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1H26 Results Presentation HALF - YEAR ENDED 30 JUNE 2026 1
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01 1H26 Highlights 1H26 RESULTS PRESENTATION 2
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Highlights 1H26 RESULTS PRESENTATION 3 Revenue up 50% Revenue of $54.3m, up from $36.1m in the PCP EPS up 73% Basic earnings per share of 7.21 cents, up from 4.17 cents in the PCP NPAT up 49% Net profit after tax of $9.3m, up from $6.3m in PCP. Margins maintained at 17% Note, throughout this presentation: • All comparisons are to the previous corresponding period, unless otherwise indicated • All % movements are calculated on an unrounded basis • Enrolments - refers to the number of students enrolled in a study period. Where the reference is to a financial period, enrolments are those in the last study period in that period • New Student Enrolments (NSEs) - refers to the number of students commencing in a study period. Where the reference is to a financial period, NSEs are the total across all study periods in that period. Operating cashflow of $25.1m Up from $19.7m in the PCP. Closing cash of $24.0m and no debt, after $11.4m of buybacks and $3.8m of dividends paid during the half Domestic NSEs up 98% Domestic new student enrolments were 22% of Ikon’s T2'26 intake, up from 14% in the PCP HE enrolments up 57% Ikon enrolments of 5,847 in T2'26, up from 3,725 in the PCP. Higher education is now 83% of Group enrolments Postgraduate NSEs up 174% Postgraduate new student enrolments were 45% of Ikon’s T2'26 intake, up from 20% in the PCP 3.0 cps interim fully- franked dividend Interim fully-franked dividend declared on 27 August 2026, up from 1.0 cps in the PCP. Record date 18 September 2026, payable on 30 September 2026 Earnings growth, strong cash generation and portfolio expansion position EDU for continued momentum
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Higher-value course mix HE 83% of Group enrolments in 1H26 vs 33% in 1H22 Longer average study duration2 35 months in 1H26 vs 26 months in 1H22 Expansion of course 3 portfolio 9 HE and 12 VET courses vs 3 HE and 14 VET in 1H22 2 HE courses submitted for accreditation New courses gaining traction New courses launched since 2025 represented 30% of total HE enrolments in 1H26 Alignment to skills shortages 98% of 1H26 enrolments in Education and Human Services courses vs 74% in 1H22Average price per year1 <1 year 1 - 2 years 3 - 4 years $12,600 $16,200 $19,500 Average duration 4 Certificates Diplomas Bachelors 1 Represents the current weighted average price of programs per year across the Group 2 Represents the weighted average duration of programs across the Group in 1H26 3 Excludes nested programs 1.5 - 2 years $21,700 Masters Strengthened through transition to HE Enhancing earnings quality and strategic positioning 1H26 RESULTS PRESENTATION
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Positive momentum across all key metrics Multi-year analysis1 5 1 The Company’s financial year ends 31 December. 1H refers to the 1st half of the financial year, from 1 January to 30 June. 2H refers to the 2nd half of the financial year, from 1 July to 31 December 2 EBITDA represents the earnings of the Group before interest, tax, depreciation and amortisation, before one- off items, prepared on a post AASB 16 basis 3 Basic earnings per share from continuing operations before one -off items 1H26 RESULTS PRESENTATION Revenue ($'000) EBITDA ($’000)2 Earnings per share (cents)3 8,881 10,252 16,851 36,124 54,282 8,786 11,307 25,413 46,279 - 0 6,000 12,000 18,000 24,000 30,000 36,000 42,000 48,000 54,000 60,000 66,000 72,000 78,000 84,000 FY22 FY23 FY24 FY25 FY26 1H 2H (896) 237 2,250 10,883 16,761 (569) 307 5,607 15,200 - (2,000) 3,000 8,000 13,000 18,000 23,000 28,000 FY22 FY23 FY24 FY25 FY26 1H 2H (1.83) (0.94) 0.03 4.18 7.27 (1.41) (0.91) 1.43 5.79 0.00 (3.50) (1.50) 0.50 2.50 4.50 6.50 8.50 10.50 FY22 FY23 FY24 FY25 FY26 1H 2H
