Stadio Holdings Pty Ltd. · JSE:SDO
Stadio Holdings Pty — H1 2026 Earnings Presentation
45 slides from Stadio Holdings Pty's earnings presentation, Aug 28, 2026
Slide 1: Interim Results Presentation for Period Ended 30 June 2026
INTERIM RESULTS PRESENTATION FOR PERIOD ENDED 30 JUNE 2026 1 28 August 2026
Slide 2: We're a New Vision in Higher Education
WE’REA NEW VISION IN HIGHER EDUCATION PANSY pS y Me | et
Slide 3: Disclaimer
DISCLAIMER • This presentation has been prepared by STADIO Holdings Limited ("STADIO" or the "Group") for informational purposes only and has not been reviewed or audited by the Group’s auditor, Ernst & Young Inc. • The information contained herein may include forward-looking statements that involve
Slide 4: Presentation Overview
PRESENTATION OVERVIEW A STRONG FIRST 2026 INTERIM THE FUTURE QUESTIONS SIX MONTHS FINANCIAL RESULTS AWAITS & ANSWERS PLEASE JOIN US FOR A CAMPUS TOUR, DRINKS AND SNACKS FOLLOWING THE PRESENTATION 44
Slide 5: A Strong First Six Months
A STRONG FIRST SIX MONTHS • Durbanville campus opened in January 2026, a key strategic milestone • Durbanville registrations exceeded targets with over 1 250 students on campus and new students up 72% from those at Bellville in the prior year • STADIO Higher Education's comprehensive strategy is wor
Slide 6: What We Promised, We Delivered: Students in 2026
WHAT WE PROMISED WE DELIVERED 56 171 56 000 STUDENTS STUDENTS IN 2026 IN 2026 WHAT WE PROMISED WHAT WE’VE DELIVERED (WITH 2ND SEMESTER ENROLMENTS UNDERWAY) 6
Slide 7: Consistently Good Growth
CONSISTENTLY GOOD GROWTH S1 STUDENT REVENUE CORE HEADLINE NUMBERS (R millions) EARNINGS (R millions) 60,000 1200 230 56,171 1100 1080 207 210 55,000 51,197 1000 957 190 50,000 176 47,024 900 170 826 45,000 800 150 42,874 137 up 60% 714 up 97% up 152% over 5 700 over 5 130 over 5 40,000 39,167 116 ye
Slide 8: Strong 2026 Interim Financial Results
STRONG 2026 INTERIM FINANCIAL RESULTS 56 171 Semester 1 R1 080m 31.3% R209m Profit Revenue student Normalised after tax up numbers up EBITDA up Margin 10% 13% up 14% GROWTH JUN 2025: 51 JUN 2025: R957m JUN 2025: 30.6% JUN 2025: R183m 197 24.0cps Earnings per 24.5cps Core headline R418m Cash 17.2% sh
Slide 9: 2026 Interim Financial Results
2026 INTERIM FINANCIAL RESULTS ISHAK KULA CHIEF FINANCIAL OFFICER 9
Slide 10: Summary: 2026 - A Year of Deliberate Investment and Sustained Growth
SUMMARY 2026 - A YEAR OF DELIBERATE INVESTMENT AND SUSTAINED GROWTH • STADIO achieves its pre-listing milestone of 56 000 students • We produced strong results, with revenue growth of 13% to R1 080 million, underpinned by 10% student growth in Semester 1 • Opened two new campuses – STADIO Durbanvill
Slide 11: Summary: Deliberate Investment & Sustained Growth Continued
SUMMARY 2026 – A YEAR OF DELIBERATE INVESTMENT & SUSTAINED GROWTH CONTINUED • Total value returned to shareholders – R217 million* • Dividends of R156.1 million was paid to shareholders and R11.3 million to minorities • Purchased and cancelled 3.0 million (R36.3 million) SDO shares during the period
Slide 12: Total Student Numbers Growth
