• Record total student enrolments of 3,232, up 151% on PCP
• New student enrolments of 889, up 98% on PCP
• Sustained demand for Ikon's programs aligned with Australia's skills needs

EDU Holdings Limited (EDU or the Company), a leading tertiary education group, is pleased to announce continued strong growth in new and total student enrolments for Trimester 1, 2025 in its higher education business, Ikon Institute (Ikon). Total student enrolments for Trimester 1, 2025 reached a record 3,232, reflecting a 151% increase on the previous corresponding period (PCP). This growth highlights sustained demand for Ikon's programmes, which closely align with Australia's skills needs. Total enrolments are also benefitting from a low level of completions (i.e., graduations) due to Ikon's 3 to 4-year course durations. New student enrolments for the trimester were 889, a 98% increase on the PCP but slightly below the record 930 new students in the prior period. The Board notes increasing competition for new students, with more providers entering Ikon's core course areas. This includes both established institutions expanding their offerings and new entrants targeting the same student segments. As previously announced, the proposed Education Services for Overseas Students Amendment (Quality and Integrity) Bill 2024 (ESOS Bill) was not enacted as planned from 1 January 2025. However, the recently introduced Ministerial Direction 111 (MD111) has adopted the indicative provider caps issued under the ESOS Bill to prioritise offshore student visa processing. Ikon's indicative cap for 2025 is 200 commencements, with prioritisation applied to offshore applications up to 80% of this cap. Once this threshold is reached, visa processing continues at standard priority. The Board notes that the majority of Ikon's applications are currently from onshore students, and that domestic student commencements remain unaffected by the cap.