Slides
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Results Presentation Emeris, Nelson Mandela Bay For the six months ended 30 June 2026
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High Level Financial Performance 16% Normalised Earnings Per Share 130.8 cents 18% Interim Dividend Per Share 53.0 cents 22.0% Operating Margin 16% Headline Earnings Per Share 130.8 cents 14% Operating Profit R1 114.8 million 8% Revenue R5 059.6 million Results Presentation for the six months ended 30 June 20263 For the six months ended June 2026 vs prior year
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4 Advtech Brand Portfolio 2026 Results Presentation for the six months ended 30 June 2026 Tertiary Division Resourcing DivisionSchools Division Premium Mainstream/Vocational
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Aunyana Moloisane • BCom Honours Business Management • Master of Business Leadership (MBL) • Experience: • Mergers and acquisitions • Business development • General management • Corporate strategy Introducing Our New Group Business Development Executive Results Presentation for the six months ended 30 June 20265
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Revenue Contribution Operating Profit Contribution 2026 Revenue and Operating Profit Contribution 6 Segmental overview 44% 37% 6% 13% Tertiary Schools SA Schools Rest of Africa Resourcing 53% 35% 8% 4% Results Presentation for the six months ended 30 June 2026
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Tertiary Revenue R2 243 million 17% Operating profit R592 million 19% 7 Divisional Performance Interim results comparison Schools Rest of Africa Revenue R303 million 8% Operating profit R91 million 11% Schools South Africa Revenue R1 858 million 8% Operating profit R388 million 9% Resourcing Revenue R656 million 15% Operating profit R44 million 12% Results Presentation for the six months ended 30 June 2026
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2026 Enrolments Recap
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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 9 Enrolment Growth +5% Tertiary Division Total Group 11% 7% 9% +19% Results Presentation for the six months ended 30 June 2026 CAGR +13%
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29599 31347 32786 34 093 34569 2022 2023 2024 2025 2026 7203 7943 8224 11550 13161 2022 2023 2024 2025 2026 36802 39290 41010 45643 47730 2022 2023 2024 2025 2026 Schools Enrolment Breakdown Results Presentation for the six months ended 30 June 202610 Schools Rest of Africa Schools South AfricaSchools 16% 4% 7% +5% +14% +1% CAGR
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Tertiary Division 11 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% Results Presentation for the six months ended 30 June 2026 CAGR
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Financial Performance The group’s strong financial performance, solid cash generation and robust balance sheet are evidence of our sound business model, clear market focus and continued emphasis on efficiencies
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612 754 865 982 1 115 2022 2023 2024 2025 2026 3 380 3 932 4 274 4 683 5 060 2022 2023 2024 2025 2026 Results Presentation for the six months ended 30 June 202613 Group Revenue (R’m) Group Operating Profit (R’m) Group Revenue and Operating Profit (R’m) +8% +14% Double digit growth over five years 11% 16% CAGR
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Results Presentation for the six months ended 30 June 2026 14 Group Operating Margin (%) 18.1 19.2 20.2 21.0 22.0 2022 2023 2024 2025 2026 Drivers: • Operating leverage from enrolment growth • Continued focus on efficiencies • Favourable mix shift towards highly profitable Tertiary and Rest of Africa Schools businesses • Partially offset by set-up costs for our new university in Ghana, alongside significant investments into people, systems and facilities to strengthen competitive advantage
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21.3 22.8 23.5 23.8 24.3 2022 2023 2024 2025 2026 Results Presentation for the six months ended 30 June 202615 Education Business Resourcing Division Divisional Operating Margins (%) 5.2 5.9 6.3 6.5 6.8 2022 2023 2024 2025 2026
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18.1 24.7 28.7 29.4 30.1 2022 2023 2024 2025 2026 19.0 20.1 20.3 20.6 20.9 2022 2023 2024 2025 2026 18.9 20.6 21.3 21.8 22.2 2022 2023 2024 2025 2026 23.8 25.0 25.8 25.9 26.4 2022 2023 2024 2025 2026 Schools Division Schools South Africa Education Business Education Margins (%) Results Presentation for the six months ended 30 June 202616 Tertiary Division Schools Rest of Africa 21.3 22.8 23.5 23.8 24.3 2022 2023 2024 2025 2026
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67.3 84.3 97.7 113.0 130.8 2022 2023 2024 2025 2026 Normalised Earnings Per Share (ZAR Cents) Results Presentation for the six months ended 30 June 202617 +16% 18% CAGR
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4.1 4.5 5.4 6.4 8.0 2022 2023 2024 2025 2026 Normalised Earnings Per Share (US$) Results Presentation for the six months ended 30 June 202618 US cents +25% 18% CAGR
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Schools Division
