Advtech Posts Two Billion Rand Operating Profit

Double digit revenue growth and margin improvement deliver a 17% increase in earnings

Commenting on the year ended 31 December 2025, Advtech CEO, Geoff Whyte said: “Healthy enrolment growth, moderate fee increases, improved debtor control and increased margins contributed to Advtech delivering over R2 billion in operating profit for the first time.”

 

“Simplification of our brand structures alongside significant investment in people, systems and infrastructure continue to strengthen our position as the leading provider of private education on the African continent.”


Group: Operational and Financial Performance

 

  • Revenue up 10% to R9 330 million (2024: R8 521 million)
  • Operating profit up 14% to R2 038 million (2024: R1 791 million)
  • Operating margin improvement to 21.8% (2024: 21.0%)
  • Normalised earnings per share increased by 17% to 236.1 cents (2024: 202.5 cents)

 

Group revenue grew by 10% to R9 330 million for the period (2024: R8 521 million), driven by a 13% increase in the education division.

 

Group operating profit increased by 14% to R2 038 million (2024: R1 791 million),

with the education division’s operating profit increasing by 15%.

 

Group operating margin improved to 21.8% (2024: 21.0%). Operating margin in the education division improved to 24.7% (2024: 24.2%) through scale leverage and a continued focus on efficiencies. This more than offset the additional costs incurred to strengthen the group’s brands through the introduction of additional global benchmarking measures, artificial intelligence tools to support personalised learning and enhanced student information systems.

 

Normalised earnings for the year increased by 17% to R1 297 million (2024: R1 109 million) while normalised earnings per share increased by 17% to 236.1 cents (2024: 202.5 cents) per share.

 

A continued focus on collection processes saw gross trade receivables increase by only 5% compared to a revenue increase of 10%. Loss allowances increased to R415 million (2024: R395 million), representing 49% (2024: 49%) coverage of gross trade receivables. Credit losses decreased from R195 million in 2024 to R159 million in the period under review, due to the improved debtors book performance.

 

Cash generated by operating activities increased by 20% to R2 691 million (2024: R2 250 million). Capital expenditure of R1 139 million was focused mainly on increasing capacity at existing sites to meet incremental demand, as well as the completion of new Emeris / Vega mega-campuses in Sandton and Nelson Mandela Bay, both of which began operating in January 2026.

 

Dividend Announcement

 

The board declared a final gross dividend of 73 cents (2024: 63 cents) per ordinary share in respect of the year ended 31 December 2025. This brings the full year dividend to 118 cents (2024: 101 cents) per share.

 

Divisions: Operational and Financial Performance

 

Schools South Africa

 

  • Robust enrolment growth driving financial performance

 

Revenue increased by 10% to R3 443 million (2024: R3 120 million) with all brands showing enrolment growth. Operating profit increased by 13% to R721 million (2024: R640 million) with operating margin improving to 20.9% (2024: 20.5%).

 

The group’s 2025 matric students achieved a 99.7% pass rate, a 94.0% bachelor’s degree pass rate and 3 371 distinctions at an average of 2.1 distinctions per student.

 

Enrolments at Pinnacle College Raslouw continued to grow with the build out of the school completed in June 2025. Pinnacle College Ridge View, in Roodepoort, which opened in January 2025, continues to perform in line with expectations.

 
Schools in the Rest of Africa

 

  • Growing the group’s footprint

 

Revenue increased by 28% to R574 million (2024: R449 million) driven by strong enrolment growth, the full year inclusion of Flipper International Schools and a part year contribution from the Regis Runda acquisition. Operating profit increased by 33% to R194 million (2024: R146 million). Operating margin improved to 33.7% (2024: 32.4%). Cambridge International Curriculum students achieved 716 distinctions at an average of 1.3 distinctions per student.

 

The Regis Runda school in Nairobi was acquired for R171 million in August 2025. Investments to upgrade facilities and academic support systems are under way. Enrolments have increased by 17% since acquisition to just under 1 400 against a built capacity of 2000. Ultimate capacity on the Runda site is 3000 students.

