildning AB 556575-3901 Stockholm 100% 1,000 100
Vindora Holding AB 556861-7079 Gothenburg 100% 2,414,622,329 0.01
Vindora Utbildning AB 556735-0110 Gothenburg 100% 1,000 100
Vindseglet AB 556757-2234 Stockholm 100% 1,200 100
Vittraskolorna AB 556458-6716 Stockholm 100% 1,000 100
Växthuset förskola i Mölndal AB 556780-2714 Stockholm 100% 1,000 100
Åsöbergets Förskola AB 556476-5609 Stockholm 100% 1,000 100
INDIRECT OWNERSHIP OF SUBSIDIARIES IN THE GROUP (NORWAY)
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal Value/
share (NOK)
AcadeMedia Educational Services AS 96682855 Karmøy 100% 920 152
AcadeMedia Norge AS 913192281 Karmøy 100% 30 100,000
Espira Baggerødbanen AS 830550682 Karmøy 100% 30,000 1
Espira Barnehager AS 985072825 Karmøy 100% 100 1,000
Espira Bellevue AS 986977651 Karmøy 100% 100 11,020
Espira Bjørgene AS 988440418 Karmøy 100% 100 1,000
Espira Blakstad AS 996987329 Karmøy 100% 100 1,000
Espira Brådalsfjellet AS 988711896 Karmøy 100% 100 1,000
Espira Bråsteintunet AS 930550531 Karmøy 100% 30,000 1
Espira Casa Musica Barnehage AS 984084358 Karmøy 100% 100 1,000
Espira Dragerskogen AS 990652899 Karmøy 100% 100 1,000
Espira Dvergsnes AS 991126627 Karmøy 100% 100 1,000
Espira Eiendom AS 992642734 Karmøy 100% 100 1,000
Espira Eikenga AS 817350232 Karmøy 100% 62 2,935
Espira Eikenga Eiendom AS 935168554 Karmøy 100% 109,787 1
Espira Eikenøtta Naturbarnehage AS 888792112 Karmøy 100% 100 100
Espira Eikenøtta Eiendom AS 935153220 Karmøy 100% 148,316 1
Espira Evangtunet AS 930548685 Karmøy 100% 30,000 1
Espira Eventyrskogen AS 930550701 Karmøy 100% 30,000 1
Espira Evje AS 996987337 Karmøy 100% 100 1,000
Espira Fasanveien AS 925905836 Karmøy 100% 300 500
Espira Fasanveien Eiendom AS 935153808 Karmøy 100% 68,619 1
Espira Fenstad AS 987762780 Karmøy 100% 100 1,000
Espira Finnås AS 930548723 Karmøy 100% 30,000 1
Espira Fjellsenden Eiendom AS 935153387 Karmøy 100% 62,344 1
Espira Garhaug AS 986916490 Karmøy 100% 100 1,000
Espira Gartnerløkka AS 930550787 Karmøy 100% 30,000 1
Espira Gjemble AS 983089909 Karmøy 100% 100 1,000
Espira Grefsen AS 830548572 Karmøy 100% 30,000 1
Espira Gruppen AS 991926577 Karmøy 100% 54,630,000 0.1
Espira Grønnestølen AS 930548642 Karmøy 100% 30,000 1.0
Espira Gullhella AS 985462437 Karmøy 100% 100 1,000
Espira Gåserud AS 985030006 Karmøy 100% 100 1,000
Espira Halsnøy Kloster AS 990797722 Karmøy 100% 100 1,000
Espira Helldalsåsen AS 985311374 Karmøy 100% 100 1,000
Espira Holbekk Idrettsbarnehage AS 921744927 Karmøy 100% 100 100
Espira Hollund AS 830550542 Karmøy 100% 30,000 1
Espira Holum AS 930550647 Karmøy 100% 30,000 1
Espira Hovsmarka AS 930548618 Karmøy 100% 30,000 1
Espira Husebyparken AS 930550698 Karmøy 100% 30,000 1
Espira Høytorp Fort AS 988711918 Karmøy 100% 100 1,000
Espira Juberg AS 930550744 Karmøy 100% 30,000 1
Espira Karmsund AS 930550566 Karmøy 100% 30,000 1
