Slide 1: Results Presentation
Emeris / Vega, Sandton Results Presentation For the year ended 31 December 2025
Slide 2: High Level Financial Performance
High Level Financial Performance 10% 17% Revenue: R9 330.4 million Headline Earnings Per Share: 235.8 cents (2024: R8 520.6 million) (2024: 202.2 cents) 14% 17% Operating Profit: R2 038.2 million Normalised Earnings Per Share: 236.1 cents (2024: R1 790.7 million) (2024: 202.5 cents) 21.8% 17% Operat
Slide 3: Advtech Brand Portfolio 2025
Advtech Brand Portfolio 2025 Schools Division Tertiary Division Resourcing Division 4 Results Presentation for the year ended 31 December 2025
Slide 4: Advtech Brand Portfolio 2026
Advtech Brand Portfolio 2026 Schools Division Tertiary Division Resourcing Division Premium Mainstream/Vocational 5 Results Presentation for the year ended 31 December 2025
Slide 5: Advtech Masterbrand and Domain Name Changes
Advtech Masterbrand and Domain Name Changes • Strategically, the group’s forward focus is on education • Our current logo is dated – and lacks education cues • A new visual identity was launched on 16 th March 2026 New logo is friendly, modern and communicates ‘learning’ through the book / pen nib d
Slide 6: Introducing our new Group Programme Management Officer
Introducing our new Group Programme Management Officer Victor Chidongo • MBA • BSc Business Studies • Experience: • Financial Services • Consulting • Manufacturing • Fintech • Government 7 Results Presentation for the year ended 31 December 2025
Slide 7: 2025 Revenue and Operating Profit Contribution
2025 Revenue and Operating Profit Contribution Segmental overview Revenue Contribution Operating Profit Contribution Tertiary 41% 51% Schools SA 37% 35% Schools Rest of Africa 6% 9% Resourcing 16% 5% 8 Results Presentation for the year ended 31 December 2025
Slide 8: Divisional Performance
Divisional Performance Year-on-year comparison Schools South Africa Tertiary Revenue R3 443 million 10% Revenue R3 849 million 13% Operating profit R721 million 13% Operating profit R1 031 million 14% Schools Rest of Africa Resourcing Revenue R574 million 28% Revenue R1 464 million -6% Operating pro
Slide 9: 2026 Enrolments
2026 Enrolments Strong Growth Across Schools and Tertiary
Slide 10: 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 11 Results Presentation f
Slide 11: Schools Enrolment Breakdown
Schools Enrolment Breakdown Schools Schools South Africa 7% 4% +5% +1% 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 12 Results Pres
Slide 12: 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 13 Results Presentation for t
Slide 13: 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 14: Group Revenue and Operating Profit
Group Revenue and Operating Profit ( R’m) Group Revenue ( R’m) Group Operating Profit (R’m) 12% +10% +14% 9 330 16% 8 521 2 038 7 860 1 791 6 961 1 577 5 917 1 333 1 108 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 CAGR 15 Results Presentation for the year ended 31 December 2025
Slide 15: Group Operating Margin (%)
Group Operating Margin (%) Drivers: • Operating leverage from enrolment growth 21.8 • Continued focus on efficiencies 21.0 • Favourable mix shift between high margin education and lower margin resourcing 20.1 businesses 19.1 18.7 • Partially offset by significant investment into people, systems and
Slide 16: Divisional Operating Margins (%)
Divisional Operating Margins (%) Education Division Resourcing Division 24.7 24.2 23.8 22.4 21.8 6.6 6.3 6.3 6.4 3.8 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 17 Results Presentation for the year ended 31 December 2025
Slide 17: Education Margins (%)
Education Margins (%) Resourcing division Education Division Schools Division Schools South Africa 24.7 22.8 19.4 20.3 20.5 20.9 22.0 18.9 24.2 21.4 20.0 23.8 18.7 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 22.4 Tertiary Division Schools Rest of Africa 21.8 32.4 33.7 26.8 30.0 26.3 26.6 23.9
Slide 18: Normalised Earnings Per Share (ZA Cents)
Normalised Earnings Per Share (ZA Cents) +17% 18% 236.1 202.5 174.2 145.7 121.5 2021 2022 2023 2024 2025 CAGR 19 Results Presentation for the year ended 31 December 2025
Slide 19: Normalised Earnings Per Share (US$ Cents)
