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OPENLEARNING LIMITED AGM Information 2026
65492_rns_2026-05-26_e0116396-4f77-4ef3-84eb-a0fdb7a390c0.pdf
AGM Information
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OPENLEARNING / ASX: OLL / AGM PRESENTATION
Openlearning
AI-powered LMS for the entire student journey.
FY2025 Annual General Meeting
CEO Presentation
27th May 2026 • Prepared by OpenLearning Limited
Q1 FY26 RESULTS
openlearning
SaaS ARR growth accelerates +35% YoY.
Seventeen consecutive quarters of annualised SaaS revenue growth — driven by larger contracts, expanding adoption, and continued momentum across primary and growth markets.
Larger contracts, deeper adoption
Average SaaS ARR per customer crossed $12.5K for the first time, growing >30% YoY — driven by larger contract wins and increased platform adoption.
Diversified geographic momentum
Cash receipts driven by contract expansion in Australia and Malaysia, plus accelerating contribution from new growth markets including the Philippines.
On track for cash-flow break-even
The company continues to target cash-flow break-even in early 2027, supported by improving operating leverage and recurring revenue mix.
17 consecutive quarters of annualised SaaS revenue growth.
GROWTH MOMENTUM
openlearning
Step change in SaaS growth started in 2025.
University partners are organically expanding their use of OpenLearning — driving passive revenue growth from the existing customer base.
SaaS ARR by quarter — A$ millions
Organic expansion
University partners growing student enrolments and increasing platform adoption.
Multi-year licences
Several agreements signed in 2025 now in implementation, lifting recurring revenue.
New geographies
New contract wins across the Philippines, US, Canada, India and the UAE.
ARR up +47% since Q2 FY24 • Q1 FY26 ARR: $3.19m • 17 consecutive quarters of SaaS ARR growth
MARKET PENETRATION
openlearning
Strong sales traction going into 2026.
Building institutional density market-by-market — each new institution strengthens the network effect for every other participant in that region.
Malaysia
40%+
of major HE institutions
- 10+ years in market — started as nation-building MOOC platform
- Land-and-expand: MOOC → micro-credentials → full AI LMS
- New partnerships: Sunway, IMU University, UMS, Asia Metropolitan, AIMST, Saito
- 5–10× TCV upside from LMS expansion
Philippines
$2M+
SaaS contracts in 12 months
- Fastest market entry in company history
- 7 universities including UP Manila (#1 ranked) and National University
- Multiple 5-year contracts, TCV >AU$300K each
- CE Logic reseller + CE Nexus strategic investment
Australia
40+
institutional SaaS clients
- UNSW, ANU, UoW, Western Sydney, UNE, ACU
- Clients across VET, higher education and government
- Meshed Group partnership: 6 new HE/VET clients in past year
- Anchors the high-trust, high-ARPC market
India
Gujarat University pilot completed with 4,000 students; long-term contract negotiations ongoing.
Africa
3-year $372K agreement with Field Ready: 20,000 students/year across Mozambique & Namibia.
Brazil
3-year reseller agreement with LearnBase to enter one of the world's largest HE markets.
Indonesia
Increasing LMS adoption — Universitas Muhammadiyah Purwokerto signed a 5-year SaaS agreement.
Note: 1. The customers identified above have not previously been announced on the ASX because their total contract values are not financially material and the individual agreements are not considered to be strategically important at this stage. The company is providing this information to investors as background information on the Company's activities across a range of markets.
REVENUE DIVERSIFICATION
openlearning
Diversification of our revenue mix.
Excellent customer service builds loyalty, network effects, and drives long-term sales growth in new markets.
SaaS ARR by country (FY26 YTD)
Diversification combined with Penetration
OpenLearning continues to execute its market expansion strategy by driving deep engagement within each country's education sector.
This delivers high-quality customer support, greater platform adoption and increased student usage — and satisfied customers who actively recommend our solution.
