Raffles Education (NR7) H1 2026 earnings summary

Executive summary

• Revenue was broadly flat at $56.6m; profit after tax fell 58% YoY to $3.1m, while total comprehensive income rose to $22.3m on a $19.2m currency translation gain.

• Operating profit before tax was $0.2m versus a $0.3m loss; profit before tax of $4.1m included a net foreign-exchange gain of $3.9m.

Financial highlights

• Revenue was $56.630m versus $56.551m; other operating income declined 34% to $2.033m, while other operating expenses fell 5% to $18.012m.

• Profit before tax fell 61% to $4.144m and profit after tax fell 58% to $3.113m; income tax and deferred tax expense totaled $1.031m.

• Adjusted EBITDA was $17.023m versus $17.685m; basic and diluted EPS were 0.24 cents versus 0.56 cents.

• Net foreign-exchange gain was $3.908m versus $10.813m; currency translation differences were a $19.173m gain versus a $7.771m loss.

Outlook and guidance

• Deferred course fees of $38.9m and education facilities rental fees of $3.4m are expected to be recognized as revenue over the next two financial quarters of FY2026.

• Operations were described as generally in line with the FY2025 results commentary; cost streamlining and restructuring continue.

• No ordinary dividend was declared for H1 to preserve working capital; a proposed special dividend of $0.004 per share was approved and is to be declared in due course.