OPENLEARNING LIMITED — Investor Presentation 2026

Mar 25, 2026

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AI-powered SaaS Learning Management System

How AI is Transforming EdTech SaaS and Why OpenLearning is Well Positioned for the AI Era

ASX: OLL

Investor Presentation | 26 March 2026

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Global AI-Powered SaaS LMS Growing at 30%+

OpenLearning is a leading AI-powered software-as-a-service (SaaS) learning management system (LMS) with 16 consecutive quarters of annualised SaaS revenue growth and now entering an inflection point driven by larger contract wins and AI LMS adoption.

SaaS ARR by year (AU$, millions)

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3.13.5
3 $3.035m >$12,000
3
Platform SaaS B2B SaaS ARPC
2.5 2 ARR — end Q4 — end Q4
2.7
2 2 2 ▲ 30% YoY ▲ 22% YoY
1
1.5
1
2.3 252 $3.6m
0.5
B2B SaaS Total New SaaS
Customers Contract Value 2025
0
Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
1.9 ▲ 7% YoY ▲ 150%+ YoY
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
$3.14m 65% $2.518m FY2027
FY25 SaaS Cash Receipts FY25 SaaS Gross Margin FY25 Cash Outflows Break-even Target
▲ 37% YoY ▼ 12% YoY
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OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

Building Our Value Drivers

Accelerating SaaS Growth

1 SaaS ARR increased 30% YoY in Q4, delivering more than 7% growth on the prior quarter

Successful Expansion in the Philippines

2 Strong penetration has seen Philippines join Australia and Malaysia to become our 3[rd] key market

Scaling Contract Size and Duration

Rapid Global Expansion

Securing longer-duration, higher value contracts 3 4 Contract wins in the Indonesia, Canada, India, Africa, including multi year licence agreements exceeding and the U.A.E., and a reseller in place in Brazil. $300,000, with contract terms extending to 3–5 years

Growth in Average Revenue Per Customer

5 ARPC now eclipses $12,000 per customer and growing at well over 20% p.a. and accelerating

• New Feature & Product Development

• 6 Leveraging AI, we have a pipeline of new features to add to our flagship LMS based on customer demand

OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

Strong Penetration in Our Key Markets

Building institutional density market-by-market with each new institution strengthening the network effect for all participants in that region.

Malaysia

40%+ of major HE institutions

• 10+ years in market, starting as a nationbuilding MOOC platform

• Land-and-expand from MOOC → microcredentials → full AI LMS

• New and expanded partnerships with Sunway, IMU University, UMS, University of Cyberjaya, Asia Metropolitan, AIMST, Saito, and more

• 5–10x 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 (one of the largest)

• • Multiple 5-year contracts, TCV >AU$300K each

• CE Logic reseller in the Philippines + CE Nexus strategic investment

• C&E Publishing, an education publisher in the Philippines, deploy micro-credentials

Australia 40+ Institution SaaS clients

• UNSW, ANU, UoW, Western Sydney, UNE, ACU

• • Clients across VET, Higher Ed and Government • Meshed Group partnership: 6 new HE/VET clients in the past year

• Expansion into health and corporate training verticals with Anglicare, Warrigal Care, Manufacturing Skills QLD

• Anchors the high-trust, high-ARPC market

Early Traction in Our Growth Markets

India

Africa

Brazil

Indonesia

Gujarat University pilot completed with 4,000 students and negotiations ongoing for long-term contract.

3-year $372K SaaS agreement with Field Ready for 20,000 students/year across Mozambique & Namibia.

3-year reseller agreement with LearnBase to support strategic entry into one of the world's largest HE markets.

Increasing LMS adoption, including Universitas Muhammadiyah Purwokerto with a 5-year SaaS Agreement

OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

Emerging Markets Sweet Spot

OpenLearning targets emerging markets where scalability, cost-effectiveness and AI-native technology are decisive advantages. Over time, all markets migrate toward SaaS and aim to achieve similar educational outcomes — OpenLearning is positioned to capture this transition.

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Focus on Emerging
Markets
Key growth driver will be
expansion in emerging
markets that are highly
price-sensitive yet have a
solid understanding of their
LMS needs.
Over time, OpenLearning
expects markets with a
higher propensity to spend
will look for more cost-
effective solutions.
Countries in the lower-left
quadrant may ascend
rapidly into OpenLearning’s
sweet spot.
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OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

Over 250 Education Providers Use OpenLearning

OpenLearning has active SaaS agreements with over 250 education providers worldwide, empowering them to deliver online and face-to-face education.

