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Aspen GroupHY26 Financial Results Presentation19 February 2026 Stepping Up a Gear – Guidance Upgraded For personal use only
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Contents / Agenda 1.Overview David Dixon2.HY26 Financial ResultsHamish PerksPatrick Maddern3.Outlook and GuidanceJohn Carter Appendix:Property PortfolioDebt Facility & Hedging2Aspen Adelaide Villa Portfolio – Glenunga SA For personal use only
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3 1Overview Aspen Lifestyle and Living Wallaroo SA For personal use only
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Specialist Provider of Quality Rental Accommodation on Competitive Terms Dwellings and Land Sites Target MarketThe c.40% of Australian Households with Income <$100k per annum 4 Aspen GroupOwnerProprietary mindset – Aspen owns 100% of its properties and projects with no Joint Venture, Profit Sharing or Fund interests and conflicts to considerOperatorMaximising profitability through intensive management of properties and offering a variety of lease terms and services to customers – not a passive rent collector DeveloperCost effective creation of quality accommodation through brownfield and greenfield development that is well suited to Aspen’s core customer baseCapital ManagerDisciplined acquisitions - offering various funding options to customers - recycling capital to optimise portfolio, maximise profits and equity value, and reduce risk For personal use only
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$465k $712k$669k $875k $1045k $k $200k $400k $600k $800k $1000k $1200k AspenLifestyleListedGroup 1LifestyleListedGroup 2LifestyleListedGroup 3LifestyleAustraliaResidential Prices – Lifestyle3 v. Australia Residential4 $221 $386$390 $643$695 $0 $100 $200 $300 $400 $500 $600 $700 $800 AspenLifestyle(land sites)Aspen Parks(mixture)AspenResidential(dwellings)AustraliaUnitsAustraliaHouses Rent - Aspen1 v. Australia Residential2 ($/week) Aspen’s Rents and Prices are Truly Affordable and Scarce 51. Aspen’s average rent - total rental revenue divided by average number of dwellings/sites in the rental pool in HY26. Rent includes ancillary and deferred management fee revenue at some properties. 2. Source: Cotality – Median National Rents - December 2025. 3. Listed Groups’ average sales price of Lifestyle houses in FY25 and HY25 per financial reports – Listed Group 1 includes its JV projects. 4. Australian Bureau of Statistics – average price of all residential dwellings (houses and units) - Australia 39%less 56%less+20% DMF For personal use only
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$k $100k $200k $300k $400k $500k $600k $700k PerthAdelaideBrisbaneMelbourneSydney Total Taxes, Regulatory Costs and Infrastructure Contributions for New Dwellings - 20251 New House & Land PackageNew Apartment 6 Australia’s Housing Supply Constraints Persist Despite the Rhetoric 1. Source: The Centre for International Economics – Taxation of the Housing Sector published 3 March 2025. The total outlay made to acquire a new home includes resource costs (the processes, materials and work that go into creating it), statutory taxes (GST, income taxes, stamp duties, etc.), regulatory costs (cost increases that are created when government policies restrict the supply of land and housing relative to demand), and infrastructure charges (the price charged for government services or infrastructure). Aspen’s Perspective✗Regulation increasing✗Still excessive red/green tape and timeframes for development approvals, particularly in metro locations ✗Lack of utility infrastructure in some locations - lack of urgency to provide it - inflated costs being pushed onto housing developers (now competing with data centres) ✗Poor financial discipline of many States and Councils who are lifting rates and contribution charges well above general inflation ✗New house completions to date under Australia’s $10bn Housing Australia Future Fund (HAFF) is only 2% of the program’s 40k target✗Building productivity is not improving - costs are still increasing ✗Undersupply of skilled workers remains – still excessive demand from price insensitive government projects ✗Developers still paying too much for land in the largest markets - Sydney, Melbourne and SE QLD - making projects uneconomic = Higher Prices and Rents Lower taxing States are more attractive for households and Aspen’s scarce capital For personal use only
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-1% 4% 9% 14% 19% MelbourneCanberraSydneyHobartAdelaideBrisbanePerthDarwin Cotality All Dwellings HVI by Location1Price Change to 31 December 2025 3 Months6 Months12 Months -1% 1% 3% 5% 7% 9% 11% CanberraMelbourneSydneyHobartAdelaideBrisbaneDarwinPerth Cotality All Dwelling HVI by Value Segment23 months to December 2025 Top 25% of ValuesMid 50% of ValuesBottom 25% of Values Aspen’s More Affordable Locations and Products are Outperforming 1. Cotality HVI - Home Value Index - median value of all dwellings (including houses and units). 2. Cotality HVI - median value of all dwellings within the value segments7 Highest growth in more affordable / better value-for money locationsHighest growth at lower price points - accelerated post Government’s 5% Deposit Scheme on 1 October 2025 For personal use only
