Annual report
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Kyron Capital Group (ASX: KYN), comprising 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 (ABN 35 797 969 657 | ARSN 169 450 926) +61 2 9239 8400 GPO Box 1511, Sydney NSW 2001 Level 5, 255 George Street, Sydney NSW 2000 kyroncapital.com 28 August 2026 Company Announcements Office ASX Limited Level 27 , 39 Martin Place, Sydney NSW 2000 Dear Sir/Madam Kyron Capital Group – Appendix 4E and Annual Report for Year Ended 30 June 2026 Please find attached the following Kyron Capital Group (ASX: KYN) documents in respect of the year ended 30 June 2026: • Appendix 4E Final Report; and • Annual Report. Yours sincerely, Symon Simmons Company Secretary Kyron Capital Group This announcement has been authorised for release by the Kyron Capital Group Board. For further information regarding this request, please contact: Investor enquiries: David McNamara (Chief Executive Officer) or Rebecca Geaney (Investor Relations) Kyron Capital Group +61 2 9239 8400 Investor.Services@kyroncapital.com Media enquiries: Erica Borgelt Partner, SEC Newgate Australia +61 413 732 951 Erica.borgelt@secnewgate.com.au About Kyron Capital Group Kyron Capital Group (ASX: KYN) is a real estate investment and funds management group with funds under management across Australia and New Zealand. Kyron’s key real estate sectors of focus are retail, office, healthcare and the hotels and leisure sectors. Kyron has a proven track record from acquiring and unlocking value in real estate assets that provide strong income and capital growth potential. For more information visit www.kyroncapital.com.
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Appendix 4E Final Report Kyron Capital Group for the year ended 30 June 2026 1 Appendix 4E Final Report For the year ended 30 June 2026 Name of entity Kyron Capital Group (Kyron - formerly Elanor) a stapled entity comprising Kyron Capital Limited, and Kyron Group RE Limited as Responsible Entity of Kyron Investment Fund. ARSN Kyron Investment Fund 169 450 926 ABN Kyron Capital Limited 33 169 308 187 ABN Kyron Group RE Limited 70 688 908 876 Reporting period Year ended 30 June 2026 Previous corresponding period Year ended 30 June 2025 This Final Report is given to the ASX in accordance with Listing Rule 4.3A. The Report should be read in conjunction with the attached Annual Financial Report for the year ended 30 June 2026. Results for announcement to the market Financial Performance A $'000 Revenue from ordinary activities Down 25.3% to 99,275 Profit/(loss) from ordinary activities after tax attributable to security holders Up 9.0% to (51,867) Net profit/(loss) for the period attributable to security holders Up 9.0% to (51,867) Core Earnings 1 Down 242.3% to (30,329) Note 1: The variances have been calculated by comparing current year financial results to the 30 June 2025 comparatives in the financial statements. Core Earnings represents the Directors view of underlying earnings from ongoing operating activities on group level for the period, being net profit / (loss) after tax, adjusting for one-off realised items (being formation or other transaction costs that occur infrequently or are outside the course of ongoing business activities), non-cash items (being fair value movements, depreciation charges on the buildings held by the Trust, amortisation of intangibles, straight lining of rental expense, and amortisation of equity settled STI and LTI amounts), and restating share of profit from equity accounted investments to reflect distributions received / receivable in respect of those investments. Distribution Current Period Amount per unit Interim Distribution nil cents Final Distribution nil cents Previous Corresponding Period Interim Distribution nil cents Final Distribution nil cents The Final Distribution payable is nil. Net Tangible Assets Current Period Current Period Consolidated net tangible asset backing per security $1.03 KYN Group net tangible asset backing per security $0.26 Previous Corresponding Period Consolidated net tangible asset backing per security $1.00 KYN Group net tangible asset backing per security $0.11
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Appendix 4E Final Report Kyron Capital Group for the year ended 30 June 2026 2 Control Gained over Entities during the Period None noted. Control Lost over Entities during the Period 42.82% equity investment in Elanor Wildlife Park Fund was sold in February 2026. Details of any associates and Joint Venture entities required to be disclosed: • 13.77% equity investment in Harris Street Fund • 6.06% equity investment in Hunters Plaza Syndicate • 3.36% equity investment in Elanor Healthcare Real Estate Fund • 1.72% equity investment in 55 Elizabeth Street Fund • 1.04% equity investment in Belconnen Markets Syndicate • 0.03% equity investment in Riverton Forum Fund Accounting standards used by foreign entities International Financial Reporting Standards. Audit The accounts have been subject to an audit, with an unqualified opinion. Refer attached Annual Financial Report. Distribution Reinvestment Plan (DRP) There is no DRP in operation for the final distribution for the year ended 30 June 2026. For all other information required by Appendix 4E, please refer to the following documents: • Directors' Report • Annual Financial Report
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ANNUAL REPORT For the year ended 30 June 2026 Kyron Capital Group
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Meeting of Securityholders The meeting of Securityholders will be held on Thursday 5 November at 2.00 pm (Sydney time) at Level 1, Hart Room, Amora Hotel Jamison, 11 Jamison Street, Sydney NSW 2000. Responsible Entity Kyron Group RE Limited (ABN 70 688 908 876). AFSL 700092. Kyron Capital Group comprises Kyron Capital Limited (ABN 33 169 308 187) and Kyron Investment Fund (ARSN 169 450 926). 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. 2 Kyron Capital Group
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3 Kyron Capital Contents 3 FY26 Results Overview 4 Environmental, Social and Governance (ESG) 5 Message from the Chair 6 Message from the CEO 8 Financial Report 11 Director’s Report 13 Corporate Governance 176 Securityholder Analysis 177 Corporate Directory 179
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4 FY26 Results¹ - Focus on Stabilising the Balance Sheet Funds Under Management Recurring Funds Management Income (excl. transaction fees) $26.1m FY25: $46.1m Office $0.33bn Healthcare $0.27bn Total Retail $0.88bn Core earnings ($30.3)m FY25: ($8.9)m Recurring Funds Management EBITDA $1.1m FY25: $9.0m $1.8bn Gearing3 54.2% 30 June 2025: 72.4% NTA per security $0.26 $(0.17) NTA per security to ordinary equity2 30 June 2025: $0.11 1 FY26 R esults 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 NT A 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 b y total tangible assets less cash. FY25 gearing has been restated to reflect the current year methodology and ensure comparability 1 Non-co re industrial development with realisation to occur following lease up Group AUM $1.8bn 30 June 2025: $5.5bn Industrial1 $0.08bn Hotels & Leisure $0.27bn Kyron Capital Group FY26 was a transition year focused on stabilising the business through the balance sheet recapitalisation and execution of the planned Managed Fund asset realisations
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5 Environmental, Social and Governance (ESG) Kyron continues to make positive and impactful environmental, social and governance contributions to its stakeholders and the communities in which it invests. 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 Environmental • Continued the rollout of on-site solar across the retail portfolio, with Riverton Shopping Centre recently commissioned, meaning all retail centres, with one exception, now have operational on-site solar. • Executed a two-year electricity agreement incorporating 100% GreenPower across four Queensland properties, providing cost certainty while supporting the decarbonisation of 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 the retail portfolio, including the Salvation Army’s Thread Together program, which now operates at Clifford Gardens, Warrawong Plaza and Riverside Plaza. • 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, reinforcing the separation of Manager and Trustee fiduciary responsibilities. • Retained GS007 accreditation and are currently completing our Type II controls report for service organisations offering investment management services. • Embedded new corporate values across the organisation as part of the Kyron rebrand: 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 September at www.kyroncapital.com/esg-sustainability.
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6 This year, Elanor Investors Group became Kyron Capital Group. The new name marks more than a change of identity. It reflects a business that has been reset, refocused and repositioned. Today, Kyron is a disciplined, capital-light real estate funds management platform. We have a clear strategy, a stronger balance sheet, renewed leadership and a governance framework built for growth. For existing and prospective securityholders alike, this report is an invitation to understand who we are, what we stand for, and where we are heading. Who we are and what we stand for The transition from Elanor Investors Group to Kyron Capital Group reflects the strategic repositioning approved by the Board. Kyron’s strategic direction is to operate as a disciplined, capital-light real estate funds management platform, with a focus on strengthening financial resilience, improving profitability, growing funds under management selectively and rebuilding market confidence. A stronger foundation for growth FY26 remained a challenging year for the Group, with financial performance reflecting the continued repositioning of the business and the impact of a smaller funds management platform. A central focus of the Board during FY26 was strengthening the Group’s capital position. The $125 million recapitalisation completed with Rockworth Capital Partners in April 2026 enabled the Group to repay and refinance existing obligations, improve liquidity and reduce its cost of capital. The Board continues to oversee capital management, liquidity, financial risk and the actions required to support the Group’s ongoing financial resilience. A clear strategy The Board has approved a clear, disciplined strategy. It is built around four priorities: strengthen the balance sheet, deliver targeted growth in funds under management, drive profitability and continue to rebuild market confidence. Our growth will be capital-led. We are re-engaging with domestic investors and global capital partners, as well as expanding our Pan-Asian capital partnerships alongside Rockworth. The goal is a scalable, institutional-grade platform that invests selectively in high-quality real estate and delivers lasting performance for our capital partners and securityholders. Governance built for investor confidence Strong governance is how we earn and maintain the trust of investors. During the year, the Board established a separate, independent Managed Fund Trustee Board for the Group’s managed funds and secured a new Australian Financial Services Licence from ASIC — Message from the Chair On behalf of the Board, I am pleased to present the 2026 Annual Report for Kyron Capital Group (ASX: KYN). Ian Mackie Chair Kyron Capital Group
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7 enhancing the independence, accountability and integrity of the governance framework that oversees our managed funds. This is intended to create a clear separation between the Group’s interests as manager and the interests of our managed fund investors. It is designed to support impartial decision-making and transparency — and to strengthen our ability to attract and retain capital. The Board also oversaw the renewal of the Group’s leadership and appointed David McNamara as Chief Executive Officer. David brings deep institutional experience and leadership to the next phase of the Group’s strategy. On behalf of the Board, I welcome David and thank Tony Fehon for leading the business through a challenging period and for his continuing contribution as a director. Sustainability Responsible investment is embedded in how we operate. The Board, through its Sustainability Committee, continued to oversee the Group’s sustainability strategy, reporting and management of material environmental, social and governance matters. Further information on the Group’s initiatives and performance is provided in the Sustainability section of this Annual Report and in the FY26 Sustainability Report. We invite you to read our FY26 Sustainability Report which is expected to be published on our website in September 2026. Acknowledgements On behalf of the Board, I thank my fellow directors for their counsel and commitment through a period of significant change. I welcome the new directors of our independent Managed Fund Trustee Board. My thanks, too, to our securityholders, fund investors, capital partners and lenders for their support — and to our people, whose discipline and resilience made this reset possible. Kyron enters FY27 with a more stable capital structure, renewed leadership, strengthened governance and a clearly defined strategy. The Board remains focused on disciplined oversight, financial resilience and the creation of sustainable value for securityholders, while ensuring that the interests of managed fund investors remain central to the Group’s decision-making. Yours sincerely, Ian Mackie Chair 55 Elizabeth Street, QLD
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8 I joined Kyron at a pivotal moment in its evolution, as it completed a significant recapitalisation and repositioned itself as a capital-light real estate funds management platform. What drew me to the business is what should draw investors to it. Kyron is a genuinely integrated real estate platform. It has deep sector capability, a disciplined investment philosophy, and a clear strategic path to grow funds under management alongside aligned capital partners. My focus, and that of our team, is to execute the Board’s strategy with discipline, improve profitability and position the business for sustainable growth. An institutional-grade platform Kyron is an integrated real estate investment and funds management group operating across four core sectors: retail, office, healthcare, and hotels and leisure. We originate, acquire, lease and reposition quality assets, combining deep local market knowledge with active, hands-on management to grow income and value for our capital partners and investors. Since inception, the platform has managed approximately $7 .4 billion of real estate across 91 properties and 39 funds and mandates for around 2,400 fund investors. Today, we manage approximately $1.8 billion of assets on behalf of our capital partners and investors. Our redefined strategy is focused on connecting Australian, Pan-Asian and global capital with high- quality real estate opportunities across Australia and New Zealand. Executing the Group’s strategy The Board has set a clear strategy. My role is to execute it with discipline and measured pace. The strategy is to run a capital- light, scalable funds management business, and to grow funds under management through targeted opportunities. We are advancing it on three fronts. First, we continue to strengthen the platform’s financial foundations. Second, we are deepening our sector-focused teams and capabilities. Third, we are re-engaging with domestic investors and global capital partners, as well as expanding our Pan-Asian capital partnerships alongside Rockworth. Asset realisation and funds under management Over the past year, we continued to execute an orderly asset realisation program across the Group’s managed funds, prioritising outcomes in the best interests of fund investors while releasing balance sheet capital and reducing debt. We divested the ADIC mandate assets, Bankstown Central, Paradise Centre and Novotel Surfers Paradise for approximately $675 million as part of mandate capital management strategies, with ADIC continuing to hold its securities in Kyron. We also managed the sale of Elanor Commercial Property Fund, the transition of its management and the orderly unwinding of the Challenger mandate. Message from the CEO Kyron Capital Group It is a privilege to write to you as Chief Executive Officer of Kyron Capital Group. My focus, and that of our team, is singular: to execute the Group’s strategy and grow our platform to deliver for our capital partners and securityholders. David McNamara Chief Executive Officer
