• New student enrolments at Australian Learning Group (ALG) up 26% on prior term
• Total student enrolments down 11% year-on-year, but up 11% year-to-date
• Regulatory changes a positive development for the sector

EDU Holdings Limited (EDU or the Company), a leading tertiary education group, is pleased to report student enrolments for Term 4, 2025 (T4'25) in its Vocational Education and Training (VET) business, Australian Learning Group (ALG). ALG commenced 164 new students (new student enrolments or NSEs) in T4'25, a 26% increase on the prior term, despite continued softness across the VET sector. Compared to the previous corresponding period (PCP), NSEs were down 43%. Total student enrolments for the term were 1,425, representing a 4% decrease on the prior term and an 11% decrease on the PCP, but 11% higher year-to-date versus 2024. While ALG now represents a smaller proportion of the Group, reflecting the strong growth of Ikon Institute (Ikon), EDU's higher education business, in recent years, it nevertheless remains an important contributor. ALG is profitable, continues to support shared service costs, and enhances EDU's student diversity. It also provides a pathway for students seeking to pursue higher education with Ikon, including those who do not meet direct entry requirements. On 9 October 2025, the Government introduced the Education Legislation Amendment (Integrity and Other Measures) Bill 2025 (Bill) into Parliament, replacing the lapsed Education Services for Overseas Students Amendment (Quality and Integrity) Bill 2024. The new Bill retains similar quality and integrity measures but removes all references to enrolment caps - a positive development for the sector.