Riyadh: Almasar Alshamil Education JSC (“Almasar” or the “Company”), the leading provider of specialized education in the GCC, announces its financial results for the nine-month period (“9M 2025”) and three-month period (“Q3 2025”) ended 30 September 2025.

  • Revenue: Grew by 24% year-on-year to SAR 336 million in 9M 2025, driven by strong enrollment growth at Human Development Company (“HDC”, up 25% year-on-year) and Middlesex University (“MDX”, up 12% year-on-year), with total students and beneficiaries reaching 14.4k, excluding NEMA.
  • EBITDA: 9M 2025 EBITDA of SAR 129 million, growing by 7% year-on-year, driven by strong enrollment growth, partially offset by higher head office costs associated with the establishment of the Riyadh head office. On a segment basis in 9M 2025, EBITDA increased 16% year-on-year at HDC, 18% year-on-year at MDX and 81% year-on-year at NEMA. 
  • Net Profit: 9M 2025 Net Profit increased 5% year-on-year to SAR 84 million, partly impacted by the establishment of the Riyadh head office. On a segment basis in 9M 2025, HDC net profit was flat year-on-year, MDX increased by 35% year-on-year and NEMA increased by 94% year-on-year.  
  • Balance sheet: Cash balance of SAR 299 million and low leverage at the end of 9M 2025.
  • Q4 2025 outlook: The Company expects a positive outlook for Q4 2025 and the remainder of the academic year based on record student and beneficiary enrollment growth and ongoing operational efficiencies. 

9M 2025 Strategic & Operating Highlights

  • Strong student and beneficiary growth: 5.0k students and beneficiaries added year-on-year as at September 2025, bringing the total students and beneficiaries base to 28.0k with record increases at MDX (6.4k total students, up 12% year-on-year), HDC (8.0k total students and beneficiaries, up 25% year-on-year) and at NEMA Holding (13.6k total students, up 25% year-on-year).
  • Expanding Special Needs Education and Care network: HDC continued its growth trajectory, opening four new daycare centers during the first nine months of 2025, following the launch of eight new centers in 2024, bringing the total to 39. In addition, HDC also expanded its schools network to 14, increasing from ten in the prior year.
  • MDX International Student Growth: Delivering on a key strategic priority, international students at MDX grew by 39% to 3.4k students, with the international student base now comprising more than 50% of total students as at September 2025. 
  • New MDX academic offering: MDX launched The London Sports Institute during 9M 2025, offering cutting-edge education, professional training and applied research in Sports Science.

9M 2025 Financial Highlights  

  • Revenue: Grew by 24% year-on-year to SAR 336 million in 9M 2025, driven by:
    • HDC (Special Needs Education and Care): 23% year-on-year increase to SAR 155 million, driven by a 25% year-on-year increase in beneficiaries to 8.0k and the continued expansion and ramp-up of the daycare center network.
    • MDX (Higher Education): 24% year-on-year increase to SAR 181 million, driven by over 12% year-on-year growth in enrollments at MDX to 6.4k students, primarily due to growth in international students, which comprised more than 50% of the total student base as at September 2025.
  • EBITDA: SAR 129 million in 9M 2025, increasing by 7% year-on-year, driven by strong EBITDA growth across all business units, as follows:
    • HDC (Special Needs Education and Care): Up 16% year-on-year to SAR 57 million, driven by continued network expansion and growth in beneficiaries at existing centers.
    • MDX (Higher Education): Up 18% year-on-year to SAR 62 million, supported by enrollment growth led by international students.
    • NEMA (Higher Education): Share of result of SAR 28 million up 81% year-on-year driven by strong enrollment growth and operational efficiencies.
    • Consolidated basis: EBITDA growth was partly offset by higher head office costs, primarily driven by SAR 19 million in additional costs from the establishment of the new Riyadh head office in 2025.  
  • Net Profit: Increased by 5% year-on-year to SAR 84 million in 9M 2025. By segment, the growth was driven by the following, which excludes head office related costs:
    • HDC (Special Needs Education and Care): SAR 32 million, in line with the prior year, with underlying growth in existing facilities offset by costs associated with newly launched facilities that will drive growth in future periods.
    • MDX (Higher Education): SAR 47 million, up 35% year-on-year.
    • NEMA (Higher Education): SAR 26 million, up 94% year-on-year. 

