Raffles Education (NR7) Q1 2027 earnings summary

Executive summary

• 1Q2027 revenue declined 15% YoY to S$24.65m; adjusted operating loss before income tax narrowed to S$0.10m, while adjusted EBITDA was S$5.86m.

• Deleveraging advanced, with standalone bank borrowings reduced to zero and total borrowings falling to S$82.75m as at 30 September 2026.

Financial highlights

• Revenue was S$24.65m, down 15% YoY from S$28.88m.

• Adjusted operating loss before income tax narrowed to S$0.10m from S$1.50m in 1Q2026.

• Adjusted EBITDA declined 17% YoY to S$5.86m from S$7.02m.

• Finance costs fell to S$2.13m from S$3.99m; operating cash flow was positive, with net cash of S$14.79m during the quarter.

Outlook and guidance

• Raffles American School (Bangkok) is at capacity with 700 students; expansion is underway to raise capacity to 1,700 by August 2027.

• Enrolment at Raffles American School in Iskandar Malaysia rose to 556 from approximately 525; campus capacity is 2,000.

• Expected net cash proceeds of approximately RMB271m (S$50m) from compulsory acquisition of Langfang land; disciplined cost management is intended to support margin expansion.