Slide 1: Investor & Analyst Briefing
Investor & Analyst rsonal use only Briefing Half year ended 31 December 2025 Presented: 24 February 2026 by Chairman Matthew Sandblom CEO Jose Palmero CFO Adam McArthur 3P Learning Limited ABN 50 103 827 836
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer The material in this presentation is a summary of 3P Learning Limited’s (“3P”) activities and results as at the time of preparation, 24 February 2026. No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of informati
Slide 3: Our Programs
rsonal use only Our Programs Improving student Improving student Teaching children Learning to read Where children Writing and maths achievement in engagement foundational made fun and learn to write with assessment spelling, grammar and achievement maths and rewarding for confidence and that makes
Slide 4: Agenda
rsonal use only Agenda • Chairman’s Update • Outlook • CEO Update • Q&A • CFO: Results & Cash Flow • Appendices 4
Slide 5: Our 1H26 Results & Review
Our 1H26 rsonal use only Results & Review Matthew Sandblom
Slide 6: Chairman's Update
Chairman’s Update 1H26 Results Underlying1 EBITDA Total Revenue3 B2C Revenue4 B2B Revenue4 $5.7m $51.9m $22.0m $29.8m rsonal use only -16% -2% +1% -3% vs pcp2 vs pcp vs pcp vs pcp UNDERLYING1 CASH FLOW USED IN CUSTOMERS PRODUCT OPERATIONS BEFORE TAX 4.9m $11.2m $1.8m • $10.2m Product development - e
Slide 7: Chairman's Update: Current position, business review
Chairman’s Update Current position, business review Better cash balance, revenue and profitability declined • Recent operating trends reflect a challenge to restore revenue growth. rsonal use only • Churn in our B2B business has consistently exceeded new sales. • Over the past 2 – 3 years we have in
Slide 8: CEO Update
rsonal use only CEO Update Jose Palmero
Slide 9: CEO Update: Where we are today
CEO Update Where we are today Solid financial position, but facing some fundamental challenges : rsonal use only • Strong cash generation, no debt. • In control of our IP and distribution across our key markets. • B2C segment more resilient with clear opportunities in USA homeschool market, but some
Slide 10: B2C Strategy - Status
CEO Update B2C Strategy - Status Improve user rsonal use only Homeschool Improve parent experience and market dashboard and conversion with AI expansion reporting supported growth experiments ● Launched Reading Eggs ● Enhance parent dashboard and ● Increase testing on registration and Homeschool max
Slide 11: B2B Strategy - Status
CEO Update rsonal use only B2B Strategy - Status Revenue Customer retention USA market - improved growth through expansion 3 Essentials profitability and efficiency FY26 Focus ● Prioritise selling complete ● Expand our USA based sales team ● Roll out simplifications to renewal solution for reading,
Slide 12: Business Review – Next Steps
CEO Update Business Review – Next Steps Business review will focus on these themes : rsonal use only B2B unit economics, regional performance, churn reduction B2C increase investment in growth opportunities Continue to improve cash balance through careful cost management 12
Slide 13: CFO: Results & Current Position
rsonal use only CFO: Results & Current Position Adam McArthur
Slide 14: Our 1H26 results
Results Analysis Our 1H26 results Summary of our 1H result: rsonal use only • Revenue down in B2B, flat in B2C. • Cost management initiatives from FY25 flowing through, costs steady. • Lower capitalisation rate of product development ($1.4m lower than pcp) has impacted EBITDA. • Better cash position
Slide 15: B2C Performance Metrics
Results Analysis B2C Performance Metrics $m 1H26 1H25 +/- %+/- B2C Revenue 22.0 21.7 0.3 1% rsonal use only Expenses Sales, Marketing & Cost of Revenue2 (13.6) (12.8) (0.8) (6%) Contribution Margin 8.4 8.9 (0.5) (6%) Contribution margin (%) 38% 41% • B2C Revenue excluding other income has grown $0.3
Slide 16: B2B Performance Metrics
Results Analysis B2B Performance Metrics $m 1H26 1H25 +/- % +/- B2B Revenue 29.8 30.8 (0.9) (3%) rsonal use only Expenses Sales, Marketing & Cost of Revenue1 (14.7) (15.1) 0.4 3% Contribution Margin 15.1 15.7 (0.6) (4%) Contribution margin (%) 51% 51% Licences (m) 4.7 4.9 (0.2) (4%) Annual Recurring
Slide 17: Profit and Loss
Results Analysis Profit and Loss Profit and Loss Statement $m 1H26 1H25 +/- %+/- Revenue • B2B revenue decreased by $1.0m against pcp due to higher B2B 29.8 30.8 (1.0) (3%) churn across all regions, and challenge securing new B2C 22.0 21.7 0.3 1% business. rsonal use only Other income 0.1 0.2 (0.1)
Slide 18: Cash Bridge
Results Analysis Cash Bridge • Underlying Cash Flow rsonal use only used in Operations before tax was $1.8m. • Net PPE & intangibles addition of $1.2m. • Closing net cash2 of $7.5m at 31 December 2025. (1H25 net cash $1.9m) • No external borrowings. • Cash generation in 2H will be substantially high
Slide 19: rsonal use only
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Slide 20: Outlook: Full Year FY26 Guidance
Outlook Full Year FY26 Guidance Expected improved cash, similar EBITDA, but some decline in revenue, • We expect higher EBITDA and cash generation in 2H, in line with the seasonality of our rsonal use only business. • With the improved cash position, we will undertake shareholder focused capital man
Slide 21: Q&A
rsonal use only Q&A
Slide 22: Appendices
rsonal use only Appendices
Slide 23: Glossary
Appendices Glossary Term Definition rsonal use only ARR Annual Recurring Revenue Churn Percentage Churn Percentage is calculated as a proportion of the opening School ARR in a rolling 12 or 6 month period (as relevant). Earnings before interest, tax, depreciation and amortisation, excluding unrealis
Slide 24: Thank You
rsonal use only Thank You