eEducation Albert AB (publ)

Hello and welcome to today's webcast where Albert Group will present its financial results for the third quarter of 2026. Joining us today are CEO Fredrik Bengtsson and CFO Erik Bergerlin. At the end of the call we will have a Q&A, so you are welcome to submit questions using the form located to the right of the webcast. With that said, I will hand it over to you Fredrik and Erik, please go ahead.

Thank you and welcome to our financial presentation for the third quarter and first nine months of 2026. As usual, I'm joined by our CFO, Erik Bergelin. Okay, so I will proceed. A year ago we were cutting. This year we have moved to investing and the core is responding. If you remember one thing from today, make it this. Our recurring revenue grew by 8.4 million in one quarter to 134 million. Part of that is the season, the summer campaign and the start of the school year. But comparing like for like continuing operations, we are now only 2% below last year. Revenue is growing again, led by Albert Junior, winning more families in more markets. We have chosen to invest. Investment means marketing costs upfront, then a free trial, and then later revenue recognized month by month. That shows in this year's EBITDA, and it is deliberate. I will show you where the money goes. We do it on our own cash with no debt. Every child can be good at maths. That belief founded Albert 11 years ago, and it is again our mission. In September, PISA showed how far the world is from it. One in three 15-year-olds does not reach the basic level in mathematical understanding. The lowest average ever measured. And this is not just a Swedish problem, it's everywhere. Mathematics is the foundation for technological advance, developing AI, space engineering and everything future. It is a competitive skill needed for any nation and any society. Governance will not spend less on this, but they will demand proof that what they buy actually works. This is where we stand apart and where our position matters going forward. Some dog more than doubled the share of pupils with special needs reaching the expected standard. That's independently verified. Albert Junior leads three Nordic markets in the school preparation home segment. AI makes content cheaper. What it cannot do is buy evidence, years of learning data and the trusts of schools and families. We have this and we know how to engage people Especially children then, in the learning process. No engagement, no learning. These are our moats and AI makes them more valuable. Last year, we cut our cost base hard. Now, part of that goes back to work in three places. Each one chosen because the payback is short, the risk is limited, but the upside is rewarding. Albert Junior, we know what new family is worth. We scale marketing market by market only where the cohorts prove themselves. More families are joining and they pay more. Some Dog in Wales, we launched in Welsh in September. Going through the local authorities makes selling faster and cheaper. Five local authorities have signed framework agreements and the first schools are now live. Our new AI venture built on data we already own and first sold to customers we already have. That is the fastest and the cheapest growth there is. We hold back on spend ahead of evidence and we invest from our own cash. Two things happen at the same time. We get stronger where we already lead and we open a door to something new. At home, Albert Junior leads the Nordics and Samdog is growing across the UK. Swedish Film had a stable quarter and the strategic review continues. The new venture is for children aged 7 to 12. It sees how a child thinks, not only what it answers. A general AI provides the answer, but that is not how we learn. Instead, we use Socratic AI to ask the next question, learning by reasoning, step by step. We have one engine that powers two channels. Families who outgrow Albert Junior can stay with us longer. We give teachers the superpower to see where the class is stuck and the ability to send AI assistance to help every pupil with their individual challenges. It opens Nordic schools to us where today we only sell to homes. It broadens the Sumdog offer to new schools and it provides a new offer for the UK home segment. This is what we mean by a better way to learn, not more screen time, better practice one child at a time, improving learning outcomes. So why own Albert? Because we are now focused. One subject, the one most children struggle with. And established brands that lead their markets. Because we pay for ourselves. Growth comes from our own cash, not from borrowing or raising new capital. And because we can prove that what we do works at the moment where buyers start demanding exactly that. This provides a pass through the gate of justifiable screen time in both schools and at home. We have now moved into Q4, which is seasonally our strongest quarter, and we feel that we are building a strong and a viable foundation to journey into the future of maths learning. A year ago, we secured the company. Now we have swung from using cash to cover deficits in different parts of our group, to instead put it to work in a stable growth initiative. Our CFO will now take you through the numbers, after which we will open up for questions.

Thank you, Fredrik. I will now go through our net revenue, EBITDA, EBITDA margin, as well as our cash flow and cash balance. Let's start with net revenue. As you can see, we present both total group and continuing operations to ensure clean comparability after divesting strawberries and the liquidation of holy-holy. For continuing operations, our core ongoing business net revenue reached 36.7 million SEK. That is up 1% year on year and our second consecutive quarter of sequential growth, up 5% from Q2. Total group revenue also landed at 36.7 million SEK as there were no discontinued operations during this quarter. What is especially encouraging is the underlying commercial traction. Invoice sales for continuing operations grew 3% year-on-year to 34.6 million SEK.