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8 2Financial Results HY26 Aspen Lifestyle Strathalbyn SA For personal use only
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$0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 FY20FY21FY22FY23FY24FY25HY26 Comprehensive Income per Security (pre DTL) Aspen’s Total Value Creation – Comprehensive Income Value Created through Generating Cash Profits, Paying Distributions and Increasing NAVAspen’s Total Value Creation 1. DTL – deferred tax liability provision 2. NAV – Net Asset Value - excludes DTL provision of $43.4m ($0.19 per security) at 31 December 2025 for tax that would be payable by Aspen Group Limited if it sold all its assets at book value (Trust accounts do not provision for tax liabilities). Change in NAV (pre DTL) in the chart represents change in NAV (pre DTL) excluding the change resulting from retained earnings 9 22.0cps $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 FY20FY21FY22FY23FY24FY25HY26 Distributions and Increase in NAV (pre DTL)2 DPSRetained EPSChange in NAV (pre DTL) For personal use only
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$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 FY20FY21FY22FY23FY24FY25HY26 NAV2 per Security 0 5 10 15 20 25 FY20FY21FY22FY23FY24FY25FY26 Underlying EPS (cents) 1H2H Strong Track Record Growing Underlying Earnings, Distributions and NAV 1. Underlying EPS - a non-statutory accounting measure that is determined to present, in the opinion of the directors, the operating activities of Aspen in a way that appropriately reflects Aspen’s underlying operating performance – refer to financial report for full definition. 2. NAV – Net Asset Value - excludes DTL provision of $43.4m ($0.19 per security) at 31 December 2025 for tax that would be payable by Aspen Group Limited if it sold all its assets at book value (Trust accounts do not provision for tax liabilities)10 23% CAGR since FY20 17% CAGR since FY20 NAV2 $2.70up 6% on 30 June 2025Underlying EPS1 10.7 centsup 33% on HY25DPS 5.50 centsup 10% on HY25 Aspen Develops New Houses & Land Audited Statutory Profit includes both Realised Development Profit and unrealised gain / NAV increase Both are valuable to securityholders Residential BTR and Lifestyle LandWhen Aspen retains developed houses and/or land to rent, the profit isn’t realised and therefore not included in Underlying Earnings – this unrealised profit or valuation gain adds to NAV(any realised gain on a subsequent sale of this property is never included in Underlying Earnings) Lifestyle Houses and Residential LandWhen Aspen sells newly developed houses and/or land the Realised Development Profit is included in Underlying Earnings For personal use only
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Aspen’s Underlying Earnings Growth Accelerated in HY26 1. Rent includes ancillary and deferred management fee revenue at some properties. 2. Aspen’s HY25 underlying earnings includes Aspen’s estimate of its share of Eureka’s underlying earnings of 3.00 cents per share per annum, calculated daily based on number of EGH shares held. 3. Underlying Operating Earnings is a non-statutory accounting measure that is determined to present, in the opinion of the directors, the operating activities of Aspen in a way that appropriately reflects Aspen’s underlying operating performance – refer to financial reports for full definition. 4. MER – Management Expense Ratio: Corporate Overheads divided by Total Assets HY25HY26ChangeRent Revenue1 $33.6m$38.1m13%Net Rental Income (NRI)$17.2m$20.9m22%NRI Margin51%55%4pptDevelopment Revenue$16.4m$31.8m94%Realised Development Profit$5.4m$10.2m87%Realised Development Profit Margin33%32%(1ppt)Eureka (EGH) Stake2 $1.5m$0.0m(100%)Corporate Overheads($3.8m)($4.8m)29%Underlying EBITDA3 $20.4m$26.3m29%Net Interest Expense($4.2m)($2.0m)(53%)Underlying Operating Earnings3$16.1m$24.3m51%Weighted Ordinary Securities (m)200.0m227.2m14%Underlying EPS3 (cents)8.0710.7033%DPS (cents)5.005.5010% 11 Rental Pool-Long term essentially full - short stay occupancy varied across properties as we strive for a more profitable mix of rates and occupancy -Average gross weekly rent per dwelling/site only $353-NRI margin expanded again – net rent grew ~2x faster than gross rentDevelopment-Revenue roughly doubled – heavily skewed to more profitable Lifestyle-We manage to average profit margin of ~30% - not necessarily the highest possible sale price Eureka stake – sold in FY25 Management platform expanded and enhanced – annualised MER4 unchanged from pcp at 1.1% - total cost up 6% on 2H25 Interest expense - higher proportion of debt in development projects not yet producing income (Australind, Ravenswood, Wallaroo) Equity raising in May-June 2025 reduced debt and increased share count For personal use only
