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Kyron Capital Group ASX: KYN | FY26 Results Presentation 28 August 2026
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2Kyron Contents Business Update Funds Management Platform Kyron Capital Group Environmental, Social & Governance (ESG) Outlook 01 02 03 04 05 3 5 19 30 33 Acknowledgement of Country Kyron is proud to work with the communities in which we operate, to manage and improve properties on land across Australia and New Zealand. We pay our respects to the Traditional Owners, their Elders past, present and emerging and value their care and custodianship of these lands.
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3Kyron Business Update01
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4Kyron Execution of Strategic Reset Significant milestones achieved as part of strategic reset with momentum and clarity continuing into FY27. Jul – Dec 2025 Jan – Mar 2026 Apr – Jun 2026 Jul – Aug 2026 Sep 2026 - onward • Expansion of Rockworth strategic alliance • Strategic Reset plan announced • Challenger Life Mandate unwinding • 2024 AGM • Governance enhancements commenced • Securityholder approval of Rockworth recapitalisation at EGM • Challenger securities cancelled • Material debt reduction from asset realisations • FY25 Financial Statements • 2025 AGM • HY26 Financial Statements • $125m Rockworth balance sheet recapitalisation completed • Reinstated to ASX quotation • New CEO appointed • New AFSL issued by ASIC • Independent Managed Fund Trustee Board established • Governance enhancements complete • Rebrand to Kyron • Strengthen balance sheet • Grow through targeted, capital- led initiatives • Drive profitability • Rebuild confidence Stabilise Repair Platform readiness Rebrand & Re-engage Clear Direction Forward
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5Kyron Funds Management Platform02
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6Kyron Mission To create better ways to invest through a platform with greater access and insight Vision Bridging the world of investment through people, place and shared prosperity Real estate sector focus Retail Office Healthcare Hotels & Leisure Core strengths Outcomes Our strategy Deep sector expertise Capital-led Investments Active management approach Stronger balance sheet Growth in AUM Platform profitability Stakeholder confidence Investment returns Source high-quality real estate assets and deliver strong investment returns through active management for both Kyron Funds Management capital partners and Kyron securityholders. “Our strategy is straightforward… to originate well, actively manage, and selectively invest in high-quality real estate assets across Australia and New Zealand. Our growth ambition is with domestic and global capital partners, as well as expanding our Pan-Asian capital partnerships, to grow funds under management over time”
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7Kyron What Kyron can deliver Australian execution capability Origination, underwriting and active asset management by experienced sector teams Institutional investment discipline Independent challenge, clearer accountability and simplified platform A connected capital platform Australian real-estate capability supported by long-term shareholders and growing Pan- Asian relationships Targeted growth Capital-led opportunities where Kyron has both a clear operating edge and aligned investment partners Four pillars underpin Kyron’s renewed platform, institutional readiness and ability to deliver disciplined, capital-led growth.
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8Kyron Sector Strategy2.1
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9Kyron Retail Strategy / objective • Invest in resilient retail assets supported by everyday-needs spending and attractive risk-adjusted returns • Leverage integrated platform to create value through origination, asset management, leasing and repositioning initiatives • Drive sustainable platform growth through active portfolio optimisation, capital recycling and institutional-led AUM growth Disciplined focus on supermarket-anchored, everyday-needs retail where active management drives income and occupancy to generate superior investment returns. Key highlights • Portfolio Value - $859.5m (Core $629.4m; Non-Core $230.1 m) • Core Occupancy - 97.8% • Core WALE - 4.0 years • Core Portfolio Cap Rate - 6.53% • Divested $225m of Non-Core Assets and $675m of ADIC mandate assets above book value Asset Type Location Carrying value ($m) Hunters Plaza Syndicate Core NZ 43.9 Tweed Mall Mixed-use Real Estate Fund Core NSW 100.0 Warrawong Plaza Fund Core NSW 193.0 Clifford Gardens Fund Core QLD 172.5 Riverton Forum Fund Core WA 120.0 Belconnen Markets Syndicate, Capital Food Markets Non-core ACT 45.6 Fairfield Centre Syndicate Non-core NSW 87.0 Riverside Development Fund Non-core NSW 7.5 Riverside Plaza Syndicate Non-core NSW 90.0 TOTAL 859.5 Tweed Mall, NSW