Normalised Earnings Per Share (US$ Cents) +33% 17% 14.25 10.71 9.52 8.56 7.61 2021 2022 2023 2024 2025 CAGR 20 Results Presentation for the year ended 31 December 2025
Slide 20: Schools Division
Schools Division
Slide 21: 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 22 Results Presentation
Slide 22: Strengthening the Organisation
Strengthening the Organisation
Slide 23: New Position: Managing Director, House Schools
New Position: Managing Director, House Schools Merice Roopram • BA Degree (Education and Psychology) • PGCHE & MBA • Experience: • Academic leadership • Strategy • Operations • Academia 24 Results Presentation for the year ended 31 December 2025
Slide 24: New Academic Head: Crawford International
New Academic Head: Crawford International Tasnim Abed • Bachelor of Primary Education • Honours in Education, Policy & Management • Experience: • Academic leadership • Published author in Accounting • Content Developer: EMS learning materials 25 Results Presentation for the year ended 31 December 20
Slide 25: Financial / Academic Performance
Financial / Academic Performance
Slide 26: Schools Division
Schools Division Revenue (R’m) Operating Profit ( R’m) 13% +13% +16% 19 % 4 017 914 3 569 786 3 191 684 2 826 2 458 564 460 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 CAGR 27 Results Presentation for the year ended 31 December 2025
Slide 27: Schools South Africa
Schools South Africa Revenue (R’m) Operating Profit ( R’m) 12% +10% 3 443 +13% 15% 3 120 721 2 810 640 2 492 570 2 190 484 413 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 CAGR 28 Results Presentation for the year ended 31 December 2025
Slide 28: Schools Rest of Africa
Schools Rest of Africa Revenue (R’m) Operating Profit (R’m) +28% 21% 574 449 381 334 +33% 268 42% 194 146 114 80 47 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 CAGR 29 Results Presentation for the year ended 31 December 2025
Slide 29: 2025 SA Schools Academic Results
2025 SA Schools Academic Results Independent Examination SA Curriculum IEB Board (IEB) Results Students Acknowledgements 16 Advtech Matric pass rate students were Advtech IEB students 3 371 recognised for distinctions outstanding 99.7% performance by the IEB 14 Advtech Bachelor degree Average of stu
Slide 30: Aligning Our Mid-Fee African Schools Under One Brand
Aligning Our Mid -Fee African Schools Under One Brand 31 Results Presentation for the year ended 31 December 2025
Slide 31: Aligning Our Mid-Fee African Schools Under One Brand
Aligning Our Mid -Fee African Schools Under One Brand Brand launch activities – Makini and Gaborone International Schools 32 Results Presentation for the year ended 31 December 2025
Slide 32: Real Estate / Acquisitions
Real Estate / Acquisitions Pinnacle College, Raslouw
Slide 33: Pinnacle College, Ridge View High School
Pinnacle College, Ridge View High School Opened January 2025 • Enrolments performing well • Second building phase commences July 2026 • Will increase capacity from 392 to 588 • Includes 9 classrooms, 6 laboratories and additional sports facilities • Enrolments also growing strongly in the prep schoo
Slide 34: Advtech's Presence in Nairobi, Kenya
Advtech’s Presence in Nairobi, Kenya 5 Campuses Makini Runda 35 Results Presentation for the year ended 31 December 2025
Slide 35: Acquisition: Regis Runda, Nairobi, Kenya
Acquisition: Regis Runda, Nairobi, Kenya Acquired September 2025 • The operational assets of the Regis Runda Academy were acquired in September 2025 for R171m (internally funded) • The school has been brought under the established and well -respected Makini brand • Built capacity: 2 000 students • U
Slide 36: Crawford International, Nairobi
Crawford International, Nairobi Next phase of development, increasing student capacity from 900 to 1 300 is now complete 37 Results Presentation for the year ended 31 December 2025
Slide 37: Makini Statehouse
Makini Statehouse New lease negotiated avoiding planned closure • Existing school in a prime location but due to close at end 2026 • Negotiated a new long -term lease to build a much larger campus • Will double capacity from 283 to 575 students in a high demand area • First intake: 2027 • R39 millio
