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1 INTERIM RESULTS PRESENTATION FOR PERIOD ENDED 30 JUNE 2026 28 August 2026
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3 • 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, Ernst & Young Inc. • The information contained herein may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. • Investors should not rely solely on this presentation when making investment decisions and are advised to consult with their own professional advisors. DISCLAIMER
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4 4 QUESTIONS & ANSWERS A STRONG FIRST SIX MONTHS 2026 INTERIM FINANCIAL RESULTS THE FUTURE AWAITS PRESENTATION OVERVIEW PLEASE JOIN US FOR A CAMPUS TOUR, DRINKS AND SNACKS FOLLOWING THE PRESENTATION
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5 • Durbanville campus opened in January 2026, a key strategic milestone • Durbanville registrations exceeded targets with over 1 250 students on campus and new students up 72% from those at Bellville in the prior year • STADIO Higher Education's comprehensive strategy is working, and 2026 is showing stellar growth for this institution (total students up 18%, compiled of contact learning up 33% and distance learning up 16%) • STADIO Higher Education received BAC accreditation and International Council for Distance Education (ICDE) membership • AFDA opened new campus in Hatfield and exceeded opening targets • Some headwinds for Milpark and AFDA, but seeing positive green shoots • 2026 is a year of deliberate investment to create a household name and enable accelerated scale without loss of quality • We have a solid balance sheet and are well positioned to move on the opportunities being actively explored A STRONG FIRST SIX MONTHS
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6 56 000 STUDENTS IN 2026 56 171 STUDENTS IN 2026 WHAT WE PROMISED WHAT WE’VE DELIVERED (WITH 2ND SEMESTER ENROLMENTS UNDERWAY) WHAT WE PROMISED WE DELIVERED
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7 548 617 714 826 957 1080 400 500 600 700 800 900 1000 1100 1200 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 35,040 39,167 42,874 47,024 51,197 56,171 30,000 35,000 40,000 45,000 50,000 55,000 60,000 Jun-21 Jun-22Jun-23Jun-24Jun-25Jun-26 CONSISTENTLY GOOD GROWTH S1 STUDENT NUMBERS REVENUE (R millions) CORE HEADLINE EARNINGS (R millions) 82 96 116 137 176 207 70 90 110 130 150 170 190 210 230 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 up 60% over 5 years up 97% over 5 years up 152% over 5 years
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8 STRONG 2026 INTERIM FINANCIAL RESULTS Investing for future growth Semester 1 student numbers up 10% JUN 2025: 51 197 56 171 JUN 2025: R957m Revenue up 13% R1 080m Normalised EBITDA Margin up Profit after tax up 14% JUN 2025: R183m R209m Earnings per share up 15% JUN 2025: 20.8ps 24.0cps Core headline earnings per share up 18% JUN 2025: 20.7 cps 24.5cps Cash generated from operations up JUN 2025: R368m R418m JUN 2025: 30.6% 31.3% Return on Equity up JUN 2025: 15.4% 17.2% GROWTH 13%
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9 ISHAK KULA CHIEF FINANCIAL OFFICER 2026 INTERIM FINANCIAL RESULTS
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10 • STADIO achieves its pre-listing milestone of 56 000 students • We produced strong results, with revenue growth of 13% to R1 080 million, underpinned by 10% student growth in Semester 1 • Opened two new campuses – STADIO Durbanville (exceeded target with 1 250 students) and AFDA Hatfield • Loss allowance in line with prior year 8.7% (June 2025: 8.7%) • Normalised EBITDA margin expanded to 31.3% (June 2025: 30.6%) – with deliberate investment in people, processes, systems and infrastructure to support long-term growth ambitions and university status • Financial performance supported by good cash generation - cash generated by operations up 13% to R418 million • Key capital and other investments during the period of R147 million: • R79 million - Durbanville campus construction • R18 million – purchase of Curro Waterfall building • R38 million - other campus enhancements • R12 million - curriculum and software developments SUMMARY 2026 - A YEAR OF DELIBERATE INVESTMENT AND SUSTAINED GROWTH