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10Kyron Office Strategy / objective • Acquire high-quality office assets at attractive points in the cycle, using disciplined asset selection to create long- term value • Actively manage assets to enhance income and unlock value, through leasing, repositioning and targeted capital initiatives • Focus on resilient, future-ready office investments, targeting sustainable buildings that support long-term tenant demand and cashflow growth • Build a scalable portfolio delivering consistent risk- adjusted returns, underpinned by financial discipline and flexibility Key highlights • Advancing 19 Harris Street strategy through successful leasing, speculative fitouts and tenant retention initiatives, supporting value growth and leasing momentum • Maintained 100% occupancy and strong fund performance at 55 Elizabeth Street, while progressing key refurbishment, leasing and capital planning initiatives as part of the asset’s repositioning strategy and next phase of growth Asset Location Carrying value ($m) 19 Harris Street, Pyrmont NSW 144.0 55 Elizabeth Street Fund, Brisbane QLD 173.0 TOTAL 317.0 Building a resilient office platform through selective investment, optimal leasing strategies and active repositioning to create value. 19 Harris Street, NSW
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11Kyron Healthcare Strategy / objective • Invest in defensive out-of-hospital healthcare assets in key metropolitan and major regional markets, targeting medical centres, day surgeries, imaging and specialist facilities • Prioritise assets embedded in established healthcare ecosystems, supported by hospital proximity, diversified tenants and strong operator covenants • Deliver stable income and attractive total returns through long-WALE leases, CPI-linked rental growth and disciplined capital management Key highlights • Significant leasing progress achieved lengthening WALE and increasing occupancy, including the relocation and expansion of Monash IVF at 55 Little Edward St, the 5- year renewals of QLD Health tenancies at Woolloongabba, and a number of renewals across the portfolio • Portfolio refinanced on favourable terms, with gearing maintained within the target 30-40% range Asset State Carrying value ($m) 55 Little Edward St, Spring Hill QLD 90.5 Pacific Private, Southport QLD 60.5 Woolloongabba Community Health Centre, Woolloongabba QLD 44.0 Highpoint Health Hub, Ashgrove QLD 42.0 2 Civic Boulevard, Rockingham WA 19.3 Broadway Medical Centre, Ellenbrook WA 13.7 TOTAL 270.0 Defensive healthcare income, powered by sector tailwinds and targeted investment in out-of-hospital assets. Pacific Private, QLD
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12Kyron Hotels Type State Rooms Carrying value ($m) ibis Styles Canberra Core ACT 207 29.0 Byron Bay Hotel & Apartments Core NSW 43 36.0 Parklands Resort Mudgee Core NSW 87 19.8 Barossa Weintal Resort Core SA 52 12.1 Clare Country Club Core SA 65 13.3 Adabco Boutique Hotel, Adelaide Core SA 69 13.5 Peppers Cradle Mountain Lodge Core TAS 86 78.0 ibis Styles Canberra Eaglehawk Non-core ACT 151 15.5 Sanctuary Inn Tamworth Non-core NSW 60 15.9 Estate Tuscany, Hunter Valley Non-core NSW 39 8.0 Wildes Kangaroo Valley Non-core NSW 26 8.9 Chateau Yering, Yarra Valley Non-core VIC 32 9.2 TOTAL 917 259.2 Hotels & Leisure Strategy / objective • Enhance performance of Hotel Accommodation Fund, grow distributions and capital value, and optimise asset exit value • Drive asset management initiatives to enhance customer experiences, improve operating margins and deliver stronger long-term risk-adjusted investment returns • Leverage association with 1834 Hotel operator and branding networks to pursue new accommodation and lifestyle leisure opportunities • Reinvestment in core portfolio expected to drive Fund returns Key highlights • Like-for-like core operational performance up 15% year on year, providing for recommencement of distributions in FY26 • Successful debt refinance in August 2026 for Hotel Accommodation Fund. Improved terms and stronger relationship with financier • Settled the sale of Sanctuary Inn Tamworth at a 40% premium to book value A specialist in hotel and leisure investment management through the asset lifecycle. Peppers Cradle Mountain Lodge, TAS
