• Embark to offer cash or shares for Mayfield Childcare
• Offer price represents 7.6% premium to Mayfield's closing price
• Successful completion will create larger company with 84 centres

Embark Early Education Limited (ASX:EVO) ('Embark') announces its intention to make an off-market takeover bid for all of the ordinary shares it does not already own in Mayfield Childcare Limited (ASX:MFD) (Mayfield). Embark currently owns approximately 19.9% of Mayfield's issued shares. Under the proposed offer, Embark will offer to pay Mayfield shareholders either a cash price of A$0.50 per Mayfield share or ordinary shares in Embark, with the ratio for the share consideration to be determined based on the VWAP of Embark shares. The offer price values Mayfield's share capital at approximately A$37,712,301 million and the 80.1% of Mayfield's issued shares not currently held by Embark at approximately A$30.89 million. This represents a premium of 7.6% to the closing price of Mayfield shares on 6 November 2025, a premium of 18.8% to the one-month VWAP, and a premium of 39.7% to the three-month VWAP. The successful completion of this offer will lead to a larger company with 84 centres, with more resources to improve educational and care outcomes for children while ensuring financial robustness.

The successful completion of this offer will lead to a larger company with 84 centres, with more resources to improve educational and care outcomes for children while ensuring financial robustness.