Stadio Holdings Pty Ltd. · JSE:SDO
Stadio Holdings Pty — FY2025 Earnings Presentation
47 slides from Stadio Holdings Pty's earnings presentation, Mar 17, 2026
Slide 1: Annual Results Presentation for Year Ended 31 December 2025
ANNUAL RESULTS PRESENTATION FOR YEAR ENDED 31 DECEMBER 2025 1 17 March 2026
Slide 2: We're a New Vision in Higher Education
WE’REA NEW VISION IN HIGHER EDUCATION ey se cae a sors w a sll dahl
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, PriceWaterhouseCoopers Inc. • The auditor expressed an unmodified opinion on the consolidated annual fina
Slide 4: Presentation Overview
PRESENTATION OVERVIEW REFLECTING ON 2025 YEAR-END THE FUTURE QUESTIONS A SOLID YEAR FINANCIAL RESULTS IS EXCITING & ANSWERS 44
Slide 5: Thank You to All Our Staff
THANK YOU TO ALL OUR STAFF FOR YOUR MANY CONTRIBUTIONS 5
Slide 6: 2025 Was Another Solid Year
2025 WAS ANOTHER SOLID YEAR . . . • Good growth in 2025, despite a continued challenging environment • STADIO Higher Education's comprehensive strategy is bearing fruit, and we are seeing accelerated growth • Durbanville campus (phase 1) has been completed and students are on campus – it looks great
Slide 7: With Multi-Faceted Achievements
. . .WITH MULTI-FACETED ACHIEVEMENTS • Milpark continued to be the largest contributor to the CA pipeline in SA with more than 20% of successful SAICA IAC ("Board 1") candidates, being Milpark graduates • Another award-winning year for AFDA alumni, students and staff • Good International partnership
Slide 8: Champions Study with STADIO
CHAMPIONS STUDY WITH STADIO… WE’VE PARTNERED WITH THE SPRINGBOKS AS THEIR OFFICIAL HIGHER EDUCATION PARTNER 8
Slide 9: Strong 2025 Financial Results
STRONG 2025 FINANCIAL RESULTS 51 197 53 303 R1 841m 30.0% R341m Higher Semester 1 Semester 2 Revenue Profit Education student EBITDA student up after tax takes numbers up Margin numbers up up patience up 9% 7% 14% 24% JUN 2024: 47 024 DEC 2024: 50 039 DEC 2024: R1 612m DEC 2024: 28.4% DEC 2024: R276
Slide 10: 2025 Year-End Financial Results
2025 YEAR-END FINANCIAL RESULTS ISHAK KULA CHIEF FINANCIAL OFFICER 10
Slide 11: Summary
SUMMARY 2025 • We produced strong results, with revenue growth of 14% to R1 841 million, underpinned by 9% student growth in Semester 1 and 7% student growth in Semester 2 • EBITDA margins improved to 30.0% (2024: 28.4%) – efficiencies coming through • Loss allowance in line with prior year 8.8% (20
Slide 12: Summary 2025 Continued
SUMMARY 2025 CONTINUED • Total value returned to shareholders – R204.3 million • A dividend of R128.6 million was paid to shareholders and R11.3 million to minorities • Purchased and cancelled 6.9 million (R75.7 million) SDO shares • Issued 4.5 million (R35.4 million) SDO shares, towards the settlem
Slide 13: Total Student Numbers Growth – Semester 1
