Cash GenerationConsistently positive operating cash flow and FCF that closely mirror net income indicate durable cash conversion. Strong 2025 FCF growth supports internal funding for capex, dividends and debt reduction, reducing reliance on external financing and enhancing long-term financial flexibility.
Improved MarginsMaterial improvement to operating and net margins reflects better cost control and pricing power. Sustained double-digit operating margins create cushion for the business to absorb cost shocks, fund reinvestment and maintain returns even with moderate revenue variability.
Revenue Growth And Business ModelHealthy revenue growth driven by enrolments, parent fees and government subsidies demonstrates a resilient, demand-backed model. The mix of fee income plus public funding smooths volatility and underpins predictable cash flows if enrolment levels remain stable.