• Highlighting the resiliency of its private education business model in ASEAN built over 36 years, the Group’s revenue remained relatively stable with core earnings of S$22.71 million in 9M2026, despite the disposal of Raffles Hefei (which owns Wanbo Science and Technology Vocational College) that was completed in the 1st Half of FY2026 and the impact of a stronger Singapore dollar. 

• Net cash generated from operating activities improved to S$16.25 million during 9M2026, supported by advance course fee collections. 

• Liquidity position improved with increased cash and bank balances of S$46.18 million as at 31 March 2026 (as compared to S$16.86 million as at 30 June 2025), alongside deleveraging and strategic asset monetisation initiatives. 

• Total Group borrowings reduced substantially to S$84.99 million as at 31 March 2026, compared to S$206.78 million as at 31 March 2025, of which S$40.99 million was attributable to its Hong Kong Stock Exchange-listed subsidiary, Oriental University City Holdings (H.K.) Ltd and net value of S$35.19 million convertible bonds (gross value $38.83m), of which net value of S$31.75 million (gross value $35.03m) is held by the Company’s Chairman and CEO, Mr Chew Hua Seng. 

• The Company’s standalone bank borrowings have been reduced to zero. 

• Finance costs decreased to S$10.67 million in 9M2026, reflecting lower borrowings and reduced interest rates as part of the Group’s ongoing deleveraging efforts and strategic asset monetisation initiatives. 

• Net assets increased to S$713.17 million that are mainly anchored by substantial freehold property assets with net asset value per ordinary share of 35.13 SG cents as at 31 March 2026. 

• Underpinning its resilient private education business model in ASEAN, Raffles Education benefits from a highly scalable platform with low incremental capital expenditure as a substantial portion of its land and buildings, classified as property, plant and equipment and developed for its core education operations, are fully paid up and unencumbered. 

• The Group is focusing on the expansion of its premium K–12 education segment across ASEAN, including plans to establish a new K–12 campus in Jakarta, Indonesia, in the second half of 2026. 

• Alongside a significant reduction in borrowings, the Group aims to further strengthen its financial performance through disciplined cost management across its operations, driving margin expansion and supporting the delivery of long-term sustainable value as a premier education group in Asia. 

https://links.sgx.com/FileOpen/RafflesEdu_PR_3Q2026_7May2026.ashx?App=Announcement&FileID=887987