TOTAL STUDENT NUMBERS SEMESTER 1: 30 JUNE 9% 11% EXCLUDING CYCLICAL B2B 60000 51 197 50000 47 024 42 874 GROWTH 39 167 40000 31 414 35 040 √ 10% 30000 CAGR JUN 25 20000 10000 JUN 20 JUN 24 0 to JUN 20 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 25 13
Slide 14: Total Student Numbers Growth – Semester 2
TOTAL STUDENT NUMBERS SEMESTER 2: 31 DECEMBER EXCLUDING 7% 9% CYCLICAL B2B 60000 53 303 50 039 50000 46 508 GROWTH 42 463 40000 38 527 35 271 √ 30000 9% CAGR DEC 25 20000 10000 DEC 20 DEC 24 0 to DEC 20 DEC 21 DEC 22 DEC 23 DEC 24 DEC 25 DEC 25 14
Slide 15: Student Numbers Growth – Contact Learning Semester 1
STUDENT NUMBERS 11% CONTACT LEARNING - SEMESTER 1 GROWTH 2% CAGR JUN 25 • Contact learning impacted by: o Site extensions and growth in new qualifications coming through and contributing to growth o STADIO Higher Education showing good momentum JUN 24 JUN 20 o Higher price point qualifications showi
Slide 16: Student Numbers Growth – Contact Learning Semester 2
STUDENT NUMBERS 11% CONTACT LEARNING - SEMESTER 2 GROWTH 2% CAGR DEC 25 • Contact learning impacted by: o Site extensions and growth in new qualifications coming through and contributing to growth o STADIO Higher Education showing good momentum DEC 24 DEC 20 o Higher price point qualifications showi
Slide 17: Student Numbers Growth – Distance Learning Semester 1
STUDENT NUMBERS 9% DISTANCE LEARNING – SEMESTER 1 12% GROWTH CAGR JUN 25 • Distance learning impacted by: o Growth in new qualifications coming through and contributing to growth o 11% growth excluding legacy business-to-business (B2B) Milpark Education business offerings JUN 24 JUN 20 to JUN 25 500
Slide 18: Student Numbers Growth – Distance Learning Semester 2
STUDENT NUMBERS 6% DISTANCE LEARNING – SEMESTER 2 GROWTH 10% CAGR DEC 25 • Distance learning growth impacted by: o Growth in new qualifications coming through and contributing to growth o 9% growth excluding legacy business-to-business (B2B) Milpark Education business offerings DEC 24 DEC 20 to DEC
Slide 19: Revenue
REVENUE • 14% revenue growth made up as 14% follows - (R millions) o 15% growth on contact learning to R589 million 2000 1 841 1800 o 14% growth on distance 1 612 1600 learning to R1.2 billion 1 414 GROWTH 1400 1 214 1200 1 098 √ 1000 933 800 600 15% CAGR DEC 25 400 200 DEC 24 0 to DEC 20 DEC 21 DEC
Slide 20: EBITDA and Adjusted EBITDA
EBITDA AND ADJUSTED EBITDA (R millions) 30% 30% Adjusted EBITDA margin 600 28% 553 553 500 27% 458 458 29% 28% 391 387 400 27% 351 357 309 310 300 253 • Efficiencies showing - adjusted 200 EBITDA margins increased to 30.0% (2024: 28.4%) 100 46 0 DEC 20 DEC 21 DEC 22 DEC 23 DEC 24 DEC 25 Adjusted EBI
Slide 21: Margin Analysis
MARGIN ANALYSIS • Employee cost margin improved compared to prior year • Operating expense margin in line with prior year • Loss allowance in line with prior year EXPENSE ANALYSIS (R millions) DEC 24 DEC 25 % CHANGE Revenue 1 612 1 841 14% Employee costs 665 722 9% Employee costs as % of revenue 41.