Espira Kløverenga AS 988067547 Karmøy 100% 100 1,000
Espira Knerten AS 979339828 Karmøy 100% 210 1,000
Espira Kniveåsen AS 990343063 Karmøy 100% 100 1,000
Espira Krystallveien AS 992419938 Karmøy 100% 100 1,000
Espira Kulturstien AS 989557718 Karmøy 100% 10,000 10
Espira Kulturstien Eiendom AS 935153484 Karmøy 100% 49,266 1
Espira Kunnskapsbyen AS 930548537 Karmøy 100% 30,000 1
Espira Kuventræ AS 989838563 Karmøy 100% 100 1,000
Espira Kystad Gård AS 919307617 Karmøy 100% 100 1,000
Espira Lindesnes AS 914760224 Karmøy 100% 1,000 100
Espira Litlasund AS 992061472 Karmøy 100% 100 1,000
Espira Lura AS 930550728 Karmøy 100% 30,000 1
Espira Løvestad AS 992823690 Karmøy 100% 100 1,000
Espira Marienfryd AS 830548602 Karmøy 100% 30,000 1
Espira Marthahaugen AS 990036888 Karmøy 100% 100 1,000
Espira Moster AS 930550582 Karmøy 100% 30,000 1
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal value/
share (SEK) Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal Value/
share (NOK)
95
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 96 =====

Espira Muruvik AS 919307595 Karmøy 100% 100 1,000
Espira Myraskogen AS 992061448 Karmøy 100% 100 1,000
Espira Nordmo AS 985311366 Karmøy 100% 100 1,000
Espira Nykirke AS 930548634 Karmøy 100% 30,000 1
Espira Opaker AS 992081066 Karmøy 100% 100 1,000
Espira Opsahl AS 985797625 Karmøy 100% 100 1,000
Espira Oreid AS 930548596 Karmøy 100% 30,000 1
Espira Ormdalen AS 992420189 Karmøy 100% 100 1,000
Espira Rambjøra AS 986916512 Karmøy 100% 100 1,000
Espira Ree AS 989544489 Karmøy 100% 100 1,000
Espira Romholt AS 888440402 Karmøy 100% 100 1,000
Espira Rubbestadneset AS 991996605 Karmøy 100% 100 1,000
Espira Ryggebyen AS 914945577 Karmøy 100% 100 1,000
Espira Rå AS 989932543 Karmøy 100% 100 1,000
Espira Rødknappen AS 994751530 Karmøy 100% 100 1,000
Espira Salamonskogen AS 989512811 Karmøy 100% 100 1,000
Espira Sandnesheia AS 913981464 Karmøy 100% 216,828 1
Espira Sandtoppen Naturbarnehage AS 990446458 Karmøy 100% 100 100
Espira Sangereidåsen AS 930550663 Karmøy 100% 30,000 1
Espira Scala Hundvåg AS 988201030 Karmøy 100% 100 1,000
Espira Scala Tasta AS 988201170 Karmøy 100% 100 1,000
Espira Scala Tasta Eiendom AS 935153573 Karmøy 100% 145,009 1
Espira Skjeraberget AS 917350140 Karmøy 100% 67 1,000
Espira Skjeraberget Eiendom AS 935156173 Karmøy 100% 159,850 1
Espira Skolegata AS 986916644 Karmøy 100% 100 1,000
Espira Skåredalen AS 992061529 Karmøy 100% 100 1,000
Espira Sletten AS 930550604 Karmøy 100% 30,000 1
Espira Snurrefjellet AS 986916563 Karmøy 100% 100 1,000
Espira Solknatten AS 990652813 Karmøy 100% 100 1,000
Espira Solkroken AS 930548715 Karmøy 100% 30,000 1
Espira Spirea AS 930548545 Karmøy 100% 30,000 1
Espira Stansa AS 912980219 Karmøy 100% 73,818 1
Espira Steinsviken AS 930548669 Karmøy 100% 30,000 1
Espira Stjørdal AS 919307579 Karmøy 100% 100 1,000
