Slides
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Capital Markets Day Geoff Whyte, Advtech Group CEO 2nd November 2026
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2 November 2024 Capital Markets Day - Recap Progress Against Strategic Priorities Key Financial Metrics and Performance Target Capital Structure Social Impact 01 02 03 04 05 Capital Markets Day – 2 November 2026 Agenda Becoming an Employer of Choice06 Forward Strategic Priorities / Investment Case / Q & A07
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High Level Approach: 2024 3 Create clear Group and brand level strategies Capital Markets Day – 2 November 2026 Define Ambition Optimise brand portfolio Focus on: Right employees Right structure Healthy culture Happy, empowered people Focused, well-resourced execution
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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. Advtech Ambition 4 Capital Markets Day – 2 November 2026
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2024 Strategic Priorities
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Strategic Priorities, November 2024 Strategy Day 26 November 2024 6 Capital Markets Day – 2 November 2026 Simplify and strengthen brand and operational structures Define the Advtech brand and its potential value to the broader organisation Aggressively grow Tertiary Distance market share Prepare for university status Add higher qualifications, step- change research output, elevate the qualification level of our academic staff 01 0302 04 05 06 07 08 09 Secure and strengthen technological competitive advantage Extend Tertiary catchment areas through adding student residences Expand capacity in South Africa to meet current and future market demand Scale mid-fee and premium schools in Africa Take the Rosebank brand international Become the employer of choice in our market sectors 10 11 Prioritise our high margin, high growth education business 12 Elevate academic outcomes in both the Schools and Tertiary Divisions
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Progress Report
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Define the Advtech Brand
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The Advtech Advantage 9 Consistent, superior academic outcomes A trusted corporate citizen with significant, education focused, CSI initiatives Strong, differentiated brand portfolio with clear growth strategies Expanding African footprint, expertise and infrastructure Industry-leading investment in technology and proprietary, AI-enhanced learning tools 160-strong central academic team Strongly cash generative with a robust balance sheet The Advtech Advantage 01 02 03 04 05 06 07 Capital Markets Day – 2 November 2026 Codifying the value of the brand
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• Goals: • Build awareness of the Advtech brand for customers and investors • Build understanding of the Advtech Advantage • Drive awareness and understanding of the Emeris brand • Create powerful links to our Crawford and Trinityhouse schools • Sponsorship covers the following: • National U13, U16 and U19 Boys and Girls Youth Weeks • Women’s Test Cricket • Men’s Test Cricket • Emeris will also be the sponsor of the T20 series against Bangladesh • December 2026 10 Cricket South Africa Sponsorship Multi-layered programme Capital Markets Day – 2 November 2026
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Simplify and Strengthen Brand and Operational Structures
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• Strategically, the group’s forward focus is on education • Our logo was dated – and lacked education cues • A new visual identity was launched on 16th March 2026 Advtech Masterbrand and Domain Name Changes 12 The new logo is friendly, modern and communicates ‘learning’ through the book / pen nib device • Advtech have business interests in multiple countries but had been operating under the ‘Advtech.co.za’ domain name • We have transitioned to groupadvtech.com, reflecting the growing international footprint of the business Capital Markets Day – 2 November 2026
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Tertiary Brand Consolidation 2026 Premium Mainstream/Vocational 2024 13 Capital Markets Day – 2 November 2026
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Emeris Campuses 14 WATERFALL CAPE TOWN NEWLANDS ONLINE SANDTON RUIMSIG CAPE TOWN CITY PRETORIA WESTVILLE PIETERMARITZBURG NELSON MANDELA BAY DURBAN NORTH UMHLANGA Capital Markets Day – 2 November 2026
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NELSON MANDELA BAY Rosebank International Campuses 15 PRETORIAPOLOKWANE MBOMBELA CAPE TOWN ONLINE ACCRA BRAAMFONTEIN BLOEMFONTEIN DURBAN Capital Markets Day – 2 November 2026
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16 Emeris Rebrand Executed simultaneously across all campuses Capital Markets Day – 2 November 2026
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Emeris Sandton 17 Opened January 2026, capacity 9 000 students Capital Markets Day – 2 November 2026
