Stadio Holdings

What Stadio Holdings does

STADIO Holdings is a JSE-listed (SDO) South African private higher education group that owns and operates three registered private higher education institutions: STADIO Higher Education (a comprehensive multi-school institution with an "Operational Excellence" strategy offering contact, distance, and blended learning across 8 campuses and multiple schools covering Commerce, Education, Fashion, Media & Design, IT, Law, Policing, Architecture, Humanities and a forthcoming School of Engineering), Milpark Education (a "Product Leadership" online distance learning institution in Accounting, Business and Financial Services, holding the only fully online SAICA-accredited CTA and the only AMBA-accredited online MBA in Africa), and AFDA (the number-one film school in South Africa and the continent, with 5 campuses and 7,000+ alumni). The group serves 56,854 students as of June 2026 (47,750 distance and 8,104 contact), up 9% year-on-year, having grown from 53,303 at December 2025 and 50,039 at December 2024.

Revenue is generated predominantly from recurring tuition fees across contact and distance learning modes, supplemented by a smaller Milpark B2B/corporate training stream and supported by capital returns (R75.7m of share buybacks in 2025 plus a 22% dividend increase). Distribution combines direct-to-consumer online enrollment via three institutional brand websites, physical contact learning across 13+ South African campuses, distance learning support offices including 2 in Namibia, and international exchange partnerships with Queen Maud University College (Norway), Brock University (Canada), and Pacific Oaks College (US). Differentiated programmes include the Khulisa Student Share Scheme (awarding R1,000 of STADIO Holdings shares to each postgraduate graduate — described as the first such scheme in Africa) and the STADIO Kusasa Foundation bursary trust. Group strategy targets 80,000 students by 2030 and ultimately 100,000+, with an 80% distance learning mix and pursuit of university status under new DHET regulations that would unlock NSFAS funding access.

Name

Stadio Holdings

Legal name

STADIO Holdings Limited

Website

https://stadio.co.za

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

STADIO Holdings is a JSE-listed South African private higher education group operating three registered institutions — STADIO Higher Education, Milpark Education, and AFDA — serving over 56,000 students via distance, contact, and blended learning across South Africa and Namibia.

Ownership category

akta.pro rank

Product category

Private Higher Education

NAICS

Colleges, Universities, and Professional Schools (6113), Colleges, Universities, and Professional Schools (611310), Colleges, Universities, and Professional Schools (61131), Business and Secretarial Schools (611410)

SIC

Services-Educational Services (8200)

akta.pro primary industry

International Business & Global Management Schools (EDAHAHAJ)

Keywords

• Private higher education
• Distance learning programs
• Online degree programs
• Corporate training services
• Performing arts education

Headquarters

HQ city

Cape Town

HQ country

South Africa

HQ region

Africa

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Tuition fees — Contact Learning: Recurring tuition revenue from contact learning programmes delivered across multiple campuses (8 nationwide for STADIO Higher Education plus AFDA's 5 campuses). Contact learning grew 15% to 8,104 students as of June 2026.
2. Tuition fees — Distance Learning / Online: Recurring tuition revenue from distance learning and online programmes, predominantly through Milpark Education and STADIO Higher Education. Distance learning enrollments rose 8% to 47,750 students as of June 2026. The Group expects ~80% of students will continue via distance learning over time.
3. Corporate / B2B training (Milpark Education): B2B revenue from corporate entities for professional accounting, financial services, business and management education via Milpark Education. Milpark B2B continued to lag and impact overall distance learning figures in 2026.
4. Share repurchases (capital return component): Management conducted share buybacks of R75.7m in 2025 and R6m in 2026, signalling capital return as part of the broader financial structure (not an operating revenue stream but illustrates cash generation).

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels10 records

Core offering

Stadio Holdings is a JSE-listed South African private higher education group operating three institutions: STADIO Higher Education (accredited undergraduate and postgraduate degrees via contact, distance and online modes), Milpark Education (business, financial planning and management qualifications, including B2B corporate training), and AFDA (performing arts, film, television and creative production degrees). It delivers accredited qualifications and short courses to roughly 53,000-57,000 students across South Africa and selected international markets.

Product overview

Stadio Holdings is a JSE-listed (share code: SDO) private higher education group that operates as a multi-brand platform-plus-institutions architecture rather than a single unified product. It owns and operates three distinct registered private higher education institutions — STADIO Higher Education (the comprehensive multi-school, multi-campus institution pursuing an "Operational Excellence" strategy across distance, contact and blended learning), Milpark Education (an online distance learning leader in Accounting, Business and Financial Services pursuing a "Product Leadership" strategy), and AFDA (the number-one film school in South Africa and the continent, also pursuing a "Product Leadership" strategy). On top of these institutions, Stadio runs the STADIO Khulisa Student Share Scheme (awarding shares to postgraduate graduates) and the STADIO Kusasa Foundation (an s18A bursary trust). Together, these serve over 53,303 students across more than 96 accredited programmes and pipeline offerings, with a vision to reach 100,000+ students over time.

