• Total student enrolments in T3'25 reached a record 4,537, up 82% on the previous corresponding period (PCP)
• New student enrolments were 1,072, up 15% on the PCP and 51% on the previous quarter
• Growth highlights sustained demand for Ikon's programs aligned with Australia's skills needs

EDU Holdings Limited (EDU or the Company), a leading tertiary education group, is pleased to report continued strong growth in new and total student enrolments for Trimester 3, 2025 (T3'25) in its Higher Education (HE) business, Ikon Institute (Ikon). Total student enrolments in T3'25 reached a record 4,537, representing an 82% increase on the previous corresponding period (PCP). New student enrolments (NSE) were 1,072, up 15% on the PCP and 51% on the 711 recorded in Trimester 2, 2025. 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 layering of strong intakes of new students joining continuing students, with a low rate of completions (i.e., graduations) due to Ikon's 2-4 year course durations. The Board notes increasing competition, with more providers entering Ikon's core program areas. Ikon launched four new courses this year to broaden its target market, including its first postgraduate offering, and will commence offering other new courses in 2026. Encouragingly, enrolments in the new courses launched this year represented 17% of T3'25 total student enrolments, compared to the 6% recorded in T2'25. The proposed Education Services for Overseas Students Amendment (Quality and Integrity) Bill 2024 (ESOS Bill), which sought to introduce enrolment limits, was not enacted as planned from 1 January 2025. However, the limits are being applied for the purposes of Ministerial Direction 111 (MD111), which guides the prioritisation of offshore visa processing. The Government recently announced a 25,000 increase in the National Planning Limit for 2026, to 295,000, with most private providers, including Ikon, increasing by 3%. The Board notes that the majority of Ikon's new international students are currently recruited onshore (i.e., international students already in Australia).