Slide 1: Results Presentation
Results Presentation For the six months ended 30 June 2026 Emeris, Nelson Mandela Bay
Slide 2: High Level Financial Performance
High Level Financial Performance For the six months ended June 2026 vs prior year 8% 16% Revenue Headline Earnings Per Share R5 059.6 million 130.8 cents 14% 16% Operating Profit Normalised Earnings Per Share R1 114.8 million 130.8 cents 22.0% 18% Operating Margin Interim Dividend Per Share 53.0 cen
Slide 3: Advtech Brand Portfolio 2026
Advtech Brand Portfolio 2026 Schools Division Tertiary Division Resourcing Division Premium Mainstream/Vocational 4 Results Presentation for the six months ended 30 June 2026
Slide 4: Introducing Our New Group Business Development Executive
Introducing Our New Group Business Development Executive Aunyana Moloisane • BCom Honours Business Management • Master of Business Leadership (MBL) • Experience: • Mergers and acquisitions • Business development • General management • Corporate strategy 5 Results Presentation for the six months ende
Slide 5: 2026 Revenue and Operating Profit Contribution
2026 Revenue and Operating Profit Contribution Segmental overview Revenue Contribution Operating Profit Contribution Tertiary 44% 53% Schools SA 37% 35% Schools Rest of Africa 6% 8% Resourcing 13% 4% 6 Results Presentation for the six months ended 30 June 2026
Slide 6: Divisional Performance
Divisional Performance Interim results comparison Schools South Africa Tertiary Revenue R1 858 million 8% Revenue R2 243 million 17% Operating profit R388 million 9% Operating profit R592 million 19% Schools Rest of Africa Resourcing Revenue R303 million 8% Revenue R656 million 15% Operating profit
Slide 7: 2026 Enrolments
2026 Enrolments Recap
Slide 8: Enrolment Growth
Enrolment Growth Total Group Schools Division 7% +5% 9% +13% 47 730 45 643 119 197 41 010 39 290 36 802 105 710 93 728 88 631 2022 2023 2024 2025 2026 84 341 Tertiary Division 11% +19% 71 467 60 067 52 718 49 341 47 539 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 9 Results Presentation fo
Slide 9: Schools Enrolment Breakdown
Schools Enrolment Breakdown Schools Schools South Africa 4% +5% +1% 7% 34 569 34 093 47 730 32 786 31 347 29 599 45 643 41 010 39 290 36 802 2022 2023 2024 2025 2026 Schools Rest of Africa 16% +14% 13 161 11 550 8 224 7 943 7 203 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 10 Results Pres
Slide 10: Tertiary Enrolment Breakdown
Tertiary Enrolment Breakdown Tertiary Division Contact 11% 9% +19% +17% 60 985 52 245 71 467 47 135 44 585 43 819 60 067 52 718 2022 2023 2024 2025 2026 49 341 47 539 Distance +34% 30% 10 482 7 822 5 583 4 756 3 720 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 11 Results Presentation for t
Slide 11: 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 efficiencies
Slide 12: Group Revenue and Operating Profit (R'm)
Group Revenue and Operating Profit (R’m) Double digit growth over five years Group Revenue (R’m) Group Operating Profit (R’m) +14% 16% 11% +8% 1 115 5 060 982 4 683 865 4 274 3 932 754 3 380 612 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 13 Results Presentation for the six months ended 3
Slide 13: Group Operating Margin (%)
Group Operating Margin (%) Drivers: • Operating leverage from enrolment growth 22.0 • Continued focus on efficiencies 21.0 • Favourable mix shift towards highly profitable 20.2 Tertiary and Rest of Africa Schools businesses 19.2 • Partially offset by set-up 18.1 costs for our new university in Ghana
Slide 14: Divisional Operating Margins (%)
