Årsredovisning 2025

Key audit matters
 VALUATION OF GOODWILL AND OTHER  
INTANGIBLE ASSETS
We refer to the notes K1 General Information, Accounting 
Policies and Valuation Principles, which includes information 
about significant estimates and assumptions for accounting 
purposes, K15 Intangible Fixed Assets, and K16 Impairment 
Testing.
The Group has recognised  intangible assets of SEK 7,767 million 
as of 30 June 2025, of which SEK 7,390 million relates to 
goodwill. IFRS accounting standards require an annual 
impairment test to be performed. 
In order to assess the carrying amount of these assets, the 
Group has developed financial models to evaluate whether the 
carrying values are recoverable, based on the higher of the 
asset’s value in use, discounted projected cash flows, or fair 
value less costs of disposal.
The impairment assessment was considered a key audit 
matter due to the significant monetary values involved, as well 
as the judgments and assumptions made by the Group in 
estimating future cash flows, growth rates and discount rates.
HOW OUR AUDIT CONSIDERED THE  
KEY AUDIT MATTER
• Assessed whether the Group’s allocation of tangible fixed 
assets, goodwill, and intangible assets to cash-generating 
units (CGUs) is consistent with our understanding of the 
Group’s operations and internal reporting.
• Evaluated the Group’s accounting policies, methodologies, 
significant assumptions, and underlying data used in 
performing the impairment assessment in accordance with 
IAS 36. We engaged PwC valuation experts in these 
procedures.
• Assessed management’s ability to estimate future cash 
flows by, on a sample basis, comparing prior years’ models 
to actual outcomes.
• Evaluated the Group’s sensitivity analysis regarding key 
assumptions and estimates that, individually or on an 
aggregate level, could indicate a potential impairment.
• On a sample basis, tested the mathematical accuracy of the 
financial models.
• Assessed the presentation and disclosures made and their 
sufficient in accordance with IFRS accounting standards.
MANAGEMENT’S ASSESSMENT OF PROVISIONS  
FOR LOSS CONTRACTS AND IMPAIRMENT OF  
RIGHT-OF-USE ASSETS
We refer to the notes K1 General Information, Accounting 
Policies and Valuation Principles, and K18 Right-of-Use Assets.
The Group reports right-of-use assets amounting to SEK 9,981 
million as of 30 June 2025. Management is required, at each 
reporting date, to assess whether there are any indicators of 
impairment and to write down the assets if their recoverable 
amount is lower than the carrying amount. The valuation of the 
right-of-use assets involves estimates and judgments, 
pertaining to the underlying units’ actual and projected 
financial results. This was considered a key audit due to the 
significant monetary amounts involved as well as the 
estimates and judgments applied by the group when 
projecting the cash flows of the individual units.
HOW OUR AUDIT CONSIDERED THE  
KEY AUDIT MATTER
Our Audit of Management’s assessment regarding the valua-
tion of right-of-use assets and provisions for loss making con -
tracts included, amongst others, the following audit 
procedures:
• Evaluated the Group’s accounting policies, methods, and 
significant assumptions applied in the assessment, as well 
as their compliance with IFRS accounting standards.
• Assessed the design and implementation of internal controls 
relevant to the business process.
• Evaluated management’s ability to estimate future cash 
flows by, on a sample basis, comparing prior years’ models 
to actual outcomes.
• On a sample basis, tested the mathematical accuracy of the 
calculations.
• Assessed the presentation and disclosures made and their 
sufficient in accordance with IFRS accounting standards.
ACCOUNTING FOR IFRS 16 – LEASES
We refer to the notes K1 General Information, Accounting 
Policies and Valuation Principles, which contain information on 
significant estimates and assumptions for accounting 
purposes, and note K18 Right-of-Use Assets.
The Group reports right-of-use assets of SEK 9,981 million and 
lease liabilities of SEK 10,605 million as of 30 June 2025, which 
are material to the Group’s financial position.
The Group applies estimates and judgments in the recognition 
of these assets and liabilities.
Given the monetary significance of these assets and liabilities, 
as well as the significant estimates and judgments on which 
the accounting is based, this has been considered a key audit 
matter.
HOW OUR AUDIT CONSIDERED THE  
KEY AUDIT MATTER
Our audit of IFRS 16 – Leases included, amongst other 
procedures, the following:
• Evaluated the Group’s accounting policies, methods, 
significant assumptions and underlying data used in 
calculating lease liabilities and right-of-use assets, as well 
as their compliance with IFRS 16.
• Assessed the design and implementation of internal controls 
related to the business process.
• On a sample basis, tested the mathematical accuracy of the 
underlying calculations.
• Evaluated the significant assumptions made by the Group 
concerning discount rates and extension options.
• Assessed the presentation of disclosures in the notes and 
their compliance with IFRS accounting standards.
100
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 101 =====

