Slide 1: " iu qi oO a) O ~ Oo
" iu 2 qi oO a) O ~ Oo
Slide 2: New Group CEO and Executive Director, Geoff Whyte
New Group CEO and Executive Director, Geoff Whyte —~cRouP_ Geoff brings a wealth of experience, global perspective and commitment to excellence. He holds a Master's degree in economics from the University of Aberdeen, Scotland and has more than 30 years’ experience across various industries, includi
Slide 3: Strong performance
Strong performance Strong financial performance | Good enrolment growth Sound balance sheet
Slide 4: Good results
Good results A13% A18% A 19% (2022: 37.0 cents) Revenue Operating profit Headline earnings per share R7 860 million R1 577 million A20% A57.0 cents A 87.0 cents Normalised Final dividend Full year earnings per share per share Dividend (2022: 60 cents)
Slide 5: Strong overall performance
Strong overall performance —~cROoUP Solid cash generation and sound balance sheet Divisional performance (year-on-year increase) Schools South Africa Schools rest of Africa Operating profit R 570 million A 18% Operating profit R 114 million A 43% Tertiary Resourcing Operating profit R 787 million A
Slide 6: Continued enrolment growth
Continued enrolment growth Abvech Due to unrelenting focus on our student value proposition Schools Schools Schools Tertiary Total Group South Africa rest of Africa division division enrolment 19 '20 '21 '22 '23 '24 ‘19 '20 '21 '22 '23 '24 ‘19 '20 '21 '22 '23 '24 ‘19 '20 '21 '22 '23 '24 ‘19 '20 '21
Slide 7: Operating margin improvements
Operating margin improvements —~cROoUP 2022 2023 Schools South Africa 19.4% Schools rest of Africa 23.9% A A Tertiary 24.9% A 26.4% Resourcing 6.3%
Slide 8: Operating environment
Operating environment
Slide 9: Challenging economic environment
ADvicCH Challenging economic environment —~cROoUP U I t Africa nemploymen: 32.1% EMS Real GDP in 2023 and 2024 4.0% in 2023 IMF GDP Forecast averaging around 4.3% in 2024 * February 2024 Including (global averages 2.7% and 3.2%) 1.0% discouraged 41.1% : 2050: workers SARB GDP Forecast Population dou
Slide 10: Factors affecting demand for quality education
Factors affecting demand for quality education “~erour— Quality of teaching Completion rates within the minimum time 2019 intake Public The IIE IcT 17% 40% Commerce 19% 34% Education 16% 53% Humanities 19% 44% Law 16% 27% Public vs private institutions Private institutions are growing at a faster ra
Slide 11: Loadshedding
Loadshedding ADvTECH is serious about sustainability Successfully implemented measures to ensure that our ability to deliver high-quality education remains unaffected Embedded technology, with centralised monitoring, to reduce electricity and water consumption Result: despite continued growth, incre
Slide 12: 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 13: Group revenue (R'm)
Group revenue (R’m) —~crouP Consistent growth driven by good enrolments and moderate fee increases in line with inflation o 3
Slide 14: Group operating profit (R'm)
Group operating profit (R’m) —~eRouP_ Strong profit growth driven by leveraging our scale and operating efficiencies
Slide 15: Group operating margin (%)
Group operating margin (%) —~eRouP_ Sharp focus on business efficiency, delivering consistent profit improvement Improved due to: + Operating leverage resulting from enrolment growth + Continued focus on efficiency improvements
Slide 16: Divisional operating margins (%)
Divisional operating margins (%) AbviecH Operating leverage and efficiency driven Educational business Resourcing division 2020 2021 2022 2023 2020 2021 2022 2023
Slide 17: Improved operating margins (%)
Improved operating margins (%) —~eRoUP Educational business Schools division Schools South Africa 2020 2021 2022 2023 2020 2021 2022 2023 Tertiary division Schools rest of Africa 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2022
