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

Advtech Group announces the rebranding of Rosebank College to Rosebank International

By Tamara Thomas • May 15, 2026
New name and visual identity prepare the way for university status and further rapid growth

Career-focused Education: Bridging the Gap Between Learning and the Workplace

By Tamara Thomas • May 6, 2026
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source. One of the most important expectations placed on higher education today is that it prepares students for successful careers. While intellectual development remains central to the mission of universities, students increasingly seek - rightly so - educational experiences that provide clear pathways into professional life. Career-focused education, therefore, plays a vital role in connecting academic learning with the practical realities of the workplace. Peter Kriel, Executive: Operations at The Independent Institute of Education , says for this reason, it is incumbent on universities to actively strengthen the link between learning and employability. “Students enter higher education with the hope that their qualifications will enable them to build meaningful careers,” he explains. “Institutions therefore have a responsibility to ensure that academic programmes provide both theoretical depth and opportunities for practical application.” Career-focused education does not diminish the intellectual value of higher education. Rather, it enhances it by ensuring that academic knowledge can be applied to real-world contexts. “In today’s economy, employers seek graduates who can demonstrate both subject knowledge and practical capabilities. Skills such as teamwork, communication, critical thinking, and problem-solving are highly valued across industries. “Universities must help students develop these competencies by integrating practical life skills opportunities into academic programmes. Work-integrated learning, internships, project-based learning, and industry collaborations also provide students with valuable opportunities to apply what they have learned in real-world settings.” These experiences help students build confidence while also developing the professional skills that employers seek, says Kriel. Institutions seeking to strengthen career-focused education can consider the following approaches. 5 WAYS UNIVERSITIES CAN STRENGTHEN THE FOCUS ON CAREER-READINESS  1. Expand work-integrated learning opportunities Internships, practical placements, and industry projects allow students to gain direct exposure to professional environments. This means that students graduate with practical experience that enhances employability. 2. Strengthen career guidance and development services Career counselling, CV workshops, and interview preparation help students transition successfully into the workplace. Students, therefore, gain clarity about career pathways and develop stronger job-search skills. 3. Develop strong employer partnerships Collaboration with industry partners can provide insights into emerging skills requirements and new employment opportunities. Institutions must strengthen their alignment with labour market needs. 4. Embed professional skills - including AI skills - within curricula Communication, teamwork, leadership, and problem-solving skills should be integrated into academic programmes rather than treated as separate activities. This would allow graduates to become well-rounded professionals capable of contributing effectively in the workplace. In addition, universities should explicitly teach students how to responsibly and effectively use AI tools, given the rapidly changing nature of the workplace. This includes developing critical AI literacy skills such as prompt engineering, ethical AI use, evaluating AI-generated outputs, and integrating AI to augment human capabilities rather than replace them. 5. Encourage entrepreneurship and innovation Not all graduates will follow traditional employment pathways. Institutions that promote entrepreneurial thinking help students identify opportunities to create their own ventures. It is also a fact that entrepreneurship contributes to job creation and economic development. Given all this, it is clear that career-focused education delivers benefits that extend beyond individual graduates. For students , it increases confidence and preparedness as they transition from study to employment. Exposure to professional environments helps students better understand industry expectations and workplace dynamics. For institutions , strong employability outcomes enhance reputation and strengthen relationships with industry partners. For society , career-focused education contributes to economic growth by ensuring that graduates possess the skills required to support innovation and productivity. “Higher education institutions have a unique opportunity to shape the future workforce by designing programmes that combine academic excellence with practical relevance. Institutions that embrace career-focused education ultimately strengthen their contribution to society,” says Kriel. “When higher education institutions actively connect learning with professional opportunity, they empower graduates to build careers that are both personally fulfilling and economically productive. As economies evolve and industries continue to transform, the ability of higher education to bridge the gap between learning and the workplace is essential.”