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$0$50$100$150$200$250$300$350$400 HY24HY25HY26 Average Weekly Rent per Dwelling/Site Gross RentNet Rent Rental Pool Performance 1. Rent includes ancillary and deferred management fee revenue at some properties. Average Net Rent up 16%(Avg. Gross Rent up 8%)Total Net Rental Income1 up 22%x =Rental Pool up 5%HY26 v HY25 $353+8% $194+16% 12 $30.1$33.6$38.1 $15.2$17.2$20.9 $0 $5 $10 $15 $20 $25 $30 $35 $40 HY24HY25HY26 Total Rental Revenue and Net Rental Income1 ($m) Total Rental RevenueNet Rental Income $327 $167$158 $314 3,688 3,961 4,154 3,400 3,500 3,600 3,700 3,800 3,900 4,000 4,100 4,200 HY24HY25HY26 Rental Pool Average # of Dwellings/Sites For personal use only
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Different Property Types – Same Residential Market Dynamics 1. Average rent equals total rent revenue divided by average number of dwellings/sites in the period. Rent includes ancillary and deferred management fee revenue at some properties. Residential (dwellings)$390 Lifestyle (land sites)$221Parks (mixture)$386 Total Portfolio$353 HY26 Average Weekly Gross Rent1 High growth markets – Perth, Brisbane and low rent points Acquisition of Viveash WA(Sale of high rent houses at Burleigh Heads and Perth) High volume growth – roughly half from new development and half from acquisition of Adelaide VillasTypical land rent is ~$200pw excluding ancillary income - contracted increase of 3.5% pa Short stay - seeking more profitable mix of rate and occupancy post refurbishmentsAKV occupancy high but some rate discount for large users(Major refurb works disrupted Black Dolphin and Koala Shores) Methodically growing the portfolio through acquisitions net of sales (recycling) and development+ Sustainable rents+ Extracting higher NRI margin= Superior NRI growth and lower risk 13 5%3%8%0% Residential Average Gross Rent per Dwelling/Site# Rentals NRI MarginTotal NRIChange on PCP: 13% 15%29% 1% Parks 4%10% 38%24% Lifestyle 8%9%22%5% Total Portfolio For personal use only
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$264$260$257$273$315$325$353 $111$114$108$132$157$169$194 42%44%42% 48%50%52%55% 0% 10% 20% 30% 40% 50% 60% $0 $100 $200 $300 $400 $500 FY20FY21FY22FY23FY24FY25HY26 Average Weekly Rent1 per Dwelling/Site and NRI2 Margin Average Weekly Gross RentAverage Weekly Net RentNRI Margin (rhs) $264$260$257$273$315$325$353 $111$114$108$132$157$169$194 42%44%42%48%50%52%55% 0% 10% 20% 30% 40% 50% 60% $0 $100 $200 $300 $400 $500 FY20FY21FY22FY23FY24FY25HY26 Average Weekly Rent1 per Dwelling/Site and NRI2 Margin Average Weekly Gross RentAverage Weekly Net RentNRI Margin (rhs) Keeping Average Rent Affordable while Extracting Higher NRI Margin 141. Rent includes ancillary and deferred management fee revenue at some properties. Average rent equals total revenue divided by average number of dwellings/sites in the period. 2. NRI – Net Rental Income Average gross rent increased 5% per annum since FY20 - average net rent increased 11% per annum NRI margin expected to trend higher with increasing weighting to higher margin Residential and Lifestyle properties For personal use only
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Aspen’s Value Creation through Recycling – Residential Portfolio 15 One way Aspen optimises its portfolio to suit its target customer base and improve profitability is by recycling from high to low rent properties Within the Residential portfolio, since 31 December 2022 we have sold properties at Burleigh Heads QLD and Perth WA, and acquired properties at Cooks Hill NSW, Lindfield NSW, Burwood VIC and Viveash WA Compared to holding a static portfolio from 31 December 2022, this has enhanced the portfolio as follows1: §Reduced average rent by 7% or $34pw to $437pw2 §Reduced capital invested3 per dwelling by 19% to $135k §Increased ROIC4 by 140bps to 10.2% Higher ROIC + Higher Growth + Lower Risk Property investors with a single asset or static portfolio or who only accumulate properties cannot add value this way 14% 6% -7%-8% -19% 15% -25%-20%-15%-10%-5%0%5%10%15%20% Dwellings (#)Total NRIAverageWeekly RentInvestedCapital (IC)IC perDwellingROIC Aspen's Result v. Static Portfolio Scenario% Change - 3 Years to 31 December 2025 Actual v. Static Portfolio from December 2022 1. Based on Aspen’s estimates of current market rent and average NRI margins. 2. At estimated market rents – Aspen’s passing rents are currently ~10% below market. 3. Net capital invested is Aspen’s total cost of acquiring and developing the portfolio minus net sales proceeds from property sales. 4. ROIC – return on invested capital is total net rental income divided by net capital invested For personal use only
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16Coorong Quays and Alexandrina Cove For personal use only
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$k$50k$100k$150k$200k$250k$300k$350k$400k$450k$500k HY24HY25HY26 Average Sale Price & Profit Lifestyle Dwelling Price (inc. GST)Residential Land Price (inc. GST)Average Profit $2.1$4.2 $10.0 $1.2 $1.2 $0.2 $0 $2 $4 $6 $8 $10 $12 HY24HY25HY26 Realised Development Profit ($m) Lifestyle HousesResidential Land 2030 732218 4 0102030405060708090100 HY24HY25HY26 Settled Sales - # Lifestyle HousesResidential Land Development PerformanceProfit per Sale up 17%Realised Development Profit up 87%x =Settled Sales up 60%HY26 v HY25 $465k-1% $279k+28% 17 + NAV uplift on newly leased Lifestyle sites Residential land – 3 of the settlements in HY26 were abnormally low margin - the cheapest townhouse lots and we use average cost accounting. Total Stage of 30 lots expected to generate Development Profit margin of ~$100k each or ~30% $470k$427k $218k$208k $133k+17%$114k$77k Lifestyle prices increasing on like-for-like basis – lower average due to project & product mix For personal use only