Slide 18: Segmental overview
Segmental overview ~eRouP Revenue contribution Operating profit contribution BSchools SA BSchools rest of Africa BTertiary Resourcing SA DResourcing rest of Africa
Slide 19: Normalised earnings per share (cents)
Normalised earnings per share (cents) —~eRouP_ Consistent earnings growth demonstrates the successful execution of our strategy & cS
Slide 20: Normalised earnings per share - US$
Normalised earnings per share - US$ —~eROUP Resilient dollar returns US cents —>
Slide 21: Divisional performance
Divisional performance
Slide 22: Tertiary Division
Tertiary Division
Slide 23: Revenue contribution
Revenue contribution 38% R3.0 billion (2022: 39%) (2022: R2.7 billion)
Slide 24: • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Slide 25: Tertiary division
Tertiary division ~eRoUP Consistent enrolment growth Revenue (R’m) Operating profit (R’m) Operating margin (%) 8% 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 —@-cacr
Slide 26: Tertiary: full qualification student enrolments
Tertiary: full qualification student enrolments ~eRouP Consistent enrolment growth
Slide 27: Tertiary enrolments
Tertiary enrolments —~eROUP IIE online distance students
Slide 28: Tertiary division / 'university' faculties
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 Information and Communications Technology Humanities and Social Sciences Engineering and Health Sciences
Slide 29: Comprehensive range of quality qualifications
Comprehensive range of quality qualifications —~eROUP_ Qebetage "ZscHooL or 2c IB nanacenent EE @ capsic im = gins = Varsity College EMS ms ©) °°) gg Multi-channel modes of delivery available any time & at any place Pack & Post Online Part-time Blended Full-time * Oxbridge * Oxbridge * Allbrands * R
Slide 30: Qualification pipeline
Qualification pipeline —~ceRouP_ 229 registered and accredited qualifications 7 Faculties IE : ira Finance and Communications Humanities and Engineering and Accounting Technology Social Sciences Health Sciences Education 229 vy no} uv i Ss g 2 3 Accredited Z g q 8 2 2 a Programmes & 3 § 8 = rs Pipel
Slide 31: AI improved overall time for content creation and video clips
Al improved overall time for content creation and video clips Productivity gain ROSEBANK * Previous module production up to 3 weeks * Al module production creation - 4 days * 21 modules completed of ~800 Enhanced quality * Incorporate student feedback * Potential to produce in 11 official languages
Slide 32: Tertiary Adaptive Learning Strategy
Tertiary Adaptive Learning Strategy ~eRouP_ * Tailor instruction meeting unique needs and abilities of each student * Optimising learning experiences through personalised pathways Value proposition: Phase A - to launch Phase B - to lead + Improved student performance + Competitive advantage in the P
Slide 33: Tertiary opportunities for faculty expansion
Tertiary opportunities for faculty expansion —~cROoUP Professional qualifications Train to employ + Finance and Accounting + Healthcare » Law + Tourism + Education + Engineering ra Healthcare + Nursing, physiotherapy, medical technicians, laboratory and support Fi 4 staff inance an: . . . Growth Law
Slide 34: Train to employ
Train to employ GROUP African econ in number. ADvTECH solution: Unemployment rate 32.1% Fill skills gaps through Including discouraged workers 41.1% ‘train to employ’ Economic growth required to make i 8% inroads into the unemployment rate HEALTHCARE & ain. TOURISM Nursing: GE Cruise liners: woo e e
Slide 35: Demand for nurses
Demand for nurses 2013 nursing cares facilities: F 1.9m nurses, 16% are migrant 688 000 migrant nurses ease shortage, spending +$46bn Remit $1.6bn back home Professionalised nurses 69% ead Associate Nurse deficit professionalised nurses 2018: 5.9 million 2% Forecast to grow up to 2028 Not clasified