Advtech at the Reggio Emilia Conference: Learning Where an Inspiring Global Philosophy Meets Classroom Practice

By Tamara Thomas • April 28, 2026
In April, Advtech was represented at the Reggio Emilia International Conference in Italy, represented alongside delegates from 47 countries and more than 360 participants from across the globe. This gathering offered a powerful opportunity to engage deeply with the Reggio Emilia philosophy at its source and to reflect on its relevance and resonance within Advtech schools. The Reggio Emilia approach, particularly within the Early Years (infant, toddler, preschool, and primary phases), is grounded in the belief that children are capable, curious, and rich in potential. It offers inclusive learning environments that support students’ wellbeing, encourage meaningful social interaction, and foster a strong sense of belonging. Central to this approach is a shared responsibility to the community, one that embraces diversity, promotes collaboration, and nourishes a creative culture for teaching and learning. At the heart of the Reggio Emilia approach lies the understanding that education is not self-sufficient. Learning does not happen in isolation; it emerges through resources, experiences, theories, dialogue, and relationships. Children do not learn by themselves, but through interaction with others and through engagement with thoughtfully designed environments. As a result, classroom spaces are intentionally equipped to reflect what is being taught, ensuring that the environment itself becomes an active participant in learning, often referred to as the “third teacher.” Advtech’s Early Years approach aligns strongly with this philosophy, where the “Hundred Languages of Children” is deeply valued. This metaphor, introduced by Loris Malaguzzi, recognises that children express their thinking, understanding, and creativity in many different ways, through art, movement, speech, construction, play, and inquiry. Children are seen as natural researchers who explore ideas through encounters with peers, materials, and experiences. Through thinking, acting, listening, and questioning with curious minds, they co-construct knowledge together. Accessible, everyday materials, such as paper, natural objects, and recycled resources play an important role in these learning experiences. These materials invite creativity, exploration, and critical thinking. Students engage in practices such as observational drawing, while teachers carefully document learning through photographs, notes, and displays. Documentation makes thinking visible and honours children’s learning journeys, allowing reflection for both learners and educators. A key principle of the Reggio Emilia approach is seeing each child as an individual with rights, resulting in personalised learning being evident in every classroom. The teacher’s role shifts from instructor to guide, listener, and co-learner, creating space for each child’s voice to be heard. As Loris Malaguzzi, founder of the Reggio Emilia approach, famously stated: “There is no learning without joy.”  Learning, therefore, should be joyful, playful, and filled with discovery. Children should experience learning as pleasurable, stimulating, and meaningful. Visiting Reggio Emilia schools demonstrated how this philosophy comes alive through rotational group teaching, flexible learning environments, and classroom spaces that change in response to children’s interests and inquiries. Importantly, learning in Reggio Emilia is a collective journey. Teachers, teaching assistants, and support staff all play an integral role in nurturing each child’s development. Even at a young age, children are encouraged to engage in research, which supports divergent thinking and honours the fact that no two learners are the same. Listening carefully to children’s ideas and theories becomes a fundamental act of respect.

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

By Tamara Thomas • April 22, 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 DIRECTORS, A DIRECTOR OF A MAJOR SUBSIDIARY, PRESCRIBED OFFICERS AND THE GROUP COMPANY SECRETARY In terms of paragraphs 6.77 to 6.90 of the JSE Limited Listings Requirements (“JSE Listings Requirements”), the following transactions, in respect of which prior written approval pursuant to paragraph 6.83 of the JSE Listings Requirements have been obtained, is hereby disclosed.

Dealings in securities by the Advtech Management Share Incentive Plan 2026 (“MSI scheme”)

By Tamara Thomas • April 21, 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 the Advtech Management Share Incentive Plan 2026 (“MSI scheme”) In compliance with paragraphs 6.77 – 6.90 of the JSE Limited Listings Requirements the following information is disclosed in respect of dealings in Advtech securities by the MSI Scheme:

