IDP Education (IEL) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and welcome to shareholders both in-person and online.

• Chair Tracey Horton, AO, opened the meeting, outlined the agenda, and emphasized the mission to transform lives through international education.

• Shareholders were informed about participation procedures, including voting and Q&A opportunities.

Financial performance review

• FY25 revenue was $882.2m, with adjusted group EBIT at $119m, down from $239m in FY24; adjusted NPAT was $65m, down from $154m.

• Overhead costs were $372.7m, down 5%; direct costs reduced by 6%, resulting in a $20m cost base reduction.

• Student placement volumes dropped 29% to 70,076, IELTS test volumes fell 18%, while English Language Teaching courses rose 1%.

• Net debt increased from $42m to $165m over two years; net debt/EBITDA was 1.38x, within covenant.

• GOCF conversion improved to 143%.

Board and executive committee updates

• Tracey Horton chaired her first AGM after Peter Polson’s retirement; Greg West also retired from the board.

• Paul Rogan joined the board in September 2025, bringing expertise in audit, risk, and digital strategy.

• Board renewal continues, with committee roles adjusted and new appointments to the Audit and Risk Committee.

• Michelle Tredenick became Chair of the Remuneration Committee.

• CFO and Chief Strategy Officer roles transitioned to Kate Koch and Jen Fleming.