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
Operating Summary
Revenue	34.12M	20.32M	20.44M	20.94M	21.15M
Cost of Revenue	24.31M	12.38M	14.69M	13.00M	14.60M
Gross Profit	9.81M	7.95M	5.75M	7.94M	6.55M
SG&A	1.48M	2.94M	1.34M	3.24M	1.16M
Operating Expenses	1.63M	3.11M	1.40M	3.24M	1.16M
Operating Income	8.18M	4.84M	4.35M	4.70M	5.38M
Interest Income	175.07K	362.25K	772.92K	115.50K	—
Interest Expense	-544.97K	-710.17K	-483.94K	-280.53K	—
Other Income/Expense	260.57K	250.31K	166.11K	316.99K	337.20K
Pretax Income	8.07M	5.44M	4.81M	4.85M	5.72M
Income Tax	185.87K	180.87K	123.96K	171.76K	165.64K
Net Income	7.89M	5.26M	4.68M	4.68M	5.56M
EBITDA	10.08M	6.18M	5.69M	5.99M	6.63M
EBIT	8.18M	4.84M	4.35M	4.70M	5.38M
EPS (Basic)	3.15	2.11	2.19	1.86	2.78
EPS (Diluted)	3.15	2.11	2.19	1.86	2.78
Margins & Efficiency
Gross Margin %	+28.7%	+39.1%	+28.1%	+37.9%	+31.0%
EBITDA Margin %	+29.5%	+30.4%	+27.8%	+28.6%	+31.3%
Net Margin %	+23.1%	+25.9%	+22.9%	+22.3%	+26.3%
Revenue & Income
Revenue	34.12M	20.32M	20.44M	20.94M	21.15M
Revenue Growth (YoY)	+66.9%	-3.0%	-3.4%	—	—
Interest & Investment Income	175.07K	362.25K	772.92K	115.50K	—
Gain (Loss) on Sale of Assets	—	700.00K	—	—	—
Expenses & Provisions
Advertising Expenses	—	—	—	—	154.91K
Cost of Revenue	24.31M	12.38M	14.69M	13.00M	14.60M
Selling, General & Admin	1.48M	2.94M	1.34M	3.24M	1.16M
Operating Expenses	1.63M	3.11M	1.40M	3.24M	1.16M
Interest Expense	-544.97K	-710.17K	-483.94K	-280.53K	—
Other Non Operating Income (Expenses)	260.57K	250.31K	166.11K	316.99K	337.20K
D&A For EBITDA	1.90M	1.34M	1.34M	1.30M	1.25M
Profitability & Returns
Gross Profit	9.81M	7.95M	5.75M	7.94M	6.55M
EBIT	8.18M	4.84M	4.35M	4.70M	5.38M
EBITDA	10.08M	6.18M	5.69M	5.99M	6.63M
EBT Excluding Unusual Items	8.07M	4.74M	4.81M	4.85M	5.72M
Pretax Income	8.07M	5.44M	4.81M	4.85M	5.72M
Operating Income	8.18M	4.84M	4.35M	4.70M	5.38M
Operating Margin	+24.0%	+23.8%	+21.3%	+22.4%	+25.5%
Profit Margin	+23.1%	+25.9%	+22.9%	+22.3%	+26.3%
Net Income	7.89M	5.26M	4.68M	4.68M	5.56M
Net Income to Common	7.89M	5.26M	4.68M	4.68M	5.56M
Net Income Growth	+68.4%	+12.4%	-15.7%	—	—
Income Tax Expense	185.87K	180.87K	123.96K	171.76K	165.64K
Per Share & Capital
EPS (Basic)	3.15	2.11	2.19	1.86	2.78
EPS (Diluted)	3.15	2.11	2.19	1.86	2.78
EPS Growth	+44.1%	+13.1%	-21.2%	—	—
Dividend Per Share	—	—	1.50	—	—
Shares Change (YoY)	0.17	-0.01	0.07	—	—
Shares Outstanding (Basic)	2.50M	2.50M	2.14M	2.51M	2.00M
Shares Outstanding (Diluted)	2.50M	2.50M	2.14M	2.51M	2.00M
Free Cash Flow	16.85M	-23.47M	8.46M	-4.00M	12.34M
Free Cash Flow Margin	+49.4%	-115.5%	+41.4%	-19.1%	+58.4%
Free Cash Flow Per Share	6.74	-9.40	3.96	-1.59	6.17