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9 Further realisations across the commercial office, retail and hotel portfolios resulted in total FY26 asset realisations of $1,115 million. Each realisation was undertaken having regard to the interests and strategy of the relevant fund. At 30 June 2026, the Group’s assets under management were approximately $1.8 billion. We acknowledge that the performance in a number of our funds has been below expectation. I commit to you that the management team and I will continue to focus on driving fund performance and investor returns. Streamlining the operating model A key management priority during FY26 was to simplify the Group’s operating model and align the cost base with a smaller, funds management- led platform. We implemented a range of cost management initiatives that delivered meaningful reductions in corporate overheads. While progress has been made, further work remains to improve operating leverage and return the recurring funds management business to sustainable profitability, while preserving our core real estate investment management capability across the retail, office, healthcare, and hotels and leisure sectors. In addition, the new independent Managed Fund Trustee Board strengthens governance and helps ensure investor interests are managed with appropriate independence and oversight. The opportunity ahead Our strategy is straightforward. We buy well, manage actively, and invest selectively in high- quality office, retail, healthcare and hotels and leisure assets across Australia and New Zealand. Our growth ambition is with domestic investors and global capital partners, as well as expanding our Pan-Asian capital partnerships, to grow funds under management over time. For investors seeking a partner with real sector depth, active management and disciplined governance, Kyron offers an aligned and capable platform. Recapitalisation and capital management The completion of the $125 million recapitalisation with Rockworth on 17 April 2026 was a milestone achievement for the business. Proceeds were applied to repay the Keyview senior facility and redeem the corporate notes in full, to settle commercial arrangements and to provide additional working capital. The new Rockworth senior debt facility carries a substantially lower interest cost than the facilities it replaced, and we voluntarily repaid additional loan notes shortly after completion in May 2026. Together with our asset realisation program, these actions significantly reduced gearing and interest costs and improved the Group’s cash position and financial flexibility. Financial foundation FY26 was a year of significant transition for the Group. Financial performance continued to reflect the impact of a smaller funds management platform, lower recurring earnings and the costs associated with repositioning the business. The recapitalisation, debt reduction and operating model changes undertaken during the year have established a more stable foundation from which to improve profitability and pursue disciplined growth. Consistent with our capital management priorities and the terms of the Group’s capital structure, no securityholder distributions were made in respect of FY26. Warrawong Plaza Shopping Centre, NSW
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Kyron Capital Group Key results • Recurring funds management income of $26.1 million for the year (excluding transaction fees) • Recurring funds management EBITDA of $1.1 million • Funds management income of $27 .1 million • Core Earnings for the year of ($30.3) million • NTA per security of $0.26 • NTA per security to ordinary equity of ($0.17) after deducting the $55.0 million Perpetual Notes • Gearing of 54.2% • Assets under management of $1.8 billion Sustainability In a year dominated by stabilisation, we remained committed to doing business the right way. Kyron’s ESG Management Committee, which reports to the Board’s Sustainability Committee and includes representatives from across the business, continued to guide and oversee the implementation of impactful environmental, social and governance initiatives, working to embed our material ESG topics into our investment decision-making, risk management and asset management processes. During the year, we further strengthened our governance foundations, including completing an independently assured controls report under Guidance Statement GS007 for our investment management services. Our sustainability focus is increasingly forward- looking. We are sharpening our ESG strategy around the sectors and communities where we can have the most meaningful and measurable impact and integrating climate-related risk and opportunity considerations into how we evaluate and manage assets. Outlook Kyron enters its next chapter with a more stable capital structure, strengthened governance arrangements, a deeply capable team and a clearer strategic direction. The foundations have been strengthened, but the work is not finished. My commitment to our fund investors and prospective capital partners is simple: disciplined execution, active management, transparent communication, and a clear focus on delivering better investment outcomes. I am confident that the work completed during FY26 has positioned the Group to pursue these objectives with greater focus and financial flexibility, and I look forward to building the future of Kyron with you. Yours sincerely, David McNamara Chief Executive Officer Message from the CEO (cont.) Mercure Barossa Valley, SA 10
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11 Financial Report For the year ended 30 June 2026 11
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2 Kyron Capital 2 Contents Director’s Report 3 Auditor's Independence Declaration 45 Consolidated Statements of Profit or Loss 46 Consolidated Statements of Comprehensive Income 48 Consolidated Statements of Financial Position 49 Consolidated Statements of Changes In Equity 51 Consolidated Statements of Cash Flows 55 Notes to the Consolidated Financial Statements 56 Consolidated Entity Disclosure Statement 152 Directors' Declaration to Stapled Securityholders 157 Independent Auditor’s Report 158 12
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2 Kyron Capital 2 Contents Director’s Report 3 Auditor's Independence Declaration 45 Consolidated Statements of Profit or Loss 46 Consolidated Statements of Comprehensive Income 48 Consolidated Statements of Financial Position 49 Consolidated Statements of Changes In Equity 51 Consolidated Statements of Cash Flows 55 Notes to the Consolidated Financial Statements 56 Consolidated Entity Disclosure Statement 152 Directors' Declaration to Stapled Securityholders 157 Independent Auditor’s Report 158 3 Kyron Capital 3 Director’s Report The Directors of Kyron Capital Limited (KCL or Company) (formerly Elanor Investors Limited), and the Directors of Kyron Group RE Limited (Responsible Entity or Manager), as responsible entity of the Kyron Investment Fund, present their report together with the consolidated financial report of Kyron Capital Group (the ‘Group’, ‘Consolidated Group’ or ‘Kyron’) (formerly Elanor Investors Group) and the consolidated financial report of the Kyron Investment Fund (the ‘KIF Group’) (formerly Elanor Investment Fund) for the year ended 30 June 2026 (year). The annual financial report of Kyron Capital Group comprises the Company and its controlled entities, including Kyron Investment Fund (Trust) and its controlled entities. The consolidated financial report of the KIF Group comprises Kyron Investment Fund and its controlled entities. Kyron Capital Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is Level 5, 255 George Street, Sydney NSW 2000. The Trust was registered as a managed investment scheme on 21 May 2014, and the Company was incorporated on 1 May 2014. The units of the Trust and the shares of the Company are combined and issued as stapled securities in the Group. The Group's securities are traded on the Australian Securities Exchange (ASX: KYN). The units of the Trust and shares of the Company cannot be traded separately and can only be traded as stapled securities. Although there is no ownership interest between the Trust and the Company, the Company is deemed to be the parent entity of the Group under Australian Accounting Standards. The Directors' report is a combined Directors' report that covers both the Company and the Trust. The financial information for the Group is taken from the consolidated financial reports and notes. 13
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4 Kyron Capital 4 1. Change of Names With effect from 24 July 2026, Elanor Investors Limited changed its name to Kyron Capital Limited, following registration by ASIC of the change of name. On the same day, in accordance with clause 2.1 of its constitution and section 601GC(1)(b) of the Corporations Act, Elanor Investment Fund changed its name to Kyron Investment Fund. From 29 July 2026, the ASX ticker code for the Group changed from ENN to KYN. 2. Directors and change of Responsible Entity On 24 July 2026, Kyron Managed Funds RE Limited retired as responsible entity of KIF, and Kyron Group RE Limited was appointed as the new responsible entity in its place. The following persons have held office as Directors of both Kyron Managed Funds RE Limited and Kyron Group RE Limited (from 9 July 2025) and the Company during the year and up to the date of this report: • Ian Mackie (Chair) • Anthony (Tony) Fehon (Managing Director) • Karyn Baylis • Kathy Ostin • Su Kiat Lim (resigned 2 June 2026) 3. Principal activities The principal activities of the Group are the management of investment funds and the investment in, and operation of, a portfolio of real estate assets and businesses. 4. Distributions Kyron Group The Kyron Group did not declare any distributions during the year ended 30 June 2026 and 30 June 2025. EHAF EHAF declared distributions of $1.0 million during the year ended 30 June 2026 (2025: $0). Of the distributions declared during the year, $0.27 million was paid to entities within the Consolidated Group and eliminated on consolidation. EWPF Prior to its sale in FY26, EWPF did not declare any distributions (202 5: $0.1 million). The FY25 distribution was paid in FY26, of which $0.04 million was paid to entities within the Consolidated Group and eliminated on consolidation. Stirling Street During the year ended 30 June 2026, Stirling Street returned capital of $6.2 million to unitholders (2025: $0). The return of capital represented a repayment of contributed equity. Of the returned capital during the year, $2.7 million was paid to entities within the Consolidated Group and eliminated on consolidation. 14
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4 Kyron Capital 4 1. Change of Names With effect from 24 July 2026, Elanor Investors Limited changed its name to Kyron Capital Limited, following registration by ASIC of the change of name. On the same day, in accordance with clause 2.1 of its constitution and section 601GC(1)(b) of the Corporations Act, Elanor Investment Fund changed its name to Kyron Investment Fund. From 29 July 2026, the ASX ticker code for the Group changed from ENN to KYN. 2. Directors and change of Responsible Entity On 24 July 2026, Kyron Managed Funds RE Limited retired as responsible entity of KIF, and Kyron Group RE Limited was appointed as the new responsible entity in its place. The following persons have held office as Directors of both Kyron Managed Funds RE Limited and Kyron Group RE Limited (from 9 July 2025) and the Company during the year and up to the date of this report: • Ian Mackie (Chair) • Anthony (Tony) Fehon (Managing Director) • Karyn Baylis • Kathy Ostin • Su Kiat Lim (resigned 2 June 2026) 3. Principal activities The principal activities of the Group are the management of investment funds and the investment in, and operation of, a portfolio of real estate assets and businesses. 4. Distributions Kyron Group The Kyron Group did not declare any distributions during the year ended 30 June 2026 and 30 June 2025. EHAF EHAF declared distributions of $1.0 million during the year ended 30 June 2026 (2025: $0). Of the distributions declared during the year, $0.27 million was paid to entities within the Consolidated Group and eliminated on consolidation. EWPF Prior to its sale in FY26, EWPF did not declare any distributions (202 5: $0.1 million). The FY25 distribution was paid in FY26, of which $0.04 million was paid to entities within the Consolidated Group and eliminated on consolidation. Stirling Street During the year ended 30 June 2026, Stirling Street returned capital of $6.2 million to unitholders (2025: $0). The return of capital represented a repayment of contributed equity. Of the returned capital during the year, $2.7 million was paid to entities within the Consolidated Group and eliminated on consolidation. 5 Kyron Capital 5 5. Going Concern In the financial year ended 30 June 2026, the Consolidated Group incurred a net loss before tax of $52.1 million (loss of $57.0 million in 2025) and an operating cash outflow of $4.9 million (outflow of $16.0 million in 2025). The Consolidated Group had net assets of $140.9 million and net current asset deficiency of $41.8 million as at balance date. In the financial year ending 30 June 2026, the KIF Group incurred a net loss before tax of $15.1 million (loss of $20.3 million in 2025) and an operating cash outflow of $11.8 million (outflow of $9.9 million in 2025). The KIF Group had net assets of $139.2 million and net current asset deficiency of $57.6 million as at balance date. Going Concern of the Kyron Group The following information discusses events and conditions relating to a material uncertainty in relation to the Kyron Group’s (which includes the KIF Group) ability to continue as a going concern. Senior facility refinancing On 28 July 2025, Kyron entered into binding terms with Rockworth, whereby Rockworth would invest up to $125 million into Kyron to recapitalise the business, stabilise the balance sheet and reduce gearing. This recapitalisation was completed on 17 April 2026. The recapitalisation comprised: • the provision of a $70.0 million senior debt facility (“Senior Debt Facility”); • the issue of $55.0 million in perpetual, subordinated, unsecured notes (“Perpetual Notes”); and • the issue of 30.0 million unlisted warrants to acquire Securities at a nominal exercise price of $0.01 per warrant (“Penny Warrants”). The proceeds of the Rockworth recapitalisation were used to: • Repay the Keyview senior facility, in full; • Redeem the $40.0 million of Capital Notes, in full; • Repay a substantial portion of the outstanding commercial arrangements; and • Provide for additional working capital. Interest on the Senior Debt Facility and distributions on the Perpetual Notes (which are at Kyron’s discretion) are payable quarterly in arrears. No distributions to other securityholders are permitted until the accumulated distributions on the Perpetual Notes are repaid in full. The Senior Debt Facility is subject to a make whole in the event the facility is repaid prior to the maturity date at a rate of 3% p.a. on any prepaid amounts. The Rockworth senior debt facility provides Kyron with the ability to redraw any amounts repaid up to $10.0 million. On 27 August 2026, the Senior Debt Facility was varied such that the Gearing Ratio Covenant is 70% and the Interest Cover Ratio Covenant is 1.10x. No default can occur on these covenants prior to 30 June 2027. The Group and Rockworth continue to work constructively together on new business opportunities. If there is a material improvement to the financial forecast for the Group, the parties agree to negotiate in good faith to amend the financial covenants at that time. Going Concern of Elanor Hotel Accommodation Fund (EHAF) On 21 August 2026 EHAF received credit-approved terms with Commonwealth Bank of Australia for a new two-year, $74.5 million debt facility (inclusive of a $5.0 million capex tranche) maturing 31 August 2028. The new facility is currently being formally documented with financial close to occur on or before 31 August 2026. As part of EHAF’s ongoing divestment strategy, the following asset sales have been completed during the period: • Mayfair Hotel (completed in August 2025 for a net sale price of $72.9 million); • Panorama Retreat (completed in September 2025 for a net sale price of $5.2 million); and 15