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Emeris Nelson Mandela Bay 18 Capital Markets Day – 2 November 2026 Opened January 2026, capacity 4 500 students
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Emeris Sandton SAPOA Award 19 Campus wins for innovation in design functionality and impact • Emeris Sandton Campus awarded 'Other Development' of the Year’ award at 2026 SAPOA Property Awards for Innovative Excellence • Category recognises unique projects that demonstrate innovation in design, functionality and impact Capital Markets Day – 2 November 2026
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20 Vega School Rebrand Capital Markets Day – 2 November 2026
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Vega #1 At 2026 Loerie Awards 21 Wins for Vega students and new brand identity Capital Markets Day – 2 November 2026 • Vega ranked #1 institution at the 2026 Loeries • 38 finalists • 8 awards • 1 Gold • 4 Silver • 3 Bronze • Vega also won a Loerie for the new Vega Brand Identity
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Rosebank International Brand Launch May 2026 22 Capital Markets Day – 2 November 2026
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Rosebank International Rebrand 23 Capital Markets Day – 2 November 2026 May - July 2026
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Schools Brand Consolidation 24 Capital Markets Day – 2 November 2026
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25 International Schools Group (ISG) Brand Launch February 2026 Capital Markets Day – 2 November 2026
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26 Advtech Brand Portfolio 2026 Tertiary Division Resourcing Division Schools Division Premium Mainstream/Vocational Capital Markets Day – 2 November 2026 Africa’s leading private education provider
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27 Schools Division 4 countries | 122 schools | 47 730 students 27 Schools 20 Schools 11 Schools 5 Schools 3 Schools Progressive/ Modern Traditional/ Holistic Specialised Academic Support and Assisted Learning Early Childhood Development Online/ Homeschooling 56 Schools Mid-Fee Capital Markets Day – 2 November 2026
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Tertiary Division 28 32 Campuses | 71 467 Students • Higher certificates • Diplomas • Degrees • Postgrad to doctoral • Face-to-face • Distance – Online • Vocational programmes • Higher certificates • Diplomas • Degrees • Face-to-face • Distance – Online • Vocational programmes • Higher certificates • Diplomas • Short courses • Distance - Online • Higher certificates • Diplomas • Degrees • Postgrad to doctoral • Face-to-face • Distance – Online 13 Campuses 10 Campuses 7 Campuses 2 Campuses Capital Markets Day – 2 November 2026
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Prepare for University Status
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Structuring Our Tertiary Brands as Universities 30 Rosebank International Capital Markets Day – 2 November 2026 FACULTY OF ECONOMIC AND MANAGEMENT SCIENCES Dean PhD appointment in progress Deputy Dean Mr Renaldin Ponnan FACULTY OF EDUCATION Dean Dr Shani Steyn Deputy Dean FACULTY OF SCIENCE AND TECHNOLOGY Dean Dr Rodney Mushininga Deputy Dean FACULTY OF LAW Dean Dr Rufaro Mavunga Deputy Dean Ms Nqubeko Shezi FACULTY OF HUMANITIES Dean Dr Marchant Van Der Schyff Deputy Dean FACULTY OF HOSPITALITY, TOURISM AND CONSERVATION Dean Dr Renee Minnaar Deputy Dean Ms Roxanne Haupt Dr Halisha Ramlal Mr Lufungula Osembe Deputy Dean: Finance & Accounting Ms Talita Van Wyk Deputy Dean – (WIL) Law Clinics Dr Gertrude Mafoa Quan Appointment in progress Deputy Dean – Head Chef Mr Mark Coombe
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Post Graduate Qualifications Offered 31 Capital Markets Day – 2 November 2026 48 65 79 2023 2025 2026 2023 - 2026 +65% Post Graduate Qualifications Growth
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Tertiary Academic Staff Qualifications 32 Step change in the number of staff with post-graduate degrees Capital Markets Day – 2 November 2026 2023 - 2026 +27% +44% Academic Staff Qualifications 2023 - 2026 Master’s Degrees PhDs 673 811 852 2023 2025 2026 Masters 167 204 241 2023 2024 2025 PhDs
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Accelerated Expansion of Research 33 Aggregated per capita output - tertiary brands Capital Markets Day – 2 November 2026 0.33 0.52 0.59 2023 2025 2026 Projection 2023 - 2026 +79% Research Growth
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Aggresively Grow Tertiary Distance Market Share
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Tertiary Distance Qualifications Offered 35 Significant & rapid expansion Capital Markets Day – 2 November 2026 39 59 76 2023 2025 2026 Distance Qualification Growth 2023 - 2026 +95% Distance
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Rosebank International Distance Student Contact Centres Providing device/internet access and collaboration spaces 36 Capital Markets Day – 2 November 2026 • 6 campuses now open • 3 opened in January 2026 (Braamfontein, Cape Town, Pretoria) • 3 opened in July 2026 (Bloemfontein, Nelson Mandela Bay, Polokwane) • 800 work bays in total • All campuses have a library, theory room for study, computer centre and a recreation area • Utilisation: 97% • Durban and Mbombela contact centres will open in 2027