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$k$200k$400k$600k$800k$1000k$1200k$1400k Sydney - Residential Newcastle-Maitland ResidentialAspen Lifestyle Sweetwater GroveMelbourne - ResidentialWodonga-Alpine - ResidentialAspen Lifestyle WodongaPerth ResidentialBunbury ResidentialAspen Lifestyle WA AverageAdelaide Residential Victor Harbor-Goolwa ResidentialAspen Lifestyle SA Average Aspen Lifestyle Prices1 v. Residential Prices2 Aspen Sells New Lifestyle Houses at a Fraction of Median Residential Prices 181. Aspen Lifestyle Price is average sale price (inc. GST) for new dwellings in HY26. 2. Residential Price is Cotality Median Sales Price of All Dwellings (houses and units) - December 2025 Aspen’s Lifestyle properties are typically within an hour of a major city and attract buyers from these premium markets For personal use only
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$276k$332k$366k$418k$464k$465k $82k$94k$95k$115k$133k$138k 33%31% 28%30%31%33% 0% 5% 10% 15% 20% 25% 30% 35% $k $100k $200k $300k $400k $500k $600k $700k FY21FY22FY23FY24FY25HY26 Lifestyle House Sales Average Sales Price (inc. GST)Average Realised Development Profit (ex. GST)Realised DP Margin (rhs) Keeping Average Sale Price Affordable while Extracting Higher Margin 19Realised Development Profit Margin = Realised Development Profit (ex. GST) divided by Total Development Revenue (ex. GST). Higher margin while maintaining competitive price For personal use only
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Sales Growing Quickly with Plenty of Capacity in the Development Pipeline 1. Sales Contracts are new contracts and expressions of interest (EOI) net of cancellations. 2. Settlements are settled sales. 20 Rolling 12 Months - Sales Contracts1 Settlements2 0 50 100 150 200 Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 Lifestyle Houses - # 0 50 100 150 200 Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 Residential Land Lots - # 0 50 100 150 200 Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25 Total Development - # For personal use only
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HY26 Acquisitions 21 Aspen Adelaide SA Villa Portfolio(settled August 2025) Aspen HQ Surry Hills NSW(settled November 2025)Aspen Wallaroo SA(settled October 2025) §Located at Yorke Peninsula SA about 2 hours drive to Adelaide CBD and Barossa Valley §Aspen and Council have entered into a formal land management agreement regarding the general masterplan for the site§Plan includes mixture of Lifestyle houses, Residential BTR villas, Residential land lots and commercial & retail component with >300 total dwellings/sites§Aspen is aiming to submit a formal development application for 1st stage of Residential land lots by March and for Lifestyle component by July §Purchase price of $14.1m - $47k per planned dwelling/site §Located predominantly in premium residential suburbs of Adelaide §113 villas / units with a mixture of Retirement Village (RV) leases (84) and Residential leases (29) most with highly subsidised rents§Plan to convert all RV leases to Residential leases as RV residents exit (7 conversions since acquisition) §Purchase price of $16.2m - $143k per dwelling §Located between Sydney CBD and Paddington on the major thoroughfare between the CBD, Sydney’s major sporting stadiums and the airport §Strata titled component of a mixed-use residential and commercial building§Gross floor area of 1,971sqms §Plan to initially use about half the space for Aspen’s headquarters and will seek to lease the remainder §Purchase price of $8.0m - $4,058 per sqm For personal use only
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New Acquisition - CQ Expansion Land 22 Coorong Quays Expansion Land Coorong Quays (CQ):§On Hindmarsh Island SA at the mouth of the Murray River across from Goolwa – 75-minute drive to Adelaide CBD §Aspen has been successfully developing Lifestyle houses (Alexandrina Cove) and Residential land lots at CQ for several years – achieving the highest volumes and selling prices among all of Aspen’s projects§CQ’s remaining development pipeline has ~500 approved sites across Lifestyle, Residential and Park uses – planning to add some BTR CQ Expansion Land:§Purchase price of $7.5m - $188k per HA §40HA site – 33HA zoned Rural Living allowing min. 2HA lots and 7HA zoned Rural Neighbourhood allowing min. 2,000sqm lots – larger product than CQ’s standard Residential land lots and potentially different customer base §No development approvals in place - we are aiming to gain approvals with increased density / smaller lot sizes Coorong Quays Murray RiverCoorong Quays Goolwa Murray River GoolwaSouthern OceanExpansionLand For personal use only
