JANISON EDUCATION GROUP LIMITED — Investor Presentation 2021

Oct 28, 2021

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. Update

JAN.ASX

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Contents.

Business Overview FY25 Horizon Key Growth Drivers

1. ICAS 2. PISA for Schools 3. Assessment Platform 4. Acquisitions

1H22 Financial Outlook

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Janison is a market leader in digital assessments.

• We operate in a large and growing market – school assessments .

• • Our standardised assessment platform has been built in partnership over 10 years.

• • Our assessment products are flagships in the market.

• • Our assessment platform delivered 6m digital exams in 117 countries .

• • exams. Our platform is the global benchmark for high-volume, high-stakes

• • COVID has rapidly accelerated a permanent adoption of digital assessments.

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6.5m+ 4.5m+ Digital Students assessments in FY21 117+ 200K Countries

Remote proctored exams 160 Employees 50:50 gender ASX Listed 2017

1998 Founded +38% FY21 revenue growth

3

Global EdTech market valued at US$268B in 2021 and . expanding rapidly Mobile & Advanced

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Mobile & Advanced
Tech
Rise of B2C EdTech Personalised, unbundled,
Models social and gamified
driven by mobility, big
Students, parents
Digital Infrastructure
data, cloud and AI/ML.
and educators all
‘Catch-Up’
6% looking for support,
6% Short Term Surge,
Most schools at the
upskilling and direct
Long Term Transition
start of a long-term
outcomes.
Schools Rough start to digital maturity $404B
remote learning,
Post Secondary journey.
52% normalizing into $365B
Workforce
sustained, long-term
36% $327B
Pre-K digital integration.
$295B
$341B
$268B
$304B
$227B
Schools represent more than half
$272B
of the total Education market
$183B $247B
$223B
$203B
$183B
Post-COVID
Pre-COVID
2019 2020 2021 2022 2023 2024 2025
Total education spend $6.1T $5.4T $5.5T $6.0T $6.4T $6.8T $7.3T
Digital education spend (EdTech) $183B $227B $268B $295B $327B $365B $404B
EdTech share of total education 3.1% 4.2% 4.8% 4.9% 5.1% 5.3% 5.5%
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Source: https://www.holoniq.com/notes/global-education-technology-market-to-reach-404b-by-2025/

44

4

. Janison’s platform revenue: Products & Platform

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Assessment Products Assessment Platform
Select platform customers
PISA for ICAS
Schools Assessments
ARR (at 30 June 2021) $3 million $5 million
School customers 2,500 1,000
Parent customers n/a 63,000
ARR FY20 FY21
Countries 15 6
$8 million $10 million
All Assessment Platform
Horizon Target $30+ million p.a. $20+ million p.a.
$20+ million
Horizon Target
5
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FY21 Highlights

• Janison accredited by the OECD as the national service provider of PISA for Schools in the UK and Australia

• First successful delivery of ICAS – 290,000 tests, $5m in new revenue

• Group revenue exceeds $30 million

• Gross Margin continues to increase with standardised assessment platform delivery and scale benefits

• Janison achieves workforce gender balance with 50% female population

$30m $18m OPERATING ASSESSMENT +117% +38% REVENUE ARR $23m 55% (ARR) ANNUALISED GROSS +9pps RECURRING REVENUE +75% MARGIN $23m $3m CASH ON HAND EBITDA +21% (NO DEBT) +109% 50% $16m ORGANIC ASSESSMENT +91% FEMALE +19% REVENUE WORKFORCE

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6

. Our key revenue growth drivers for FY25

GROWTH DRIVERS

Janison’s 4 strategic growth drivers to reach $80-100m revenue horizon

1. PISA for Schools

Expanding into 30+ more countries as the IPP (platform provider) and securing 3,000 schools in the US, UK and Australia combined as the NSP (national service provider)

2. ICAS Assessments

Growing to 1 million ICAS assessments p.a. and a suite of new school assessment products

3. Assessment Platform Clients

Doubling existing revenue from $10m to $20m with the acquisition and expansion of assessment platform clients.

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Acquisitions & existing business units

Acquisition of assessment products and platform customers. Maintaining moderate growth in existing business.

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FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
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7

. Gross margin expansion drivers for FY25

Sales mix and product volumes driving margin improvement and scale benefits

55% 46% 35% FY19 FY20 FY21 FY22

FY23

FY24 FY25

GROWTH DRIVERS

Sales Mix – Assessment Platform

• Historically Janison developed custom assessment platforms for government and large enterprises. As the market matured, Janison consolidated its Assessment functionality and IP into one standardised but highly configurable assessment platform – Janison Insights, since FY20.

• Through the efficiency and scale benefits of this transition Janison has seen significant improvement in Gross Profit margin and expects this trend to continue into the coming years.