TOTAL STUDENT NUMBERS SEMESTER 1: 30 JUNE PLS 56 000 10% 14% EXCLUDING exceeded CYCLICAL B2B 60000 56 171 51 197 50000 47 024 42 874 GROWTH 39 167 40000 35 040 √ 30000 10% CAGR JUN 26 20000 10000 0 JUN 25 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 JUN 21 to JUN 26 12
Slide 13: Student Numbers Growth: Contact Learning
STUDENT NUMBERS CONTACT LEARNING - SEMESTER 1 43% 2 Strain STADIO Higher Education new New campuses: STADIO High price point qualifications student growth Durbanville & AFDA Hatfield 9000 8 082 8000 15% 7 018 7000 5 921 6 322 6000 5 662 5 807 6% CAGR GROWTH 5000 4000 JUN 26 3000 2000 1000 0 JUN 25 J
Slide 14: Student Numbers Growth: Distance Learning
STUDENT NUMBERS DISTANCE LEARNING – SEMESTER 1 Leader 14% 14% in private higher education STADIO Higher Education new growth excluding legacy B2B Milpark Distance Learning student growth offerings 60000 9% 50000 48 089 44 179 40 702 11% 37 067 GROWTH 40000 CAGR 33 505 JUN 26 29 119 30000 20000 10000
Slide 15: Revenue Growth
REVENUE • 13% revenue growth made up as follows: o 10% growth on contact learning to R333 million 13% o 14% growth on distance learning to (R millions) R743 million • Change in student mix and average 1200 1 080 revenue per student impacting overall GROWTH 1000 957 CL growth 826 800 714 617 √ 600 54
Slide 16: EBITDA and Adjusted EBITDA
EBITDA AND ADJUSTED EBITDA (R millions) 31.3% 31.3% Adjusted EBITDA margin 400 30.6% 333 339 350 28.5% 293 293 300 29.4% 31.1% • Deliberate investment in people, processes, 250 236 236 29.4% 210 210 systems and infrastructure 200 192 192 161 161 • Efficiencies showing - adjusted EBITDA 150 margins i
Slide 17: Margin Analysis
MARGIN ANALYSIS • Employee cost margin improved compared to prior period • Operating expense margin higher than prior period – investment into processes, infrastructure and brand - investing for future growth • *Normalised operating expense increased by 14% - margin is 23.3% (excluding the loss on t
Slide 18: Trade Receivable & Loss Allowance
TRADE RECEIVABLE & LOSS ALLOWANCE • The loss allowance margin of 8.7% is in line with prior period. • New collection processes introduced starting to yield benefits – seeing higher recovery rates. • Student not allowed to register if prior year accounts were not up to date. Loss allowance margin (lo
Slide 19: Trade Receivable & Loss Allowance
TRADE RECEIVABLE & LOSS ALLOWANCE • Gross debtors' growth of 9% largely driven by increase in student numbers and revenue for the period • Coverage on debtors relating to the prior year provided for in line with historic levels % GROWTH % GROWTH TRADE DEBTORS (R millions) JUN 24 JUN 25 JUN 26 JUN 24
Slide 20: Profit/(Loss) for the Period
PROFIT/(LOSS) FOR THE PERIOD (R millions) 14% 20% CAGR 300 JUN 26 250 209 JUN 21 GROWTH 200 183 150 144 • Strong 14% growth in Profit after tax 127 105 impacted by: 100 85 o Organic growth in EBITDA o Growth in new qualifications coming 50 JUN 25 through and contributing to growth to o Investment in
Slide 21: Earnings per Share (EPS) and Headline Earnings per Share (HEPS)
