Edu Holdings Limited · ASX:EDU
Edu — FY2025 Earnings Presentation
30 slides from Edu's earnings presentation, Feb 26, 2026
Slide 1: FY25 Results Presentation
FY25 Results Presentation YEAR ENDED 31 DECEMBER 2025 1
Slide 2: FY25 Highlights
01 FY25 Highlights FY25 RESULTS PRESENTATI ON 2
Slide 3: Highlights
Highlights Strong earnings growth, cash generation and portfolio expansion position EDU for continued FY26 momentum Revenue up 95% Material step-up Robust cashflow Commenced in NPAT performance dividend program FY25 revenue of $82.4m, momentum NPAT of $14.8m vs Net cash up by Interim fully-franked c
Slide 4: Key financial metrics
Key financial metrics Multi-year analysis1 Revenue ($'000) EBITDA ($’000)2 Earnings per share (cents)3 90,000 28,000 10.50 80,000 8.50 23,000 70,000 5.78 6.50 18,000 15,200 60,000 46,279 50,000 4.50 13,000 40,000 2.50 4.17 30,000 25,413 8,000 1.43 0.50 5,607 10,883 (0.36) 0.03 20,000 (0.94) 10,715 3
Slide 5: Strengthened through transition to HE
Strengthened through transition to HE Enhancing earnings quality and strategic positioning Higher-value Longer average Alignment to Expansion of Scaling online course mix study duration2 skills shortages course portfolio delivery HE 80% of FY25 35 months in FY25 95% of FY25 313 courses in 75% of dom
Slide 6: Segment performance
Segment performance FY25 FY24 FY25 FY24 Revenue1 $65.9m $28.0m $16.5m $14.2m EBITDA $26.1m $8.9m $2.9m $1.3m Students (period end)2 4,537 2,492 1,425 1,608 New student enrolments 3,4 2,672 1,911 661 1,065 1 Includes other income and excludes interest income and other gains 2 Number of students enrol
Slide 7: Higher education
Higher education Layering of cohorts driving scale and earnings visibility 5,000 4,537 Layering of growth 4,500 T3’25 enrolments up 82% on PCP - benefitting from high proportion of 4,000 students in early stages of study 3,725 3,500 3,232 New courses gaining traction Total enrolments 752 enrolments
Slide 8: Vocational education
Vocational education Performance reflecting softer VET market conditions Total FY25 enrolments up 11% on PCP, notwithstanding softer market 1,800 conditions 1,655 1,608 1,596 1,600 1,478 Enrolments trending lower 1,446 1,425 1,400 Graduations from larger prior cohorts 1,281 now outpacing new enrolme
Slide 9: Campus expansion program
Campus expansion program Progressive growth led by student demand Brisbane Campus NATIONAL CAMPUS FOOTPRINT Melbourne Campus Brisbane Campus Melbourne Campus 4 75 states + online classrooms 5,210 sqm 3,971 sqm in Sydney in Melbourne operating at operating at 78% capacity 71% capacity Sydney Campus A
Slide 10: Financial Results
02 Financial Results FY25 RESULTS PRESENTATI ON 10
Slide 11: Profit & loss
Profit & loss Record revenue and earnings Group FY25 FY24 Variance Variance $'000 $'000 $'000 % ALG and Ikon Total revenue and other income 82,403 42,264 40,139 95% Cost of sales (32,222) (17,951) (14,271) (79%) Gross profit 50,181 24,313 25,868 106% Revenue up 95% - Gross margin (%)* 61% 58% n/a 3%
Slide 12: EBITDA bridge
EBITDA bridge Operating leverage delivered from step-up in scale $’000 35,000 25,868 30,000 (4,196) (964) 26,083 25,000 (2,482) $25.9m gross profit increase delivered $18.2m uplift in EBITDA 20,000 15,000 10,000 7,857 Targeted investment to support future growth 5,000 - EBITDA FY24 Gross profit Empl
Slide 13: Balance sheet
Balance sheet $18.5m cash, no debt Balance Sheet 31-Dec-25 31-Dec-24 Variance $'000 $'000 $'000 Net cash up $13.5m to $18.5m, driven by strong Cash and cash equivalents 18,459 6,494 11,965 Ikon enrolments and improved Group Trade and other receivables 1,286 636 650 operating performance Goodwill 11,
Slide 14: Cashflow bridge
Cashflow bridge Strong operating performance driving $13.5m increase in net cash $’000 35,000 23,968 30,000 Net operating cashflow of $24.0m, (1,866) up $12.7m from $11.3m in PCP 25,000 (4,339) (1,506) 20,000 922 18,459 (3,573) (1,641) Strong free cashflow of $18m - NPAT 15,000 conversion of 120% 10
Slide 15: Capital Structure