Slide 36: Demand for nurses
Demand for nurses ~eROUP 1 in 8 nurses work in a different country than where they were educated Country of nurse eo registration m ~~ arti“‘i‘_OSOSOCOOC*@R mUK mlndia ™ Phillipines lm New Zealand Gemany = Not recorded mlreland m South Africa mi China PP vs ™ Zimbabwe ™ United States 0 10 000 20000
Slide 37: Options to address the demand for healthcare practitioners
Options to address the demand for healthcare practitioners ~eRouP_ Hard to fill vacancies according to occupation Shortage of 34 000 professional ee Enrolled Nuse IN nurses by 2025 || = a | | Registered Nurse (Medical) Retail Pharmacist General Medical Practitioner Clinical Nurse Practitioner Child
Slide 38: Hospitality and service: tourism - cruise line industry
=p” SCHOOL OF ADvieCH HOSPITALITY & SERVICE “GROUP _ 3 MANAGEMENT Tourism - cruise line industry @ Capsicum CULINARY STUDIO Cruise economic contributions set to rebound $155b $50b to the global in wages economy Cruise liner Positions Ave. monthly salary* SA Passenger volumes Chef R47376 18500 2023:
Slide 39: Rosebank College, Pretoria
Rosebank College, Pretoria gy LOLLECE Mega campus
Slide 40: Rosebank College, Pretoria
= ADTECH Rosebank College, Pretoria tue —~cROoUP Mega campus + Purchase of adjacent building to create a student precinct, with study, entertainment and collaboration spaces to enhance student life
Slide 41: Upgraded campuses
Upgraded campuses Eh
Slide 42: Upgraded campuses
=| < Upgraded campuses
Slide 43: Rosebank College digitally enabled campus
ROSEBANK ACweCH COLLEGE GROUP lh Digitally enabled campus, opened January 2024, enrolments ahead of target
Slide 44: Rosebank College, Mbombela
Rosebank College, Mbombela fom COLLEGE Digitally enabled campus, opened January 2024, enrolments ahead of target ug GROUP way | INN
Slide 45: Mega campus
ACveCH COLLEGE —_GROUP Mega campus ae Sw En a wo eu IS) Lay ea
Slide 46: Rosebank College, Braamfontein
hI ROSEBANK A 74 H COLLEGE Rosebank College, Braamfontein Mega campus A
Slide 47: Rosebank College, Braamfontein
[i ADTECH COLLEGE GROUP Rosebank College, Braamfontein Mega campus + Purchase of adjacent building to create a student precinct + Planned upgrades to create a social environment where students can collaborate, learn and experience student life - = = = os A [1 a= + Project timeline: Phase 1 + Anticip
Slide 48: Rosebank College, Braamfontein
Sim ACwe Rosebank College, Braamfontein pa GROUP Mega campus
Slide 49: School division
School division
Slide 50: Revenue contribution (for period under review)
Revenue contribution (for period under review) 41% (2022: 41%) 13% Revenue 13% Revenue 14% Revenue R3.2 billion (2022: R2 billion) 21% Operating profit 18% Operating profit 43% Operating profit Schools division Schools South Africa + Allof our brands have shown growth Schools in the rest of Africa:
Slide 51: Progressive / Modern Traditional /
Progressive / Traditional / Mid-fee Specialised Early childhood Online / Modern Holistic academic development homeschooling support and assisted learning
Slide 52: Schools division
Schools division —~eROUP Good growth, compounded with improved operating efficiencies Revenue (R’m) Operating profit (R’m) Operating margin (%) 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 iss No fee increase —@ cacr
Slide 53: Schools — South Africa
Schools — South Africa ~eROUP Enrolment growth, modest fee increases and improved operating efficiencies delivered good results Revenue (R’m) Operating profit (R’m) Operating margin (%) 18% 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 iss No fee increase —@ cacr
Slide 54: Schools - rest of Africa
Schools - rest of Africa ~eROUP Capacity increases due to continued growth Revenue (R’m) Operating profit (R’m) Operating margin (%) 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 iss No fee increase —@ cacr
