A year ago we were cutting. This year we are investing, and the core is responding. Net revenue for continuing operations grew year-on-year, invoiced sales rose, and ARR grew by 8 mSEK during the quarter. Adjusted nine-month EBITDA improved by 10 mSEK. We hold 48 mSEK in cash and carry no interest-bearing debt.
The quarter
Net revenue for continuing operations was 36.7 mSEK, up 1 percent year-on-year and up from 32.3 in Q1 and 35.0 in Q2. Invoiced sales grew 3 percent to 34.6 mSEK. ARR rose by 8.4 mSEK to 134.0 in the quarter and is now 2 percent below last year for continuing operations.
EBITDA for continuing operations was 0.1 mSEK (3.8). The difference is a decision. Marketing is the single largest increase in our cost base this year, alongside the Welsh launch of Sumdog and the team building our new venture. Gross margin is stable at 73 percent, operating cash flow for the nine months was 8.1 mSEK and cash is 48.0 mSEK.
Twelve months of progress
A year ago the Group was carrying loss-making units, restructuring costs and the one-off gain that funded the clean-up. Today those units are gone, the cost base is more than 35 mSEK lower, and the money we free up goes into growth instead of losses. Adjusted for one-off items in both years, nine-month EBITDA has improved by around 10 mSEK. The decline in B2C ARR is mainly Holy Owly, which left the Group in May. Swedish Film delivered a stable quarter, and the strategic review continues.
Albert Junior: more families on board
Albert Junior is growing again. More families are joining than a year ago, they pay more on average, and retention is stable. Since we resumed marketing in Q1, new sub- scribers have come in. Finland is developing as planned, and we scale spend market by market as the cohorts prove themselves.
Sumdog: Wales shows the model works
Sumdog launched in Welsh in September. We now hold framework agreements with five Welsh Local Authorities, Swansea, Cardiff, Caerphilly, Wrexham and Neath Port Talbot, with more in discussion. The agreements are opt-in, but the route through the authority makes selling faster and cheaper, and most schools that trial Sumdog stay. The first schools are live, and more follow through the autumn.
The need, and our answer
PISA 2025 recorded the lowest OECD mathematics average ever measured; one in three 15-year-olds does not reach the basic level. Governments will not spend less on this. They will demand proof that what they buy works, and we hold it: Sumdog is independently verified to lift the pupils schools struggle most to reach, and Albert Junior leads three Nordic markets.
Our new AI venture builds on that evidence: a platform for ages 7 to 12 that sees how a child thinks, not only what it answers. A tutor at home, a view for the teacher of where the class is stuck. One engine, two channels, built on data we already own. Self-funded and planned to launch in 2027. First revenue from customers we already have.
Looking ahead
The fourth quarter is seasonally our strongest, and the indicators that turned this quarter carry into it. Every child can be good at maths. That belief founded Albert eleven years ago, and PISA has just shown how far the world is from it. We have the evidence, the data and the brands to close that gap, and AI lets us do it one child at a time. A year ago we secured the company. This year we put it back to work, with our
own money.
Fredrik Bengtsson
CEO, Albert Group
___________________________
1 July– 30 September (Q3)
1 January – 30 September
___________________________
Significant events in the third quarter of 2026