EARNINGS PER SHARE 15% 16% (EPS) AND HEADLINE GROWTH GROWTH 21% CAGR JUN 26 EARNINGS PER SHARE HEPS (HEPS) JUN 25 JUN 25 to to JUN 21 JUN 26 JUN 26 30.0 30.0 25.0 24.0 24.0 20.8 20.7 20.0 20.0 16.3 16.2 15.0 13.6 13.5 11.1 11.1 9.6 9.4 10.0 10.0 5.0 - - JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 JUN
Slide 22: Core Headline Earnings and Core HEPS
CORE HEADLINE EARNINGS 18% 18% AND CORE HEADLINE GROWTH GROWTH 20% CAGR JUN 26 EARNINGS PER SHARE Core HEPS (CORE HEPS) JUN 25 to JUN 25 to JUN 26 JUN 26 JUN 21 250 207 z 30 200 176 25 24.5 20.7 150 137 20 116 16.2 96 15 13.6 100 82 11.3 9.7 10 50 5 0 0 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 JUN
Slide 23: Core Headline Earnings Movement
CORE HEADLINE EARNINGS MOVEMENT 26% % change (R millions) 300 32% (6%) (8%) 18% • Core headline earnings 250 55 growth of 18% z 207 • Organic growth due to ( 11) 200 ( 13) underlying institutional 176 growth of 26% 150 • Reduced by strategic investments (campus 100 opening, university status, brand
Slide 24: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION DEC 25 JUN 25 JUN 26 SUMMARISED STATEMENT OF FINANCIAL POSITION R millions R millions R millions Total assets 2 675 2 703 2 909 • Invested R147m in capital expenditure Property, plant and equipment 1 122 978 1 235 including: Right-of-use assets 77 92 87 • Durbanville
Slide 25: Cash Flow from Operations
CASH FLOW FROM OPERATIONS CASH FLOW FROM OPERATIONS (R millions) JUN 21* JUN 22* JUN 23 JUN 24 JUN25 JUN 26 Net cash flow from operations (before working capital) 168 198 217 231 287 345 Working capital changes 51 52 38 76 81 73 Net cash generated from operations 219 250 255 307 368 418 Cash generat
Slide 26: Capital Invested
CAPITAL INVESTED CAPITAL INVESTED (R millions) DEC 21 DEC 22 DEC 23 DEC 24 DEC 25 JUN 26 Acquisitions 10 - 15 123* - - Infrastructure development and capital assets 181 87 44 86 280 139 Programme development - 7 15 20 23 8 Total 191 94 74 229 303 147 Cumulative investment 2 073 2 167 2 241 2 470 2 7
Slide 27: Cash Utilisation
CASH UTILISATION 600 (R millions) 353 500 ( 79) 400 ( 18) ( 16) ( 12) ( 22) ( 12) 300 200 156 ( 156) ( 11) 150 ( 33) 100 0 27
Slide 28: 2026 Capital Expenditure: Capital Projects
2026 CAPITAL EXPENDITURE: CAPITAL PROJECTS 2026 CAPITAL EXPENDITURE (R millions) 2026 Curriculum and intangible development 42 Durbanville property 110 Other campus expansions 113 Recurring not 36 Total Capital Projects 301 28
Slide 29: 6 Year Financial Overview
6 YEAR FINANCIAL OVERVIEW JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 Student numbers 35 040 39 167 42 874 47 024 51 197 56 171 Revenue (R millions) 548 617 714 826 957 1 080 EBITDA (R millions) 161 192 210 236 293 333 EBITDA (R millions)- normalised 161 192 210 236 293 339 Headline earnings/(loss) (H
Slide 30: The Future Awaits
THE FUTURE AWAITS CHRIS VORSTER CHIEF EXECUTIVE OFFICER 30
Slide 31: Delivered 2026 Promise, On Track to Reach 2030 Target
WE'VE DELIVERED OUR 2026 PROMISE - ON TRACK TO REACH 2030 TARGET – BUT BUILDING TO REACH MORE TARGET: 80% DISTANCE LEARNING 20% CONTACT LEARNING 7% annual growth required 56 171 59 191 80 000 100 000 + 12 976 53 303 STUDENTS STUDENTS STUDENTS STUDENTS STUDENTS STUDENTS* Oct Dec Jun Aug 2030 2017 202
