eEducation Albert (ALBERT) Q3 2025 earnings summary

Executive summary

• Achieved first underlying EBITDA profit of SEK 3 million in Q3 2025, a turnaround from a SEK 8.4 million loss in Q3 2024, following significant restructuring and cost reduction.

• Net revenue for Q3 2025 was SEK 40.8 million, down 3% year-over-year, with stable B2B and B2C performance despite the Strawbees divestment.

• Over 10 million learners have engaged with the group's digital learning platforms, with a strong presence in both B2B and B2C segments.

• Recurring subscription revenues remained strong, supported by high retention and improved pricing.

• The company now operates through three focused business units with decentralized P&L responsibility.

Financial highlights

• Q3 net revenue: SEK 40.8m (down 3% YoY); Q1–Q3 net revenue: SEK 121.0m (down 9% YoY).

• Group EBITDA reached SEK 18.7 million, with adjusted EBITDA at SEK 3 million after one-off items.

• Q3 EBITA: SEK 15.8m (vs. -12.3m YoY); Q3 net loss: SEK -8.0m (vs. -29.4m YoY).

• Cash flow from operations in Q3: SEK 20.2m (vs. -3.2m YoY); cash and equivalents at period end: SEK 55.0m.

• Gross margin for Q3 and Q1–Q3: 79% (in line with prior year).

Outlook and guidance

• Focus shifts to disciplined growth, customer retention, and product optimization, especially in mathematics and adaptive learning.

• Positive EBITDA run rate targeted for 2025 and positive cash flow for 2026, supported by restructuring and asset divestment.

• Growth to be driven by evidence-based initiatives and economics, with no immediate major investments planned.