Divisional Operating Margins (%) Education Business Resourcing Division 6.8 24.3 6.5 6.3 23.8 23.5 5.9 22.8 5.2 21.3 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 15 Results Presentation for the six months ended 30 June 2026
Slide 15: Education Margins (%)
Education Margins (%) Education Business Schools Division Schools South Africa 20.9 20.6 20.3 20.1 22.2 21.8 21.3 19.0 20.6 18.9 2022 2023 2024 2025 2026 24.3 23.8 23.5 2022 2023 2024 2025 2026 22.8 Tertiary Division Schools Rest of Africa 29.4 30.1 28.7 26.4 24.7 21.3 25.8 25.9 25.0 18.1 23.8 2022
Slide 16: Normalised Earnings Per Share (ZAR Cents)
Normalised Earnings Per Share (ZAR Cents) +16% 18% 130.8 113.0 97.7 84.3 67.3 2022 2023 2024 2025 2026 CAGR 17 Results Presentation for the six months ended 30 June 2026
Slide 17: Normalised Earnings Per Share (US$)
Normalised Earnings Per Share (US$) +25% 8.0 18% 6.4 5.4 4.5 4.1 2022 2023 2024 2025 2026 US cents CAGR 18 Results Presentation for the six months ended 30 June 2026
Slide 18: Schools Division
Schools Division
Slide 19: Schools Division
Schools Division 4 countries | 122 schools | 47 730 students Progressive/ Traditional/ Mid-Fee Specialised Academic Early Childhood Online/ Modern Holistic Support and Assisted Development Homeschooling Learning 27 20 56 11 5 3 Schools Schools Schools Schools Schools Schools 20 Results Presentation
Slide 20: Brand Consolidation
Brand Consolidation 21 Results Presentation for the six months ended 30 June 2026
Slide 21: Strengthening the Organisation
Strengthening the Organisation
Slide 22: New Position: General Manager, House Schools
New Position: General Manager, House Schools Melt Labuschagne • Chartered Accountant CA(SA) • Experience: • Operations • Commercial finance • Business development 23 Results Presentation for the six months ended 30 June 2026
Slide 23: New Position: General Manager, Crawford International
New Position: General Manager, Crawford International Justin Paynter • Bachelor of Education (BEd) • Experience: • Teaching • Operations • Academic Leadership 24 Results Presentation for the six months ended 30 June 2026
Slide 24: New Position: Sales Manager, Crawford International
New Position: Sales Manager, Crawford International Mthokozisi Lushozi • Bachelor of Business Administration (BBA) • Experience: • Sales • Business development • Customer service 25 Results Presentation for the six months ended 30 June 2026
Slide 25: Financial Performance
Financial Performance
Slide 26: Schools Division
Schools Division Revenue (R’m) Operating Profit (R’m) +10% +8% 16% 12% 479 2 161 437 2 003 378 1 770 1 595 329 1 392 263 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 27 Results Presentation for the six months ended 30 June 2026
Slide 27: Schools South Africa
Schools South Africa Revenue (R’m) Operating Profit (R’m) +8% 11% +9% 1 858 13% 1 722 388 1 556 354 1 402 316 1 239 282 235 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 28 Results Presentation for the six months ended 30 June 2026
Slide 28: Schools Rest of Africa
Schools Rest of Africa Revenue (R’m) Operating Profit (R’m) 19% +8% +11% 303 35% 91 281 83 214 193 62 153 48 28 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 29 Results Presentation for the six months ended 30 June 2026
Slide 29: School Capacity
School Capacity SA International Feb 2023 Feb 2024 Feb 2025 Feb 2026 Feb 2026 Feb 2026 Students enrolled (‘000) 39.3 41.0 45.7 47.7 34.6 13.2 Existing built capacity (‘000) 46.7 49.4 54.7 57.1 42.9 14.2 % Existing built capacity utilised 84% 83% 84% 84% 81% 93% Ultimate capacity (‘000) 59.8 60.3 64.
