Embark Early Education Limited · ASX:EVO
Embark Early Education — Merger or Acquisition (December 2025)
26 slides from Embark Early Education's merger presentation, Dec 15, 2025
Slide 1: Acquisition and Capital Raising Investor Presentation
For personal use only Acquisition and Capital Raising Investor Presentation
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer For personal use only The following notice and disclaimer applies to this investor presentation ("Presentation" or "document") and you are advised to read this carefully before reading or making any other use of this Presentation or any information contained in this P
Slide 3: Important Notice and Disclaimer (cont'd)
Important Notice and Disclaimer (cont’d) For personal use only Not an offer: This Presentation is not an offer or invitation to acquire New Shares or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lo
Slide 4: Important Notice and Disclaimer (cont'd)
Important Notice and Disclaimer (cont’d) For personal use only Any forward-looking statements in this Presentation speak only as of the date of this Presentation. Subject to any continuing obligations under applicable law or regulation (including the listing rules of ASX), Embark disclaims any oblig
Slide 5: Executive Summary
Executive Summary For personal use only Embark has announced a takeover bid to acquire 100% of the shares in Mayfield Childcare Limited (ASX: MFD). ▪ On 7 November 2025, Embark announced the intention to make an off-market takeover bid for all of the ordinary shares it does not already own in Mayfie
Slide 6: Executive Summary (cont'd)
Executive Summary (cont’d) For personal use only Embark has announced a takeover bid to acquire 100% of the shares in Mayfield Childcare Limited (ASX: MFD). ▪ Embark has undertaken an institutional placement (Placement) comprising the issue of 20.0 million new fully paid ordinary shares to raise $12
Slide 7: Overview of Mayfield Childcare Limited
For personal use only Overview of Mayfield Childcare Limited Investor Presentation
Slide 8: Company Overview
Company Overview For personal use only Mayfield Childcare Limited (ASX: MFD) owns and operates 45 childcare centres across Victoria, Queensland, and South Australia. ✓ Mayfield Childcare was incorporated in 2015 and became publicly listed on the Australian Securities Exchange in November 2016. ✓ May
Slide 9: Childcare Centres & Brands
Childcare Centres & Brands For personal use only Mayfield Childcare Limited (ASX: MFD) owns and operates 45 childcare centres across Victoria, Queensland, and South Australia. ✓ Mayfield operates long-day care centres catering to children from infancy through to school age, providing a safe, nurturi
Slide 10: Operations and Financial Summary
Operations and Financial Summary For personal use only Mayfield Childcare Limited (ASX: MFD) owns and operates 45 childcare centres across Victoria, Queensland, and South Australia. Revenue (A$m)1 Centre EBITDA (A$m)1 Childcare Centres1 88.3 45 11.9 7.8 77.2 39 FY23 FY24 FY23 FY24 FY23 FY24 EBITDA (
Slide 11: Acquisition Rationale of Mayfield Childcare Limited
For personal use only Acquisition Rationale of Mayfield Childcare Limited Investor Presentation
Slide 12: Acquisition Rationale
Acquisition Rationale For personal use only Embark’s acquisition of Mayfield offers the potential to create substantial value for shareholders. Embark has a clear acquisition-driven growth strategy and acquiring Mayfield would immediately increase its footprint. With the takeover, Embark’s centre ne
Slide 13: Combined Centre Distribution
Combined Centre Distribution For personal use only The acquisition of Mayfield by Embark would result in a combined organisation overseeing 84 childcare centres across Queensland, New South Wales, Victoria, Tasmania, and South Australia. Embark Childcare Centre Brands1 Queensland 24 EVO Centres 11 M
Slide 14: Pro Forma Summary
Pro Forma Summary For personal use only The combined group would have pro forma centre EBITDA of greater than $20 million with over 7,000 licensed places available. Revenue (A$m)1,2 Centre EBITDA (A$m)1,2 Childcare Centres1,2 EVO MFD EVO MFD EVO MFD 169.9 33.6 83 140.2 24.9 63 88.3 11.9 45 77.2 7.8
Slide 15: Estimated Synergies & Integration
Estimated Synergies & Integration For personal use only The combination of Embark and Mayfield is expected to be accretive. Embark and management has a long and successful track record in ✓ Optimisation and efficiencies identifying and integrating acquisitions. through shared knowledge and best prac
Slide 16: Equity Raising Overview
For personal use only Equity Raising Overview Investor Presentation
Slide 17: Equity Raise Overview
Equity Raise Overview For personal use only Embark has completed an institutional placement (Offer) to fund the acquisition of Mayfield Childcare Limited. ▪ $12 million placement comprising the issue of 20.0 million new fully paid ordinary shares at the Offer Price to professional, Offer Size and St
Slide 18: Sources and Uses
Sources and Uses For personal use only Embark has completed an institutional placement (Offer) to fund the acquisition of Mayfield Childcare Limited. Sources of Funds A$m % Placement 12.0 100% Total Sources of Funds 12.0 100% Uses of Funds A$m % Partially Fund Mayfield Acquisition1 11.4 95% Transact
Slide 19: Equity Raising Timetable
Equity Raising Timetable1 For personal use only Embark has completed an institutional placement (Offer) to partially fund the acquisition of Mayfield Childcare Limited. Event Date Trading halt Friday, 12 December 2025 Offer bookbuild conducted Friday, 12 December 2025 Trading halt lifted, announce c
Slide 20: Key Risks
For personal use only Key Risks Investor Presentation
Slide 21: Key Risks
Key Risks For personal use only There are a number of risks that are both specific to Embark and of a general nature, which may affect the future operating and financial performance of the Company and the outcome of any investment in the Company, including as a result of the Takeover Bid. This secti
Slide 22: Key Risks (cont'd)
Key Risks (cont’d) For personal use only If previously unidentified or underestimated liabilities emerge following completion, Embark may be required to incur additional expenditure, operational remediation or management attention, which could adversely affect the financial performance, reputation o
Slide 23: Key Risks (cont'd)
Key Risks (cont’d) For personal use only Parent sentiment can be sensitive to perceived instability or organisational change, particularly in early learning settings where continuity of care is highly valued. Any reduction in family engagement or short term occupancy volatility during the transition
Slide 24: Key Risks (cont'd)
Key Risks (cont’d) For personal use only Any regulatory deterioration or failure to meet compliance obligations may also affect parent confidence, occupancy levels and Embark’s reputation. If unforeseen regulatory issues arise following completion, Embark may need to devote significant management re
Slide 25: Key Risks (cont'd)
Key Risks (cont’d) For personal use only Occupancy risk: Occupancy is a key driver of revenue and profitability in early childhood education. Demand for Embark’s services may fluctuate due to local competition, demographic trends, economic conditions, parent preferences, regulatory ratings, service
Slide 26: Key Risks (cont'd)
Key Risks (cont’d) For personal use only Compliance and change to laws and regulations: Embark operates in the Australian childcare sector which is highly regulated. There is a risk that new laws or regulations may be enacted or existing laws or regulations amended in such a way that impose regulati
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