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23Black Dolphin Merimbula NSW – Revitalising the Original Robin Boyd Modernist Architecture For personal use only
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30%38%31%34% 17%22% 0%10%20%30%40%50%60% FY21FY22FY23FY24FY25HY26 Loan to Value Ratio4 Strong Balance Sheet Supports Growth Initiatives and Reduces Risk 1. DTL – deferred tax liability - provision relating to tax that would be payable by Aspen Group Limited if it were to sell all its assets at book value. 2. Net Asset Value per Security excluding DTL 3. ICR – Interest Cover Ratio - as defined in Aspen’s debt covenants – minimum is 2.0x. 4. LTV – Loan to Value Ratio - as defined in Aspen’s debt covenants – maximum is 55%. 24 30 Jun 2531 Dec 25Change Total Property and Inventory $681m$770m13% Net Financial Debt($87m)($138m)59% Provision for Distribution($11m)($13m)10% Provision for DTL1 ($30m)($43m)45% Net Other Assets (Liabilities)($7m)($5m)(29%) Net Assets$546m$571m5% NAV per Security (ex. DTL)2 $2.54$2.706% ICR3 4.6x5.7x1.1x LTV4 17%22%5ppt 7.1x 5.3x4.2x3.7x4.6x5.7x 0.0x1.0x2.0x3.0x4.0x5.0x6.0x7.0x8.0x FY21FY22FY23FY24FY25HY26 Interest Cover Ratio3 Aspen’s debt is supported by solid rental streams and low corporate overheads – not reliant on development profits For personal use only
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High Yielding Portfolio with Strong Real Growth Potential 1. WACR - Weighted Average Capitalisation Rate 2. Development Assets is all development assets including civils inventory, new lifestyle house inventory, spare land in investment properties and residential land inventory 3. ROIC = Realised Development Profit (annualised) divided by average of opening and closing Development Assets for the period. 30 Jun 2531 Dec 25ChangeRental PoolDwellings & Sites #4,1564,3595%Book Value (ex. spare development land)$588m$660m12%Per Approved Dwelling/Site$141k$151k7%WACR1 6.9%6.9%0ppt Development Assets2Approved Sites #1,1401,133(1%)Book Value of Approved Sites (inc. civils)$45m$48m7%Per Approved Site$39k$43k10% Planned Sites (STCA) #1,0481,47941%Book Value of Planned Sites (inc. civils)$24m$40m67%Per Planned Site$23K$27K17% Manufactured House Inventory$24m$22m(8%)Total Book Value of Development Assets$93m$110m19%ROIC3 18%20%2ppt Total Dwellings & Sites #6,3446,97110%Total Property and Development Inventory $681m$770m13% 25 Portfolio expanded 10% to 6,971 dwellings/sites Rental Pool:§Acquired Adelaide Villas SA and Surry Hills NSW (~50% for HQ and 50% to lease) §Book value only $151k per dwelling/site§WACR unchanged at 6.9% Development:§Acquired Wallaroo SA§Gained approval for Ravenswood WA Residential land component – Stage 1 65 lots §Disciplined inventory management:-Lifestyle manufactured house inventory down $2m or 8% -Residential land inventory up $3m to $18m due to timing – $4m released in January -Completed inventory available for sale at 31 December - only 12 Lifestyle houses and 3 Residential land lots§20% ROIC in line with target while investing heavily in new projects not yet in production For personal use only
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5.1% 2.2%2.7% 10.1% 7.7% 5.8%5.2%5.2%5.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% AspenResidentialPortfolioAustraliaResidential -CapitalsAustraliaResidential -Re gionalAspen ParkPortfolioListed Group 1Park PortfolioAspen LifestylePortfolioListed Group 1LifestylePortfolioListed Group 2LifestylePortfolioListed Group 3LifestylePortfolio Comparison of Book Value Capitalisation Rates Aspen’s Book Values are Conservative in Our Opinion Sources: Australian Residential cap rates – Cotality December 2025 gross rental yields multiplied by 65% net rental income margin, consistent with Aspen’s Residential properties. Listed group’s FY25 financial results presentations. 26 Aspen has been recycling Residential properties at ~3% cap rateAspen’s Lifestyle rents and clubhouse maintenance / depreciation are typically lower For personal use only
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27Aspen CoVE Upper Mount Gravatt QLD 3Outlook and Guidance For personal use only
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Outlook and GuidanceRentals§Long term⁃Expected to remain essentially fully occupied ⁃Average gross rent per dwelling/site expected to increase 4-5% per annum⁃Residential portfolio passing rents estimated to be ~10% below current market on average⁃Lifestyle land leases have fixed 3.5% per annum increase⁃Mixed Parks have a high component of long-term dwelling and land leases ⁃Lifestyle portfolio (# of leases) growing at 15-20% per annum through new development⁃CoVE UMG common facility refurbishment in 2H – we have granted 20% rent reduction while in progress §Short stay⁃Parks extensively refurbished past few years – continuing to seek a more profitable mix of rate and occupancy (higher margins)⁃Over peak summer period, NSW Park NRI was up slightly on pcp despite limited marketing period for Black Dolphin and Koala Shores post refurbishment – expect NRI to improve materially for these two Parks over the next 12 months ⁃AKV NRI is volatile – Karratha economy and AKV customer base are now more diversified, but current strong occupancy likely to decline at some point which may not be offset by higher average room rate and/or lower costs ⁃3-month forward bookings comfortably ahead of same time last year, particularly at AKV FY26 NRI guidance upgraded by 5% to $41.0m 28 For personal use only
