T3’26 enrolments climb 26% to a record 7,489
EDU Holdings (ASX: EDU) reported record Group enrolments of 7,489 for T3’26, up 26% on the previous corresponding period (PCP) of 5,962. The result was underpinned by record Higher Education (HE) enrolments, which rose 45% to 6,571.
HE now represents 88% of Group enrolments, up from 75% in the PCP. According to the company, this reflects the Group’s continued strategic shift towards higher education. Year-to-date (YTD) enrolments were also up 26% to 22,198, compared with 17,648 in 2025 YTD.
Key highlights from the update:
- Record Group enrolments up 26% to 7,489
- Record HE enrolments up 45% to 6,571
- HE new student enrolments stable at 1,074, despite regulatory changes and softer international student market conditions
- Domestic HE new student enrolments up 78%, representing 20% of Ikon’s T3’26 intake
- Postgraduate enrolment mix doubled to 28% of total HE enrolments, with postgraduates representing 45% of Ikon’s T3’26 intake
The table below compares the Group’s T3’26 and YTD enrolments with the PCP.
| Metric | T3’26 | T3’25 | Change | 2026 YTD | 2025 YTD | Change |
|---|---|---|---|---|---|---|
| Total student enrolments | 7,489 | 5,962 | +26% | 22,198 | 17,648 | +26% |
| New student enrolments | 1,194 | 1,366 | -13% | 3,320 | 3,333 | 0% |
The Group’s T3’26 reporting period comprises Trimester 3, 2026 of its Higher Education business, Ikon Institute (Ikon), and Terms 3 and 4, 2026 of its Vocational Education and Training (VET) business, Australian Learning Group (ALG).
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Higher Education drives growth as domestic and postgraduate mix expands
Domestic and postgraduate momentum
HE new student enrolments (NSEs) were 1,074, in line with the 1,072 recorded in the PCP. HE represented 90% of Group commencements, up from 78% in the PCP.
Domestic NSEs increased 78%, which the company attributed to continued investment in sales and marketing initiatives, supported by the introduction of new postgraduate programs during 2025 and early 2026. Domestic students represented 20% of Ikon’s T3’26 intake, up from 11% in the PCP, supporting the company’s strategic objective of diversifying its student cohort.
Postgraduate enrolments increased to 28% of total HE enrolments, compared with 14% in the PCP. Postgraduates represented 45% of the T3’26 intake, in line with 44% in the PCP, and the company said uptake reflects demand from both domestic and international students.
The postgraduate mix has moved quickly, and the preceding T2 2026 enrolment update showed postgraduate new student enrolments up 174% and 45% of that trimester’s intake, with domestic new students at 22% of intake.
International softness
International NSEs declined by 10% on the PCP, impacted by the regulatory changes affecting the onshore transfer market.
Understanding the student visa and National Code reforms
Migration policy matters to education providers because visa settings influence how many international students can enrol and move between institutions. The Australian Government continues to implement reforms aimed at reducing net overseas migration (NOM) from its post-pandemic peak. The 2026-27 Federal Budget forecasts NOM declining from 295,000 in 2025-26 to 245,000 in 2026-27 and 225,000 in 2027-28.
Key reforms outlined by the company:
- From 2 October 2026, most temporary visa holders must apply for a Student visa from outside Australia. Exemptions apply, including where a student has completed their principal course and is progressing to a course at a higher Australian Qualifications Framework (AQF) level.
- The restricted transfer period for most overseas students changing education providers has temporarily increased from 6 to 12 months, and currently applies until 30 June 2027.
- From 1 July 2027, the Government intends to introduce a new Student visa transfer stream.
EDU stated the reforms may reduce onshore transfer activity and affect the timing and composition of the Group’s future international student commencements. The domestic student market is not affected by these changes.
The enrolment growth has already flowed into earnings, with EDU’s 1H26 financial results showing revenue up 50% to $54.3m and a tripled interim dividend, alongside a 2027 Provider Limit for Ikon rising to 900 from 205.
VET contraction and the road ahead
VET enrolments continued to soften in line with broader market conditions. Total enrolments in T4’26 were 918, compared with 1,425 in the PCP and 1,046 in T3’26, as smaller commencing cohorts progressively replaced larger graduating cohorts.
VET NSEs were 61 in T4’26 and 59 in T3’26, compared with 164 and 130 respectively in the PCP. The company said this reflects the ongoing contraction in the international VET market, and Group NSEs decreased 13% to 1,194, driven by softness in the Group’s Vocational offering.
Despite its reduced relative contribution, VET continues to support student diversity and provide progression pathways into HE. Approximately half of the Group’s 918 current VET students are enrolled in a packaged course offering with Ikon.
EDU will continue to monitor the implementation of the reforms while maintaining its strategic focus on diversifying its domestic, offshore and onshore recruitment channels.
EDU intends to report 2027 enrolment numbers in accordance with the following schedule:
- Week commencing 1 March 2027: Ikon Trimester 1, 2027 | ALG Term 1, 2027
- Week commencing 21 June 2027: Ikon Trimester 2, 2027 | ALG Term 2, 2027
- Week commencing 11 October 2027: Ikon Trimester 3, 2027 | ALG Terms 3 and 4, 2027
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