Universities and Higher Education

OpenLearning is trusted by some of Australia and Southeast Asia’s leading education institutions, including UNSW, Western Sydney University, Australian Catholic University, University of Wollongong, Universiti Sains Malaysia, Universiti Teknologi Malaysia, Sunway University, Temasek Polytechnic, National University, Cebu Institute of Technology, University of Southern Philippines, St Paul University and many more.

Corporations & Government

OpenLearning has worked with the Australian Federal Government’s Prime Minister’s Office, Australian Taxation Office, New South Wales Department of Education, Malaysian Ministry of Education, Malaysian Ministry of Higher Education and Bank Negara.

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OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

AI Accelerates Our Core Platform Advantage

Core Platform Advantage Network Effects & Moats 1 Mission-critical infrastructure connecting all institutional 2 Lifelong portfolios, talent search, and marketplace stakeholders create compounding value AI-Accelerated Development Structural Cost Advantage 3 Competing on features with incumbents through AI4 Focus on unit economics and scalability has given our enhanced engineering LMS a fundamental cost advantage over incumbents EdTech Add-On Disruption Trust & Longevity 5 Building features in-platform that eliminate the need for 6 Institutions require high-trust, long-term partnerships — third-party tools not quick-deploy tools

OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

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.

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OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

Employment Outcomes Drive Student Enrolments

OpenLearning's platform creates compounding network effects that solve the two biggest challenges for universities.

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SOLVES
Attracting
Students
Employability outcomes
and proof attract
enrolments
SOLVES
Delivering
Outcomes
Verified skills evidence
proves graduate
readiness
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OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

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)

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250
200
150
100
50
0
Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Dip in usage in Q4 is due to seasonality in the university sector
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Grounded in learning sciences

OL's AI tools are unique: they apply educational best practices and learning sciences theory 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 science patterns

• AI facilitation — contextual discussion prompts and student feedback

• AI content & activity generation — from evidence-based templates

• AI quiz & question bank — aligned to learning outcomes

Feature releases

Grows with institutional needs over long-term contracts

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

Feature requests implemented inline with client priorities New AI features shipped and enhanced frequently Architecture designed for continuous AI integration

OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

AI Enables OpenLearning to Cost Effectively Expand into International Student Recruitment

OpenLearning is expanding into the $7B+ international student recruitment market through The Uni Guide, an agent aggregator platform that connects universities with recruitment agents worldwide using AI-powered course matching and student verification.

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OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

AI Roadmap: Human-in-the-Loop Today, Agentic Ready

Focus on integrating AI into existing LMS workflows reduces barriers to adoption for educators and aligns with institutional preference for human-in-the-loop tools. OpenLearning’s architecture enables rollout of Agentic AI when institutions are ready.

NOW

Human-in-the-Loop AI

• AI tools integrated within existing educator workflows

• Growing adoption of AI-assisted course design, assessment, and feedback

• Institutions prefer human-in-the-loop rather than fully automated tools

• Educators want AI to augment their work, not replace their judgment

• Focus on practical, trust-building AI features that deliver immediate ROI

NEXT

Agentic AI

• Architecture designed for agentic AI integration

• Agentic layer can be added when institutions are ready

• Gradual automation of routine processes

• OL controls the pace — customer readiness drives rollout

Key Insight: Institutions that deploy agentic AI too early face regulatory risk, reputational damage, and student backlash. OL's measured approach builds trust while keeping the option open for rapid deployment when the market signals readiness.

OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

One Platform, One Vendor, Lower Cost, Native Integration

Most EdTech companies sell simple add-ons to core platforms. AI makes it cheaper to build these features natively within OpenLearning.

