Slide 1: Interim Results for the six months ended 30 June 2024
Group CEO and Executive Director Geoff Whyte Interim Results for the six months ended 30 June 2024
Slide 2: Introducing Some of Our People
Introducing Some of Our People.. Yusuf Moosa Group Financial Manager Barbara Willard Group Head of Internal Audit ¢ Dr Siza Majola Managing Director Crawford International Steve Miller Group Executive Brand & Strategy Boipelo Mogamisi Group Investor Relations Colin Northmore Executive Head Evolve On
Slide 3: Historic Strategy
Historic Strategy ~eRouP_ Development of a strong portfolio of carefully positioned brands Investment in superior teaching and learning * People, proprietary systems Significant extension of the qualifications we offer Expansion into selected, higher growth African markets A number of exciting new g
Slide 4: Segmental Overview
Segmental Overview —~crouP Revenue Contribution Operating Profit Contribution 0% BTertiary Schools SA B Schools Rest of Africa m Resourcing SA w Resourcing Rest of Africa Interim Results for the six months ended 30 June 2024
Slide 5: Strong first half results
ADvieCH GROUP Strong first half results Analyst Presentation Healthy growth in enrolments Strong financial performance Sound balance sheet
Slide 6: Healthy Enrolment Growth Continues
Healthy Enrolment Growth Continues GROUP Schools Schools Schools Tertiary Total Group South Africa Rest of Africa Division Division Enrolment a AA | ‘19 '20 '21 '22 '23. '24 19 '20 '21 '22 '23 '24 ‘19 '20 '21 '22 '23 '24 : 24 ‘19 '20 '21 '22 '23 '24 19 '20 '21 '22 '23 —@ acer Interim Results for the
Slide 7: Financial Performance
Financial Performance The group's strong financial performance, solid cash generation and robust balance sheet are evidence of our sound business model, clear market focus and continued emphasis on effectiveness and efficiencies.
Slide 8: Half Year Performance
Half Year Performance 9% Revenue R4274 million 15% Operating Profit R865 million 20.2% Operating Margin A A 16% Headline Earnings per share 16% Normalised Earnings per share 27% Interim Dividend per share 38.0 cents ADvicCH GROUP Divisional Performance (year-on-year comparison) Schools South Africa
Slide 9: Group Revenue
Group Revenue (R’m) —cROUP Consistent growth, driven by enrolments and fee increases in line with inflation - Interim Results for the six months ended 30 June 2024
Slide 10: Divisional Operating Margins
Divisional Operating Margins (%) —~eRouP_ Education Business Resourcing Division 2021 2022 2023 2024 2021 2022 2023 2024 Interim Results for the six months ended 30 June 2024
Slide 11: Education Margins
Education Margins (%) —~eROUP_ Education Business Schools Division Schools South Africa > 2021 2022 2023 2024 T 2021 2022 2023 2024 Tertiary Division Schools Rest of Africa > 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 Interim Results for the six months ended 30 June 2024
Slide 12: Group Operating Margin
Group Operating Margin (%) —~eRouP_ Movement due to: + Operating leverage resulting from enrolment growth + Continued focus on efficiency improvements + Further investment into systems and preparation for University status Interim Results for the six months ended 30 June 2024
Slide 13: Group Operating Profit
Group Operating Profit (R’m) —erour Interim Results for the six months ended 30 June 2024
Slide 14: Normalised Earnings Per Share (Cents)
Normalised Earnings Per Share (Cents) ~eROUP Consistent earnings growth demonstrates the successful execution of our strategy Interim Results for the six months ended 30 June 2024
Slide 15: Normalised Earnings Per Share - US$
Normalised Earnings Per Share - US$ ~eROUP Resilient dollar returns oO Interim Results for the six months ended 30 June 2024
Slide 16: Schools Division
Schools Division
Slide 17: Schools Division
Schools Division GROUP A comprehensive brand portfolio comprising 113 schools Progressive/ Traditional/ Mid-Fee Specialised Early Childhood Online/ Modern Holistic , ‘Academic Support Development Homeschooling , and Assisted tommy PINNACLE Learning e 2 9 S anise Crawford TRINITYHOUSE & WY... —— Inte
