Oslo, Norway, 27 February 2026 - Keystone Education Group today announced its Q4 2025 financial results, highlighting continued strategic investment, disciplined cost management, and expanding geographic reach as the company positions itself for markets stabilizing and improved profitability in 2026.
Revenue for the quarter was USD 18.5 million, compared to USD 19.4 million in the prior year (-5%). The revenue decline reflects continued market headwinds across international student mobility but was in line with internal expectations.
Adjusted EBITDA was USD 0.5 million versus USD 2.1 million in the prior year, corresponding to an EBITDA margin of 3% compared to 11% last year.
The year-on-year decrease was mainly driven by lower gross profit, seasonality, higher operating costs, and investments related to AI and technology, platform integration, and geographic expansion initiatives.
The Group has established meaningful commercial momentum in Australia and New Zealand APAC, securing several new multiyear contracts, which will start generating revenue in 2026.
Tech & Product costs (including Capex) increased 53% year-on-year, driven by platform integration, AI capability build-out and acceleration of key product initiatives. These investments will strengthen scalability, competitiveness, and margins over the medium term.
The UK and the U.S., markets where Keystone has historically achieved strong growth, have continued to be impacted heavily by policy-driven declines in international student demand, creating short-term headwinds.
Keystone's data suggests international interest in the U.S. fell by nearly 50% during the second half of 2025, and that nearly 20% of students were considering revising their study plans. While full enrollment data for 2025 is not yet available, a snapshot survey predicts a 17% decrease.
In the UK, 2025 saw a 5% overall increase in visa applications compared to 2024, but both search activity and visa metrics present a weaker start to 2026 following several policy changes, including a reduction in graduate work visas.
Fredrik Högemark, CEO of Keystone Education Group, said:
"In domestic recruitment markets across the Nordics, Germany and the UK, Keystone continues to maintain a strong position, providing stability amid international student mobility challenges, with the Nordics continuing to show healthy organic growth.
Keystone continues to strengthen its platform, product capabilities, and geographic reach. Our investments in AI, platform integration and operational efficiency position us well to capture growth as markets stabilize."
About Keystone Education Group
More than 100 million students trust Keystone to help them pursue higher education every year. In turn, Keystone helps over 5,500 education institutions reach, recruit, and enroll prospective students in more than 190 countries. Keystone also operates a range of global student recruitment services including UniQuest, Asia Exchange, Blueberry, SONOR, Edunation, and Keystone Sports.
Headquartered in Oslo, Norway, Keystone is backed by Viking Growth and Verdane, two leading Nordic venture firms. Keystone has more than 850+ employees worldwide, with offices across the Nordics, Germany, Spain, and the UK.
Media contact:
Danijela Jurjevic
PR Specialist
danijela.jurjevic@keg.com
+34 621 023 472
