Albert Group Q2 report 2026: A sharper Albert on track

The quarter
Net revenue for continuing operations was 35.0 mSEK, down 4% year-on-year, and ARR was 125.6 mSEK, down 10%. The drivers are the same as in Q1: we reduced customer acquisition in late 2025 and continue to discontinue revenue that does not carry its own profitability. In a subscription model, those decisions show up with a delay. Invoiced sales for continuing operations were broadly in line with the prior year, an early indicator of stabilisation.

Group EBITDA was 2.3 mSEK. EBITDA for continuing operations improved to -1.6 mSEK from -6.6 mSEK, an improvement of 5 mSEK in our most investment-intensive quarter, on a smaller and more efficient cost base. Operating cash flow for the first half was 8.1 mSEK, compared with -2.7 mSEK last year. Cash amounted to 49.0 mSEK and the Group is debt free.

A sharper group
In June we announced that mathematics is at the heart of our strategy. This is where we have our roots, our data, our brands and our proof. On that foundation we are building a new, standalone AI venture, self-funded and developed in a controlled way. We have also initiated a strategic review of Swedish Film, a profitable business outside our core strategy. There is no certainty that the review will result in a transaction. The same logic applied to Holy Owly, which entered judicial liquidation in May. Every business within the group must be independently profitable. Fewer subjects, fewer geographies, higher demands.

Albert Junior re-launched in Finland
Albert Junior re-launched in Finland during the quarter. The launch is deliberately narrow: paid acquisition in selected channels and weekly cohort tracking. Early cohorts show strong unit economics, and based on these results we are accelerating marketing investment where the return is proven. We will scale spend only as long as these metrics hold. Finland is the template for how we re-enter markets.

Sumdog: evidence opening institutional doors
Four framework agreements were signed with Welsh Local Authorities ahead of the Welsh-language launch in September, validating both the commercial model and our evidence position. These agreements do not yet offset the decline in ARR, as institutional sales cycles are long and revenue is recognised over the contract term. We expect the effect to become visible during next year.

Looking ahead
The first half was about investment and structural clarity. The second half is seasonally stronger, and we expect sequential improvement in line with the plan communicated in February. Our full-year targets for 2026 remain: positive EBITDA and positive cash flow for the Group in its current structure.

Albert is becoming a simpler company to understand. Mathematics at the core, recurring subscription revenue, verified learning impact, and a balance sheet that lets us fund our own development. That is the foundation we continue to build from.

Fredrik Bengtsson
CEO, Albert Group

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 1 April – 30 June (Q2)

• Annual recurring revenue (ARR) from subscriptions was 125,554 (139,453) kSEK, which is a decrease of 10% 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.
• Invoiced sales for the continuing operations during the quarter amounted to 24,947 (35,676) kSEK, a decrease of 3% compared to the previous year.  
• Net revenue for the Total Group amounted to 35,136 (41,605) kSEK, a decrease of 16% compared to the same period last year. Net revenue for continuing operations amounted to 34,972 (36,613) kSEK. 
• EBITDA for Total Group amounted to 2,270 (-10,453) kSEK. EBITDA for continuing operations amounted to -1,587 (-6,641) kSEK. Q2 includes campaign investments with revenue effect in Q3.
• EBITA amounted to 413 (-13,672) kSEK. 
• The result after financial items amounted to -8,810 (-25,129) kSEK.
• The result for the period amounted to -7,865 (-24,184) kSEK.
• Earnings per share amounted to -0.31 (-0.96) SEK, before and after dilution.  
• Cash flow from current operations amounted to -8,142  (-17,511) kSEK. 
• Cash and cash equivalents at the end of the period amounted to  49,002 (34,026) kSEK.
  

 1 January – 30 June (H1)

• Annual recurring revenue (ARR) from subscriptions was 125,554 (139,453) kSEK, which is a decrease of 10% compared to the previous year. The decline reflects lower acquisition volumes during H2 2025. Q1 and Q2  campaign investments are expected to stabilise the trajectory in the coming quarters.
• Invoiced sales for H1 amounted to 80,765 (90,291) kSEK, a decrease of 11% compared to the previous year. 8,477 kSEK of the decrease of 9,526 kSEK is attributable to discontinued operations.  
• Net revenue for the Total Group amounted to 67,436 (80,200) kSEK, a decrease of 16% compared to the same period last year. Net revenue for continuing operations amounted to 66,539 (70,269) kSEK. H1 invoiced sales for continuing operations were 80,085 (81,842) kSEK, broadly in line with the prior year. 
• EBITDA for Total Group amounted to -1,418 (-17,119) kSEK. EBITDA for continuing operations amounted to -5,832 (-10,779) kSEK.
• EBITA amounted to -5,244 (-23,728) kSEK. 
• The result after financial items amounted to -23,122 (-46,386) kSEK.
• The result for the period amounted to -21,231 (-44,495) kSEK.
• Earnings per share amounted to -0.84 (-1.77) SEK, before and after dilution.  
• Cash flow from current operations amounted to 8,132  (-2,664) kSEK. 
• Cash and cash equivalents at the end of the period amounted to  49,002 (34,026) kSEK.
  

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Significant events in the second quarter of 2026

• Kids MBA (Holy Owly) entered judicial liquidation on May 6th, further strengthening the Group’s by focusing on fewer subjects and fewer geographies.
• The Group announces strengthened focus on adaptive mathematics, and launches a new AI venture, clearly aligned with current core brands
• The Group explores strategic options for Swedish Film