Differentiator

Problem solved

Functional benefit

Brands

• STADIO Higher Education: The Group's comprehensive multi-school, multi-mode private higher education institution offering contact, distance and blended learning across multiple South African campuses.
• Milpark Education
• AFDA
• STADIO Khulisa Student Share Scheme
• STADIO Kusasa Foundation (Kusasa)

Products and services

• STADIO Higher Education qualifications STADIO Higher Education delivers accredited undergraduate and postgraduate degrees, diplomas, higher certificates and short courses across a range of disciplines through contact, distance and online study modes, serving school-leavers, adult learners and working professionals seeking flexible, accredited private higher-education qualifications.
• Milpark Education qualifications and corporate training Milpark Education offers accredited business, financial planning, accounting, management and leadership qualifications via distance and online learning, including a B2B corporate training arm that delivers CPD-accredited short courses and bespoke workforce programmes to employers and professional bodies.
• AFDA performing arts and creative production degrees AFDA delivers accredited higher-education qualifications in performing arts, film and television production, and the business of creativity and entertainment, for students seeking creative-industries careers through contact-based study at its campuses.

Named customers1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered flagship, core and historical.

• Queen Maud University College (Norway)flagshipStrategic or Co-development Partner · 30 May 2026Three-year 'Learning to Lead' project focused on multicultural leadership in early childhood education, forming part of STADIO's international classroom exchange partnerships. Helps STADIO student teachers develop cultural competence and adaptability by exposing them to global best practices and intercultural learning.
• Brock University (Canada)coreStrategic or Co-development Partner · 30 May 2026International classroom exchange partnership covering sustainability themes. Part of STADIO's broader internationalisation strategy to expose student teachers to global best practices and intercultural learning.
• Pacific Oaks College (US)coreStrategic or Co-development Partner · 30 May 2026International classroom exchange partnership covering social justice themes. Part of STADIO's internationalisation of teacher education programmes.
• CILECT — International Association of Accredited Film and Television SchoolscoreStrategic or Co-development PartnerAFDA is a full member of CILECT, the international association of accredited film and television schools.
• Investec Share Plan Services (Investec)coreTechnology or IntegrationPartnered with Investec Share Plan Services to provide share portfolio support to postgraduate graduates receiving R1,000 of STADIO Holdings shares through the Khulisa Student Share Scheme.
• JSE Investor Services (JIS)coreTechnology or IntegrationPartnered with JSE Investor Services to manage share portfolios for Khulisa Student Share Scheme beneficiaries (postgraduate graduates).
• Curro Holdings LimitedhistoricalStrategic or Co-development PartnerFormer parent company. STADIO Holdings started as a subsidiary of Curro Holdings, was unbundled in February 2017, and listed on the JSE on 3 October 2017.

Scale indicators16 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Pearson: Global education and assessment company with significant higher education, professional, and English-language learning operations. Comparable as a scaled, publicly-listed education operator with global reach, though its portfolio and product mix are far broader than STADIO's HE focus.
• Adtalem Global Education: US-listed global education provider focused on professional and healthcare programmes (e.g., Chamberlain University, Ross University, ACAMS). Comparable in the sense of operating accredited professional higher education at scale with similar B2C and B2B motions to Milpark's accounting/business offerings.
• Curro Holdings: STADIO's former parent before 2017 unbundling; operates private schools (pre-primary through Grade 12) in South Africa and Namibia. Comparable as a listed South African private education operator with similar demographic and regulatory exposure, but focused on K-12 rather than higher education.
• University of South Africa (UNISA): Largest distance-learning university on the African continent with hundreds of thousands of enrolled students. Comparable to STADIO's Milpark distance learning model in delivery mode and to STADIO Higher Education's blended offerings, but publicly funded and government-subsidised.
• Strategic Education: US-listed education services company owning Capella University and Strayer University, focused on online professional and graduate education. Comparable business model to Milpark's online distance learning focus, with similar regulatory and accreditation dynamics in a different geography.

Direct peers

• Advtech: Largest private education group in South Africa, operating across higher education (including The Independent Institute of Education / Varsity College, Rosebank College, MANCOSA, AFDA peers at scale). Directly comparable in business model, regulatory environment, and pursuit of university status, though materially larger than STADIO.
• Regenesys Business School: South African private higher education institution offering business, management, and public-sector qualifications, including MBAs. Direct peer to Milpark's Business School offerings and competes for the same postgraduate working-professional market.
• MANCOSA: South African private distance-learning HE institution focused on business and management programmes. Comparable to Milpark's online business/accounting focus, serving working adults seeking accredited qualifications.
• Independent Institute of Education (IIE): Operates Varsity College, Rosebank College, Vega School, and IIE MSA among others in South Africa. Direct competitor across multiple disciplines (commerce, design, business, education) with similar private HE positioning and accreditation pathways.

Emerging players

• Lyceum Innovations (formerly Lyceum College / The IIE's Lyceum): South African private higher education institution offering business and management qualifications primarily via distance learning. Comparable niche and delivery model to STADIO/Milpark distance learning and competes for a similar working-adult student base in South Africa.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/stadioholdings

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stadio Holdings