EDU (EDU) H2 2025 earnings summary

Executive summary

• Revenue surged 95% year-over-year to $82.4m, with strong momentum into FY26.

• NPAT rose to $14.8m from $2.6m, with margin up 12 percentage points to 18%.

• Net cash increased by $13.5m after full debt repayment, share buybacks, and dividends.

• Higher education (HE) enrolments grew 109%, driven by Ikon, while VET enrolments rose 11% despite market softness.

• Expanded course portfolio and entered the postgraduate market, broadening addressable market.

Financial highlights

• Gross profit doubled to $50.2m, with gross margin up 3 points to 61%.

• EBITDA reached $26.1m, up 232%, with margin up 13 points to 32%.

• NPAT margin improved to 18%, up from 6% in the prior year.

• Net operating cashflow of $24.0m, up $12.7m year-over-year.

• Final fully-franked dividend of $0.03 per share, total FY25 dividend $0.04.

Outlook and guidance

• FY26 expected to see further increases in revenue, EBITDA, and NPAT.

• Group T1'26 enrolments up 36% year-over-year, with 90% in higher education.

• Ongoing investment in growth, with further guidance to be provided later in the year.

• Board confident in long-term positioning in high-growth sectors.