• Total student enrolments for Trimester 2, 2025 reached a record 3,725, reflecting a 118% increase on the previous corresponding period
• New student enrolments for the trimester were 711, representing a 33% increase on the previous corresponding period
• Ikon has launched several new courses this year to broaden its target market, including its first postgraduate offering

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 2, 2025, in its higher education business, Ikon Institute (Ikon). Total student enrolments for Trimester 2, 2025 reached a record 3,725, reflecting a 118% increase on the previous corresponding period. This growth highlights sustained demand for Ikon's programs, which focus on disciplines aligned with Australia's skills needs. Total enrolments continue to benefit from the stacking of strong recent intakes and a low rate of completions (i.e., graduations) due to Ikon's 2-4 year course durations. New student enrolments for the trimester were 711, representing a 33% increase on the previous corresponding period, but 20% lower than the 889 recorded in Trimester 1, 2025. The Board notes increasing competition for new student enrolments, with more providers entering Ikon's core program areas. This includes both established institutions expanding their offerings and new entrants targeting the same student segments. Ikon has launched several new courses this year to broaden its target market, including its first postgraduate offering. As previously announced, the proposed Education Services for Overseas Students Amendment (Quality and Integrity) Bill 2024 (ESOS Bill), which sought to introduce enrolment caps at a national, sector, and provider level, was not enacted as planned from 1 January 2025. However, the same indicative provider caps have been adopted in a new Ministerial Direction 111 (MD111) (introduced in late 2024), which established a two-speed system for the processing of student visa applications submitted offshore. Applications up to 80% of a provider's cap are processed as high priority, after which applications are processed at standard priority. The Board notes that the majority of Ikon's new international students are currently recruited onshore (i.e., international students already in Australia), and that domestic students remain unaffected by the cap.