 

The group also concluded a new long-term lease on the Makini Statehouse campus, in Nairobi, Kenya to begin a R39 million expansion project that will double capacity to 575 students. Building work will be completed in time for the beginning of the 2027 academic year.  

 

Our premium priced Makini Cambridge International curriculum continues to experience high demand, with parents increasingly choosing it over the Kenyan national syllabus. This is having a positive impact on the overall financial performance of the Makini brand.

 

Tertiary / University Division

 

  • Accelerating demand for the group’s well-established brands

 

Revenue increased by 13% to R3 849 million (2024: R3 401 million) whilst operating profit increased by 14% to R1 031 million (2024: R903 million). Operating margin increased to 26.8% (2024: 26.6%) despite sizeable investments to strengthen the group’s brand propositions and the up-front costs incurred in the establishment of Rosebank International University College (RIUC) in Ghana.

 

The division continues to perform well, driven by a strong portfolio of advantaged brands and an ever-expanding range of programmes and qualifications. In line with the group’s strategy, the division is also achieving exceptional enrolment growth in its distance offering.

 

Average module success rates across all qualifications improved to 84% (2024: 80%).

 

Emeris, a groundbreaking new private higher education brand that brings Varsity College, Vega, MSA and HSM together under a single entity, marked a significant milestone in February 2026 with the opening of a R420 million state-of-the-art mega-campus in Sandton, Johannesburg.

Facilities include a double-storey library and information centre, a student experience hub with career and counselling services, a custom-designed indoor sports centre capable of hosting international events and innovation spaces including IT labs, podcast studios and interactive classrooms.

 

The group is currently at the development stage of its new Emeris Durban campus. Construction is expected to commence in 2027, with phase one scheduled to open in 2029. The initial build will accommodate approximately 8 000 students and include a purpose-built 500-bed student residence.

 

A second phase, planned for completion in 2035, will expand capacity to 10 500 students, with accommodation increasing by a further 500 beds.

 

RIUC in Ghana was inaugurated in August 2025. Student registrations commenced in January 2026, with lectures currently under way.

 

The relocation of the Rosebank College (RC) Cape Town mega-campus and the RC Polokwane expansion project were both completed last year. A major redevelopment of the RC Braamfontein campus is currently under way.

 

Recognition of our Tertiary Brands as Universities

 

Advtech last year welcomed policy developments that create a formal pathway for private higher education institutions to apply for university status.

 

The regulations outlining the application process, timelines, and criteria are still being drafted by government.

 

Once published, Rosebank College and Emeris will both apply for university status.

 

“University recognition will ultimately benefit our students who will finally be afforded the same status as their peers who obtain identically accredited qualifications through public institutions.” said Whyte.

 

Resourcing division

 

  • Resourcing South Africa returns to profitability

 

Driven by a focus on efficiencies and diligent cost management, the group’s South African Resourcing business has returned to profitability.

 

The unexpected closure of the United States Agency for International Development in February 2025 had a negative impact on our Rest of Africa business. Around 10% of our client base (non-governmental and charity organisations) was impacted by the sudden withdrawal of their funding. Despite this setback, the business delivered a creditable full-year performance and continues to secure new contracts.

 

Prospects

 

Advtech’s intent is to lead in every market segment in which we choose to operate and to become the employer of choice in the Resourcing and Education sectors.

 

“Advtech is uniquely positioned to enrich people’s lives through being the leader in teaching and learning across the African continent. Our sound balance sheet, strong cash generation, growing scale and expertise in Africa and unrelenting focus on extending competitive advantage position us well to maintain our growth trajectory and invest with confidence in areas of opportunity,” concluded Whyte.