Slide 22: Trade Receivable & Loss Allowance
TRADE RECEIVABLE & LOSS ALLOWANCE • New collection processes introduced starting to yield benefits. • Operational changes introduced in prior years in Semester 2 prevented students from registering if their account balances were not up to date • The loss allowance margin of 8.8% (Dec 2024: 8.7%) is
Slide 23: Trade Receivable & Loss Allowance
TRADE RECEIVABLE & LOSS ALLOWANCE • Current period debtors growth of 12% largely driven by increase in student numbers and revenue for the year • Coverage on debtors relating to the prior year at 93% (highest risk category) % GROWTH % GROWTH TRADE DEBTORS (R millions) DEC 23 DEC 24 DEC 25 DEC 23 TO
Slide 24: Profit/(Loss) for the Year Growth
PROFIT/(LOSS) FOR THE YEAR (R millions) 24% • Strong 24% growth in Profit after tax impacted by: 400 341 o Organic growth in EBITDA 300 276 o Growth in new qualifications coming GROWTH 236 186 through and contributing to growth 200 137 o In the prior year there was an 100 84 impairment charge on the
Slide 25: Earnings per Share and Headline Earnings per Share
25% 23% EARNINGS PER SHARE (EPS) GROWTH GROWTH 29% CAGR DEC 25 AND HEADLINE EARNINGS HEPS PER SHARE (HEPS) DEC 24 DEC 24 to to DEC 19 DEC 25 DEC 25 50.0 50.0 40.0 38.6 38.5 40.0 30.9 31.4 30.0 24.5 30.0 24.5 19.5 20.0 20.0 14.9 20.0 17.0 10.0 8.5 8.5 10.0 - - (10.0) (10.0) (8.5) (20.0) (14.5) (20.0)
Slide 26: Core Headline Earnings and Core HEPS
22% 22% CORE HEADLINE GROWTH GROWTH 24% CAGR EARNINGS AND CORE HEADLINE DEC 25 EARNINGS PER SHARE (CORE Core HEPS HEPS) DEC 24 to DEC 24 to DEC 19 DEC 25 DEC 25 350 327 300 z 45 267 40 38.5 250 35 31.5 209 200 30 176 24.6 149 25 150 20.7 117 20 17.6 88 15 14.2 100 10.8 10 50 5 0 0 DEC 19 DEC 20 DEC
Slide 27: Core Headline Earnings Movement
CORE HEADLINE EARNINGS MOVEMENT (R millions) % change 400 380 27% (6%) 1% 22% 360 z • Core headline earnings 73 340 growth of 22%, made up as 3 327 320 follows: ( 16) 300 • Organic growth due to 280 underlying institutional 267 growth of 21% 260 • Interest on the RCF loan 240 in the prior year 220 *
Slide 28: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION DEC 24 DEC 25 SUMMARISED STATEMENT OF FINANCIAL POSITION R millions R millions Total assets 2 389 2 675 Property, plant and equipment 889 1 122 • Invested R303m on capital expenditure including: Right-of-use assets 62 77 Intangibles (incl Goodwill) 923 945 • Durbanvil
Slide 29: Cash Flow from Operations
CASH FLOW FROM OPERATIONS CASH FLOW FROM OPERATIONS (R millions) DEC 20 DEC 21* DEC 22* DEC 23 DEC 24 DEC 25 Net cash flow from operations (before working capital) 263 323 361 404 470 568 Working capital changes 11 (9) (20) (44) (5) (28) Net cash generated from operations 274 314 341 360 465 540 Cas
Slide 30: Capital Invested
CAPITAL INVESTED CAPITAL INVESTED (R millions) DEC 20 DEC 21 DEC 22 DEC 23 DEC 24 DEC 25 Acquisitions - 10 - 15 123* - Infrastructure development and capital assets 98 181 87 44 86 280 Programme development 7 - 7 15 20 23 Total 105 191 94 74 229 303 Cumulative investment 1 882 2 073 2 167 2 241 2 47
Slide 31: Cash Utilisation
CASH UTILISATION 600 (R millions) 431 500 400 120 ( 205) ( 33) 300 19 ( 31) ( 34) ( 30) ( 129) ( 11) 200 156 132 ( 73) 100 0 JAN 25 OPERATING CAPEX: CAPEX: CAPEX: CAPEX: PROCEEDS LEASE NET PROCEEDS DIVIDENDS DIVIDENDS NET SHARE DEC 25 ACTIVITIES DURBANVILLE CURRICULUM OTHER RECURRING RANDBURG LIABIL