This document also contains other information than the annual 
accounts and consolidated accounts and is found on pages  
1-23, 28-30, 105-112, and the statutory sustainability report on 
pages 42-66. The other information also contains the 
Remuneration report which we obtained before the date of this 
auditor’s report. The Board of Directors and the Managing 
Director are responsible for this other information.
Our opinion on the annual accounts and consolidated 
accounts does not cover this other information and we do not 
express any form of assurance conclusion regarding this other 
information.
In connection with our audit of the annual accounts and 
consolidated accounts, our responsibility is to read the 
information identified above and consider whether the 
information is materially inconsistent with the annual accounts 
and consolidated accounts. In this procedure we also take into 
account our knowledge otherwise obtained in the audit and 
assess whether the information otherwise appears to be 
materially misstated.
If we, based on the work performed concerning this 
information, conclude that there is a material misstatement of 
this other information, we are required to report that fact. We 
have nothing to report in this regard.
RESPONSIBILITIES OF THE BOARD OF  
DIRECTORS AND THE MANAGING DIRECTOR
DThe Board of Directors and the Managing Director are 
responsible for the preparation of the annual accounts and 
consolidated accounts and that they give a fair presentation in 
accordance with the Annual Accounts Act and, concerning the 
consolidated accounts, in accordance with IFRS Accounting 
Standards, as adopted by the EU, and the Annual Accounts Act. 
The Board of Directors and the Managing Director are also 
responsible for such internal control as they determine is 
necessary to enable the preparation of annual accounts and 
consolidated accounts that are free from material 
misstatement, whether due to fraud or error.
In preparing the annual accounts and consolidated accounts, 
the Board of Directors and the Managing Director are 
responsible for the assessment of the company and group’s 
ability to continue as a going concern. They disclose, as 
applicable, matters related to going concern and using the 
going concern basis of accounting. The going concern basis of 
accounting is however not applied if the Board of Directors and 
the Managing Director intends to liquidate the company, cease 
operations or has no realistic alternative to doing any of this.
AUDITOR’S RESPONSIBILITY
Our objectives are to obtain reasonable assurance about 
whether the annual accounts and consolidated accounts as a 
whole are free from material misstatement, whether due to 
fraud or error, and to issue an auditor’s report that includes our 
opinions. Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted in accordance 
with ISAs and generally accepted auditing standards in 
Sweden will always detect a material misstatement when it 
exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they 
could reasonably be expected to influence the economic 
decisions of users taken on the basis of these annual accounts 
and consolidated accounts.
A further description of our responsibility for the audit of the 
annual accounts and consolidated accounts is available on 
the Swedish Inspectorate of Auditors’ website: www.
revisorsinspektionen.se/revisornsansvar. This description is 
part of the auditor’s report.
Other information than the annual accounts and consolidated accounts
OPINIONS
In addition to our audit of the annual accounts and consolidated 
accounts, we have also audited the administration of the Board of 
Directors and the Managing Director of AcadeMedia AB (publ) for 
financial year 1 July 2024 to 30 June 2025 and the proposed 
appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the 
profit be appropriated in accordance with the proposal in the 
statutory administration report and that the members of the Board 
of Directors and the Managing Director be discharged from liability 
for the financial year.
BASIS FOR OPINIONS
We conducted the audit in accordance with 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.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinions.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS  
AND THE MANAGING DIRECTOR
The Board of Directors is responsible for the proposal for 
appropriations of the company’s profit or loss. At the proposal 
of a dividend, this includes an assessment of whether the 
dividend is justifiable considering the requirements which the 
company and group’s type of operations, size and risks place 
on the size of the parent company’s equity, consolidation 
requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s 
organization and the management of the company’s affairs. 
This includes among other things continuous assessment of 
the company and group’s financial situation and ensuring that 
the company’s organization is designed so that the 
accounting, management of assets and the company’s 
financial affairs 
otherwise are controlled in a reassuring manner. The Managing 
Director shall manage the ongoing administration according 
to the Board of Directors’ guidelines and instructions and 
among other matters take measures that are necessary to 
fulfill the company’s accounting in accordance with law and 
handle the management of assets in a reassuring manner.
AUDITOR’S RESPONSIBILITY
Our objective concerning the audit of the administration, and 
thereby our opinion about discharge from liability, is to obtain 
audit evidence to assess with a reasonable degree of 
assurance whether any member of the Board of Directors or 
the Managing Director in any material respect:
• has undertaken any action or been guilty of any omission 
which can give rise to liability to the company, or
• in any other way has acted in contravention of the 
Companies Act, the Annual Accounts Act or the Articles of 
Association.
Our objective concerning the audit of the proposed 
appropriations of the company’s profit or loss, and thereby our 
opinion about this, is to assess with reasonable degree of 
assurance whether the proposal is in accordance with the 
Companies Act.
Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with 
generally accepted auditing standards in Sweden will always 
detect actions or omissions that can give rise to liability to the 
company, or that the proposed appropriations of the 
company’s profit or loss are not in accordance with the 
Companies Act.
A further description of our responsibility for the audit of the 
administration is available on the Swedish Inspectorate of 
Auditors’ website: www.revisorsinspektionen.se/
revisornsansvar. This description is part of the auditor’s report.
Report on other legal and regulatory requirements
The auditor’s examination of the administration of the company and the proposed 
appropriations of the company’s profit or loss
101
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 102 =====

OPINION
In addition to our audit of the annual accounts and consolidated 
accounts, we have also examined that the Board of Directors 
and the Managing Director have prepared the annual accounts 
and consolidated accounts in a format that enables uniform 
electronic reporting (the Esef report) pursuant to Chapter 16, 
Section 4(a) of the Swedish Securities Market Act (2007:528) for 
AcadeMedia AB (publ) (publ) for the financial year 1 July 2024 to 
30 June 2025.
Our examination and our opinion relate only to the statutory 
requirements.
In our opinion, the Esef report has been prepared in a format 
that, in all material respects, enables uniform electronic 
reporting.
BASIS FOR OPINION
We have performed the examination in accordance with FAR’s 
recommendation RevR 18 Examination of the Esef report. Our 
responsibility under this recommendation is described in more 
detail in the Auditors’ responsibility section. We are 
independent of AcadeMedia AB (publ) (publ) in accordance 
with professional ethics for accountants in Sweden and have 
otherwise fulfilled our ethical responsibilities in accordance 
with these requirements.
We believe that the evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS  
AND THE MANAGING DIRECTOR
The Board of Directors and the Managing Director are 
responsible for the preparation of the Esef report in 
accordance with the Chapter 16, Section 4(a) of the Swedish 
Securities Market Act (2007:528), and for such internal control 
that the Board of Directors and the Managing Director 
determine is necessary to prepare the Esef report without 
material misstatements, whether due to fraud or error.
AUDITOR’S RESPONSIBILITY
Our responsibility is to obtain reasonable assurance whether 
the Esef report is in all material respects prepared in a format 
that meets the requirements of Chapter 16, Section 4(a) of the 
Swedish Securities Market Act (2007:528), based on the 
procedures performed.
RevR 18 requires us to plan and execute procedures to achieve 
reasonable assurance that the Esef report is prepared in a 
format that meets these requirements. 
Reasonable assurance is a high level of assurance, but it is not 
a guarantee that an engagement carried out according to 
RevR 18 and generally accepted auditing standards in Sweden 
will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and 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 Esef report.
The firm applies International Standard on Quality 
Management 1, which requires the firm to design, implement 
and operate a system of quality management including 
policies or procedures regarding compliance with ethical 
requirements, professional standards and applicable legal 
and regulatory requirements.
The examination involves obtaining evidence, through various 
procedures, that the Esef report has been prepared in a format 
that enables uniform electronic reporting of the annual 
accounts. The procedures selected depend on the auditor’s 
judgment, including the assessment of the risks of material 
misstatement in the report, whether due to fraud or error. In 
carrying out this risk assessment, and in order to design audit 
procedures that are appropriate in the circumstances, the 
auditor considers those elements of internal control that are 
relevant to the preparation of the Esef report by the Board of 
Directors and the Managing Director, but not for the purpose of 
expressing an opinion on the effectiveness of those internal 
controls. The examination also includes an evaluation of the 
appropriateness and reasonableness of assumptions made by 
the Board of Directors and the Managing Director.
The procedures mainly include a validation that the Esef report 
has been prepared in a valid XHTML format and a reconciliation 
of the Esef report with the audited annual accounts and 
consolidated accounts.
Furthermore, the procedures also include an assessment of 
whether the consolidated statement of financial performance, 
financial position, changes in equity, cash flow and disclosures 
in the Esef report have been marked with iXBRL in accordance 
with what follows from the Esef regulation.
The auditor’s examination of the Esef report
Öhrlings PricewaterhouseCoopers AB, Torsgatan 21, 113 97 Stockholm, was appointed 
as AcadeMedia AB (publ)’s auditor by the general meeting of shareholders on  
28 November 2024 and has been the company’s auditor since 24 November 2017.
Stockholm the 22 October 2025
Öhrlings PricewaterhouseCoopers AB
Camilla Samuelsson
Authorized Public Accountant
Auditor in charge
Jakob Frid
Authorized Public Accountant
102
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 103 =====