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13Kyron Governance & Leadership2.2
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14Kyron Governance – Independent oversight. Genuine accountability 1 Intention Clear separation of Manager and investor interests The transition clearly separates the Group’s interests from its fiduciary obligations to fund investors, enabling decisions to be made independently and on their merits. Impact Transparency and market confidence Reinstatement to ASX quotation on 11 June 2026, following completion of all reporting obligations, marks the Group’s return to the market on a footing of transparency, timely disclosure and renewed investor engagement. Going forward The foundation of the platform strategy Institutional-grade oversight is the pre-condition for scaling the funds management platform — it underpins mandate opportunities, Pan-Asian capital partnerships and disciplined, capital-led growth. Decades of institutional experience across every layer of oversight with new and renewed expertise shaping future direction. David McNamara Chief Executive Officer 30+ years of experience David McNamara appointed CEO and the Board transition completed in June 2026 with Tony Fehon transitioning to a Non- Executive Director position on the Board Leadership renewal completed 2 New Independent Managed Fund Trustee Board established Stephen Bull Non-Executive Director Trustee Board 30+ years of experience Giselle Collins Independent Director and Chair Trustee Board 30+ years of experience
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15Kyron Assets Under Management2.3
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16Kyron $0.88bn Unlisted real estate funds $1.8bn of AUM (at 30 June 2026) Assets Under Management 1. Non-core industrial development with realisation to occur following lease up A diversified portfolio of core sector real estate assets with a platform capability primed for growth. Retail $0.33bn Unlisted real estate funds Office $0.27bn Institutional mandate Healthcare $0.27bn Unlisted multi-asset luxury & regional hotel fund Hotels & Leisure $0.08bn Institutional mandate Industrial1
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17Kyron Assets Under Management During the period, the Group continued to execute on key divestment activities on behalf of mandate clients and as part of planned managed fund asset realisations. The governance enhancements and the depth of the Group’s transactional and operational capability have resulted in successful divestment of assets to achieve the best possible outcomes for managed fund investors. Transactional AUM Movement during FY26 1 Settlement AUM Transacted ($m) Waverley Gardens Fund July 2025 163 Stirling Street Syndicate August 2025 28 Bluewater Square Syndicate September 2025 32 21 O’Sullivan & 31 O’Sullivan Circuit (Challenger) September 2025 57 Bankstown Central (ADIC) September 2025 323 Elanor Wildlife Park Fund February 2026 68 Paradise Centre and Novotel Surfers Paradise (ADIC) April 2026 352 Elanor Hotel Accommodation Fund Various 92 Transactional AUM Movement 1,115 Deep transactional capability in complex and challenging conditions. ~$1.1 billion in AUM transacted during the year, with capital returned to investors. 1. Excludes unwinding of Challenger mandate and termination of ECF management rights Paradise Centre, QLD
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18Kyron Assets Under Management Executing on managed fund asset realisation programs and focusing on core retail, office, healthcare and the hotels & leisure real estate sectors. $5,497m -$2,101m -$28m -$163m -$32m -$92m -$57m -$460m -$68m -$675m $9m $1,830m - $1.0b $2.0b $3.0b $4.0b $5.0b $6.0b Increase Decrease Total AUM $m Retail 879 Office 325 Hotels & Leisure 271 Healthcare 274 Industrial 81 Total 1,830
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19Kyron Kyron Capital Group03
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20Kyron FY26 Financial Results3.1
