• Revenue up 96% to $42.3m, with acceleration in 2H24
• EBITDA up $7.3m to $7.9m, margin up 16 ppts to 19%
• Returned to profitability with $2.6m NPAT

EDU Holdings Ltd (EDU) reported its financial results for the year ended 31 December 2024 (FY24), highlighting strong growth across the business. Revenue increased 96% to $42.3m, with a significant acceleration in the second half (2H24: $25.4m, up 125% on the prior corresponding period). Both the higher education division (Ikon) and vocational education division (ALG) delivered material revenue growth, up 142% and 43% respectively. The operational leverage resulted in a substantial improvement in EBITDA, which increased $7.3m to $7.9m, with the EBITDA margin expanding 16 percentage points to 19%. EDU also returned to profitability, reporting a statutory net profit after tax of $2.6m, a material improvement on the $3.0m net loss in FY23. The strong cash generation enabled EDU to repay $0.5m of debt and complete a $0.9m share buyback. Ikon's student numbers reached 2,492 in Trimester 3, 2024, up from 955 in the prior period, driving a 142% increase in revenue to $28.0m and an 87% contribution to group EBITDA. ALG also saw student numbers increase 40% to 1,608, leading to a 43% rise in revenue to $14.2m. The company's expansion into the postgraduate market, with the accreditation of four new programs, is expected to further strengthen its position. While regulatory uncertainties remain, EDU is focused on diversifying its student base, enhancing its course offerings, and driving operational excellence to create long-term value.

EDU expects revenue, EBITDA, and NPAT growth in FY25, supported by the full-year benefit of FY24 enrolment growth, ongoing enrolment growth at Ikon, and the launch of new courses in 1H25. However, ALG is expected to face headwinds from tightening regulatory settings, including declining visa grant rates in the vocational sector.

EDU's improved financial position and operational momentum provide a solid foundation to navigate regulatory shifts and competitive pressures. The company will continue to focus on delivering high-quality education, strengthening stakeholder relationships, and driving sustainable growth to create long-term value for shareholders.