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. 
The auditor’s examination of the 
corporate governance statement 
Stockholm, 22 October 2025
Öhrlings PricewaterhouseCoopers AB
Roles and responsibilities
The Board of Directors is responsible for that the corporate 
governance statement on pages 24-27 and 31-37 has been 
prepared in accordance with the Annual Accounts Act.
Focus and scope
Our examination of the corporate governance statement is 
conducted in accordance with FAR’s auditing standard RevR 16 
The auditor’s examination of the corporate governance 
statement. This means that our examination of the corporate 
governance statement is different and substantially less in 
scope than an audit conducted in accordance with 
International Standards on Auditing and generally accepted 
auditing standards in Sweden. We believe that the examination 
has provided us with sufficient basis for our opinions. 
Opinion
A corporate governance statement has been prepared. 
Disclosures in accordance with chapter 6 section 6 the second 
paragraph points 2-6 of the Annual Accounts Act and chapter 
7 section 31 the second paragraph the same law are consistent 
with the other parts of the annual accounts and consolidated 
accounts and are in accordance with the Annual Accounts Act. 
To the General Meeting of Shareholders of AcadeMedia AB (publ), Reg. No. 556846-0231
Camilla Samuelsson
Authorised Public Accountant
Lead Partner
Jakob Frid
Authorised Public Accountant
103
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 104 =====

Conclusion
We have conducted a limited assurance engagement of the 
sustainability statement for AcadeMedia AB (publ) for the 
financial year 1 July 2024 to 30 June 2025. The sustainability 
statement is included on page 42-66 in this document.
Based on our limited assurance engagement as described 
in the section Auditor’s responsibility, nothing has come to 
our attention that causes us to believe that the sustainability 
statement does not, in all material respects, meet the 
requirements of the Swedish Annual Accounts Act which 
includes,
• whether the sustainability statement meets the requirements 
of ESRS,
• whether the process the company has carried out to identify 
reported sustainability information has been conducted as 
described in the sustainability statement,
• compliance with the reporting requirements of the EU’s 
Green Taxonomy Regulation Article 8.
Basis for Conclusion 
We have conducted the limited assurance engagement 
in accordance with FAR’s recommendation RevR 19 
Revisorns översiktliga granskning av den lagstadgade 
hållbarhetsrapporten. Our responsibility according to this 
recommendation is further described in the section Auditor’s 
responsibility.
We believe that the evidence we have obtained is sufficient 
and appropriate to provide a basis for our conclusion.
Other matter
The Sustainability Statement for the previous financial year 
has not been subject to a limited assurance engagement 
and no review of the comparative figures in the Sustainability 
Statement for the financial 1 July 2024 to 30 June 2025 year 
has therefore been performed.
Other information than the sustainability 
statement 
This document also contains other information than the 
sustainability statement and is found on pages 1-41,  67-
98 and 105 -112. The Board of Directors and the Managing 
Director are responsible for this other information.
Our conclusion on the sustainability statement does not 
cover this other information and We do not express any form 
of assurance conclusion regarding this other information.
In connection with our limited assurance engagement on 
the sustainability statement, our responsibility is to read 
the information identified above and consider whether the 
information is materially inconsistent with the sustainability 
statement. In this procedure we also take into account our 
knowledge otherwise obtained in the limited assurance 
engagement and assess whether the information otherwise 
appears to be materially misstated.
If we, based on the work performed concerning this 
information, conclude that there is a material misstatement 
of this other information, We are required to report that fact. 
We have nothing to report in this regard.
Responsibilities of the Board of Directors and the 
Managing Director
The Board of Directors, and the Managing Director, are 
responsible for the preparation of sustainability statement 
in accordance with Chapter 6, Sections 12–12f of the 
Swedish Annual Accounts Act, and for such internal control 
as they determine is necessary to enable the preparation 
of the sustainability statement that is free from material 
misstatements, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express a conclusion on whether 
the sustainability report has been prepared in accordance 
with Chapter 6, Sections 12–12f of the Swedish Annual 
Accounts Act based on our review. The limited assurance 
engagement has been conducted in accordance with 
FAR’s recommendation RevR 19 Revisorns översiktliga 
granskning av den lagstadgade hållbarhetsrapporten. 
This recommendation requires that we plan and perform 
our procedures to obtain limited assurance that the 
sustainability statement is prepared in accordance with 
these requirements.
The procedures in a limited assurance engagement vary 
in nature and timing from, and are less in extent than for, a 
reasonable assurance engagement. Consequently, the level 
of assurance obtained in a limited assurance engagement is 
substantially lower than the assurance that would have been 
obtained had a reasonable assurance engagement been 
performed. This means that it is not possible for us to obtain 
such assurance that we become aware of all significant 
matters that could have been identified if a reasonable 
assurance engagement had been performed.
Our firm applies ISQM 1 (International Standard on Quality 
Management), which requires the firm to design, implement 
and operate a system of quality management, including 
policies and procedures regarding compliance with ethical 
requirements, professional standards, and applicable legal 
and regulatory requirements.
We are independent of AcadeMedia AB (publ) in accordance 
with professional ethics for accountants in Sweden and have 
otherwise fulfilled our ethical responsibilities in accordance 
with these requirements.
A limited assurance engagement involves performing 
procedures to obtain evidence to support the sustainability 
information. The auditor selects the procedures to be 
performed, including assessing the risks of material 
misstatements in the sustainability statement, whether due 
to fraud or error. In this risk assessment, the auditor considers 
the parts of the internal control that are relevant to how the 
Board of Directors and the Managing Director prepares the 
sustainability statement, in order to design procedures that 
are appropriate under the circumstances, but not for the 
purpose of providing a conclusion on the effectiveness of the 
company’s internal control. The review consists of making 
inquiries, primarily of persons responsible for the preparation 
of the sustainability statement, performing analytical review, 
and conducting other limited review procedures.
The review procedures primarily include:
Our procedures regarding the process that the company has 
implemented to identify sustainability information to report 
included, but were not limited to, the following: 
• Obtaining an understanding of the process by:  
 – Making inquiries to understand the sources of 
information used by management (e.g., stakeholder 
dialogues, business plans, and strategy documents); 
and
 – Reviewing the company’s internal documentation of its 
process; and  
• Evaluating whether the information obtained from our 
actions regarding the process implemented by the 
company is consistent with the description of the process 
of the sustainability report. 
Our procedures regarding the sustainability report included, 
but were not limited to, the following:
• Through inquiries, obtain a general understanding of the 
internal control environment, reporting processes, and 
information systems relevant to the preparation of the 
information in the sustainability report
• Evaluate whether the information identified by the Process 
is included in the Sustainability Statement;
• Evaluate whether the structure and the presentation of the 
Sustainability Statement is in accordance with the ESRS by;
 – Perform inquires of relevant personnel and analytical 
procedures on selected information in the Sustainability 
Statement;
 – Perform substantive assurance procedures on selected 
information in the Sustainability Statement;
• Through inquiries and analytical procedures, evaluate 
supporting evidence to the methods for developing 
significant estimates and forward-looking information;
• Obtain an understanding of the process to identify 
taxonomy-eligible and taxonomy-aligned economic 
activities and the corresponding disclosures in the 
Sustainability Statement. Obtained an understanding of 
the process for identifying economic activities covered by 
the EU Green Taxonomy and the corresponding disclosures 
in the sustainability report. The review of the taxonomy 
disclosures included, but was not limited to, analytical 
review procedures and inquiries with relevant personnel.
Inherent limitations in preparing the sustainability 
In reporting forward-looking information in accordance with 
ESRS, the board of directors and the managing director of 
AcadeMedia AB (publ) are required to prepare the forward-
looking information on the basis of disclosed assumptions 
about events that may occur in the future and possible 
future actions by AcadeMedia AB (publ). Actual outcomes 
are likely to be different since anticipated events frequently 
do not occur as expected.
Stockholm the 22 October 2025  
Öhrlings PricewaterhouseCoopers AB
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 limited assurance report of AcadeMedia 
AB (publ)’s statutory sustainability statement
To the general meeting of the shareholders of AcadeMedia AB (publ), corporate identity number 556846-0231
Jakob Frid
Authorized Public 
Accountant
Camilla Samuelsson
Authorized Public  
Accountant Auditor in charge
104
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS   •  OTHER INFORMATION

