ADvTECH (ADH) H1 2026 earnings summary

Executive summary

• Revenue increased 8% year-on-year to R5,060 million, with operating profit up 14% to R1,115 million and operating margin rising to 22%.

• Headline and normalized EPS both grew by 16% to 130.8 cents; interim dividend increased by 18% to 53.0 cents per share.

• Enrollment reached nearly 120,000, up 13% year-on-year, with strong growth in both schools and tertiary divisions.

• Significant investments in technology, campus expansion, and brand consolidation supported growth and operational efficiency.

• Share buyback program of R250 million executed, repurchasing 1% of share capital.

Financial highlights

• Revenue up 8% to R5,059.6 million; operating profit up 14% to R1,114.8 million; normalized EPS up 16% to 130.8 cents.

• Operating margin improved to 22%; education margin up to 24.3%, resourcing margin to 6.8%.

• Tertiary revenue and operating profit up 17% and 19% respectively; schools revenue and operating profit up 8% and 10%.

• Resourcing revenue and operating profit declined 15% and 12% respectively, but margin improved to 6.8%.

• Interim dividend per share increased 18% to 53.0 cents; free operating cash flow before capex per share up 18% to 412.0 cents.

Outlook and guidance

• Strong demographic and tertiary tailwinds in South Africa and Africa support continued growth.

• Confident in maintaining growth trajectory, supported by ongoing investments and robust balance sheet.

• Focus on expanding African operations, growing distance tertiary, and securing university status for key brands.

• Expect improved performance in resourcing in the second half after pivoting away from U.S.-funded contracts.

• Ongoing investments in capacity, new campuses, and academic offerings to drive future growth.