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6 Kyron Capital 6 5. Going concern (continued) • Mantra Wollongong (completed in December 2025 for a net sale price of $10.2 million). In addition to the above, Sanctuary Inn Tamworth exchanged on 24 April 2026 and settled on 22 July 2026 for a net sale price of $15.9 m illion that was applied to re duce the secured facility. Proceeds from the expected sale of the Eaglehawk asset will be applied to debt reduction, with the facility forecast to reduce to a total of $63.1 million. A subdivided parcel of land at Barossa Weintal Hotel was exchanged on 17 June 2026 for a gross sale price of $0.45 million. Settlement is expected to occur in September 2026. Material uncertainty over ability to continue as a going concern The ability of the Kyron Group and KIF Group to continue as a going concern remains dependent on a number of factors including: • compliance with the Senior Debt Facility loan covenants; • progress on the orderly asset divestment program within EHAF, with sales proceeds sufficient to provide required capital returns to fund investors, including the Kyron Group, and to repay loans and trade receivables due to the Kyron Group; • the ability of the Kyron Group to retain management of funds and mandates, grow assets under management and take necessary steps to achieve sufficient profitability and ensure adequacy of working capital going forward; and • execution of the EHAF refinancing (refer to above). As a result of the above events and conditions, there is a material uncertainty which may cast significant doubt as to whether the Kyron Group and the KIF Group will be able to pay its debts as and when they become due and payable and therefore continue as a going concern. Should the Kyron Group and the KIF Group be unable to continue as a going concern, they may be required to realise assets and extinguish liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Kyron Group and the KIF Group be unable to continue as a going concern. 6. Operating and financial review Overview and Strategy References to the Kyron Group refer to the Consolidated Group adjusted to present Elanor Hotel Accommodation Fund (EHAF), Elanor Wildlife Park Fund (EWPF) until its sale in February 2026, Bluewater Square Syndicate (until all but one unit in the fund was redeemed in June 2026) and Stirling Street Syndicate (Stirling) (until the fund was wound up in June 2026) on an equity accounted basis. A reconciliation of the Consolidated Group result to the Kyron Group result is provided on page 16. Kyron Capital is a funds management group with an investment focus on acquiring and unlocking value in real estate assets to generate returns for investors. Kyron's key real estate investment sectors of focus include the commercial office, retail, healthcare, and hotels and leisure sectors. Strategic Review and Recapitalisation The Group’s strategic focus is to: • Strengthen the balance sheet to increase capacity for growth through an orderly divestment of assets and other capital management initiatives; • Simplify the business to focus on the opportunities within core real estate sectors of retail, office, healthcare, and hotels and leisure; and 16
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6 Kyron Capital 6 5. Going concern (continued) • Mantra Wollongong (completed in December 2025 for a net sale price of $10.2 million). In addition to the above, Sanctuary Inn Tamworth exchanged on 24 April 2026 and settled on 22 July 2026 for a net sale price of $15.9 m illion that was applied to re duce the secured facility. Proceeds from the expected sale of the Eaglehawk asset will be applied to debt reduction, with the facility forecast to reduce to a total of $63.1 million. A subdivided parcel of land at Barossa Weintal Hotel was exchanged on 17 June 2026 for a gross sale price of $0.45 million. Settlement is expected to occur in September 2026. Material uncertainty over ability to continue as a going concern The ability of the Kyron Group and KIF Group to continue as a going concern remains dependent on a number of factors including: • compliance with the Senior Debt Facility loan covenants; • progress on the orderly asset divestment program within EHAF, with sales proceeds sufficient to provide required capital returns to fund investors, including the Kyron Group, and to repay loans and trade receivables due to the Kyron Group; • the ability of the Kyron Group to retain management of funds and mandates, grow assets under management and take necessary steps to achieve sufficient profitability and ensure adequacy of working capital going forward; and • execution of the EHAF refinancing (refer to above). As a result of the above events and conditions, there is a material uncertainty which may cast significant doubt as to whether the Kyron Group and the KIF Group will be able to pay its debts as and when they become due and payable and therefore continue as a going concern. Should the Kyron Group and the KIF Group be unable to continue as a going concern, they may be required to realise assets and extinguish liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Kyron Group and the KIF Group be unable to continue as a going concern. 6. Operating and financial review Overview and Strategy References to the Kyron Group refer to the Consolidated Group adjusted to present Elanor Hotel Accommodation Fund (EHAF), Elanor Wildlife Park Fund (EWPF) until its sale in February 2026, Bluewater Square Syndicate (until all but one unit in the fund was redeemed in June 2026) and Stirling Street Syndicate (Stirling) (until the fund was wound up in June 2026) on an equity accounted basis. A reconciliation of the Consolidated Group result to the Kyron Group result is provided on page 16. Kyron Capital is a funds management group with an investment focus on acquiring and unlocking value in real estate assets to generate returns for investors. Kyron's key real estate investment sectors of focus include the commercial office, retail, healthcare, and hotels and leisure sectors. Strategic Review and Recapitalisation The Group’s strategic focus is to: • Strengthen the balance sheet to increase capacity for growth through an orderly divestment of assets and other capital management initiatives; • Simplify the business to focus on the opportunities within core real estate sectors of retail, office, healthcare, and hotels and leisure; and 7 Kyron Capital 7 6. Operating and financial review (continued) • Execute cost management initiatives to drive profitability in the funds management platform. These strategic actions were implemented to create a capital light, scalable and focused funds management business that is well placed to deliver value to securityholders. On 28 July 2025, the Group entered into binding terms to expand its strategic alliance with Rockworth Capital Partners (“Rockworth”), and on 17 April 2026 the recapitalisation transaction was completed (as outlined in the Going Concern section above) in order to stabilise the balance sheet and reduce gearing. The expanded strategic alliance with Rockworth provides the balance sheet flexibility to enable Kyron to execute its growth strategy, while enabling the business to continue to actively manage the real estate assets of its capital partners. The strategic alliance is a catalyst to deliver on a Pan Asian growth strategy that retains a focus on the Group’s core business sectors of retail, office, healthcare and hotels and leisure while building on Asian-based, capital led, growth opportunities in select markets across the region. It has positioned Kyron to capitalise on future funds management opportunities and has enhanced the Group’s capital raising capabilities. ASX quotation Following completion of the Rockworth recapitalisation, together with other stabilisation measures, the Group recommenced trading on the ASX on 11 June 2026. Asset realisation program As announced to the ASX on 23 August 2024, the Group commenced an orderly asset realisation program to seek to release the Group’s balance sheet co-investment capital and repay debt, while working towards achieving outcomes which in management’s view achieved the best outcomes for the fund investors, Group securityholders and other stakeholders. Key asset realisation transactions that returned capital to the Kyron Group during the year included: • The sale of the Waverley Gardens Shopping Centre, Victoria in July 2025 on behalf of the Waverley Gardens Fund investors for a gross sales price of $163.0 million; • The sale of Stirling Street in August 2025 for a gross sale price of $27.5 million; • The sale of Bluewater Square in September 2025 for a gross sales price of $32.0 million with $2.9 million of the proceeds recoverable under a vendor financing arrangement repayable 12 months after settlement; • Following Elanor Commercial Property Fund (ECF) securityholder approval on 30 January 2026, Kyron was replaced as the Responsible Entity and manager of ECF effective 4 February 2026. As a result, Kyron terminated its investment management agreement and property management agreement and received a compensation amount of $8.5 million; • The Group’s co-investment in the Elanor Wildlife Park Fund (“EWPF”) together with the management rights for this fund and related management fee receivables were sold in February 2026 for a combined purchase price of $13.0 million; and • Kyron also sold its 10% share of the Elanor Mulgrave Logistics Venture on 19 June 2026 for a gross amount of $1.55 million. Collectively, during the year, proceeds of $35.4 million were applied to repayment of the Keyview debt facility from the Group’s share of the proceeds of these divestments and other sources. Streamlining the operating model A key priority throughout the year was to reset the Group to a simpler, more efficient operating model aligned to a funds management-led business. A range of cost management initiatives have been implemented that have delivered material and sustainable reductions in the Group’s corporate cost base. These initiatives are designed to improve profitability as the business stabilises and returns to growth, while preserving our core 17
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8 Kyron Capital 8 6. Operating and financ ial review (continued) real estate investment management capability across the retail, commercial office, healthcare, and hotels and leisure sectors. Growth in Assets Under Management Kyron aims to grow assets under management through pairing domestic capital with Pan-Asian partnerships, investing in high quality office, retail, healthcare and hotels and leisure assets across Australia and New Zealand. We are currently re-engaging with domestic investors and expanding our Pan-Asian capital partnerships alongside Rockworth. During the year, the Group continued to strengthen its corporate governance framework, including through the implementation of an independent managed fund trustee and responsible entity board for the Group’s managed funds. This initiative followed the Group’s broader business reset and was designed to establish clearer separation between the Group’s interests as manager and the interests of investors in its managed funds. As disclosed in the Group’s ASX materials, the governance changes included establishing a dedicated responsible entity for the Group’s head trust and facilitating the trustee and responsible entity of the Group’s existing and future managed funds, to have a majority of new independent directors appointed to its board. The new governance model is intended to strengthen governance and accountability, safeguard the interests of managed fund investors, and assist in managing potential conflicts of interest that may arise where the Group acts in multiple capacities across its funds management platform. The initiative was designed to reinforce impartial decision-making and transparency, support investor confidence, and align the Group’s operating model with its objective of building an institutional-grade funds management platform. CEO Appointment David McNamara was appointed CEO of the Kyron Group effective 22 June 2026, bringing extensive experience across real estate investment, funds management, asset management and capital transactions, together with significant governance, investor and operational leadership credentials. David’s appointment supports the Group’s next phase as it executes its targeted, capital-led growth strategy, with a focus on disciplined execution, investor engagement and long-term value creation. The details of David’s remuneration and contract terms can be found in the Remuneration Report. Anthony Fehon will transition from the interim Managing Director role over a six month period and resume his position as a non-executive director of Kyron. He will focus on supporting the business in the execution of its strategic growth initiatives. Exit of Challenger Mandate In July 2025, the Group and Challenger entered into a mutual agreement to unwind the strategic partnership and related investment management arrangements that were announced in July 2023. As part of a transition of arrangements, Kyron continued to manage the Challenger real estate portfolio until 15 October 2025 and support the transition of the portfolio to a new manager. The total Funds Under Management of the Challenger real estate portfolio as at the cessation date was $2.1 billion. As part of the agreement to unwind the strategic partnership, Challenger agreed to return 20.3 million of Kyron securities held by a subsidiary of Challenger. On 22 October 2025, 12.4 million of these Kyron securities were cancelled and the remaining 7.9 million securities were cancelled on 23 April 2026. The distribution agreement between Fidante and Kyron was terminated. The retail and hotel assets jointly owned by Abu Dhabi Investment Council (ADIC) and Challenger continued to be managed by Kyron until they were divested, with the Bankstown Central divestment completed in September 2025 and the Surfers Paradise assets settled in April 2026. 18
