Oslo, Norway, 28 May 2026 - Keystone Education Group today announced its Q1 2026 financial results, highlighting disciplined operational execution, continued strategic progress, and ongoing investments in AI, platform integration and operational scalability despite continued volatility in international student recruitment markets.
Revenue for the quarter was USD 19.6 million, compared to USD 19.7 million in the prior year. Market conditions remained mixed across geographies during the quarter. International student demand and search activity remained relatively resilient globally, but conversion into applications and enrollments continued to be impacted by visa policies, compliance requirements and institutional caution in key markets.
Adjusted EBITDA was USD 2.2 million versus USD 3.2 million in the prior year, corresponding to an EBITDA margin of 11% compared to 16% last year.
The reduction in adjusted EBITDA primarily reflects lower gross profit driven by weaker international enrollment conversion across key markets, combined with continued investments in technology, AI capabilities and platform consolidation initiatives.
Enrollment Services expansion in APAC continued according to plan during the quarter, with additional institutional contract wins secured in Australia and New Zealand.
The Group also launched its next-generation AI-enabled student engagement platform during Q1-26. The platform is designed to improve adviser productivity, student engagement and conversion while supporting scalable communication workflows across university partners.
Search & Discovery initiatives during the quarter remained focused on improving engagement and conversion across Keystone's student audience while adapting to changes in digital traffic and search behavior.
The UK market remained affected by stricter visa compliance requirements and continued policy uncertainty during Q1-26. While search demand remained relatively stable, study visa applications continued below historical levels, impacting enrollment visibility across parts of the market.
The U.S. market also remained challenging following significant policy disruptions during 2025. While student interest in U.S. education remains comparatively strong, affordability, accessibility and policy uncertainty continue impacting conversion into applications and enrollments.
Domestic student recruitment markets across the Nordics and DACH remained comparatively stable during the quarter, supported by favorable demographic trends, strong brand positioning and continued higher education participation.
Operational efficiency initiatives initiated during 2025 continued progressing according to plan during the quarter, including platform consolidation, organizational simplification and scaling of the Bangalore Shared Service Center.
In May 2026, Keystone initiated an additional cost optimization program expected to deliver annualized savings of approximately USD 8 million from 2027 onwards.
Fredrik Högemark, CEO of Keystone Education Group, said:
"Q1 reflected disciplined execution and continued progress across several of our most important strategic priorities despite continued market volatility.
The global student recruitment market remains affected by policy uncertainty and changing student mobility patterns, particularly in the UK and U.S. However, we continue seeing relatively resilient student demand levels, strong engagement across our platforms, and increasing strategic opportunities in APAC and continental Europe.
We are continuing to adapt the business to evolving market conditions through operational efficiencies, platform consolidation, AI-enabled productivity improvements and disciplined capital allocation.
At the same time, we continue investing in the long-term development of Keystone's platform, engagement capabilities and enrollment infrastructure. We believe our combination of audience scale, trusted institutional relationships, data capabilities and global operational footprint positions Keystone well for long-term value creation as the market evolves."
About Keystone Education Group
More than 100 million students trust Keystone to help them pursue higher education every year. In turn, Keystone helps over 5,000 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 750+ employees worldwide, with offices across the Nordics, Germany, Spain, and the UK.