Slide 55: Schools enrolment movement
Schools enrolment movement ~cRouP_ 9741 41010 a (2212) as (4072) Enrolments Matric Emigrations/ Financial and Joiners Enrolments Feb 2023 leavers relocation other leavers Feb 2024 1. Percent change from 2023 to 2024
Slide 56: Student retention
Student retention ~eROUP Stable numbers including gains that off-set losses During the course of 2023 a net loss of only 15 students from ‘our system From Feb ‘23 to Feb ‘24 a net enrolment increase of 1,720 students
Slide 57: Schools rest of Africa
Schools rest of Africa ~eROUP 4% 10% + Closure of school at Kibos in 2024 + Cambridge International curriculum + Gaborone International School reaching capacity 2019 2020 2021 2022 2023 2024 57 Annual Integrated Report for the year ended 31 December 2023
Slide 58: Kenya Enrolments
Kenya Enrolments: Makini Kibos closed due to inaccessibility Makini S$ Schools aX >. + Boarding school at Kibos closed consolidated into Kisumu campus >" + Shift to Cambridge curriculum + High school capacity used for rapidly growing Cambridge + Increased revenue per student Analyst Presentation for
Slide 59: Africa growth opportunities
Africa growth opportunities —~cROoUP [ Local Curriculum »> [ Cambridge International Curriculum 2x Approved plans to we 5 ; aie increase capacity HH 8% 4% Closed Additional H 1 1 0 0 opportunities 1 62% 7% L ! Potential additional growth 1 1 %
Slide 60: Impact of Academic Excellence - empirical evidence
Impact of Academic Excellence - empirical evidence —~ceRouP_ ECD programmes at Junior Colleges have a positive and significant impact on student performance. e Performed incrementally better - MAP analysis U n | r * &15% Mathematics * 413% English COLLEGES * 88% demonstrated enhanced reading capabil
Slide 61: Evolve Online Schools distinct competitive advantage
Evolve Online Schools distinct competitive advantage —~cRoUP_ Highly effective teaching and learning model Objective comparison: Examination bodies and key online schools f 93% : 88% ' 77% 72% H 70% 65% ' H i 51% f 28% =! zB 29% z 3 : EB ca s f B53 3 3 1 23 $ $ H a a8 a a ' $ 8 i i : 22 2 2 T IEB n
Slide 62: Using AI for Personalised Learning
Using Al for Personalised Learning “~erour— Data Insights available from ADYLEARN * Tracks student homework and usage + Provides personal learning pathways and assessments + Provides teacher dashboard to fill gaps * Alutilises data to build personalised assessments * Al provides immediate dashboards
Slide 63: MAP - measuring academic progress
MAP - measuring academic progress MAP International benchmarks MAP cohort tracking score from 2022 to 2024 172.5 167.2 204 200.4 150.5441,7 —-155.3.148.7 196.7 : 193.3 [ ' iT | U Grade 0 Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 29 223.3 241.9 215.9 212.9 213.4 224.2 230.5 226.2 ; 209.9 [ i 7 218.2 J
Slide 64: Academic results achieved in South Africa and the rest of Africa
Academic results achieved in South Africa and the rest of Africa Outstanding results in line with promise of academic excellence Board (IEB) results Matric pass rate IEB students. 98.5% 93.1% IEB students 88.6% Excluding Abbotts College Independent Examination ADvTECHIEB students 99.7% Bachelor degr
Slide 65: Crawford recognised as the top academic school in Kenya
CRAWFORD RECOGNISED AS THE TOP ACADEMIC SCHOOL IN KENYA Annual Integrated Report for the year ended 31 December 2023
Slide 66: Schools building capacity
Schools building capacity Competitive advantage Students enroled ('000) Existing building capacity (‘000) % Existing building capacity utilised Ultimate capacity % of ultimate capacity utilised 79% 56.8 57% 82% 56.8 60% 36.8 83% 56.8 65% 84% 59.8 66% 83% 60.3 68%
Slide 67: New school in Morningside, Johannesburg
