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First quarter (July–September)

  • Operating income increased 8.1% to MSEK 649.4 (600.7), of which organic growth amounted to 6.3% (7.0)
  • The number of students in the Swedish schools at the end of the quarter was 28,088 (26,828)
  • The number of registrations in the queue in Sweden at the end of the quarter was about 223,800 (204,700)
  • EBIT amounted to MSEK 37.7 (54.6). Excl. IFRS 16, EBIT amounted to MSEK 17.7 (36.5)
  • EBIT adjusted for non-recurring items of MSEK –2.5 (24.7) related to advisor costs as a result of the public takeover offer of IES and excl. IFRS 16 amounted to MSEK 20.2 (11.8)
  • The adjusted EBIT margin excluding IFRS 16 was 3.1% (2.0)
  • Loss for the quarter after tax totalled MSEK –0.2 (17.1) Excl. IFRS 16, profit amounted to MSEK 13.6 (29.3)
  • Cash flow from operating activities for the quarter was MSEK 124.0 (98.6)
  • Earnings per share before and after dilution amounted to SEK 0.00 (0.43)
  • A consortium led by Paradigm Capital Value Fund SICAV announced on 25 September 2020 a mandatory cash offer for IES of SEK 77.04 per share
  • In September, independent education researchers published a Policy Paper that measured school quality using the metric of “value added”. This Paper shows that IES has higher value added than municipal schools in Sweden and also other independent schools in the core subjects

After the end of the period

  • In November, the offerors announced an increase of the offer from SEK 77.04 per share to SEK 82 per share and the acceptance period was extended until 25 November
  • It was announced on 10 November that the offeror owns more than 90% of the shares in IES and had requested compulsory redemption. IES has applied for delisting from Nasdaq Stockholm

CEO Anna Sörelius Nordenborg and CFO Lars Jonsson will be holding a teleconference today, Friday 20 November, at 10:00 a.m. CET in connection with the publication of the interim report. The teleconference will be held in English. To participate in the teleconference, call the following number: +46 (0)8-566 426 51 and then press 88446921#. The presentation material is available on IES’s website:


Emma Rheborg, Head of Communication & IR, tel. +46 (0)768-511 540
Lars Jonsson, CFO, tel. +46 (0)761-39 20 28
Anna Sörelius Nordenborg, CEO, tel. +46 (0)709-90 38 21


This information is such information that Internationella Engelska Skolan i Sverige Holdings II AB (publ) is obligated to publish in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact people set out above, on 20 November 2020 at 8:00 am. CET.

About Internationella Engelska Skolan
Internationella Engelska Skolan, IES, is one of the leading free school operators in Sweden with some 28,000 students at 39 schools, and about 4,600 students at its schools in Spain.

IES Sweden operates schools for students in grades F-12. Its main focus is grades 4-9, what is often called "middle school." Within the compulsory school system in Sweden, IES is the leading independent operator, with 17 of the 20 largest free schools. IES's results on the national tests in grade 9 are far above average in Sweden.

Internationella Engelska Skolan was founded in 1993 and is in its 28th year of operation. Throughout this period, its schools have been defined by the three core convictions of its founder, Mrs. Barbara Bergström:

  • A safe and orderly environment, where teachers can teach and students learn.
  • To command the English language − the key to the world.
  • High academic expectations and aspirations.

Up to half of the education in IES schools in Sweden is in English, by native English-speaking teachers. Almost 1,000 teachers with qualified foreign teaching degrees are currently teaching in IES schools. They are mainly recruited from Canada, the USA, the UK and South Africa.

IES's student base is in growing strongly. Over the past ten years, total operating income has increased by an average of 20% per year. In the most recent financial year 2019/20, which concluded on 30 June 2020, total operating income was MSEK 3,082, an increase of some 11% year on year. As of 30 September 2020, there were approximately 223,800 applications in the waiting list to secure a place in the Swedish schools for the current and forthcoming years.

Internationella Engelska Skolan has been listed on Nasdaq Stockholm Mid Cap, with the ticker ENG, since 2016.