EDU (EDU) H2 2025 earnings summary

Executive summary

• Revenue surged 95% year-over-year to $82.4m, driven by strong higher education enrolment growth and portfolio expansion.

• NPAT rose to $14.8m from $2.6m, with margin up 12 percentage points to 18%.

• EBITDA reached $26.1m, up 232%, with margin up 13 points to 32%.

• Ikon contributed 80% of revenue and 90% of operating EBITDA, reflecting a strategic shift to higher education.

• Final fully-franked dividend of $0.04 per share declared for FY25.

Financial highlights

• Gross profit doubled to $50.2m, with gross margin up 3 points to 61%.

• EPS increased 525% to 10.0 cps.

• Net operating cashflow of $24.0m, up $12.7m year-over-year.

• Share buybacks totaled $3.6m during FY25, with a further $9.9m buyback completed post year-end.

• Cash at bank was $18.5m at year-end, up from $6.5m in the prior period.

Outlook and guidance

• FY26 expected to see further increases in revenue, EBITDA, and NPAT, with record enrolments up 36% year-over-year in T1'26.

• 90% of T1'26 enrolments are in higher education.

• Ongoing investment in growth, with further guidance to be provided later in the year.

• Board confident in long-term positioning despite regulatory changes.