Slide 30: Real Estate
Gaborone International School Real Estate
Slide 31: Pinnacle College, Ridge View High School
Pinnacle College, Ridge View High School Opened January 2025 • Enrolments continue to grow strongly • Second phase of building commenced July 2026 • Completion date: early 2027 • 24 additional classrooms being added • Increases capacity from 390 to 600 32 Results Presentation for the six months ende
Slide 32: Pinnacle College, Copperleaf
Pinnacle College, Copperleaf Expansion project • School opened: January 2017 • Running at full capacity • Scope of build: • New, dedicated pre-school including 6 classrooms and an enclosed play area • Additional high school block including 10 new classrooms • Increased capacity from 1 000 to 1 500 s
Slide 33: New Abbotts High School, Bordeaux
New Abbotts High School, Bordeaux Opens January 2027 • Located on former Vega Randburg campus • Opens January 2027 • Build/ fit-out cost: R22 million • Capacity: 550 learners 34 Results Presentation for the six months ended 30 June 2026
Slide 34: Makini Runda, Nairobi, Kenya
Makini Runda, Nairobi, Kenya Acquired September 2025 • Acquired in September 2025 • We are investing to upgrade facilities and academic support systems • Enrolments are up 21% to 1 420 students since acquisition • Current capacity: 2 000 • Ultimate capacity: 3 000 • Cambridge Curriculum has been app
Slide 35: Makini Statehouse
Makini Statehouse Expansion project currently under way • Existing school in a prime location • New long lease agreed • Renovation project under way • Will double capacity from 280 to 575 students in a high demand area • Completion date: January 2027 • R39 million investment 36 Results Presentation
Slide 36: Flipper International Schools, Addis Ababa
Flipper International Schools, Addis Ababa Ongoing investment in technology and systems, campus relocation Ethiopia • A substantial IT investment programme has been completed at all five campuses • Technical & support systems currently being implemented • Teacher academic training commences in Septe
Slide 37: Tertiary Division
Advtech Tertiary Division
Slide 38: Tertiary Division
Tertiary Division 32 Campuses | 71 467 Students 13 Campuses 10 Campuses 7 Campuses 2 Campuses • Higher certificates • Higher certificates • Vocational • Vocational • Diplomas • Diplomas programmes programmes • Degrees • Degrees • Higher certificates • Higher certificates • Postgrad to • Postgrad to
Slide 39: Emeris Campuses
Emeris Campuses WATERFALL PRETORIA SANDTON PIETERMARITZBURG RUIMSIG WESTVILLE CAPE TOWN NEWLANDS DURBAN NORTH CAPE TOWN CITY UMHLANGA ONLINE NELSON MANDELA BAY 40 Results Presentation for the six months ended 30 June 2026
Slide 40: Rosebank International Campuses
Rosebank International Campuses POLOKWANE PRETORIA BRAAMFONTEIN MBOMBELA CAPE TOWN BLOEMFONTEIN ONLINE DURBAN ACCRA NELSON MANDELA BAY 41 Results Presentation for the six months ended 30 June 2026
Slide 41: Financial Performance
Advtech Financial Performance
Slide 42: Tertiary Division
Tertiary Division Revenue (R’m) Operating Profit (R’m) +17% 14% 2 243 19% 1 911 17% 1 693 592 1 500 496 1 324 436 375 315 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 43 Results Presentation for the six months ended 30 June 2026
Slide 43: Comprehensive Range of Qualifications
Comprehensive Range of Qualifications Skills Development Vocational Higher Diplomas Degrees Honours Masters PhD Programmes (SLPs) Training (FET) Certificates Multi-channel modes of delivery available, any time, any place Online Part-time Blended Full-time • Waterfall School of Business • Waterfall S
Slide 44: New Structure/ Path to University Status
New Structure/ Path to University Status TBC We will apply for university status as soon as the regulations allow 2027 Emeris and Rosebank International will operate as standalone degree awarding institutions University College Higher Education College Higher Education College 2026 We expect publica
Slide 45: Real Estate
Advtech Real Estate
Slide 46: Emeris/ Vega Sandton, Relocation
Emeris/ Vega Sandton, Relocation Opened in February 2026, doubling capacity to 9 000 students • First time enrolments up 20% year on year • Construction of a 200-space parking deck is scheduled • Cost: R34m, including exterior roadworks • Will open in February 2027 • Nearby accommodation planned for
Slide 47: Emeris Nelson Mandela Bay, Relocation
Emeris Nelson Mandela Bay, Relocation Opened February 2026, increased capacity from 3 000 to 4 500 students 48 Results Presentation for the six months ended 30 June 2026