These network effects strengthen long-term relationships and support sustained sales growth.
MALAYSIA
National Partnerships
Selected as the national platform for massive online courses by the Malaysian Government in 2015.
PHILIPPINES
LMS of Choice
Selected as the LMS platform of choice by University of the Philippines Manila and National University.
49% Australia, 22% Malaysia, 16% Philippines — and a fast-shrinking concentration risk.
GLOBAL PARTNERSHIPS
openlearning
Trusted by world-class institutions.
OpenLearning is trusted by universities, polytechnics, governments and employers across Australia, Malaysia, the Philippines, Indonesia and beyond.
Note: 1. The customers identified above have not previously been announced on the ASK because their total contract values are not financially material and the individual agreements are not considered to be strategically important at this stage. The company is providing this information to investors as background information on the Company's activities across a range of markets.
Strategic partnership with the Education Centre of Australia
Selected as the national platform for massive online courses by the Malaysian Government in 2015
openlearning
From first click to first job.
OpenLearning is the only platform that takes students end-to-end — and delivers measurable outcomes at every stage.
THE STUDENT JOURNEY
ATTRACT
Global marketplace
- branded portal
LEARN
AI-powered LMS
- AI Course Builder
CREDENTIAL
Outcome-based assessment
- digital badges
SHOWCASE
Lifelong ePortfolios, auto-generated
EMPLOY
Employability suite
- AI Talent Search
THE UNIVERSITY WIN
Generate new revenue
Marketplace sales, micro-credentials and online degrees unlock new revenue streams — the LMS becomes a profit centre, not a cost.
Lift engagement & retention
Social learning, AI feedback and real-time analytics keep students engaged and surface at-risk learners early.
Boost employability & rankings
Automated portfolios and AI Talent Search deliver measurable graduate outcomes that directly lift institutional rankings.
End-to-end. All-inclusive. From attraction to employment — on one platform.
NEW BUSINESS
openlearning
From education to employment.
Employability Advantage is now live. The Uni Guide now live in Q2 — both engineered to deepen our existing university relationships and unlock new commission-based revenue streams.
Employability Advantage
LIVE NOW
Acquired April 2025 and now restructured in Q1: operating costs significantly reduced, platform rebuilt, and now integrates directly into the OpenLearning LMS, becoming part of the overall value proposition of our LMS with almost no fixed costs.
- Skills assessments, AI career planner and job board
- AI Resume builder, CV builder and interview preparation
- University-wide analytics and visibility on graduate employability
NEW REVENUE
Delivered as both an integrated LMS capability and as a standalone product.
theuniguide
LAUNCHED IN Q2
Elaine Starkey appointed to lead The Uni Guide: previously the founder of Global Study Partners (acquired by upGrad in 2021) – is scaling our AI-powered agent aggregator that connects universities with vetted global agents.
98
Recruitment partners Onboarded
15
Universities and Colleges with Agent Agreements
$2–5K+
commission per enrolment
NEW PARTNERS
UTS College • Kaplan • London Metropolitan University
Building on existing partnerships with University of the Sunshine Coast, Sunway University, and IMU University. Commission revenue expected from early 2027.
Two new revenue engines, both anchored to existing university relationships — and both live by Q2.
CORE PLATFORM
openlearning
OpenLearning is Mission Critical Infrastructure.
The LMS is one of two core platforms for running a university. OpenLearning goes beyond a traditional LMS with an all-in-one education to employment platform, enabling institutions to procure a single platform to handle most of its requirements.
The two core platforms for operating a university
Student information system (SIS)
Enrolments, student records, fees, administration — foundation layer for university operations
STRATEGIC ROADMAP
openlearning
AI-Native LMS: 4x Increase in AI Usage in 1 Year
OpenLearning embeds generative AI tools across the platform that are uniquely grounded in learning sciences and educational best practices. These tools are now being used extensively by universities to uplifting teaching quality.
