STADIO Holdings reports 28% increase in core headline earnings amid rising student numbers

STADIO Holdings, the JSE-listed private higher education group, increased core headline earnings by 28% to R176 million in the six months to June 30, following a strong 9% increase in student numbers.

The company provides access to higher education through its three private higher education institutions - STADIO Higher Education, Milpark Education, and AFDA - which offer contact and distance learning undergraduate and postgraduate programmes. The group is on track to open its R325m campus in Durbanville in January next year, which will cater for at least 1 000 students.

Revenue increased by 16% to R957m, earnings before interest, taxation, depreciation, and amortisation (EBITDA) by 24% to R293m, and core headline earnings per share, a benchmark for the underlying performance, increased by 28% to 20.7 cents per share.

Cash generated from operations increased 20% to R368m, with a return on equity of 15.4%.

Student numbers in the first semester increased by 9% to 51 197, and by 8% from 50 486 students as of August 2024, to 54 487 as at August 2025, with second-semester enrolments not yet finalised.

“The year started well. It is clear earlier investment into systems, processes, programmes, and staff is bearing fruit through enhanced operating efficiencies and improved margins,” said CEO Chris Vorster.

He stated that they continue to expand their programme and qualification mix to ensure the programmes offered are relevant and commercially viable.

At least eight new programmes will be offered in 2026, in addition to the existing programmes taken to new sites. All campuses are now multi-school campuses.

At the beginning of 2025, the group provided 96 accredited qualifications in total, with 34 submitted for accreditation or in the process of registration or certification. Its nearly 55 000 students make it one of the top higher education providers in South Africa.

It is expected that student capacity at Durbanville will eventually exceed 6 000 students, with the comprehensive campus housing seven faculties, offering multiple qualifications, including Engineering, as well as sports facilities. STADIO’s Bellville campus will be moved to the Durbanville campus.

“Technology is critical for our success and enabling scalability while retaining quality. For that reason, technology will require continued investment to remain up to date and relevant.”

“This includes AI to be incorporated into teaching and learning and daily operations. However, it is to be noted that technology will not replace human contact. We will continue to need good people, working with technology, to offer a superior product.”

STADIO’s target of 56 000 students is in reach in 2026, but the aim was now for 80 000 students by 2030, and 100 000 in time, with 80% of students studying via the group’s distance learning mode of delivery and 20% via contact learning or on campus.

“We will continue with the execution of our growth strategy of reaching more students and creating value for our stakeholders. This includes exploring other opportunities through exciting international and local partnerships,” Vorster said.

STADIO’s share price inched up 1.65% to R9.87 Thursday afternoon on the JSE, but the price is well up from R5.93 that it traded at a year before.

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