Publication of Annual Integrated Report

By Tamara Thomas • April 21, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“the Company” or “Advtech”) PUBLICATION OF ANNUAL INTEGRATED REPORT, NO CHANGE STATEMENT, NOTICE OF VIRTUAL ANNUAL GENERAL MEETING, AND AVAILABILITY OF B-BBEE COMPLIANCE CERTIFICATE Publication of Annual Integrated Report Shareholders are advised that the Advtech 2025 Annual Integrated Report (“Integrated Report”) and the Environmental, Social and Governance (“ESG”) Report have been published today. Electronic versions of the Annual Financial Statements for the year ended 31 December 2025 (“AFS”) and Ernst & Young Incorporated’s unqualified audit report are available on the Company’s website at: https://www.groupadvtech.com/financial-results and on the JSE Cloudlink at: https://senspdf.jse.co.za/documents/2026/JSE/ISSE/ADH/AFSYE2025.PDF The Integrated Report and ESG Report are available on the Company’s website at www.groupadvtech.com No Change Statement The consolidated AFS contain no modifications to the financial information published on SENS on 23 March 2026. Notice of Virtual Annual General Meeting Notice is hereby given that the virtual annual general meeting (“AGM”) of shareholders of the Company will be accessible on an interactive electronic platform, in order to facilitate participation and voting by shareholders, as permitted by the JSE Limited, the provisions of the Companies Act and the Company's Memorandum of Incorporation, on Wednesday, 27 May 2026 at 10h00, to consider and, if deemed fit, to pass with or without modification all of the ordinary and special resolutions set out in the notice of AGM to be distributed to shareholders on or before 21 April 2026. To this end, the Company has retained the services of The Meeting Specialist Proprietary Limited (“TMS”) to host the AGM on an interactive electronic platform, in order to facilitate participation and voting by shareholders. Our transfer secretaries, JSE Investor Services Proprietary Limited, will act as scrutineer. Shareholders who wish to participate in and/or vote at the AGM are required to contact TMS on proxy@tmsmeetings.co.za or alternatively contact them on 081 711 4255 / 084 433 4836 / 061 440 0654 as soon as possible, but in any event no later than 10h00 on Monday, 25 May 2026.  Shareholders are strongly encouraged to submit votes by proxy before the meeting. If shareholders wish to participate in the AGM, they should instruct their Central Securities Depository Participant (CSDP) or Broker to issue them with the necessary letter of representation to participate in the AGM, in the manner stipulated in their custody agreement. These instructions must be provided to the CSDP or broker by the cut-off time and date advised by the CSDP or broker, to accommodate such requests. SALIENT DATES The record date for the purposes of determining the shareholders of the Company entitled to receive the AGM notice is Friday, 10 April 2026. The record date for purposes of determining which shareholders of the Company are entitled to attend, participate in, and to vote at the AGM is Friday, 22 May 2026. Accordingly, the last date to trade in the Company’s shares on JSE Limited in order to be eligible to attend, participate in and vote at the AGM is Tuesday, 19 May 2026. AVAILABILITY OF B-BBEE COMPLIANCE CERTIFICATE In compliance with paragraph 12.7(g) and Appendix 1 to section 6 of the JSE Listing Requirements, shareholders are advised that the Company’s annual compliance certificate in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act, No 46 of 2013, is available on the Company’s website at https://www.groupadvtech.com . 21 April 2026 Johannesburg Sponsor: Bridge Capital Advisors Proprietary Limited