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South Africa Tertiary Distance Market Share (Private Sector) * 37 Capital Markets Day – 2 November 2026 2023 - 2026 +82% Distance Market Share Growth 6.1% 6.6% 8.8% 11.1% 2023 2024 2025 2026 * Advtech Estimate
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Secure Technological Competitive Advantage
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▪ Covers Maths, Math Literacy and Science ▪ Tracks student homework and usage ▪ Generates personalised learning pathways ▪ Provides immediate teacher feedback – at class & individual level ▪ Data-driven AI builds individually focused assessments ▪ System generates real-time dashboards providing insights into teaching and learning effectiveness AI for Personalised Learning Strategy Day 26 November 2024 39 Capital Markets Day – 2 November 2026
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Advtech Takes Significant Shareholding in EdTech Partner 40 25% stake gives group exclusive access to AI-enhanced teaching and learning tools in all markets • MathU AI systems used across Advtech’s schools since 2023 • Deal gives Advtech: • Seat on MathU’s board • Exclusivity in all markets for current and future AI education solutions Capital Markets Day – 2 November 2026
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Extend Tertiary Catchment Areas
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42 Expanding Catchment Areas Through Student Residences Focus on facilitating specialist third party developments Capital Markets Day – 2 November 2026 Architect render of student accommodation planned for the new Emeris campus in KwaZulu Natal Architect render of student accommodation planned for the Emeris’ Sandton campus
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Expand Capacity in South Africa
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South Africa Capacity Expansion 44 2024 to 2026 Capital Markets Day – 2 November 2026 Emeris Nelson Mandela Bay Emeris Sandton Vega Sandton Rosebank International Braamfontein Rosebank International Braamfontein (Hillside) Rosebank International Parktown Rosebank International Bloemfontein Rosebank International Mbombela Rosebank International Nelson Mandela Bay Rosebank International Polokwane Rosebank International Buffalo City Rosebank International Cape Town Rosebank International Pretoria Pinnacle College Raslouw Pinnacle College Ridge View Pinnacle College Copperleaf Abbotts High School Bordeaux
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Emeris / Vega University Development in Kwazulu-Natal 45 10 000 student mega campus will open in 2029 • 10 hectare, 23 000m2 build will open in 2029 • Consolidates existing regional Emeris & Vega campuses • Will create capacity for 10 500 students • Facilities will include • World class indoor and outdoor sports facilities • Astro turf hockey field • Varsity Cup rugby centre • 1 000 bed student residence Capital Markets Day – 2 November 2026
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Scale African Operations
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International Capacity Expansion 47 2024 to 2026 Capital Markets Day – 2 November 2026 Rosebank International University College, GhanaFlipper International, Ethiopia Crawford International, Kenya Makini Runda, Kenya Makini Statehouse, Kenya
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• Added Ethiopia to our international operation alongside Kenya, Botswana and Ghana • Good fit with our existing mid-fee African model • 5 well-established schools in Addis Ababa • Founded in 1998 • 3 000 students, 450 staff • Strong academic reputation • Relocation of Lancia campus has increased capacity by 450 • Technology & Teaching and Learning systems being rolled out Flipper International School, Ethiopia Strategy Day 26 November 2024 48 New country entry: Acquired 2024 Capital Markets Day – 2 November 2026 Relocated Lancia campus
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• Currently in our first year of operation • Enrolments running ahead of business case • Current capacity: 350 students • Ultimate capacity: 900 students • Opened as a University College • We are confident of achieving full university status in 2027 • Additional facilities and classroom space are being added in line with demand 49 Rosebank International University College, Ghana New Country Entry: Opened January 2026 Capital Markets Day – 2 November 2026
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50 Crawford International School, Nairobi Work to increase student capacity from 900 to 1 300 completed in 2025 Capital Markets Day – 2 November 2026