OpenLearning AI usage growth (millions, tokens per quarter)
Feature releases
Q4'23 AI content & activity generator
Q1'24 AI thumbnail images
Q2'24 AI course builder
Q1'25 AI facilitation & feedback
Q2'25 AI content images
Q1'26 AI quiz/exams
Grounded in learning sciences
OL's AI tools are unique: they apply educational best practices and learning sciences through structured, templated approaches.
AI tools leverage existing large language models, enabling OL to switch models based on performance and cost.
AI embedded across the platform
AI course builder - full courses in 5 steps using learning sciences
AI facilitation — contextual discussion prompts and student feedback
AI quiz & question bank — aligned to learning outcomes
Grows with institutional needs over time
Feature requests implemented inline with client priorities
New AI features shipped and enhanced frequently
Architecture designed for continuous AI integration
OpenLearning is embedding AI across its platform eco-system. Driving adoption and increasing usage.
STRATEGIC ROADMAP
openlearning
How it works: Employment outcomes drive enrolments.
OpenLearning's platform creates compounding network effects that solve the two biggest challenges for universities.
SOLVES
Attracting Domestic and International Students
Employability outcomes and proof attract enrolments
SOLVES
Increasing Graduate Employment Outcomes
Verified skills evidence proves graduate readiness
Powerful network effect is designed to deliver outcomes while increasing OpenLearning's competitive advantage.
STRATEGIC ROADMAP
openlearning
New model for AI-driven student recruitment..
Through The Uni Guide — OpenLearning's dedicated higher-education recruitment business — we provide a verified agent aggregator and consumer lead-gen channel without contracting dozens of agents directly.
OpenLearning leverages its platform business and relationships to reduce student recruitment costs.
STRATEGIC ROADMAP
openlearning
Education to employment model to drive revenue growth.
Student Profiles and Employability Advantage are the early foundations for AI Talent Search — the next major addressable market.
| 2
Pre-2019
2
2019–2023 | 3
2024 onwards | 4
2028 onwards |
| --- | --- | --- |
| Build brand & user base
Free learning platform to establish credibility with 5M+ learners globally | Transition to SaaS
Transition to SaaS with lifelong learning marketplace and eCommerce | AI-powered LMS at scale
End-to-end AI LMS for institutions; driving 30%+ ARR growth |
| $0
SaaS ARPC | $10K
SaaS ARPC | $50K
SaaS ARPC
$473M
Market size |
| TBD
SaaS ARPC | $2.5B
Market size | |
| Free — MOOC
2019 | SaaS — Short Courses
2024 | SaaS — Al LMS
2028 |
| --- | --- | --- |
| SaaS — Employees
2028 | | |
- ARPC = Average Revenue Per Customer. Market size based on higher education students in Australia, Malaysia and the Philippines at prevailing pricing. Employer market size based on online recruitment market estimates.
- For the avoidance of doubt, OpenLearning is not claiming that it will capture 100% of the market size stated on this slide.
- Potential revenue opportunity is an estimate by management based on the number of institutions in the targeted sector and number of learners/employees across the geographic markets that OpenLearning is operating, multiply by the average usage-based SaaS revenue. Excluding revenue share arrangement with re-sellers in certain markets.
Foundation as an education platform enables expansion into employability.
OPENLEARNING / ASX: OLL
CEO COMMENT
FY25 was a transformative year for OpenLearning, and we’ve started FY26 with strong momentum with SaaS ARR up 35% to $3.19m
Our AI-powered platform and integrated ecosystem are accelerating network effects with each new customer.
With 17 consecutive quarters of SaaS growth, we’re capitalizing on the AI era and building OpenLearning’s network effect.
Adam Brimo
Group CEO & Managing Director
OpenLearning Limited
AUTHORISED FOR RELEASE BY
Adam Brimo
Managing Director & CEO
OpenLearning Limited
INVESTOR RELATIONS
Matthew Reede
Dominion Partners
+61 414 483 054
[email protected]