Slide 1: The AI-powered LMS for the entire student journey
OPENLEARNING / ASX: OLL / INVESTOR PRESENTATION rsonal use only The AI-powered LMS for the entire student journey. Investor Presentation, September 2026 24 September 2026 • Prepared by OpenLearning Limited (ASX: OLL)
Slide 2: Table of contents
CON T E N T S Table of contents. rsonal use only Overview Philippines and Malaysia 01 OpenLearning at a glance 08 Land, expand, compound Investment highlights AI and strategy 02 Six reasons to invest 09 Product edge and operating leverage Our story Financial performance 03 From a Sydney research pro
Slide 3: OpenLearning at a glance
OVERVIEW OpenLearning at a glance. OpenLearning (ASX: OLL) is a founder-led, ASX-listed SaaS business at the intersection of AI, education and workforce transformation. rsonal use only $3.27m $12,369 263 66% +23% YoY +24.5% YoY +8 vs Q1 +11.2 pts PLATFORM SaaS ARR B2B SaaS ARPC B2B SaaS CUSTOMERS Sa
Slide 4: Six reasons to invest in OpenLearning
IN VES T M EN T HIG HL IG HT S Six reasons to invest in OpenLearning. rsonal use only Undervalued micro-cap with a High-growth in Southeast Asia Larger contracts, longer terms large addressable market The global LMS market is worth US$28 to 18 institutions and $2.5m+ of TCV signed in Multiple 5-year
Slide 5: From a Sydney research project to a pan-Asian SaaS platform
OUR S T OR Y From a Sydney research project to a pan-Asian SaaS platform. Fourteen years of building the AI-driven LMS for the entire student journey. rsonal use only 2012 2014 2015 2018–19 2019 2020–25 2026 Founded in Sydney by Selected by Malaysia's Raises $1.7m in funding; Scales across Malaysia
Slide 6: Two growth engines: a SaaS platform and a marketplace
G ROW T H EN G IN ES Two growth engines: a SaaS platform and a marketplace. OpenLearning earns recurring subscription revenue from institutions, and transaction revenue from connecting students with courses and universities. rsonal use only S AAS B US IN ES S N EW B US IN ES S The Uni Guide: interna
Slide 7: A large market, early in an AI-driven re-platforming cycle
T HE L M S M ARK ET A large market, early in an AI-driven re-platforming cycle. OpenLearning competes as the AI-native, end-to-end alternative for the fast-growing, price-sensitive Asia-Pacific market, where incumbents are least entrenched. rsonal use only T HE COM P ET IT IVE L AN DS CAP E (HIGHER
Slide 8: Strong position in core markets with big growth potential
G ROW T H M ARK ET S AN D REVEN UE DIVERS IF ICAT ION Strong position in core markets with big growth potential. Labels show the share of each country's institutions using OpenLearning against the total market. 52% of SaaS ARR is now earned outside Australia, and the concentration risk is shrinking
Slide 9: OpenLearning's LMS: From first click to first job
OUR P L AT F ORM OpenLearning’s LMS: From first click to first job. OpenLearning is the only Learning Management System that takes students end to end, and delivers measurable outcomes at every stage. THE STUDENT JOURNEY rsonal use only ATTRACT LEARN CREDENTIAL SHOWCASE EMPLOY Global marketplace AI-
Slide 10: Philippines and Malaysia: land, expand, compound
G ROW T H M ARK ET S Philippines and Malaysia: land, expand, compound. Two markets, two channels, one playbook: win the anchor institution, then expand the contract as the platform absorbs more of the student journey. rsonal use only Philippines Malaysia Close to 2,000 higher-education institutions,
Slide 11: AI is both our product edge and our operating leverage
AI AN D S T R AT E G Y AI is both our product edge and our operating leverage. The same capability that wins procurements against far larger incumbents also keeps OpenLearning's cost base flat as revenue grows. rsonal use only AI as the core differentiator AI as an operating-leverage engine The AI C
Slide 12: Three years of compounding growth and expanding margins
G ROS S P ROF IT AN D M ARG IN Three years of compounding growth and expanding margins. Revenue is net of marketplace course fees collected on behalf of providers; gross sales includes marketplace fees. Over three years gross profit rose 7.8x and gross margin expanded from 15.3% to 63% of net revenu
Slide 13: Core cash burn decreases as operating leverage grows
CAS H F L OW AN D IN VE S T M E N T Core cash burn decreases as operating leverage grows. Sales and marketing, the two new divisions and the costs of being a listed company account for approximately 84.3% of half-yearly cash outflow. Excluding these, the core business used $0.19m in H1 2026, down 86
Slide 14: The path to profitability: break-even late 2027 to 2028