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51 Makini Runda School Acquired: September 2025, Redevelopment Under Way • Student numbers at acquisition: 1 160 • Student numbers now: 1 470 (+27%) • Cambridge curriculum launched in 2026 • Redevelopment will add: • New classrooms • Computer and science labs • Robotics labs • Libraries • Music and art rooms • Multi-purpose sports facilities • New hall • Will expand capacity to 3 150 students Capital Markets Day – 2 November 2026
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Makini Statehouse School 52 • Existing school in a prime location • New long lease agreed • Renovation project under way • Will double capacity from 280 to 575 students in a high demand area • Completion date: January 2027 Expansion project currently under way Capital Markets Day – 2 November 2026
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Elevate Academic Outcomes
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3 371 (2023: 2 669) Excluding Niche Schools IEB Academic Results 2025 54 Independent Examination Board (IEB) Results SA Curriculum Students Matric pass rate Advtech IEB students Bachelor degree pass rate Advtech IEB students Average number of distinctions per student Distinctions 100% (2023: 100%) 94% (2023: 93%) 2.1 (2023: 1.9) Capital Markets Day – 2 November 2026
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Tertiary Average Module Success Rate 55 Aggregate and by level of qualification - 2023 vs 2025 2023 Aggregate Module Success Rates 78% 83% 2025 67% 75% 80% 78% 85% 83% 75% 88% 76% 81% 89% 82% 89% 87% 82% 88% Higher Certificate Diploma Advanced Diploma Three Year Degree Four Year Degree Post Graduate Certificate Post Graduate Diploma Honours 2023 2025 Capital Markets Day – 2 November 2026
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Enrolment Growth
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36802 39290 41010 45643 47 730 2022 2023 2024 2025 2026 47539 49341 52718 60067 71 467 2022 2023 2024 2025 2026 84341 88631 93728 105710 119 197 2022 2023 2024 2025 2026 Schools Division 57 Enrolment Growth +5% Tertiary Division Total Group 11% 7% 9% +19% CAGR +13% Capital Markets Day – 2 November 2026
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Tertiary Division 58 Contact Distance Tertiary Enrolment Breakdown 47539 49341 52718 60067 71 467 2022 2023 2024 2025 2026 43819 44585 47135 52245 60 985 2022 2023 2024 2025 2026 3720 4756 5583 7822 10 482 2022 2023 2024 2025 2026 +17% 30% 9%11% +34% +19% CAGR Capital Markets Day – 2 November 2026
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61% (746 110) 88% (655 878) 46% (345 857) 28% (209 292) 14% (100 729) 100% (1 213 985) Significant Shortfall in Public University Places 59 Entered Grade 1 Wrote Matric exams Qualified for Higher Education studies Achieved Bachelor’s Pass Achieved Diploma Pass Achieved Higher Education Certificate Pass Matric Class of 2025 2025: 210 000First time enrolment places at public universities: 655 000 students qualified for Higher Education study in 2025 2025: 445 000Shortfall in public university places Capital Markets Day – 2 November 2026 Creates significant runway for private sector growth
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Prioritise High Margin, High Growth Education Business
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61 Operating Profit Contribution Revenue and Profit Breakdown 2024 Full Year Results 81% 40% 36% 5% 19% Education total Tertiary Schools South Africa Schools International Resourcing 94% 50% 37% 7% 6% Revenue Operating Profit Capital Markets Day – 2 November 2026
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62 Operating Profit Contribution Revenue and Profit Breakdown 2026 Half Year Results 87% 44% 37% 6% 13% Education total Tertiary Schools South Africa Schools International Resourcing Revenue Operating Profit 96% 53% 35% 8% 4% Capital Markets Day – 2 November 2026
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Key Financial Metrics 2023 to 2025
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Financial Returns 2023 -2025 64 Driven by disciplined capital allocation Capital Markets Day – November 2026 19.1% 19.7% 20.6%20.7% 21.4% 22.2% 15.3% 15.7% 16.4% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 22.0% 23.0% 2023 2024 2025 Return on Equity Return on Funds Employed Return on Invested Capital Financial Metrics 2025 vs 2023 +7% +8% +7% ROFE ROE ROIC
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332 296 406 530 690 532 2024 2025 2026 Average Daily Shares Traded : Volume & Value 65 Capital Markets Day – November 2026 R11.2M R15.1M R35.4M October 2026 11% International Shareholding
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Share Price (R) and Market Capitalisation (R Bn) 66 Capital Markets Day – November 2026 2023 to 2026 Share Price Market Capitalisation 24.54 33.84 37.23 53.81 31 December 2023 31 December 2024 31 December 2025 12 October 2026 13.6 18.8 20.6 29.5 31 December 2023 31 December 2024 31 December 2025 12 October 2026
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Capital Structure
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68 Strong Free Cash Generation Capital Markets Day – 2 November 2026 1 052 1 158 1 267 1 516 1 891 347 669 720 982 1 028 - 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Free Operating Cash Flow Before Capex Capital Expenditure (excl Major Acquisitions)