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21Kyron FY26 Results1 - Focus on Stabilising the Balance Sheet 1. FY26 Results have been restated to reflect the co-investment in Elanor Hotel Accommodation Fund (EHAF), Elanor Wildlife Park Fund (EWPF), Bluewater Square Syndicate and Stirling Street Syndicate on an equity accounted basis 2. NTA per security to ordinary equity is calculated after deducting the Perpetual Notes and unpaid Perpetual Note distributions 3. Gearing is defined as net debt divided by total tangible assets less cash. FY25 gearing has been restated to reflect the current year methodology and ensure comparability FY26 was a transition year focused on stabilising the business through the balance sheet recapitalisation and execution of the planned Managed Fund asset realisations. $26.1m $1.1m $(30.3)m Recurring Funds Management Income (excl. transaction fees) Recurring Funds Management EBITDA Core Earnings FY25: $46.1m FY25: $9.0m FY25: $(8.9)m $1.8bn $0.26 54.2% Group AUM NTA per security $(0.17) NTA per security to ordinary equity2 Gearing3 30 June 2025: $5.5bn 30 June 2025: $0.11 30 June 2025: 72.4%
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22Kyron Core Earnings 1. 1834 Hotels was appointed to manage hotel assets within the Elanor Hotel Accommodation Fund (EHAF) in November 2024. 2. 20.3 million KYN securities were cancelled in relation to the unwinding of the CLC mandate during the year. 3. Includes impairments on EWPF receivables following sale of Wildlife fund management rights in February 2026 and provisions held against historical fees/loans relating to planned divestments, subject to any final sale outcomes. Core Earnings FY26 $m FY25 $m Management Fees 22.9 39.0 Development and Leasing Fees 3.2 5.7 Hotel Operator Fees1 - 1.4 Recurring Funds Management Income 26.1 46.1 Acquisition/Transaction Fees 1.0 1.0 Performance Fees - - Funds Management Income 27.1 47.1 Equity Raise Fee Rebate - (2.6) Corporate overheads (25.0) (37.1) Funds Management EBITDA 2.1 7.4 Funds Management EBITDA Margin 8% 16% Co-investment earnings 0.6 0.3 Profit/(loss) on sale of assets and co-investments (2.6) (3.1) Receivable provisions and impairments3 (17.5) (0.1) STI (Core Earnings impact) (0.9) (0.7) Core Earnings EBITDA (18.3) 3.8 Depreciation and amortisation (1.3) (1.5) Operating profit before interest and tax (19.6) 2.3 Interest income 0.5 1.1 Borrowing costs (17.6) (15.2) Operating profit before tax (36.7) (11.8) Income tax (expense)/benefit 6.4 2.9 Core Earnings (30.3) (8.9) Number of securities (‘000)2 131,921 152,202 Operating EPS (cents) (23.00) (5.83) $27.1m Funds management income impacted by managed fund divestments, unwinding of the CLC Mandate2 and termination of ECF management rights. $25.0m Corporate costs significantly reduced throughout the year. Ongoing initiatives are generating further sustainable reductions. $0.6m Co-investment earnings include distributions from Elanor Healthcare Real Estate Fund and recommencement of distributions from Elanor Hotel Accommodation Fund in February 2026. $17.6m Borrowing costs increased reflecting the increased cost of debt from bridge refinancing with Keyview, and refinanced Corporate Notes. The Balance Sheet Recapitalisation delivered a significant reduction in the Group’s cost of capital. FY26 Core Earnings materially impacted by elevated debt costs, provisions for managed fund receivables and other one-off costs relating to the Group’s strategic reset.
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23Kyron Capital Management3.2
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24Kyron Capital Management • Execution of additional capital management initiatives has been key to supporting the Group’s stabilisation activities and providing working capital leading up to the balance sheet recapitalisation. • 2H FY26 working capital impacted by material one-off costs relating to the exit of the Keyview debt facility, make-whole interest on the partial repayment of the Loan Notes, transaction-related costs and costs associated with the establishment of the Group’s enhanced governance arrangements, including recruitment costs related to the appointment of the Group’s new CEO. • As the business transitions to growing the platform, working capital will be supported through: 1. Strengthened balance sheet ‒ Capital releases from further managed