CURRO HOLDINGS LIMITED - Trading statement and publication date of the financial results for the year ended 31 December 2024

Trading statement and publication date of the financial results for the year ended 31 December 2024

CURRO HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1998/025801/06)
JSE Equity Alpha Code: COH
LEI: 378900E237CB40F0BF96
ISIN: ZAE000156253
JSE Debt Alpha Code: COHI
("Curro" or "the Company")

TRADING STATEMENT AND PUBLICATION DATE OF THE FINANCIAL RESULTS FOR THE
YEAR ENDED 31 DECEMBER 2024

In terms of the JSE Limited Listings Requirements, a listed company is required to publish a trading
statement as soon as it becomes reasonably certain that the financial results for the next period to be
reported on will differ by 20% or more from the financial results for the previous corresponding period.

Curro recorded a credible operating performance with strong cashflows during the 2024 financial year
and is in a healthy financial position.

The Company hereby advises that it expects the financial results for the year ended 31 December 2024
to fall within the following ranges:

                                       Reported results                     Expected results
                                      for the year ended                   for the year ended
                                      31 December 2023                     31 December 2024
                                             cents                   cents                  change
    Recurring headline earnings                                                      Increase of between
    per share ("RHEPS")                       73.2                80.0 to 86.0         9.3% and 17.5%
                                                                  
    Headline earnings per share                                                      Increase of between
    ("HEPS")                                  73.2                80.0 to 86.0         9.3% and 17.5%
                                                                              
                                                                                     Increase of between
    Earnings per share ("EPS") *              7.0                 15.2 to 22.2       117.1% and 217.1%
                                                                              
* The expected EPS figures for the year ended 31 December 2024 set out above include expected
  impairments of between R340 million and R380 million net of tax (2023: R378 million net of tax).

Following the annual impairment assessment review of the business plans for each Curro school, as
required by International Financial Reporting Standards (IFRS) in terms of IAS 36 Impairment of
Assets, the Company identified impairments of between R340 million and R380 million (net of tax)
which are expected to be recognised in the 2024 financial year, relating to lower-yielding school assets.
These impairments are still subject to final audit reviews but include the following:

•       Curro identified eight campuses, that had previously been impaired, the book value of which the
        Company is now prudently further reducing due to slower than anticipated learner growth. This
        contributes about two thirds of the total expected impairment (net of tax) for 2024.

•       Two campuses are anticipated to be impacted by the closure of steel manufacturing operations
        in their respective catchment areas. Curro expects that this could restrict their value in use in the
        future and accordingly, the Company is impairing the book value of these campuses.

These impairment charges are included in the calculation of EPS but are added back for purposes of
the calculation of HEPS and RHEPS, and accounts for the key differences between RHEPS, HEPS
and EPS in the 2024 and 2023 financial years.
The impairment charge is a non-cash item, and the group expects to continue to generate cash from
operations ahead of its capital expenditure requirements.

The Company has repurchased and cancelled 10.7 million Curro shares, for a consideration of R120
million, during the financial year ended 31 December 2024. The weighted average number of shares
in issue for the year ended 31 December 2024 was 565 254 498 shares.

Learner numbers

Curro had 72 109 registered learners on 10 February 2025, slightly below the 72 553 registered
learners on 29 November 2024.

Consumer spend remains constrained and the group's enrolment has not benefited from moderating
inflation and the gradual easing of interest rates over the last few months.

Results announcement

The Company is currently finalising its financial results for the year ended 31 December 2024. These
results will be published on Wednesday, 5 March 2025 and a webcast of the results presentation is
scheduled for 10:30 on Wednesday, 5 March 2025. To register to attend the presentation, please click
on the link below:

https://register.gotowebinar.com/register/4512909637089028698

The financial information on which this trading statement is based has not been reviewed or reported
on by the auditor of the Company.

Durbanville
25 February 2025

Equity and Debt Sponsor
PSG Capital

Date: 25-02-2025 09:10:00
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