in LY ite Mia; ; + Expanded its offering toa second school in Morningside, Johannesburg i] Opened in January 2024 Tv a
Slide 68: Pinnacle College Raslouw, Centurion
Pinnacle College Raslouw, Centurion Enrolments exceed expectations iy GROUP @4 = ADWECH RASLOUW a ha innacle Raslouw in Centurion, opened in January 2023 + Enrolments exceeded expectations necessitatingthe _ need to bring forward phase two of the expansion project to J accommodate 2024 intake q esa
Slide 69: Pinnacle College Ridgeview
Pinnacle College Ridgeview Next to CharterHouse School
Slide 70: Pinnacle College Ridgeview
Pinnacle College Ridgeview Opening in January 2025 Opening in January 2025 a
Slide 71: Resourcing division
Resourcing division
Slide 72: Revenue contribution (for period under review)
Revenue contribution (for period under review) 21% (2022: 20%) 19% Revenue 9% Revenue 26% Revenue R1.7 billion (2022: R1.4 billion) 20% Resourcing division Operating profit Resourcing South Africa -83% Revenue decrease due to the disposal of the investment in Contract Accountants group in the second
Slide 73: Resourcing division
Resourcing division —~cROoUP Revenue (R’m) Operating profit (R’m) Operating margin (%) 20% 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023
Slide 74: Resourcing South Africa
Resourcing South Africa —~cROoUP Revenue (R’m) Operating profit (R’m) Operating margin (%) 8% 252 226.3 229 180.2 6.0 64 [a7 as (18.5) 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 Disposal of Contract Accountants d ‘22 impa o - Disposal of Contract Accountants during H2 '22 impacting
Slide 75: Resourcing rest of Africa
Resourcing rest of Africa —~ceRouP_ Pivot to rest of Africa demonstrates our ability to successfully execute outside SA Revenue (R’m) Operating profit (R’m) Operating margin (%) 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 —@-cacr
Slide 76: Slide 76
Slide 77: Debtors breakdown
Debtors breakdown —~eROUP R'm Group total | Schools | Tertiary |Resourcing| Group total | Schools | Tertiary |Resourcing Trade receivables 813.0 106.3 669.9 36.8 802.0 90.5 669.5 42.0 Loss allowance (405.3) (64.0) (337.9) (3.4) (437.5) (54.4) (380.2) (2.9) 407.7 42.3 332.0 33.4 364.5 36.1 289.3 39.1
Slide 78: Debtors breakdown
Debtors breakdown —~eROUP Normalisation of tertiary division trade receivables R'm Tertiary as at 31 December 2023 Trade receivables 669.9 Collections 328.5 Remaining trade receivables 341.4 Loss allowance (337.9) Remaining exposure 3.5
Slide 79: 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 — " © 1998
Slide 80: Cash vs net borrowings
Cash vs net borrowings —~eROUP Strong cash generation, sound balance sheet and reduced borrowings Cash generated by operations Net borrowings O- (1174) . 2020 2021 2022 2023 Covenants net Ratio= borrowings: EBITDA Net borrowing to Banks: 3.25 cash generation 1.6 11 0.8 0.6 anks: 629X Internal: 2.75x
Slide 81: Acquisitions and openings
Acquired: Acquired: Acquired: Opened: Opened: Opened: Opened: Opened: Summit College Glenwood House Makini schools The Bridge Trinityhouse Evolve Online Pinnacle College The Bridge (Rebranded Greenwood Bay Opened: Assisted Learning Glenvista School Raslouw Assisted Learning Pinnacle College College
Slide 82: Capex
Capex —cRouP cary cary oa oa oe oa R669 m oa oa oe oa cary cary 358.8 . 242.8 = = a — 2 new school sites 1 new tertiary site Student management Additions to Furniture, Fittings, and finance systems existing sites IT and vehicles @ Capex Projects
Slide 83: Sound balance sheet
Slide 84: • •
• •
Slide 85: Strategic objectives, priorities and outlook
Slide 86: – – –
– – –
Slide 87: Sustainability initiatives
Slide 88: Investment case
Slide 89:
Slide 90: • • • ▲
• • • ▲
Slide 91: Dividend
Slide 92: ‒
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Slide 93: Dividends per share
Slide 94: Thank you