Idp Education Ltd. · ASX:IEL
Idp Education — Investor Presentation (February 2026)
31 slides from Idp Education's investor presentation, Feb 26, 2026
Slide 1: H1 FY26 Financial Results
H1 FY26 Financial Results IDP Education 26 February 2026
Slide 2: Important notice and disclaimer
Important notice and disclaimer Disclaimer The material in this presentation has been prepared by IDP Education Limited (ASX: IEL) ABN 59 117 676 463 (“IDP Education") and is general background information about IDP Education’s activities current as at the date of this presentation. The information
Slide 3: Highlights
Highlights 2 1 2 3 H1 FY26 results reflect Transformation Well positioned for strong operational progressing well to H2, with FY26 execution and focus on create a more efficient, Adjusted EBIT quality and student technology enabled guidance upgraded outcomes business, positioned to outperform 3 | H1
Slide 4: H1 FY26 results
H1 FY26 results Financial performance Balance sheet FY26 guidance • Revenue of $462m down 6%, • Working capital discipline • Upgraded FY26 Adjusted EBIT outperforming volume decline • Cash conversion1 at 59% guidance • Yield up 15% in Student • Contract assets down 51%i • $120m to $130m Placement, u
Slide 5: Strong progress across targeted FY26 transformation priorities
Strong progress across targeted FY26 transformation priorities Simplify, reduce cost and strengthen foundations Reduced headcount ~900 roles Centralised procurement practice Delivered commercial renegotiations Refocused on high value operations On track to deliver FY26 Transitioned to third party mo
Slide 6: Underpinned by focus on quality and trust
Underpinned by focus on quality and trust Student experience Client partner wins 70+ 90%+ +7pp +10 +20 Student of students Visa New clients Upsell or NPS4 +70 highly trust approval +70 rates 6 in H1 FY26 +70 +70 contract IDP5 outperformance inclusions in H1 FY26 Refer to footnotes 4, 5, 6 in Appendi
Slide 7: Agenda
Agenda 1. H1 FY26 Results 2. Strategy Execution 3. FY26 Outlook 4. Appendices
Slide 8: 1. H1 FY26 Results
1.H1FY26 Results z
Slide 9: Summary income statement
1 H1 FY26 Results Summary income statement Constant Revenue down 6% vs pcp Half Year Actuals Growth Currency • Lower Student Placement and Language Testing volumes partially Six Months to 31 December, A$ million FY26 FY25 $m % Growth (%)7 offset by continued yield improvement Total Revenue 462.2 484
Slide 10: Revenue outperformance to volumes
1 H1 FY26 Results Revenue outperformance to volumes Half Year Actuals Growth Constant Focus on revenue outperformance Currency • Revenue outperformed volume decline, driven by yield growth Six Months to 31 December FY26 FY25 ‘000s / $ % Growth (%)7 across Student Placement and English Language Testi
Slide 11: Disciplined cost management
1 H1 FY26 Results Disciplined cost management Overhead Costs (Adjusted) (A$m)15 -11% Adjusted overheads down 2% vs pcp -2% • Disciplined cost management more than offset natural cost inflation 189 183 and delivered $2m net reduction in cost base 186 39 34 171 169 Employee costs down 2% vs pcp 46 • H
Slide 12: Faster conversion to cash
1 H1 FY26 Results Faster conversion to cash 350 70 Combined contract assets + receivables down 32% vs pcp with Student Placement revenues down 14% 300 60 • Contract assets down 51% vs pcp • Reflects Student Placement volume reduction Days Sales Outstanding 250 50 and faster billing offset by yield i
Slide 13: Disciplined capital management
1 H1 FY26 Results Disciplined capital management Net debt Strong liquidity and leverage Net Debt (A$m) H1 FY26 H1 FY25 Change • Net Leverage Ratio2 of 2.0x Cash and cash equivalents 119.2 156.9 -37.7 • Total facilities of $595m Borrowings -311.8 -347.9 36.1 • Undrawn facilities of $281.1m Reported n
Slide 14: 2. Strategy Execution
2. Strategy Execution
Slide 15: Continuing to execute strongly on IDP's global strategy
2 Strategy Execution Continuing to execute strongly on IDP’s global strategy 15 | H1 FY26 Financial Results | 26 February 2026
Slide 16: Student Placement achievements
2 Strategy Execution Student Placement achievements Engaging with more people in As their most trusted partner To deliver exceptional outcomes more places • New destination markets: United Arab • Student NPS4 over 70 • FastLane delivered 8% higher conversion Student Placement H1 Emirates and Malaysi
Slide 17: Language Testing achievements
