Curro Holdings (COH) investor relations material

Executive summary

• Revenue increased by up to 5% year-over-year to R2,709 million for the six months ended 30 June 2025, despite a 1.4% decrease in average learner numbers to 71,749.

• Cash generated from operations rose by up to 10.3% to R688 million, exceeding CapEx requirements and supporting share repurchases and dividends.

• EBITDA and recurring headline earnings per share remained stable at R625 million and 40.3 cents, while EPS dropped 36.1% to 25.7 cents due to a R74.1 million impairment.

• Janimatorn Stichting made an offer to acquire all shares for R7.2 billion, offering a 60% premium to the last closing price, with consideration in Capitec Bank shares, PSG Financial Services shares, and cash; subject to shareholder and regulatory approval.

• The business remains resilient with a strong balance sheet, successful debt refinancing at lower costs, and a focus on sustainable value creation.

Financial highlights

• Total revenue grew up to 5% year-over-year, driven by annual fee increases and higher ancillary income.

• Fee revenue rose 4.1%, with average fees per learner up 5.1%.

• Ancillary revenue increased 10.8% and has surpassed pre-pandemic levels.

• Operating expenses increased 5.4%, mainly due to expanded activities and higher facility costs.

• Net finance costs decreased to R138 million from R157 million year-over-year.

Outlook and guidance

• Confident in attracting more learners and leveraging unutilized capacity, with current utilization at 70%.

• Plans to invest up to R630 million in capital projects for 2025 to maintain and expand facilities.

• Tuition fees increased by just over 5% for 2025; planned increase of about 4.5% for 2026.

• Fee increases for pre-primary and primary will be contained below 4% next year, while high school fees will rise about 6%.

• Focus remains on operational efficiency, cost containment, and digital initiatives to drive shareholder returns.