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Key performance metrics 1H26 RESULTS PRESENTATION 6 1 Includes other income and excludes interest income and other gains 1H26 1H25 % change Revenue1 $54.3m $36.1m 50% EBITDA $16.8m $10.9m 54% Profit before tax $13.3m $8.3m 61% Net profit after tax $9.3m $6.3m 49% Enrolments 7,036 5,321 32% New student enrolments 2,126 1,967 8%
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Strategic shift 1H26 RESULTS PRESENTATION 7 Estimated New courses providing diversification 1,729 enrolments in T2’26 from courses launched during 2025 and 2026 - 30% of total HE enrolments Investing in offshore recruitment Full-time in-country sales managers in Latin America, Europe, Africa, South Asia and Southeast Asia - will take time to build meaningful volume Post-graduate courses driving growth 43% of HE enrolment growth over past 18 months attributable to postgraduate market entry Higher education 83% of T2’26 enrolments 1,200 1,051 1,023 1,145 1,281 1,608 1,596 1,425 1,189 594 645 848 955 1,709 2,492 3,543 3,899 4,417 182 638 1,430 1,794 1,696 1,871 2,100 2,990 4,100 5,321 5,962 7,036 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 Jun'22 Dec'22 Jun'23 Dec'23 Jun'24 Dec'24 Jun'25 Dec'25 Jun'26 Number of enrolments Vocational Undergraduate Postgraduate Total enrolments Course enrolments
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Domestic enrolment momentum 1H26 RESULTS PRESENTATION 8 Estimated Reduces exposure to regulatory uncertainty Domestic student market not affected by tighter visa settings or related regulatory changes Investment paying dividends Performance marketing driving growth T2’26 NSEs up 98% - step-up in marketing spend, supported by expanded sales team Domestic growth accelerating T2’26 total enrolments up 38% on PCP, with encouraging uptake of new courses Student profile 1,377 1,274 1,418 1,668 2,505 3,647 4,762 5,374 6,265 417 422 453 432 485 453 559 588 771 1,794 1,696 1,871 2,100 2,990 4,100 5,321 5,962 7,036 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 Jun'22 Dec'22 Jun'23 Dec'23 Jun'24 Dec'24 Jun'25 Dec'25 Jun'26 Number of enrolments International Domestic Total enrolments
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5,210 sqm in Sydney operating at 62% capacity 3,971 sqm in Melbourne operating at 58% capacity Campus expansion program 1H26 RESULTS PRESENTATION Progressive growth led by student demand 9 84 classrooms +10 vs PCP NATIONAL CAMPUS FOOTPRINT Brisbane Campus Sydney Campus Adelaide Campus Sydney Campus Melbourne Campus Brisbane Campus Melbourne Campus 1,843 sqm in Adelaide operating at 27% capacity (incl. new campus) 610 sqm in Brisbane operating at 61% capacity 4 states + online
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02 Financial Results 1H26 RESULTS PRESENTATION 10
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Profit & loss 1H26 RESULTS PRESENTATION Strong performance across key revenue and profit metrics 11 Revenue up 50% due to continued growth in HE enrolments EBITDA of $16.8m, up $5.9m - margin up 1 ppt to 31% NPAT of $9.3m up 49% - margin maintained at 17% despite change in effective income tax rate Gross profit up 55% - margin up 2 ppts to 63%, driven by shift in mix to HE and postgraduate courses * Movement in percentage points Group 1H26 1H25 Variance Variance $'000 $'000 $'000 % Group Total revenue and other income 54,282 36,124 18,158 50% Cost of sales (20,263) (14,186) (6,077) (43%) Gross profit 34,019 21,938 12,081 55% Gross margin (%)* 63% 61% n/a 2% Operating expenses (15,591) (9,687) (5,904) (61%) Operating EBITDA 18,428 12,251 6,177 50% Operating EBITDA margin (%)* 34% 34% n/a - EDU Holdings Corporate costs (1,667) (1,368) (299) (22%) EBITDA 16,761 10,883 5,878 54% EBITDA margin (%)* 31% 30% n/a 1% Depreciation & amortisation - Lease related (1,910) (1,449) (461) (32%) - Plant & equipment (607) (498) (109) (22%) - Intangible assets (537) (355) (182) (51%) Total depreciation & amortisation (3,054) (2,302) (752) (33%) Earnings before interest, tax and one-off items 13,707 8,581 5,126 60% EBIT margin (%)* 25% 24% n/a 1% Interest on lease liabilities (620) (362) (258) (71%) Net interest income / (expenses) 297 79 218 276% Profit before tax and one-off items 13,384 8,298 5,086 61% Income tax expense (3,989) (2,002) (1,987) (99%) Net profit after tax and before one-off items 9,395 6,296 3,099 49% Due diligence and transaction costs (92) (25) (67) (268%) Gain on lease modification 16 - 16 n/a Net profit for the period 9,319 6,271 3,048 49% NPAT margin (%)* 17% 17% n/a -
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EBITDA bridge 1H26 RESULTS PRESENTATION Gross profit growth funding investment 12 $12.1m gross profit increase delivered $5.9m EBITDA uplift Increase Decrease Total Step-up in employee costs to support student volume growth in 2025 and 1H26 and investment in diversification and future growth $’000 10,883 12,081 (3,653) (1,866) (684) 16,761 EBITDA 1H25 Gross profit Employee costs Marketing costs Other costs in OPEX EBITDA 1H26 - 5,000 10,000 15,000 20,000
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Balance sheet 1H26 RESULTS PRESENTATION $24.0m cash, no debt and retained earnings 13 Contract liabilities reflect fees received in advance for Ikon’s T2’26 and ALG’s T3’26, currently being delivered; in line with cash Net assets down $5.2m to $17.3m – $15.2m returned via buybacks and dividends, partly offset by $9.3m of net profit and $0.7m of other equity movements Transitioning to retained earnings from accumulated losses – $1.3m of retained earnings in 1H26, up $6.0m from $4.7m of accumulated losses Trade and other receivables includes Govt. FEE- HELP and student tuition fees 30-Jun-26 31-Dec-25 Variance $'000 $'000 $'000 Cash and cash equivalents 23,998 18,459 5,539 Trade and other receivables 7,195 1,286 5,909 Goodwill 11,918 11,918 - Intangibles 3,471 3,150 321 Plant & equipment 3,275 2,692 583 Right-of-use assets 12,917 12,763 154 Other assets 7,035 4,824 2,211 Total assets 69,809 55,092 14,717 Contract liabilities 26,383 5,339 21,044 Trade and other payables 8,546 7,576 970 Income tax liabilities - 2,554 (2,554) Lease liabilities 14,898 14,851 47 Other liabilities 2,654 2,278 376 Total liabilities 52,481 32,598 19,883 Net assets 17,328 22,494 (5,166) Issued capital 15,567 26,682 (11,115) Reserves 475 525 (50) Retained earnings / (accumulated losses) 1,286 (4,713) 5,999 Total equity 17,328 22,494 (5,166) Net cash 23,998 18,459 5,539 Net cash up $5.5m to $24.0m, driven by strong HE enrolments and operating performance
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Cashflow bridge 1H26 RESULTS PRESENTATION Strong operating performance 14 Net operating cashflow of $25.1m, up $5.4m from $19.7m in PCP Capex primarily related to campus expansion and course development Active capital management - $11.4m share buybacks completed and $3.8m dividends paid in 1H26 Increase Decrease Total $’000 Strong free cashflow of $20.8m – reflecting seasonality of tuition fee inflows 18,459 25,082 (1,987) (2,332) (3,778) (11,391) (55) 23,998 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000
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03 Capital Structure 1H26 RESULTS PRESENTATION 15
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Capital structure & dividends 1H26 RESULTS PRESENTATION Interim fully-franked dividend of 3.0 cents per share ISSUED CAPITAL 1 SHARE REGISTER PROFILE 2 16 1 the Company bought back and cancelled 20.2m shares during 1H26 for total consideration of $11.4m SUBSTANTIAL SHAREHOLDERS 2 Name Ordinary shares % Adam Davis (CEO) 15,017,926 11.96 DMX Asset Management 12,316,873 9.81 Microequities Asset Management 10,310,258 8.21 Wilson Asset Management 9,863,204 7.85 Peter Mobbs (Interim Chair) 7,224,671 5.75 Jonathan Pager (Director) 6,322,995 5.03 ENTERPRISE VALUE Number % Diluted Ordinary shares 125,616,053 94% Performance rights 8,456,377 6% Fully diluted 134,072,430 100% $m Market capitalisation ($1.03 per share2) 129.4 Cash and cash equivalents (24.0) Debt - Lease liabilities 14.9 Enterprise value 120.3 2 At 25 August 2026 24% 26% 50% Board & Management Institutions (substantial) Other