Espira Stongafjellet AS 989838512 Karmøy 100% 100 1,000
Espira Sundbyfoss AS 994310623 Karmøy 100% 100 1,000
Espira Sånum AS 930550671 Karmøy 100% 30,000 1
Espira Søly AS 930548030 Karmøy 100% 348,787 1
Espira Søly Eiendom AS 935164257 Karmøy 100% 90,338 1
Espira Taremareby AS 917350183 Karmøy 100% 630 500
Espira Tastarustå AS 915657087 Karmøy 100% 5,000 10
Espira Tau AS 930550752 Karmøy 100% 30,000 1
Espira Tjøsvoll AS 992062002 Karmøy 100% 100 1,000
Espira Tomter AS 930548677 Karmøy 100% 30,000 1
Espira Torsbergskogen AS 991361642 Karmøy 100% 100 1,000
Espira Torshovdalen AS 930548561 Karmøy 100% 30,000 1
Espira Tristilbakken AS 930548588 Karmøy 100% 30,000 1
Espira Trygstad AS 930548626 Karmøy 100% 30,000 1
Espira Tømmerås AS (formerly Skogen Barnehage AS) 992420243 Karmøy 100% 100 1,000
Espira Ulsetskogen AS 991127402 Karmøy 100% 100 1,000
Espira Ulvenvatnet AS 930548650 Karmøy 100% 30,000 1
Espira Vagletjørn AS 989838482 Karmøy 100% 100 1,000
Espira Vannverksdammen AS 990342598 Karmøy 100% 100 1,000
Espira Vanse AS 988263095 Karmøy 100% 100 1,000
Espira Varbak Arcen AS 890015492 Karmøy 100% 100 1,000
Espira Vedderheia AS 930550523 Karmøy 100% 30,000 1
Espira Veldetun AS 985462372 Karmøy 100% 100 1,000
Espira Åbol AS 992823585 Karmøy 100% 100 1,000
Espira Århaug AS 988067644 Karmøy 100% 100 1,000
Espira Årkjær AS 930548693 Karmøy 100% 30,000 1
Espira Årosfjellet AS 930550612 Karmøy 100% 30,000 1
Espira Årølia AS 930548707 Karmøy 100% 30,000 1
Espira Østrem AS  986916555 Karmøy 100% 100 1,000
Holbekk Barnehagetun AS 990407592 Karmøy 100% 100 100
Karmsund Barnehage AS 990586152 Karmøy 100% 100 1,000
Sandviks AS 918793569 Stavanger 100% 126,443 0.26
Søndre Kleivan Barnehage AS 990050937 Karmøy 100% 100 1,000
Tomm Murstad Friluftsbarnehage AS 998143969 Karmøy 100% 50,000 1
INDIRECT OWNERSHIP OF SUBSIDIARIES IN THE GROUP (GERMANY)
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal value/
share (EUR)
AcadeMedia GmbH HRB 222 151 Munich 100% 25,000 1
AcadeMedia Education GmbH HRB 242952 B Berlin 100% 25,000 1
akanova gGmbH HRB 227687 B Berlin 100% 25,000 1
Espira und Joki Kinderbetreuung GmbH HRB 174 184 Munich 100% 25,000 1
Fürstenwalder Aus- und Weiterbildungszentrum gGmbH HRB1093 FF Fürstenwalde/
Spree 100% 30,678 1
International Schools Potsdam gGmbH HRB 22431 P Potsdam 100% 25,000 1
KitaFlex Zeitarbeit GmbH HRB 294159 Munich 100% 25,000 1
Kreativ Campus Potsdam gGmbH HRB 23755 P Potsdam 100% 25,000 1
Kreative Schulgesellschaft Thüringen gGmbH HRB 509204 Erfuhrt 100% 2 12,500
KTS Verwaltungs GmbH HRB 190824 Munich 100% 25,000 1
Mediadesign Akademie für Aus- und Weiterbildung gGmbH HRB19231 FF Fürstenwalde/
Spree 100% 25,000 1
Step Kids Education GmbH HRB 132431 B Berlin 100% 49,380 1
Step Kids KiTas GmbH HRB 149735 B Berlin 100% 25,000 1