THE PATH TO PROFITABILITY OpenLearning targets break-even in late 2027 to 2028 while investing in sales and growing The Uni Guide. Historical performance is actual (H1 2026). The three scenarios are illustrative only: they show the combination of SaaS ARR growth and The Uni Guide placements that wou
Slide 15: Fundamentally undervalued: proven execution at an early-stage price
T HE OP P ORT UN IT Y Fundamentally undervalued: Proven execution at an early-stage price. A business winning share in a US$28 to 34bn market, priced at a low single-digit multiple of a compounding ARR base. rsonal use only Winning against the giants A small price on a compounding business OpenLearn
Slide 16: A founder-led team with deep regional roots
OUR T E AM AN D L OCAT ION S A founder-led team with deep regional roots. rsonal use only F OUN DERS Adam Brimo Group CEO and Managing Director Spiro Pappas Rupesh Singh Matthew Reede Co-founder. Executive Director since 2019. Has Non-Executive Chair Non-Executive Director Independent Director led t
Slide 17: CEO comment
OPENLEARNING / ASX: OLL / INVESTOR PRESENTATION “ CEO COMMENT The first half of 2026 demonstrates that our strategy is working. Gross profit rose 64%, revenue grew 43%, and our gross margin rsonal use only AUTHORISED FOR RELEASE BY reached 63%, up from just 15% three years ago, while SaaS ARR hit Ad
Slide 18: Further information available to prospective investors
ADDIT ION AL IN VE S T OR IN F ORM AT ION Further information available to prospective investors. rsonal use only Full half-year financial report, Appendix 4D and Appendix 4C filings Available at investors.openlearning.com Corporate governance statement, board charter and policies Available on reque
Slide 19: News navigator
ADDIT ION AL IN F OR M AT ION News navigator Recent ASX announcements and news from OpenLearning. Full list at investors.openlearning.com/announcements rsonal use only 7 SEP 2026 28 AUG 2026 OpenLearning Signs SaaS Agreements with Two Philippine Universities Totalling $256K Half-Year Results to 30 J
Slide 20: Appendix One: Client Testimonials
rsonal use only OPENLEARNING / ASX: OLL / INVESTOR PRESENTATION 2026 APPENDIX ONE Client Testimonials Independent feedback from university and industry partners across Malaysia, the Philippines, Singapore, Indonesia, the UAE and Australia.
Slide 21: Trusted by university leaders across the region
OUR UNIVERSITY PARTNERS Trusted by university leaders across the region. rsonal use only In this digital age, we are redefining We are delighted that Holy Cross of By delivering structured workplace OpenLearning helps us in a transparent What started as an affordable how learning creates limitless D
Slide 22: 40% of Malaysian universities use OpenLearning
CUSTOMER VOICES 40% of Malaysian universities use OpenLearning. Malaysia, where OpenLearning has operated for more than a decade, remains an anchor market for AI-led teaching and learning. rsonal use only “ “ “ In this digital age, we are redefining how With OpenLearning's AI Assistant, course OpenL
Slide 23: OpenLearning drives EdTech innovation
CUSTOMER VOICES OpenLearning drives EdTech innovation. From teacher education in Manila to workplace learning in Singapore and AI adoption in Sydney, institutions across the region are building on the platform. rsonal use only PHILIPPINES SINGAPORE AUSTRALIA We are delighted that Holy Cross of Davao
Slide 24: Appendix Two: Recent Announcements
rsonal use only OPENLEARNING / ASX: OLL / INVESTOR PRESENTATION 2026 APPENDIX TWO Recent Announcements
Slide 25: Diversified deal flow fuels growth
NEW BUSINESS Diversified deal flow fuels growth. OpenLearning has become a trusted partner to several of the Philippines' leading universities, expanding through both the CE-Logic reseller channel and our direct sales team. rsonal use only Holy Cross of Davao College Manila Central University A lead
Slide 26: New partners in the Philippines
MARKET PENETRATION New partners in the Philippines. rsonal use only Philippine Normal University Thames International Notre Dame of Jolo College PNU manages the country's National Center for A higher education institution based in Quezon A private, non-profit Roman Catholic institution Teacher Educa
Slide 27: Building a true global SaaS business
GLOBAL EXPANSION Building a true global SaaS business. Existing customers are expanding usage across Malaysia and Indonesia, while India opens as a new usage-based market. rsonal use only MALAYSIA INDONESIA INDIA UPTM & Sunway University Universitas Muhammadiyah Guru Jambheshwar University Universit
Slide 28: Important notice: Disclaimer
IM P ORT AN T N OT ICE Disclaimer. This presentation has been prepared by OpenLearning Limited (The Company). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of th