Curro reports mixed half-year as impairment charge hits EPS

Curro Holdings Limited reported a 4.7% increase in revenue, reaching R2,709 million for the six months ended June 30, 2025. However, weighted average learner numbers declined by 1.4% to 71,749. Earnings Before Interest, Taxation, Depreciation, and Amortisation (EBITDA) remained flat at R625 million compared to the prior comparable period.

The company's recurring headline earnings decreased by 1.8% to R224 million. Recurring headline earnings per share (RHEPS) and headline earnings per share (HEPS) both saw a modest increase of 0.2% to 40.3 cents. Conversely, earnings per share (EPS) decreased significantly by 36.1% to 25.7 cents, down from 40.2 cents in the prior comparable period.

This decline in EPS is primarily due to a R74 million impairment charge recognised by Curro, relating to land held for future school development. The board resolved not to declare a dividend for the period, aligning with its policy of distributing 20% of recurring headline earnings as an annual dividend.