OPENLEARNING LIMITED — Interim / Quarterly Report 2025

Oct 26, 2025

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Quarterly Presentation Q3 2025

27[th] October 2025

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1

27% SaaS Growth in a Record Quarter

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$11,000
B2B SaaS ARPC
– end Q3
17% YoY
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15 Consecutive Quarters of SaaS Growth >10%

$2.83m

Platform SaaS annual recurring revenue (ARR) grew 27% YoY to $2.83m. The business has now delivered over 15 consecutive quarters of annualised SaaS revenue growth.

Platform SaaS ARR – end Q3 27% YoY

Over $1.8m SaaS Contracts Signed in Philippines in 6 months

The Company has demonstrated the capability to close multi-year SaaS licence contracts exceeding $500,000 in value. Many of our biggest deals this quarter have come from strong market penetration in the Philippines.

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177
B2C
Customers
8
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256 B2B SaaS Customers

Average Customer Value Exceeds $11k

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6
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Driven by larger contract wins our average customer value now exceeds $11,000 per customer and growing at 17% pa. In line with the focus on larger contracts, smaller plans were discontinued resulting in churn at the lower end to free up resources for larger customers.

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Cash Receipts Up Strongly

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Cash Receipts Up 135%

Following ongoing sales growth and low customer turnover, cash receipts grew 135% to $1.32m for the quarter vs pcp.

Net Cash Outflows Down 30%

As a result of top line sales growth and improving cash receipts, net cash outflows have improved significantly to $610k, a fall of 30% in Q3 vs pcp.

Targeting Break Even in 18 months

With accelerating penetration in emerging markets, rising cash receipts and falling cash outflows, the business is targeting break even in 18 months.

Strong Balance Sheet to Drive Growth

Successful $2.6 million (before costs) placement, including $1.25 million from the Education Centre of Australia subject to shareholder approval, along with an agreement to convert all outstanding debt into equity. [ASX: 9th Sept 2025].

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$1.32m
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$0.61m
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Cash Receipts from Customers 135% vs pcp

Net Cash Outflows

30% vs pcp

Physical Offices Reseller Markets 58% $2.6m Gross Margin October

October Capital Raise

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3

27% SaaS Growth and Accelerating

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2.9
2.7
2.5
2.3
2.1
1.9
Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
SaaS ARR by Quarter
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• SaaS ARR grew 27% YoY in Q3, accelerating from 22% in Q2.

• Licence deals are now being completed over 3 to 5 year periods for institutions with student cohorts of up to 100,000 students.

• We have also made progress in the enterprise LMS market in Australia through a three year reseller partnership with Elcom Technology, a leading intranet and digital workplace provider. Elcom serves over 200 corporate clients across Australia.

• Agreements have been signed in multiple markets including Malaysia, U.S.A., Canada, India, and the UAE in the quarter.

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4

>$2.7m in new SaaS Total Contract Value (TCV) Significant acceleration in sales traction since May

New SaaS Deals TCV 2025 800 600 400 200 0

OpenLearning is gaining recognition as a faster, more cost-effective, AI-driven LMS that supports both online and on-campus education.

Total contract value of new software-as-a-service (SaaS) contracts significantly increased from May 2025. Key drivers include:

1. Platform now competes in the LMS market

2. Successful expansion into the Philippines

3. Growth in Australian and Malaysian markets

4. New sales strategy resulting in longer duration and higher value contracts

TCV figures include the minimum value of new SaaS agreements. Figures exclude existing customers renewing their contracts.

Total Contract Value

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5

Emerging Markets Sweet Spot

OpenLearning has a proven ability to penetrate emerging markets, where scalability, costeffectiveness and new technology are key. Over time, institutions across all countries are expected to increase their budgets and migrate from on-premises systems to a SaaS LMS.

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High Existing LMS Spend United States
U.A.E. Australia
Saudi Arabia U.K.
Brunei Singapore
No LMS SaaS LMS
Brazil
Nothing or basic low End to end LMS
cost internally Philippines integrated with
developed systems student management
based on Moodle or Malaysia and administration,
local providers, delivered via cloud
hosted on-premises Thailand SaaS model
Vietnam
India
Pakistan
Indonesia
Bangladesh
Minimal Existing LMS Spend
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6

Philippines Expansion Gains Strength

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University of the Philippines Manila

Signed a licence agreement for a minimum of 10,000 students. UP Manila is the country’s top ranked university and part of the national University of the Philippines system, which serves more than 60,000 students nationwide [ASX Announcement: 3[rd] Oct 2025].

Cebu Institute of Technology University (CIT)

Signed a five-year SaaS agreement for a minimum of 20,000 students annually, valued at A$340,000 [ASX Announcement: 13[th] Aug 2025].

Systems Plus College Foundation

Signed a five-year SaaS agreement for a minimum of 10,000 students annually, valued at A$150,000 with a comprehensive education provider. [ASX Announcement: 15[th] Sept 2025].

C&E Logic

Formed a 3-year reseller partnership with one of the Philippines’ largest educational publishers and EdTech distributors, providing nationwide access to over 1,000 universities and colleges [ASX Announcement: 3[rd] Oct 2025].

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7

Traction in Large Emerging Markets

Brazil

Brazil has a large private higher education sector with 2,283 private institutions out of a total of 2,595 higher education institutions.

We have signed a 3-year reseller agreement with Learnbase. Learnbase has a strong track record and distributes Coursera, TurnItIn, PowerSchool and other leading education technology products.

This partnership provides OpenLearning with an efficient and strategic entry into Brazil, one of the world’s largest education markets.

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India

Gujarat University, one of India’s largest and oldest public universities with over 200,000 students, will launch six online courses from September, with academic sessions scheduled to begin on 15[th] November, marking its formal entry into digital education after approval from the UGC’s Distance Education Bureau.

OpenLearning’s LMS will power these courses within the Indian Knowledge System discipline. The university is currently accepting online enrolments.

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8

Making Inroads in New Markets

United Arab Emirates

OpenLearning signed its first SaaS contract in the UAE with Contango, a subsidiary of ADQ, a sovereign wealth fund of the Abu Dhabi Government.

Contango will utilise OpenLearning to launch its corporate academy with the aim of providing training and professional learning to companies and government agencies in Abu Dhabi.

Indonesia and Vietnam

OpenLearning has a foothold in the Indonesian market with half a dozen universities now using our LMS, including three from the Muhammadiyah Group, which operates over 120 universities and colleges nationwide.

Expanding across Southeast Asia, OpenLearning secured its first institutional customer in Vietnam through a reseller agreement with a local partner to provide language support and implementation services.

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9

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Authorised by Adam Brimo Managing Director & CEO

Investor Relations Matthew Reede Dominion Partners +61 414 483 054 matt@dominion.partners

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