Slide 38: Flipper International Schools, Addis Ababa
Flipper International Schools, Addis Ababa Acquired November 2024 • Acquisition price: R136m (internally funded) • 5 well-established schools in Addis Ababa • Demand remains high, with 1 300 applications received for 300 available places at the beginning of the academic year (September 2025) • The s
Slide 39: School Capacity
School Capacity Efficient use of existing buildings – with room to add additional 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 building capacity (‘000) 46.7 49.4 54.7 57.1 42.9 14.2 % Existing building
Slide 40: Tertiary Division
Emeris / Vega, Sandton Tertiary Division
Slide 41: 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 42: Strengthening the Organisation
Strengthening the Organisation
Slide 43: New Position: Vice President
New Position: Vice President Dr George Asamoah • Doctor of Philosophy, Management • MBA • Master of Philosophy in Marketing • Experience: • Academia and higher education • FMCG • Insurance • Banking • Telecommunications 44 Results Presentation for the year ended 31 December 2025
Slide 44: New Position: Marketing & Business Development Executive
New Position: Marketing & Business Development Executive Tumi Nkosi • Master of Science: Engineering & Technology • MBA • Bachelor of Business Administration • Experience: • Academia and higher education • Information and communications technology • Energy • Business process outsourcing 45 Results P
Slide 45: New Position: People and Culture Executive
New Position: People and Culture Executive Dashnee Singh • Executive Development Programme • Postgraduate Diploma in Labour Law • National Diploma in Human Resource Management • Experience: • Banking • Insurance • Telecommunications • Academia and higher education 46
Slide 46: New Position: Executive Academic Dean
New Position: Executive Academic Dean Dr Andre Abrahams • Bachelor of Arts/Honours/Master of Arts – Political Science • Doctor of Philosophy – Development Studies • Experience: • Academia and higher education • Teaching and Learning Management • Lecturing / Masters supervision • Research 47 Results
Slide 47: New Position: Marketing Executive
New Position: Marketing Executive Thabang Butelezi • Bachelor of Commerce – Marketing Management • 7 Marketing Industry Awards • Loeries/Cannes Lions/Apex/Assegai/Generation Next • Experience: • Brand Management • Marketing Communication • Innovation/Strategy/Business development 48 Results Presenta
Slide 48: New Position: Senior Campus Head
New Position: Senior Campus Head André Lubbe • Bachelor/Honours in Administration - International Relations • Masters in Administration • Harvard - High Potential Leadership Programme • Experience: • Academia and higher education • Sales and training • Campus Management 49 Results Presentation for t
Slide 49: Financial / Academic Performance
Financial / Academic Performance
Slide 50: Tertiary Division
Tertiary Division Revenue (R’m) Operating Profit ( R’m) +13% 12% 3 849 3 401 2 988 +14% 2 728 14% 1 031 2 442 903 787 680 609 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 CAGR 51 Results Presentation for the year ended 31 December 2025
Slide 51: Tertiary Academic Results
Tertiary Academic Results South Africa Average module success rates across all qualifications 84 80 78 77 76 2021 2022 2023 2024 2025 Module Success Rate by Module NQF Level (%) 2023 2024 2025 94 94 88 83 88 86 88 89 83 88 86 84 88 88 88 87 73 75 76 78 80 78 79 82 78 80 66 Higher certificate Diploma
Slide 52: 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 53: New Structure / Path to University Status
New Structure / Path to University Status TBC We will apply for full university status as soon as the regulations allow 2026/2027 We will apply for University College or University status within 6 months of publication of final criteria and the application process University College Higher Education
Slide 54: Real Estate / Acquisitions
Advtech Real Estate / Acquisitions
Slide 55: Emeris/Vega Sandton
Emeris/Vega Sandton Opened in January 2026, doubling capacity to 9,000 students 56 Results Presentation for the year ended 31 December 2025
