Cedergrenska AB (publ)

Skolkoncernen Cedegrenska har öppnat böckerna för det första kvartalet i det brutna räkenskapsåret 2025-2026. Med mig i studion har jag styrelseledamot Niklas Pålsson. Varmt välkommen Niklas. Tack så mycket. Ni verkar ha gjort er läxa och klarat provet. Omsättningen uppgick till 370 miljoner kronor i kvartalet mot 253 i jämförelsekvartalet. Motsvarande uppgång på drygt 46%. And a moving result is Bita at 31 million kronor versus last year's 12.6 million kronor. Can you explain what's behind the development?

Yes, thank you very much. Of course, we are very pleased with the first quarter, if you start with that one. The biggest explanation behind the growth is that we have two new businesses that are included that did not exist in the same quarter last year. Both Apprendere and Skolor AB. that came into the company in December last year. So that explains a lot of the growth, as well as the recently acquired Skärgårdsgymnasiet in Norrtälje. But with that said, the 8.4% EBITDA margin that we deliver in the quarter It is basically only possible to do if you have educational units that are attractive and to a large extent have full children and students. At the same time you have cost control and prove that we are able to integrate such a contract with Apprendere. Then you reach 8.4.

Thank you very much. However, the cash flow was clearly negative. Why then, when the overall results were so good?