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20 Schools Division 4 countries | 122 schools | 47 730 students Results Presentation for the six months ended 30 June 2026 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
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Brand Consolidation Results Presentation for the six months ended 30 June 202621
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Strengthening the Organisation
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Melt Labuschagne • Chartered Accountant CA(SA) • Experience: • Operations • Commercial finance • Business development New Position: General Manager, House Schools Results Presentation for the six months ended 30 June 2026 23
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Justin Paynter • Bachelor of Education (BEd) • Experience: • Teaching • Operations • Academic Leadership New Position: General Manager, Crawford International Results Presentation for the six months ended 30 June 2026 24
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Mthokozisi Lushozi • Bachelor of Business Administration (BBA) • Experience: • Sales • Business development • Customer service New Position: Sales Manager, Crawford International Results Presentation for the six months ended 30 June 2026 25
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Financial Performance
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263 329 378 437 479 2022 2023 2024 2025 2026 1 392 1 595 1 770 2 003 2 161 2022 2023 2024 2025 2026 27 Revenue (R’m) Operating Profit (R’m) Schools Division +8% 16% +10% Results Presentation for the six months ended 30 June 2026 12% CAGR
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1 239 1 402 1 556 1 722 1 858 2022 2023 2024 2025 2026 235 282 316 354 388 2022 2023 2024 2025 2026 28 Schools South Africa +8% 13% +9% Results Presentation for the six months ended 30 June 2026 Revenue (R’m) Operating Profit (R’m) 11% CAGR
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28 48 62 83 91 2022 2023 2024 2025 2026 153 193 214 281 303 2022 2023 2024 2025 2026 29 Revenue (R’m) Operating Profit (R’m) Schools Rest of Africa +11%19% +8% Results Presentation for the six months ended 30 June 2026 35% CAGR
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Feb 2023 Feb 2024 Feb 2025 Feb 2026 SA Feb 2026 International Feb 2026 Students enrolled (‘000) 39.3 41.0 45.7 47.7 34.6 13.2 Existing built capacity (‘000) 46.7 49.4 54.7 57.1 42.9 14.2 % Existing built capacity utilised 84% 83% 84% 84% 81% 93% Ultimate capacity (‘000) 59.8 60.3 64.4 65.7 49.0 16.7 % Of ultimate capacity utilised 66% 68% 71% 73% 71% 79% School Capacity Results Presentation for the six months ended 30 June 202630
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Real Estate Gaborone International School
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Results Presentation for the six months ended 30 June 202632 Pinnacle College, Ridge View High School Opened January 2025 • Enrolments continue to grow strongly • Second phase of building commenced July 2026 • Completion date: early 2027 • 24 additional classrooms being added • Increases capacity from 390 to 600
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Pinnacle College, Copperleaf Results Presentation for the six months ended 30 June 202633 Expansion project • School opened: January 2017 • Running at full capacity • Scope of build: • New, dedicated pre-school including 6 classrooms and an enclosed play area • Additional high school block including 10 new classrooms • Increased capacity from 1 000 to 1 500 students • Completed: July 2026 • Cost: R24 million
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Results Presentation for the six months ended 30 June 202634 New Abbotts High School, Bordeaux Opens January 2027 • Located on former Vega Randburg campus • Opens January 2027 • Build/ fit-out cost: R22 million • Capacity: 550 learners
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Makini Runda, Nairobi, Kenya Results Presentation for the six months ended 30 June 202635 Acquired September 2025 • Acquired in September 2025 • We are investing to upgrade facilities and academic support systems • Enrolments are up 21% to 1 420 students since acquisition • Current capacity: 2 000 • Ultimate capacity: 3 000 • Cambridge Curriculum has been approved and will be introduced in September 2026
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Makini Statehouse Results Presentation for the six months ended 30 June 202636 • 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 • R39 million investment Expansion project currently under way
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Flipper International Schools, Addis Ababa 37 Results Presentation for the six months ended 30 June 2026 • A substantial IT investment programme has been completed at all five campuses • Technical & support systems currently being implemented • Teacher academic training commences in September • Fee harmonisation approved by parents & government • Leased Lancia campus was acquired by government through a compulsory purchase order • A replacement campus in Addis Ababa’s ‘Mexico’ District has been secured • New location increases capacity from 800 to 1 250 and has allowed a seamless transfer of students Ongoing investment in technology and systems, campus relocation Addis Ababa Summit Goro Early Years Beklobet High School Mexico Primary and Lower Secondary Beklobet Early Years Summit Plus Ethiopia