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Outlook and Guidance 1. Contracts includes contracts and EOIs net of cancellations Development§New Residential BTR program has commenced - by far the biggest market opportunity for Aspen§Lifestyle:-Aiming to achieve consistent, strong volume and profit growth well into the future -Currently 7 active projects - plan to gain approvals and commence Ravenswood WA, Australind WA, Wallaroo SA and Normanville SA next 2-3 years §Residential land lot sales expected to be much higher in future:-Only Mount Barker in FY26 - plan to start CQ SA (next stage), Ravenswood WA (stage 1) and Wallaroo SA (STCA) next 1-2 years-Sensible to produce ~40-50 lots per stage per project for efficient cost, and sell quickly to avoid much higher land tax on titled lots§Average Realised Development Profit margin expected to remain over 30% (this margin will add to NAV if the asset is retained and leased instead of sold – worth the same to securityholders) §Settled sales guidance:-FY26 upgraded from 150 to 160 comprising 130 Lifestyle houses (up 10) + 30 Residential land lots (unchanged)-Rolling 12-month sale contracts1 of 187 at end of January 2026 -Already 115 settlements in FY26 to date-Higher proportion of Residential land lots in 2H which have lower $ margin than Lifestyle on average -FY27 upgraded from 200 to 220 (at least 150 Lifestyle houses)FY26 Realised Development Profit guidance upgraded by 10% to $21.5m 29 For personal use only
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Outlook and Guidance 1. Subject to no material change in Aspen’s operating environment. 2. Underlying Earnings is a non-statutory accounting measure that is determined to present, in the opinion of the directors, the operating activities of Aspen in a way that appropriately reflects Aspen’s underlying operating performance – refer to financial report for full definition. Acquisitions & Dispositions§Expect continued opportunities to acquire suitable properties, particularly from Governments (Federal, State and Local) / NFPs / Developers / Distressed Sales / Private Credit Funds – higher interest rates expected to be helpful to Aspen §Rents at some of our Residential properties have quickly reached ~$600pw – will consider selling some of these properties at ~3% cap rate§Small, seasonal, pure tourist properties are not core to Aspen – will consider selling once NRI rerates sufficiently post recent refurbishment Stepping Up a Gear – Guidance Upgraded üFY26 Underlying Pre-Tax EPS2 upgraded 7% to 21.5 cents – up 28% on FY25FY26 guidance assumes no contribution from Australind, Ravenswood and Wallaroo projects, and no acquisitions or dispositions of investment property. Expect Aspen to pay effective tax rate of 3-5% of the group’s total pre-tax Underlying Earnings in FY26 üInitial guidance for FY27 Underlying Pre-Tax EPS of 25.0 cents – up 16% on FY26 guidance FY27 guidance assumes no acquisitions or dispositions of investment property. We expect Aspen Group to pay an effective tax rate of 5-10% of the group’s total pre-tax Underlying Earnings over the medium to long term, consistent with other ASX listed real estate groups with stapled security structures. The effective tax rate in FY27 is expected to be higher at 10-15% as the group transitions to paying tax. We expect dividends to become partially or fully franked once Aspen Group Limited pays corporate tax 30 EBITDA$53.3mUp 29% on pcp FY26 Earnings Guidance1,2 Pre Tax EPS21.5 centsUp 28% on pcp Net Rental Income$41.0mUp 17% on pcp Development Profit$21.5mUp 69% on pcp For personal use only
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Property PortfolioAppendix 31 For personal use only
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32 Community EngagementSupporting over 10 sporting groups, schools, clubsCreating competitively priced housing through disciplined acquisition and development• Upcycling older buildings which are often unlivable• Building new homes at relatively low cost Aspen SocialSupporting charitable organisations and a portion of our tenants by providing housing at discounted rents Saving Resources• Actively renovating and upcycling old buildings including heritage • Smaller dwellings which use less resources to construct and operate • Solar installations, metering, converting to electricity, upgrading infrastructure Indigenous ProgramsWorking with local indigenous groups to ensure cultural integrity and to maintain heritage items Diversity & InclusionInternship program with Uni SA Looking after our CustomersOn-site management, services and community spaces to foster a diverse and inclusive culture so that our customers have a sense of home and meaningful connections to the community Governance and Alignment• Aspen’s Board is majority independent and all NEDs own APZ stock• CEOs own ~7% of APZ stock and more than half of their remuneration is contingent on APZ’s investment returns based on book value and stock price Aspen is Helping Solve Australia’s Housing Problems For personal use only