Advtech Updates

The Glitch in the System: Why SA Universities Are Turning Off the ‘AI Polygraph’

By Tamara Thomas • June 30, 2026
By 2026, the initial panic that greeted the launch of generative AI in higher education has transitioned into a complex, high-stakes standoff. At the heart of this conflict are AI checkers - software designed to catch students using tools like ChatGPT. However, a growing number of institutions, including major South African universities, are now switching these detectors off, sparking a fundamental rethink of what it means to learn and be assessed in a digital age. Dr Mario Landman of the Academic Centre of Excellence for The IIE and Advtech, says the primary reason for the retreat from AI detection is a lack of accuracy. “AI detectors do not know if a machine wrote a text; instead, they measure statistical signatures like ‘perplexity’ (how predictable the language is) and ‘burstiness’ (variation in sentence rhythm). As generative models have evolved to mimic human style more effectively, these signatures have become blurred,” he says. Independent evaluations show that while some tools claim 99% accuracy, their effectiveness drops to between 60% and 80% as soon as a student manually edits or adds "humanise" when prompting the AI. Furthermore, newer models like Claude 3 generate natural-sounding prose that frequently evades mainstream checkers. For many administrators, using such probabilistic tools to make life-altering disciplinary decisions is becoming an unacceptable risk to due process. THE CRISIS OF FAIRNESS AND BIAS For South African institutions, the most damaging aspect of AI detection is documented bias against non-native English speakers, notes Dr Landman. “Research has shown that detectors disproportionately flag ESL (English as a Second Language) students because their writing often uses more formal, standardised structures that the software mistakes for machine-generated patterns.” One landmark study found a 61.3% false positive rate for TOEFL essays written by Chinese students, compared to just 5.1% for native speakers. In a multilingual country like South Africa, where English is often a second or third language, relying on these tools creates a systemic equity crisis that risks unfairly penalising students from disadvantaged backgrounds. THE DEVIL’S BARGAIN OF EFFICIENCY Dr Landman says the complexity is deepened by what scholars call a "devil’s bargain" in modern academia. “AI can automate lesson planning for lecturers and generate plausible essays for students, creating an appearance of productivity while hollowing out actual learning. This leads to the rise of ‘shallow knowledge workers’ - graduates who are proficient in prompt manipulation but deficient in critical analysis and independent reflection. “By switching off AI checkers, universities are forced to confront this erosion of cognitive capacity. Rather than attempting to detect the machine, they are redesigning the work to make human thinking visible.” THE WAY FORWARD: A MIXED ECOLOGY OF ASSESSMENT The emerging way forward in South African higher education is a shift from "policing" to "stewardship", says Dr Landman. He says the focus is moving toward: Authentic Assessment: Moving away from take-home essays toward oral defences (viva voce), in-class writing benchmarks and practical demonstrations. AI-integrated Assessment frameworks: Implementing clear frameworks that define acceptable AI use across different assessment contexts. This may include a tiered approach where AI use is prohibited, permitted for specific parts of an assessment, or fully integrated into the assessment process without penalty, provided its use is transparent and aligned with the learning outcomes. Process-Based Grading: Grading the "learning journey" by requiring students to submit research logs, drafts and "Epistemic Meta-Reflections" where they justify their interaction with AI. Human-in-the-Loop Frameworks: Implementing automated grading only when it includes mandatory human review to ensure factual accuracy and fairness. Transparency and Disclosure: Replacing bans with disclosure requirements, where students must cite which tools they used and for what purpose. As South Africa finalises its Draft National AI Policy – which ironically ran into an early roadblock after it was found the first iteration was drafted by AI - the higher education sector has an opportunity to ground AI governance in the philosophy of Ubuntu, with its emphasis on interdependence, human dignity and collective responsibility, says Dr Landman.  “The goal should not be to win an unwinnable technological race, but to establish a renewed contract of trust: one in which AI is used as a scaffold for thought, not a substitute for it.”

Students as Consumers: What Higher Education Can Learn From Netflix, Spotify and Uber