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Tertiary Division
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Tertiary Division Results Presentation for the six months ended 30 June 202639 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
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Emeris Campuses Results Presentation for the six months ended 30 June 202640 WATERFALL CAPE TOWN NEWLANDS ONLINE SANDTON RUIMSIG CAPE TOWN CITY PRETORIA WESTVILLE PIETERMARITZBURG NELSON MANDELA BAY DURBAN NORTH UMHLANGA
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NELSON MANDELA BAY Rosebank International Campuses Results Presentation for the six months ended 30 June 202641 PRETORIAPOLOKWANE MBOMBELA CAPE TOWN ONLINE ACCRA BRAAMFONTEIN BLOEMFONTEIN DURBAN
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Financial Performance
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315 375 436 496 592 2022 2023 2024 2025 2026 1 324 1 500 1 693 1 911 2 243 2022 2023 2024 2025 2026 Results Presentation for the six months ended 30 June 202643 Revenue (R’m) Operating Profit (R’m) Tertiary Division 14% +17% 17% 19% CAGR
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Comprehensive Range of Qualifications 44 Vocational Training (FET) PhDMastersHonoursDegreesHigher Certificates DiplomasSkills Development Programmes (SLPs) Multi-channel modes of delivery available, any time, any place • Capsicum • Rosebank International • Emeris • Vega • Waterfall School of Business • Rosebank International • Emeris • Vega • Waterfall School of Business • Rosebank International • Emeris • Vega • Rosebank International • Emeris • Vega Results Presentation for the six months ended 30 June 2026 Online Part-time Blended Full-time
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New Structure/ Path to University Status Results Presentation for the six months ended 30 June 202645 2027 Emeris and Rosebank International will operate as standalone degree awarding institutions 2026 Full tertiary brand restructure completed, including the launch of Emeris and Rosebank International 2026 We expect publication of the regulations that will detail the application process, timelines and criteria for university status TBC We will apply for university status as soon as the regulations allow Higher Education College University College Higher Education College
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Real Estate
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Emeris/ Vega Sandton, Relocation 47 Results Presentation for the six months ended 30 June 2026 Opened in February 2026, doubling capacity to 9 000 students • First time enrolments up 20% year on year • Construction of a 200-space parking deck is scheduled • Cost: R34m, including exterior roadworks • Will open in February 2027 • Nearby accommodation planned for 850 students • Targeted to open in 2028 • Ultimate site capacity: 11 500
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Emeris Nelson Mandela Bay, Relocation Results Presentation for the six months ended 30 June 202648 Opened February 2026, increased capacity from 3 000 to 4 500 students
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Emeris/ Vega University Development in Kwazulu-Natal 49 Results Presentation for the six months ended 30 June 2026 10 000 student mega campus will open in 2029 • 10 hectare, 23 000m2 build will open in 2029 • Consolidating 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 • 1000 bed student residence • Bulk services currently being installed
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Rosebank International Braamfontein, Renovation and Expansion Results Presentation for the six months ended 30 June 2026 50 Project to increase student capacity from 11 500 to 15 000 now concluded Shene Da Silva
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Rosebank International Braamfontein, Expansion Results Presentation for the six months ended 30 June 2026 51 Hillside Office Park has been acquired to create additional capacity • Rosebank’s Braamfontein campus is filling up quickly, despite the recently added capacity • New buildings have been acquired near the main campus for expansion • Capacity for 4 000 students will be added in phase 1 of the project • Ultimate site capacity: 9 000 • The Education faculty will move to the new location • Total cost: R121 million • Building purchase: R114 million • Phase one fit-out: R7 million • Project will be completed by the end of November this year
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Rosebank International Durban, Relocation Results Presentation for the six months ended 30 June 2026 52 • Campus relocation to Dr Pixley Ka Seme Street • Increases capacity from 3 150 to 3 800 students • Ultimate capacity: 5 700 • Opens January 2027 • Fit-out cost: R29 million Opens January 2027, will increase capacity from 3 150 to 5 700 students