Slide 32: 2026 Capital Expenditure: Capital Projects
2026 CAPITAL EXPENDITURE: CAPITAL PROJECTS 2026 CAPITAL EXPENDITURE (R millions) 2026 Curriculum and intangible development 47 Durbanville property 110 Other campus expansions 105 Recurring not 32 Total Capital Projects 294 32
Slide 33: 7 Year Financial Overview
7 YEAR FINANCIAL OVERVIEW DEC 19 DEC 20 DEC 21 DEC 22 DEC 23 DEC 24 DEC 25 Student numbers 32 053 35 271 38 527 42 463 46 508 50 039 53 303 Revenue (R millions) 815 933 1 098 1 214 1 414 1 612 1 841 EBITDA (R millions) 180 46 309 351 391 458 553 EBITDA (R millions)- normalised 196 253 310 357 387 45
Slide 34: The Future Is Exciting
THE FUTURE IS EXCITING CHRIS VORSTER CHIEF EXECUTIVE OFFICER 34
Slide 35: Delivering Quality Value
WE HAVE A PROVEN TRACK RECORD OF DELIVERING QUALITY HIGHER EDUCATION TO OUR STUDENTS AND VALUE TO OUR SHAREHOLDERS 35
Slide 36: Student Growth Continues – On Track to Reach 80 000 Students by 2030
STUDENT GROWTH CONTINUES – ON TRACK TO REACH 80 000 STUDENTS BY 2030 TARGET: 80% DISTANCE LEARNING 20% CONTACT LEARNING 8% annual growth required 840 53 303 56 000 80 000 100 000 + 12 976 50 039 STUDENTS STUDENTS STUDENTS STUDENTS STUDENTS * STUDENTS STUDENTS Jan Oct Dec Dec 2026 2030 2017 2017 2024
Slide 37: Our Growth Strategy Is Effective
OUR GROWTH STRATEGY IS EFFECTIVE EXPLORING OPENING NEW NEW MARKETS, COMPREHENSIVE OPPORTUNITIES, OPENING CAMPUS & & NEW MARKET TAKING OPTIMISING NEW SEGMENTS PROGRAMMES EXISTING ACCREDITING FACULTIES TO NEW SITES CAMPUSES NEW & SCHOOLS OF DELIVERY IN-DEMAND & TO NEW EXPLORING OTHER OPPORTUNITIES THR
Slide 38: Our Breadth of Quality Qualifications
OUR BREADTH OF QUALITY QUALIFICATIONS SCHOOLS OF SCHOOL OF SCHOOLS OF SCHOOL OF SCHOOLS OF SCHOOL OF ACCOUNTING, EDUCATION FILM, FASHION, INFORMATION LAW, POLICING ENGINEERING COMMERCE HUMANITIES, TECHNOLOGY & LAW & ARCHITECTURE ADMINISTRATION AND MEDIA & ENFORCEMENT & MANAGEMENT, DESIGN AND FINANCI
Slide 39: Scalable Delivery Model
SCALABLE DELIVERY MODEL • Distance learning now represents 87% of Group enrolments, exceeding the long-term target of 80/20. • The Distance learning – first model, underpins margin expansion and geographic scalability • Contact learning supports our Distance learning model • Contact Learning at STAD
Slide 40: STADIO Durbanville Campus
STADIO DURBANVILLE CAMPUS 40
Slide 41: Engineering Labs (STADIO Durbanville)
ENGINEERING LABS (STADIO DURBANVILLE) 41 IT LABS (STADIO MUSGRAVE)
Slide 42: AFDA Hatfield
42 AFDA HATFIELD 42
Slide 43: We've Launched Project 100
43 WE'VE LAUNCHED PROJECT 100 We're shifting gears and focused on reaching 100 000 students • University status is a priority and we're on track – await regulatory clarity in terms of when we can apply • Campus optimisation continues • Continue to build the brand • Technology driven institutions gea
Slide 44: Market Landscape
44 MARKET LANDSCAPE • Higher Education continues to grow • In 2023, 1.3 million students were in higher education (according to NDP target, will be 1.6 million by 2030) • Private Higher Education (PHE) made up ~21% of market in 2023 (global average is closer to 33%) • Regulations changing which will
Slide 45: We Will Be a University Once Regulations Allow
WE WILL BE A UNIVERSITY ONCE REGULATIONS ALLOW 45
Slide 46: Next Key Step: 100 000+ Students
2026 STARTS THE NEXT KEY STEP IN OUR JOURNEY TO 100 000 + STUDENTS 46
Slide 47: Questions & Answers
QUESTIONS & ANSWERS 47