National Co. For Learning & Education · TADAWUL:4291
National Co. For Learning & Education — National Company for Learning and Education — Q1 2026 Earnings Presentation
46 slides from National Co. For Learning & Education's earnings presentation, 2026
Slide 1: Investor Presentation Q1 2026
INVESTOR PRESENTATION Q1 2026
Slide 2: Disclaimer
Disclaimer Information contained in this document is subject to change without further notice and it may not contain all material inform ati on concerning National Company for Learning and Education and its subsidiaries (the Company). The Company is not liable or responsible of accuracy o f referenc
Slide 3: Overview
Overview
Slide 4: NCLE is celebrating its 68th anniversary since its inception in 1958
NCLE is celebrating its 68th anniversary since its inception in 1958 1958 68 Years 17 35.1 k 45.3 k Of Excellence in School Campuses Enrolled Students Existing Students K-12 Education Under Operation Capacity During 2025-2026 3.6 K 10 4 21% CAGR Academic Staff Greenfield Schools New School Projects
Slide 5: Enrolled students grew to 35.1 k in Q1 2026 compared to 31.8 k in Q1 2025
Enrolled students grew to 35.1 k in Q1 2026 compared to 31.8 k in Q1 2025 TNS – TNS – TNS – TN IS – TNS – Al-Ghad – TNS – TNS – TNIS – TNIS – Al-Ghad – TNS – TNS – National MEIA - Al-Khwarizmi Al-Salam Al-Rayyan Al-Rawabi Al-Nozha Qurtubah Buraidah King Abdullah Al-Qairwan Al-Aridh Dhahran Al-Aridh
Slide 6: Operational Updates
, nae / Operational xe \/ | i
Slide 7: Educational Excellence Award
Educational Excellence Award Five NCLE schools received the Excellence Award in 2024 and 2025. This recognition was earned after attaining excellence in the four standards of the National Program for School Evaluation and Excellence. The schools were honored by His Excellency the Minister of Educati
Slide 8: Labor Award (Localization Track)
Labor Award (Localization Track) We’re proud to share that NCLE has once again received the prestigious Labor Award in the Saudization Track for 2024, marking a clear acknowledgment of our commitment to empowering national talent. This recognition, driven by the success of AlSalam Schools, reinforce
Slide 9: King Abdulaziz Quality Award
King Abdulaziz Quality Award We’re proud to announce that NCLE has received the King Abdulaziz Quality Award 2024 — the most prestigious quality award in the Middle East. This honor reflects our unwavering commitment to excellence and continuous improvement in education. 9
Slide 10: Key Students' achievements
Key Students’ achievements First Place in First Place in Ittihad the Schools the National Qassim Football Olympiad of contest ( 2nd League (Girls) Athka place) Third Place in Best Karate Second Place in Performer Championshi the Karate Award - MBC p at the Championship Academy Kingdom level Competit
Slide 11: Financial Outlook
Financial Outlook
Slide 12: Revenue Recognition Accounting Change
Revenue Recognition Accounting Change (Effective from Q1 of Fiscal Year 2025/2026) Regulatory Statement According to SOCPA ’s interpretation of IFRS 15 issued on 16 July 2025, Revenue generated from providing educational services shall be recognized over the academic year including preparation activ
Slide 13: NCLE recorded its highest earning in Q1 2026
NCLE recorded its highest earning in Q1 2026 35.1 K SAR 185.3 M SAR 60.5 M Enrolled students Revenue EBITDA +7% Growth (5.7%) Decline +10% Growth Compared to 173.2M Q1 2025 Compared to SAR 64.2 M Q1 2025 From 31.8 K Q1 2025 +13% Growth +9% Growth Compared to Q 1 2025, adjusted to revenue recognition
Slide 14: NCLE maintained healthy financial growth in Q1 2026
NCLE maintained healthy financial growth in Q1 2026 35.1 31.9 31.8 28.2 658 565 566 23.4 446 17.1 309 173 185 Revenues Students Numbers SAR M 2022 2023 2024** 2024*** 2025 Q1-2025* Q1-2026* Thousands 2022 2023 2024 2025 Q1 2025 Q1 2026 49.7% 46.4% 44.6% 45.2% 44.5% 293.6 43.9% 281.2 41% 40.7% 262.9
Slide 15: Gross Margin by Campus
Gross Margin by Campus 59% Q1-2026 Q1-2025 53% 57% 56% 53% 51% 52% 52% 54% 52% 53% 52% 51% 48% 43% 47% 46% 44% 40% 38% 40% 41% 36% 36% 37% 38% 31% 25% (19%) (1%) (13%) 1% TNS – AlRayyan TNS – AlRawabi TNS – AlNozha TNIS -Qurtubah TNS –Buraidah Al-Khwarizmi Al-Ghad - King TNS – AlQairwan TNS – AlArid
