IDP Education (IEL) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and welcome to shareholders both in-person and online.

• Chair Tracey Horton, AO, opened the meeting and outlined the agenda, emphasizing the company's mission to transform lives through international education.

• Shareholders were informed about participation procedures, including voting and Q&A opportunities.

• Introduction of board members and leadership team, with thanks to retiring Chair Peter Polson.

Financial performance review

• FY25 revenue was $882.2m, a 14% decline, with adjusted group EBIT at AUD 119 million, down 48% from FY24; adjusted NPAT was AUD 65 million.

• Student placement volumes fell 29% to 70,076, IELTS test volumes dropped 18%, and English Language Teaching courses rose 1%.

• Direct costs reduced by 6% and overheads by 5%, saving AUD 20 million; overhead costs were $372.7m.

• Net debt/EBITDA was 1.38x, with debt increasing from AUD 42 million to AUD 165 million over two years.

• GOCF conversion improved to 143%.

Board and executive committee updates

• Ongoing board renewal with the retirement of Greg West and Peter Polson, and election of Paul Rogan.

• Tracey Horton appointed Chair from June 16, 2025; Michelle Tredenick became Chair of the Remuneration Committee.

• New CFO Kate Koch and Chief Strategy Officer Jen Fleming joined the executive team.

• New directors recruited for complementary skills.