CURRO HOLDINGS LIMITED - Curros credit rating affirmed with positive outlook

Curro’s credit rating affirmed with positive outlook

CURRO HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/025801/06) JSE
Share Code: COH
ISIN: ZAE000156253
LEI: 378900E237CB40F0BF96
Company Alpha Code: COHI
("Curro" or "the Company")

CURRO'S CREDIT RATING AFFIRMED WITH POSITIVE OUTLOOK

GCR Ratings ("GCR") recently affirmed both the long- and short-term national scale issuer
ratings assigned to Curro at A(ZA) and A1(ZA) respectively, with the Outlook revised to
Positive from Stable.

The Positive Outlook on Curro reflects the increased maturity of its school portfolio, which
continues to support resilient cash flows despite the challenging operating environment.
Furthermore, gearing metrics continue to improve and a recent debt refinancing has
strengthened liquidity. GCR expects earnings to increase further as the school portfolio
matures, supported by focused and well-contained capex and good liquidity management,
leading to stronger cash flow and gearing metrics.

The full GCR credit rating announcement is available on Curro's website at
https://www.curro.co.za/investor-relations/main/curro-credit-ratings/.

Durbanville
21 May 2025

Equity and Debt Sponsor
PSG Capital

Date: 21-05-2025 03:30:00
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