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04 Market Settings & Outlook 1H26 RESULTS PRESENTATION 17
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1H26 RESULTS PRESENTATION 18 Onshore student transfers Recent amendments to the National Code 2018 restrict providers from paying commissions to education agents for recruiting onshore transferring students (i.e. students changing providers before completing their principal course) Importantly • Students expressly permitted to transfer • Providers may support transfer processes • Agents may assist with transfers and can charge students directly There are no restrictions for • Domestic students • Offshore students • Onshore students commencing a new course after completing their principal course National Planning Level Ministerial Direction 115 Ministerial Direction 115 (MD115) commenced 14 November 2025, replacing MD111 It directs the Department of Home Affairs to prioritise offshore student visa processing based on Provider Limit utilisation Prioritisation levels • Level 1: applications up to 80% of Provider Limit • Level 2: applications between 80% and 115% • Level 3: applications exceeding 115% Importantly • Provider Limits are not caps • All applications continue to be processed, but at different speeds depending on priority level Regulatory environment The National Planning Level (NPL) represents a planning benchmark for new international student commencements, allocated across sectors and providers It is primarily used to guide offshore visa processing prioritisation under Ministerial Direction 115 The 2026 and 2027 NPL is 295,000, up from 270,000 in 2025, with growth weighted toward higher education, particularly public universities 2027 Provider Limits Ikon: 900, up from 205 in 2026 ALG: 488, up from 471 in 2026 Increased focus on quality and integrity
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1H26 RESULTS PRESENTATION 19 Disciplined operating model • Centralised, scalable shared services model supporting strategic priorities • Disciplined cost management focused on campus utilisation and optimising class size • Flexibility to adjust growth and investment pace as conditions evolve • Strong governance, compliance and quality frameworks supporting sustainable operations Proven execution track record Portfolio and recruitment diversification • Broadening course portfolio aligned to national skills shortages • New higher education courses launched in 2025 and 1H26 accounted for 30% of T2’26 HE enrolments • Continued investment in offshore and direct recruitment channels • Increased focus on the domestic student market • Encouraging early uptake of alternative agent engagement and recruitment models in response to National Code reforms • Demonstrated ability to adapt to regulatory and market change, delivering through sector disruption • Consistent HE enrolment growth, enhancing quality of earnings • Strong 1H26 growth and cash generation supporting reinvestment and strategic flexibility Our response Adapt and execute
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2H26 outlook 1H26 RESULTS PRESENTATION 20 • Momentum in HE enrolments supporting continued shift towards higher education • Diversification strategies progressing well however impact of regulatory changes remains uncertain • Board remains confident in EDU’s long- term positioning as quality provider in high demand sectors • Balance between funding growth initiatives, maintaining balance sheet flexibility and returning surplus capital to shareholders via dividends and share buybacks • Fit-out of new Adelaide campus to be completed imminently, with teaching to begin in T3’26 • Melbourne campus upgrade expected to commence in 2H26. Project to be delivered in phases through to June 2027 • Revenue, EBITDA and NPAT up on PCP • Step-up in costs to support higher student volume, alongside continued investment in diversification and future growth • Further guidance to be provided later in the year Financial performance Business and environment Capital management