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal Value/
share (NOK) Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal Value/
share (NOK)
96
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 97 =====

INDIRECT OWNERSHIP OF SUBSIDIARIES IN THE GROUP (FINLAND)
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal value/
share (EUR)
VKPA-varhaiskasvatus Oy 3141663-1 Oulu/Uleåborg 100% 25,927,034 0
Suomen VAKA-Palvelut II Oy 2753652-6 Oulu/Uleåborg 100% 25 0
Touhula Leikki Oy 2334458-6 Oulu/Uleåborg 100% 5,859 0
Touhula Hymy Oy 1014205-3 Jyväskylä 100% 301 0
Touhula Nauru Oy 2704961-3 Oulu/Uleåborg 100% 1,000 0
Touhula Ilo Oy 2704960-5 Oulu/Uleåborg 100% 1,000 0
Touhula Virne Oy 1808743-1 Oulu/Uleåborg 100% 2,500 0
Touhula Onni Oy 2554646-4 Ylivieska 100% 8 0
Touhula Riemu Oy 2036747-5 Vaasa/Vasa 100% 8,000 0
Touhula Huvi Oy 2599906-8
Tampere/
Tammerfors 100% 11,800 0
Touhula Hassu Oy 2610565-2 Helsinki 100% 2,500 0
Katariinan Vilske Oy 2685161-2 Åbo 100% 100 0
INDIRECT OWNERSHIP OF SUBSIDIARIES IN THE GROUP (NETHERLANDS)
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal value/
share (EUR)
AcadeMedia Nederland BV 90839439 Stockholm 100% 1 1
De Amsterdamsche School BV 34140427 Amsterdam 100% 40 453.78
Leren & Zo BV 87569248 Amsterdam 100% 100 0.01
Plek voor kinderen Holding B.V. KVK 85624004 Bergen op Zoom 100% 1,000 1
Plek voor kinderen B.V. KVK 20112609 Bergen op Zoom 100% 1,000 1
Tommy & Annika B.V. KVK 58042067 Bergen op Zoom 100% 1,000 1
Winford Amsterdam BV 27273799 Amsterdam 100% 18,000 1
Winford Apeldoorn BV 08181981 Amsterdam 100% 18,000 1
Winford Arnhem BV 62779656 Amsterdam 100% 100 0.01
Winford Beheer BV 30157716 Amsterdam 100% 182 100
Winford Bilingual Den Haag BV 93571801 Amsterdam 100% 100 0.01
Winford Bilingual School BV 73989002 Amsterdam 100% 100 0.01
Winford Breda BV 68657498 Amsterdam 100% 100 0.01
Winford Breukelen BV 50122320 Utrecht 100% 18,000 1
Winford College BV 34338528 Amsterdam 100% 1,800 10
Winford´s Gravenhage BV 27243847 Amsterdam 100% 180 100
Winford Haarlem BV 83095500 Amsterdam 100% 100 0.01
Winford Leiden BV 28095228 Amsterdam 100% 180 100
Winford Rotterdam BV 24233661 Amsterdam 100% 400 45.38
Winford Utrecht BV 30175250 Amsterdam 100% 180 100
YES! Kinderopvang Beheer B.V. 50128590 Zwijndrecht 100% 180 100
YES! Kinderopvang Zwijndrecht B.V. 24428812 Zwijndrecht 100% 180 100
YES! Childcare Ridderkerk B.V. 24428808 Zwijndrecht 100% 180 100
YES! Kinderopvang Heerjansdam B.V. 24406674 Zwijndrecht 100% 180 100
YES! Kinderopvang Hendrik Ido Ambacht B.V. 24406671 Zwijndrecht 100% 180 100
YES! Kinderopvang Beheer B.V. 50627856 Zwijndrecht 100% 180 100
P9: Equity
Share capital Number SEK
Ordinary share 99,011,729 108,610,999
Class C share 193,057 193,057
The Class C shares are held by AcadeMedia. For further 
information regarding the share capital, see Note G24.
