Skolon - Broad-based growth continues

• Sales grew 26% organically, ahead of expectations
• Sweden remains a clear profit driver despite mix effects
• '26e EV/gross profit of ~6x, fair value range of SEK 25-40

Larger customers, international traction drive a strong Q2

Skolon delivered a strong Q2'26, with sales of SEK 69m corresponding to organic growth of 26%. Growth was broad-based across markets, while Skolon continued to attract larger school organisations to its platform. The gross margin (less capitalised work) came in at 22% (24% in Q2'25), likely reflecting a higher share of partner revenue. Sweden stayed solidly EBITDA-positive (SEK 2.7m in Q2'26), while international markets remain in an investment phase, and we continue to model a gradual normalisation of this gap over time.

Slightly raising our estimates

We raise our '26e/'27e/'28e sales estimates by 3%, 2% and 1%, reflecting the stronger-than-expected paying user intake and continued momentum in framework agreement rollouts, which we expect to contribute meaningfully from Q3. We see the newly launched Skolon AI Studio as a longer-term option for partner revenue, but do not yet include a contribution in our estimates given limited visibility on monetisation.

Implied valuation

Based on our revised estimates, the company is trading at '26e-'27e 6-4x EV/gross profit (GP less capitalised work). In the UK, Skolon continues to build momentum outside the Swedish procurement cycle, as evidenced by agreements covering 60 schools signed during Q2. Germany remains at an earlier stage and smaller scale but, in our view, offers longer-term potential. We see the underlying growth drivers, larger customers in the platform, continued expansion in the UK, and early-stage progress in Germany as strengths of the company, even if quarterly results can be lumpy around contract timing. We maintain our fair value range at SEK 25-40.