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Investor & Analyst Briefing Full year ended 30 June 2026 Presented: 25 August 2026 by Chairman Matthew Sandblom CEO Jose Palmero CCO B2B Adam McArthur 3P Learning Limited ABN 50 103 827 836
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The material in this presentation is a summary of 3P Learning Limited’s (“3P”) activities and results as at the time of preparation, 25 August 2026. No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this presentation (‘forward-looking statements’). Such forward-looking statements are by their nature not based on historical facts and are subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of 3P and its Directors and officers) which may cause the actual results or performance of 3P to be materially different from any future results or performance expressed or implied by such forward- looking statements. Reliance should not be placed on forward-looking statements and except as required by law or regulation 3P assumes no obligation to update these forward-looking statements. To the maximum extent permitted by law, 3P and its related corporations, directors, officers, employees and agents disclaim any obligation or undertaking to release any updates or revisions to the information in this presentation to reflect any change in expectation or assumptions and disclaim all responsibility and liability for the forward-looking statements (including without limitation, liability for fault or negligence). This presentation provides information in summary form only and is not intended or represented to be complete. Further, it is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any particular investor. Due care and consideration should be undertaken when considering and analysing 3P’s financial performance. All references to “$” are to Australian dollars unless otherwise stated. To the maximum extent permitted by law, neither 3P nor its related corporations, directors, officers, employees and agents, nor any other person, accepts any liability, including without limitation, any liability arising from fault or negligence, for any loss arising from the use or reliance on this presentation or its content or otherwise arising in connection with it. This presentation is not and should not be considered as an offer or invitation to acquire shares in 3P and does not and will not form part of any contract for the acquisition of shares. This presentation should be read in conjunction with other publicly available materials. Further information is available on 3P’s website at: www.3plearning.com/investors This document has been authorised for release by the Board of Directors. Important Notice and Disclaimer 2
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Our Programs Learning to read made fun and rewarding for young children Improving student achievement in spelling, grammar and comprehension Where children learn to write with confidence and success Improving student engagement and achievement in mathematics Teaching children foundational maths and problem-solving skills Writing and maths assessment that makes progress visible Ages 2 – 13 Ages 4 - 15 Ages 6 – 12 Ages 5 – 16 Ages 3 – 9 Ages 6 – 16 3
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Agenda • Chairman’s Update • CEO Update • Financial Results & Cash Flow • Outlook • Q&A • Appendices 4
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Chairman’s Update Matthew Sandblom
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Delivering sustainable returns Chairman’s Update 6 Profitability & Cash Discipline Growth Momentum Cost Discipline Disciplined cost management and AI productivity across the business DGTO Uplift Cashflow and profitability benefits from successful Digital Games Tax Offset application NZ MoE Vendor (B2B) Approved vendor status for the NZ MoE maths resources program US Homeschool (B2C) Good progress in the growing US homeschool market First dividend in 11 years, reflecting:
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Responding to market changes Chairman’s Update 7 Market Changes & Challenges How we are responding • Growing concern about effects of screentime on learners • Trend towards blended solutions in B2B and B2C • Using our combined online and print experience as demonstrated with NZ MoE and US Homeschool market • For B2B, product focus on becoming essential rather than supplemental • For B2C, increase student engagement to extend usage and LTV1 • Operational separation of Schools and Consumer business to increase focus and accountability 1.LTV: Lifetime Value
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CEO Update Jose Palmero
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9 Where we are today CEO Update Strong financial position, some challenges • In FY26 we transitioned from product build stage to commercial stage • We have made operational progress in many areas but faced several market challenges • Disciplined cost management to maintain profitability and improve cash generation • Total revenue1 up 4% from last year, benefiting from $8.6m from DGTO other income • $5.5m DGTO cash payment was received on 14 August 2026 • Strong cash position, no debt 1.Revenue includes revenue and other income, which comprises DGTO other income of $8.6m for FY25 and FY26.