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8 Kyron Capital 8 6. Operating and financ ial review (continued) real estate investment management capability across the retail, commercial office, healthcare, and hotels and leisure sectors. Growth in Assets Under Management Kyron aims to grow assets under management through pairing domestic capital with Pan-Asian partnerships, investing in high quality office, retail, healthcare and hotels and leisure assets across Australia and New Zealand. We are currently re-engaging with domestic investors and expanding our Pan-Asian capital partnerships alongside Rockworth. During the year, the Group continued to strengthen its corporate governance framework, including through the implementation of an independent managed fund trustee and responsible entity board for the Group’s managed funds. This initiative followed the Group’s broader business reset and was designed to establish clearer separation between the Group’s interests as manager and the interests of investors in its managed funds. As disclosed in the Group’s ASX materials, the governance changes included establishing a dedicated responsible entity for the Group’s head trust and facilitating the trustee and responsible entity of the Group’s existing and future managed funds, to have a majority of new independent directors appointed to its board. The new governance model is intended to strengthen governance and accountability, safeguard the interests of managed fund investors, and assist in managing potential conflicts of interest that may arise where the Group acts in multiple capacities across its funds management platform. The initiative was designed to reinforce impartial decision-making and transparency, support investor confidence, and align the Group’s operating model with its objective of building an institutional-grade funds management platform. CEO Appointment David McNamara was appointed CEO of the Kyron Group effective 22 June 2026, bringing extensive experience across real estate investment, funds management, asset management and capital transactions, together with significant governance, investor and operational leadership credentials. David’s appointment supports the Group’s next phase as it executes its targeted, capital-led growth strategy, with a focus on disciplined execution, investor engagement and long-term value creation. The details of David’s remuneration and contract terms can be found in the Remuneration Report. Anthony Fehon will transition from the interim Managing Director role over a six month period and resume his position as a non-executive director of Kyron. He will focus on supporting the business in the execution of its strategic growth initiatives. Exit of Challenger Mandate In July 2025, the Group and Challenger entered into a mutual agreement to unwind the strategic partnership and related investment management arrangements that were announced in July 2023. As part of a transition of arrangements, Kyron continued to manage the Challenger real estate portfolio until 15 October 2025 and support the transition of the portfolio to a new manager. The total Funds Under Management of the Challenger real estate portfolio as at the cessation date was $2.1 billion. As part of the agreement to unwind the strategic partnership, Challenger agreed to return 20.3 million of Kyron securities held by a subsidiary of Challenger. On 22 October 2025, 12.4 million of these Kyron securities were cancelled and the remaining 7.9 million securities were cancelled on 23 April 2026. The distribution agreement between Fidante and Kyron was terminated. The retail and hotel assets jointly owned by Abu Dhabi Investment Council (ADIC) and Challenger continued to be managed by Kyron until they were divested, with the Bankstown Central divestment completed in September 2025 and the Surfers Paradise assets settled in April 2026. 9 Kyron Capital 9 6. Operating and financial review (continued) Managed Funds and Investment Portfolio The following tables show the Group’s Managed Funds and its investment portfolio: Managed Funds Funds Location 2 Type Gross Asset Value 30 June $'m Commercial Office Harris Street Fund Sydney, NSW Commercial office building 146.2 Elizabeth Street Fund Brisbane, QLD Commercial office building 178.9 Healthcare Real Estate Elanor Healthcare Real Estate Fund QLD (4), WA (2) Commercial healthcare properties 273.8 Retail Real Estate Clifford Gardens Fund Toowoomba, QLD Neighbourhood shopping centre 178.2 Warrawong Plaza Fund Warrawong, NSW Sub-regional shopping centre 196.4 Fairfield Centre Syndicate Fairfield, NSW Neighbourhood shopping centre 89.2 Riverside Plaza Syndicate Queanbeyan, NSW Neighbourhood shopping centre 92.7 Belconnen Markets Syndicate Canberra, ACT Specialty retail 46.5 Hunters Plaza Syndicate Auckland, NZ Sub-regional shopping centre 50.7 Riverton Forum Fund Riverton, WA Sub-regional shopping centre 122.5 Tweed Mall Syndicate Tweed Heads, NSW Sub-regional shopping centre 103.3 Hotels, Tourism and Leisure Elanor Hotel and Accommodation Fund NSW (5), SA (3), ACT (2), VIC (1) and TAS (1) Luxury and regional accommodation hotels 271.5 Industrial and Logistics Broadmeadows Broadmeadows, VIC Industrial and Logistics assets 81.2 Total Managed Funds1 1,831.1 Note 1: The assets under management of $1.8 billion represent the gross asset value of the Group’s Managed Funds as at 30 June 2026, including those funds that have been consolidated in the Group’s financial statements. As at 30 June 2026, Elanor Hotel and Accommodation Fund (EHAF) has been consolidated in the Group’s financial statements. Note 2: The numbers included in brackets under the ‘Location’ column represent the number of assets within each state for the Group’s multi-asset funds. 19
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10 Kyron Capital 10 6. Operating and financial review (continued) Managed Funds and Investment Portfolio (continued) Investment Portfolio Managed Fund Co-Investments 30 June Co-Investment Value $’m Elanor Hotel and Accommodation Fund NSW (5), SA (3), ACT (2), VIC (1) and TAS (1) Luxury and regional accommodation hotels 1,3 52.8 Hunters Plaza Syndicate Auckland, NZ Sub-regional shopping centre 2 1.4 Belconnen Markets Syndicate Canberra, ACT Shopping centre 2 – Harris Street Fund Sydney, NSW Commercial office building 2 3.3 Elanor Healthcare Real Estate QLD (4), WA (2) Commercial healthcare properties Fund 2 5.6 Riverton Forum Fund Riverton, WA Sub-regional shopping centre 2 – Elizabeth Street Fund Brisbane, QLD Commercial office building 2 1.6 Total Investment Portfolio 64.7 Note 1: All owner-occupied properties in the Hotel, Tourism and Leisure business are held for use by the Group for the supply of services and are classified as property, plant and equipment or assets held for sale and measured at fair value in the financial stateme nts. Note 2: Managed Fund co-investments are associates and accounted for using the equity method in the statutory financial stateme nts. Note 3: The co-investment in EHAF has been consolidated in the financial statements. The amount shown assumes that the investme nt was accounted for using the equity method. 20
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10 Kyron Capital 10 6. Operating and financial review (continued) Managed Funds and Investment Portfolio (continued) Investment Portfolio Managed Fund Co-Investments 30 June Co-Investment Value $’m Elanor Hotel and Accommodation Fund NSW (5), SA (3), ACT (2), VIC (1) and TAS (1) Luxury and regional accommodation hotels 1,3 52.8 Hunters Plaza Syndicate Auckland, NZ Sub-regional shopping centre 2 1.4 Belconnen Markets Syndicate Canberra, ACT Shopping centre 2 – Harris Street Fund Sydney, NSW Commercial office building 2 3.3 Elanor Healthcare Real Estate QLD (4), WA (2) Commercial healthcare properties Fund 2 5.6 Riverton Forum Fund Riverton, WA Sub-regional shopping centre 2 – Elizabeth Street Fund Brisbane, QLD Commercial office building 2 1.6 Total Investment Portfolio 64.7 Note 1: All owner-occupied properties in the Hotel, Tourism and Leisure business are held for use by the Group for the supply of services and are classified as property, plant and equipment or assets held for sale and measured at fair value in the financial stateme nts. Note 2: Managed Fund co-investments are associates and accounted for using the equity method in the statutory financial stateme nts. Note 3: The co-investment in EHAF has been consolidated in the financial statements. The amount shown assumes that the investme nt was accounted for using the equity method. 11 Kyron Capital 11 6. Operating and financial review (continued) Managed Funds and Investment Portfolio (continued) Update on the Group’s Managed Funds The Group is continuing to focus on funds management initiatives across the real estate sectors of retail, office, healthcare, and hotels and leisure. Commercial Office The total assets under management of the Group’s commercial office managed fund asset portfolio decreased by $1,855.5 million during the year from $2,180 .6 million as at 30 June 2025 to $325.1 million as at 30 June 2026. The decrease in asset under management was mainly due to the termination of the Challenger management agreement, the change in management of ECF, and the divestment of Stirling Street as outlined above. Healthcare Real Estate The Elanor Healthcare Real Estate Fund (EHREF) continues to perform well. The value of the healthcare real es tate asset portfolio increased by $7.6 million du ring the period to $273.8 million as at 30 June 2026, reflecting improved asset fundam entals driven by positive leasing outcomes offsetting softer capitalisation rates across the portfolio. Retail and Mixed-Use Real Estate The Group’s retail and mixed-use real estate managed funds continue to focus on investments in non- discretionary-focused neighbourhood and sub-regional shopping centre assets. The total asset under management of the Group’s retail managed fund asset portfolio decreased by $1,364.5 million during the year to $879.5 million at 30 June 2026. The decrease in assets under management was due to the termination of the Challenger management agreement, the sale of the assets within the ADIC portfolio including the sale of Bankstown Central for a gross sale price of $323.0 million, and the Paradise Centre for a gross sale price $267.7 million, the sale of Waverley Gardens for a gross sale price of $163.0 million and the sale of Bluewater Square for $32.0 million. Industrial and Logistics The total asset under management of the Group’s industrial and logistics managed fund asset portfolio decreased by $242.1 million during the year from $323.3 million as at 30 June 2025 to $81.2 million as at 30 June 2026. The decrease in asset under management was mainly due to the termination of the Challenger management, offset by the completion of the development works on the Broadmeadows logistics asset. Hotels and Leisure The Group’s co-investment in the Elanor Wildlife Park Fund (“EWPF”) together with the management rights for this fund and related management fee receivables were sold in February 2026 for a combined purchase price of $13.0 million. During the year from 1 July 2025 to 30 June 2026, EHAF completed the following asset sales: • Mayfair Hotel (completed in August 2025 for gross sale price of $75.0 million); • Panorama Retreat (completed in September 2025 for a gross sale price of $6.2 million); • Mantra Wollongong (completed in December 2025 for a gross sale price of $10.8 million). A subdivided parcel of land at Barossa Weintal Hotel was exchanged on 17 June 2026 for a gross sale price of $0.45 million. Settlement is expected to occur in September 2026. Paradise Novotel in the ADIC portfolio also settled in April 2026 for a gross sale price of $82.3 million. The value of the hotels, tourism and leisure portfolio de creased by $291.0 million during the year to $271.5 million at 30 June 2026, mainly driven by the asset sales outlined above. 21
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12 Kyron Capital 12 6. Operating and financial review (continued) Review of Financial and Operating Results Statutory results The Consolidated Group recorded a net statutory loss after tax of $51.9 million for the year ended 30 June 2026 (30 June 2025: $57.0 million loss). At balance date, Kyron held a 32.46% (30 June 2025: 32.46%) interest in the Elanor Hotel Accommodation Fund (EHAF). Kyron held a 42.82% interest in Elanor Wildlife Park Fund (EWPF) until its sale in February 2026 and a 42.98% interest in Stirling Street Syndicate (Stirling) until the units in the fund were redeemed in June 2026. Kyron held a 42.27% interest in Bluewater Square Syndicate (Bluewater) until June 2026 until all but one unit was redeemed, with the remaining unit held by Kyron. For accounting purposes, Kyron is deemed to have a controlling interest in EHAF and Bluewater for the full financial year given its level of ownership and role as manager of the funds and in EWPF and Stirling until the sale and redemption dates respectively. This requires that the financial results and financial position of EHAF, Bluewater and Stirling are consolidated into the financial statements of the Group and the financial results of EWPF until the sale date. All other managed fund co-investments are accounted for using the equity method in the Group's consolidated financial statements. Revenue from operating activities for the Consolidated Group for the year ended 30 June 2026 was $99.3 million (30 June 2025: $132.8 million). The Consolidated Group's balance sheet as at year end reflects net assets of $140.9 million (30 June 2025: $159.1 million) and cash on hand of $14.8 million (30 June 2025: $13.0 million). A summary of the Consolidated Group and KIF Group's statutory results for the year is set out below: Summary Financial Results Consolidated Group 30 June 2026 Consolidated Group 30 June 2025 KIF Group 30 June 2026 KIF Group 30 June 2025 Net loss after tax ($'000) (51,867) (56,977) (15,121) (20,372) Net loss attributable to KYN securityholders ($'000) (47,797) (40,188) 3,067 (4,325) Statutory loss attributable to KYN securityholders per stapled security (cents) (36.23) (26.41) Statutory loss attributable to KYN securityholders per weighted average stapled security (cents) (33.61) (26.41) Net tangible assets ($ per stapled security) 1.03 1.00 0.98 1.24 Gearing (net debt / total assets less cash less Intangibles) (%) 44.6 62.4 29.9 44.9 Adjusted Statement of Profit and Loss The table below provides a reconciliation from the Group's statutory net loss after tax to the adjusted net loss after tax, presented on the basis that EHAF, EWPF, Bluewater and Stirling are equity accounted throughout the year, rather than consolidated in accordance with Accounting Standards. Kyron considers that presenting the operating performance of the Group on this adjusted basis gives the most appropriate representation of the Group which is consistent with the management and reporting of the Group and to provide a comparable basis for the presentation of prior period results. The results provided on this basis are presented as the 'Kyron Group'. 22
