ARJUN

WADHWA

Digitally signed by ARJUN WADHWA Date: 2025.05.15 13:45:19 +05'30'

I N V E S T O R P R E S E N T A T I O N

C O R E V A L U E S

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S A F E H A R B O U R

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This presentation has been prepared by CL Educate Limited (the “Company”) solely for information purposes without any regard to any specific objectives, financial situations or information needs of any particular person. This presentation and its contents are confidential and should not be copied, distributed, disseminated, published or reproduced, in whole or part, or disclosed by recipients directly or indirectly to any other person. Data and comments contained in the presentation are basis what the Company believes are a reasonable representation of its businesses. The numbers represented at certain places are management estimations carried out on the basis assumption taken regarding the nature of business. By accessing this presentation, the person acknowledges and agrees that the information contained herein is not a substitute for their independent investigation, analysis, and judgment. The person should consult their own financial, legal, tax, and other advisors before making any investment decisions based on the information presented.

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements.

CL Educate Ltd. will not be in any way responsible for any action taken based on such data or comments or statements and undertakes no obligation to publicly update these data or comments or forward-looking statements to reflect subsequent events or circumstances.

C A R E E R L A U N C H E R - T R U S T E D P A N I N D I A O M N I C H A N N E L T E S T P R E P B R A N D

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162 35%+ 700K+ 400+ 5+ 9
Centers Market Share: MBA & Law Books Sold Institutional Locations in UAE Asia + AfricaLocations in
Clients
▪ Present in the verticals of:
▪ Test preparation and admission consulting
▪ Content Monetization: Publishing of competitive books
▪ Platform Monetization: Integrated Solutions to Educational Institutions & Universities
▪ Established dominance in Aptitude segments of MBA, Law & IPM
▪ CUET & Study Abroad added as verticals in FY23.
▪ Proprietary content, complemented by experienced faculty members & trainers
▪ International presence predominantly in the Middle East at present
Launch: Dubai Acquisition Acquisition
LST Launch : Student GK Publication Launch: Student Mobility
Mobility ( India ) (EdTech - Publishing) aspiration .ai CUET Launch ( International )
Key
Milestones 1996 2002 2004 2008 2011 2017 2019 2022 2022
Incorporation - IPO Merger
Career Launcher Listing: CL + 5 Wholly
(EdTech Division) NSE,BSE Owned Subsidiaries
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T E S T P R E P : K E Y O F F E R I N G S A N D W A Y F O R W A R D

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Course : MBA | TAM : 3.3 Lacs | Launch : 1996 | Course : CUET (UG) | TAM : 14 Lacs | Launch : 2022 |
| Market Share : 30-35% | | Market Share : New Exam |
Expansion Plan:
Expansion Plan: Classroom Teaching ✓ Brand New Market; Expected to be GaoKao (China)
✓ Market share expansion of India
✓ State level exams: MHCET, SNAP, XAT ✓ 17 Lakh+ Students registered
✓ Expected registrations: 70 Lakh in next 3-5 years
✓ Add 100+ physical centers dedicated towards CUET
+ board exam coaching
Online Teaching
Course : Law | TAM : 60K | Launch : 2004 | Course : Student Mobility | Launch : 2022 |
| Market Share : 35-40% | | Market Share : New Product |
Expansion Plan: Test Series Expansion Plan:
✓ FY24 CLAT+AILET Registrations:60K; ✓ New Market
✓ Law as career is gaining acceptance and ✓ 6 Million Students studying in non-native countries
momentum. ✓ Markets: India to Anywhere & Anywhere to
✓ Expected to reach 100K registrations with Anywhere
change in exam cycle ✓ Focus: Network Expansion, Consulting growth
Admission Consultancy
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K E S T O N E – S O L V I N G E X P E R I E N T I A L B U S I N E S S & M A R K E T I N G P R O B L E M S G L O B A L L Y

