Almasar Alshamil Education (6019) Q4 2025 earnings summary

Executive summary

• FY25 revenue grew 22% YoY to SAR 533.9m; adjusted EBITDA rose 11% to SAR 240.1m and adjusted net profit attributable to equity holders increased 12% to SAR 135.3m.

• Students and beneficiaries increased 20% to 27.9k; FY25 net profit was SAR 158.9m, up 7% reported and 12% adjusted.

• The 2025 Tadawul IPO raised SAR 599m, with institutional subscription of 103x; management expressed a positive outlook for 2026.

Financial highlights

• FY25 revenue was SAR 533.9m vs SAR 437.1m in FY24; gross profit reached SAR 238.8m vs SAR 203.1m.

• Operating profit was SAR 170.8m vs SAR 167.7m; reported profit for the period was SAR 158.9m vs SAR 148.1m.

• Reported EBITDA rose 6% to SAR 228.0m; adjusted EBITDA increased 11% to SAR 240.1m, while adjusted profit attributable to equity holders rose 12% to SAR 135.3m.

• Q4 revenue rose 20% YoY to SAR 197.8m; EBITDA increased 5% to SAR 98.7m and adjusted EBITDA rose 16% to SAR 109.7m.

• Q4 net profit rose 10% to SAR 75.3m, or 26% adjusted to SAR 86.3m; attributable profit increased 12% to SAR 59.6m, or 28% adjusted.

Outlook and guidance

• Average capacity utilization at existing facilities rose to ~67% in 2025 from 57% in 2024; 15 special-needs facilities are under development.

• Higher education enrollment grew 21%; plans include international recruitment, campus development, and new markets for training and digital learning.

• Licensed residential centers support expansion into residential special-needs services; a non-binding agreement with a UK university explores establishing a university in KSA.

• Management cited continued enrollment growth, network expansion, operational discipline and regional education opportunities in 2026 and beyond.