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12 Kyron Capital 12 6. Operating and financial review (continued) Review of Financial and Operating Results Statutory results The Consolidated Group recorded a net statutory loss after tax of $51.9 million for the year ended 30 June 2026 (30 June 2025: $57.0 million loss). At balance date, Kyron held a 32.46% (30 June 2025: 32.46%) interest in the Elanor Hotel Accommodation Fund (EHAF). Kyron held a 42.82% interest in Elanor Wildlife Park Fund (EWPF) until its sale in February 2026 and a 42.98% interest in Stirling Street Syndicate (Stirling) until the units in the fund were redeemed in June 2026. Kyron held a 42.27% interest in Bluewater Square Syndicate (Bluewater) until June 2026 until all but one unit was redeemed, with the remaining unit held by Kyron. For accounting purposes, Kyron is deemed to have a controlling interest in EHAF and Bluewater for the full financial year given its level of ownership and role as manager of the funds and in EWPF and Stirling until the sale and redemption dates respectively. This requires that the financial results and financial position of EHAF, Bluewater and Stirling are consolidated into the financial statements of the Group and the financial results of EWPF until the sale date. All other managed fund co-investments are accounted for using the equity method in the Group's consolidated financial statements. Revenue from operating activities for the Consolidated Group for the year ended 30 June 2026 was $99.3 million (30 June 2025: $132.8 million). The Consolidated Group's balance sheet as at year end reflects net assets of $140.9 million (30 June 2025: $159.1 million) and cash on hand of $14.8 million (30 June 2025: $13.0 million). A summary of the Consolidated Group and KIF Group's statutory results for the year is set out below: Summary Financial Results Consolidated Group 30 June 2026 Consolidated Group 30 June 2025 KIF Group 30 June 2026 KIF Group 30 June 2025 Net loss after tax ($'000) (51,867) (56,977) (15,121) (20,372) Net loss attributable to KYN securityholders ($'000) (47,797) (40,188) 3,067 (4,325) Statutory loss attributable to KYN securityholders per stapled security (cents) (36.23) (26.41) Statutory loss attributable to KYN securityholders per weighted average stapled security (cents) (33.61) (26.41) Net tangible assets ($ per stapled security) 1.03 1.00 0.98 1.24 Gearing (net debt / total assets less cash less Intangibles) (%) 44.6 62.4 29.9 44.9 Adjusted Statement of Profit and Loss The table below provides a reconciliation from the Group's statutory net loss after tax to the adjusted net loss after tax, presented on the basis that EHAF, EWPF, Bluewater and Stirling are equity accounted throughout the year, rather than consolidated in accordance with Accounting Standards. Kyron considers that presenting the operating performance of the Group on this adjusted basis gives the most appropriate representation of the Group which is consistent with the management and reporting of the Group and to provide a comparable basis for the presentation of prior period results. The results provided on this basis are presented as the 'Kyron Group'. 13 Kyron Capital 13 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Kyron Group 30 June 2026 $’000 Kyron Group 30 June 2025 $’000 Statutory net loss after tax (51,867) (56,977) Adjustment to remove the impact of the consolidated statutory results of EHAF, EWPF, Stirling and Bluewater 5,845 53,782 Adjustment to include the impact of recognising the investments in EHAF, EWPF, Stirling, and Bluewater using the equity method (4,218) (32,642) Adjusted net loss after tax (50,240) (35,837) Set out below is a build up by component of the adjusted net loss after tax. Funds management income1 24,129 39,061 Share of loss from equity accounted investments (3,474) (2,169) Revenue from investment portfolio – 38 Impairment expense – (2,075) Operating expenses (43,041) (46,580) EBITDA (22,386) (11,725) Depreciation and amortisation (7,734) (6,131) EBIT (30,120) (17,856) Fair value revaluation on financial assets and liabilities (1,372) 250 Gain on sale of investments – 259 Interest income 525 1,141 Borrowing costs (19,273) (19,631) Net loss before tax expense (50,240) (35,837) Income tax (expense)/benefit – – Adjusted net loss after tax (50,240) (35,837) 1 Funds management income includes $27.1 million, offset by $2.9 million of non-cash payments to customers. 23
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14 Kyron Capital 14 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Core Earnings Core Earnings represents an estimate of the underlying recurring cash earnings of the Group. Core Earnings is used by the Board to make strategic decisions and as a guide to assessing appropriate distribution declarations. A summary of the Group Core Earnings results for the year is set out below: Summary Financial Results Kyron Group 30 June 2026 Kyron Group 30 June 2025 Net loss after tax ($'000) (51,867) (56,977) Adjusted net loss after tax ($'000) (50,240) (35,837) (EHAF, EWPF, Stirling and Bluewater equity accounted) Core Earnings ($'000) (30,329) (8,861) Distributions paid / payable to Security holders ($'000) - - Core earnings per stapled security (cents) (23.00) (5.83) Core earnings per weighted average stapled security (cents) (21.32) (5.83) Distributions (cents per stapled security / unit) - - Net tangible assets ($ per stapled security) (EHAF, EWPF, Stirling and Bluewater equity accounted) 0.26 0.11 Gearing (net debt / total assets less cash) (%) (EHAF, EWPF, Stirling and Bluewater equity accounted) 54.2 72.4 24
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14 Kyron Capital 14 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Core Earnings Core Earnings represents an estimate of the underlying recurring cash earnings of the Group. Core Earnings is used by the Board to make strategic decisions and as a guide to assessing appropriate distribution declarations. A summary of the Group Core Earnings results for the year is set out below: Summary Financial Results Kyron Group 30 June 2026 Kyron Group 30 June 2025 Net loss after tax ($'000) (51,867) (56,977) Adjusted net loss after tax ($'000) (50,240) (35,837) (EHAF, EWPF, Stirling and Bluewater equity accounted) Core Earnings ($'000) (30,329) (8,861) Distributions paid / payable to Security holders ($'000) - - Core earnings per stapled security (cents) (23.00) (5.83) Core earnings per weighted average stapled security (cents) (21.32) (5.83) Distributions (cents per stapled security / unit) - - Net tangible assets ($ per stapled security) (EHAF, EWPF, Stirling and Bluewater equity accounted) 0.26 0.11 Gearing (net debt / total assets less cash) (%) (EHAF, EWPF, Stirling and Bluewater equity accounted) 54.2 72.4 15 Kyron Capital 15 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) The table below provides a reconciliation from adjusted net loss after tax to distributable Core Earnings: Note Kyron Group 30 June 2026 $'000 Kyron Group 30 June 2025 $'000 Adjusted net loss after tax (50,240) (35,837) Adjustments for items included in statutory profit / (loss) Adjustment in equity accounted investments to reflect distributions received / receivable 2 4,003 2,534 Net (gain) / loss on disposals of equity accounted investments 3 82 (659) Impairment of equity accounted investments 4 284 (710) Impairment of contract asset – 2,587 Net reversal of impairment of related party loans and receivables 5 (886) (1,304) Fair value movement of derivatives 6 900 - Amortisation amounts 7 11,026 12,538 Corporate transactions 8 5,725 9,154 Tax and other non-cash adjustments 9 (1,223) 2,836 Core Earnings 1 (30,329) (8,861) Note 1: Core Earnings represents the Directors’ view of underlying earnings from ongoing operating activities of the group leve l for the year, being net profit / (loss) after tax, adjusting for one-off realised items (being formation or other transaction costs that occur infrequently or are outside the course of ongoing business activities), non-cash items (being fair value movements, depreciation charges on the buildings held by the Trust, amortisation of intangibles, straight lining of rental expense, and amortisation of equity settled STI and LTI amounts), and restating share of profit from equity accounted investments to reflect distributions received / receivable in respect of those investments. Note 2: Share of profit from equity accounted investments (including equity accounting of EHAF, EWPF, Stirling and Bluewater) o f the Group's consolidated funds on an equity accounted basis includes depreciation and amortisation and fair value adjustments on investment property that were added back in the determination of distributable earnings for those managed funds. The Group's share of thos e adjustments to distributable earnings in the relevant managed funds have been added back for the purposes of calculating Core Earnings so that the Group's Core Earnings reflects the distribution received / receivable by the Group from those investments in Kyron managed funds. Note 3: Net (gain) / loss on disposals of equity accounted investments includes adjustments for realised non-cash accounting (g ains) / losses on the sale of equity accounted investments during the year, so as to only include net cash profit for the purposes of c alculating Core Earnings. Note 4: During the year, the Group impaired the value of its equity investment in Hunters Plaza and 55 Elizabeth Street. Note 5: During the year, the Group reversed prior period impaired related party loans and receivables for a net of $0.9 million . Note 6: The fair value movement of derivatives reflects the revaluation movement on the Penny Warrants. Note 7: During the year, the Group incurred non-cash profit and loss charges in respect of the amortisation of certain amounts including the equity component of the Group's Short Term Incentive (STI), Long Term Incentive (LTI) amounts, payment to customer as part of the Challenger transaction, intangibles and borrowing costs. These amounts have been added back for the purposes of calculating Cor e Earnings. Note 8: During the year, the Group incurred non-recurring profit and loss charges in respect of corporate transaction costs, in cluding in respect of the stabilisation of the business. These amounts have been added back for the purposes of calculating Core Earnings. Note 9: Tax and other adjustments include tax effect during the year $6.4 million offset by gain on disposal of ECF management rights (-$7.3 million) and other non-cash profit and loss charges impacting the Group’s result for the year (-$0.3 million). 25
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16 Kyron Capital 16 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Funds Management Income The table below provides a breakdown of Kyron Group's funds management income. Kyron Group 30 June 2026 $'000 Kyron Group 30 June 2025 $'000 Management fees and related cost recoveries 22,919 40,351 Leasing and development management fees 3,148 5,726 Acquisition fees and related cost recoveries 1,005 1,050 27,072 47,127 Payments to customers related to Funds Management activities1 (2,943) (8,066) Total funds management income2 24,129 39,061 1 Payments to customers related to Funds Management activities are non-cash and represent the amortisation of contract assets, s ee Note 21 of the financial statements. 2 Total funds management income includes $3.1 million (30 June 2025: $6.7 million) relating to the Group's consolidated funds (E HAF, EWPF, Bluewater and Stirling), which is eliminated upon consolidation into the Group's consolidated financial results. In FY26 it also includes $4.6 million of fees related to the management of the Challenger mandate (excluding ADIC). The Group’s recurring funds management fees have decreased during the year as a result of the exit of the Challenger mandate, the ECF change of manager, and the sale of assets within various managed funds. The exit of the Challenger mandate has reduced the amortisation impact of the contract asset, with the securities issued to Challenger as part of the agreement being returned to the Kyron Group and cancelled. Distributions from Co-Investments The Group measures the performance of its co-investments based on distributions received / receivable from these co-investments. The table below provides a brea kdown of the Group's distributions received and / or receivable from its Managed Funds for the year ended 30 June 2026. Kyron Group 30 June 2026 $'000 Kyron Group 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 334 363 Elanor Hotel Accommodation Fund 272 - Riverton Forum Fund 1 2 Hunters Plaza Syndicate 4 - Total distributions received / receivable from Managed Funds 611 365 Note: As the Group consolidates Stirling, EHAF, EWPF and Bluewater into its consolidated financial results, the distributions r eceivable from these funds are eliminated on consolidation. The distributions receivable relating to the other funds that are equity acco unted are contained within the equity accounted investments balance and will reduce the equity accounted investments balance when the distribution is received. 26
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16 Kyron Capital 16 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Funds Management Income The table below provides a breakdown of Kyron Group's funds management income. Kyron Group 30 June 2026 $'000 Kyron Group 30 June 2025 $'000 Management fees and related cost recoveries 22,919 40,351 Leasing and development management fees 3,148 5,726 Acquisition fees and related cost recoveries 1,005 1,050 27,072 47,127 Payments to customers related to Funds Management activities1 (2,943) (8,066) Total funds management income2 24,129 39,061 1 Payments to customers related to Funds Management activities are non-cash and represent the amortisation of contract assets, s ee Note 21 of the financial statements. 2 Total funds management income includes $3.1 million (30 June 2025: $6.7 million) relating to the Group's consolidated funds (E HAF, EWPF, Bluewater and Stirling), which is eliminated upon consolidation into the Group's consolidated financial results. In FY26 it also includes $4.6 million of fees related to the management of the Challenger mandate (excluding ADIC). The Group’s recurring funds management fees have decreased during the year as a result of the exit of the Challenger mandate, the ECF change of manager, and the sale of assets within various managed funds. The exit of the Challenger mandate has reduced the amortisation impact of the contract asset, with the securities issued to Challenger as part of the agreement being returned to the Kyron Group and cancelled. Distributions from Co-Investments The Group measures the performance of its co-investments based on distributions received / receivable from these co-investments. The table below provides a brea kdown of the Group's distributions received and / or receivable from its Managed Funds for the year ended 30 June 2026. Kyron Group 30 June 2026 $'000 Kyron Group 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 334 363 Elanor Hotel Accommodation Fund 272 - Riverton Forum Fund 1 2 Hunters Plaza Syndicate 4 - Total distributions received / receivable from Managed Funds 611 365 Note: As the Group consolidates Stirling, EHAF, EWPF and Bluewater into its consolidated financial results, the distributions r eceivable from these funds are eliminated on consolidation. The distributions receivable relating to the other funds that are equity acco unted are contained within the equity accounted investments balance and will reduce the equity accounted investments balance when the distribution is received. 