===== SIDA 105 =====

Other information
Shareholder information  ................................................................................ 106
Multi-year review  ............................................................................................... 108
Reconciliation of alternative key performance indicators  .............. 109
Definitions of key performance indicators (KPIs) ................................. 110
Picture taken at Innovitaskolan, Segeltorp, south Greater Stockholm
105
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS  •  OTHER INFORMATION

===== SIDA 106 =====

Dividend policy
AcadeMedia’s purpose is to provide quality education 
in return for the remuneration it receives. AcadeMedia’s 
free cash flow will in the first instance be reinvested in 
the business to maintain high quality and finance future 
development of the business and growth. The Board believes 
that AcadeMedia should maintain a strong balance sheet 
and, through it, strong financial stability. Any surplus may 
be distributed to shareholders provided that AcadeMedia’s 
targets for quality and financial position have in all material 
respects been met. This may be done through dividends 
and/or redemption of shares, or other alternative method, 
provided that all AcadeMedia shareholders are treated 
equally. AcadeMedia aims to distribute approximately 30 
percent of the Group's profit after tax.
Ownership structure and number of shares
On 30 June 2025, the share capital amounted to SEK 
108,804,056.5 (106,976,977) and the number of shares 
totalled 99,204,786 (101,697,599) shares, consisting of 
99,011,729 (101,491,694) ordinary shares and 193,057 (205,905) 
Class C shares. The total number of votes in the Company 
is 99,031,034.7 (101,512,284.5). The quota value is SEK 1.097 per 
share. The C shares are held by AcadeMedia and the voting 
rights represent 1/10th of the voting rights of the ordinary 
shares. 
The largest shareholder was Mellby Gård AB with 24.57 
percent of the equity. 
10 LARGEST SHAREHOLDERS ON 30 JUNE 2025
NAME NUMBER OF 
ORDINARY 
SHARES
NUMBER 
OF CLASS 
C SHARES
TOTAL 
NUMBER OF 
SHARES
SHARE OF 
EQUITY, %
SHARE OF 
VOTES, %
SHARE OF 
EQUITY, %  
30 JUNE 2024
CHANGE
Mellby Gård 24,379,066 24,379,066 24.57% 24.62% 24.36% 0.2%
Cobas Asset Management SGIIC S.A. 9,339,961 9,339,961 9.20% 9.22% 10.11% -0.9%
Bolero Holdings Sarl 5,251,784 5,251,784 5.29% 5.30% – 5.3%
JP Morgan Asset Management 3,206,575 3,206,575 3.23% 3.24% 0.69% 2.5%
Dimensional Fund Advisors 3,163,785 3,163,785 3.19% 3.19% 2.98% 0.2%
Taiga Fund Management AS 2,563,668 2,563,668 2.52% 2.53% 3.79% -1.3%
Carnegie Funds 2,195,854 2,195,854 2.21% 2.22% – 2.2%
Holmen Fondsforvaltning AS 1,920,000 1,920,000 1.94% 1.94% – 1.9%
AAT Invest AS 1,650,000 1,650,000 1.66% 1.67% – 1.7%
Avanza Pension 1,380,090 1,380,090 1.39% 1.39% 1.59% -0.2%
Total, Top 10 55,050,783 – 55,050,783 55.2% 55.3% 44%
AcadeMedia – 193,057 193,057 0.2% 0.0%
Other 43,960,946 – 43,960,946 44.6% 44.7%
Total 99,011,729 193,057 99,204,786 100.0% 100.0%
Source: Monitor av Modular Finance AB. Data compiled and processed from Euroclear, Morningstar, the Swedish Financial Inspectorate and others.
SHAREHOLDERS PER COUNTRY, AS PERCENTAGE OF EQUITY  
ON 30 JUNE 2025
Source: Monitor av Modular Finance AB. Data compiled and processed from 
Euroclear, Morningstar, the Swedish Financial Inspectorate and others.
SHAREHOLDER ANALYSIS, 30 JUNE 2025
Number of 
shares
Holding, % Share of 
votes, %
10 largest 
shareholders
55,050,783 55.2% 55.3%
20 largest 
shareholders
64,616,514 64.8% 64.9%
30 largest 
shareholders
69,465,314 69.7% 69.8%
Source: Monitor av Modular Finance AB. Data compiled and processed from 
Euroclear, Morningstar, the Swedish Financial Inspectorate and others.
Share facts, as per 30 June 2025
Market:  Nasdaq Stockholm
Segment: Mid Cap
Sector:  Retail
Sweden 36,7%
USA 11,1%
Norway 11,1%
Spain 9,9%
Luxembourg 5,4%
Germany 2,5%
Anonymous - Foreign 22,7%
The number of shares and votes in AcadeMedia AB increased 
during February 2025 as a result of share subscription through 
the exercise of warrants under the warrant programme 
adopted by AcadeMedia's Annual General Meeting held on 
30 November 2021. In total, the number of shares and votes 
increased by 380,766 ordinary shares and the same number 
of votes.
The number of shares and votes in AcadeMedia AB decreased 
in March 2025 by 2,894,806 ordinary shares and the same 
number of votes as a result of the redemption of ordinary 
shares within the voluntary share redemption programme 
adopted by AcadeMedia's Annual General Meeting held on 
28 November 2024. In addition, 12,848 Class C shares were 
converted into ordinary shares in order to deliver ordinary 
shares to participants in the share matching programme 
adopted by AcadeMedia's Annual General Meeting held on 
30 November 2021, leading to an increase of 11,563.2 in the 
number of votes. The total number of shares decreased 
by 2,881,958 ordinary shares, 12,848 Class C shares and 
2,883,242.8 votes.
The number of shares and votes in AcadeMedia AB increased 
during May 2025 as a result of share subscription through 
the exercise of warrants under the warrant programme 
adopted by AcadeMedia's Annual General Meeting held on 
30 November 2021. The total number of shares and votes 
increased by 21,227 ordinary shares and the same number of 
votes.
AcadeMedia shares have been listed in the Mid-Cap segment of Nasdaq Stockholm under the ticker 
symbol ACAD since 15 June 2016. 
The share and shareholders
Ticker symbol:  ACAD
ISIN code: SE0007897079
Total number of shares:  99,204,786 
– ordinary shares (listed): 99,011,729
– Class C shares (unlisted): 193,057
Market capitalisation:  SEK 
8,248 m.
Average daily turnover:  171,943
Source: Nasdaq, Euroclear.
106
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS  •  OTHER INFORMATION