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▪ Global offices – India, USA, Singapore, Indonesia & UAE
▪ Services offered:
✓ Event Management (Physical) & Virtual Events Platform
✓ Digital & MarComm Services
✓ Customized Engagement Programs (CEP)
✓ Transitioning Biz to Metaverse
Esteemed
Clients
900+ 50+ 50+
Days of Events Days of Events Days of Events
VEP
Key
1996 2008 2016 2017 2018 2020 2022 2022 2023 2024
Milestones
Incorporation - Acquisition Launch: IPO Launch: V irtual E vents Merger Kestone Kestone Kestone
CL Educate Kestone Kestone Listing: Kestone US P latform CL + 5 Wholly Metaverse Indonesia Utsav
Singapore NSE,BSE Owned
6
Subsidiaries
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A G E N D A

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A C Q U I S I T I O N U P D A T E

D E X - U P D A T E

✓ Acquisition Completed: 20-Feb-2025

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✓ Purchase Price: Rs. 231.80 Cr (Inc Working Capital)

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✓ Borrowing Availed: Rs. 200 Cr

✓ Tenure: 6 Yrs from 1[st] Jan 2025

✓ Ballooning Repayment Schedule

✓ Interest Payment: 11.9%

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✓ Zero Debt company in 36 months

✓ Strategic and IPO

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D E X - U P D A T E

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A S S E T S A C Q U I R E D

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✓ Acquisition Completed: 20-Feb-2025
✓ Purchase Price: Rs. 231.80 Cr (Inc Working Capital)
✓ Borrowing Availed: Rs. 200 Cr
✓ Tenure: 6 Yrs from 1[st] Jan 2025
✓ Ballooning Repayment Schedule
✓ Interest Payment: 11.9%
✓ Zero Debt company in 36 months

✓ Strategic and IPO

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Organization with NSE parentage and legacy

16%

200 Cr

Revenue EBITDA Margin

Strong Business Moat - Tech & Distribution

Experienced & Energized Team

9 Cr+ TAM as we build the Nation’s Digital Public Assessment Infrastructure

F I N A N C E U P D A T E

I N T E G R A T E D F I N A N C I A L S U M M A R Y

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B U S I N E S S – A S – U S U A L D I S C O N T I N U E D O P E R A T I O N S E X T R A O R D I N A R Y I T E M S
✓ We have exited certain product
✓ Acquisition related expenses: 4.2 Cr
categories of Test Prep business
D E X ✓
✓ As per IndAS these cannot be
Avoid potential conflict of
amortized
interest while applying for
exams in DEXIT
✓ Includes interest costs
✓ incurred due to delay in the
Marketing Opportunity
✓ JEE & NEET: 50+ Lac acquisition
✓
✓ Bank-SSC: 100+ Lac Increased Interest Expense Due to
Acquisition Debt Servicing: 2.7 cr
E D T E C H
✓ Discontinued Ops:
✓ Revenue: 2.7 Cr (vs 6.1 Cr)
✓ Expenses: 12.0 Cr (vs 8.3 Cr)
M A R T E C H ✓ Loss: 9.3 Cr (vs 2.2 Cr)
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All figures in Rs. Cr

I N T E G R A T E D F I N A N C I A L S U M M A R Y

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EdTech MarTech
DEX
T O T A L R E V E N U E Adj E B I T D A E X C E P T I O N A L I T E M S Proforma
11% 544 Cr -14% 63.4 Cr
368 Cr
332 Cr 37.9 Cr FY 24 (A) FY 25 (A)
32.6 Cr
13.4 Cr
123 Cr 149 Cr (0.8) Cr
13.6 Cr
189 Cr
24.5 Cr 15.4 Cr
209 Cr
30 Cr 3.6 Cr
(16.2) Cr
FY 24 (A) FY 25 (A) FY 24 (A) FY 25 (A)
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✓ Revenue growth driven by MarTech, Platform Monetization and Publishing Business. Test Prep impacted due to discontinued business and slowdown in MBA market

✓ DEX stub period was smaller than originally anticipated

✓ Exceptional Items:

✓ Discontinued Operations for Engineering, Medical, Bank-SSC & CA
✓ Discontinued to avoid potential conflict of interest while applying for exams in DEXIT
✓ Extra-Ordinary items - Acquisition related expenses classified as exceptional/extra-ordinary expenses