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Portfolio Summary 1. Mix weighted by # of approved and planned dwellings and sites 2. Location weighted by book value Regional29% Metropolitan71% Location Mix2 47%21%19% 3% 6% 4% State Mix2 33 Rental Pool - Dwellings30% Rental Pool - Land Sites33% Development Pipeline - Approved16% Development Pipeline - Planned21% Dwelling/Site Mix1 For personal use only
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Total Portfolio including Residential Land Development Inventory 34 Total Portfolio StateRental Pool DevelopmentCombinedBook Value1 ($m)Cap RateValue per Dwelling/SiteDwellingsSitesTotalApprovedPlannedTotalTotal Residential1,18001,180657227871,967$3645.06%$185k Lifestyle2746529265384881,0261,952$1585.82%$81k Park 6431,6082,2512291894182,669$20110.06%$75k Residential Land00030180381381$18N/A$48k Aspen HQNSW2020002$8NA$4m Total Portfolio2,0992,2604,3591,1331,4792,6126,971$7486.9%$107k 1. Book values are a mixture of Directors’ and external valuations - refer to the financial report for additional information on valuations. For personal use only
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Residential Living 1. Book values are a mixture of Directors’ and external valuations - refer to the financial report for additional information on valuations. 2. Australind currently in the Residential segment as the property has 97 transportable dwellings that are intended to be leased as residential – we intend to seek approval to develop the spare land as Lifestyle. 3. Ravenswood currently in the Residential segment as the englobo land has 4 residential houses that are leased. Our intention is to seek development approvals for a mixture of Lifestyle, Residential land lots and Residential BTR. 35 Residential Living StateRental Pool DevelopmentCombinedBook Value1 ($m)Cap RateValue per Dwelling/SiteDwellingsSitesTotalApprovedPlannedTotalTotal Perth Apartment PortfolioWA509050902525534$216.34.46%$405k Australind Grove2 WA970970250250347$34.0N/A$98k Ravenswood3 WA40465435500504$12.7N/A$25k Perth House PortfolioWA2702700027$13.74.02%$508k ViveashWA360360121248$6.5N/A$135k Lindfield ApartmentsNSW6006000060$22.84.00%$380k Cooks HillNSW5005000050$13.85.00%$275k CoVE UMGQLD3080308000308$31.06.50%$101k BurwoodVIC8908900089$12.97.75%$145k Total Residential1,18001,180657227871,967$3645.06%$185k For personal use only
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Lifestyle 1. Book values are a mixture of Directors’ and external valuations – please refer to the financial report for additional information on valuations. Note for Wodonga Gardens, Strathalbyn, Alexandrina Cove and Adelaide Villas - some leases at these properties are regulated under Retirement Village Acts and residents are obligated to pay deferred management fees (DMF) under contracts. The book values in this table reflect the fair value of the estimated DMF revenue stream plus the fair value of spare land (ie. excludes gross up for resident loans included in the financial statements). 2. Capitalisation rates for Wodonga Gardens, Strathalbyn, Alexandrina Cove relate to the leased Lifestyle land site component of the properties (the implied cap rates for the Retirement Village DMF contracts are higher). Adelaide Villa Portfolio Retirement Village DMF component has been valued on a discounted cashflow basis, and the Residential rental component has been valued on on a direct comparison basis (none of the properties have been valued on a capitalisation of income basis). 3. Wallaroo currently in the Lifestyle segment as the englobo land is intended to be predominantly developed as Lifestyle – we will also be seeking development approvals for some Residential land lots and Residential BTR. 36 Lifestyle StateRental Pool DevelopmentCombinedBook Value1 ($m)Cap Rate2Value per Dwelling/SiteDwellingsSitesTotalApprovedPlannedTotalTotal Sweetwater GroveNSW2414416836036204$24.45.75%$120kFour LanternsNSW1133134000134$20.55.15%$153kMandurah GardensWA0158158000158$22.76.00%$143kSierraWA2745721330133205$11.47.00%$56kMeadowbrookeWA4505413113144198$7.8N/A$39kAdelaide VillasSA1130113000113$20.1N/A$178kAlexandrina CoveSA1764811160116197$14.45.75%$73kWallaroo3 SA0000300300300$14.1N/A$47kStrathalbynSA2633592902988$6.95.75%$78kNormanvilleSA0000175175175$2.9N/A$17kWodonga GardensVIC62258792092179$12.45.75%$69kTotal Lifestyle2746529265384881,0261,952$1585.82%$81k For personal use only
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Parks 1.Book values are a mixture of Directors’ and external valuations - please refer to the financial report for additional information on valuations 37 Parks StateRental Pool DevelopmentCombinedBook Value1 ($m)Cap RateValue per Dwelling/SiteDwellingsSitesTotalApprovedPlannedTotalTotal Highway OneSA10418929329150179472$42.67.75%$90k Adelaide Caravan ParkSA47408703939126$21.57.00%$171k Coorong QuaysSA136746872000200887$15.78.75%$18k Darwin Freespirit ResortNT148305453000453$41.08.75%$91k Karratha VillageWA1800180000180$25.030.00%$139k Barlings BeachNSW31228259000259$22.77.50%$88k Black DolphinNSW8365148000148$18.28.25%$123k Koala ShoresNSW37107144000144$14.48.50%$100k Total Park6431,6082,2512291894182,669$20110.06%$75k For personal use only