Slide 32: Our Growth Strategy Is Effective - New Growth Pillars
EXPLORING OTHER OUR GROWTH STRATEGY IS EFFECTIVE OPPORTUNITIES THROUGH EXCITING INTERNATIONAL - WE ARE STARTING TO FOCUS ON NEW AND LOCAL PARTNERSHIPS GROWTH PILLARS AND EXPLORING NEW OPPORTUNITIES & MARKETS EXPLORING NEW OPENING NEW OPPORTUNITIES COMPREHENSIVE & MARKETS OPENING CAMPUS & NEW OPTIMIS
Slide 33: We're Investing for Growth
WE'VE INVESTING FOR GROWTH AI & INFRAST- UNIVERSITY PEOPLE BRAND SYSTEMS RUCTURE STATUS • New academic • AI focus • Campus • Household • Exciting model • Graduate construction name postgraduate • Quality attributes & expansion • Springbok qualifications academics • Efficiencies partnership • Researc
Slide 34: We Will Be a University When the Regulations Allow
WE WILL BE A UNIVERSITY WHEN THE REGULATIONS ALLOW Our institutions are well positioned for the expected Institutional Type changes with: o STADIO Higher Education expected to be a university, o Milpark Education expected to be a University College, and o AFDA, expected to be a Higher Education Coll
Slide 35: Durbanville Updates
DURBANVILLE UPDATES 36
Slide 36: Mock Up of Indoor Centre
MOCK UP OF INDOOR CENTRE 37
Slide 37: Our Sport Strategy - Providing a Holistic Offering
OUR SPORT STRATEGY - PROVIDING A HOLISTIC OFFERING SOCIAL COMPETITVE CLUB VARSITY SPORT • On campus • STADIO Sport Clubs • USSA • Mass participation • Partner with local clubs • Rugby • Some initial investment • Competitive Sport • Netball • Multi-sport courts • Intercampus tournaments • Chess • Hol
Slide 38: USSA Netball & Rugby Champions
USSA NETBALL & RUGBY CHAMPIONS 39
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Slide 40: 2026 Momentum - Contact Learning on the Charge
2026 MOMENTUM – CONTACT LEARNING ON THE CHARGE +43% +33% +72% New students – STADIO Higher Total students – STADIO Higher New students – Durbanville campus Education contact learning Education contact learning (vs Bellville PY) DEMAND & STUDENT EXPERIENCE CAMPUS EXPANSION – CAPACITY WHERE DEMAND c E
Slide 41: We're the Distance Learning Leader
WE'RE THE DISTANCE LEARNING LEADER 50 000+ 13 400+ +14% New STADIO Higher Education distance New students STADIO Higher Distance learning students learning students, Semester 1 Education YoY, off a high base A PROVEN, CAPITAL-LIGHT PLATFORM SCALE AND MOMENTUM c Proven at scale • Largest distance lea
Slide 42: Our Offerings and Growth Opportunities
OUR OFFERINGS AND GROWTH OPPORTUNITIES BLENDED LEARNING DISTANCE LEARNING CONTACT LEARNING 43
Slide 43: We're Positioning for Accelerated Growth
WE'RE POSITIONING FOR ACCELERATED GROWTH Focus to date: consolidating our offerings to optimise campuses, building quality across distance and contact learning, sharpening the qualification mix, and putting South Africa first. THIS HAS BEEN THE RIGHT STRATEGY — THE BUILD PHASE IS BEHIND US; THE SCAL
Slide 44: Now We Grow. Thank You
Higher Education takes patience - we've focused our early years on building the foundation. NOW WE GROW. THANK YOU 46
Slide 45: Questions & Answers
QUESTIONS & ANSWERS STADIO HOLDINGS