P12: Dividend proposal
After the balance sheet date, the Board proposed a dividend 
of SEK 2.25 per share (1.75), representing a total dividend 
payment of SEK 223 million (178). The dividend is subject to 
approval by the Annual General Meeting, which is scheduled 
for 26 November 2025. 
P11: Post balance sheet events
No significant balance sheet events. 
P10: Interest-bearing liabilities
 INTEREST-BEARING LIABILITIES
SEK m. 30 June 2025 30 June 2024
Liabilities to credit 
institutions 300 814
300 814
Of these liabilities, SEK 300 million (418) matures within one 
year and SEK 0 million (400) between one and five years. The 
difference from what is recognised on the balance sheet is 
made up of the accrued acquisition cost of the loans. A new 
financing agreement entered into force in April 2025. The 
loan terms in the new agreement are described in Note G28 
Loans.  
ProCivitas Gymnasium, Uppsala
INDIRECT OWNERSHIP OF SUBSIDIARIES IN THE GROUP (UK)
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal value/
share (GBP)
The Game Assembly  Ltd 13881612 London 100% 1 1
INDIRECT OWNERSHIP OF SUBSIDIARIES IN THE GROUP (POLAND)
Corp. reg. no. Registered office
Share of 
capital
Number of 
shares
Nominal value/
share (PLN)
Futuregames Academy sp. z o. o. 000991971 Warsaw 100% 100 100
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Signatures of the Board of Directors
The Board of Directors and the CEO hereby provide an assurance that the consolidated accounts and annual accounts have been prepared in accordance with the 
International Financial Reporting Standards (IFRS), as adopted by the EU, and generally accepted accounting standards, and provide a fair and true view of the Group’s 
and the Parent Company’s financial position and results, and that the Administration Report provides a true and fair overview of the development of the Group’s and 
the Parent Company’s operations, financial position and results, and describes material risks and uncertainties faced by the companies in the Group. 
The Sustainability Statement has been prepared in accordance with the European Sustainability Reporting Standards (ESRS) as required by the Swedish Annual 
Accounts Act and Article 8 of the EU Taxonomy Regulation. The content of the annual report was finalised on 22 October 2025.  
The annual report was signed by all on 22 October 2025 in Stockholm
Marcus Strömberg 
Chief Executive Officer
Håkan Sörman 
Chair
Mikael Helmerson
Board member
Hilde Britt Mellbye
Board member
Marie Osberg
Board member
Ann-Marie Begler
Board member
Johan Andersson
Board member
Jan Berhardsson
Board member
Anders Lövgren
Employee representative
Anna Lundmark Boman
Employee representative
We submitted our audit report on 22 October 2025.
Öhrlings PricewaterhouseCoopers AB
Camilla Samuelsson
Authorised Public Accountant
Jakob Frid Key 
Audit Partner
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This is a translation of the Swedish language original. In the event of any differences 
between this translation and the Swedish language original, the latter shall prevail. 