Slide 48: Emeris/ Vega University Development in Kwazulu-Natal
Emeris/ Vega University Development in Kwazulu-Natal 10 000 student mega campus will open in 2029 • 10 hectare, 23 000m2 build will open in 2029 • Consolidating existing regional Emeris & Vega campuses • Will create capacity for 10 500 students • Facilities will include • World class indoor and outd
Slide 49: Rosebank International Braamfontein, Renovation and Expansion
Rosebank International Braamfontein, Renovation and Expansion Project to increase student capacity from 11 500 to 15 000 now concluded Shene Da Silva 50 Results Presentation for the six months ended 30 June 2026
Slide 50: Rosebank International Braamfontein, Expansion
Rosebank International Braamfontein, Expansion Hillside Office Park has been acquired to create additional capacity • Rosebank’s Braamfontein campus is filling up quickly, despite the recently added capacity • New buildings have been acquired near the main campus for expansion • Capacity for 4 000 s
Slide 51: Rosebank International Durban, Relocation
Rosebank International Durban, Relocation Opens January 2027, will increase capacity from 3 150 to 5 700 students • Campus relocation to Dr Pixley Ka Seme Street • Increases capacity from 3 150 to 3 800 students • Ultimate capacity: 5 700 • Opens January 2027 • Fit-out cost: R29 million 52 Results P
Slide 52: Rosebank International Polokwane, Expansion
Rosebank International Polokwane, Expansion Opened August 2026, increasing capacity from 3 700 to 4 600 students • Leases secured on two new buildings, adjacent to the existing site • Capacity increased from 3 700 to 4 600 • Additions • 13 lecture rooms • Auditorium • Student pause area • Reception
Slide 53: Rosebank International KuGompo (Buffalo) City, New Location
Rosebank International KuGompo (Buffalo) City, New Location Opens January 2027 • Leased building • Phase 1 capacity: 600 • Fit-out costs: R16m • Ultimate capacity: 4 400 54 Results Presentation for the six months ended 30 June 2026
Slide 54: Rosebank International Distance Student Contact Centres
Rosebank International Distance Student Contact Centres Providing device/internet access and collaboration spaces • 6 campuses now open • 3 opened in January 2026 (Braamfontein, Cape Town, Pretoria) • 3 opened in July 2026 (Bloemfontein, Nelson Mandela Bay, Polokwane) • 800 work bays in total • All
Slide 55: Rosebank International University College, Ghana
Rosebank International University College, Ghana Opened January 2026 • Currently in our first year of operation • Enrolments running slightly ahead of business case • Current capacity: 350 students • Ultimate capacity: 900 students • We opened as a University College • We are confident of achieving
Slide 56: Resourcing Division
Advtech Resourcing Division
Slide 57: Resourcing Division
Resourcing Division Pivoting for growth • The unexpected closure of the United States Agency for International Development (USAID) in February 2025 continues to have a negative impact on our African operation • Despite declining revenue, the business delivered a commendable performance with an incre
Slide 58: Resourcing Division
Resourcing Division Revenue (R’m) Operating Profit (R’m) 0% 6% 837 810 769 (15%) 664 656 (12%) 50 51 50 44 35 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 CAGR 59 Results Presentation for the six months ended 30 June 2026
Slide 59: Group Analysis
Group Analysis Group Chief Financial Officer Hannes Boonzaaier
Slide 60: Debtors Breakdown
Debtors Breakdown R’ million 2000 5 060 Education +8% Revenue 1800 4 683 CAGR 1600 4 274 13% +13% 3 932 3 380 4 404 1400 3 914 +5% Gross 1200 3 464 Debtors 1000 3 095 1 078.3 CAGR 997.4 1 026.7 2 716 9% 800 906.1 752.4 600 +3% 548.6 Loss 400 493.7 488.3 504.7 417.1 allowance 200 CAGR 2022 2023 2024
Slide 61: Collection Effectiveness
Collection Effectiveness Continuous improvement in collection processes yielding significant Rand benefits R’ million 1 078.3 1 026.7 1000 997.4 Education 906.1 Revenue 800 CAGR 13% 752.4 600 Gross 548.6 504.7 Debtors 493.7 488.3 CAGR 9% 400 417.1 200 257.1 195.3 169.8 158.6 Loss 125.9 118.9 119.3 a
Slide 62: Fees in Advance
Fees in Advance Schools parents confident in our future offering 2 500 4 404 5000 4500 3 914 R’ million 4000 3 464 3 095 2 716 3500 +8% 2 000 3000 Education 2500 1 908.4 Revenue 2000 1 764.9 CAGR 1500 13% 1 500 1 510.7 1000 500 0 1 304.8 1 184.1 Fees in 1 078.3 1 000 Advance 997.4 1 026.7 CAGR 906.1