===== SIDA 107 =====

TREND OF SHARE PRICE 
PER-SHARE DATA
2024/25 2023/24 2022/23 2021/22 2020/21 2019/20 2018/19* 2017/18* 2016/17*
Equity per share, basic 65.7 61.7 58.1 54.5 50.5 45.7 43.6 42.6 36.5
Earnings per share, basic 8.14 6.06 5.47 5.73 5.64 4.09 4.09 4.30 4.41
Earnings per share, diluted 8.14 6.06 5.47 5.72 5.62 4.09 4.09 4.29 4.40
Dividend per share 2.25** 1.75 1.75 1.75 1.75 1.50 1.25 0 0
Share price on 30 June 83.3 51.7 50.35 45.58 80.8 64.6 52.3 48.6 56.75
Average number of shares outstanding, basic 100,848,345 101,491,694 105,587,362 105,584,247 105,342,092 105,270,565 105,189,566 100,126,785 94,204,999
Average number of shares outstanding, diluted 100,892,113 101,491,694 105,587,362 105,921,679 105,692,379 105,311,923 105,228,702 100,294,230 94,334,977
*Financial statements with application of accounting policies for financial years earlier than 1 July 2019. In that period lease accounting was subject to IAS 17 , with the result that effects arising from real estate leases are recognised as rent and not as finance 
leases.
 
**Dividend proposed by the Board of Directors.
Source: Monitor av Modular Finance AB. Data compiled and processed from Euroclear, Morningstar, the Swedish Financial Inspectorate and others.
TOTAL RETURN ON ACADEMEDIA SHARES, 2016-2025Share performance
Over the period 30 June 24 to 30 June 25, the AcadeMedia 
share rose 61.1  percent. In the same period, the Nasdaq 
Stockholm Mid Cap index rose 5.4 percent. The highest 
price paid for the share during the period was SEK 84.5, the 
lowest SEK 50.7. On 30 June, AcadeMedia shares were listed 
at SEK 83.3, indicating a market capitalisation of SEK 8,248 
million (5,247). 
In the period 30 June 24 to 30 June 25, a total of 42,813,849 
shares (44,366,631) were traded, 43 percent of the shares 
outstanding. The average daily trading volume during that 
period was 171,943 shares (176,759). 
Student at Pops Academy Karl Johan, 
Örebro, central Sweden.
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
2025202420232022202120202019201820172016
Traded number of shares in 1 000s per month
Traded
numberPrice
AcadeMedia 15 June 2016 - 30 June 2025
0
25
50
75
100
125
150
175
200
OMX Stockholm Mid Cap GI
AcadeMedia (total return)
Source:
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
JUNMAYAPRMARFEBJANDECNOVOCTSEPAUGJUL
Traded number of shares in 1 000s per month
Traded
numberPrice
AcadeMedia 1 July 2024 - 30 June 2025
20
30
40
50
60
70
80
90
OMX Stockholm Mid Cap PI
AcadeMedia
Source:
107
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS  •  OTHER INFORMATION