Slide 18: Schools - South Africa
Schools - South Africa “~erour— Growth driven by healthy enrolments, improved operating efficiencies and fee increases in line with inflation Revenue (R’m) Operating Profit (R’m) Operating Margin (%) ' 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 @ cacr Interim Results for the six mon
Slide 19: Schools - Rest of Africa
Schools - Rest of Africa “~erour— Margin improvement driven by leveraging scale and move to Cambridge curriculum Revenue (R’m) Operating Profit (R’m) Operating Margin (%) +11% Co) 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 @ cacr Interim Results for the six months ended 30 June 2024
Slide 20: Pinnacle College Ridgeview High School
Pinnacle College Ridgeview High School Opening January 2025 New Pinnacle Campus New Pinnacle College campus adjacent to ADVTECH’s Charterhouse Pre-Primary and Preparatory Schools in Roodepoort | Building capacity: First Phase - 392 Second Phase - 980 Interim Results for the six months ended 30 June
Slide 21: Pinnacle College Ridgeview High School
Pinnacle College Ridgeview High School Opening in January 2025 Interim Results for the six months ended 30 June 2024
Slide 22: Gaborone International School Expansion
Gaborone International School Expansion Enrolments exceeding expectations + Gaborone International School continues to perform exceptionally well with strong enrolment growth and excellent academic results se Capacity expanded in 2023 to 3 250 students Interim Results for the six months ended 30 Jun
Slide 23: Crawford International, Kenya
ACvieCH Crawford International, Kenya GROUP Next phase of development begins in Q3, increasing student capacity from 900 to 1300 in response to demand Interim Results for the six months ended 30 June 2024
Slide 24: Pinnacle College Raslouw, Centurion
&) ~—sADWECH RASLOUW. Pinnacle College Raslouw, Centurion Enrolments exceed expectations . Pinnacle College Raslouw in Centurion, opened in January.2023 + Strong student demand has necessitated the build out of the school several years ahead of plan + 915 students currently enrolled SEES a Interim R
Slide 25: Second school in Morningside, Johannesburg
HA» Second school in Morningside, ; Johannesburg opened Jan ‘24 | n —= Interim Results for the six months ended 30 June 2024
Slide 26: School Capacity
School Capacity —~cRoUP_ Eee Students enrolled (‘000) 32.4 33.9 36.8 39.3 41.0 Existing building capacity (000) 41.2 41.5 44.5 46.7 49.4 % Existing building capacity utilised 79% 82% 83% 84% 83% Ultimate capacity (‘000) 56.8 56.8 56.8 59.8 60.3 % Of ultimate capacity utilised 57% 60% 65% 66% 68% Int
Slide 27: Schools Enrolment Movement
Schools Enrolment Movement GROUP 9741 41010 39 290 (2212) FC (4072) Enrolments Matric Emigrations/ Financial and Joiners Enrolments Feb 2023 leavers relocation other leavers Feb 2024 1. Percent change from 2023 to 2024 Interim Results for the six months ended 30 June 2024
Slide 28: Tertiary Division
Tertiary Division
Slide 29: • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Slide 30: Comprehensive Range of Qualifications
Comprehensive Range of Qualifications ~eRouP_ eet lock your potential "ZscHooL or a @ capsicum MBevoseraury a service gy MANAGEMENT — 2 COLLEGE = ca Varsity nie] 4 College MSA: Se ES Multi-channel modes of delivery available any time and at any place Pack & Post Online Part-time Blended Fulltime * O
Slide 31: Tertiary: Full Qualification Student Enrolments
Tertiary: Full Qualification Student Enrolments ~eRouP Benefitting from continued investment in both contact and online -O- 47% Interim Results for the six months ended 30 June 2024
Slide 32: Tertiary Enrolments - Distance
Tertiary Enrolments - Distance —~eRouP_ Interim Results for the six months ended 30 June 2024
Slide 33: Tertiary Division
Tertiary Division —~eRoUP Revenue (R'm) Operating Profit (R’m) Operating Margin (%) 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 @ cacr Interim Results for the six months ended 30 June 2024
Slide 34: Capsicum and Hospitality School - New Areas of Focus