fund asset realisations ‒ Recovery of historical management fees owing from managed funds ‒ Improved distributions from co-investments through active asset management activities ‒ Access to Loan Note redraw capacity 2. Growth in AUM and associated future revenue streams 3. Improved profitability ‒ Normalisation of business operations and reduction in transitional extraordinary expenses ‒ Execution of cost management initiatives generating further sustainable cost reductions Fund KYN Co- investment1 Exited Capital released2 $m Other $m Total FY26 $m Waverley Gardens Fund 15.0% Jul-25 4.8 - 4.8 Stirling Street Syndicate 43.0% Aug-25 2.7 - 2.7 Bluewater Square Syndicate 42.3% Sep-25 4.8 - 4.8 Elanor Wildlife Park Fund 42.8% Feb-26 13.0 - 13.0 ECF management rights - Feb-26 - 8.5 8.5 Mulgrave 10.0% Jun-26 1.6 - 1.6 EPIF - Various 0.9 - 0.9 Elanor Hotel Accommodation Fund 32.5% Various 2.7 - 2.7 Total 30.5 8.5 39.0 Material balance sheet capital ($39.0m) released from planned managed fund asset realisations and used to repay debt and other liabilities. Further balance sheet capital is expected to be released in future periods supporting working capital. 1. Current or at the time of divestment 2. Combination of return of capital, repayment of historical fees owed or financial assets
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25Kyron Balance Sheet3.3
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26Kyron Balance Sheet1 Notes 1. Increase in Cash of $3.7m from trading over the period and working capital from the balance sheet recapitalisation. 2. Decrease in Receivables of $14.0m reflecting asset realisations during the period. 3. Decrease in Financial assets of $17.4m, driven by executed realisations and provisions raised for other subordinated loans related to planned asset realisations (subject to final divestment outcomes). 4. Decrease in Equity accounted investments of $20.2m from the sale of co-investments. 5. Decrease in Management rights related to unwinding of Challenger and ADIC mandates, and termination of ECF management rights. 6. Decrease in Other current liabilities of $8.8m through repayments of the majority of commercial arrangements. 7. Interest bearing liabilities reduction of $49.9m from combination of asset realisations during the period, the balance sheet recapitalisation, and a voluntary repayment of $4m of Loan Notes. 8. $55.0m Perpetual Notes issue as part of the balance sheet recapitalisation and significantly reducing gearing. 9. 20.3m securities clawed back and cancelled as part of the unwinding of the Challenger mandate. 10.30.0m Penny Warrants issued to Rockworth. Exercisable from 17 October 2026 at $0.01 per Warrant, convertible to ordinary equity. Balance Sheet1 30 Jun 2026 30 Jun 2025 Notes $m $ Mvt $m Assets Cash 1 11.4 3.7 7.7 Receivables 2 34.1 (14.0) 48.1 Other current assets 0.6 - 0.6 Financial assets 3 - (17.4) 17.4 Equity accounted investments 4 64.7 (20.2) 84.9 Property, plant and equipment 1.4 0.5 0.9 Management rights 5 - (13.5) 13.5 Intangibles 0.2 (0.9) 1.1 Total assets 112.4 (61.8) 174.2 Liabilities Payables 4.6 (8.3) 12.9 Lease liabilities 1.4 1.0 0.4 Other current liabilities 6 7.6 (8.8) 16.4 Derivative financial instruments 1.8 1.8 - Interest bearing liabilities2 7 62.8 (49.9) 112.7 Other non-current liabilities 0.1 (0.1) 0.2 Total liabilities 78.3 (64.3) 142.6 Net assets 34.1 2.5 31.6 Perpetual Notes 8 55.0 55.0 - Number of securities (‘000) 9, 10 131,921 (20,281) 152,202 NAV / NTA per security ($) 0.26 / 0.26 0.21 / 0.11 NAV / NTA per security ($) to ordinary equity3 (0.17) - Gearing (%)4 54.2% 72.4% 1. Balance Sheet has been restated to reflect the co-investment in Elanor Hotel Accommodation Fund (EHAF), Elanor Wildlife Park Fund (EWPF), Bluewater Square Syndicate and Stirling Street Syndicate on an equity accounted basis 2. Interest bearing liabilities includes capitalised borrowing costs 3. Carrying value of the $55m Perpetual Notes is excluded from net assets to ordinary equity as the holders of the Notes rank ahead of ordinary stapled securityholders with respect to distributions and/or capital returns in accordance with the terms of issue 4. Gearing is defined as net debt divided by total tangible assets less cash $125m recapitalisation completed on 17 April 2026, stabilised the balance sheet and delivered significant reduction in cost of capital. Continued focus on balance sheet strengthening.