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
Operating Summary
Revenue	34.12M	20.32M	20.44M	20.94M	21.15M
Cost of Revenue	24.31M	12.38M	14.69M	13.00M	14.60M
Gross Profit	9.81M	7.95M	5.75M	7.94M	6.55M
SG&A	1.48M	2.94M	1.34M	3.24M	1.16M
Operating Expenses	1.63M	3.11M	1.40M	3.24M	1.16M
Operating Income	8.18M	4.84M	4.35M	4.70M	5.38M
Interest Income	175.07K	362.25K	772.92K	115.50K	—
Interest Expense	-544.97K	-710.17K	-483.94K	-280.53K	—
Other Income/Expense	260.57K	250.31K	166.11K	316.99K	337.20K
Pretax Income	8.07M	5.44M	4.81M	4.85M	5.72M
Income Tax	185.87K	180.87K	123.96K	171.76K	165.64K
Net Income	7.89M	5.26M	4.68M	4.68M	5.56M
EBITDA	10.08M	6.18M	5.69M	5.99M	6.63M
EBIT	8.18M	4.84M	4.35M	4.70M	5.38M
EPS (Basic)	3.15	2.11	2.19	1.86	2.78
EPS (Diluted)	3.15	2.11	2.19	1.86	2.78
Margins & Efficiency
Gross Margin %	+28.7%	+39.1%	+28.1%	+37.9%	+31.0%
EBITDA Margin %	+29.5%	+30.4%	+27.8%	+28.6%	+31.3%
Net Margin %	+23.1%	+25.9%	+22.9%	+22.3%	+26.3%
Revenue & Income
Revenue	34.12M	20.32M	20.44M	20.94M	21.15M
Revenue Growth (YoY)	+66.9%	-3.0%	-3.4%	—	—
Interest & Investment Income	175.07K	362.25K	772.92K	115.50K	—
Gain (Loss) on Sale of Assets	—	700.00K	—	—	—
Expenses & Provisions
Advertising Expenses	—	—	—	—	154.91K
Cost of Revenue	24.31M	12.38M	14.69M	13.00M	14.60M
Selling, General & Admin	1.48M	2.94M	1.34M	3.24M	1.16M
Operating Expenses	1.63M	3.11M	1.40M	3.24M	1.16M
Interest Expense	-544.97K	-710.17K	-483.94K	-280.53K	—
Other Non Operating Income (Expenses)	260.57K	250.31K	166.11K	316.99K	337.20K
D&A For EBITDA	1.90M	1.34M	1.34M	1.30M	1.25M
Profitability & Returns
Gross Profit	9.81M	7.95M	5.75M	7.94M	6.55M
EBIT	8.18M	4.84M	4.35M	4.70M	5.38M
EBITDA	10.08M	6.18M	5.69M	5.99M	6.63M
EBT Excluding Unusual Items	8.07M	4.74M	4.81M	4.85M	5.72M
Pretax Income	8.07M	5.44M	4.81M	4.85M	5.72M
Operating Income	8.18M	4.84M	4.35M	4.70M	5.38M
Operating Margin	+24.0%	+23.8%	+21.3%	+22.4%	+25.5%
Profit Margin	+23.1%	+25.9%	+22.9%	+22.3%	+26.3%
Net Income	7.89M	5.26M	4.68M	4.68M	5.56M
Net Income to Common	7.89M	5.26M	4.68M	4.68M	5.56M
Net Income Growth	+68.4%	+12.4%	-15.7%	—	—
Income Tax Expense	185.87K	180.87K	123.96K	171.76K	165.64K
Per Share & Capital
EPS (Basic)	3.15	2.11	2.19	1.86	2.78
EPS (Diluted)	3.15	2.11	2.19	1.86	2.78
EPS Growth	+44.1%	+13.1%	-21.2%	—	—
Dividend Per Share	—	—	1.50	—	—
Shares Change (YoY)	0.17	-0.01	0.07	—	—
Shares Outstanding (Basic)	2.50M	2.50M	2.14M	2.51M	2.00M
Shares Outstanding (Diluted)	2.50M	2.50M	2.14M	2.51M	2.00M
Free Cash Flow	16.85M	-23.47M	8.46M	-4.00M	12.34M
Free Cash Flow Margin	+49.4%	-115.5%	+41.4%	-19.1%	+58.4%
Free Cash Flow Per Share	6.74	-9.40	3.96	-1.59	6.17