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11 SUMMARY 2026 – A YEAR OF DELIBERATE INVESTMENT & SUSTAINED GROWTH CONTINUED • Total value returned to shareholders – R217 million* • Dividends of R156.1 million was paid to shareholders and R11.3 million to minorities • Purchased and cancelled 3.0 million (R36.3 million) SDO shares during the period and subsequently repurchased 1.87 million (R24.6 million) • Issued 2.4 million (R27.8 million) SDO shares, towards the settlement of the Group’s share incentive scheme • Group remains committed to avoiding shareholder dilution • We have a strong balance sheet and low gearing – with external debt of R120 million (excluding IFRS 16 leases) – ability to act on good opportunities *Up to the date of this report
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12 √ 35 040 39 167 42 874 47 024 51 197 56 171 0 10000 20000 30000 40000 50000 60000 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 EXCLUDING CYCLICAL B2B JUN 21 JUN 26 10% CAGR 10% JUN 25 to JUN 26 SEMESTER 1: 30 JUNE TOTAL STUDENT NUMBERS 14% GROWTH PLS 56 000 exceeded
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13 STUDENT NUMBERS CONTACT LEARNING - SEMESTER 1 5 921 5 662 5 807 6 322 7 018 8 082 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 SEMESTER 1: 30 JUNE JUN 21 JUN 26 6% CAGR JUN 25 to JUN 26 15% GROWTH 43% STADIO Higher Education new student growth 2 New campuses: STADIO Durbanville & AFDA Hatfield Strain High price point qualifications
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14 STUDENT NUMBERS DISTANCE LEARNING – SEMESTER 1 9% JUN 25 to JUN 26 29 119 33 505 37 067 40 702 44 179 48 089 0 10000 20000 30000 40000 50000 60000 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 SEMESTER 1: 30 JUNE 11% CAGR JUN 21 JUN 26 GROWTH Leader in private higher education Distance Learning 14% STADIO Higher Education new student growth 14% growth excluding legacy B2B Milpark offerings
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15 √ 548 617 714 826 957 1 080 0 200 400 600 800 1000 1200 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 JUN 21 JUN 26 15% CAGR REVENUE (R millions) • 13% revenue growth made up as follows: o 10% growth on contact learning to R333 million o 14% growth on distance learning to R743 million • Change in student mix and average revenue per student impacting overall CL growth 13% JUN 25 to JUN 26 GROWTH
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16 161 192 210 236 293 333 161 192 210 236 293 339 0 50 100 150 200 250 300 350 400 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 Actual EBITDA Adjusted EBITDA EBITDA AND ADJUSTED EBITDA Adjusted EBITDA margin (R millions) Adjusted EBITDA margin • Deliberate investment in people, processes, systems and infrastructure • Efficiencies showing - adjusted EBITDA margins increased to 31.3% - despite opening 2 new campuses (June 2025: 30.6%) • EBITDA adjusted for a loss on the partial derecognition of a sub-lease receivable of R6m. 29.4% 31.1% 29.4% 28.5% 30.6% 31.3% 31.3%
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17 • Employee cost margin improved compared to prior period • Operating expense margin higher than prior period – investment into processes, infrastructure and brand - investing for future growth • *Normalised operating expense increased by 14% - margin is 23.3% (excluding the loss on the partial derecognition of a sub-lease receivable of R6m) • Loss allowance in line with prior period EXPENSE ANALYSIS (R millions) JUN 25 JUN 26 % CHANGE Revenue 957 1 080 13% Employee costs 366 403 10% Employee costs as % of revenue 38.3% 37.3% Other operating expenses* 220 258 17% Other operating expenses as % of revenue 22.9% 23.9% Loss allowance expense – net of recoveries 83 94 13% Loss allowance expense – net of recoveries as % of revenue 8.7% 8.7% MARGIN ANALYSIS
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18 • The loss allowance margin of 8.7% is in line with prior period. • New collection processes introduced starting to yield benefits – seeing higher recovery rates. • Student not allowed to register if prior year accounts were not up to date. 8.3% 8.7% 8.7% 8.8% 8.7% 8.0% 8.1% 8.2% 8.3% 8.4% 8.5% 8.6% 8.7% 8.8% 8.9% JUN 24 DEC 24 JUN 25 DEC 25 JUN 26 Loss allowance margin (loss allowance as % of revenue) TRADE RECEIVABLE & LOSS ALLOWANCE