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BEFORE: Fragmented EdTech Stack AFTER: OpenLearning Integrated Platform
Plagiarism Video Portfolio
Detection Hosting System
OpenLearning
AI Tools Analytics Engagement
Student AI Writing Proctoring
Engagement Assistant Tool Video Assessment Compliance
Each tool = separate vendor, contract, integration, cost One platform, one vendor, lower cost, native integration
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OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

OpenLearning’s Structural Cost Advantage

Multi-tenant architecture + AI development velocity = lower pricing with faster innovation than incumbents

Why we’re cheaper

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$$$
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Traditional LMS

High price, slow innovation, legacy architecture, pay for every feature

$$

Open Source + Cloud

Low license cost but high hosting & maintenance overhead

$

OpenLearning

Multi-tenant architecture and focus on unit economics for emerging markets delivers price parity with open-source

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How we’re cheaper
Self-hosted (Moodle/custom built software)
Inst. 1 Inst. 2 Inst. 3
Dedicated Dedicated Dedicated
server + DB server + DB server + DB
3 servers, 3 databases, 3 ops teams
OpenLearning (multi-tenant cloud architecture)
Shared scalable infrastructure
Inst. 1 Inst. 2 Inst. 3 Inst. 4
Costs shared across 250+ institutions
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Why we stay ahead

Domain expertise

12+ years of accumulated LMS product knowledge creates deep barrier to entry

AI-accelerated development

AI coding tools enable a small expert team to ship at the velocity of much larger competitors

Feature parity at a lower cost

Domain expertise + AI coding = feature parity with incumbents at a fraction of the budget

Continuous innovation

New AI features shipped quarterly, not locked to annual release cycles

OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

We Sign Long Term Trusted Partnerships

Education institutions don't buy software the way startups do. Trust, support, and longevity matter more than features alone.

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Net Promoter Score of 70+

Institutions require hands-on onboarding, training programs, and ongoing support. OpenLearning has regularly achieved a 70+ NPS from educators.

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5+ Year Certainty

Universities need assurance their platform will be available and maintained for the long term. Student records and institutional processes depend on it.

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Social Proof & References

Procurement decisions are heavily influenced by peer institutions. OL's growing portfolio of institutional clients creates a self-reinforcing trust cycle.

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Regulatory Compliance

Education is heavily regulated. Institutions need a vendor that understands compliance requirements and can support regulatory reporting in their market.

OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

SaaS Growth Opportunity: Larger Contracts, Longer Terms

OpenLearning is monetising the platform in four phases with each building the scale needed to unlock compounding network effects.

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1 2 3 4
Pre-2019 2019–2023 2024 onwards Coming soon
Build brand & user base Transition to SaaS AI-powered LMS at scale AI Talent search
Free learning platform to establish Transition to SaaS with lifelong learning End-to-end AI LMS for institutions; Employers hire based on portfolio
credibility with 5M+ learners globally marketplace and eCommerce driving 30%+ ARR growth evidence; network effect builds
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$0 $10K $50K TBD
SaaS ARPC SaaS ARPC SaaS ARPC SaaS ARPC
$473M $2.5B
Market size Market size
Free — MOOC SaaS — Short Courses SaaS — AI LMS SaaS — Employers
2019 2024 TBD
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1. 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. 2. For the avoidance of doubt, OpenLearning is not claiming that it will capture 100% of the market size stated on this slide.

2. 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.

OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

Why OpenLearning Wins in the AI Era

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Core platform with deep multi-stakeholder integration that is extremely hard to replicate or displace Compounding network effects through lifelong portfolios, talent search, and the course marketplace AI-accelerated development enables feature competitiveness with a fraction of incumbent R&D budgets Fundamental cost advantage compared to larger North American vendors is critical in emerging markets Consolidating fragmented EdTech add-ons into a single platform, eliminating third-party cost and complexity High-trust institutional relationships provide a durable moat against new entrants and AI-only startups Pragmatic AI strategy: human-in-the-loop now with architecture ready for agentic AI when institutions are ready

ASX: OLL | openlearning.com

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Adam Brimo

Managing Director & CEO

"We built OpenLearning to be the platform where every student interaction creates lasting value. As we achieve critical mass in each market, the network effects compound: better outcomes attract more institutions, more institutions generate richer data, and richer data makes the platform indispensable.

The AI era is the great equaliser for EdTech. Our AI-native architecture means we can deliver a platform that surpasses incumbents at a fraction of the cost. This is exactly what emerging markets need.

With over 250 institutions trusting us to deliver missioncritical education and SaaS ARR now exceeding $3 million with 30%+ year-on-year growth, we’re demonstrating that the model is beginning to work.”

Authorised by Adam Brimo Managing Director & CEO

Investor Relations Matthew Reede

Dominion Partners +61 414 483 054 matt@dominion.partners

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investors.openlearning.com

Disclaimer

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OPENLEARNING LIMITED | ASX: OLL | Investor Presentation 2026

Thank you

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investors.openlearning.com