===== SIDA 108 =====

SEK M., UNLESS OTHERWISE STATED 2024/25 2023/24 2022/23 2021/22 2020/21 2019/20 2018/19 1 2017/181 2016/17 1
PROFIT/LOSS ITEMS, SEK M.        
Net sales 19,021 17,332 15,539 14,339 13,340 12,271 11,715 10,810 9,520
Items affecting comparability -27 -17 -45 -64 -7 36 1 -48 -23
EBITDA 4,105 3,649 3,194 2,980 2,754 2,486 931 872 827
Depreciation/amortisation -2,353 -2,159 -1,924 -1,755 -1,580 -1,513 -296 -250 -212
Operating profit (EBIT) 1,752 1,490 1,270 1,224 1,174 973 635 622 615
Net financial items -710 -665 -511 -441 -402 -417 -69 -68 -80
Pre-tax profit for the period 1,042 825 759 784 772 556 566 555 535
Profit for the period after tax 821 632 578 605 599 431 431 430 416
BALANCE SHEET ITEMS, SEK M.      
Non-current assets 20,184 20,450 18,111 17,024 15,773 15,285 8,218 7,823 6,574
Current receivables 1,055 964 840 704 662 704 976 860 695
Cash and cash equivalents 777 1,316 967 1,137 966 528 527 699 579
Non-current interest-bearing liabilities 1,188 1,666 1,430 747 1,850 1,914 2,205 2,209 2,200
Non-current lease liabilities 9,012 9,498 8,203 7,464 6,495 6,346 – – –
Non-current non-interest-bearing 
liabilities 314 404 175 187 162 207 305 135 114
Current interest-bearing liabilities 315 446 167 1,207 195 270 592 673 516
Current lease liabilities 1,593 1,574 1,309 1,180 1,077 1,010 – – –
Current non-interest-bearing liabilities 2,967 2,967 2,501 2,323 2,319 1,965 2,030 2,103 1,577
Equity 6,626 6,265 6,134 5,758 5,305 4,807 4,589 4,262 3,443
Total assets 22,015 22,729 19,918 18,864 17,401 16,518 9,720 9,383 7,849
Capital employed 8,947 9,105 8,322 8,181 7,705 7,250 7,386 7,144 6,158
Net debt 953 1,020 825 987 1,222 1,797 2,266 2,179 2,133
Real estate adjusted net debt, excluding 
effects of IFRS 16 324 327 97 237 526 1,138 1,533 1,528 1,550
SEK M., UNLESS OTHERWISE STATED 2024/25 2023/24 2022/23 2021/22 2020/21 2019/20 2018/19 1 2017/181 2016/17 1
KPI:S  
Sales, SEK m. 19,021 17,332 15,539 14,339 13,340 12,271 11,715 10,810 9,520
Organic growth incl. minor acquisitions, % 5.8% 7.3% 6.0% 5.2% 8.1% 5.4% 4.4% 5.8% 9.0%
Acquired growth, major acquisitions, % 4.7% 4.4% 1.9% 1.6% 1.6% – 3.2% 7.9% 0.8%
Change in exchange rates, % -0.7% -0.1% 0.5% 0.8% -1.1% -0.7% 0.8% -0.1% 0.8%
Operating margin (EBIT), % 9.2% 8.6% 8.2% 8.5% 8.8% 7.9% 5.4% 5.8% 6.5%
Adjusted EBIT, SEK m. 1,281 1,097 964 1,001 939 728 634 670 638
Adjusted EBIT margin, % 6.7% 6.3% 6.2% 7.0% 7.0% 5.9% 5.4% 6.2% 6.7%
Adjusted EBITDA, SEK m. 1,802 1,600 1,422 1,398 1,295 1,066 930 920 850
Adjusted EBITDA margin, % 9.5% 9.2% 9.2% 9.7% 9.7% 8.7% 7.9% 8.5% 8.9%
Net margin, % 4.3% 3.6% 3.7% 4.2% 4.5% 3.5% 3.7% 4.0% 4.4%
Return on capital employed, % (12 
months) 14.4% 12.8% 11.8% 12.6% 12.6% 10.0% 8.7% 10.1% 10.9%
Return on equity, % (12 months) 13.0% 11.1% 10.7% 12.0% 13.3% 11.5% 9.7% 11.2% 12.9%
Equity/assets ratio, % 57.5% 53.0% 57.9% 55.3% 53.3% 51.5% 47.2% 45.4% 43.9%
Interest coverage ratio, multiple 12.8 10.5 15.6 31.6 27.9 15.9 12.5 10.9 9.4
Net debt/Adjusted EBITDA (12 months), 
including effects of IFRS 16 2.7 3.2 3.1 3.1 3.1 3.7 – – –
Net debt/Adjusted EBITDA (12 months), 
excluding effects of IFRS 16 0.5 0.6 0.6 0.7 0.9 1.7 2.4 2.4 2.5
Debt/equity ratio, including effects of 
IFRS 16 53.4% 55.0% 53.5% 53.4% 52.6% 56.4% – – –
Debt/equity ratio, excl. effects of IFRS 16 8.1% 8.9% 8.0% 10.1% 13.0% 19.9% – – –
Free cash flow 1,109 1,124 792 922 1,117 805 356 688 658
Cash flow from investing activities -678 -871 -481 -536 -437 -375 -559 -970 -374
Number of full-time employees 16,658 15,428 14,459 13,829 13,360 12,686 12,405 11,863 10,564
1  Financial statements with application of accounting policies for financial years earlier than 1 July 2019. In that period lease accounting was subject to IAS 17, with the 
result that effects arising from real estate leases are recognised as rent and not as finance leases. 
For definitions of KPIs, see pages 110–111.
Multi-year review
108
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS  •  OTHER INFORMATION

===== SIDA 109 =====

The table below presents the data from which the alternative KPIs used in the report are calculated.  
See Definitions for further information.
RECONCILIATION OF ALTERNATIVE KPIS 
SEK M., UNLESS OTHERWISE STATED 2024/25 2023/24 2022/23 2021/22 2020/21 2019/20 2018/19 2017/18
NET DEBT       
Non-current interest-bearing liabilities 10,199 11,073 9,633 8,211 8,344 8,260 2,205 2,209
+ Current interest-bearing liabilities 1,909 2,020 1,476 2,386 1,272 1,279 592 673
- Interest-bearing receivables 3 – – – – – – 4 4
- Cash and cash equivalents 777 1,316 967 1,137 966 528 527 699
- IFRS 16 Non-current and current lease liabilities 1 10,379 10,758 9,317 8,474 7,428 7,214 – –
= Net debt, excluding effects of IFRS 16 2 953 1,020 825 987 1,222 1,797 2,266 2,179
    
REAL ESTATE ADJUSTED NET DEBT    
Net debt (as above) 953 1,020 825 987 1,222 1,797 2,266 2,179
- long-term real estate loans 609 663 698 722 671 597 644 603
- current real estate loans 21 30 30 28 25 62 89 48
= Real estate adjusted net debt, excluding effects of IFRS 16 2 324 327 97 237 526 1,138 1,533 1,528
 
RETURN ON CAPITAL EMPLOYED %, 12 MONTHS
Adjusted EBIT (12 months) 1,281 1,097 964 1,001 939 728 634 670
+ Interest income 17 22 9 1 0 0 1 2
 divided by
Average equity (12 months) 6,445 6,199 5,946 5,531 5,047 4,698 4,426 3,853
+ average non-current interest-bearing liabilities (12 months) 10,636 10,353 8,922 8,277 8,302 5,232 2,207 2,204
+ average current interest-bearing liabilities (12 months) 1,964 1,748 1,931 1,829 1,276 935 632 594
- IFRS 16 average equity 1 -548 -451 -349 -256 -165 -59 – –
- IFRS 16 average non-current and current lease liabilities 1 10,568 10,038 8,896 7,951 7,321 3,607 – –
= Return on capital employed, excluding effects of IFRS 16 2, % 14.4% 12.8% 11.8% 12.6% 12.6% 10.0% 8.7% 10.1%
SEK M., UNLESS OTHERWISE STATED 2024/25 2023/24 2022/23 2021/22 2020/21 2019/20 2018/19 2017/18
RETURN ON EQUITY %, 12 MONTHS
Profit after tax (12 months) 821 632 578 605 599 431 431 430
- IFRS 16 profit/loss after tax (12 months) 1 -87 -108 -97 -88 -95 -117 – –
 divided by
Average equity (12 months) 6,445 6,199 5,946 5,531 5,047 4,698 4,426 3,853
- IFRS 16 average equity 1 -548 -451 -349 -256 -165 -117 – –
= Return on equity, excluding effects of IFRS 16 2, % 13.0% 11.1% 10.7% 12.0% 13.3% 11.4% 9.7% 11.2%
 
