• Revenue up 95% to $82.4m, reflecting strong enrolment growth
• EBITDA up 232% to $26.1m, with margin expanding 13 percentage points to 32%
• NPAT up $12.2m to $14.8m, with margin expanding 12 percentage points to 18%

EDU Holdings Limited (EDU), a leading tertiary education provider, reported its results for the year ended 31 December 2025 (FY25). The company's revenue grew by 95% to $82.4m, reflecting strong enrolment growth across the Group, particularly in its higher education business, Ikon Institute (Ikon). Ikon represented 80% of Group revenue and 90% of operating EBITDA, reflecting the Group's continued strategic shift towards higher education. EBITDA increased by 232% to $26.1m, with the EBITDA margin expanding by 13 percentage points to 32%. Net profit after tax (NPAT) grew from $2.6m to $14.8m, delivering an NPAT margin of 18%, up 12 percentage points. The Group maintained a disciplined capital allocation framework during FY25, prioritizing investment in organic growth and course portfolio expansion while maintaining a strong net cash position and returning surplus capital to shareholders through dividends and share buybacks. Ikon recorded another year of substantial growth, with total student enrolments reaching a record 4,537 in Trimester 3, 2025 (T3'25), up from 2,492 in the previous corresponding period. The Group's increasing focus on higher education has significantly reshaped its operating profile and growth trajectory. Ikon now contributes 80% of Group revenue and 90% of operating EBITDA. The Group's vocational education business, Australian Learning Group (ALG), also delivered improved operating performance, with revenue up 16% and EBITDA improving by $1.5m. However, new student enrolments at ALG declined due to softness in the broader VET sector. The Group has commenced FY26 with strong momentum, with continued enrolment growth in Ikon more than offsetting softer enrolments in ALG. Total student enrolments in T1'26 reached a record 6,627, a 36% increase on the previous corresponding period.

The Company expects to record continued growth in revenue, EBITDA and NPAT during FY26. Further guidance will be provided later in the year.

The Board remains confident in EDU's long-term positioning as a quality provider operating in high-growth sectors aligned with Australia's skills priorities. The Group is proactively diversifying recruitment channels, expanding its course portfolio and strengthening domestic and offshore capability to support sustainable growth.