The first quarter reflects deliberate choices. We exit Q1 with a stronger cash position than at any point in the past year, operating cash flow of 16.8 MSEK, and a business that is 96% recurring digital subscriptions. Revenue and EBITDA reflect the cost of disciplined repositioning, with the revenue effect of market investments made in Q1 expected in the coming quarters.

The quarter
Net revenue for continuing operations was 32.3 MSEK, down 8% year-on-year. The decline has two drivers. We scaled back customer acquisition during the management transition in H2 2025, prioritising profitable sources over volume. In a subscription model, lower sales in one period translate to lower recognised revenue in the next. We have also actively discontinued revenue streams that did not contribute to profitability, and will continue to do so where needed.

EBITDA for the Group was -3.7 MSEK. This was expected. We communicated that 2026 would deliver positive EBITDA for the full year, with quarterly variation. Q1 is where we invest ahead of the seasonal revenue cycle. Revenue and costs are unevenly distributed across quarters, driven by annual invoicing cycles and customer acquisition timing.

We exit Q1 with 57.6 MSEK in cash, more than at the same point last year and 15 MSEK above year-end. Operating cash flow was 16.8 MSEK. Our business generates cash.

Operational progress
In Albert, we resumed marketing investment in Q1 after a period of deliberate restraint and evaluations. Unit economics were favourable, and early subscriber conversion data is encouraging. The full effect will come through in the coming quarters.

In Sumdog, we are repositioning toward larger institutional accounts with longer sales cycles while automating processes for smaller schools. Sumdog remains the only maths fluency platform with independently verified efficacy, a structural advantage in a market moving toward evidence- based edtech procurement. The first adaptation to a new language, Welsh, is due in September.

Film & Skola delivered a stable, profitable quarter and continues to contribute positively to Group cash flow.

Looking ahead
The restructuring of last year created financial stability. We are now stabilising operations and building commercial capability to grow profitably from this base. There are a few more quarters of work ahead before we expect to see clear improvement in topline trends.

Our full-year targets remain: positive EBITDA and positive cash flow for 2026. Q1 is the investment quarter. The commercial effects build from here, and we expect sequential improvement through the second half of the year.

Fredrik Bengtsson
CEO of Albert

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1 January– 31 March 2026 (Q1)

• Annual recurring revenue (ARR) from subscriptions was 126,820k (134,059k) SEK, which is a decrease of 5% compared to the previous year. The decline reflects lower acquisition volumes during H2 2025. Q1 campaign investments are expected to stabilise the trajectory in the coming quarters.
• Revenue from non-subscription products over the past four quarters amounted to 18,341k (35,788k) SEK, representing a decrease of 49% compared to the previous year. The decrease is mainly connected to the sales and divestment of Strawbees AB.
• Invoiced sales for the continuing operations during the quarter amounted to 55,659k (57,294k) SEK, a decrease of 3% compared to the previous year. 
• Net revenue for the Total Group amounted to 32,301k (38,595k) SEK, a decrease of 16% compared to the same period last year. Net revenue for continuing operations amounted to 32,305k (35,286k) SEK. Revenue recognised in Q1 is a function of sales made in prior quarters. Q1 invoiced sales were 55.7 MSEK, broadly in line with the prior year. 
• EBITDA for Total Group amounted to -3,688k (-6,665k) SEK. EBITDA for continuing operations amounted to -4,007k (-3,198k) SEK. Q1 includes campaign investments with revenue effect in Q2.
• EBITA amounted to -5,720k (-10,056k) SEK. 
• The result after financial items amounted to -14,374k (-21,256k) SEK.
• The result for the period amounted to -13,429k (-20,311k) SEK.
• Earnings per share amounted to -0.53 (-0.81) SEK, before and after dilution. 
• Cash flow from current operations amounted to 16,805k (14,492k) SEK. 
• Cash and cash equivalents at the end of the period amounted to 57,574k (55,365k) SEK.

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Significant events in the first quarter of 2026

• No significant events in Q1 2026