17 Kyron Capital 17 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Risk Management Kyron regularly assesses the key business risks and opportunities that could impact performance and the ability to deliver on the Group’s strategy. Risks to the Group for the 2027 financial year primarily relate to capital management including repayment and management of the Rockworth Senior Debt Facility; managing fund performance including and the success of the orderly asset divestment programs for various managed funds; and reputation risk including management of the relationship with major mandate clients and investors. Capital Management During the 2026 financial year, Kyron completed the recapitalisation transaction with Rockworth. This transaction substantially reduced the cost of debt capital within the business. The focus has now shifted to the reduction of the level of bo th the Senior Debt Facility and the perpetual notes, while ensuring that covenants under the debt facility are met. This risk is managed by undertaking an orderly divestment and asset realisation program to reduce debt, while seeking to grow funds under management to increase revenue. Kyron maintains continuous contact with the lender to provide updates on estimated repayments. Management also undertakes detailed cashflow modelling, including scenario analysis, to manage cashflow risks and has implemented a cost reduction program to tightly manage working capital. Fund Performance The performance of Kyron’s managed funds (and the Kyron Group through its co-investment in the funds and management fees) is impacted by macroeconomic factors, interest rates, sector disruptors as well as management’s investment decisions. These risks are managed through active asset management, scenario modelling and stress testing, and a robust investment process which includes Kyron’s Investment Committee and as required, mandate related investment committees. Interest rate risk is managed through interest rate hedging where appropriate. The Funds are managed by appropriately qualified and experienced staff. Reputational Risk As a result of the material uncertainty to Going Concern as outlined earlier in this report, this risk is elevated. Maintaining the support of key investors in both the Kyron Group and its managed funds is key to future business growth. To mitigate this risk management has maintained regular communication with Kyron securityholders, lenders, managed fund investors and mandate clients. Management has ensured that any queries from investors and mandate clients have been answered promptly. To ensure that conflicts or potential conflicts between the Kyron Group and its managed funds are appropriately managed, the Kyron Group has established a dedicated responsible entity for the Group’s managed funds. The Group’s conflict management policies and internal information barrier protocols are also followed to ensure that the Kyron Group meets its fiduciary obligations to investors of both the Kyron Group and the managed funds. Climate-related financial disclosure As the owner and manager of a large portfolio of office, retail, industrial, healthcare, and hotel and leisure assets across Australia and New Zealand, Kyron recognises the impact that climate change is having on the environment and the importance of contributing to climate change mitigation initiatives. 27
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18 Kyron Capital 18 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Specifically, Kyron is advancing its understanding of climate-related risks and opportunities in line with leading practice frameworks and standards. As part of Kyron’s commitment to sustainability and re sponsible business practices, the Group continues to progress disclosure on measuring, monitoring, and reporting of climate-related risks and opportunities. The following sections outline the progress Kyron is making on climate change initiatives and climate-related financial disclosure covering the areas of governance, strategy, risk management, and metrics and targets. Governance The Kyron Group Board recognises the importance of Sustainability to the future of the Group and its importance to key stakeholders. The Group’s ESG Management Committee is chaired by the CEO and reports to the Board Sustainability Committee. The ESG Management Committee assesses and oversees the implementation of important and impactful ESG initiatives across the Group. The Sustainability Committee assists the Kyron Group Board in relation to sustai nability strategy, ESG integration and climate-related matters. Strategy The Group’s ESG strategy review has identified nine material ESG topics. Short, medium and long-term goals have been identified against the five material environment topics including energy and carbon management, ecological impacts, water management, waste impacts and climate change vulnerability. Portfolio-wide identification of decarbonisation opportunities, including net zero modelling continue to be priorities. Kyron is continuing to develop its strategy for managing its climate-related risks and opportunities as an integral part of Kyron’s strategic considerations. Kyron continues to work with key internal and external expert stakeholders to understand the current and anticipated effects of those climate-related risks and opportunities on the business model and value chain. The Group is monitoring developments in the ASRS reporting requirements and thresholds which will determine the reporting requirements of the Group. Risk management To ensure coordinated management, climate-related risks and opportunities are embedded within Kyron’s Risk Management Framework and Risk Appetite Statement, alongside broader ESG, business-related and macro- economic matters. To ensure the Group addresses climate-related risks and opportunities more effectively, a climate change vulnerability analysis process has been integrated into due diligence procedures for all new asset acquisitions. During the year, the Group progressed a project to analyse Kyron’s long-term portfolio, evaluating climate- related risks and opportunities thoroughly from both a physical risk and transition risk perspective. 28
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18 Kyron Capital 18 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Specifically, Kyron is advancing its understanding of climate-related risks and opportunities in line with leading practice frameworks and standards. As part of Kyron’s commitment to sustainability and re sponsible business practices, the Group continues to progress disclosure on measuring, monitoring, and reporting of climate-related risks and opportunities. The following sections outline the progress Kyron is making on climate change initiatives and climate-related financial disclosure covering the areas of governance, strategy, risk management, and metrics and targets. Governance The Kyron Group Board recognises the importance of Sustainability to the future of the Group and its importance to key stakeholders. The Group’s ESG Management Committee is chaired by the CEO and reports to the Board Sustainability Committee. The ESG Management Committee assesses and oversees the implementation of important and impactful ESG initiatives across the Group. The Sustainability Committee assists the Kyron Group Board in relation to sustai nability strategy, ESG integration and climate-related matters. Strategy The Group’s ESG strategy review has identified nine material ESG topics. Short, medium and long-term goals have been identified against the five material environment topics including energy and carbon management, ecological impacts, water management, waste impacts and climate change vulnerability. Portfolio-wide identification of decarbonisation opportunities, including net zero modelling continue to be priorities. Kyron is continuing to develop its strategy for managing its climate-related risks and opportunities as an integral part of Kyron’s strategic considerations. Kyron continues to work with key internal and external expert stakeholders to understand the current and anticipated effects of those climate-related risks and opportunities on the business model and value chain. The Group is monitoring developments in the ASRS reporting requirements and thresholds which will determine the reporting requirements of the Group. Risk management To ensure coordinated management, climate-related risks and opportunities are embedded within Kyron’s Risk Management Framework and Risk Appetite Statement, alongside broader ESG, business-related and macro- economic matters. To ensure the Group addresses climate-related risks and opportunities more effectively, a climate change vulnerability analysis process has been integrated into due diligence procedures for all new asset acquisitions. During the year, the Group progressed a project to analyse Kyron’s long-term portfolio, evaluating climate- related risks and opportunities thoroughly from both a physical risk and transition risk perspective. 19 Kyron Capital 19 6. Operating and financial review (continued) Review of Financial and Operating Results (continued) Metrics and targets Kyron is committed to reducing its environmental impact on the planet and understanding its climate-related financial impact. Energy usage data and scope 1 and 2 carbon emissions data has been collected for all Kyron-managed assets from 2022. This data will help to inform energy consumption and carbon emission reduction targets for Kyron’s managed funds real estate portfolio. Kyron is currently evaluating the impact of its business operations on the environment and exploring ways to minimise its carbon footprint. These efforts include: • Energy efficiency improvements; • On-site renewable energy generation; and • Long term generation credits procurement. The Group's Sustainability Report 2025 was released in 2025 and provided details on the Group’s energy and carbon management initiatives, achievements, and plans across the portfolio to enhance its climate-related financial disclosure. The 2026 Sustainability Report is expected to be released in September 2026. By enhancing the Group’s understanding of climate-related risks and opportunities, Kyron aims to foster sustainable and responsible business practices that benefit the Group’s shareholders, key stakeholders and the environment. Summary and Outlook The Group’s recapitalisation with Rockworth has delivered balance sheet flexibility to enable Kyron to execute its growth strategy, while enabling the business to continue to actively manage the real estate assets of its capital partners. The Group’s strategic focus remains on continued execution of its asset realisation program, disciplined capital management and balance sheet optimisation, streamlining the business to focus on core real estate sectors, improving the profitability of its funds management pl atform, and expanding the pl atform through measured and disciplined growth, including re-engagement with domestic institutional investors and expansion of Pan- Asian capital partnerships alongside Rockworth. The financial statements for the year ended 30 June 2026 contain an independent auditor’s report which highlights the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern. For further information, refer to the ‘Going Concern’ subsection in the ‘About this report’ section of the financial statements, together with the auditor’s report. 29
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20 Kyron Capital 20 7. Interests in the Group The movement in stapled securities of the Group during the year is set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Stapled securities on issue at the beginning of the year 152,202 152,202 Stapled securities cancelled1 (20,280) – Stapled securities on issue at the end of the year 131,922 152,202 1 Securities cancelled after being returned by Challenger under the termination agreement. 12.4 million securities were cancelle d on 22 October 2025, with a further 7.9 million securities cancelled on 23 April 2026. 30
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20 Kyron Capital 20 7. Interests in the Group The movement in stapled securities of the Group during the year is set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Stapled securities on issue at the beginning of the year 152,202 152,202 Stapled securities cancelled1 (20,280) – Stapled securities on issue at the end of the year 131,922 152,202 1 Securities cancelled after being returned by Challenger under the termination agreement. 12.4 million securities were cancelle d on 22 October 2025, with a further 7.9 million securities cancelled on 23 April 2026. 21 Kyron Capital 21 8. Directors Name Particulars Ian Mackie Independent Non-Executive Chair (appointed as Chair on 1 January 2024, appointed as Director on 25 August 2023) Member, Remuneration and Nomination Committee (Chair from 9 September 2024 to 30 June 2026) Chair, Transaction Approval Committee Member, Audit & Risk Committee Ian has been a Director of the Group since August 2023. Ian has more than 40 years' experience in real estate investment and funds management across Australia and Asia Pacific. He has overseen extensive property investments and developments throughout the region across office, retail, residential, logistics, and hotels and resorts, including pioneering logistics development programs in Japan, China, and South Korea. For more than two decades, Ian led private equity and strategic partnerships at LaSalle Investment Management Asia and has directed regulated entities in Singapore, South Korea, and Japan, while based out of Singapore. He currently serves as Lead Independent Director of Keppel REIT Management, listed on the Singapore Exchange, and sits on the Investment Committee of the Keppel MMP Indonesian Logistics Fund. He previously chaired ULI Australia and was a Board Member of ULI Asia Pacific and is also currently a Global Trustee of ULI. Ian holds a BA (Economics & Law) and an Associate Diploma in Valuation. Former listed directorships in the last three years: Elanor Commercial Property Fund (ASX: ECF) (RE changed on 4 February 2026) Interest in stapled securities: 172,069 Qualifications: B. Arts (Econ & Law) Anthony (Tony) Fehon Executive Director (from 1 August 2026) Managing Director (from 9 September 2024 to 31 July 2026) Member, Remuneration and Nominations Committee Member, Transaction Approval Committee Tony has been a Director of the Group since August 2019 and served as Interim Managing Director from September 2024 to July 2026 until the Board recruited a new CEO for the Group. Tony has 40 years’ experience working in senior roles with some of Australia’s leading financial services and funds management businesses. He has broad experience in operational leadership roles across many industries. Previously, Tony was an Executive Director of Macquarie Bank Limited, where he was involved in the formation and listing of several of Macquarie’s listed property trusts, including being a director of the listed leisure trust. Among his other roles, Tony serves as a Director of enLighten Australia Pty Limited and Taldumande Youth Services Limited. Tony holds a Bachelor of Commerce (Accounting & Finance) from the University of New South Wales and is a Fellow of the Chartered Accountants Australia & New Zealand. Former listed directorships in the last three years: Elanor Commercial Property Fund (ASX: ECF) (RE changed on 4 February 2026) Interest in stapled securities: 700,000 Qualifications: B. Com, FCA 31