2 Strategy Execution Language Testing achievements Engaging with more people in As their most trusted partner To deliver exceptional outcomes more places • Launched English Language Testing in • IELTS UK Government Home Office English • Improved IELTS booking experience Language Testing H1 China wit
Slide 18: Proven record in tech innovation positions us to leverage accelerating AI
2 Strategy Execution Proven record in tech innovation positions us to leverage accelerating AI Proven record in technology innovation Underpinned by our strengths Established AI capability Innovation partnerships AI-ready architecture Unmatched physical 500+ AI, data, product and Deep partnerships w
Slide 19: AI-powered innovation combined with trusted human connection
2 Strategy Execution AI-powered innovation combined with trusted human connection delivering unique customer value at scale Faster discovery Enhanced trust and quality Improved matching and outcomes AI algorithms and services drive engagement, AI-empowered counsellors becoming AI proactively connect
Slide 20: Multi-year transformation to position IDP for profitable growth
2 Strategy Execution Multi-year transformation to position IDP for profitable growth Simplify, reduce cost, Reinvest for growth Expand and diversify strengthen foundations and productivity revenue streams `• Reset cost base to improve efficiency • Modernise core processes and technology • Smarter di
Slide 21: On track for $25 million net reduction in cost base
2 Strategy Execution On track for $25 million net reduction in cost base3 in FY26 Simplify, reduce cost, Adjusted Overhead cost base FY26 Phase phase one: FY26one outcomes outcomes strengthen foundations -$25 million H1 outcomes ✓ Reduced headcount ~900 roles ✓ Centralised procurement and delivered
Slide 22: 3. FY26 Outlook
3. FY26 Outlook d Ld 4 eS : -\ SS a
Slide 23: Outlook
3 FY26 Outlook Outlook • Upgrading FY26 Adjusted EBIT guidance to $120m - $130m (from $115m - $125m) • Underlying assumptions: • Continued challenging industry conditions, planning for FY26 market volumes17 down 20% - 30% versus FY25 • Within this context IDP expects revenue outperformance driven by
Slide 24: 4. Appendices
4. Appendices
Slide 25: EBIT and NPAT adjustments
Appendices EBIT and NPAT adjustments FY26 FY25 Growth Adjustments Adjustments (Adjusted) Reported Company Credit Adjusted Reported Company Credit Adjusted Six Months to 31 December, M&A FX gains / Intangible Customer M&A FX gains / Intangible Customer Restructure Loss Restructure Loss $m % A$ millio
Slide 26: Cash flow
Appendices Cash flow Half Year Actuals Growth Six Months to 31 December, A$ million H1 FY26 H1 FY25 $m % EBITDA 86.4 133.6 -47.2 -35% • GOCF18 of $51.4m reflects conversion from reported EBITDA of 59% (H1 FY25: 59%) Non-cash items 10.4 2.3 8.1 352% Change in working capital -45.4 -56.8 11.4 20% • GO
Slide 27: Segmental earnings
Appendices Segmental earnings Revenue and EBIT by Geographic Segment19 Half Year Actuals Growth Asia Six Months to 31 December, A$ million FY26 FY25 $m % • Asia contributed 63% of Group revenue. Total revenue declined 12% due to lower Student Placement volumes to Canada, the US and the UK and reduce
Slide 28: Balance sheet
Appendices Balance sheet A$ million 31-Dec-25 30-Jun-2025 Change • Cash and cash equivalents of $119.2m and drawn debt of $311.8m delivering net Current assets debt of $192.6m as at 31 December 2025 Cash and cash equivalents 119.2 121.5 -2.3 • Trade and other receivables declined by $5.6m from faste
Slide 29: Policy environment
Appendices Policy environment Australia UK Canada USA • 2026 National Planning Level for • UK International Education Strategy (IES) Reduced immigration • Temporary pause in policy developments international student numbers increased aiming for £40 billion in annual education targets for FY25-28 vis
Slide 30: Footnotes
Appendices Footnotes Term / statement Definition 1 Cash conversion Cash conversion calculated as Gross Operating Cash Flow (GOCF) (Operating Cash Flow less Net Interest less Income Tax paid), divided by reported EBITDA 2 Net Leverage Ratio • The Reported Net Leverage Ratio divides reported net debt
Slide 31: Footnotes
Appendices Footnotes Term / statement Definition 11 Other Services revenue Other services related to Student Placement includes all revenue received from institutions for digital marketing, events, consultancy and data services, or peer-to-peer marketing via The Ambassador Platform 12 Volumes Volume
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