EDU Holdings has lifted total enrolments 26% to a record 7,489, with Higher Education up 45% and now accounting for 88% of the group. The result also exposes a sharper divide: domestic and postgraduate demand is strengthening, while international VET enrolments continue to contract.
- Record group enrolments of 7,489, up 26%
- Higher Education enrolments rise 45% to 6,571
- Domestic HE new enrolments increase 78%
- Postgraduate students reach 28% of the HE base
- VET enrolments fall as international demand weakens
Higher Education drives record enrolment result
EDU Holdings Limited (ASX:EDU) has reached a record 7,489 student enrolments for its T3’26 reporting period, a 26% increase on the previous corresponding period. The gain was concentrated in Higher Education, where enrolments rose 45% to 6,571 and increased their share of the group from 75% to 88%.
The result extends a run of strong growth at Ikon Institute, after the record first-half enrolment surge helped drive substantial revenue and earnings growth in the six months to December 2025. Yet the latest update is not simply a volume story: group new student enrolments fell 13% to 1,194, reflecting weakness in the vocational arm.
Domestic intake expands as international commencements soften
Higher Education new student enrolments were broadly stable at 1,074, compared with 1,072 a year earlier. That stability masked a significant change in mix. Domestic HE commencements rose 78% and represented 20% of Ikon’s T3’26 intake, up from 11% in the prior period, while international commencements declined 10% amid regulatory changes affecting the onshore transfer market.
Postgraduate programs supplied another important shift. Postgraduate students accounted for 28% of total HE enrolments, double the previous 14%, and made up 45% of Ikon’s T3’26 intake. EDU said uptake reflected demand from both domestic and international students, although the enrolment release provides no updated revenue, earnings or cash-flow figures.
VET contraction creates a clear counterweight
Australian Learning Group’s VET business moved in the opposite direction. Term 4 enrolments fell to 918 from 1,425 a year earlier and 1,046 in Term 3, as smaller commencing cohorts replaced larger graduating cohorts. New VET enrolments were 61 in Term 4 and 59 in Term 3, compared with 164 and 130 respectively in the corresponding periods.
EDU attributed the decline to the ongoing contraction in the international VET market. The division remains strategically relevant, with roughly half of its current students enrolled in packaged courses with Ikon, but its reduced contribution means the group’s overall trajectory is increasingly tied to Higher Education.
Visa reforms add uncertainty to future commencements
Student visa and provider-transfer reforms introduced from 2 October may reduce onshore transfer activity and affect the timing and composition of future international commencements. Most temporary visa holders must now apply for a Student visa from outside Australia and remain offshore when it is granted, while the restricted period for many overseas students changing providers has temporarily increased from six to 12 months.
EDU said it would continue diversifying domestic, offshore and onshore recruitment channels. The domestic market is not affected by the changes, making the next enrolment updates important for separating sustained domestic and postgraduate momentum from any disruption to international intake.
Bottom Line?
The headline enrolment growth is strong, but the next test is whether domestic and postgraduate expansion can keep carrying the group as visa reforms and VET weakness weigh on international commencements.
Questions in the middle?
- Can domestic enrolment growth remain strong enough to offset further international softness?
- How materially will the extended provider-transfer restrictions affect Ikon’s future commencements?
- Will the shrinking VET base reduce packaged-course pathways into Higher Education?