By Tamara Thomas • June 26, 2026
Students arrive in higher education with mindsets and habits shaped by the digital platforms they use every day. Netflix, Spotify and Uber have normalised daily life experiences that feel simple, personalised, immediate and intuitive, and this has raised students’ expectations for seamless, user-centric experiences in other areas , an education expert says. “Higher education should not try to become on-demand entertainment. But it can certainly learn from the discipline behind these platforms. Students may not expect learning to be easy. Still, they increasingly expect the academic journey to be clear, connected and well supported,” says Nadia Landman, Head: Academic Quality Management Systems at The IIE and Advtech’s Academic Centre of Excellence . “A great student experience does not make higher education less rigorous. But it does make the path through that rigour clearer, more visible and better supported – an ideal all higher education institutions should be aiming for.” Landman says the simplicity of our ubiquitous modern-day platforms is often misunderstood. “Their ease of use is not accidental. It is the result of thoughtful design, continuous testing, data-informed improvement and rigorous quality assurance. Every recommendation, notification, search function and progress indicator is designed to reduce uncertainty and help users take the next step with confidence.” The role of data and AI in higher education Netflix and Spotify show how personalisation and curation can make complex content feel manageable. Behind the scenes, data, machine learning and artificial intelligence help these platforms understand patterns, recommend content and create a sense of relevance. “In higher education, the purpose is different. The goal is not to keep students scrolling. The goal is to help them stay engaged, supported and on track. Used responsibly, data and AI can help institutions identify when students may need support, improve communication and guide learners to the right resources at the right time,” Landman explains. This is where the learning Management System (LMS) becomes critical, she says. “Too often, the LMS becomes a digital filing cabinet filled with documents, announcements and links. A thoughtfully designed LMS should do more than store content. It should guide students through the module, showing them what they are learning, why it matters, what they need to do, when assessments are due and where feedback fits into their progress. It should therefore be a carefully designed learning environment that helps students understand what to do, why it matters and how each step connects to their progress, says Landman. Visibility builds trust Uber shows how visibility reduces uncertainty: users can track their driver, journey time and expectations. Higher education should do likewise, Landman says. “Students shouldn’t hunt for registration, fees, rules, assessment dates, feedback timelines, support services or escalation routes. The clearer the journey, the less confusion and anxiety. In higher education, visible registration status, accreditation, academic rules and support pathways signal trust and boost confidence in the institution and the learning journey.” Why this matters in Higher Education Trust must be earned continuously. Students and parents need assurance that an institution is legitimate, that qualifications are recognised and that the learning experience is well governed. “Visible, accurate and easy-to-understand signals - including accreditation, registration status, qualification details, academic rules and student support - do more than meet compliance. They form part of the student experience and demonstrate active quality management.” Student experience is quality assurance in action Student experience is integral to academic quality and outcomes, and it shows in programme design, LMS structure, assessment communication, feedback and support. “The lesson from our most-used apps is that simple-feeling experiences rely on careful design, robust systems and continuous improvement. This matters for today’s students and especially for Generation Alpha who expect intuitive, responsive and personalised digital journeys,” says Landman.  “The best institutions will not design only for the students they serve today. They will also pay close attention to the behaviours, expectations and support needs of the students who are coming next. Institutions that make quality visible and trust easy to earn will better navigate academic journeys and demonstrate mature governance.”

Advtech announces completion of R250m share repurchase

By Tamara Thomas • June 17, 2026
Advtech Limited (Advtech), Africa’s leading private education group, today announced the successful completion of a share repurchase programme. Advtech repurchased 5 740 128 shares, representing approximately 1.04% of its issued share capital, at an aggregate cost of R250 million between 30 March and 10 June 2026. Of these shares, 2 797 675 have already been cancelled, with the balance to be cancelled before 30 June 2026. "This share repurchase reflects the Board's confidence in Advtech's strong cash generation, robust balance sheet and long-term growth prospects." said Geoff Whyte, Group CEO of Advtech. The repurchase was funded from the group’s available cash resources. Advtech remains focused on expanding and strengthening its portfolio of leading brands and investing in people, technology and infrastructure to ensure long-term success. ENDS

