Stadio Holdings (SDO) H1 2025 earnings summary

Executive summary

• Student numbers increased by 9% year-over-year for the first half of 2025, reaching 51,197, with current total students at 54,487 in August; distance learning up 9% and contact learning up 11%.

• Revenue rose 16% to ZAR 957 million for the January–June period, driven by both contact and distance learning growth.

• EBITDA grew 24% to ZAR 293 million, with margin improving to 30.6% from 28.5% year-over-year, reflecting operational efficiencies.

• Profit after tax increased by 27% to ZAR 183 million, and earnings per share rose 28% year-over-year.

• The group continues to expand its program offerings and campus footprint, with significant investments in technology and infrastructure.

Financial highlights

• Revenue up 16% to ZAR 957 million compared to the same period last year.

• EBITDA increased to ZAR 293 million, with margin at 30.6%.

• Profit after tax up 27% to ZAR 183 million; core headline earnings up 28% to ZAR 176 million.

• Cash generated from operations up 20% to ZAR 368 million.

• Cash balance at ZAR 215 million as at 30 June 2025.

Outlook and guidance

• Targeting 56,000 students by end of 2026 and 80,000 by 2030, requiring 8% annual growth.

• Eight new programs to be launched in 2026, excluding site extensions.

• Continued investment in technology and infrastructure to support scalability and quality.

• Anticipates further margin expansion as new programs mature.

• Robust demand for programmes despite economic pressures on household affordability.