Slide 1: AI-powered LMS for the entire student journey
OPENLEARNING / ASX: OLL / INVESTOR PRESENTATION For personal use only AI-powered LMS for the entire student journey. H1 2026 Results Presentation 28th August 2026 • Period ending 30 June 2026 • Prepared by OpenLearning Limited
Slide 2: OpenLearning's LMS: From first click to first job
OpenLearning’s LMS: From first click to first job. OpenLearning is the only Learning Management System (LMS) that takes students end-to-end — and delivers measurable outcomes at every stage. THE STUDENT JOURNEY For personal use only ATTRACT LEARN CREDENTIAL SHOWCASE EMPLOY Global marketplace AI-powe
Slide 3: Gross profit up 64% as margins expand to 63% in H1 2026
P ROF IT AB IL IT Y T RAJECT ORY Gross profit up 64% as margins expand to 63% in H1 2026. Half year to 30 June 2026 versus the prior corresponding half. Revenue is stated net of marketplace cost of sales; adjusted EBITDA expenses platform development in the periods it was capitalised. For personal u
Slide 4: Revenue up 42.8% YoY; cost of sales down
G ROS S P ROF IT AN D M ARG IN Revenue up 42.8% YoY; cost of sales down. Revenue is net of marketplace course fees collected on behalf of providers; Gross sales includes marketplace fees. Over three years gross profit rose 7.8x and gross margin expanded from 15.3% to 63.0% of net revenue. For person
Slide 5: Core cash burn decreases as operating leverage grows
CAS H F L OW AN D IN VE S T M E N T Core cash burn decreases as operating leverage grows. Sales and marketing, the two new divisions and the costs of being a listed company account for approximately 84.3% of half-yearly cash outflow. Excluding these, the core business used $0.19m in H1 2026, down 86
Slide 6: SaaS revenue compounding as losses narrow
S aaS G ROW T H AN D OP ERAT IN G L EVERAG E SaaS revenue compounding as losses narrow. Platform subscription revenue has grown in every half, with year-on-year growth rising from 13.5% to 30.6% over five halves, while the adjusted EBITDA loss has fallen to its lowest in three years. For personal us
Slide 7: SaaS ARR up 77% in three years to $3.27m
Q2 FY26 RESULTS SaaS ARR up 77% in three years to $3.27m. Eighteen consecutive quarters of annualised SaaS revenue growth — driven by contract expansion in primary markets and new customer implementations across growth markets. For personal use only $3.27m $12,369 263 66% +23% YoY +24.5% YoY +8 vs Q
Slide 8: A high-growth pan-Asian technology platform
GROWTH MOMENTUM A high-growth pan-Asian technology platform. OpenLearning now generates 52% of SaaS ARR from customers outside Australia, reflecting continued diversification of its revenue base. For personal use only SaaS ARR by quarter — A$ millions 52% of ARR offshore 3.27 3.19 More than half of
Slide 9: Growing geographic diversification of our SaaS ARR
REVENUE DIVERSIFICATION Growing geographic diversification of our SaaS ARR. Excellent customer service builds loyalty, network effects, and drives long-term sales growth in new markets. For personal use only SaaS ARR by country (FY26 YTD) Diversification combined with Penetration OpenLearning contin
Slide 10: CEO comment and investor relations contacts
OPENLEARNING / ASX: OLL / INVESTOR PRESENTATION “ CEO COMMENT The first half of 2026 demonstrates that our strategy is working. Gross profit rose 64%, revenue grew 43%, and our gross margin For personal use only AUTHORISED FOR RELEASE BY reached 63%, up from just 15% three years ago, while SaaS ARR