Slide 63: Cashflow and Capital Structure
Cashflow and Capital Structure
Slide 64: Cash Flow Generated from Operations (R'm)
Cash Flow Generated from Operations (R’m) Demonstrates the inherent cash generating ability of our business 15% +13% 1 413 1 245 1 092 957 798 2022 2023 2024 2025 2026 CAGR 65 Results Presentation for the six months ended 30 June 2026
Slide 65: Cash vs Net Borrowings
Cash vs Net Borrowings Strong cash generation, sound balance sheet Cash generated by operating activities Net borrowings position +13% 1 413 1 249 1 092 957 789 (189) (130) (32) (422) (687) 2022 2023 2024 2025 2026 Ratio = Net borrowing to 0.9 0.4 0.2 0.0 0.1 cash generation Year-end ratio = Net bor
Slide 66: Capital Expenditure
Capital Expenditure Capex projects R403m (2025: R327m) 179 87 70 51 4 7 5 1 New school Support Office Business and Additions to Furniture, Fittings, IT Vehicles Relocation teaching and existing sites Equipment learning systems 67 Results Presentation for the six months ended 30 June 2026
Slide 67: Debt to Equity
Debt to Equity Adequate funding for future project pipeline R’ million 2024 2025 2026 Equity 5 783 6 387 6 714 Total debt 1 557 1 454 1 599 Net interest bearing debt 189 32 130 Lease liabilities 1 368 1 422 1 469 Debt to Equity Interim % 27% 23% 24% Debt to Equity % Year End 43% 39% Major Projects F
Slide 68: Return on Equity and Return on Invested Capital (%)
Return on Equity and Return on Invested Capital (%) Increasing returns for all capital providers 20.6 19.7 19.1 18.0 16.4 15.7 15.3 13.7 2022 2023 2024 2025 Return on Invested Capital Return on Equity 69 Results Presentation for the six months ended 30 June 2026
Slide 69: Dividend
Dividend
Slide 70: Delivering Superior Shareholder Returns
Delivering Superior Shareholder Returns Strong cash generation and sound balance sheet 18% Share buyback • Increased dividend payout programme • Generating cash in excess of that required to fund investment programme R250m • Interim dividend 53.0 cents per share (2025: 53.0 cents 45.0 cents) Average
Slide 71: Dividends Per Share
Dividends Per Share Cash generative business continues to drive dividend increases 25% 250 23% 200 150 118 101 100 87 73 63 60 57 +18% 50 37 53 38 45 44 23 30 0 2022 2023 2024 2025 2026 Interim distribution Final distribution Share buyback value per share Total Full year CAGR Interim CAGR 72 Results
Slide 72: Investor Dashboard
Investor Dashboard
Slide 73: Group Divisional Contribution
Group Divisional Contribution Operating profit contribution as at 30 June 2026 Operating Division 2022 2023 2024 2025 2026 Margin 2026 Stable SA Schools 38% 37% 37% 36% 35% 20.9% contribution Schools Rest of Africa 5% 6% 7% 8% 8% 30.1% Increasing contribution Tertiary 51% 50% 50% 51% 53% 26.4% Resou
Slide 74: Investor Metrics Overview
Investor Metrics Overview Total shareholder Market 6 month average Return on Cashflow: return from: capitalisation: daily trading equity: (30 June 2026) volumes: (31 July 2026) (31 July 2026) H1 2025: 524 921 (31 December 2025) Net borrowings 1 January 2025: 46% H1 2026: 623 718 20.6% to cash R26.1
Slide 75: Future Focus
Future Focus Group CEO, Geoff Whyte
Slide 76: Advtech Forward Vision
We will lead in every market segment in which we choose to operate. We will become the employer of choice in the education and resourcing sectors. Advtech Forward Vision
Slide 77: Strategic Imperatives
Strategic Imperatives Addition of new, high-demand tertiary qualifications Simplification of brand structures Optimisation of brand propositions and marketing Solid progress is being made Investment to secure university status across all focus areas Expansion of African operations Aggressively grow
Slide 78: Cricket South Africa (CSA) Sponsorship
Cricket South Africa (CSA) Sponsorship Three-year partnership • Goals: • Build understanding of the Advtech Advantage • Superior academic outcomes • Industry leading technology and proprietary AI learning tools • African scale and expertise • Significant social impact programmes • Drive awareness an
Slide 79: Prospects
Prospects South African demographic Strong demand for quality Leaders in teaching and and supply and demand education persists learning across the tailwinds continue, especially across all our chosen African continent in tertiary markets Growing scale and expertise Sound balance sheet Strong cash ge
Slide 80: Q&A
Q&A
Slide 81: Thank You
Thank You