STADIO HOLDINGS LIMITED - Results For The Interim Period Ended 30 June 2026

Results For The Interim Period Ended 30 June 2026   

STADIO HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2016/371398/06)
Share code: SDO
ISIN: ZAE000248662
LEI: 3789007C8FB26515D966
(“STADIO Holdings” or “the Company” or “STADIO Group”)


RESULTS FOR THE INTERIM PERIOD ENDED 30 JUNE 2026


SALIENT FEATURES

    For the six-month period ended 30 June 2026, the following changes from the prior
    corresponding period are reported:

    •   Revenue increased from R957 million to R1.08 billion (13%)
    •   Student numbers in Semester 1 increased from 51 197 to 56 171 (10%)
    •   Student numbers increased from 54 487 as at August 2025 to 59 191 as at August 2026
        (9%)1
    •   Earnings before interest, taxation, depreciation, and amortisation (“EBITDA”) increased
        from R293 million to R333 million (14%)
    •   Normalised2 EBITDA increased from R293 million to R339 million (16%)
    •   Core headline earnings3 increased from R176 million to R207 million (18%)
    •   Earnings per share (“EPS”) increased from 20.8 cents per share (“cps”) to 24.0 cps (15%)
    •   Headline earnings per share (“HEPS”) increased from 20.7 cps to 24.0 cps (16%)
    •   Core headline earnings per share (“Core HEPS”) increased from 20.7 cps to 24.5 cps (18%)
    •   Net asset value per share increased from 234 cps to 246 cps (5%)
    •   No interim dividend has been declared (30 June 2025: nil), in accordance with its policy of
        declaring and paying dividends on an annual basis
    1   Semester 2 student enrolments are still in progress
    2   EBITDA has been normalised for a once-off R6 million loss on the partial derecognition of
        the sub-lease receivable with Curro Waterfall.
    3   The STADIO Group utilises core headline earnings to measure and benchmark the
        underlying performance of the business. Core headline earnings represent headline
        earnings adjusted for certain non-recurring items that, in the Board’s view, may distort the
        financial results from period to period.

COMMENTARY

The STADIO Holdings’ board of directors (“Board”) takes pleasure in reporting another solid set of
results for the period ended 30 June 2026, in which the STADIO Group exceeded its pre-listing
milestone of 56 000 students. The STADIO Group deliberately invested in people, processes,
systems and infrastructure to support its 2030 growth ambition of 80 000 students and achieve
university status, once the regulations allow.

The STADIO Group grew revenue by 13% from R957 million to R1.08 billion, driven by a 10% growth
in student numbers. The STADIO Group continues to see good momentum in contact learning, with
total students in STADIO Higher Education increasing by 33% and new contact learning students in
STADIO Higher Education increasing by 43%. The contact learning student number growth was
supported by the opening of the STADIO Durbanville and AFDA Hatfield campuses. STADIO
Durbanville opened with more than 1 250 students, exceeding its opening targets. The STADIO
Group launched its first qualifications in Engineering during the period, through the School of
Engineering and Architecture.

Furthermore, core headline earnings grew by 18% from R176 million to R207 million.

The Board has adopted a policy of declaring and paying dividends on an annual basis based on
excess free-cash flow available, after considering the capital needs for future growth projects. No
interim dividend has therefore been declared (30 June 2025: nil).

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors of the Company. It contains only
a summary of the information found in the detailed interim results announcement for the period ended
30 June 2026 (“Full Announcement”) and does not contain full or complete details.

The Full Announcement can be found on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/SDOE/Interim_26.pdf

A copy of the Full Announcement is also available for viewing on the Company’s website at Financial
Reports - STADIO Holdings

Any investment decisions by investors and/or shareholders should be based on consideration of the
Full Announcement, as a whole.

The results for the six months ended 30 June 2026 have not been reviewed or audited by the
Company’s auditor.

PRESENTATION

Shareholders are invited to join Mr Chris Vorster (CEO) and Mr Ishak Kula (CFO) at our new
Durbanville comprehensive campus, where they will present the results for the period ended 30 June
2026, at 10:00am on Friday, 28 August 2026. Shareholders may attend physically by replying here:
RSVP: STADIO Holdings Interim Results Presentation

For those who wish to attend the results presentation virtually, please register via the following link:
Registration

Participants will be able to download the results as well as the slides from the portal during the
presentation. Participants can send through questions using the portal, during and after the
presentation, or by emailing any questions to investorrelations@stadio.co.za before or after the
presentation.


Durbanville
28 August 2026

Sponsor
PSG Capital 
Date: 28/08/2026 05:05:00
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