AcadeMedia AB (publ)

So thank you very much and good morning to this report of Academedia first quarter. And the first quarter, it is a small quarter, but it is an important quarter in Academedia. And we are very pleased with the results of the first quarter when we look at our numbers. A lot of students have attended our different schools. And I will just start to make some updates and then I will hand over to Petrus Jolvan and he will continue to go through the numbers. And if you first look at the net sales, it's around 7% up and most of it, it's organic. And what we look a lot of is the number of students. And last year it was 7% up and we continue with a good growth of 3.5%. And most of all, we are very pleased with the development when it comes to upper secondary where we have a record result when it comes to number of students. And we also have this focus on quality and to act early. So the focus on the reading, the focus on quality has also resulted in these good numbers. And we also have a proposal to the General Assembly of the Annual General Meeting from the Board of Directors to make this continue with this voluntary share redemption programs of totally maximum 400 million Swedish crowns. We have also revised our financial targets. It's very small changes, but I will update you on that in a few slides. So please continue. And this is something that we are really, really satisfied to talk more about. And it's our focus on reading. And we have always had a lot of focus on this, but we have really increased our efforts. We have trained teachers, we have a lot of collaboration with different parts to improve the reading in early ages. And if we look at this number, this is a way to look how many of our students in year one is available to read according to the school authorities standards. systems. And we are now at the level of 90%. And that is very pleased to see this, we of course want to achieve 100%. But this is a very good step at the right direction. And then if we continue to look at the next slide, please. So and this is when we talk about the revised and financial targets. And this is something that we have done to clarify the development of Academedia. And if we look at the sales growth, we keep the target with five to seven percent and we are now at that range when it comes to profitability we want to make a clarification that we will talk about ebit a instead of ebit and that's why we are really a company that is growing through acquisitions and if we look at the companies that is working a lot with acquisitions they have this target ebit ea And the difference between the EBITDA and EBIT in Academedia is very small. And we don't want to see this that we are decreasing our target. We are increasing target and we have a very strong pipeline when it comes to profitability. And when it comes to the capital structure, we keep the target. And maybe Petty could also comment on that a little bit more. And on this slide, you see the different changes in the profitability. And we look at the first quarter. And if you look at the first quarter, you can see that we have improved the profitability compared with last year. And you can also see the differences in these two measures. And as I comment on, they are very, very small. And we will keep the target to be in the range of 7% to 8%. And then if we continue to look at our historical development, we really like to look at this picture because it shows that we have continued to grow our EBIT year by year in a very good way. And if you see this development, we want to keep it up through acquisitions and through improvement also in our mature market. So we have a long-term record of improving the profitability and the EBIT in the company. And one of our most important targets now is to continue the international development. And during this quarter, we opened 500 new places in Germany. And what is fantastic with these places is that they are almost full at once. So the capacity utilization is 100%, almost less in less than one year. And if we look at what we did just before the summer, we continued with acquisitions both in Netherlands and in Germany. And for the moment, we have a quite strong pipeline where we want to continue with these international acquisitions. And we also have power to do these acquisitions because we have a low debt. It's around 0.6, 0.7 of EBITDA. And Petter will comment on that in the coming slides. And of course in Sweden we have this regulatory environment and we are also moving into the election period in Sweden where you get a lot of different proposals from different parties. But we just want to comment on the three important acquisitions, three important proposals that are in Sweden for the moment. It is the profit inquiry, the school voucher inquiry and also the principle of the public. So it's about looking into the company in different ways. And we think that there will be proposal during the spring in 2026. And they have these steps that we show in these pictures. And if you want to have any more explanation around this, you can ask us questions when we have this session with questions.

