• Challenging operating conditions across international education industry
• Disciplined execution on transformation program and focus on quality, yield and cost control
• Adjusted EBIT declined 14% to $87.5m, Adjusted NPAT declined 25% to $48.6m

IDP Education's financial performance for the half year ended 31 December 2025 (H1 FY26) reflected a continuation of the recent challenging operating conditions across the international education industry, partly offset by IDP's disciplined execution on the transformation program and continued focus on quality, yield and cost control. Restrictive and volatile immigration and student visa settings across key destination markets continued to reduce global student mobility, impacting volumes from key source countries, particularly India and China. IDP made good progress delivering on the transformation program announced at the FY25 results, progressing initiatives to simplify the operating model, consolidate systems and platforms, and accelerate the roll out of digital and AI-enabled tools. Group revenue declined 5% to $462.2m, driven primarily by lower Student Placement and English Language Testing volumes across key destination markets. Adjusted Earnings Before Interest and Tax (Adjusted EBIT) decreased 14% to $87.5m, with margin affected by the operating leverage inherent in the business, lower volumes from higher margin markets, and the phasing of benefits from the transformation program. Adjusted Net Profit After Tax (Adjusted NPAT) declined 25% to $48.6m from the flow through of the lower Adjusted EBIT performance. The Group maintained a solid balance sheet, with $119.2m of cash at 31 December 2025 and net debt of $191.0m.

The Group expects to deliver $25m in net cost reductions in FY26 as part of the multi-year transformation program.

IDP Education remains focused on completing phase one of the transformation in FY26 and delivering the next phases of the multi-year program. This includes driving cost efficiency, continuing to strengthen digital and AI-enabled capabilities, enhancing institutional partnerships, while maintaining IDP's commitment to high-quality, student-first services. The Group is well-positioned as market conditions stabilise, supported by its global scale, strong market share, diversified business model, trusted brand, and ongoing investment in technology and productivity.