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27Kyron Balance Sheet Capital Structure 1. Gearing is defined as net debt divided by total tangible assets less cash 2. $4m of Loan Notes were redeemed in May 2026, and available for redraw under the Loan Note facility 3. Convertible to ordinary stapled securities upon exercise 4. With the Firmus Transaction no longer proceeding, the Loan Note facility has been amended such that the first effective date for financial covenants has been set to 30 June 2027. Gearing is set initially as 70% and the ICR set as 1.1x, to be reported on a quarterly basis with no event of default arising prior to the effective date of 30 June 2027 Key Terms Secured Loan Notes (fixed) Perpetual Notes Penny Warrants3 Facility Limit ($m) 70.0 55.0 n/a Drawn amount ($m) 66.02 55.0 n/a Term / Expiry 24 months / 16 April 2028 + 12-month extension No fixed maturity Expires 30 June 2028 Rate 7% p.a. 9% p.a. (years 1-3), then 11% p.a. $0.01 exercise price per security Key feature Secured, with relevant covenants Subordinated, distributions and redemption at issuer discretion Exercisable from 17 October 2026 Key financial covenants4 First effective date 30 June 2027 Gearing covenant 70%; ICR Covenant 1.1x n/a n/a Priority Senior secured Rank ahead of ordinary stapled securityholders Converts to ordinary stapled securities Classification Debt Equity Equity-linked $125m recapitalisation stabilised the balance sheet and delivered significant reduction in cost of capital, providing alignment between capital structure and strategic growth objectives of the business. $125m of facilities with a maturity of 24 months + a 12-month extension option for Secured Loan Notes $10m maximum revolving facility (based on repaid amounts) provides capital management flexibility 54.2% Gearing1,4
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28Kyron Receivables from Managed Funds A focus on recoverability of receivables and financial assets through managed fund asset realisation programs and improved fund operating performance releasing further working capital for stabilisation and growth activities. EHAF receivables are expected to be recovered through a combination of planned asset realisations and continued improvements in Fund performance focusing on a core portfolio of hotel assets. Other managed fund trade debtors are expected to be recoverable through a combination of the ordinary course of business or asset realisation activities. Carrying values of financial assets that are subject to potential asset realisation have been assessed based on potential divestment outcomes. Receivables 30 June 2026 $m 30 June 2025 $m Managed funds with potential asset realisations Elanor Hotel Accommodation Fund (EHAF) 15.9 18.5 Belconnen Markets Syndicate1 - 4.2 Fairfield Centre Syndicate 3.0 3.3 Hunters Plaza Syndicate 3.3 3.0 Bluewater Square Syndicate2 2.9 - Elanor Wildlife Park Fund (EWPF)3 - 2.0 Other managed funds trade debtors 3.0 6.2 Total trade debtors 28.1 37.3 Sundry debtors relating to EHAF 2.6 4.5 Other sundry debtors and receivables 3.4 6.3 Total Receivables 34.1 48.1 Financial Assets (subordinated loans) Bluewater Square Syndicate2 - 8.3 Belconnen Markets Syndicate1 - 9.1 Total Financial Assets - 17.4 1. Belconnen receivable, subordinated loan and accrued interest have been fully provided for at 30 June 2026. 2. Bluewater Square sold in September 2025, including $2.9m deferred settlement amount to be realised 12 months post settlement, and other realised amounts. 3. Co-investment in the Elanor Wildlife Park Fund (EWPF) together with the management rights sold in February 2026. Recovery of receivables to continue as asset realisation programs are completed and operating performance across the managed funds improves.
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29Kyron Managed Fund Co-Investments KYN Co- Investment 30 June 2026 % KYN Co- Investment 30 June 2026 $m KYN Co- Investment 30 June 2025 % KYN Co- Investment 30 June 2025 $m Comments Office and Healthcare Elanor Healthcare Real Estate Fund 3.4% 5.6 3.4% 5.6 Performing in line with expectations 55 Elizabeth Street Fund 1.7% 1.6 1.7% 1.9 Performing in line with expectations Stirling Street Syndicate - - 43.0% 2.5 Divested in August 2025 Harris Street Fund 13.8% 3.3 13.8% 3.5 Focused on improving operating performance and investment value, with equity distributions remaining suspended Total 10.5 13.5 Retail Elanor Property Income Fund - - 35.3% 0.7 Fund wound up Waverley Gardens Fund - - 15.0% 4.9 Divested in July 2025 Belconnen Markets Syndicate 1.0% - 1.0% 0.1 Divestment strategy commenced Hunters Plaza Syndicate 5.9% 1.4 5.9% 1.4 Distribution has recommenced, based on improved performance Total 1.4 7.1 Hotels & Leisure Elanor Hotel Accommodation Fund 32.5% 52.8 32.5% 51.3 Driving improved asset performance will continue to increase investment value Elanor Wildlife Park Fund - - 42.8% 13.0 Divested in February 2026 Total 52.8 64.3 Total Equity accounted investments 64.7 84.9 Driving operational performance across the managed funds will increase the realisation value of co-investments.