Slide 56: New Emeris/Vega University Campus in KwaZulu-Natal
New Emeris/Vega University Campus in KwaZulu -Natal We are targeting a 2029 opening, consolidating existing regional Emeris and Vega operations 57 Results Presentation for the year ended 31 December 2025
Slide 57: Emeris Nelson Mandela Bay
Emeris Nelson Mandela Bay Opened January 2026, increasing capacity from 3 000 to 4 500 students 58 Results Presentation for the year ended 31 December 2025
Slide 58: Rosebank College, Nelson Mandela Bay
Rosebank College, Nelson Mandela Bay Relocation from CBD to previous Emeris site, completed in December 2025 59 Results Presentation for the year ended 31 December 2025
Slide 59: Rosebank Central Support Office Relocation to Parktown
Rosebank Central Support Office Relocation to Parktown Completed in June 2025, creating space for additional student capacity in the Braamfontein campus 60 Results Presentation for the year ended 31 December 2025
Slide 60: Rosebank College, Braamfontein Renovation and Expansion
Rosebank College, Braamfontein Renovation and Expansion Building work to expand capacity from 11 500 to 15 000 students is nearing completion 61 Results Presentation for the year ended 31 December 2025
Slide 61: Rosebank College, Polokwane
Rosebank College, Polokwane A third building has been leased which will be refurbished in 2026 62 Results Presentation for the year ended 31 December 2025
Slide 62: Rosebank College Cape Town Relocation, August 2025
Rosebank College Cape Town Relocation, August 2025 Doubled capacity from 3 000 to 6 000 students 63 Results Presentation for the year ended 31 December 2025
Slide 63: Rosebank International University College, Ghana
Rosebank International University College, Ghana Operational from January 2026 • Extends the Rosebank brand outside South Africa for the first time • Strong relationships already established with the Ghanian government • Opened as a University College • Full University status expected in 2027 • Enro
Slide 64: Resourcing Division
Resourcing Division
Slide 65: Resourcing Division Key Points
Resourcing Division Key Points • The unexpected closure of USAID in February 2025 had a negative impact on our Rest of Africa business • Around 10% of our client base (NGOs and the charity organisations that they service) was impacted in the period by the sudden withdrawal of their funding • Despite
Slide 66: Resourcing Division
Resourcing Division Creditable performance given the USAID closure in February 2025 Revenue (R’m) Operating Profit ( R’m) 10% 25% 1 681 -6% 1 551 1 280 1 407 -9% 106.1 101.8 92.5 88.5 1 018 38.7 184 0.5 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 RoA SA CAGR 67 Results Presentation for the yea
Slide 67: Group Analysis
Group Analysis CFO, Hannes Boonzaaier
Slide 68: Schools Enrolment Movement – 2025/2026
Schools Enrolment Movement – 2025/2026 Strong demand partially offset by prudent debtor control and economic challenges 2024/25 2 953 1 838 1 438 3 379 3 037 11 186 +5% 47 730 45 643 3 149 10 757 1 628 1 711 3 363 1 181 Enrolments Matric Emigration / Financial Other Regis Joiners Enrolments Feb 2025
Slide 69: Trade Receivables
Advtech Trade Receivables
Slide 70: Assessing Fee Recovery Success
Assessing Fee Recovery Success Revenue Debtors Fees in advance Health es Syst ess Loss allowance % em oc s Pr Policies 71 Results Presentation for the year ended 31 December 2025
Slide 71: Debtors Breakdown
Debtors Breakdown R’ million +10% 2000 9 330.4 8 520.6 Education Revenue 1800 7 859.9 +13% CAGR 6 960.6 12.6% 1600 7 866.3 1400 5 917.2 6 969.3 6 178.9 1200 Gross 1000 5 553.4 Debtors 4 899.2 +5% CAGR 800 10.6% 802.0 813.0 808.8 845.6 600 +5% 564.8 400 Loss 437.5 405.3 394.9 414.8 allowance 321.0 20
Slide 72: Collection Effectiveness
Collection Effectiveness Continuous Improvement in Collection Processes Yielding Significant Rand Benefits R’ million 1000 Education Revenue 800 845.6 CAGR 802.0 813.0 808.8 12.6% 600 564.8 Gross Debtors CAGR 437.5 400 405.3 414.8 10.6% 394.9 321.0 200 257.1 195.3 Loss 169.8 158.6 allowance 117.3 CA
Slide 73: Fees in Advance