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05 Appendices 1H26 RESULTS PRESENTATION 21
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1H26 RESULTS PRESENTATION 22 EXECUTIVE MANAGEMENT Adam Davis Managing Director & Chief Executive Officer Adam has extensive experience in the education sector as the founder, CEO, and Managing Director of the formerly ASX-listed Tribeca Learning Limited. Under his leadership, Tribeca successfully acquired and integrated multiple education businesses before being acquired by Kaplan in 2006. Commenced: 2015 Lyndon Catzel Chief Financial Officer & Company Secretary Lyndon has 25 years’ financial, operational and strategic experience as CEO, CFO & COO across businesses in funds administration, financial services, healthcare, software & wholesale distribution, having commenced his career at Deloitte and SG Hambros. Lyndon is a chartered accountant. Commenced: 2016 LEADERSHIP TEAM Jodi Francis General Manager, Student Services & Registrar Jodi has over 15 years’ experience in the education sector leading large, multi-campus teams to deliver exceptional service to students across student administration and student services. Her experience spans both private and public institutions including Torrens University Australia, UTS and University of Notre Dame Australia. Commenced: 2025 Jonathan Pager Jonathan has over 25 years’ experience as a management consultant and qualified as a chartered accountant with Deloitte. Jonathan has restructured, listed and acted as a director for a range of public companies in the resources & industrial sectors. Commenced: 2015 NON - EXECUTIVE DIRECTORS Peter Mobbs Peter is Managing Partner of Five Sigma, a growth investment fund focused on education technology and the future of work, and Managing Director of Greyrock, a private investment company with investments across multiple asset classes, primarily in education and technology. Commenced: 2015 Gerald Ng General Manager, Academic & Governance Gerald is a seasoned executive with extensive experience in academic operations, governance and quality assurance. He has held senior leadership roles, including Vice President Quality and Risk at EduCo International and inaugural Dean at Kaplan Australia. Gerald has a strong track record of leading initiatives that enhance regulatory compliance, improve educational outcomes and drive institutional growth. Commenced: 2025 Non-Executive Interim Chair Non-Executive Director Mark Falvo General Manager, Future Students Mark has 25 years of experience in the international education sector across a range of discipline areas, including operations, academic delivery, consulting and most recently in global recruitment. Mark has an extensive background in facilitating scalable growth in a number of institutions, including Kaplan Business School and Torrens University Australia, where in his latest role he was the Senior Vice President – International. Commenced: 2024 Aligned through significant equity interest Deep sector and corporate experience
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Global recruitment network 1H26 RESULTS PRESENTATION 1 Ikon and ALG student enrolments at 31 July 2026 23 290 active education agents 75 source countries 1,693 new international students (NSEs) recruited in 1H26 Diverse student & agent mix International student enrolments 1 by source country (Top 20) 68.5% Subcontinent 17.1% Asia 8.1% Latin America 2.3% Europe 4.0% Other
