Raffles Education (NR7) H1 2025 earnings summary

Executive summary

• H1 FY2025 revenue was $56.551m; profit after tax rose to $7.358m from $1.481m, with substantial foreign-exchange gains contributing to the result.

• Operating result before tax was a $0.315m loss, compared with $0.690m profit a year earlier; reported PBT included $10.813m net FX gains.

Financial highlights

• Revenue was $56.551m versus $56.752m YoY; personnel expenses rose 11% to $22.966m and other operating expenses rose 10% to $19.021m.

• Finance costs fell 16% to $8.756m; income tax expense was $5.189m, partly offset by a $2.049m deferred tax credit.

• Net income was $7.358m versus $1.481m; earnings attributable to equity holders were $7.719m, and basic and diluted EPS were 0.56 cents versus 0.15 cents.

• Adjusted EBITDA was $17.685m versus $19.970m; adjusted measure excludes tax, finance costs, depreciation and amortisation, net FX, and specified other items.

Outlook and guidance

• Course fees received in advance of $42.8m and rental service fees of $1.2m are expected to be recognised as revenue over the next two quarters of FY2025.

• Operations were described as generally in line with the prior FY2024 commentary; no forecast was made.

• Cost management remains a focus, with continued operational streamlining and restructuring.