Edu Holdings Limited · ASX:EDU
Edu — H1 2025 Earnings Presentation
36 slides from Edu's earnings presentation, Aug 27, 2025
Slide 1: 1H25 Results Presentation
1H25 Results Presentation HALF-YEAR ENDED 30 JUNE 2025 Delivering career-ready qualifications in Education and Human Services
Slide 2: Agenda
01 02 03 1H25 FINANCIAL BUSINESS UNIT HIGHLIGHTS RESULTS PERFORMANCE PG 4 PG 12 PG 17 04 05 06 CAPITAL AND PRIORITIES APPENDICES DEBT STRUCTURE AND OUTLOOK PG 22 PG 25 PG 29 1H25 RESULTS PRESENTATI ON 2
Slide 3: Snapshot
Snapshot COMPANY OVERVIEW INVESTMENT PROPOSITION 2 accredited tertiary education providers 1 2 Quality-focused In-demand course mix, education group aligned with long-term Higher Education (HE) Vocational Education skills needs & Training (VET) With scale, national reach, and a proven track Offering
Slide 4: 1H25 Highlights
01 1H25 Highlights 1H25 RESULTS PRESENTATI ON 4
Slide 5: Highlights
Highlights Revenue surged Material step-up Margin leverage Robust cashflow 114% in NPAT delivered performance 1H25 revenue of 1H25 net profit after $6.2m increase in NPAT Net cash increased $36.1m, momentum tax of $6.3m vs $28k from $19.3m additional by $16.2m to $21.2m continuing into 2H in PCP rev
Slide 6: Financial & student metrics
Financial & student metrics FINANCIAL METRICS STUDENT METRICS 1H25 vs 1H24 1H25 vs 1H24 Revenue $36.1m $16.9m Letters of offer 3,606 2,829 New student EBITDA1 $10.9m $2.3m enrolments 1,9673 1,490 (NSEs) Total NPAT $6.3m $28k enrolments2 10,208 5,507 1 EBITDA is a financial measure which is not presc
Slide 7: Key financial metrics
Key financial metrics1 Multi-year analysis Revenue ($'000) EBITDA ($’000)2 Earnings per share (cents)3 44,000 4.50 11,500 4.00 40,000 10,500 3.50 36,000 9,500 3.00 8,500 2.50 32,000 2.00 4.18 25,413 7,500 28,000 1.50 6,500 0.51 1.00 24,000 1.43 5,500 10,883 0.50 1.07 2,895 5,607 20,000 4,500 0.00 11
Slide 8: Delivering to plan
Delivering to plan Higher-value Longer average Alignment to Expansion of Scaling online courses study duration skills shortages course portfolio delivery HE now 76% of 34 months in 1H25 vs 95% of 1H25 31 courses in 1H25 72% of domestic HE Group revenue 26 months in 1H22 enrolments in vs 22 in 1H22 e
Slide 9: HE (Ikon) momentum continuing
HE (Ikon) momentum continuing Layering of growth T2’25 enrolments up 118% on PCP, benefitting from high proportion of 4,000 3,725 students in early stages of study 3,500 3,232 3,000 New courses gaining traction 2,492 230 enrolments from courses Number of enrolments 2,500 launched in 1H25, representi
Slide 10: VET (ALG) NSEs softening
VET (ALG) NSEs softening Term 1 Term 4 Term 3 Market headwinds weighing on new student enrolments (NSEs) 300 292 Down 28% on PCP 286 Term 2 270 252 249 234 Enrolments trending lower despite 225 219 217 207 PCP uplift Total enrolments up 30% on PCP but Number of NSEs 172 declining term-on-term 152 14
Slide 11: Campus expansion program
Campus expansion program +2,500 sqm in Sydney and Melbourne to accommodate growth Brisbane Campus NATIONAL CAMPUS FOOTPRINT Melbourne Campus Brisbane Campus Melbourne Campus 4 74 states + Online classrooms 5,210 sqm 3,971 sqm in Sydney in Melbourne operating at operating at 71% capacity 67% capacity
Slide 12: Financial Results
02 Financial Results 1H25 RESULTS PRESENTATI ON 12
Slide 13: Record revenue and earnings