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19 • Gross debtors' growth of 9% largely driven by increase in student numbers and revenue for the period • Coverage on debtors relating to the prior year provided for in line with historic levels TRADE DEBTORS (R millions) JUN 24 JUN 25 JUN 26 % GROWTH JUN 24 TO JUN 25 % GROWTH JUN 25 TO JUN 26 Gross debtors 444 523 571 18% 9% Debtors related to prior academic years (169) (206) (217) 21% 5% Debtors related to current year 275 317 354 15% 12% Revenue growth 16% 16% 13% 13% DEBTORS RELATING TO PRIOR YEAR (R millions) JUN 24 JUN 25 JUN 26 % GROWTH JUN 24 TO JUN 25 % GROWTH JUN 25 TO JUN 26 Gross debtors 169 206 217 21% 5% Loss allowance (142) (178) (176) 25% (1%) Net debtors 27 28 41 1% 47% Loss allowance coverage (%) 84% 87% 81% TRADE RECEIVABLE & LOSS ALLOWANCE
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20 • Strong 14% growth in Profit after tax impacted by: o Organic growth in EBITDA o Growth in new qualifications coming through and contributing to growth o Investment into people, processes, infrastructure and brand – STADIO becoming a household name PROFIT/(LOSS) FOR THE PERIOD 14%(R millions) JUN 25 to JUN 26 85 105 127 144 183 209 0 50 100 150 200 250 300 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 JUN 21 JUN 26 20% CAGR GROWTH
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21 EPS (cps) JUN 21 JUN 2621% CAGR 16%15% HEPS (cps) HEPS JUN 25 to JUN 26 JUN 25 to JUN 26 EARNINGS PER SHARE (EPS) AND HEADLINE EARNINGS PER SHARE (HEPS) 9.6 11.1 13.6 16.3 20.8 24.0 - 5.0 10.0 15.0 20.0 25.0 30.0 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 9.4 11.1 13.5 16.2 20.7 24.0 - 10.0 20.0 30.0 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 GROWTH GROWTH
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22 z CORE HEADLINE EARNINGS AND CORE HEADLINE EARNINGS PER SHARE (CORE HEPS) Core Headline Earnings (R millions) JUN 21 JUN 26 Core HEPS (cps) Core HEPS JUN 25 to JUN 26 JUN 25 to JUN 26 20% CAGR 18%18% 82 96 116 137 176 207 0 50 100 150 200 250 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 9.7 11.3 13.6 16.2 20.7 24.5 0 5 10 15 20 25 30 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 GROWTH GROWTH
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23 z CORE HEADLINE EARNINGS MOVEMENT 176 55 ( 11) ( 13) 207 JUN 25 ORGANIC GROWTH NET LOSS ALLOWANCE STRATEGIC INVESTMENTS JUN 26 0 50 100 150 200 250 300 % change (R millions) • Core headline earnings growth of 18% • Organic growth due to underlying institutional growth of 26% • Reduced by strategic investments (campus opening, university status, brand investment and IT) 32% (6%) 18%(8%) 26%
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24 SUMMARISED STATEMENT OF FINANCIAL POSITION DEC 25 R millions JUN 25 R millions JUN 26 R millions Total assets 2 675 2 703 2 909 Property, plant and equipment 1 122 978 1 235 Right-of-use assets 77 92 87 Intangibles (incl Goodwill) 945 931 951 Other assets 107 155 134 Trade and other receivables 268 332 352 Cash and cash equivalents 156 215 150 Total equity 2 145 2 053 2 145 Attributable to equity holders 2 076 1 991 2 081 Non-controlling interests 69 62 64 Total liabilities 530 650 764 Borrowings 120 53 120 Lease liabilities 131 146 137 Other liabilities 279 451 507 Number of shares in issue (m) 846 851 845 NAV per share (cents) 245 234 246 Gearing ratio 12.1% 9.7% 12.0% Gearing ratio (excl IFRS16: lease liability) 5.6% 2.6% 5.6% • Invested R147m in capital expenditure including: • Durbanville campus (R79m) • Waterfall building purchased (R18m) • Software development (R4m) • Curriculum development (R8m) • Other campus enhancements (R16m) • Recurring capex (R22m) • R150m of cash on hand • Gearing ratio 12.0% (5.6% excluding IFRS 16 lease liability) • Debt facility - R120m utilised at the end of the period STATEMENT OF FINANCIAL POSITION
