Highlights

  • Tribal expects FY25 adjusted EBITDA ahead of current market expectations.
  • The Group forecasts a transition to a net cash position in FY25.
  • Subscription model adoption continues across Higher Education customers.

Tribal Group plc (LSE:TRB), a supplier of software and services to the international education sector, issued a trading update for the year ending 31 December 2025. The Group stated that full-year revenue for FY25 is anticipated to be in line with market expectations, while adjusted EBITDA is projected to exceed current forecasts. The update noted that the performance was supported by better-than-expected activity in the Student Information Solutions (SIS) division during the second half of the year and the expected return to growth in Etio.

The company highlighted that these operational outcomes form the basis of its financial guidance for the period and reflect the contributions from its core service lines.

Shift from Net Debt to Net Cash Position
According to the trading update, Tribal expects a considerable change in its year-end financial position. The Group forecasts a net cash balance of no less than GBP 5 million at 31 December 2025. This marks a turnaround from the GBP 3.2 million net debt recorded at the end of 2024. The update attributed this change to improved working-capital movements and the year’s EBITDA outcome.

Board Declares Special Dividend for Early 2026
In line with the updated financial position, Tribal announced that a Special Dividend of 1.5p per share will be paid on 29 January 2026. Shareholders must be on the register as of 5 January 2026, with the stock trading ex-dividend from 2 January 2026. The company stated that this decision is based on its current assessment of the balance sheet and cash performance.

Progress in Subscription Pricing Model Roll-Out
The Group also reported continued progress in implementing its Higher Education Full-Service subscription pricing model. A large portion of its Higher Education clients have now moved to subscription arrangements. Tribal commented that this development supports its transition toward a model with higher levels of recurring revenue and provides a framework for customers who plan to expand usage of its applications.

Share Price Snapshot
TRB was trading at GBX 67.50 per share as of 12 December 2025.