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Residential Land Development Inventory 38 Residential Land Development StateRental Pool DevelopmentCombinedBook Value1 ($m)Cap RateValue per Dwelling/SiteDwellingsSitesTotalApprovedPlannedTotalTotal Mount BarkerSA0007507575$9.0N/A$120k Coorong QuaysSA00022680306306$9.3N/A$30k Total Land Development00030180381381$18N/A$48k For personal use only
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Rentals – Financial Summary by Property TypeResidential (Dwellings)Parks (Mixture)Lifestyle (Sites)Total Portfolio HY25HY26ChangeHY25HY26ChangeHY25HY26ChangeHY25HY26Change # Dwellings/Sites (Period Average)1,0581,0600%2,2112,2391%69285624%3,9614,1545% Average Weekly Rent1$373$3905%$340$38613%$211$2214%$327$3538% Total Rental Revenue$10.3m$10.8m5%$19.6m$22.5m15%$3.8m$4.9m29%$33.6m$38.1m13% Net Rental Income (NRI)$6.7m$7.2m8%$8.2m$10.7m29%$2.2m$3.1m38%$17.2m$20.9m22% Margin66%67%1ppt42%47%5ppt58%62%4ppt51%55%4ppt 1. Total rental revenue divided by average number of dwellings/sites. Rental income includes a small amount of ancillary revenue at some of our properties. Lifestyle rent includes a small amount from dwelling rentals.39 For personal use only
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-10% 0% 10% 20% 30% 40% 50% 60% 70% FY20FY21FY22FY23FY24FY25HY26 Contributions to Total NRI Growth Growth in Rental Pool (volume)Change in Average Weekly Gross RentNRI Margin Expansion Creating More Value from Every $ of Rent Charged to Customers 40 Majority of NRI growth has been generated from increasing the size of the Rental Pool (acquisitions net of sales (recycling) and development) and margin expansion (strong operational management, property improvements and portfolio mix) – minority from increasing average weekly gross rent charged to customers HY26 is compared to HY25For personal use only
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Development – Financial Summary by SegmentLifestyle (Dwellings)Residential (Land Lots)Total PortfolioHY25HY26ChangeHY25HY26ChangeHY25HY26Change # Settled Sales3073143%184(78%)487760% Average Sale Price (inc. GST)$470k$465k(1%)$218k$279k28%$376k$455k21% Total Revenue (ex. GST)$12.8m$30.8m141%$3.6m$1.0m(72%)$16.4m$31.8m94% Realised Development Profit$4.2m$10.0m138%$1.2m$0.2m(87%)$5.4m$10.2m87% Margin – Per Sale$142k$138k(3%)$66k$41k(38%)$114k$133k17% Margin – % 33%33%0ppt33%16%(17ppt)33%32%(1ppt) 41 For personal use only
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Debt Facility and Interest Rate HedgingKey Metrics30 Jun 2531 Dec 25Change Total Assets$733m$859m17%Net Debt$87m$138m59%Net Asset Value (NAV)$546m$571m5%Securities (period end)226m228m1%NAV per Security$2.41$2.514%NAV per Security (excluding DTL)$2.54$2.706% Debt FacilityExpiry Sept 28Sept 28Drawn Margin185bps185bpsLimit (inc. multi option / guarantee facility)$260m$260mUnchangedDrawn/Used$99m$150m$51mAvailable$161m$110m($51m) BBSW Interest Rate HedgesExpiry Sept 27Sept 27UnchangedAmount $80m$80mUnchangedRate 3.67%3.67%Unchanged 42 For personal use only
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DisclaimerAspen Group (ASX: APZ) comprises the stapling of Aspen Group Limited and Aspen Property Trust ("Aspen"). The Responsible Entity (“RE”) of the Aspen Property Trust is Evolution Trustees Limited (ABN 29 611 839 519, AFSL 486217).This presentation has been prepared by Aspen Group Limited on behalf of Aspen and should not be considered in any way to be an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, and neither this document nor anything in it shall form the basis of any contract or commitment. Prospective investors should make their own independent evaluation of an investment in Aspen. Nothing in this presentation constitutes investment, legal, tax or other advice. The information in this presentation does not take into account your investment objectives, financial situation or particular needs. The information does not purport to constitute all of the information that a potential investor may require in making an investment decision.Aspen has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Aspen, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.This presentation contains forward looking information. Indications of, and guidance on, future earnings, distributions and financial position and performance are forward looking statements. Forward looking statements are based on Aspen’s current intentions, plans, expectations, assumptions, and beliefs about future events and are subject to risks, uncertainties and other factors which could cause actual results to differ materially. Aspen and its related bodies corporate and their respective directors, officers, employees, agents, and advisers do not give any assurance or guarantee that the occurrence of any forward-looking information, view or intention referred to in this presentation will actually occur as contemplated. All references to dollar amounts are in Australian currency. For personal use only