Schools
52
YoY▲10.6%
AOP54−3.7%
VP58−10.3%
Students
31,319
YoY▲17.1%
AOP30,105+4.0%
VP35,373−11.5%
Average tuition fee
1.18$ K
YoY▲5.0%
AOP1.18+0.3%
VP1.18+0.3%
School revenue
48.9$ mn
YoY▲24.4%
AOP46.6+4.9%
VP54.8−10.8%
EBITDA margin
29.3%
YoY▲1.4pp
AOP28.3%+1.1pp
VP34.0%−4.7pp
Capacity utilisation
81.3%
YoY▲1.9pp
AOP83.7%−2.4pp
VP85.3%−4.0pp
Cash & runway
Cash balance38.6$mn+9.4/yr · avg of 3Runwayn/acash positiveSchool revenue
48.9$ mn · FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 23.2 | — | — | — |
| FY23 | 28.6 | — | 28.3 | 23.2 |
| FY24 | 33.8 | — | 35.4 | 28.6 |
| FY25 | 39.3 | 40.9 | 44.3 | 33.8 |
| FY26 | 48.9 | 46.6 | 54.8 | 39.3 |
Tuition fee revenue
37$ mn · FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 18.1 | — | — | — |
| FY23 | 22.1 | — | 22 | 18.1 |
| FY24 | 26.1 | — | 27.3 | 22.1 |
| FY25 | 30.1 | 31.3 | 33.9 | 26.1 |
| FY26 | 37 | 35.4 | 41.7 | 30.1 |
Operating EBITDA
14.3$ mn · FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 5.7 | — | — | — |
| FY23 | 7.3 | — | 7.3 | 5.7 |
| FY24 | 9 | — | 10.1 | 7.3 |
| FY25 | 11 | 12 | 13.8 | 9 |
| FY26 | 14.3 | 13.2 | 18.6 | 11 |
EBITDA margin
29.3%FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 24.6% | — | — | — |
| FY23 | 25.4% | — | 25.6% | 24.6% |
| FY24 | 26.7% | — | 28.5% | 25.4% |
| FY25 | 27.9% | 29.3% | 31.2% | 26.7% |
| FY26 | 29.3% | 28.3% | 34.0% | 27.9% |
PBT
10$ mn · FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 3.6 | — | — | — |
| FY23 | 4.7 | — | 4.7 | 3.6 |
| FY24 | 6 | — | 7 | 4.7 |
| FY25 | 7.5 | 8.4 | 10 | 6 |
| FY26 | 10 | 8.9 | 14.1 | 7.5 |
PAT
7.5$ mn · FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 2.7 | — | — | — |
| FY23 | 3.5 | — | 3.5 | 2.7 |
| FY24 | 4.5 | — | 5.2 | 3.5 |
| FY25 | 5.6 | 6.3 | 7.5 | 4.5 |
| FY26 | 7.5 | 6.7 | 10.5 | 5.6 |
Schools
52FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 34 | — | — | — |
| FY23 | 38 | — | 40 | 34 |
| FY24 | 43 | — | 46 | 38 |
| FY25 | 47 | 48 | 52 | 43 |
| FY26 | 52 | 54 | 58 | 47 |
Students
31,319FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 18,687 | — | — | — |
| FY23 | 21,621 | — | 21,428 | 18,687 |
| FY24 | 24,320 | — | 25,341 | 21,621 |
| FY25 | 26,737 | 27,790 | 30,094 | 24,320 |
| FY26 | 31,319 | 30,105 | 35,373 | 26,737 |
Average tuition fee
1.2$ K · FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 1 | — | — | — |
| FY23 | 1 | — | 1 | 1 |
| FY24 | 1.1 | — | 1.1 | 1 |
| FY25 | 1.1 | 1.1 | 1.1 | 1.1 |
| FY26 | 1.2 | 1.2 | 1.2 | 1.1 |
Capacity utilisation
81.3%FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 71.0% | — | — | — |
| FY23 | 73.8% | — | 76.7% | 71.0% |
| FY24 | 76.6% | — | 79.6% | 73.8% |
| FY25 | 79.4% | 80.8% | 82.4% | 76.6% |
| FY26 | 81.3% | 83.7% | 85.3% | 79.4% |
New admissions
9,322students · FY26
numbers
| period | actual | AOP | prior yr |
|---|---|---|---|
| FY22 | 4,961 | — | — |
| FY23 | 6,032 | — | 4,961 |
| FY24 | 6,991 | — | 6,032 |
| FY25 | 8,011 | 8,124 | 6,991 |
| FY26 | 9,322 | 8,995 | 8,011 |
Revenue per school
0.9$ mn · FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 0.7 | — | — | — |
| FY23 | 0.8 | — | 0.7 | 0.7 |
| FY24 | 0.8 | — | 0.8 | 0.8 |
| FY25 | 0.8 | 0.9 | 0.9 | 0.8 |
| FY26 | 0.9 | 0.9 | 0.9 | 0.8 |
Cash balance
38.6$ mn · FY26
numbers
| period | actual | AOP | VP | prior yr |
|---|---|---|---|---|
| FY22 | 9.6 | — | — | — |
| FY23 | 10.5 | — | 10.5 | 9.6 |
| FY24 | 32.1 | — | 31.9 | 10.5 |
| FY25 | 34.8 | 35.3 | 34.7 | 32.1 |
| FY26 | 38.6 | 37.3 | 40 | 34.8 |
Net cash flow
3.8$ mn · FY26
numbers
| period | actual | prior yr |
|---|---|---|
| FY23 | 0.9 | — |
| FY24 | 21.5 | 0.9 |
| FY25 | 2.8 | 21.5 |
| FY26 | 3.8 | 2.8 |