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25 CASH FLOW FROM OPERATIONS CASH FLOW FROM OPERATIONS (R millions) JUN 21* JUN 22* JUN 23 JUN 24 JUN25 JUN 26 Net cash flow from operations (before working capital) 168 198 217 231 287 345 Working capital changes 51 52 38 76 81 73 Net cash generated from operations 219 250 255 307 368 418 Cash generated from operations (as % of normalised EBITDA) 136% 130% 121% 130% 126% 123% Free cash flow less recurring capex 157 198 166 228 291 332 157 198 166 228 291 332 0 100 200 300 400 JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 Free cash flow less recurring capex (R millions) *Adjusted for CA Connect settlements
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26 CAPITAL INVESTED CAPITAL INVESTED (R millions) DEC 21 DEC 22 DEC 23 DEC 24 DEC 25 JUN 26 Acquisitions 10 - 15 123* - - Infrastructure development and capital assets 181 87 44 86 280 139 Programme development - 7 15 20 23 8 Total 191 94 74 229 303 147 Cumulative investment 2 073 2 167 2 241 2 470 2 773 2 920 * Additional interest acquired in Milpark Education
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27 156 353 ( 79) ( 18) ( 16) ( 12) ( 22) ( 12) ( 156) ( 11) ( 33) 150 0 100 200 300 400 500 600 (R millions) CASH UTILISATION
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28 not 2026 CAPITAL EXPENDITURE (R millions) 2026 Curriculum and intangible development 42 Durbanville property 110 Other campus expansions 113 Recurring 36 Total Capital Projects 301 2026 CAPITAL EXPENDITURE: CAPITAL PROJECTS
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29 6 YEAR FINANCIAL OVERVIEW JUN 21 JUN 22 JUN 23 JUN 24 JUN 25 JUN 26 Student numbers 35 040 39 167 42 874 47 024 51 197 56 171 Revenue (R millions) 548 617 714 826 957 1 080 EBITDA (R millions) 161 192 210 236 293 333 EBITDA (R millions)- normalised 161 192 210 236 293 339 Headline earnings/(loss) (HE) (R millions) 79 95 115 137 176 203 Core headline earnings (CHE) (R millions) 82 96 116 137 176 207 HEPS (cents) 9.4 11.1 13.5 16.2 20.7 24.0 Core HEPS (cents) 9.7 11.3 13.6 16.2 20.7 24.5 Net asset value (NAV) per share (cps) 189 201 212 216 234 246 SOLID TRACK RECORD WITH CONSISTENTLY GOOD GROWTH
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30 CHRIS VORSTER CHIEF EXECUTIVE OFFICER THE FUTURE AWAITS
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31 59 19156 171 STUDENTS Jun 2026 Aug 2026* WE'VE DELIVERED OUR 2026 PROMISE - ON TRACK TO REACH 2030 TARGET – BUT BUILDING TO REACH MORE 53 303 STUDENTS 100 000 + Oct 2017 (at listing) * Semester 2 enrolments ongoing STUDENTS* STUDENTS12 976 STUDENTS Dec 2025 TARGET: 80% DISTANCE LEARNING 20% CONTACT LEARNING 80 000 2030 STUDENTS 7% annual growth required
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32 OUR GROWTH STRATEGY IS EFFECTIVE - WE ARE STARTING TO FOCUS ON NEW GROWTH PILLARS AND EXPLORING NEW OPPORTUNITIES & MARKETS ACCREDITING NEW IN-DEMAND PROGRAMMES TAKING PROGRAMMES TO NEW SITES OF DELIVERY & TO NEW MODES OPENING NEW FACULTIES & SCHOOLS OPENING NEW COMPREHENSIVE CAMPUS & OPTIMISING EXISTING CAMPUSES EXPLORING NEW OPPORTUNITIES & MARKETS EXPLORING OTHER OPPORTUNITIES THROUGH EXCITING INTERNATIONAL AND LOCAL PARTNERSHIPS
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34 WE'VE INVESTING FOR GROWTH DESPITE COSTS ASSOCIATED WITH OPENING 2 NEW CAMPUSES AND BUILDING FOR THE FUTURE, THE GROUP ACHIEVED EBITDA MARGIN IN EXCESS OF TARGETED 30% PEOPLE AI & SYSTEMS INFRAST- RUCTURE BRAND UNIVERSITY STATUS • New academic model • Quality academics • Bolstering IT • Management S • AI focus • Graduate attributes • Efficiencies & scale • Campus construction & expansion • Household name • Springbok partnership • Exciting postgraduate qualifications • Research & Community Engagement
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35 WE WILL BE A UNIVERSITY WHEN THE REGULATIONS ALLOW Our institutions are well positioned for the expected Institutional Type changes with: o STADIO Higher Education expected to be a university, o Milpark Education expected to be a University College, and o AFDA, expected to be a Higher Education College. These recommendations take into account the discreet nature of each institution and does not reflect quality WE BELIEVE STADIO IS WELL POSITIONED TO ACHIEVE UNIVERSITY STATUS The institution we are today, is substantially the institution we will be as a university. We are not waiting to start building – we are waiting for the framework to change. c OUR POSITION