Voluntary Announcement: General Repurchase of Shares

By Tamara Thomas • June 17, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“Advtech” or “the Company”) VOLUNTARY ANNOUNCEMENT: GENERAL REPURCHASE OF SHARES Shareholders are advised that Advtech Limited has repurchased 5 740 128 shares (the "repurchase") for the below period: Dates of repurchase: 30 March 2026 to 10 June 2026 Number of shares repurchased: 5 740 128 shares Lowest repurchase price per share (cents): R40.47 per share Highest repurchase price per share (cents): R44.90 per share Total value of shares repurchased: R250.0 million The repurchase represents approximately 1.04% of the Company's issued share capital. From the total shares repurchased, 2 797 675 shares have been cancelled, and the remaining 2 942 453 shares will be cancelled before 30 June 2026. The share repurchase underpins the board’s confidence in the company's robust cash generation and long-term growth trajectory. The Board considered the effect of the repurchase and believes that for a period of twelve months following the date of this announcement:  the Company and the Group will be able in the ordinary course of business to pay its debts; the assets of the Company and the Group will be more than the liabilities of the Company and the Group. For this purpose, the assets and liabilities were recognised and measured in accordance with the accounting policies used in the latest audited annual Group financial statements; the share capital and reserves of the Company and the Group will be adequate for ordinary business purposes; the working capital of the Company and the Group will be adequate for ordinary business purposes; and the Company and the Group have passed the solvency and liquidity test and since the test was performed, there have been no material changes to the financial position of the Group. The repurchase was made through the order book of the JSE, without any prior understanding or arrangement between the Company and the counter parties. None of the repurchases were effected during a prohibited period. The repurchase was funded from the Group's available cash resources. The impact on other areas of the Company's financial information is immaterial. 17 June 2026 Johannesburg Sponsor: Bridge Capital Advisors Proprietary Limited

Dealings in Securities by a Prescribed Officer of the Company

By Tamara Thomas • June 12, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“Advtech” or “the Company”) DEALINGS IN SECURITIES BY A PRESCRIBED OFFICER OF THE COMPANY In compliance with paragraphs 6.77 to 6.91 of the JSE Limited Listings Requirements the following information is disclosed in respect of dealings in Advtech securities by a prescribed officer of the Company. 

Department of Higher Education and Training kicks off sector engagements with visit to Advtech

By Tamara Thomas • June 9, 2026
Deputy Minister for Higher Education and Training, Dr Mimmy Gondwe, kicked off sector-wide engagements by meeting Advtech’s senior leadership at Emeris’ Sandton campus on Monday, 8 June 2026. This follows her recent address at Advtech’s Rosebank International brand launch. The aim of these engagements is to recognise and collaborate with private institutions that positively contribute to the Post-School Education and Training sector. Advtech’s senior leadership discussed opportunities for public-private partnerships, including leveraging the agility of the private sector to widen access for students to quality education. During the visit, Dr Gondwe spent time with Emeris students and toured the campus’ world-class facilities, including its state-of-the-art sports centre. Said Dr Gondwe prior to the visit, “The conversation can no longer be about whether private higher education institutions have a role to play; that question has long been settled; the focus now is on collaborating more effectively and responsibly to ensure that higher education supports national development and inclusive economic growth.” “Advtech welcomes our positive recent engagements with Dr Gondwe. We look forward to collaborating with her department going forward and appreciate her commitment to finalising the process that will enable Emeris and Rosebank International to finally achieve university status,” said Geoff Whyte, Group CEO of Advtech.

Don’t Rush Academics: The Importance of Focusing on Play and Responsiveness in the Early Years

