• Revenue of $475.4 million, down 16%
• Adjusted EBIT of $92.7 million, down 40%
• Overhead costs down 14% to $167.8 million

IDP Education Limited (ASX: IEL) today announced its results for the first half of the 2025 financial year (H1 FY25). Key results include revenue of $475.4 million, down 16%, driven by a decline in Student Placement and English Language Testing volumes, partially offset by average price increases. Adjusted earnings before interest and tax (EBIT) were $92.7 million, down 40%. Direct costs were down 9% driven by cost discipline, while overhead costs were down 14% to $167.8 million due to reduced staff costs and discretionary spend. Student Placement volumes were down 27% and English Language Testing volumes were down 24%, impacted by recent policy changes and lower volumes in India. The company's CEO stated that IDP has succeeded in optimising key controllables including market share, cost and average price, to offset the impact of factors outside its control, such as government policy. While governments in key destination markets are seeking to temporarily reduce migration levels, IDP believes the long-dated structural growth drivers that underpin the international education sector support the market's long-term growth trajectory.

If current trends continue, international student volumes, as measured by the total number of new international students commencing study in IDP's six key destination markets, are expected to decline by 20 - 30% in FY25 relative to the volumes reported for FY24. Offsetting the softer volume environment has been a continuation of solid growth in average fees and disciplined cost controls.

IDP remains focused on optimising market share growth, cost discipline, average price increases, product and innovation, and maintaining its unwavering quality focus. The company is well-positioned to drive shareholder value over the longer-term.