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22 Kyron Capital 22 Name Particulars Karyn Baylis Independent Non-Executive Director (appointed on 1 November 2021) Chair, Sustainability Committee Member, Audit and Risk Committee Chair, Remuneration and Nominations Committee (appointed Chair 1 July 2026, Member from 26 November 2021 to 30 June 2026) Karyn has been a Director of the Group since November 2021. Karyn has led a distinguished business career in Australia and internationally, having held a range of senior management and C-suite executive roles in multinational businesses, including at Optus, Insurance Australia Group and Senior Vice President The Americas at Qantas Airways. Karyn was also CEO and Managing Director of leading ‘Not For Profit’, Jawun Indigenous Corporate Partnerships. Karyn has received a number of awards, notably a Member in the General Division of the Order of Australia (AM) for significant service to the Indigenous community in the 2018 Queen’s Birthday Honours and The Australian Financial Review and Westpac 100 Women of Influence Award in Diversity in 2015. Karyn is a Non-Executive Director of Save the Children Australia. Karyn is also a current member of Australian Institute of Company Directors (AICD) and Chair, National Place Governance Council, Commonwealth Government and Member, The Bridge International Advisory Board. Former listed directorships in the last three years: Elanor Commercial Property Fund (ASX: ECF) (RE changed on 4 February 2026) Interest in stapled securities: 210,000 Kathy Ostin Independent Non-Executive Director (appointed on 1 January 2024) Chair, Audit and Risk Committee Member, Remuneration and Nominations Committee (since 2 June 2026) Kathy has been a Director of the Group since January 2024. Kathy is an experienced Non-Executive Director and Chair of Audit and Risk Committees. Kathy spent 24 years with KPMG in Australia, the United States, Asia and the United Kingdom across the audit, risk consulting and advisory divisions. She was Audit, Assurance & Risk Consulting Partner at KPMG for 12 years and retired from the partnership in December 2017. Kathy currently serves as a Non-Executive Director and Chair of the Audit and Risk Committee of each of 3P Learning Limited (ASX: 3PL), Dusk Group Limited (ASX: DSK), a Non-Executive Director and Chair of the Audit Committee of Healius Ltd (ASX:HLS) and a Non-Executive Director and Member of the Group Audit and Risk Committee of Bid Corporation Limited (JSE:BID). Kathy holds a Bachelor of Commerce (Accounting & Finance) from the University of New South Wales. She is a graduate and member of the Australian Institute of Company Directors, Chartered Accountants Australia & New Zealand and Fellow of the Financial Services Institute of Australasia. Former listed directorships in the last three years: Elanor Commercial Property Fund (ASX: ECF) (RE changed on 4 February 2026); Next Science Limited (delisted 11 February 2026); and Capral Limited (ASX: CAA) until 8 May 2025. Interest in stapled securities: 2,085,714 Qualifications: B. Com, GAICD, CA ANZ, FINSIA 32
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22 Kyron Capital 22 Name Particulars Karyn Baylis Independent Non-Executive Director (appointed on 1 November 2021) Chair, Sustainability Committee Member, Audit and Risk Committee Chair, Remuneration and Nominations Committee (appointed Chair 1 July 2026, Member from 26 November 2021 to 30 June 2026) Karyn has been a Director of the Group since November 2021. Karyn has led a distinguished business career in Australia and internationally, having held a range of senior management and C-suite executive roles in multinational businesses, including at Optus, Insurance Australia Group and Senior Vice President The Americas at Qantas Airways. Karyn was also CEO and Managing Director of leading ‘Not For Profit’, Jawun Indigenous Corporate Partnerships. Karyn has received a number of awards, notably a Member in the General Division of the Order of Australia (AM) for significant service to the Indigenous community in the 2018 Queen’s Birthday Honours and The Australian Financial Review and Westpac 100 Women of Influence Award in Diversity in 2015. Karyn is a Non-Executive Director of Save the Children Australia. Karyn is also a current member of Australian Institute of Company Directors (AICD) and Chair, National Place Governance Council, Commonwealth Government and Member, The Bridge International Advisory Board. Former listed directorships in the last three years: Elanor Commercial Property Fund (ASX: ECF) (RE changed on 4 February 2026) Interest in stapled securities: 210,000 Kathy Ostin Independent Non-Executive Director (appointed on 1 January 2024) Chair, Audit and Risk Committee Member, Remuneration and Nominations Committee (since 2 June 2026) Kathy has been a Director of the Group since January 2024. Kathy is an experienced Non-Executive Director and Chair of Audit and Risk Committees. Kathy spent 24 years with KPMG in Australia, the United States, Asia and the United Kingdom across the audit, risk consulting and advisory divisions. She was Audit, Assurance & Risk Consulting Partner at KPMG for 12 years and retired from the partnership in December 2017. Kathy currently serves as a Non-Executive Director and Chair of the Audit and Risk Committee of each of 3P Learning Limited (ASX: 3PL), Dusk Group Limited (ASX: DSK), a Non-Executive Director and Chair of the Audit Committee of Healius Ltd (ASX:HLS) and a Non-Executive Director and Member of the Group Audit and Risk Committee of Bid Corporation Limited (JSE:BID). Kathy holds a Bachelor of Commerce (Accounting & Finance) from the University of New South Wales. She is a graduate and member of the Australian Institute of Company Directors, Chartered Accountants Australia & New Zealand and Fellow of the Financial Services Institute of Australasia. Former listed directorships in the last three years: Elanor Commercial Property Fund (ASX: ECF) (RE changed on 4 February 2026); Next Science Limited (delisted 11 February 2026); and Capral Limited (ASX: CAA) until 8 May 2025. Interest in stapled securities: 2,085,714 Qualifications: B. Com, GAICD, CA ANZ, FINSIA 23 Kyron Capital 23 Name Particulars Su Kiat Lim Non-Executive Director (appointed October 2021, resigned 2 June 2026) With over 18 years’ of diverse real estate experience, Su Kiat is currently CEO of Firmus Capital. Prior to joining Firmus, Su Kiat was the Chief Investment Officer of Rockworth Capital Partners. Prior to Rockworth, Su Kiat was the Investment Manager at Frasers Commercial Trust and Director of Funds Management at Allco Finance Group. Su Kiat started his career at Urbis as a retail economics consultant in Australia. Su Kiat was appointed as a non-executive Director of Aspen Group Holdings Limited, a SGX main board listed developer since 2016. Former listed directorships in the last three years: Elanor Commercial Property Fund (ASX: ECF) (RE changed on 4 February 2026) Interest in stapled securities: Nil. Qualifications: B.Bus, PhD (Econ) Su Kiat Lim was the appointed director under the Rockworth Strategic Alliance Agreement. Following his resignation, Rockworth retain the right to nominate a replacement director to the Kyron Group Board. 9. Directors' relevant interests Stapled securities at 1 July 2025 Securities at the date of this report Ian Mackie – 172,069 Anthony Fehon 68,912 700,000 Su Kiat Lim1 – – Karyn Baylis 35,000 210,000 Kathy Ostin – 2,085,714 1 Resigned on 2 June 2026.This table states the number of stapled securities held at the time of their resignation 10. Meetings of Directors During the year, the Board met 18 times including special purpose meetings in relation to various funds management related initiatives. Kyron Group Board (Responsible Entity & the Company) Audit & Risk Committee Remuneration and Nomination Committee Sustainability Committee Held Attended Held Attended Held Attended Held Attended Ian Mackie 18 18 14 13 9 9 3 3 Anthony (Tony) Fehon 18 18 – – 9 9 – – Su Kiat Lim¹ 17 14 – – 8 8 – – Karyn Baylis 18 18 14 14 9 9 3 3 Kathy Ostin 18 18 14 14 1 1 – – 1 Resigned as a Board member on 2 June 2026. 33
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24 Kyron Capital 24 11. Remuneration Report The remuneration report for the year ended 30 June 2026 outlines the remuneration arrangements, philosophy and framework of the Kyron Capital Group (Group) in accordance with the requirements of the Corporations Act 2001 (Cth) and its regulations. The remuneration report details both the remuneration arrangements in place for the Group in respect of the financial year ended 30 June 2026, and the remuneration framework and arrangements established by the Board for the current and future periods for its Key Management Personnel (KMP). KMP includes the directors, and executives who ha ve authority for planning, directing and controlling the majo r activities of the Group, directly or indirectly. The information provided in the Remuneration Report has been audited as required by section 308 (3C) of the Corporations Act 2001 (Cth). The remuneration report is set out under the following main headings: a. Remuneration Policy and Approach b. Key Management Personnel c. Group Performance Summary d. Executive Remuneration Arrangements e. Non-Executive Director Remuneration Arrangements and Outcomes f. Additional Disclosures Relating to Short Term Incentive Plans and Long Term Incentive Plans g. Loans to Key Management Personnel h. Other Transactions and Balances with Key Management Personnel and their Related Parties 34
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24 Kyron Capital 24 11. Remuneration Report The remuneration report for the year ended 30 June 2026 outlines the remuneration arrangements, philosophy and framework of the Kyron Capital Group (Group) in accordance with the requirements of the Corporations Act 2001 (Cth) and its regulations. The remuneration report details both the remuneration arrangements in place for the Group in respect of the financial year ended 30 June 2026, and the remuneration framework and arrangements established by the Board for the current and future periods for its Key Management Personnel (KMP). KMP includes the directors, and executives who ha ve authority for planning, directing and controlling the majo r activities of the Group, directly or indirectly. The information provided in the Remuneration Report has been audited as required by section 308 (3C) of the Corporations Act 2001 (Cth). The remuneration report is set out under the following main headings: a. Remuneration Policy and Approach b. Key Management Personnel c. Group Performance Summary d. Executive Remuneration Arrangements e. Non-Executive Director Remuneration Arrangements and Outcomes f. Additional Disclosures Relating to Short Term Incentive Plans and Long Term Incentive Plans g. Loans to Key Management Personnel h. Other Transactions and Balances with Key Management Personnel and their Related Parties 25 Kyron Capital 25 11. Remuneration Report (continued) a. Remuneration Policy and Approach Kyron’s remuneration framework is designed to attract, motivate and retain exceptional people to help the Group execute on its strategic objectives. Over the year, Kyron has made significant progress in executing its strategy to stabilise the business, enhance its governance and establish a sustainable foundation for growth. The Group has: • Executed the Rockworth recapitalisation transaction to reduce gearing and the Group’s cost of debt, while positioning the Group for growth; • Continued the orderly divestment of assets to reduce gearing; • Implemented an orderly leadership transition with the appointment of David McNamara as Group CEO; • Established a majority independent Trustee Board to improve governance; and • Executed cost management initiatives to drive profitability in the funds management platform. The diagram below represents the connection between Kyron’s strategic objectives and the remuneration framework. Remuneration Governance The Board oversees Kyron’s remuneration framework. The Group has a formally constituted Remuneration and Nomination Committee (RNC or Committee) which comprises the following members: Mr Ian Mackie (Chair); Mr Anthony Fehon; Mrs Karyn Baylis; Mr Su Kiat Lim (until his resignation on 2 June 2026); and Ms Kathy Ostin (from 2 June 2026). As a result of the recent leadership and governance model transition, the Board determined that it was appropriate for all directors to be members of the RNC. The Group’s RNC is responsible for overseeing the remuneration policy and practices of the Group and making recommendations to the Board. The RNC also oversees the process for the annual review by the Board of the performance of the Chief Executive Officer and the Executive KMP. Members of the RNC have the requisite experience and expertise in human resources, remuneration and risk to enable them to achieve effective governance of the remuneration framework. Significant oversight and governance are applied by the Board and the RNC to ensure remuneration outcomes are aligned with both individual and Group financial and non-financial performance that drives superior risk- adjusted outcomes for Securityholders and capital partners. 35
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26 Kyron Capital 26 11. Remuneration Report (continued) a. Remuneration Policy a nd Approach (continued) Governance of the Group’s remuneration framework is illustrated below. Specifically, the Board approves the remuneration arrangements recommended by the RNC for the Managing Director, CEO and the Senior Executives and all aggregate and individual awards made under the short-term incentive (STI) and long-term incentive (LTI) plans. The Board also approves the recommendations of the RNC in setting the aggregate remuneration of NEDs, the overall maximum for which is subject to securityholder approval. The RNC Chair may engage with securityhold ers and proxy advisors from time to time to seek feedback on the Group’s remuneration framework. Remuneration Benchmarking The RNC reviews relevant markets for key executive talent to ensure the Group’s remuneration strategy and frameworks are appropriate to attract, motivate and retain exceptional people. The Committee utilises a peer group for benchmarking purposes that represent appropriate reference points for assessing the appropriate remuneration levels for the Group’s executives. The Committee considers companies in the broader real estate sector and companies that the Group competes with for executive talent. The responsibilities of the RNC are outlined in its Charter, which is reviewed annually by the Board. The RNC’s Charter can be viewed at www.kyroncapital.com. 36
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26 Kyron Capital 26 11. Remuneration Report (continued) a. Remuneration Policy a nd Approach (continued) Governance of the Group’s remuneration framework is illustrated below. Specifically, the Board approves the remuneration arrangements recommended by the RNC for the Managing Director, CEO and the Senior Executives and all aggregate and individual awards made under the short-term incentive (STI) and long-term incentive (LTI) plans. The Board also approves the recommendations of the RNC in setting the aggregate remuneration of NEDs, the overall maximum for which is subject to securityholder approval. The RNC Chair may engage with securityhold ers and proxy advisors from time to time to seek feedback on the Group’s remuneration framework. Remuneration Benchmarking The RNC reviews relevant markets for key executive talent to ensure the Group’s remuneration strategy and frameworks are appropriate to attract, motivate and retain exceptional people. The Committee utilises a peer group for benchmarking purposes that represent appropriate reference points for assessing the appropriate remuneration levels for the Group’s executives. The Committee considers companies in the broader real estate sector and companies that the Group competes with for executive talent. The responsibilities of the RNC are outlined in its Charter, which is reviewed annually by the Board. The RNC’s Charter can be viewed at www.kyroncapital.com. 27 Kyron Capital 27 11. Remuneration Report (continued) a. Remuneration Policy a nd Approach (continued) Remuneration Framework The Group's remuneration framework has three components: • Fixed Annual Remuneration (FAR); • Short Term Incentive (STI); and • Long Term Incentive (LTI). Fixed annual remuneration is designed to provide a base level of remuneration, with the ‘at-risk’ STI and LTI components designed to reward executives when pre-agreed performance hurdles are met or exceeded. These components support Kyron’s remuneration principles of performance-based remuneration, based on a balanced scorecard of financial and non-financial factors, and are designed to reward high performing executives to ensure the Group continues to attract, motivate and retain exceptional people. Remuneration levels are considered annually through an assessment of each executive based on the individual's performance and achievements during the financial year and taking into account the overall performance of the Group and prevailing remuneration levels for executives in similar positions. The components of the Group’s remuneration are summarised below: Fixed Annual Remuneration The key elements of the Group’s approach to Fixed Annual Remuneration are set out below: Composition FAR comprises cash base salary, statutory superannuation contributions and other nominated benefits. Benchmarking and Review Base pay is determined by reference to appropriate benchmark information, taking into account an individual's responsibilities, performance, qualifications and experience. The Board and RNC may engage independent remuneration consultants to perform relevant remuneration benchmarking. There are no guaranteed base pay increases in any executive's contracts. 37