Record revenue and earnings Consolidated Profit or Loss Statement Group 1H25 1H24 Variance Variance $'000 $'000 $'000 % ALG and Ikon Total revenue and other income 36,124 16,851 19,273 114% Group revenue up 114% - Cost of sales (14,186) (7,618) (6,568) (86%) Ikon +163%, ALG +36% Gross profit 21,938
Slide 14: EBITDA bridge
EBITDA bridge ($’000) Step-up in scale delivered operating leverage 16,000 12,704 14,000 (1,809) (463) (137) 12,000 (151) 10,883 (1,511) 10,000 8,000 $12.7m gross profit increase 6,000 delivered $8.6m uplift in EBITDA 4,000 2,250 2,000 - EBITDA 1H24 Gross profit Employee costs Marketing costs Licenc
Slide 15: Strong cash performance
Strong cash performance Consolidated Balance Sheet Balance Sheet 30-Jun-25 31-Dec-24 Variance Net cash1 up $16.2m to $21.2m, driven by strong Ikon enrolments, upfront fee collection $'000 $'000 $'000 1 for Ikon’s T1 and T2, and improved Group Cash and cash equivalents 22,453 6,494 15,959 operating p
Slide 16: Cashflow bridge
Cashflow bridge ($’000) Strong operating performance driving $16.2m net cash increase 30,000 19,676 25,000 (986) Strong operating cash inflows of 122 22,453 $19.7m, up $12.2m from $7.5m in (2,501) (352) PCP 20,000 15,000 Modest capex requirements support strong free cash flow generation 10,000 Capex
Slide 17: Business Unit Performance
03 Business Unit Performance 1H25 RESULTS PRESENTATI ON 17
Slide 18: Business unit performance
Business unit performance 1H25 1H24 1H25 1H24 Ikon delivering strong growth across all key metrics Revenue1 $27.4m $10.4m $8.7m $6.4m Sustained Ikon momentum expected EBITDA $10.3m $2.9m $1.9m $0.1m to more than offset decline in ALG over the medium term Students at end of period2 3,725 1,709 1,596
Slide 19: Enrolments
Enrolments Enrolments NSEs Enrolments NSEs 4,000 900 2,500 350 3,500 800 711 300 700 2,000 306 3,000 225 250 533 600 2,500 1,500 217 200 500 2,000 145 148 3,725 172 400 1,000 2,149 2,033 150 1,500 300 1,596 100 1,200 1,281 1,000 155 500 1,023 1,709 200 80 106 50 500 53 848 100 379 419 594 - - - - T2
Slide 20: Ikon – record revenue & earnings
Ikon – record revenue & earnings Statement of profit and loss 1H25 1H24 Variance Variance $'000 $'000 $'000 % Revenue International student revenue 23,638 7,020 16,618 237% Domestic student and other revenue 3,743 3,396 347 10% Revenue up 163% primarily driven by Total revenue 27,381 10,416 16,965 1
Slide 21: ALG – NPAT turnaround
ALG – NPAT turnaround Statement of profit and loss 1H25 1H24 Variance Variance $'000 $'000 $'000 % Revenue International student revenue 8,721 6,352 2,369 37% Other income 22 83 (61) (73%) Total revenue 8,743 6,435 2,308 36% Revenue up 36% to $8.7m (2H24: $7.8m), reflecting growth in Cost of sales e
Slide 22: Capital and Debt Structure
04 Capital and Debt Structure 1H25 RESULTS PRESENTATI ON 22
Slide 23: Cash and debt
Cash and debt 30 Jun-25 31 Dec-24 Variance Gearing $'000 $'000 % $22.5m Cash & cash Loan facility 1,250 1,500 (250) equivalents Total gross debt 1,250 1,500 (250) Cash & cash equivalents 1 22,453 6,494 15,959 Net cash / (debt)* 21,203 4,994 16,209 $1.3m Loan, amortising at $125k per quarter Gearing
Slide 24: Capital structure
Capital structure Maiden $0.01 interim fully-franked dividend declared ISSUED CAPITAL & ENTERPRISE VALUE1 SHARE REGISTER PROFILE1 Number % Diluted Ordinary shares 150,553,408 95% Board & Management Performance rights 8,308,455 5% 23% Fully diluted 158,861,863 100% Institutions 35% $m Vendors* & Sign