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Rosebank International Polokwane, Expansion Results Presentation for the six months ended 30 June 202653 Opened August 2026, increasing capacity from 3 700 to 4 600 students • Leases secured on two new buildings, adjacent to the existing site • Capacity increased from 3 700 to 4 600 • Additions • 13 lecture rooms • Auditorium • Student pause area • Reception • Fit-out cost: R17 million • Opened August 2026
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Rosebank International KuGompo (Buffalo) City, New Location 54 Results Presentation for the six months ended 30 June 2026 Opens January 2027 • Leased building • Phase 1 capacity: 600 • Fit-out costs: R16m • Ultimate capacity: 4 400
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Rosebank International Distance Student Contact Centres Results Presentation for the six months ended 30 June 202655 Providing device/internet access and collaboration spaces • 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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• Currently in our first year of operation • Enrolments running slightly ahead of business case • Current capacity: 350 students • Ultimate capacity: 900 students • We 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 Results Presentation for the six months ended 30 June 202656 Rosebank International University College, Ghana Opened January 2026
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Resourcing Division
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Results Presentation for the six months ended 30 June 202658 Resourcing Division Pivoting for growth • The unexpected closure of the United States Agency for International Development (USAID) in February 2025 continues to have a negative impact on our African operation • Despite declining revenue, the business delivered a commendable performance with an increased operating margin • The South African Resourcing business remains profitable • Achieved through a focus on efficiencies and diligent cost management
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35 50 51 50 44 2022 2023 2024 2025 2026 664 837 810 769 656 2022 2023 2024 2025 2026 Results Presentation for the six months ended 30 June 202659 Revenue (R’m) Operating Profit (R’m) Resourcing Division (15%) (12%) 0 % 6% CAGR
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Group Analysis Group Chief Financial Officer Hannes Boonzaaier
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Loss Allowance Coverage (%) 55.4 60.5 49.5 47.6 46.8 Gross Debtors as a % of Education Revenue 15.4 17.7 14.3 12.5 11.5 Results Presentation for the six months ended 30 June 202661 752.4 906.1 997.4 1 026.7 1 078.3 417.1 548.6 493.7 488.3 504.7 3 380 3 932 4 274 4 683 5 060 2 716 3 095 3 464 3 914 4 404 200 400 600 800 1000 1200 1400 1600 1800 2000 2022 2023 2024 2025 2026 Gross Debtors Loss AllowanceGroup Revenue Education Revenue Debtors Breakdown +13% Gross Debtors CAGR 9% Education Revenue CAGR 13% Loss allowance CAGR 5% +8% +5% +3% R’ million
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Loss Allowance Coverage (%) 55.4 60.5 49.5 47.6 46.8 Credit Losses as % of Education Revenue 4.1 4.1 3.4 3.0 2.6 752.4 906.1 997.4 1 026.7 1 078.3 417.1 548.6 493.7 488.3 504.7 111.9 125.9 118.9 119.3 115.4 0 200 400 600 800 1000 2022 2023 2024 2025 2026 Gross Debtors Loss Allowance Credit Losses Results Presentation for the six months ended 30 June 202662 158.6 195.3 169.8 257.1 Gross Debtors CAGR 9% Education Revenue CAGR 13% Loss allowance CAGR 5% Collection Effectiveness Continuous improvement in collection processes yielding significant Rand benefits R’ million Credit Losses Full Year
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Loss Allowance Coverage (%) 55.4 60.5 49.5 47.6 46.8 Fees in Advance as % of Education Revenue 43.6 42.2 43.6 45.1 43.3 2 716 3 095 3 464 3 914 4 404 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Results Presentation for the six months ended 30 June 202663 752.4 906.1 997.4 1 026.7 1 078.3 417.1 548.6 493.7 488.3 504.7 1 184.1 1 304.8 1 510.7 1 764.9 1 908.4 0 500 1 000 1 500 2 000 2 500 2022 2023 2024 2025 2026 Gross Debtors Loss Allowance Fees in AdvanceEducation Revenue Fees in Advance Schools parents confident in our future offering R’ million +8% Fees in Advance CAGR 13% Education Revenue CAGR 13%
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Cashflow and Capital Structure
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798 957 1 092 1 245 1 413 2022 2023 2024 2025 2026 Cash Flow Generated from Operations (R’m) Results Presentation for the six months ended 30 June 202665 Demonstrates the inherent cash generating ability of our business 15% CAGR +13%
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789 957 1 092 1 249 1 413 (687) (422) (189) (32) 2022 2023 2024 2025 2026 Cash generated by operating activities Net borrowings position Cash vs Net Borrowings Ratio = Net borrowing to cash generation 0.9 0.4 0.2 0.0 0.1 Year-end ratio = Net borrowing to cash generation 0.8 0.6 0.6 0.5 - Results Presentation for the six months ended 30 June 2026 66 Strong cash generation, sound balance sheet +13% (130)
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4 51 7 179 70 87 5 1 New school Support Office Relocation Business and teaching and learning systems Additions to existing sites Furniture, Fittings, Equipment IT Vehicles Capital Expenditure Results Presentation for the six months ended 30 June 202667 Capex projects R403m (2025: R327m)