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Group Half-on-half analysis 1H26 RESULTS PRESENTATION 24 * Movement in percentage points 1H26 1H25 Variance Variance 2H25 2H24 Variance Variance $'000 $'000 $'000 % $'000 $'000 $'000 % Group Total revenue and other income 54,282 36,124 18,158 50% 46,279 25,413 20,866 82% Cost of sales (20,263) (14,186) (6,077) (43%) (18,036) (10,333) (7,703) (75%) Gross profit 34,019 21,938 12,081 55% 28,243 15,080 13,163 87% Gross margin (%)* 63% 61% n/a 2% 61% 59% n/a 2% Operating expenses (15,591) (9,687) (5,904) (61%) (11,539) (7,879) (3,660) (46%) Operating EBITDA 18,428 12,251 6,177 50% 16,704 7,201 9,503 132% Operating EBITDA margin (%)* 34% 34% n/a - 36% 28% n/a 8% EDU Holdings Corporate costs (1,667) (1,368) (299) (22%) (1,504) (1,594) 90 6% EBITDA 16,761 10,883 5,878 54% 15,200 5,607 9,593 171% EBITDA margin (%)* 31% 30% n/a 1% 33% 22% n/a 11% Depreciation & amortisation - Lease related (1,910) (1,449) (461) (32%) (1,665) (1,164) (501) (43%) - Plant & equipment (607) (498) (109) (22%) (554) (418) (136) (33%) - Intangible assets (537) (355) (182) (51%) (438) (365) (73) (20%) Total depreciation & amortisation (3,054) (2,302) (752) (33%) (2,657) (1,947) (710) (36%) Earnings before interest, tax and one-off items 13,707 8,581 5,126 60% 12,543 3,660 8,883 243% EBIT margin (%)* 25% 24% n/a 1% 27% 14% n/a 13% Interest on lease liabilities (620) (362) (258) (71%) (533) (396) (137) (35%) Net interest income / (expenses) 297 79 218 276% 242 35 207 591% Profit before tax and one-off items 13,384 8,298 5,086 61% 12,252 3,299 8,953 271% Income tax expense (3,989) (2,002) (1,987) (99%) (3,721) (972) (2,749) (283%) Net profit after tax and before one-off items 9,395 6,296 3,099 49% 8,531 2,327 6,204 267% Due diligence and transaction costs (92) (25) (67) (268%) (7) (52) 45 87% Gain on lease modification 16 - 16 n/a - 296 (296) 100% Net profit for the period 9,319 6,271 3,048 49% 8,524 2,571 5,953 232% NPAT margin (%)* 17% 17% n/a - 18% 10% n/a 8%
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Disclaimer This presentation, dated 27 August 2026, provides additional commentary on the Half-Year Report for the period ended 30 June 2026 for EDU Holdings Limited (EDU, EDU Holdings or the Company) and accompanying information provided to ASX on the same date. As such, it should be read in conjunction with those documents. This presentation is provided for general information purposes only. The information contained in this presentation is not intended to be relied upon as advice to investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should assess their own financial circumstances and consider talking to a financial adviser or consultant before making any investment decision. This presentation is not a prospectus, investment statement or disclosure document, or an offer of shares for subscription, or sale, in any jurisdiction. Certain statements in this presentation constitute ‘forward-looking statements’ or statements about ‘future matters’. Such statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. While all reasonable care has been taken in relation to the preparation of this presentation, none of the Company, its subsidiaries, or their respective directors, officers, employees, contractors, or agents accept responsibility for any loss or damage resulting from the use of or reliance on this presentation by any person. Past performance is not indicative of future performance, and no guarantee of future returns is implied or given. Some of the information in this presentation is based on unaudited financial data. All values expressed are in Australian currency. All intellectual property, proprietary and other rights and interests in this presentation are owned by the Company. 1H26 RESULTS PRESENTATION 25
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Adam Davis, CEO E P M Lyndon Catzel, CFO E P M adam.davis@eduholdings.com.au 1300 254 000 +61 408 400 888 lyndon.catzel@eduholdings.com.au 1300 254 000 +61 414 907 384 1H26 RESULTS PRESENTATION 26 CONTACT