• Revenue down 6.7% to $88.9m but underlying EBITDA up 7.0% to $15.3m
• Gross margin expanded to 55.4% from 53.6%
• Vocational market share grew to 2.5% with a 15.1% increase in student lifetime value
• Operating costs reduced by 7.7% and cash reserves remained stable at $18.2m

NextEd Group delivered a resilient performance in FY26, with underlying EBITDA increasing by 7.0% to $15.3 million despite a 6.7% decline in revenue to $88.9 million. The company achieved this through a leaner operating structure, with operating costs down by 7.7%. Gross margin expanded by 1.8 percentage points to 55.4%, driven by a higher-margin course mix. Vocational now accounts for 59% of international revenue, up from 47% in FY25. The student lifetime value increased by 15.1% to $9.1k. The company maintained liquidity and achieved $8.5 million in permanent cost savings since FY24.

Underlying EBITDA up 7.0% to $15.3m in FY26

The company is well-positioned to efficiently convert future revenue growth into EBITDA, with a focus on margin expansion and cost efficiencies.