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30Kyron Environmental, Social & Governance (ESG)04
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31Kyron Environmental, Social & Governance (ESG) Environmental • Continued solar panel rollout across the retail portfolio, with Riverton shopping centre recently commissioned, meaning all retail centres, with one exception, now have operational on-site solar. • Execution of a two-year electricity agreement incorporating 100% GreenPower across four of our Queensland properties, providing cost certainty while decarbonising our landlord-controlled operations. • FY26 Scope 1 and 2 Group Total location-based emission intensity remained relatively stable year-on-year, increasing marginally from 36.6 kgCO₂-e/m² in FY25 to 36.9 kgCO₂-e/m² in FY26. This reflects resilient emissions performance despite higher hotel occupancy naturally leading to increased emissions and the overall significant changes in composition of the area under operational control, following asset divestments and the transitions of the Challenger portfolio, commercial property fund and wildlife park fund. Social • Expanded community partnerships across our retail portfolio, including with the Salvation Army’s Thread Together program which has now extended to Clifford Gardens, Warrawong Plaza and Riverside Plaza shopping centres. • Strengthened our people and wellbeing initiatives including through the addition of an inaugural ME Day, a firm-wide mental health leave day. • Continued our community giving, with support to Taldumande Youth Services, Beyond Blue, Women's Legal Service and our investor giving program continued to contribute 0.01% p.a. of Gross Asset Value from eligible funds, in support of The Smith Family. Governance • Finalised the establishment of an Independent Trustee Board for the Group's managed funds, achieving clear separation between Manager and Trustee fiduciary responsibilities. • Retained our GS007 accreditation and are currently completing our Type II controls report for service organisations offering investment management services. • Embedded new corporate values into the team culture as part of the Kyron re-branding: Choose the right path, Make ‘better’ your barometer, Agile in execution, and Do what you say you’ll do. We encourage you to read our FY26 Sustainability Report, which will be available on our website in late September at https://www.kyroncapital.com/esg-sustainability ESG Strategy Our focus is increasingly forward-looking, embedding our material ESG topics into our investment, risk and asset management decisions, and concentrating our efforts where we can make the most meaningful and measurable difference. Recent ESG Achievements Kyron continues to make positive and impactful environmental, social and governance contributions to its stakeholders and the communities in which it invests.
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32Kyron Environmental, Social & Governance (ESG) Our ESG activities are delivered hand-in-hand with our partners, extending impact beyond our assets and into the communities in which we invest. In partnership with
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33Kyron Outlook05
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34Kyron “To create better ways to invest through a platform with greater access and insight” “Bridging the world of investment through people, place and shared prosperity” Measured. Bold. Outlook Strengthen the balance sheet Recycle co-investments and receivables to release capital and reduce debt • Continue discipline in capital management • Focus on realising and recycling co-investments to reduce debt and support growth Grow through targeted, capital-led initiatives Growth across core sectors, originated with a mix of domestic and Pan-Asian partners • Disciplined asset origination, active asset management and selective capital allocation to high-quality office, retail, healthcare and hotels & leisure assets • A dual capital strategy, combining re-engagement with domestic institutional investors alongside targeted Pan-Asian capital inflows across our focused investment sectors • Identified pipeline of high-quality real estate investment opportunities • Capitalise on opportunities presented by prevailing market conditions Drive profitability Execute cost initiatives and maintain discipline • Continue to execute cost savings initiatives • Drive platform efficiencies to build a capital-light, scalable institutional funds management platform Rebuild confidence Institutional governance, timely and transparent reporting, and disciplined execution • Actively pursuing strategic opportunities to deliver growth in AUM and securityholder value • Rebuild confidence through disciplined execution, transparent reporting, accountable governance and consistent stakeholder engagement A stronger, better positioned platform for sustainable growth and long-term securityholder value, underpinned by improved governance, balance sheet stability and disciplined execution.