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36 DURBANVILLE UPDATES
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37 MOCK UP OF INDOOR CENTRE
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38 OUR SPORT STRATEGY - PROVIDING A HOLISTIC OFFERING SOCIAL • On campus • Mass participation • Some initial investment • Multi-sport courts • Holistic student experience COMPETITVE CLUB • STADIO Sport Clubs • Partner with local clubs • Competitive Sport • Intercampus tournaments VARSITY SPORT • USSA • Rugby • Netball • Chess • E-Sports • Soccer(soon)
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39 USSA NETBALL & RUGBY CHAMPIONS
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40 c
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41 2026 MOMENTUM – CONTACT LEARNING ON THE CHARGE c +43% New students – STADIO Higher Education contact learning +33% Total students – STADIO Higher Education contact learning +72% New students – Durbanville campus (vs Bellville PY) Next: expansion underway where demand exists — and exploring further contact-learning opportunities Durbanville Phase 2 complete by Q4; indoor sports centre and further facilities in 2027 Centurion Hall converted for lecture space; 1 500-seat hall build starts in 2026 Waterfall Curro building acquired for further expansion on the same site Musgrave Additional space leased to accommodate growth CAMPUS EXPANSION – CAPACITY WHERE DEMAND EXISTS DEMAND & STUDENT EXPERIENCE • Demand is rising – students are choosing to come to campus • Comprehensive offering: wide programme choice, sport and social life • AFDA constrained by delayed film-industry recovery; Hatfield exceeded targets • Further growth opportunities identified and being explored
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42 WE'RE THE DISTANCE LEARNING LEADER • Largest distance learning provider in South Africa after UNISA • Continued growth despite weaker B2B numbers at Milpark • Namibia was challenged in Semester 1; Semester 2 enrolments up YoY SCALE AND MOMENTUM A PROVEN, CAPITAL-LIGHT PLATFORM Distance learning remains our primary focus — but we cannot ignore the demand for contact learning 50 000+ Distance learning students 13 400+ New STADIO Higher Education distance learning students, Semester 1 +14% New students STADIO Higher Education YoY, off a high base Proven at scale Academic model, student support and delivery infrastructure are built and tested Capital light Additional students are added at low incremental cost Widening programme range New distance learning programmes coming at Milpark and STADIO Higher Education c c
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43 OUR OFFERINGS AND GROWTH OPPORTUNITIES DISTANCE LEARNING CONTACT LEARNING BLENDED LEARNING
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44 WE'RE POSITIONING FOR ACCELERATED GROWTH Focus to date: consolidating our offerings to optimise campuses, building quality across distance and contact learning, sharpening the qualification mix, and putting South Africa first. THIS HAS BEEN THE RIGHT STRATEGY — THE BUILD PHASE IS BEHIND US; THE SCALE PHASE LIES AHEAD 1 DISTANCE LEARNING IS ESTABLISHED Capital-light model; systems, processes and infrastructure in place — scale at minimal cost 2 MARKETS NOT YET ENTERED Blended delivery, FET/ occupational qualifications and the rest of Africa remain untapped 3 WIDER RANGE OF PRICE POINTS New models and added capacity let us meet the market where the real demand sits 4 QUALITY THAT IS VERIFIED Accreditation, endorsements and awards confirm that scale has not cost us quality and standards 5 CASH GENERATION TO FUND IT Solid balance sheet, access to funding and strong cash generation let us move quickly 6 A UNIVERSITY IN WAITING Programme mix, research and community engagement built to the standard, ahead of the regulation
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46 Higher Education takes patience - we've focused our early years on building the foundation. NOW WE GROW. THANK YOU
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47 QUESTIONS & ANSWERS