Global Education returns to profit as revenue rises 9%
Global Education Communities Corp. returned to profitability in Q3 2026 with a net income of $0.672 million, driven by a 9% revenue increase to $16.593 million. The company divested legacy educational assets, including SSLC Language College, to focus on its student housing portfolio. EBITDA from continuing operations rose 59% to $7.027 million.
*this image is generated using AI for illustrative purposes only.
Global Education Communities Corp. returned to profitability for the nine months ended May 31, 2026, reporting a net income attributable to shareholders of $0.672 million. This marks a turnaround from a net loss of $0.324 million in the corresponding period of the previous year. The financial performance was driven by a 9% increase in total revenue, which reached $16.593 million, and a significant 59% rise in EBITDA from continuing operations to $7.027 million.
The company completed the divestiture of its legacy educational assets, including the sale of SSLC Language College and VIC Vancouver International College on February 28, 2026, for $2 million. This follows the fiscal 2025 sale of Sprott Shaw College for gross cash proceeds of $35 million. These transactions align with Global Education Communities Corp.'s strategic shift to focus exclusively on its student housing real estate portfolio under the GEC Living brand.
Student housing rental revenue increased 11% to $13.922 million in Q3 2026, up from $12.543 million in the prior year. Earnings per share attributable to shareholders were $0.01, reversing from a loss per share of $(0.00) in the previous period. Adjusted EBITDA for continuing operations decreased 19% to $6.222 million, reflecting the impact of the divestitures and changes in fair value adjustments.
Financial Performance
The following table outlines the selected financial data for the nine months ended May 31, 2026, compared to the same period in 2025. All figures are in thousands of Canadian dollars unless otherwise stated.
| Metric | Q3 2026 ($) | Q3 2025 ($) | Change (%) |
|---|---|---|---|
| Total revenues | 16,593 | 15,241 | 9% |
| Net income (loss) from continuing operations | 150 | (5,108) | 103% |
| Net income (loss) attributable to GECC shareholders | 672 | (324) | 307% |
| Basic and Diluted EPS | 0.01 | (0.00) | 304% |
| EBITDA - continuing operations [Non-IFRS] | 7,027 | 4,421 | 59% |
| Adjusted EBITDA - continuing operations [Non-IFRS] | 6,222 | 7,637 | (19)% |
| Total assets | 378,037 | 418,719 | (10)% |
| Total non-current financial liabilities | 153,226 | 160,500 | (5)% |
Strategic Realignment
Global Education Communities Corp. has reorganized its reporting into four primary segments: Development and Construction, GEC Living, Education and Support Services, and Corporate. The Development and Construction segment focuses on projects such as GEC Oakridge, GEC Langara, and GEC Surrey Education Mega Center. The GEC Living segment operates eight student housing properties, including GEC Burnaby Heights and GEC King Edward, providing housing for students from 79 countries.
Historical Stock Returns for Global Education
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.14% | +1.89% | +0.63% | +26.52% | +59.33% | +925.98% |
How does the company plan to allocate the $37 million in gross cash proceeds from recent asset divestitures to maximize shareholder value?
What are the projected timelines and capital requirements for the active development projects at GEC Oakridge, Langara, and the Surrey Education Mega Center?
With the strategic shift exclusively to student housing, what is the long-term growth strategy for expanding the GEC Living portfolio beyond the current eight properties?
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