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Debt to Equity Results Presentation for the six months ended 30 June 2026 Major Projects Funded 329 408 369 Share Buyback 250 Support Office Relocation 51 Sandton 182 173 18 Flipper 76 Runda 171 Raslouw / Ridge View / Copperleaf 27 64 12 Braamfontein / Polokwane 44 38 2024 2025 2026 Equity 5 783 6 387 6 714 Total debt 1 557 1 454 1 599 Net interest bearing debt 189 32 130 Lease liabilities 1 368 1 422 1 469 Debt to Equity Interim % 27% 23% 24% Debt to Equity % Year End 43% 39% Adequate funding for future project pipeline R’ million 68
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13.7 15.3 15.7 16.4 18.0 19.1 19.7 20.6 2022 2023 2024 2025 Return on Invested Capital Return on Equity Return on Equity and Return on Invested Capital (%) Results Presentation for the six months ended 30 June 2026 69 Increasing returns for all capital providers
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Dividend
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• Increased dividend payout • Generating cash in excess of that required to fund investment programme • Interim dividend 53.0 cents per share (2025: 45.0 cents) • Full year dividend cover of 2.0 times Delivering Superior Shareholder Returns Strong cash generation and sound balance sheet Results Presentation for the six months ended 30 June 202671 53.0 cents Interim dividend per share (from comparative period) 18% Share buyback programme R250m Average price: R43.55 per share 1% of share capital repurchased and cancelled
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23 30 38 45 5337 57 63 73 60 87 101 118 0 50 100 150 200 250 2022 2023 2024 2025 2026 Interim distribution Final distribution Total Dividends Per Share Results Presentation for the six months ended 30 June 2026 72 Cash generative business continues to drive dividend increases 25% Full year CAGR +18% 23% Interim CAGR 44 Share buyback value per share
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Investor Dashboard
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Group Divisional Contribution Results Presentation for the six months ended 30 June 2026 74 Division 2022 2023 2024 2025 2026 SA Schools 38% 37% 37% 36% 35% Schools Rest of Africa 5% 6% 7% 8% 8% Tertiary 51% 50% 50% 51% 53% Resourcing 6% 7% 6% 5% 4% Stable contribution Increasing contribution Decreasing contribution Operating profit contribution as at 30 June 2026 Operating Margin 2026 20.9% 30.1% 26.4% 6.8%
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Return on equity: (31 December 2025) 20.6% Cashflow: (30 June 2026) Net borrowings to cash generation ratio: 0.1 Debt/equity ratio: 24% 6 month average daily trading volumes: H1 2025: 524 921 H1 2026: 623 718 Market capitalisation: (31 July 2026) R26.1 billion / GBP 1.2 billion / USD 1.6 billion Total shareholder return from: (31 July 2026) 1 January 2025: 46% 1 January 2023: 181% Investor Metrics Overview Results Presentation for the six months ended 30 June 2026 75 +19% Daily Rand Total Trading Value = R26.3 million
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Future Focus Group CEO, Geoff Whyte
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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 Forward Vision
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Addition of new, high-demand tertiary qualifications Simplification of brand structures Optimisation of brand propositions and marketing Investment to secure university status Expansion of African operations Aggressively grow distance tertiary Further extend academic advantage across all our brands Strategic Imperatives 78 Results Presentation for the six months ended 30 June 2026 Solid progress is being made across all focus areas
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• Goals: • Build understanding of the Advtech Advantage • Superior academic outcomes • Industry leading technology and proprietary AI learning tools • African scale and expertise • Significant social impact programmes • Drive awareness and understanding of the Emeris brand • Create powerful links to our Crawford and Trinityhouse schools brands • Support age group and women’s cricket • 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 Results Presentation for the six months ended 30 June 202679 Cricket South Africa (CSA) Sponsorship Three-year partnership
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Prospects South African demographic and supply and demand tailwinds continue, especially in tertiary Leaders in teaching and learning across the African continent Strong demand for quality education persists across all our chosen markets Sound balance sheet Growing scale and expertise in AfricaStrong cash generation Able to invest with confidence in areas of opportunity Good position to maintain our growth trajectory Unrelenting focus on extending competitive advantage in both the schools and tertiary divisions Results Presentation for the six months ended 30 June 202680
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Q & A
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Thank You