03 Capital Structure FY25 RESULTS PRESENTATI ON 15
Slide 16: Capital structure & dividends
Capital structure & dividends $0.03 fully-franked final dividend, bringing total FY25 to $0.04 ISSUED CAPITAL1 SHARE REGISTER PROFILE2 Number % Diluted Ordinary shares 125,931,874 93% 23% Board & Management Performance rights 9,268,830 7% 47% Institutions Fully diluted 135,200,704 100% Other Investo
Slide 17: Priorities and Outlook
04 Priorities and Outlook FY25 RESULTS PRESENTATI ON 17
Slide 18: Evolving regulatory environment
Evolving regulatory environment Increased focus on quality and integrity National Planning Limit Ministerial Direction 115 Onshore student transfers The National Planning Limit (NPL) Ministerial Direction 115 (MD115) Recent amendments to the National represents a planning benchmark for new commenced
Slide 19: EDU response
EDU response Disciplined execution and strategic diversification Proven execution track Portfolio and recruitment Disciplined operating record diversification model • Consistent HE enrolment growth, • Broadening course portfolio aligned to • Centralised, scalable shared services enhancing quality of
Slide 20: FY26 outlook
FY26 outlook Financial performance Business and environment Capital management • Revenue, EBITDA and NPAT up on FY25 • Strong start to year with Group T1’26 • Selective buyback of 18m shares enrolments up 36% completed February 2026, delivered • Step-up in costs to support growth, pro-forma EPS incr
Slide 21: Appendices
06 Appendices FY25 RESULTS PRESENTATI ON 21
Slide 22: Deep sector and corporate experience
Deep 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, & Managing Direc
Slide 23: Global recruitment network
Global recruitment network International student enrolments1 by source country (Top 20) 64.1% 17.6% 11.6% 2.8% 3.9% Subcontinent Asia Latin America Europe Other Diverse student & agent mix 290 active education agents 80 source markets 3,333 students recruited (NSEs) in FY25 1 Ikon and ALG student en
Slide 24: Ikon P&L
Ikon P&L Record revenue and earnings FY25 FY24 Variance Variance $'000 $'000 $'000 % Revenue International student revenue 57,884 21,377 36,507 171% Domestic student and other revenue 8,062 6,669 1,393 21% Revenue up 135% primarily driven by Total revenue 65,946 28,046 37,900 135% strong growth in i
Slide 25: ALG P&L
ALG P&L NPAT turnaround FY25 FY24 Variance Variance $'000 $'000 $'000 % Revenue International student and other revenue 16,457 14,218 2,239 16% Total revenue 16,457 14,218 2,239 16% Revenue up 16% - noting 2H was Cost of sales down 12% on 1H due to lower NSEs Commission (3,795) (3,407) (388) (11%) T
Slide 26: Group half-on-half analysis
Group Half-on-half analysis Group 2H25 1H25 Variance Variance 2H24 1H24 Variance Variance $'000 $'000 $'000 % $'000 $'000 $'000 % ALG and Ikon Total revenue and other income 46,279 36,124 10,155 28% 25,413 16,851 8,562 51% Cost of sales (18,036) (14,186) (3,850) (27%) (10,333) (7,618) (2,715) (36%)
Slide 27: Ikon half-on-half analysis
Ikon Half-on-half analysis Ikon 2H25 1H25 Variance Variance 2H24 1H24 Variance Variance $'000 $'000 $'000 % $'000 $'000 $'000 % Revenue International student revenue 34,246 23,638 10,608 45% 14,357 7,020 7,337 105% Domestic student revenue 4,319 3,743 576 15% 3,273 3,396 (123) (4%) Total revenue 38,
Slide 28: ALG half-on-half analysis
ALG Half-on-half analysis ALG 2H25 1H25 Variance Variance 2H24 1H24 Variance Variance $'000 $'000 $'000 % $'000 $'000 $'000 % Revenue International student and other revenue 7,714 8,743 (1,029) (12%) 7,783 6,435 1,348 21% Total revenue 7,714 8,743 (1,029) (12%) 7,783 6,435 1,348 21% Cost of sales Co
Slide 29: Disclaimer
Disclaimer This presentation, dated 26 February 2026, provides additional While all reasonable care has been taken in relation to the commentary on the Annual Report for the period ended 31 preparation of this presentation, none of the Company, its subsidiaries, December 2025 for EDU Holdings Limite
Slide 30: 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 FY25 RESULTS PRESENTATI ON 30