Education: Why Parents Should Approach It As A Long-term Investment

By Tamara Thomas • April 15, 2026
Choosing a school for your child will be one of the most complex and consequential decisions parents will ever make. When parents choose a school for their child, the decision is often shaped by immediate needs: convenience, reputation, or results in the senior years. Yet schooling is not a short-term decision. It is one of the longest and most formative investments a family will ever make, stretching over 12 to 15 years or more, from early childhood development through to Matric and further study. Darren Purdon, Head of Advtech Schools Academics, says the real value of education lies not in isolated moments of achievement, but in the intentional construction of learning over time, and that parents should approach their child’s educational journey intentionally, from start to finish. “Education depends on interconnected building blocks, each phase deliberately designed to prepare learners for the next,” he says. Parents should therefore carefully consider the elements that underpin a successful, lifelong educational journey before making this important decision. FOUNDATIONS MATTER Learning does not begin in Grade 1. It starts far earlier, in Grade 000 and Grade 00, where children develop the cognitive, social, emotional, and language skills that will underpin their entire academic journey, Purdon says. “When these early years are thoughtfully planned, children are more likely to arrive in the Foundation Phase confident, curious, and ready to learn. When they are not, gaps emerge that can widen over time. If the foundations are secure, progress accelerates, as we see in our Advtech Schools where we utilise international best practices and benchmarks to personalise early learning.” THE IMPORTANCE OF BELONGING Academic success is deeply connected to emotional safety and a sense of belonging. Children learn best when they feel comfortable at school, when they feel seen, supported and happy. And when teachers are supported, engaged, and professionally fulfilled, that sense of wellbeing naturally filters into the classroom. When students are excited about going to school, engagement increases, persistence improves and learning deepens. Social and emotional learning and supportive classroom environments with caring teachers underpin deep learning. Advtech schools include experienced psycho-social specialists to continually ensure teachers are upskilled in managing diverse classrooms. RESPONSIVE TEACHING AND TECH Effective education is not defined by what has been taught, but by what has been learned. “At Advtech schools, there is a growing shift toward instructional models that prioritise responsiveness. If learners have not grasped a concept, the expectation is not to move on regardless, but to re-teach using different strategies until understanding is achieved,” Purdon says. Additionally, technology has become a powerful enabler of this responsiveness, but not as a replacement for teachers. “AI-assisted tools, and classroom digital platforms such as Advlearn, increasingly act as classroom assistants, helping teachers identify learning gaps quickly and accurately. These tools provide insight into where students are struggling, allowing teachers to personalise support and adjust instruction accordingly.” INTENTIONAL SUBJECT PATHWAYS Consistency and coherence across subjects are another critical component of long-term value creation in education. “Take Mathematics as an example. Mathematical competence is not built in isolated units or single phases, it requires a carefully sequenced programme that develops conceptual understanding, fluency and confidence year after year,” says Purdon. “An intentional approach ensures that each phase prepares students for what follows, creating a golden thread that runs from early numeracy through to advanced problem-solving in the senior years. Gaps are far harder to close when this thread is broken.” The same principle applies across subjects: literacy, science, languages, and beyond. “Strategic curriculum alignment therefore ensures that learning compounds rather than resets each year, and parents should keep this in mind when strategising their child’s educational journey.” CHOOSING A SCHOOL WITH THE LONG VIEW For parents, the key question should not only be “Is this a good school now?”, but rather “Is this a school that understands the full journey, as well as understands where my child excels and needs support in each subject?” “Advtech Schools value long-term academic growth, student wellbeing, teacher development, and intentional curriculum design offers far more than short-term results. It offers continuity, stability, and a clear vision of success from the earliest years through to matric,” Purdon says.  “And in an education landscape that continues to evolve, the most trusted institutions are those that recognise schooling not as a series of isolated years, but as a curated journey, using regular academic data to personalise learning and shape student success for life.”

DEALINGS IN SECURITIES BY A DIRECTOR

By Tamara Thomas • April 8, 2026
Advtech Limited (Incorporated in the Republic of South Africa) (Registration number 1990/001119/06) Share code: ADH ISIN: ZAE000031035 (“ Advtech ” or “ the Group ”) DEALINGS IN SECURITIES BY A DIRECTOR In compliance with paragraphs 6.77 to 6.90 of the JSE Limited (“ JSE ”) Listings Requirements, the following transaction relating to dealings by a director is hereby disclosed pursuant to the provisions of the ADvTECH Management Share Incentive Scheme (“ MSIS ”). As set out in the SENS announcement published on 6 May 2025, the director had been awarded 730 459 shares in terms of his employment contract, which shares ceased to be forfeitable vested on 1 May 2025 and were subsequently committed by the director to be held in escrow for a period of 12 months towards meeting his minimum shareholding requirements in terms of the Minimum Shareholding Requirement (“ MSR ”) Policy of the Group. The director has on 8 April 2026 re-committed the aforementioned shares to be held in escrow for a further holding period of 12 months towards meeting his minimum shareholding requirements in terms of the MSR Policy of the Group.

Digital Literacy In SA Education Must Go Beyond “Computer Skills”

By Tamara Thomas • April 8, 2026
Key to increasing access to quality education

Dealings In Securities By The Advtech Management Share Incentive Plan 2026 (“MSI Scheme”)

By Tamara Thomas • March 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”) DEALINGS IN SECURITIES BY THE ADVTECH MANAGEMENT SHARE INCENTIVE PLAN 2026 (“MSI Scheme”) In compliance with paragraphs 6.77 – 6.90 of the JSE Limited Listings Requirements the following information is disclosed in respect of dealings in Advtech securities by the MSI Scheme: