HORIZON EDUCATIONAL

Horizon Educational Company

9603StocksTadawulConsumer Discretionary

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

	H1 2026Dec 31, 2025	H2 2025Jun 30, 2025	H1 2025Dec 31, 2024	H2 2024Jun 30, 2024	H1 2024Dec 31, 2023
Assets
Cash & Equivalents	23.04M	6.32M	32.71M	9.35M	—
Cash & Short-Term Investments	23.04M	6.32M	32.71M	29.35M	—
Receivables	26.35M	3.37M	18.27M	3.07M	—
Inventory	2.39M	0.69M	—	0.14M	—
Current Assets	55.20M	13.56M	54.38M	35.86M	—
PP&E	88.97M	87.26M	61.80M	44.59M	—
Total Assets	144.18M	100.82M	116.18M	80.45M	—
Liabilities
Accounts Payable	3.01M	2.87M	0.89M	0.82M	—
Current Liabilities	41.26M	6.56M	24.25M	3.61M	—
Total Debt	15.14M	14.60M	14.10M	—	—
Total Liabilities	62.17M	26.72M	43.57M	8.79M	—
Equity & Ownership
Retained Earnings	35.01M	27.11M	25.61M	24.65M	—
Total Equity	82.01M	74.11M	72.61M	71.65M	—
Net Debt	-7.90M	8.27M	-18.61M	-29.35M	—
Shares Outstanding	2,500,000	2,500,000	2,500,000	2,512,328	2,000,000
Cash & Assets
Total Assets	144.18M	100.82M	116.18M	80.45M	—
Total Current Assets	55.20M	13.56M	54.38M	35.86M	—
Cash & Equivalents	23.04M	6.32M	32.71M	9.35M	—
Cash & Short-Term Investments	23.04M	6.32M	32.71M	29.35M	—
Net Cash (Debt)	7.90M	-8.27M	18.61M	29.35M	—
Net Cash Per Share	3.16	-3.31	8.70	11.68	—
Cash Growth	-29.6%	-78.5%	—	—	—
Net Cash Growth	-57.6%	—	—	—	—
Accounts Receivable	26.35M	3.37M	18.27M	2.95M	—
Other Receivables	—	—	—	115.50K	—
Receivables	26.35M	3.37M	18.27M	3.07M	—
Inventory	2.39M	0.69M	—	0.14M	—
Prepaid Expenses	3.43M	0.88M	3.40M	2.07M	—
Construction In Progress	—	29.33M	2.21M	1.24M	—
Land	21.58M	21.58M	21.58M	21.58M	—
Buildings	84.98M	54.70M	54.70M	52.58M	—
Machinery	11.78M	8.75M	10.74M	10.15M	—
Property, Plant & Equipment	88.97M	87.26M	61.80M	44.59M	—
Other Current Assets	—	2.30M	—	1.23M	—
Long-Term Leases	15.14M	14.60M	14.10M	—	—
Loans & Investments
Short-Term Investments	—	—	—	20.00M	—
Liabilities & Obligations
Total Liabilities	62.17M	26.72M	43.57M	8.79M	—
Total Liabilities & Equity	144.18M	100.82M	116.18M	80.45M	—
Total Current Liabilities	41.26M	6.56M	24.25M	3.61M	—
Accounts Payable	3.01M	2.87M	0.89M	0.82M	—
Accrued Expenses	3.84M	0.23M	2.69M	0.49M	—
Current Income Taxes Payable	198.72K	304.83K	123.96K	337.40K	—
Current Unearned Revenue	34.12M	3.16M	20.44M	1.42M	—
Other Current Liabilities	97.34K	—	104.98K	542.41K	—
Pension & Post-Retirement Benefits	5.77M	5.56M	5.22M	5.18M	—
Debt & Funding
Total Debt	15.14M	14.60M	14.10M	—	—
Equity & Book Value
Shareholders' Equity	82.01M	74.11M	72.61M	71.65M	—
Common Stock	25.00M	25.00M	25.00M	20.00M	—
Additional Paid-In Capital	22.00M	22.00M	22.00M	27.00M	—
Retained Earnings	35.01M	27.11M	25.61M	24.65M	—
Book Value Per Share	32.80	29.64	29.05	28.52	—
Tangible Book Value	82.01M	74.11M	72.61M	71.65M	—
Tangible Book Value Per Share	32.80	29.64	29.05	28.52	—
Filing Date Shares Outstanding	2.50M	2.50M	2.50M	2.51M	2.00M
Total Common Shares Outstanding	2.50M	2.50M	2.50M	2.51M	2.00M
Working Capital	13.95M	7.00M	30.13M	32.25M	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

	H1 2026Dec 31, 2025	H2 2025Jun 30, 2025	H1 2025Dec 31, 2024	H2 2024Jun 30, 2024	H1 2024Dec 31, 2023
Assets
Cash & Equivalents	23.04M	6.32M	32.71M	9.35M	—
Cash & Short-Term Investments	23.04M	6.32M	32.71M	29.35M	—
Receivables	26.35M	3.37M	18.27M	3.07M	—
Inventory	2.39M	0.69M	—	0.14M	—
Current Assets	55.20M	13.56M	54.38M	35.86M	—
PP&E	88.97M	87.26M	61.80M	44.59M	—
Total Assets	144.18M	100.82M	116.18M	80.45M	—
Liabilities
Accounts Payable	3.01M	2.87M	0.89M	0.82M	—
Current Liabilities	41.26M	6.56M	24.25M	3.61M	—
Total Debt	15.14M	14.60M	14.10M	—	—
Total Liabilities	62.17M	26.72M	43.57M	8.79M	—
Equity & Ownership
Retained Earnings	35.01M	27.11M	25.61M	24.65M	—
Total Equity	82.01M	74.11M	72.61M	71.65M	—
Net Debt	-7.90M	8.27M	-18.61M	-29.35M	—
Shares Outstanding	2,500,000	2,500,000	2,500,000	2,512,328	2,000,000
Cash & Assets
Total Assets	144.18M	100.82M	116.18M	80.45M	—
Total Current Assets	55.20M	13.56M	54.38M	35.86M	—
Cash & Equivalents	23.04M	6.32M	32.71M	9.35M	—
Cash & Short-Term Investments	23.04M	6.32M	32.71M	29.35M	—
Net Cash (Debt)	7.90M	-8.27M	18.61M	29.35M	—
Net Cash Per Share	3.16	-3.31	8.70	11.68	—
Cash Growth	-29.6%	-78.5%	—	—	—
Net Cash Growth	-57.6%	—	—	—	—
Accounts Receivable	26.35M	3.37M	18.27M	2.95M	—
Other Receivables	—	—	—	115.50K	—
Receivables	26.35M	3.37M	18.27M	3.07M	—
Inventory	2.39M	0.69M	—	0.14M	—
Prepaid Expenses	3.43M	0.88M	3.40M	2.07M	—
Construction In Progress	—	29.33M	2.21M	1.24M	—
Land	21.58M	21.58M	21.58M	21.58M	—
Buildings	84.98M	54.70M	54.70M	52.58M	—
Machinery	11.78M	8.75M	10.74M	10.15M	—
Property, Plant & Equipment	88.97M	87.26M	61.80M	44.59M	—
Other Current Assets	—	2.30M	—	1.23M	—
Long-Term Leases	15.14M	14.60M	14.10M	—	—
Loans & Investments
Short-Term Investments	—	—	—	20.00M	—
Liabilities & Obligations
Total Liabilities	62.17M	26.72M	43.57M	8.79M	—
Total Liabilities & Equity	144.18M	100.82M	116.18M	80.45M	—
Total Current Liabilities	41.26M	6.56M	24.25M	3.61M	—
Accounts Payable	3.01M	2.87M	0.89M	0.82M	—
Accrued Expenses	3.84M	0.23M	2.69M	0.49M	—
Current Income Taxes Payable	198.72K	304.83K	123.96K	337.40K	—
Current Unearned Revenue	34.12M	3.16M	20.44M	1.42M	—
Other Current Liabilities	97.34K	—	104.98K	542.41K	—
Pension & Post-Retirement Benefits	5.77M	5.56M	5.22M	5.18M	—
Debt & Funding
Total Debt	15.14M	14.60M	14.10M	—	—
Equity & Book Value
Shareholders' Equity	82.01M	74.11M	72.61M	71.65M	—
Common Stock	25.00M	25.00M	25.00M	20.00M	—
Additional Paid-In Capital	22.00M	22.00M	22.00M	27.00M	—
Retained Earnings	35.01M	27.11M	25.61M	24.65M	—
Book Value Per Share	32.80	29.64	29.05	28.52	—
Tangible Book Value	82.01M	74.11M	72.61M	71.65M	—
Tangible Book Value Per Share	32.80	29.64	29.05	28.52	—
Filing Date Shares Outstanding	2.50M	2.50M	2.50M	2.51M	2.00M
Total Common Shares Outstanding	2.50M	2.50M	2.50M	2.51M	2.00M
Working Capital	13.95M	7.00M	30.13M	32.25M	—