Capsicum and Hospitality School - New Areas of Focus ~eRouP_ International cruise liner industry 109 e) Capsicum CULINARY STUDIO L£1 RoyalCaribbean Placements in the first six months of 2024 wb Demand in cruise line industry provides opportunity to enhance offering 2025 pipeline Short Learning Progr
Slide 35: Road to University Status
Road to University Status “~erour— Progress: Policy for the recognition of South African Higher Education institutional types Draft criteria Public Second draft - Public Gazette - End published - comment - April 2024 comment - of 2024? August 2022 September May 2024 2022 * Provided broad * Not signi
Slide 36: Investment in Achieving University Status
Investment in Achieving University Status —~cRouP_ + 2022 to 2024 Increase in academic staff qualification levels Academic staff with Doctorates: +75% to 154 Academic staff with Masters: +53% to 758 + Fourfold increase in per-capita research output + New postgraduate enrolments have increased by 23%
Slide 37: Rosebank College, Pretoria
= ADWECH Rosebank College, Pretoria tue —~ceRouP_ Mega campus will increase student capacity by 5,200 to 11,500 ee OSEBANK i. COLLEGE. + Expansion project at campus is currently under way Interim Results for the six months ended 30 June 2024
Slide 38: Rosebank College, Braamfontein
[i ADTECH COLLEGE GROUP Rosebank College, Braamfontein Mega campus + Adjacent building purchased to create a student precinct + Capex approved to increase capacity and to create a social environment where students can collaborate, learn and experience campus life + Project timeline: Phase 1 + Starts
Slide 39: Rosebank College, Braamfontein
=m ACwe Rosebank College, Braamfontein tues ~eRrour Mega campus Interim Results for the six months ended 30 June 2024
Slide 40: Blended learning campus, opened January 2024
ROSEBANK ACweCH COLLEGE GROUP lh Blended learning campus, opened January 2024 - enrolments ahead of target * Student capacity: 1 350 Interim Results for the six months ended 30 June 2024
Slide 41: Rosebank College, Cape Town
Rosebank College, Cape Town COLLEGE Current Campus (capacity 3000) Interim Results for the six months ended 30 June 2024
Slide 42: Rosebank College, Cape Town relocation
Sim ACweCcH a A Rosebank College, Cape Town img CE eR OUP Relocation: Aerial view of the move from Buitengracht Street to St George's Mall Interim Results for the six months ended 30 June 2024
Slide 43: Varsity College, Pretoria
= Varsity ADvieCc H ° . a= Varsity College, Pretoria img College CROUP Campus upgraded in 2023 VF, Interim Results for the six months ended 30 June 2024
Slide 44: Vega, Pretoria
Vega, Pretoria Relocated to the same development as Varsity College in new premises Interim Results for the six months ended 30 June 2024
Slide 45: New University Site
New University Site ACvieCH We have secured a prime location fora Capital investment: Approximately new university campus (subject to R400m over the next two years Competition Commission approval) Interim Results for the six months ended 30 June 2024
Slide 46: Resourcing Division
Resourcing Division
Slide 47: Resourcing Division
Resourcing Division —~ceRouP_ Revenue (R’m) Operating Profit (R’m) Operating Margin (%) 3% 48% +3% 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 @ cacr Interim Results for the six months ended 30 June 2024
Slide 48: Resourcing South Africa
Resourcing South Africa —~ceRouP_ Impacted by constrained market Revenue (R’m) Operating Profit (R’m) Operating Margin (%) 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 Interim Results for the six months ended 30 June 2024
Slide 49: Resourcing Rest of Africa
Resourcing Rest of Africa —~ceRouP_ Successful pivot to Rest of Africa demonstrates our ability to execute outside SA Revenue (R’m) Operating Profit (R’m) Operating Margin (%) 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 @ cacr Interim Results for the six months ended 30 June 2024
Slide 50: Group Analysis
Group Analysis Didier Oesch Group Commercial Director
Slide 51: Debtors Breakdown