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35Kyron Disclaimer This presentation has been authorised for release by the Kyron Capital Group Board of Directors. This presentation has been prepared by Kyron Capital Limited (ACN 169 308 187) and Kyron Group RE Limited (ACN 688 908 876, AFSL 700092), as responsible entity of Kyron Investment Fund (ARSN 169 450 926), and their controlled entities (collectively, ‘Kyron Capital Group’, ‘the Group’ or ‘KYN’). This presentation contains selected summary information relating to Kyron Capital Group and does not purport to be all-inclusive or to contain all of the information that may be relevant to any particular investor or which a prospective investor may require in evaluations for a possible investment in the Group. It should be read in conjunction with the Group’s continuous disclosure announcements lodged with the Australian Securities Exchange including the Group’s results, which are available at www.asx.com.au. The recipient acknowledges that circumstances may change and that this presentation may become outdated as a result. This presentation and the information in it are subject to change without notice and the Group is not obliged to update this presentation. This presentation is provided for general information purposes only. It is not a product disclosure statement, prospectus or any other disclosure document for the purposes of the Corporations Act and has not been, and is not required to be, lodged with the Australian Securities & Investments Commission. It should not be relied upon by the recipient in considering the merits of the Group or the acquisition of securities in the Group. Nothing in this presentation constitutes investment, legal, tax, accounting or other advice and it is not to be relied upon in substitution for the recipient’s own exercise of independent judgment with regard to the operations, financial condition and prospects of the Group. The information contained in this presentation does not constitute financial product advice. Before making an investment decision, the recipient should consider its own financial situation, objectives and needs, and conduct its own independent investigation and assessment of the contents of this presentation, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate. This presentation has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. It is not an invitation or offer to buy or sell, or a solicitation to invest in or refrain from investing in, securities in the Group or any other investment product. The information in this presentation has been obtained from and based on sources believed by the Group to be reliable. To the maximum extent permitted by law, the Group and its other affiliates and their respective directors, officers, employees, consultants and agents make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this presentation. To the maximum extent permitted by law, no member of the Group accepts any liability (including, without limitation, any liability arising from fault or negligence on the part of any of them) for any loss whatsoever arising from the use of this presentation or its contents or otherwise arising in connection with it. This presentation includes financial measures that are not prepared in accordance with Australian Accounting Standards, including Core Earnings, Funds Management EBITDA, Assets Under Management (AUM), NTA per security to ordinary equity and gearing. These measures are unaudited, are not defined by, and do not have a standardised meaning under, Australian Accounting Standards, and should be read together with the Group’s FY26 Financial Statements. Comparative FY25 information has been restated in certain respects, including to reflect the equity accounted treatment of certain co-investments and the current period gearing methodology, and may not be directly comparable with previously reported information. Past performance information contained in this presentation, including fund performance, occupancy, weighted average lease expiry, capitalisation rates, property valuations, carrying values, transaction outcomes and distribution information, is given for illustrative purposes only and should not be relied upon as, and is not, an indication or guarantee of future performance. Property valuations and carrying values are based on the Group’s estimates or third party assessments which have not been independently verified. All dollar values are in Australian dollars ($A or AUD) unless stated otherwise. This presentation may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters (‘Forward Statements’). Forward Statements can generally be identified by the use of forward looking words such as “anticipate”, “estimates”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions in this presentation. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments, and statements regarding expected asset realisations, expected recovery of receivables and capital management initiatives, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such statements are based on assumptions and expectations current as at the date of this presentation and involve known and unknown risks, uncertainties and other factors, many of which are outside the Group’s control, and actual results may differ materially. No independent third party has reviewed the reasonableness of any such statements or assumptions. No member of the Group represents or warrants that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, the Group assumes no obligation to release updates or revisions to Forward Statements to reflect any changes.
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