Auditor’s report
To the general meeting of the shareholders of AcadeMedia AB (publ), corporate identity number 556846-0231
Report on the annual accounts and consolidated accounts
OPINIONS
We have audited the annual accounts and consolidated 
accounts of AcadeMedia AB (publ) for the financial year 1 July 
2024 to 30 June 2025 except for the statutory sustainability 
report on pages 42-66. The annual accounts and consolidated 
accounts of the company are included on pages 34-98 in this 
document. 
In our opinion, the annual accounts have been prepared in 
accordance with the Annual Accounts Act and present fairly, in 
all material respects, the financial position of the parent 
company as of 30 June 2025 and its financial performance and 
cash flow for the year then ended in accordance with the 
Annual Accounts Act. The consolidated accounts have been 
prepared in accordance with the Annual Accounts Act and 
present fairly, in all material respects, the financial position of 
the group as of 30 June 2025 and their financial performance 
and cash flow for the year then ended in accordance with IFRS 
Accounting Standards, as adopted by the EU, and the Annual 
Accounts Act. Our opinions do not cover the statutory 
sustainability report on pages 42-66. 
The statutory administration report is consistent with the other 
parts of the annual accounts and consolidated accounts.
We therefore recommend that the general meeting of 
shareholders adopts the income statement and balance sheet 
for the parent company and the groups income statement and 
other comprehensive income and the groups financial 
position. 
Our opinions in this report on the annual accounts and 
consolidated accounts are consistent with the content of the 
additional report that has been submitted to the parent 
company’s audit committee in accordance with the Audit 
Regulation (537/2014/EU) Article 11.
BASIS FOR OPINIONS
We conducted our audit in accordance with International 
Standards on Auditing (ISA) and generally accepted auditing 
standards in Sweden. Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities 
section. We are independent of the parent company and the 
group in accordance with professional ethics for accountants 
in Sweden and have otherwise fulfilled our ethical 
responsibilities in accordance with these requirements. This 
includes that, based on the best of our knowledge and belief, 
no prohibited services referred to in the Audit Regulation 
(537/2014/EU) Article 5.1 have been provided to the audited 
company or, where applicable, its parent company or its 
controlled companies within the EU.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinions.
OUR AUDIT APPROACH
Focus and scope of the audit
We designed our audit by determining materiality and 
assessing the risks of material misstatement in the 
consolidated financial statements. In particular, we considered 
where the Board of Directors and the Managing Director made 
subjective judgements; for example, in respect of significant 
accounting estimates that involved making assumptions and 
considering future events that are inherently uncertain. As in all 
of our audits, we also addressed the risk of the Board of 
Directors and the Managing Director override of internal 
controls, including among other matters consideration of 
whether there was evidence of bias that represented a risk of 
material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient 
work to enable us to provide an opinion on the consolidated 
financial statements as a whole, taking into account the 
structure of the group, the accounting processes and controls, 
and the industry in which the group operates.
Materiality
The scope of our audit was influenced by our application of 
materiality. An audit is designed to obtain reasonable 
assurance whether the financial statements are free from 
material misstatement. Misstatements may arise due to fraud 
or error. They are considered material if individually or in 
aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of the 
consolidated financial statements.
Based on our professional judgement, we determined certain 
quantitative thresholds for materiality, including the overall 
group materiality for the consolidated financial statements as 
a whole. These, together with qualitative 
considerations, helped us to determine the scope of our audit 
and the nature, timing and extent of our audit procedures and 
to evaluate the effect of misstatements, both individually and 
in aggregate on the financial statements as a whole.
KEY AUDIT MATTERS
Key audit matters of the audit are those matters that, in our 
professional judgment, were of most significance in our audit 
of the annual accounts and consolidated accounts of the 
current period. These matters were addressed in the context of 
our audit of, and in forming our opinion thereon, the annual 
accounts and consolidated accounts as a whole, but we do not 
provide a separate opinion on these matters.
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