Tellusgruppen
Tellusgruppen is a Swedish education group based in Stockholm that operates preschools, compulsory schools and related educational services through a group of subsidiaries. Its business combines childcare and schooling with supporting resources and administrative functions within the same corporate structure.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueChildcare and early education services delivered through the group's preschools.
Compulsory schooling services provided through the group's schools.
Support and resource services tied to the group's education operations.
Smaller ancillary activities and inter-segment support functions.
Customers
Tellusgruppen serves families and children through publicly funded education and childcare services, with demand driven by enrollment in preschools and schools. Its customers are primarily municipalities and parents within the Swedish education system, where quality, location and capacity influence choice and placement. The group also serves internal operating needs through shared educational and administrative resources.
Families enroll children in the group's preschools because of quality, proximity and availability.
Households choose the group's schools for compulsory education and continuity from preschool.
Local authorities influence funding, approvals and placement within the Swedish system.
The group's own schools and preschools use shared educational resources and systems.
Strategy
Tellusgruppen's strategy centers on organic enrollment growth, quality improvement and disciplined capital allocation across its education businesses. It also emphasizes acquisitions and shared systems to scale operations, while maintaining a balance between growth investment, debt and limited distributions.
Higher occupancy and pupil numbers improve utilization across preschools and schools.
Adds scale and broadens the group's footprint in Swedish education markets.
A common platform improves control over pedagogy, administration and economics.
Supports financial stability while preserving flexibility for growth and dividends.
Geography
Tellusgruppen is headquartered in Stockholm and operates in Sweden. Its business is tied to local catchment areas, so enrollment depends on the geography of preschools and schools rather than a broad export footprint. The company also notes that its operations are affected by local demographics and the availability of qualified staff in the areas where it runs facilities.
Risks
Tellusgruppen is exposed to demand swings, regulatory oversight and staffing constraints that are typical in private education and childcare. Its results also depend on public funding, local demographics and political attitudes toward for-profit schooling, while accounting changes such as IFRS 16 and IFRS 3 can materially alter reported leverage and goodwill.
Revenue depends on enrollment, which is influenced by demographics, municipal funding and parental choice.
Exposure: Preschools and schools in Sweden
Education operations require approvals and must comply with national and local rules.
Service quality and capacity depend on recruiting and retaining qualified staff.
Policy changes may affect the ability to operate schools for profit.
Exposure: Swedish school market
IFRS adoption can increase reported assets, liabilities and goodwill, affecting leverage optics.
Exposure: IFRS 16 leases; IFRS 3 business combinations
Accounting
Judgemental itemsAll operating premises are leased, so capitalization of right-of-use assets and lease liabilities can materially change the balance sheet and interest/EBITDA presentation.
Impact: Higher reported assets and liabilities; lower rent expense, higher depreciation and interest
Prior acquisitions are being remeasured under IFRS, affecting goodwill and equity at transition.
Impact: Potential increase in goodwill and opening equity
Under IFRS, goodwill is not amortized but tested for impairment, making valuation judgments important.
Impact: Earnings volatility if impairment is recognized
Enrollment and term timing can create quarter-to-quarter swings in revenue and profitability.
Impact: Comparability across quarters
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Last updated: 24/09/2026