DEBT/EQUITY RATIO
Net debt excluding IFRS 16 (as above) 953 1,020 825 987 1,222 1,797 2,266 2,179
      divided by
Total assets 12,543 12,761 11,289 10,951 10,353 9,551 9,720 9,383
– Cash and cash equivalents -777 -1,316 -967 -1,137 -966 -528 -527 -699
= Debt/equity ratio, excluding effects of IFRS 16 2, % 8.1% 8.9% 8.0% 10.1% 13.0% 19.9% 24.6% 25.1%
INTEREST COVERAGE RATIO, MULTIPLE
Adjusted EBIT (12 months) 1,281 1,097 964 1,001 939 728 634 670
+ Interest income (12 months) 17 22 9 1 0 0 1 2
+ Other financial income (12 months) 22 19 24 0 3 4 2 4
 divided by
Interest expense (12 months) -103 -108 -64 -32 -34 -46 -51 -62
= Interest coverage ratio, multiple 12.8 10.5 15.6 31.6 27.9 15.9 12.5 10.9
1 Amounts consist of adjustments and reclassifications made to reverse the adjustments associated with implementation of the new accounting standard IFRS 16. 
Accounting thus reflects the practice used in previous accounting periods (IAS 17). 
2  Financial statements with application of accounting policies for financial years earlier than 1 July 2019.  
In that period lease accounting was subject to IAS 17 , with the result that effects arising from real estate leases are recognised as rent and not as finance leases. 
3  Included in the line-item Other non-current assets in the consolidated balance sheet.
Reconciliation of alternative KPIs
109
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS  •  OTHER INFORMATION

===== SIDA 110 =====

Definitions of key performance indicators (KPIs)
KPIS DEFINITION PURPOSE 
Number of children/
students
Average number of children/students enrolled during 
the specified period. Adult Education participants are 
not included in the Group's total figures for number of 
children/students.
The number of children/students is the most important 
driver for revenue.
Number of education 
units
Refers to the number of preschools, compulsory schools 
and/or upper secondary schools operating in the period. 
Integrated units where preschools and compulsory 
schools are combined are counted as two units, as they 
each hold their own permit.
The number of education units indicates how the 
Company grows over time through new establishments 
and acquisitions, less discontinued units.
Number of full-time 
employees
Average number of full-time employees during the 
period, full-time equivalents (FTEs). 
The number of employees is the main cost driver for the 
Company.
Return on equity, 
excluding the effects 
of IFRS 16
Profit for the most recent 12-month period, excluding the 
effects IFRS 16, divided by average equity excl. the effects 
of IFRS 16 (opening balance + closing balance)/2.  This KPI 
is not affected by IFRS 16. 
Return on equity is a profitability measure used to place 
profit (loss) in relation to shareholders’ paid-in and 
earned capital.
Return on capital 
employed, excl. the 
effects of IFRS 16
Adjusted operating profit/loss (EBIT) for the most recent 
12-month period plus interest income, divided by average 
capital employed, excluding effects of IFRS 16 (opening 
balance + closing balance)/2. This KPI is not affected by 
IFRS 16.
Return on capital employed is a measure of profitability 
that is used to place adjusted operating profit/loss 
in relation to the capital needed to run the business, 
irrespective of type of financing.
EBITDA Operating profit before amortisation and impairment of 
non-current assets and right-of-use assets. IFRS 16 has a 
positive impact on this KPI, since rent is excluded. 
EBITDA is used to measure profit (loss) from operating 
activities, irrespective of depreciation/amortisation.
EBITDA margin EBITDA as a percentage of net sales. IFRS 16 has a positive 
impact on this KPI, since rent is excluded.
EBITDA margin is used to place EBITDA in relation to 
sales.
Equity, excl. the effects 
of IFRS 16
Equity excl. the effects of IFRS 16 that arise via profit (loss) 
for the period. 
Equity excl. the effects of IFRS 16 is used to calculate 
return on equity on a consistent basis.
Net financial items Financial income less financial expenses. IFRS 16 has a 
negative impact on this KPI, since interest expense on 
right-of-use assets is included.
The measure is used to illustrate the outcome of the 
Company’s financial activities.
Free cash flow Cash flow from operating activities after changes in 
working capital less investments in operating activities. 
However, investments in operating activities consist of 
all investments in property, plant and equipment and 
intangible assets, except buildings and acquisitions. This 
KPI is not affected by IFRS 16. 
The measure shows how much cash flow the business 
generates after the necessary investments have been 
made. This cash flow can be used for expansion, for 
example amortisation of loans or for dividends.
KPIS DEFINITION PURPOSE 
Acquired growth Increase in net sales due to major acquisitions over the 
past 12-month period.
Indicates rate of growth generated from acquisitions, in 
contrast to organic growth and currency effects.
Acquisition-related 
depreciation/
amortisation
Depreciation/amortisation of surplus values related to 
assets gained in acquisitions.
Shows the impact of surplus values acquired on 
depreciation/amortisation. For example, brands and 
increases of value in properties.
Adjusted EBITDA Operating profit/loss before amortisation/depreciation 
of intangible assets and property, plant and equipment, 
excluding items affecting comparability and excl. the 
effects of IFRS 16. This KPI therefore includes rental costs 
and is not affected by IFRS 16. 
Adjusted EBITDA is used to measure the underlying 
profit from operating activities, excluding depreciation/
amortisation and items affecting comparability.
Adjusted EBITDA 
margin
Adjusted EBITDA as a percentage of net sales. This KPI is 
not affected by IFRS 16. 
Adjusted EBIT margin places the underlying operating 
profit excluding amortisation in relation to sales.
Adjusted net debt Net debt less real estate related debt. This KPI is not 
affected by IFRS 16.
Adjusted net debt aims to show the portion of loans that 
finance the business, while real estate loans are linked 
to a building asset that can be separated off and sold.
Adjusted net debt/
Adjusted EBITDA
Adjusted net debt divided by adjusted EBITDA for the past 
12-month period. This KPI is not affected by IFRS 16.
Net debt/adjusted EBITDA is a theoretical measure of 
how many years it would take, with current earnings 
(adjusted EBITDA), to pay off the Company's liabilities, 
including property-related loans. This shows the loan-
to-value ratio of the business excluding real assets such 
as real estate.
Adjusted EBIT Operating profit/loss (EBIT) excluding items affecting 
comparability and excl. the effects of IFRS 16. This KPI 
includes rental costs and is not affected by IFRS 16.
Adjusted EBIT is used to get a better picture of the 
underlying operating profit (loss).
Adjusted EBIT margin Adjusted EBIT as a percentage of net sales. Adjusted EBIT margin places underlying operating profit 
in relation to sales.
Items affecting 
comparability
Items affecting comparability are income and cost of an 
irregular nature such as major (>SEK 5 million) retroactive 
income related to prior financial years, items related to 
real estate such as capital gains on sale, major property 
damage not covered by buildings insurance, costs of 
advice relating to major acquisitions or fundraising, 
major integration costs resulting from acquisitions or 
reorganisations according to plan, as well as costs 
arising from strategic decisions and major restructuring 
that results in the closure of units.
The measure is used to illustrate the profit/loss items 
that are not included in ongoing operating activities, in 
order to obtain a clearer picture of the underlying profit 
trend.
Cash flow from 
operating activities
Cash flow from operating activities including changes in 
working capital and before cash flows from investing and 
financing activities. IFRS 16 has a positive impact on this 
measure, since rental costs are excluded. 
Cash flow from operating activities is used as a measure 
of the cash flow that the Company generates before 
investments and financing.
Cash flow from 
investments
Cash flow from investing activities as per the cash flow 
statement. This includes investments in and divestments 
of buildings, acquisitions and investments in property, 
plant and equipment and intangible non-current assets. 
Investments financed via leases are not included. This KPI 
is not affected by IFRS 16.
Cash flow from investments is used for regular 
measurement of how much cash is used to maintain 
operations and for expansion.
Net debt Interest-bearing debt (current and non-current), 
excluding lease liabilities related to right-of-use assets, 
net of cash and cash equivalents and interest-bearing 
receivables (current and non-current). This KPI is not 
affected by IFRS 16. 
Net debt is used to illustrate the size of the debt less 
current cash and cash equivalents (which in theory 
could be used to amortise loans). 
Implementation of IFRS 16 has a major impact on AcadeMedia, in that all leases must be 
capitalised on the balance sheet as lease assets and liabilities, respectively. Several important 
KPIs have the same definition as previously and are not affected by IFRS 16. AcadeMedia uses 
prospective application, which means that the previous year's accounts have not been restated. 
As a result, certain KPIs, such as return on equity and capital employed, can only be calculated 
excl. the effects of IFRS 16.
110
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS  •  OTHER INFORMATION