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10 CEO Update FY26 Results UNDERLYING1 EBITDA $19.5m +26% vs pcp2 TOTAL REVENUE3 $112.9m +4% vs pcp B2C REVENUE5 $43.6m +0% vs pcp B2B REVENUE5 $60.5m –8% vs pcp 1. ‘Underlying’ is a non-statutory measure and is the primary reporting measure used by the CEO and Board of Directors for assessing the performance of our business. 2. pcp: prior comparison period which is 12 months to 30 June 2025. 3. Revenue includes revenue and other income, which comprises DGTO other income of $8.6m for FY25 and FY26. 4. Net cash is calculated as: $9.5m statutory cash plus $3.2m restricted cash plus $3.0m term deposits. 5. B2C Revenue excludes other income of $40,000. B2B Revenue excludes other income of $144,000. UNDERLYING1 CASH FLOW FROM IN OPERATIONS BEFORE TAX $11.0m • $15.7m net cash4 CUSTOMERS 4.7m • B2B Licences 4.5m ( –4.6% vs pcp) • B2C Licences 254k ( –7.7% vs pcp) PRODUCT $22.2m • $18.5m Product development - expensed • $3.7m Other products investment - capitalised
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What has changed CEO Update 11 Resetting for growth and focus Aligned Opportunity Tangible opportunities in B2B and B2C that align with our online and blended learning expertise AI Capability Developed AI capability and started using it across all functions Targeted Product Development Product development now focuses on smaller, targeted projects rather than big builds Broader Engagement Shift to teacher and parent engagement to complement our strength in student engagement Leaner Structure Split of B2B and B2C businesses with a leaner, simpler team structure
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B2C • Homeschool and ESA funding in AMER gives us access to a growing market backed by US government funding. • Blended learning, bundling physical books with the subscription, lifts revenue per customer. • Increase student engagement to extend usage and LTV 1. 12 Clear growth opportunities CEO Update In the last 12 months, we have developed and uncovered growth opportunities in both our businesses B2B • Substantial opportunity NZ MoE blended learning solution • Expansion of US school districts, following largest win to date and district focused product improvements • Extension of bundling in APAC and EMEA 1.LTV: Lifetime Value
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13 AI initiatives CEO Update Investment in AI tools, training and enabled systems are delivering real benefits • Improved Sales and Marketing effectiveness with deeper insights, greater automation and more effective activities • Faster print material production and generation of digital assets to support blended product approach • Increased efficiency across our development team with coding tools and support • Faster customer journey optimisation through automation, A/B testing and real-time customer insights • Increased team productivity from rollout of enterprise AI tools and training
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We have restructured for growth and focus CEO Update 14 B2B B2C Customer Teachers, Schools, Districts Parents, Children, Homeschoolers Wants Classroom impact and measurable outcomes Sustained engagement and a longer learning journey Success looks like Teacher usefulness and school retention Engagement, retention and lifetime value Built around Teacher workflow Habit, emotion and parent value Two different business units, two very different customers Schools and families want different things from us. Serving both well from one structure has held our growth back; separating these units enables focus and growth.
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15 Expected outcomes CEO Update With these changes, we are better positioned for profitable growth : • More targeted product development for better ROI • Leaner, more focused teams, enabled by AI, with direct accountability for B2B and B2C • Disciplined cost management to deliver sustainable profits and cash generation • Higher retention for B2B, higher LTV1 for B2C • Improved shareholder returns 1.LTV: Lifetime Value
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Financial Results & Cash Flow Adam McArthur
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Results Analysis 17 FY26 Results Summary of our FY26 results: • Revenue down in B2B, flat in B2C • Underlying EBITDA improved to $19.5m, due to FY26 DGTO other income of $3.9m • Cost management initiatives from FY25 flowing through and further costs cutting completed in H2 FY26, with $4.7m annualised cost savings flowing through to FY27 • Strong cash balance, despite revenue pressure • Declaration of dividend: 3.52 cents per share, partially franked
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18 B2C Performance Metrics • Gross billings declined 4% to $41.2m • AMER gross billings increased at 3%, driven by ESA and workbook sales 1. Gross billings are reported before any commissions are deducted by Apple or Google and exclude Workbooks. 2. B2C revenue excludes other income of $40,000. 3. Includes direct Sales & Marketing expense, amortised platform commission costs and hosting & infrastructure costs. • B2C Revenue has grown $0.2m on pcp, primarily driven by ESA sales in the US • Contribution margin declined to 39% as acquisition costs increased • Contribution margin is calculated after direct sales & marketing cost, commissions paid to Apple & Google, and hosting infrastructure expenses Results Analysis