Q3 2025 Financial Highlights

  • Revenue: Increased 29% year-on-year to SAR 48 million, up from SAR 37 million in Q3 2024, reflecting strong enrollment growth and daycare center expansion:
    • HDC (Special Needs Education and Care): SAR 38 million of revenues growing by 26% versus Q3 2024.
    • MDX (Higher Education): 45% year-on-year increase in summer program revenues to SAR 10 million.
  • EBITDA: As disclosed in the prospectus, and consistent with the seasonality of the education sector, in Q3 2025 EBITDA was a SAR (8) million loss, compared to a SAR 2 million profit in Q3 2024, reflecting the seasonal reduction in revenue during the summer academic break. The EBITDA loss compared to the same quarter in the prior year reflects the relative increase in the Company’s operational cost base as a result of the strong growth in student numbers, and the ongoing launch and ramp-up of new centers (three added in Q3 2025). Additionally, costs associated with the new Riyadh head office added an incremental SAR 8 million to the Company’s operating cost base during Q3 2025, compared to the same quarter in the prior year. On a segment basis, which excludes head office related costs:
    • HDC (Special Needs Education and Care): SAR 12 million profit, up 23% year-on-year.
    • MDX (Higher Education): SAR (16) million loss, down 31% year-on-year, reflecting the growth in the student base and typical seasonality over the summer months.
    • NEMA (Higher Education): Share of result of SAR 3 million profit versus a loss of SAR (1) million in the prior year.
  • Net Profit / (Loss): SAR (18) million loss compared to SAR (9) million loss in Q3 2024. The following outlines Net Profit on a segment basis, which excludes head office related costs:
    • HDC (Special Needs Education and Care): SAR 3 million profit, down 30% in the quarter from SAR 5 million in the prior year, impacted by costs associated with newly launched centers and higher operational costs during the summer academic break, due to the ongoing growth in the beneficiary base which will positively impact Q4 2025 and beyond.
    • MDX (Higher Education): SAR (16) million loss, broadly flat year-on-year, with higher revenue offset by higher operating costs due to increased student numbers.
    • NEMA (Higher Education): Share of result of SAR 2 million profit versus a loss of SAR (2) million in the prior year.
  • Q4 2025 outlook: The Company expects a positive outlook for Q4 2025 EBITDA and the remainder of the academic year, based on record student and beneficiary enrollment growth and ongoing operational efficiencies as the Group grows and scales.  

Majed Al Mutairi, Chief Executive Officer of Almasar Alshamil Education, added:

“Almasar Alshamil Education continued its strong momentum during the first nine months of 2025, with revenues rising 24% year-on-year to SAR 336 million and EBITDA increasing 7% to SAR 129 million, reflecting record enrollment growth, with total students and beneficiaries reaching 28.0k. As is customary and due to inherent seasonality in the education sector, we recorded an operating loss in Q3 2025 reflecting the impact of the summer academic break on revenues. However, we remain positive on Q4 2025 and the remainder of the academic year, with EBITDA expected to be supported by record student and beneficiary enrollment growth and ongoing operational efficiencies as the Group grows and scales.

“Strategically, we are focused on driving strong organic growth across our Special Education Needs and Care and Higher Education businesses through the ongoing expansion of HDC’s network of centers and schools and broadening our international student base at Middlesex University Dubai to include students from new markets across Africa, the GCC, the Levant and Western Europe, while exploring opportunities to enter other complementary education verticals. As we prepare for our listing on the Saudi Exchange later this year, we remain committed to investing in high-impact growth opportunities and delivering long-term value for our shareholders.”