✓ Acquisition Interest Servicing Finance Cost

M A R T E C H U P D A T E

M A R T E C H - H I G H L I G H T S

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T O T A L R E V E N U E E B I T D A
123.0 Cr 149.5 Cr
22%
13.4 Cr 13.8 Cr
43.6 Cr 1%
32.6 Cr
India 105.9 Cr
90.4 Cr
International
FY 24 (A) FY 25 (A) FY 24 (A) FY 25 (A)
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✓ Revenue up by 22% on Y-o-Y basis

✓ New client acquisition gaining traction

✓ Increase in clients contributing 1 Cr+ revenue

✓ Audience generation for technology conferences has emerged as a key differentiator

✓ Expanding International delivery capability

✓ Margins impacted by pricing and delivery cost across geographies

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E D T E C H U P D A T E

E D T E C H - H I G H L I G H T S

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T O T A L R E V E N U E
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E B I T D A
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203.3 Cr 189.5 Cr
-7%
22.3 Cr 15.6 Cr
-30%
FY 24 (A) FY 25 (A) FY 24 (A) FY 25 (A)
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Business Highlights

✓ Test Prep witnessing structural churn in student prep habits - self prep, online, etc.
✓ MBA Billing down, but market share retained
✓ CUET here to stay. Not a serious product segment yet
✓ Law Billing and nos. similar to last year, BBA / IPM growing into solid third UG segment

Initiatives

✓ Existing Products – Attend from Anywhere (AfA)
✓ Launched Self-Prep platform for MBA
✓ Developing own platform for Adaptive Testing
✓ Synergies between Test Prep and DEX
✓ Platform Monetization revenues up 20% over last year with excellent margin growth
✓ Publishing business witnessed an improvement in its margins

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D E X I T U P D A T E

D E X - C R E D E N T I A L S

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Highest volume 20+ years in CBT Market leader in Certification 73 L+ Exams A Single Examination

India’s largest 237 Own Centers PAN India Network

Sustained Revenue 1 Lakh+ Technology 200+ Cr Concurrent Single EBITDA % (Avg.) OWN OS Session Exams 6 Copyrights & 2 Patents 15% Working with 1000+ Flexi Self-Scheduling Regulators, PSUs, Field Force Institutions & ON DEMAND Intl. Clients Exam Anywhere Anytime

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D E X C U S T O M E R L A N D S C A P E

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55Mn+ Assessments conducted till date 20+ years Successful Track Record

Certification & Accreditation and Recruitment & Entrance exams (Regulators, Strategic Accounts, Railways & States)

IRDAI UIDAI NISM/NCFM IIBF DGT NTA ICAI 20Mn+ 1.8Mn+ 1.7Mn+ 4Mn+ 9Mn+ 2Mn+ 0.4Mn+ Exam Count Exam Count Exam Count Exam Count Exam Count Exam Count Exam Count 17+ 10+ 10+ 09+ 04+ 02+ <1 Vintage Vintage Vintage Vintage Vintage Vintage Vintage RPF DGAFMS INDIAN NAVY UPPRPB TNeGA DOP 7.3Mn+ 0.4Mn+ 64K+ 0.2Mn+ 1.9Mn+ 1.4Mn+ 0.8Mn+ 0.6Mn+ Exam Count Exam Count Exam Count Exam Count Exam Count Exam Count Exam Count Exam Count FY19 FY20 02+ FY21 FY15 04+ FY22 FY21 Year of exam Year of exam Vintage Year of exam Onwards Vintage onwards Year of exam

D E X S U M M A R Y

R E V E N U E F R O M O P S

O P E R A T I N G E B I T D A

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3% -13%
205 Cr
199 Cr 39.4 Cr
34.4 Cr
FY 24 (A) FY 25 (A) FY 24 (A) FY 25 (A)
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Highlights:

✓ Core clients (on-demand annuity business) exhibited good growth across the board including IRDAI, UIDAI, NISM
✓ NTA business dipped. Ayush & DRDO postponed to next financial year
✓ ICAI came on board as new core client and contributed in excess of 25cr in FY’25

Initiatives:

✓ Synergy projects initiated: benefits to accrue in coming year(s)
✓ Adding Univ Semester Exams and Private University Entrances as a revenue stream (IIM B, GITAM)
✓ Captive capacity enhancement initiated (25k in 18-24 months)
✓ Target large exams

G E T I N T O U C H !

