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Universities in Wales face "massive" financial challenges but none are at risk of going bust in the next 12 months, the head of the body which funds and regulates them has said.
Medr chief executive Simon Pirotte said the eight institutions reached a total deficit of £77m for 2023-24, compared to a £21m surplus the previous year.
But planning for their future was "extremely difficult" in a "volatile and changing environment", he warned Senedd members.
UK universities face higher costs that include staff pay increases, a rise in employer National Insurance contributions and energy prices whilst the number of higher paying international students has fallen, said Mr Pirotte.
The £77m figure includes one-off restructuring costs.