Slide 16: NCLE Growth Drivers
» % Gl NCLE Growth Drivers K I\|
Slide 17: External factors: Market growth
The education market is growing, fueled by increasing private school and External factors kindergarten penetration rates • Market growth Average annual Household Education Kindergarten Enrollment Rates in Saudi Arabia Expenditure in KSA (SAR) Kindergarten Enrollment Rates in Saudi Arabia (%) 90% 8,8
Slide 18: External factors: Privatization impact
Privatization Set to Drive Growth in Private School Enrollment by 50% External factors Vision 2030 sets targets to unlock the potential of private This will lead to … education through privatization • Privatization impact Private schools penetration rate % Currently 2030 ~550k Additional students in
Slide 19: Riyadh's Expanding Horizon
Riyadh is at the heart of growth, hosting the majority of Vision 2030 projects and External factors driving Saudi Arabia's transformation • Riyadh's Expanding Horizon 8 mn Riyadh Population 10-12 mn 2025 2030 KSA Student Population (mn) Riyadh Student Population (mn) 6.80 1.7 6.72 6.56 1.64 1.58 6.3
Slide 20: Internal factors: Utilization growth of greenfield schools
Over the past few years, 10 greenfield schools have been launched, paving the way for sustained growth TNS- Buraidah TNS - Al-Qairwan TNS- Al-Aridh TNIS- Dhahran TNIS – Al-Aridh Internal factors • Utilization growth Est. : 2019 Est. : 2020 Est. : 2021 Est. : 2022 Est. : 2023 Capacity : 2,625 Capacit
Slide 21: NCLE has outpaced market growth with a 21% CAGR
NCLE has outpaced market growth, doubling it annually over the past five years with a 21% CAGR KSA Private Education growth Vs. NCLE growth (%) Internal factors 37% 29% 20% 21% 10% 13% 10% 6% -4% 0% 21/22 22/23 23/24 24/25 25/26 • Quality Growth Team KSA Private Education Growth* NCLE Growth Student
Slide 22: MEIA Academy full-day system growth
MEIA Academy has set a new benchmark for full-day system growth in private schools across KSA Contributed to utilization growth over the years Internal factors 72% 68% 85% 76% 92% 76% 97% 75% 60% 55% 62% 59% 2021 2022 2023 2024 2025 2026 Al-Rayyan utilization Al-Nozha utilization • Full -day school
Slide 23: Ishbiliyah Project
Ishbiliyah Project Internal factors Land Area Capacity Opening Date 9,025 sqm 2,000 Aug 2026 Location CAPEX Land Purchase Amount Ishbiliyah District -Riyadh 51 million Saudi riyals 14.7 million Saudi riyals including real estate tax • Ishbiliyah Project ( New Greenfield ) 23
Slide 24: Al-Rabie Project
Al-Rabie Project Internal factors Land Area Capacity Opening Date 9,450 sqm 2,100 Aug 2026 Location CAPEX Land Purchase Amount Al-Rabie District - Riyadh 57 million Saudi riyals 35.7 million Saudi riyals, including real estate tax • Al-Rabie Project ( New Greenfield ) 24
Slide 25: Jeddah Project
Jeddah Project Internal factors Land Area Capacity Opening Date 10,631 sqm 2,100 Aug 2026 Location CAPEX Land Purchase Amount North Obhur District - Jeddah 60 million Saudi riyals 27.9 million Saudi riyals, including real estate tax • Jeddah Project ( NewGreenfield ) 25
Slide 26: Dhahrat Laban Project
Dhahrat Laban Project Internal factors Land Area Capacity Opening Date 15,532 sqm 3,300 Aug 2027 Location CAPEX Land Purchase Amount Dahret Laban 64 million Saudi riyals 24 Years (Including 2 Years grace period) SAR District - Riyadh 2.54 mn annually and increase by 10% every 5 years with a total co
Slide 27: 2025/2026 Enrollments
2025/2026 Enrollments
Slide 28: Al-Rayyan School Campus Highlight
Al-Rayyan School Campus Highlight National 1980 MEIA (Int ’l) 97% 5,250 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 718 4,375 5,093 14% 2025 602 4,227 4,829 +5.5% National MEIA 2024 447 4,005 4,452 86 % 2023 264 3,540 3,804 2022 1
Slide 29: Al-Rawabi School Campus Highlight
Al-Rawabi School Campus Highlight National 2009 International 100%+ 4,375 Founded Curriculum Utilization* Capacity Program contribution 2026 (% from total students) YOY student growth 2026 2,049 2,749 4,798 2025 1,807 2,640 4,447 +7.9% 43% National 4,155 2024 1,653 2,502 International 57% 3,800 2023
Slide 30: Al-Nozha School Campus Highlight