By Tamara Thomas • June 3, 2026
Play should sit naturally in early childhood education, as it reflects how young children come to know themselves, others and the world. Yet too often, play is the very space that requires the most protection. This tension usually arises from a culture that prioritises early academic achievement and holds the belief that accelerating formal learning guarantees future success. When children are rushed or pressured into formalised academic outcomes too early, short-term gains may be visible for some, but the long-term cost can be significant, an education expert says. “Play is not separate from learning, it is the medium through which learning becomes possible,” says Lynda Eagle, Advtech Schools Specialist: Early Years Phase. “Early learning that prioritises performance over understanding risks weakening curiosity, motivation and wellbeing. Strong foundations are built not through acceleration, but through experiences that nurture thinking, communication, collaboration, and joy - conditions that sustain lifelong learning.” Eagle explains that children engage with play in ways that reflect their own pace, interests and needs. “It provides space for difference and diversity while offering opportunities for connection and shared experience. Importantly, play supports emotional regulation and prepares children for future learning by strengthening the foundations required for inquiry, reflection and participation in real-world contexts.” Play and responsiveness are often described as abstract concepts, yet they require intentional commitment from both educators and families, says Eagle. “Responsiveness asks adults to understand the value of play and to reflect on their role within it: how they observe, when they intervene, how they extend thinking and how they remain present without directing or interfering. By engaging in careful observation and thoughtful support, adults come to know children more deeply, including learning about their interests, strengths and emerging identities. “It also plays a big role in building key life skills - things like thinking deeply or critically, solving problems, working with others, communicating effectively and self-management. When children play, they’re constantly exploring new ideas, testing their theories, inventing solutions and figuring out how the world works. Along the way, they learn to take manageable risks and handle challenges. And, very importantly, to stick with things even when they’re difficult, which gradually builds their confidence and a real mindset for growth.” PLAY AND RESPONSIVENESS – IMPORTANCE OF PARTNERSHIPS Partnerships between families and educators are central to this work, Eagle says. “Together, they can create learning experiences that balance freedom and structure, offering both flexibility and clear boundaries. This balance provides children with emotional safety while teaching respect for themselves, for others and for the environment. Such stability supports the development of empathy, resilience and perseverance.”  Within these conditions, children form relationships, make connections, and gradually become independent learners. They develop conceptual understanding and learn to reason, transfer knowledge, and apply ideas in new contexts, moving from concrete experience toward more abstract thinking. “Any tension between our aspirations for children and our understanding of play and responsiveness deserves careful reflection,” Eagle warns. “When adults deepen their understanding of why play matters and how responsiveness supports learning, they are better positioned to guide children with intention and trust. Ultimately, early learning is not only about what children know, but about how they think, how they relate to others, and how they come to see themselves in the world, a world full of possibility.”

Dealings in Securities by Prescribed Officers, Director of a Major Subsidiary and the Company Secretary of the Company

By Tamara Thomas • May 28, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“Advtech” or “the Company”) DEALINGS IN SECURITIES BY PRESCRIBED OFFICERS, DIRECTOR OF A MAJOR SUBSIDIARY AND THE COMPANY SECRETARY OF THE COMPANY In compliance with paragraphs 6.77 to 6.91 of the JSE Limited Listings Requirements the following information is disclosed in respect of dealings in Advtech securities by prescribed officers, director of a major subsidiary and company secretary of the Company.

Results of the Annual General Meeting

By Tamara Thomas • May 27, 2026
ADvTECH Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“ADvTECH” or “the Company”) RESULTS OF THE ANNUAL GENERAL MEETING In terms of section 6.63 of the JSE Listings Requirements, shareholders are hereby advised that at the annual general meeting (“AGM”) of shareholders of the Company held today, Wednesday 27 May 2026 all the proposed ordinary and special resolutions, as set out in the notice of annual general meeting contained in the Integrated Annual Report, were approved by the requisite majority of shareholders present or represented by proxy. Details of the results of voting at the annual general meeting are as follows:

The Vega School at Emeris Celebrates First PhD Graduate

By Tamara Thomas • May 27, 2026
Dr Wendy Mahoney has made history as the first PhD graduate of The Vega School at Emeris and as the first recipient of the school’s Black Pencil Award for Excellence. She was recently conferred the qualification IIE Doctor of Philosophy in Brand Leadership at The Vega School at Emeris Umhlanga’s Class of 2025 graduation ceremony. Reflecting on receiving her PhD after a three year part-time journey, Dr Mahoney described the moment as deeply emotional and meaningful. “This is the most incredible feeling. I am deeply honoured, blessed and grateful to every single person who cheered me on,” she said. “It was such a profound moment for me because The Vega School at Emeris has been such an intricate part of my personal journey. What made the occasion even more meaningful was the immense pride I felt in the room for this achievement. It was not just my achievement - it was our achievement”. Dr Carla Enslin (Dean of the Postgraduate & Research Centre at Emeris) said the launch of the IIE Doctor of Philosophy in Brand Leadership in 2021 was a significant moment for The Independent Institute of Education (IIE) and for The Vega School at Emeris. “It’s a first of its kind qualification and breaks new ground both locally and internationally,” she said. “The PhD purposefully produces original frameworks, original models, creative insights to innovative and meaningful brand building. We expect our PhD graduates to be the individuals advancing the values-based leadership that grows an organisational culture and the practises that transform communities, businesses, environments,” continued Dr Enslin.