According to the data from the Ministry of Education and Science portal AIKOS, there are currently 116 non-state general education schools operating in Lithuania, says Saulius Žilinskas, director of the international company credit rating firm Creditreform Lietuva. Their financial data analysis shows that the majority of the sector has expanded in recent years. Of the 98 schools for which financial results for 2024 and 2025 are available, 81 schools’ revenues increased, 16 decreased, and one remained unchanged.
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The expansion is also shown by the number of employees. In 83 schools it increased, in 15 it decreased, and in four it remained unchanged.
The highest revenues in 2025 among the analyzed schools were earned by the International American School in Vilnius – 9.49 million EUR. Next were “Herojus” – 9.20 million EUR, “Erudito Licėjus” – 8.93 million EUR, Queen Morta School – 7.55 million EUR, and Klaipėda Licėjus – 6.97 million EUR.
It should be noted that the financial years of three schools in this top five do not coincide with the calendar years. For example, the International American School’s financial year runs from August 1 to July 31 of the following year, so its 2025 result covers the period from August 1, 2024, to July 31, 2025. The financial years of Queen Morta School and Klaipėda Licėjus run from July 1 to June 30.
Growing revenues do not necessarily mean high profit
In terms of profitability, the private school sector is much more diverse. Of the schools that submitted financial reports, 61 ended the year profitably, 30 incurred losses, and 11 had a zero result. Among schools whose results for both years can be compared, 53 improved their financial results, 34 worsened, and 11 remained unchanged.
The highest net profit in 2025 was earned by Saulė Private Gymnasium – 3.41 million EUR. Queen Morta School’s profit was 2.26 million EUR, “Erudito Licėjus” – 719 thousand EUR, Klaipėda Licėjus – 583 thousand EUR, Vilnius International French Lycée – 414 thousand EUR.
Investor interest
One of the most notable deals this summer was the sale of Queen Morta School. On August 18, the Competition Council allowed the Spanish company “Nuevo Ágora Centro de Estudios” to acquire 100% of the shares of Queen Morta School and “Vaikystės Sodas” and take control of these companies.
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Financial results show that a growing business is being acquired. Queen Morta School’s revenues increased over two consecutive financial years from 6.45 million to 7.55 million EUR, and net profit from 1.48 million to 2.26 million EUR.
Another important deal was announced in August: Lithuanian technology group “Tesonet” and “INVL Private Equity Fund II” plan to acquire the network of Šiaurės Licėjus schools and kindergartens through a joint company “Kurianti karta.” The deal is expected to be completed by the end of 2026, subject to approval by the Competition Council.
In the latest period from September 1, 2024, to August 31, 2025, the company managing the school “Mokykla Šiaurės Licėjus” had revenues of 4.49 million EUR and a net profit of 57.7 thousand EUR. The previous financial report covered only eight months, so the financial results of these periods cannot be directly compared. The average number of employees increased from 114.3 to 126.8 in 2024–2025.
Demographics will define the limits of further growth
Although the private school sector has grown rapidly in recent years, it will eventually face a declining number of students. In 2015, 31.5 thousand children were born in Lithuania, while in 2022 only 22.1 thousand, and the birth rate continues to decline. This means that by the end of this decade, significantly smaller cohorts of children will start attending schools. Therefore, further growth of private schools will increasingly depend not on the overall increase in the number of students but on private schools’ ability to capture a larger share of the education market. This trend is already visible: from 2020 to 2023, the number of students in non-state general education schools increased by almost 50%.
“It is clear that over time it will become increasingly difficult to lure students away from the public sector, as not all parents can afford to pay the quite substantial fees for private education. Competition will also grow among private schools themselves,” explains the director of Creditreform Lietuva. “So far, only the school ‘Varnų Sala’ has officially exited the market, having filed for bankruptcy at the beginning of 2025. As competition for students intensifies, the number of bankrupt private educational institutions may increase.”