Al-Nozha School Campus Highlight National 2013 MEIA (Int ’l) 75% 4,375 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 792 2,504 3,296 24% 2025 730 2,581 3,311 -0.5% National 2024 644 2,702 3,346 MEIA 76% 2023 367 2,620 2,987 2022 183
Slide 31: Qurtubah 1 School Campus Highlight
Qurtubah 1 School Campus Highlight National 2017 International 80 % 1,280 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 1,022 2025 731 - 39.8% 2024 441 822 1,263 International 2023 329 705 1,034 100% 2022 517 206 723 International N
Slide 32: Buraidah School Campus Highlight
Buraidah School Campus Highlight National 2019 International 91% 2,625 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 1,338 1,041 2,379 2025 1,166 990 2,156 National +10% 44% International 2024 1,005 1,033 2,038 56% 2023 779 786 1,56
Slide 33: Al-Khwarizmi School Campus Highlight
Al-Khwarizmi School Campus Highlight 2010 National 91% 1,220 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 1,105 -3.8% 2025 1,149 National 2024 1,193 2023 1,174 100% 2022 1,132 33
Slide 34: Al-Ghad – (King Abdullah district) School Campus Highlight
Al-Ghad – (King Abdullah district) School Campus Highlight 1990 National 69 % 2,200 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 1,520 2025 1,560 -2.6% National 2024 1,690 100% 2023 1,686 2022 1,594 34
Slide 35: Al-Qairwan School Campus Highlight
Al-Qairwan School Campus Highlight National 2020 International 90 % 4,550 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 1,752 2,365 4,117 2025 1,656 2,469 4,125 National 43% 2024 1,534 2,390 3,924 International 57% 2023 1,254 1,993
Slide 36: Al-Aridh National School Campus Highlight
Al-Aridh National School Campus Highlight 2021 National 95% 3,000 Founded Curriculum Utilization Capacity YOY student growth Program contribution 2026 (% from total students) 2026 2,858 2025 2,706 National 2024 2,376 +5.6% 2023 1,599 100% * International curriculum students is excluded from the char
Slide 37: Al-Dhahran School Campus Highlight
Al-Dhahran School Campus Highlight 2022 International 51% 2,300 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 1,183 National 2025 1,035 +14% 2024 846 100% 2023 394 37
Slide 38: Al-Salam School Campus Highlight
Al-Salam School Campus Highlight 1984 National 77% 1,950 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 1,506 2025 1,543 -2% National 2024 1,486 100% 2023 1,543 2022 1,450 38
Slide 39: Al-Ghad - AlQairwan School Campus Highlight
Al-Ghad - AlQairwan School Campus Highlight 2023 National 33% 1,720 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 568 National 2025 477 +19% 100% 2024 385 39
Slide 40: Al-Aridh International School Campus Highlight
Al-Aridh International School Campus Highlight 2023 International 62% 2,520 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 2026 1,550 2025 1,368 National 2024 1,003 +13% 2023 571 100% 2022 346 *Aridh 2 was opened in 2023 /2024 . ’22& ’23
Slide 41: National School Campus Highlight
National School Campus Highlight 2024 National 12% 2,000 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) Student Enrollment 2026 239 National 2025 77 +210% 100% 41
Slide 42: Al-Narjis Campus Highlight
Al-Narjis Campus Highlight 2024 National 72% 2,000 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) Student Enrollment 2026 1,432 National 2025 793 +81% 100% 42
Slide 43: Qurtubah 2 Campus Highlight
Qurtubah 2 Campus Highlight National 2024 International 89 % 2,500 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) YOY student growth 10% 2026 229 2,002 2,231 National International +48% 2025 88 1,419 1,507 90 % International National 43
Slide 44: MEIA -AlQairwan Campus Highlight
MEIA -AlQairwan Campus Highlight 2024 International 14% 1,400 Founded Curriculum Utilization Capacity Program contribution 2026 (% from total students) Students Enrollment 2026 201 National +88% 2025 107 100% 44
Slide 45: Q&A
Q&A For more information, please contact us : investor.relations@edu.com.sa For more information, please contact us : investor. relations@ edu.com.sa
Slide 46: Thank You
caulaillg Guy auibgll asp NATIONAL COMPANY FOR LEARNING & EDUCATION Thank You
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