Slide 25: Priorities and Outlook
05 Priorities and Outlook 1H25 RESULTS PRESENTATI ON 25
Slide 26: Regulatory uncertainty remains
Regulatory uncertainty remains Navigating a managed international education sector National Planning Limit Tighter visa settings and Potential reintroduction (NPL): +25,000 for 2026 processing priorities of ESOS Bill New framework established: planned Progressive tightening of visa settings, Reintro
Slide 27: Current priorities
Current priorities Adapt to regulatory Strengthen recruitment Drive product growth Enhance operational changes capability Support uptake of efficiency Implement and monitor Build capacity in Australia recently launched courses Ongoing integration of initiatives to mitigate and key offshore markets C
Slide 28: 2H25 outlook and guidance
2H25 outlook and guidance Revenue up, EBITDA and NPAT in Revenue, EBITDA and NPAT up on 1H25, Revenue, EBITDA and NPAT down line with 1H25 driven by: on 1H25 • Slightly higher T2’25 contribution in 2H Strength in Ikon outweighing NSEs and total enrolments to due to statutory revenue recognition soft
Slide 29: Appendices
06 Appendices 1H25 RESULTS PRESENTATI ON 29
Slide 30: Deep education sector and corporate experience aligned through significant equity interest
Deep education sector and corporate experience aligned through significant equity interest EXECUTIVE MANAGEMENT LEADERSHIP TEAM Adam Davis Lyndon Catzel Jodi Francis Mark Falvo Gerald Ng Chief Executive Officer Chief Financial Officer General Manager, Student General Manager, General Manager, & Mana
Slide 31: Global recruitment network
Global recruitment network Diverse student & agent mix 280 active education agents 80 source markets 1,967 students recruited (NSEs) in 1H25 1 Ikon and ALG international student enrolments 2 At 13 July 2025 1H25 RESULTS PRESENTATI ON 31
Slide 32: Group half on half analysis
Group Half on half analysis 1H25 1H24 Variance 2H24 2H23 Variance $'000 $'000 % $'000 $'000 % ALG and Ikon Total revenue and other income 36,124 16,851 114% 25,413 11,307 125% Cost of sales (14,186) (7,618) (86%) (10,333) (5,473) (89%) Gross profit 21,938 9,233 138% 15,080 5,834 158% Gross margin (%
Slide 33: Ikon half on half analysis
Ikon Half on half analysis 1H25 1H24 Variance 2H24 2H23 Variance $'000 $'000 % $'000 $'000 % Revenue International student revenue 23,638 7,020 237% 14,357 3,216 346% Domestic student revenue 3,743 3,396 10% 3,273 2,832 16% Total revenue 27,381 10,416 163% 17,630 6,048 192% Cost of sales Commission
Slide 34: ALG half on half analysis
ALG Half on half analysis 1H25 1H24 Variance 2H24 2H23 Variance $'000 $'000 % $'000 $'000 % Revenue International student revenue 8,721 6,352 37% 7,782 5,072 53% Other income 22 83 (73%) 1 187 (99%) Total revenue 8,743 6,435 36% 7,783 5,259 48% Cost of sales Commission (2,017) (1,573) (28%) (1,834)
Slide 35: Disclaimer
Disclaimer This presentation, dated 27 August 2025, provides additional While all reasonable care has been taken in relation to the commentary on the Half-Year Report for the period ended 30 June preparation of this presentation, none of the Company, its subsidiaries, 2025 for EDU Holdings Limited (
Slide 36: Contact
CONTACT Adam Davis, CEO Lyndon Catzel, CFO E adam.davis@eduholdings.com.au E lyndon.catzel@eduholdings.com.au P 1300 254 000 P 1300 254 000 M +61 408 400 888 M +61 414 907 384 1 H 2 5 F I N AN C I AL R E S U L TS 36