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19 B2B Performance Metrics 1. B2B Revenue excludes other income of $144,000. 2. Includes direct Sales & Marketing expense, platform commission costs and hosting & infrastructure costs. • Churn continues to be greater than new business generated • APAC retention rate was below expectations • US retention improved from 76% to 86% in FY26 • B2B Revenue, excluding other income, was $60.5m, down 8% on pcp, mainly due to higher churn in APAC and challenges generating new business to offset churn • Contribution margin was flat at 53% as we managed costs in line with revenue decline Results Analysis
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Results Analysis 20 P&L Key Drivers • B2B revenue decreased by $5.0m against pcp due to declining licence numbers, primarily impacted by higher churn across all regions • B2C revenue increased by growing ESA sales in the US. This was offset by $0.2m against pcp due to lower billings in APAC and EMEA • Other income includes $8.6m of DGTO4 other income for both FY25 and FY26 • Total expenses reduced to $82.8m, benefit from full year costs savings completed in FY25 and additional restructure completed in H2 FY26. In addition, reallocation of software licences ($3.0m) and other shared costs were moved from Product and Technology to G&A • Underlying EBITDA of $19.5m, up 26% on pcp, driven by costs reduction and inclusion of estimated FY26 DGTO claim in other income • Other items (after tax) include $4.7m DGTO other income for FY25. $5.7m D&A of acquired products for Blake and Brightpath, and other proforma expenses 1. Underlying EBITDA represents earnings before interest, tax, depreciation and amortisation, excluding unrealised foreign exchange losses and gains, corporate advisory costs, restructure and integration costs, gain on bargain purchase, impairment losses, deferred contract cost on buy-back of distributor rights arising prior to the buy-back in the previous financial year and the Digital Games Tax Offset (“DGTO”) claim recognised in FY26 but related to FY25 expenditure. 2. Refer to the Consolidated Financial Statements Note 11 for detailed information. 3. Not meaningful. 4. Refer to the Consolidated Financial Statements Note 4 for detailed information.
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21 Cash Bridge • Underlying Cash Flow from Operations before tax was $11.0m • Net PPE & intangibles addition of $4.2m • Closing net cash2 of $15.7m at 30 June 2026 • No external borrowings 1. Pro-forma includes payments for corporate advisory, restructure and integration costs. 2. Net cash is calculated as: cash and cash equivalents $9.5m plus restricted $3.2m cash plus term deposits $3.0m. Results Analysis
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Outlook
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Outlook 23 Medium Term Positive outlook for FY27 • Stronger business fundamentals (EBITDA, cash position, no debt) • Better positioned for growth (capital management options, B2B/B2C split, AI productivity) • New growth opportunities (NZ MoE, homeschools, blended learning)
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Q&A
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Appendices
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Appendices 26 Glossary T erm Definition ARR Annual Recurring Revenue Churn Percentage Churn Percentage is calculated as a proportion of the opening School ARR in a rolling 12 or 6 month period (as relevant). EBITDA Earnings before interest, tax, depreciation and amortisation, excluding unrealised foreign exchange losses and gains, corporate advisory costs, restructure and integration costs, gain on bargain purchase, impairment losses, deferred contract cost on buy-back of distributor rights arising prior to the buy-back in the previous financial year and Digital Games Tax Offset (“DGTO”) claim recognised in FY26 but related to FY25 expenditure. Exit Average Revenue per User (Exit ARPU) Exit ARPU represents the closing ARR divided by the closing number of licences. Licences B2B Licences reported reflect the number of individual students using 3P Learning products and excludes teacher or administrator users. B2C Licences reported reflect the number of parent-subscribers using 3P Learning products. Licence Revenue Licence Revenue includes all statutory revenue recorded on the sale of online education products. Net Churn Net Churn represents the School ARR which was not renewed by a customer at the end of a subscription period, offset by the value of recovered subscriptions previously churned. SSO Single sign-on PPA D&A Purchase price allocation depreciation and amortisation Prior comparison period (pcp) Prior comparison period is 12 months to 30 June 2025. Underlying Underlying is a non-statutory measure and is the primary reporting measure used by the CEO and Board of Directors for assessing the performance of the business.
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Thank You