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T H A N K Y O U !

A R J U N W A D W A Chief Financial Officer +91 98116 17289 [email protected] A M I T K A N A B A R Sr. Manager – Finance & Investor Relations +91 88009 76683 [email protected]

+91 88009 76683 A J A Y J I N D A L - W I S D O M S M I T H I R [email protected]

M U T H U K U M A R - W I S D O M S M I T H I R [email protected]

AI assistant

CL Educate Limited Investor Presentation 2025

60650_rns_2025-05-15_e2a84bc8-3bb3-4148-a2e2-0d6daa48c8c0.pdf

ARJUN

WADHWA

C O R E V A L U E S

S A F E H A R B O U R

C A R E E R L A U N C H E R - T R U S T E D P A N I N D I A O M N I C H A N N E L T E S T P R E P B R A N D

T E S T P R E P : K E Y O F F E R I N G S A N D W A Y F O R W A R D

K E S T O N E – S O L V I N G E X P E R I E N T I A L B U S I N E S S & M A R K E T I N G P R O B L E M S G L O B A L L Y

A G E N D A

A C Q U I S I T I O N U P D A T E

D E X - U P D A T E

D E X - U P D A T E

A S S E T S A C Q U I R E D

200 Cr

I N T E G R A T E D F I N A N C I A L S U M M A R Y

I N T E G R A T E D F I N A N C I A L S U M M A R Y

✓ Exceptional Items:

M A R T E C H U P D A T E

M A R T E C H - H I G H L I G H T S

E D T E C H U P D A T E

E D T E C H - H I G H L I G H T S

Business Highlights

Initiatives

D E X - C R E D E N T I A L S

D E X C U S T O M E R L A N D S C A P E

Certification & Accreditation and Recruitment & Entrance exams (Regulators, Strategic Accounts, Railways & States)

D E X S U M M A R Y

R E V E N U E F R O M O P S

O P E R A T I N G E B I T D A

Highlights:

Initiatives:

G E T I N T O U C H !

AI assistant

CL Educate Limited — Investor Presentation 2025

60650_rns_2025-05-15_e2a84bc8-3bb3-4148-a2e2-0d6daa48c8c0.pdf

ARJUN

WADHWA

C O R E V A L U E S

S A F E H A R B O U R

C A R E E R L A U N C H E R - T R U S T E D P A N I N D I A O M N I C H A N N E L T E S T P R E P B R A N D

T E S T P R E P : K E Y O F F E R I N G S A N D W A Y F O R W A R D

K E S T O N E – S O L V I N G E X P E R I E N T I A L B U S I N E S S & M A R K E T I N G P R O B L E M S G L O B A L L Y

A G E N D A

A C Q U I S I T I O N U P D A T E

D E X - U P D A T E

D E X - U P D A T E

A S S E T S A C Q U I R E D

200 Cr

I N T E G R A T E D F I N A N C I A L S U M M A R Y

I N T E G R A T E D F I N A N C I A L S U M M A R Y

✓ Exceptional Items:

M A R T E C H U P D A T E

M A R T E C H - H I G H L I G H T S

E D T E C H U P D A T E

E D T E C H - H I G H L I G H T S

Business Highlights

Initiatives

D E X - C R E D E N T I A L S

D E X C U S T O M E R L A N D S C A P E

Certification & Accreditation and Recruitment & Entrance exams (Regulators, Strategic Accounts, Railways & States)

D E X S U M M A R Y

R E V E N U E F R O M O P S

O P E R A T I N G E B I T D A

Highlights:

Initiatives:

G E T I N T O U C H !

More from CL Educate Limited

CL Educate Limited Investor Presentation 2025