• Total student enrolments in T3'25 up 2% on PCP
• New student enrolments down 52% on PCP, reflecting softer market conditions
• Regulatory changes continue to impact international student enrolments in VET sector

EDU Holdings Limited, a leading tertiary education group, has reported student enrolment results for Term 3, 2025 (T3'25) in its Vocational Education and Training (VET) business, Australian Learning Group (ALG). Total student enrolments in T3'25 were 1,478, representing a 2% increase on the previous corresponding period (PCP). However, new student enrolments (NSE) were 130, down a material 52% on the PCP and down 12% on the prior term (Term 2, 2025), reflecting softer market conditions in the VET sector. As the Board considers NSEs a leading indicator of total enrolments, it expects total student enrolments to continue to decline in the near term. The Company is monitoring trends closely and remains focused on supporting retention and promoting student pathways to maintain long-term enrolment stability. Despite the decline in new enrolments, ALG remains profitable and contributes to the Group's shared service costs, enhances EDU's student diversity, and provides a pathway for students seeking to pursue higher education with Ikon Institute, EDU's higher education business. The Company notes that broader regulatory tightening, including the introduction of Ministerial Direction 111 (MD111), stricter student visa eligibility requirements, increased application fees, and lower student visa approval rates, have significantly impacted international student enrolments in the VET sector over the past two years. Between April 2024 and April 2025, total international student commencements fell by 20%, while international student commencements by students who are new to Australia decreased by 67%.