Thank you, Markus. And good morning, everyone. Before I specifically inform about the Q1's financials, I would like to inform about that we, a couple of days ago, launched our new podcast, which has the purpose to engage Swedish investors and other stakeholders through short, focused episodes delivering insights in just 10-15 minutes. So it's Academedia's InvestorPod. The podcast host is Charlotte Stjerngren, who is former editor-in-chief at IFN and analyst at DMD Carnegie in the past. This far, we released two episodes, which first is the initiation of Academedia with me as a podcast guest. And the second is the Behind the Political Statements with Henrik von Sydow, which is external affairs strategist at DMD Carnegie and former member of the Swedish parliament. The purpose of the podcast is to offer transparent and accessible insight into academia and helping investors to understand what are the opportunities and challenges for academia going forward. So let's continue to the next slide. As Marcus outlined earlier, we achieved a good growth of 6.7% this quarter. And it's important to emphasize that this first quarter is a seasonally low quarter for Academedia. And this is because part of the business are closed during the summer, which has an impact of net sales and profit. All segments except the upper secondary school segment contributed to the positive development. Additionally, our adjusted EBITDA margin increased to 4.4% compared to last year's 4.3%, reaching 182 million in absolute terms, up from 166 million. And the increase in profit has translated into higher free cash flows. Now, turn to page 10. The improved adjusted EBITDA are evident across all segments, except the upper secondary school segment, as I mentioned. And in the preschool and international segment, the increase of 7 million is driven by positive contribution from the acquisition of YES in Netherlands. In the compulsory school segment, it's up 5 million year over year and it's stable. The upper secondary school segment, we saw a lower earning of minus 5 million due to higher costs following new reforms for the gymnasium, including increased costs for libraries. And some of these costs are expected to persist throughout the financial year. Adult education continues to report strong results driven by high unemployment and in particular increased volumes in higher vocational educations. Let's move on to the next slide and the 12 months rolling result. The net sales continue to grow and amount to 19.3 billion. The rolling 12 months adjusted EBITDA amounted to 1.3 billion SEK, corresponding to a margin of 6.9%, just below our profitability target of 7-8%. We continue to have a solid free cash flow. Next slide. And we can continue to the segments that a couple of slides had. That's the first, yeah. And let's first look at the preschool and international segment. The number of children increased by 8%, and our growth was primarily driven by new preschool openings, as well as more school students in Germany, and the acquisitions of YES in the Netherlands. The international operations account for more than 30% of the growth, total sales. The net sales increased by 9% year-over-year, and currency changes had a negative impact, minus 2%, and the organic growth was 7.5%. Adjusted EBITDA was zero, and the results reflect the segment's seasonal low. The positive effect came from the contribution from the acquisition of Yes. On the 25th of September, we announced the decision to establish over 500 new preschool places in Germany across seven new units. We now have a pipeline of 2,000-2,500 new preschool places over the coming three years. Okay, let's move on to compulsory school. And we note a 2.5% increase in student numbers. Net sales rose by 5.1%, driven by increased number of students and the positive impact of the annual school voucher provision. Adjusted EBITDA grew by 11.4% year-over-year, reaching 49 million SEK. Corinne Spaldington adjusted EBITDA margin of 5.4%. We move on to the next page, an upper secondary school segment, and the number of students grow by 0.8%. We saw a stable growth in sales, while profitability was somewhat lower over the years, with an adjusted EBITDA of 65 million compared with 70 million in the same period last year. The adjusted EBITDA margin was 5.4%. And as I mentioned earlier, the earnings were negatively affected by initially higher costs for teaching materials, due to new reforms, the so-called GIY25, and libraries, and some of these are expected to persist throughout the financial year. Okay, we continue to the next slide and we there see a continuously strong performance from the adult education segment with profitability now improving for the ninth consecutive quarter. Sales increased by 7.7% to 421 million and this was mainly attributed to higher volumes in higher vocational education and also from revenue perspective labor market services. Adjusted EBITDA came in at 79 million, up 12.9% year over year, and this resulting in a record high margin of 18.8%. And during the quarter, the Swedish economy showed early signs of stabilization, although the recession persists and unemployment remains elevated. Okay, continue to the next page. One more page. We are at the free cash flow and investments. Free cash flow for the last 12 months amounts to 1.222 billion SEK. The free cash flow as percentage of EBITDA was 67%. Maintainings cap as a percentage of sales continues to decline. This is a consequence of fewer new openings and expansion units. Next, the financial position. Net debt excluding IFRS 16 decreased by 222 million compared to last year, with the leverage rate excluding IFRS 16 at 0.7, well below the financial target of less than 3. Even including property-related lease liabilities, the net debt is lower than last year. This is due to low indexation, low number of new entry contracts in the quarter and FX effects. You can continue to the next. Finally, on page 21, our financial performance against targets. We are, for the last 12 months, organic growth, including small bottom acquisitions, standing at 5.8% growth. And this is within the financial targets that we have, 5 to 7%. Our adjusted EBITDA margin of 6.9%, just short of our target range of 7 to 8%. But we are slowly getting closer. The leverage ratio of 0.7 remains, which is well below the required threshold of three. And as Marcus mentioned, leaving further rooms for acquisitions when opportunities occur. And with these words, I end the presentation and we open up for questions.

If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Philip Eckengren from ABGSC. Please go ahead.