Fees in Advance Schools Parents Confident in Our Future Offering 1600 1 9000.0 7 866.3 R’ million 1400 8000.0 1 6 969.3 1200 7000.0 6 178.9 1 6000.0 1000 5 553.4 4 899.2 5000.0 845.6 800 1 802.0 813.0 808.8 4000.0 600 0 564.8 570.7 533.1 3000.0 400 437.5 453.6 470.6 405.3 394.9 414.8 360.1 2000.0 32
Slide 74: Capital Structure
Capital Structure
Slide 75: Cash Flow Generation from Operations
Cash Flow Generation from Operations Demonstrates the inherent cash generating ability of our business R’ million +13% 15% 2 570 2 266 1 998 1 714 1 472 2021 2022 2023 2024 2025 CAGR 76 Results Presentation for the year ended 31 December 2025
Slide 76: Cash vs Net Borrowings
Cash vs Net Borrowings Strong cash generation, sound balance sheet R’ million 2 570 2 266 1 998 1 714 1 472 (1 174) (1 287) (1 210) (1 391) (1 546) 2021 2022 2023 2024 2025 Net borrowing to 1.1 0.8 0.6 0.6 0.5 cash generation Cash generated by operations Net borrowings position 77 Results Presentati
Slide 77: Debt to Equity
Debt to Equity Adequate Funding for Future Project Pipeline R’ million 2023 2024 2025 Equity 5 498 6 179 6 725 Total debt 2 304 2 644 2 650 Net interest bearing debt 1 174 1 287 1 210 Lease liabilities 1 130 1 357 1 440 Debt to Equity % 42% 43% 39% Major Projects Funded 71 322 400 Sandton 182 173 Fl
Slide 78: Capital Expenditure
Capital Expenditure
Slide 79: Capital Expenditure and Acquisitions
Capital Expenditure and Acquisitions R’ million Capex projects and acquisitions R1 199 448 245 171 146 145 36 8 2 New Additions to Business, Teaching and Furniture, Fittings IT Vehicles Acquisition Tertiary Sites Existing Sites Learning Systems and Equipment 80 Results Presentation for the year ende
Slide 80: Capital Expenditure – Strategic Allocation
Capital Expenditure – Strategic Allocation R’ million 1 199 1 058 250 21% 180 17% 224 19% 214 20% 669 192 29% 169 25% 725 60% 664 63% 308 46% 2023 2024 2025 Capacity Increase Maintenance Product Enhancements 81 Results Presentation for the year ended 31 December 2025
Slide 81: 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 16.4 15.7 15.3 12.8 13.7 12.1 10.1 2020 2021 2022 2023 2024 2025 Return on Invested Capital Return on Equity 82 Results Presentation for the year ended 31 December 2025
Slide 82: Dividend
Dividend
Slide 83: Delivering Consistent Shareholder Returns
Delivering Consistent Shareholder Returns Strong cash generation and sound balance sheet +16% +17% • Generating cash in excess of that required to fund investment programme 73 cents • Aligned to final dividend cover of two times Final gross dividend per share (2024: 63 cents) 118 cents Full year div
Slide 84: Dividends Per Share
Dividends Per Share Cash generative business continues to drive dividend increases +17% 24% 118 101 87 60 73 50 63 57 37 31 19 23 30 38 45 2021 2022 2023 2024 2025 Interim Final Total CAGR 85 Results Presentation for the year ended 31 December 2025
Slide 85: Investor Dashboard
Advtech Investor Dashboard
Slide 86: Group Divisional Contribution
Group Divisional Contribution Operating profit contribution Operating Division 2021 2022 2023 2024 2025 Margin 2025 Stable SA Schools 37.2% 36.3% 36.1% 35.7% 35.4% 20.9% contribution Schools Rest of Africa 4.3% 6.0% 7.2% 8.1% 9.4% 33.7% Increasing contribution Tertiary 55.0% 51.1% 49.9% 50.4% 50.6%
Slide 87: Investor Metrics Overview
Investor Metrics Overview Total shareholder Market 3 month average Return on Cashflow: return: capitalisation: daily trading equity: (31 st December 2025) volumes: 28 February 2026 (28 February 2026) Q4 2024: 377 000 (31st December 2025) Net borrowings 1 year: 24% Q4 2025: 514 000 20.6% to cash R22
Slide 88: Future Focus
Future Focus Group CEO, Geoff Whyte
Slide 89: Ambition
Ambition 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.
Slide 90: Becoming An Employer of Choice
Becoming An Employer of Choice Emeris Certified as a Top Employer 2026 in the Education Sector 91 Results Presentation for the year ended 31 December 2025
Slide 91: 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 Investment to secure university status made across all focus areas Expansion of African operations Aggressively grow
Slide 92: 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 markets African continent in Tertiary Growing scale and expertise Sound balance sheet Strong cash ge
Slide 93: Q&A
Q&A