===== SIDA 111 =====

KPIS DEFINITION PURPOSE 
Net debt/ Adjusted 
EBITDA 
Net debt (closing balance for the period) divided by 
adjusted EBITDA for the past 12-month period. This KPI is 
not affected by IFRS 16.
Net debt/EBITDA is a theoretical measure of how many 
years it would take, with current earnings (EBITDA), to 
pay off the Company's liabilities, including real estate 
related loans.
Organic growth 
including minor bolt-
on acquisitions
Increase in net sales, excluding major acquisitions and 
currency fluctuations.
The Group’s growth target is to increase net sales by 5–7 
percent per year, including minor bolt-on acquisitions. 
The purpose of the KPI is thus to follow up on the Group’s 
growth target.
Employee turnover The average number of employees who left the Company 
during the year, in relation to the average number of 
employees. (Number of permanent and probationary 
employees who quit) / (Average number of permanent 
and probationary employees). Calculated on an 
aggregated basis over the reporting period.
Employee turnover is used to measure the proportion 
of employees who leave the Company and must be 
replaced every year.
Earnings per share Profit/loss for the period in SEK, divided by the average 
number of shares outstanding, basic/diluted, is 
calculated according to IAS 33. The KPI is affected by IFRS 
16 because net profit is affected by elimination of rent 
and the addition of amortisation and interest expense 
related to right-of-use assets.
The earnings per share metric is used to indicate the 
amount of profit for the period to which each share is 
entitled.
Earnings per share, 
excl. the effects of 
IFRS 16
Earnings per share, excl. the effects of IFRS 16. The KPI aims to illustrate earnings per share based 
on the same accounting policies as before the 
implementation of IFRS 16, in order to provide 
comparability over time.
Interest coverage ratio, 
excl. the effects of 
IFRS 16 
Adjusted EBIT for the past 12-months plus financial 
income, in relation to interest expense, excluding interest 
expense attributable to right-of-use assets. This KPI is not 
affected by IFRS 16.
The interest coverage ratio is used to measure the 
Company's ability to pay off interest expenses.
Operating margin (EBIT 
margin)
Operating profit (loss) as a percentage of net sales. In the 
Group, this measure is affected by IFRS 16. However, the 
EBIT for the segments is not affected.
Operating margin shows the percentage of sales that 
remains after operating expenses and that can be 
allocated to other purposes.
Operating profit (EBIT) Operating profit/loss before net financial items and tax. 
In the Group, this measure is affected by IFRS 16. However, 
the EBIT for the segments is not affected.
Operating profit (loss) (EBIT) is used to measure 
operating profit before financing and tax.
Absence due to illness Short-term and long-term absence due to illness 
recalculated to full-time and divided by the number of 
full-time employees (FTE). Calculated as an average over 
the reporting period.
Absence due to illness is used to measure employee 
absence and provide indications as to employee health.
Equity/assets ratio Equity excl. the effects of IFRS 16, as a percentage of 
total assets and excl. the effects of IFRS 16. This KPI is not 
affected by IFRS 16. 
The equity/assets ratio shows the proportion of the 
Company's total assets that is financed by shareholders’ 
equity. A high equity/assets ratio is an indication of 
financial strength.
Capital employed, excl. 
the effects of IFRS 16 
Total assets less non-interest-bearing current liabilities 
and provisions, adjusted for non-current and current 
lease liabilities related to right-of-use assets, as well 
as provisions and deferred tax liabilities. Or: Equity plus 
non-current and current interest-bearing liabilities 
but excluding non-current and current lease liabilities 
related to right-of-use assets. This KPI is not affected by 
IFRS 16. 
Capital employed indicates how much capital is needed 
to run the business regardless of type of financing 
(borrowed or equity). By excl. the effects of IFRS 16, 
continuity can be achieved in the figure for return.
General
All amounts in tables are in SEK million unless otherwise stated. All figures in parentheses () are comparative figures for 
the same period in the previous year, unless otherwise stated. Totals of amounts in whole figures do not always match 
reported totals due to rounding. The reported total amounts are correct.
Picture taken at NTI Johanneberg, 
Gothenburg
111
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA   •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •   FINANCIAL STATEMENTS  •  OTHER INFORMATION

===== SIDA 112 =====

ACADEMEDIA AB | TEL. (INT.+46) 8 451 54 00  
POST: Box 213, SE-101 24 Stockholm, Sweden.  
ADDRESS FOR VISITORS:  Adolf Fredriks Kyrkogata 2, 
Stockholm
112
ACADEMEDIA ANNUAL AND SUSTAINABILITY REPORT 2024/25WE ARE ACADEMEDIA •  GOVERNANCE AND CONTROL  •  ADMINISTRATION REPORT •  FINANCIAL STATEMENTS •  OTHER INFORMATION