• Strong balance sheet with low leverage at 1.4x Net Leverage
• Disciplined cost control with Direct costs down 6% and Overhead costs down 5%
• Focused investment in digital, AI and productivity strengthening growth, platform and resilience

IDP Education's FY25 results reflect the challenging conditions faced by the international education industry, with student placement volumes down 29% and English Language Testing volumes down 18%. However, the company's focus on revenue outperformance, profitable growth, and disciplined cost control enabled it to deliver a resilient financial performance. Revenue declined 14% year-on-year, but outperformed the volume declines, driven by average price growth, new client wins, and increased value-added student services. The company maintained a strong balance sheet, with a net leverage ratio of 1.4x and $306 million in undrawn facilities, providing flexibility. Disciplined cost management delivered a 5% reduction in overhead costs, partially offsetting the impact of lower volumes on profitability. IDP Education continued to invest in digital, AI, and productivity initiatives to strengthen its growth, platform, and resilience. The company's focus on quality and trust was reflected in a record student Net Promoter Score of 70+, up 3 points from the prior year.