Debtors Breakdown ~eROUP R’m Trade receivables 997.4 195.1 748.9 53.4 906.1 166.7 694.2 45.2 Loss allowance (493.7) (85.2) (404.5) (4.0) (548.6) (86.2) (460.3) (2.1) 503.7 109.9 344.4 49.4 357.5 80.5 233.9 43.1 Coverage of debtors’ balance 49% 44% 54% 7% 61% 52% 66% 5% Credit losses 125.9 40.2 85.0
Slide 52: Cash Flow Generation from Operations
Cash Flow Generation from Operations ~eROUP Demonstrates the inherent cash generating ability of our business Cash generated from operations Cash inflow from operating activities D> Interim Results for the six months ended 30 June 2024
Slide 53: Cash vs Net Borrowings
Cash vs Net Borrowings ~eROUP Strong cash generation, sound balance sheet and reduced borrowings Cash generated by operations BNet borrowings 1959 189 | 2021 2022 2023 2024 Covenants - net Ratio= borrowings: EBITDA Net borrowing to Banks: 3.25x cash generation 0.8 0.4 0.2 0.1 anks: * Internal: 2.75x
Slide 54: Improving Returns on Funds Employed
Improving Returns on Funds Employed ~eRouP_ [Capex + Acquisitions «@=ROFE 18.9% 20.7% 9% evce eece 16.6% 9) 14.3% 13.9% 1001 720 669 334 350 278 2019 2020 2021 2022 2023 2024 ‘Acquired: ‘Acquired: ‘Acquired: Opened: Opened: Opened: Opened: Opened: Summit College GlenwoodHouse Makini tutneas| | The B
Slide 55: Capex
Capex —cGROUP ee ee eee J ee 1 New School Student, Finance and HR Systems Additions to Existing Sites Furniture, Fittings , IT and Vehicles [ ) Capex Projects Interim Results for the six months ended 30 June 2024
Slide 56: Slide 56
Slide 57: Delivering Superior Shareholder Returns
Delivering Superior Shareholder Returns —~cROoUP Strong cash generation and sound balance sheet * Increased dividend payout 2 7 % * Generating cash in excess of that required to fund investment programme Interim Dividend * Interim Dividend 38.0 cents per share (2023: 30.0 cents) per share (from comp
Slide 58: Interim Dividends Per Share
Interim Dividends Per Share ~eROUP Cash generative business continues to drive dividend increases > 2021 2022 2023 2024 @ interim cacr Interim Results for the six months ended 30 June 2024
Slide 59: Future Focus
Slide 60: Prospects
Prospects —~eROUP South African demographic and Strong demand for quality supply and demand tailwinds education persists continue, especially in Tertiary across all our chosen markets Sound balance sheet Good position to maintain our growth trajectory Interim Results for the six months ended 30 June
Slide 61: Forward Vision and Strategic Direction
Forward Vision and Strategic Direction —~cROoUP We will lead in every market segment in which we choose to operate and be the employer of choice in the Education and Resourcing sectors Focus on growth synergies + Further pursuit of cost synergies through shared services Simplification of brand struc
Slide 62: Share Price Graph
Share Price Graph CROUP ADvTECH Limited (ADH.JO) 3,330.00 +23.00 (+0.70%) As of 10:49 AM GMT+2. Market Open. 1D 5D 3M 6M YTD wy 5Y All @® KeyEvents 4 Mountain » i Advanced Chart s = 3,000.00 2,500.00 2,000.00 Oct Nov Dec Feb Mar Apr May Jun Jul Aug 2024 Midday 26 August 2024 Interim Results for the
Slide 63: Questions?
Questions?
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Slide 66: Tertiary Division / University
Tertiary Division / University GROUP Faculties map THETNDEPENDENT wan INSTITUTEQE EDUCATION Faculty of Faculty of Faculty of Faculty of Faculty of Faculty of Faculty of Finance and Accounting Commerce Information and Communications Technology Humanities and Social Sciences Engineering, Science and H
Slide 67: Qualification Pipeline
Qualification Pipeline 201 registered and accredited qualifications 7 Faculties Information and Commerce Communications Technology Humanities and Social Sciences Finance and ‘Accounting Engineering, Science and Health Vocational qualifications 201 Accredited Programmes if ge 4 2 g Zs é g = § -— 2 3
Slide 68: Where We Are Today
Where We Are Today Agile flexible business 8819 employees 93 700 students Competitive advantage Consistent enrolment growth Scale of operations Investing in infrastructure and innovation Appreciating share price over last 5 years Unwavering focus 113 schools 33 tertiary campuses 229 tertiary courses