Volume – Assessment Products

• Janison produces off-the-shelf school assessment products such as the annual ICAS competition and associated products and practice assessments.

• The cost to produce these products is predominantly fixed in nature, so as Janison continues to increase the volume of these assessment products sold each year it will increase its gross profit and profit margin.

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8

1

PISA For Schools: New signings in October and US / UK roll-out wins. World class delivery

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National Service Provider (NSP) Update:

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• 250 schools contracted in Australia. In addition, successful pilot with with Australian National Catholic schools in 1H22, go-live expected in 2H22

• 60 Schools in the US contracted

• 50 Schools in the UK committed (across all countries)

International Platform Provider (IPP) Update:

• European Schools, ~$200k in Yr. 1 + PGB approval in 6 European countries

• Andorra committed in October

• Russia renewing for its 3[rd] year at ~$500k p.a.

• Brazil delivering in FY22 for the 2nd time, ~$250k p.a

• Delivery in China, Russia, Australia:

• ”I’ve never worked with a more professional or capable team who made something so complex into something so easy” Professor Jia Liu, CEO BenBen (China NSP)

	Country	Janison’s role	Signed
1	Brazil	Platform Provider	June 2019
2	Russia	Platform Provider	September 2019
3	USA	Platform & Service Provider	October 2019
4	Portugal	Platform Provider	January 2020
5	Spain	Platform Provider	January 2020
6	Pakistan	Platform Provider	February 2020
7	Japan	Platform Provider	February 2020
8	Thailand	Platform Provider	July 2020
9	Australia	Platform & Service Provider	March 2021
10	China	Platform Provider	March 2021
11	England	Platform & Service Provider	May 2021
12	N. Ireland	Platform & Service Provider	May 2021
13	Scotland	Platform & Service Provider	May 2021
14	Wales	Platform & Service Provider	May 2021
15	Kazakhstan	Platform Provider	May 2021
16	European Schools	Platform Provider	October 2021
17	Andorra	Platform Provider	October 2021
17	Total	11 x Platform, 6 x Service
90	Total Addressable	~90 countries (PISA Study)

9

2 . target

ICAS FY22: 20% growth on track to horizon

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ICAS Results: 1H FY21 vs. 1H FY22 Est.

• $5.7m gross sales in 1H FY22, +20% growth on pcp[1]

• 369k tests sold and on track for 30% volume growth on LY pre-lockdowns

• Strong price expansion on FY21, +19% increase

• 86k parent customers and contact details (up 45k)

• Price growth outweighed volume growth in FY22, remain on track for FY25

• Accelerating direct to parent model for ICAS, opens up potential to access larger market, beginning 2HFY22

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ICAS Revenue Growth FY22 ICAS Price Growth FY22
$7.0M $18.00
$15.51
$5.7M $16.00
$6.0M
$13.08
$4.8M $14.00
$5.0M
$12.00
$4.0M $10.00
$3.0M $8.00
$6.00
$2.0M
$4.00
$1.0M
$2.00
$- $-
FY21 FY22 FY21 FY22
ICAS Volume Growth FY22 ICAS Parent Customer
Growth FY22
600 +30%
86.2
run rate
500
400
300 364 369 41.0
200
100
-
FY21 FY22 FY21 FY22
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1 PCP: Prior Corresponding Period (Jul to Dec 2020)

10

3

Assessment Platform: expansion of existing . accounts and strong 2H pipeline

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Existing customer expansion

• NSW Check-in exams sitting in November 2021 (1H22) to more school year groups

• Chartered Accountants ANZ (CAANZ) fully implemented and in use

• New assessments being delivered in 1H22 in partnership with Cambridge Assessment

Strong pipeline of new customers

• NSW Maritime Services (boat licence testing) implemented and in use

• Healthy funnel of domestic and international sales opportunities

• Deals expected to close and be recognised within 1H22

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11

4

. Acquisitions: increased M&A activity in 1H22

QATs (Quality Assessment Tasks)

• QATs acquisition completed on 19[th] October

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• Integration underway, synergies being realised

• Combined sales & marketing activity (ICAS + QATs) planned for 2H22

• Pipeline of further acquisitions

• Reviewing other acquisitions, with potential to complete in Q2 FY22

• Revenue & earnings upside expected from acquisitions in 2H22

• • Robust funnel of domestic and international acquisition opportunities

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6

• 1H22 Financial Outlook: on track to FY22 expectations .

• and horizon target

• Strong underlying revenue growth expected in 1H22

• 2H FY22 growth rate expected to be higher than 1H22 due to new customer acquisitions in assessment platform and inorganic revenue from M&A

• Continued gross margin growth on 1H21 and 2H21

• Opex will increase on FY21, driven by new product investment acceleration in 1H FY22, annualisation of FY21 hires, and government support ending

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13

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Q&A.