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Cash Generation vs Net Borrowings 69 Capital Markets Day – November 2026 2023 to 2025 1 998 2 266 2 570 -1 174 -1 287 -1 210 2023 2024 2025 Cash generated by operations Net borrowings position
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Equity 7670 Ideal Capital Structure Capital Structure End 2025 50% Debt 50% Equity 61% Debt 39% Disciplined Capital Allocation Will Continue Business is strongly cash generative Our focus is on building a strong pipeline of attractive investment opportunities Long-term capital commitments have increased R3.3 bn (2026) * R1.3 bn (2024) * 2026 Interim Results Cash excess to requirements may be returned to shareholders through increased dividends, special dividends or share buy backs Share buy back 2026 @ average purchase price of R43.32 Capital expenditure, driven by growth targeted investment, has increased 2025: R1.2 bn 2023: R673 m Dividend cover Reduced: 2.4x to 2.0x (2024)
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Social & Environmental Impact
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Bursary Investment (Rm) 72 2023 – 2026 Capital Markets Day – 2 November 2026 243.0 258.2 271.5 314.1 2023 2024 2025 2026 Forecast 2023 - 2026 +29% Bursary Investment Growth Capital Markets Day – 2 November 2026
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73 Solar Programme • 22 locations completed • 7 300 solar panels installed • 4 200 kW generation capacity created • Expected yield of 7 million kWh per annum • Equivalent to ~R24m of electricity/year Rollout progressing well Capital Markets Day – 2 November 2026 Advtech Central Support Office
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Becoming an Employer of Choice
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Strengthening the Organisation 75 Senior executive appointments 2024 to date Capital Markets Day – 2 November 2026 Hannes Boonzaaier Group Chief Financial Officer John Sikiotis Group Chief Operating Officer * Godfrey Odhiambo General Manager Makini Schools * Germari Eksteen Marketing Director International Schools * Victor Chidongo Head PMO * Merice Roopram MD, House Schools * Tasnim Abed Brand Academic Head Crawford International Prof George Asamoah Vice President, RIUC * Tumi Nkosi Executive: Marketing Rosebank International * Dr Andre Abrahams Executive - Dean Academic Emeris * Melt Labuschagne General Manager House Schools * Justin Paynter General Manager Crawford International * Mthokozizi Lushozi Sales Manager Crawford International * Steve Miller Group Chief Marketing & Strategy Officer * André Lubbe Senior Campus Head Emeris, Ruimsig * Aunyana Moloisane Group Business Development Executive * * Newly created positions Heidi de Groot Group People & Culture Executive Belinda Godfrey Managing Director Niche Schools
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Increased Focus on Culture, Values & Career Development 76 Capital Markets Day – 2 November 2026
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Top Employer Awards 77 Emeris and Advtech Advtech has been named a Top Employer for 2027 Emeris was awarded Top Employer status for 2026 Capital Markets Day – 2 November 2026
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2026 Strategic Priorities
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Forward Strategic Priorities Strategy Day 26 November 2024 79 Capital Markets Day – 2 November 2026 Invest to extend the competitive advantage of our core brands Grow Tertiary Distance Market Share in South Africa Expand our Distance offering into African markets from Ghana Secure University status for Emeris and Rosebank International Continue to add high demand qualifications, build research output & elevate the qualification level of our academic staff Increase competitive advantage through proprietary technologies Expand student capacity in South Africa to meet current and future market demand Scale mid- fee (ISG) and premium (Crawford International) schools in existing African markets Expand Rosebank International into new African markets, prioritising current countries of Advtech operation Extend our labour market advantage as an employer of choice Leverage the expertise of our central academic team to further elevate educational outcomes Leverage the group’s shared services division to drive efficiency & superior customer service Co-locate Emeris and Vega on mega- campuses, providing a university experience superior to public and private sector institutions 01 0302 04 05 06 07 08 09 10 11 12 Build meaning into the Advtech brand, leveraging the “Advtech Advantage”
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Investment Case
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81 Investment Case Capital Markets Day – 2 November 2026 Strong free cash generation Continued investment to enhance our competitive position Disciplined capital allocation Annuity-like income Significant runway for growth
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Q & A