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28 Kyron Capital 28 11. Remuneration Report (continued) a. Remuneration Policy a nd Approach (continued) Short Term Incentive The key elements of the Group’s planned STI are set out below: Feature Approach Purpose The STI is an ‘at-risk’ component of the remuneration framework, intended to be awarded annually, subject to performance against a balanced scorecard of financial and non-financial performance measures (KPIs) including a values-based behavioural gateway. The STI provides transparency for both executives and securityholders and is managed by the RNC on behalf of the Board. Performance Period 12 months operating from 1 July to 30 June each year (the Group’s financial year) Participants All executives may be eligible to participate in the STI, however it is primarily directed towards Executive KMP and other select executive employees. Gateway The STI incorporates two gateways that are required to be met for an STI entitlement to be awarded. These are: Group: A Return on Equity (ROE) hurdle of 10% p.a. must be achieved before any STI entitlement is available, with the Board retaining overall discretion on performance achievement. This is calculated on the Group’s results, presented on the basis that EHAF, EWPF, Bluewater and Stirling are equity accounted, rather than consolidated in accordance with Accounting Standards. Individual: The Board reviews both the performance and behaviours of the Executives in accordance with the Group’s values and risk management culture before determining whether individuals are eligible for any STI entitlement. Performance hurdles An important feature of the STI is that it represents an award for outperformance of the business over key performance indicator criteria. Once the Gateway hurdles are met, the STI outcomes are determined on the basis of Group and individual performance through a Balanced Scorecard. These are separate to the Gateway hurdles, however they also comprise financial and non-financial elements. The balanced scorecard is linked to the achievement of the Group’s strategic objectives and the delivery of investment returns for investors in Kyron’s managed funds and Kyron’s securityholders. The elements of the Balance Scorecard are: Scorecard Element Weighting Measurement Financial 70% KYN Perspective 50% Return On Equity (ROE) and Earnings Per Share (EPS) Fund Investor Perspective 20% Managed fund performance Non-Financial 30% People Perspective 10% Employee engagement score ESG & Risk Perspective 10% Agreed ESG and Risk priorities Strategic & Operational Perspective 10% Agreed Strategic or Operational Efficiency Initiatives 38
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28 Kyron Capital 28 11. Remuneration Report (continued) a. Remuneration Policy a nd Approach (continued) Short Term Incentive The key elements of the Group’s planned STI are set out below: Feature Approach Purpose The STI is an ‘at-risk’ component of the remuneration framework, intended to be awarded annually, subject to performance against a balanced scorecard of financial and non-financial performance measures (KPIs) including a values-based behavioural gateway. The STI provides transparency for both executives and securityholders and is managed by the RNC on behalf of the Board. Performance Period 12 months operating from 1 July to 30 June each year (the Group’s financial year) Participants All executives may be eligible to participate in the STI, however it is primarily directed towards Executive KMP and other select executive employees. Gateway The STI incorporates two gateways that are required to be met for an STI entitlement to be awarded. These are: Group: A Return on Equity (ROE) hurdle of 10% p.a. must be achieved before any STI entitlement is available, with the Board retaining overall discretion on performance achievement. This is calculated on the Group’s results, presented on the basis that EHAF, EWPF, Bluewater and Stirling are equity accounted, rather than consolidated in accordance with Accounting Standards. Individual: The Board reviews both the performance and behaviours of the Executives in accordance with the Group’s values and risk management culture before determining whether individuals are eligible for any STI entitlement. Performance hurdles An important feature of the STI is that it represents an award for outperformance of the business over key performance indicator criteria. Once the Gateway hurdles are met, the STI outcomes are determined on the basis of Group and individual performance through a Balanced Scorecard. These are separate to the Gateway hurdles, however they also comprise financial and non-financial elements. The balanced scorecard is linked to the achievement of the Group’s strategic objectives and the delivery of investment returns for investors in Kyron’s managed funds and Kyron’s securityholders. The elements of the Balance Scorecard are: Scorecard Element Weighting Measurement Financial 70% KYN Perspective 50% Return On Equity (ROE) and Earnings Per Share (EPS) Fund Investor Perspective 20% Managed fund performance Non-Financial 30% People Perspective 10% Employee engagement score ESG & Risk Perspective 10% Agreed ESG and Risk priorities Strategic & Operational Perspective 10% Agreed Strategic or Operational Efficiency Initiatives 29 Kyron Capital 29 Feature Approach Determining achievement of STI Outcomes At the Board’s absolute discretion, participants may be provided with the opportunity to receive an STI award. Annually, the RNC assesses the Group’s performance against the balanced scorecard of performance measures. The Board determines the percentage achievement of the STI pool based on recommendations from the RNC. The RNC assesses the performance of the Executive KMP against agreed KPIs. The RNC and the Board seek to ensure that STI outcomes are aligned with the financial performance of the Group and reflect the individual contribution of the Executive KMP and the overall pool of STI available based on the Group’s financial performance. Board Discretion The Board retains the discretion to increase or decrease the percentage of overall STI pool achieved, based on its assessment of the Group’s overall performance throughout the year. During the year, the Board used its discretion to offer a Retention Bonus to selected key staff (including KMP). This bonus was paid in two instalments and was subject to the continued service of the participants to key dates. No STI security plans were commenced during the year. Delivery of STI awards Following assessment of performance against the gateway hurdles and balanced scorecard, and determination of the STI outcome for each participant, 50% of STI awards are delivered in cash and 50% in the form of deferred securities. The number of securities is determined based on the volume weighted average price of securities. The STI award securities are deferred over two years, with 50% vesting at the end of year one, and 50% vesting at the end of year two. Participants are entitled to receive any distributions paid on these securities during the deferral period. The Board retains the discretion to adjust the allocation of STI awards between cash and deferred securities based on the circumstances of the Group at the time of the determination of any STI awards. Transaction linked Short Term Incentive Award During the 2025 financial year the Board approved an incentive program linked to various possible transaction outcomes in relation to the business recapitalisation and stabilisation. Tranche 1 of this incentive was paid during the 2026 financial year. Long Term Incentive The Group’s Executive Incentive Plan – Rights and Options (Rights and Options Plan) is designed to assist in attracting, motivating and retaining key management and to provide them with the opportunity to participate in the future growth in the value of Securities. The Rights and Options Plan is the Group’s principal vehicle to grant long term incentive awards (LTIs) and forms what the Board considers to be a key element of the Group’s total remuneration strategy for Executive KMP and other eligible senior management. Under the Rights and Options Plan, participants may be granted Rights or Options which are rights to acquire Securities, subject to meeting the applicable vesting conditions (which may be performance and / or service-based) and payment of the exercise price (if applicable). For the purposes of any FY26 LTI grants, Rights (with a nil exercise price) subject to performance and service-based vesting conditions were granted. 39
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30 Kyron Capital 30 11. Remuneratio n R eport (continued) a. Remuneration Policy and Approach (continued) The key elements of the FY26 approved LTI plan framework are set out below: Feature Approach Purpose The LTI is an ‘at-risk’ component of the remuneration framework, awarded annually, subject to performance against targets aligned with securityholder returns. The LTI scheme has been revised and is now based on annual awards that are subject to a three-year vesting period. Over time, the annual awards will lead to executives holding a portfolio of LTIs that will serve as an incentive to remain with the Group. The scheme is intended to attract, retain and reward participating executives for delivering superior securityholder returns. Performance Period LTI awards are subject to a three-year performance period, aligned with the Group’s financial years. Participants Executive KMP and other select executive employees. Instruments Participants are granted Rights which are rights to acquire Group securities, subject to meeting the applicable Vesting Conditions. Unless the Board determines otherwise, no trading restriction will be placed on Securities acquired following vesting and exercise of Rights, subject to the Group’s Securities Trading Policy. The Group may issue new securities or procure the acquisition of securities on-market to satisfy the exercise of vested Rights. The Group may also operate an employee security trust to acquire, hold and provide securities for the purposes of the Rights and Options Plan. Performance Targets and Vesting Conditions The Board has established performance measures linked to the delivery of returns for Kyron’s securityholders over the performance period. The Group has established Total Securityholder Return (TSR) based performance targets that are required to be achieved for vesting of the LTI awards at the end of the performance period as follows: • 75% of Rights are subject to an absolute TSR hurdle based on an 8% per annum t arget; and • 25% of Rights are subject to relative TSR performance over the 3-year performance period (against a comparator group of market peers – refer below for details). Under the relative TSR hurdle, vesting of Rights will be determined based on Kyron’s percentile rank relative to the comparator group of companies. Vesting begins where Kyron performs better than median constituent performance (50% vesting at that point) growing to 100% vesting where Kyron outperforms 75% percentile performance. 40
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30 Kyron Capital 30 11. Remuneration Report (continued) a. Remuneration Policy a nd Approach (continued) The key elements of the FY26 approved LTI plan framework are set out below: Feature Approach Purpose The LTI is an ‘at-risk’ component of the remuneration framework, awarded annually, subject to performance against targets aligned with securityholder returns. The LTI scheme has been revised and is now based on annual awards that are subject to a three-year vesting period. Over time, the annual awards will lead to executives holding a portfolio of LTIs that will serve as an incentive to remain with the Group. The scheme is intended to attract, retain and reward participating executives for delivering superior securityholder returns. Performance Period LTI awards are subject to a three-year performance period, aligned with the Group’s financial years. Participants Executive KMP and other select executive employees. Instruments Participants are granted Rights which are rights to acquire Group securities, subject to meeting the applicable Vesting Conditions. Unless the Board determines otherwise, no trading restriction will be placed on Securities acquired following vesting and exercise of Rights, subject to the Group’s Securities Trading Policy. The Group may issue new securities or procure the acquisition of securities on-market to satisfy the exercise of vested Rights. The Group may also operate an employee security trust to acquire, hold and provide securities for the purposes of the Rights and Options Plan. Performance Targets and Vesting Conditions The Board has established performance measures linked to the delivery of returns for Kyron’s securityholders over the performance period. The Group has established Total Securityholder Return (TSR) based performance targets that are required to be achieved for vesting of the LTI awards at the end of the performance period as follows: • 75% of Rights are subject to an absolute TSR hurdle based on an 8% per annum target; and • 25% of Rights are subject to relative TSR performance over the 3-year performance period (against a comparator group of market peers – refer below for details). Under the relative TSR hurdle, vesting of Rights will be determined based on Kyron’s percentile rank relative to the comparator group of companies. Vesting begins where Kyron performs better than median constituent performance (50% vesting at that point) growing to 100% vesting where Kyron outperforms 75% percentile performance. 31 Kyron Capital 31 Feature Approach Rationale for the Performance Measure To ensure that LTI performance measures align with securityholder expectations and with the Group’s strategic objectives, the Board determined to include both an absolute and relative TSR performance measure for LTI awards. TSR measures the overall returns generated for securityholders, reflecting security price movements and reinvestment of distributions over a specified period. Absolute TSR measures the returns to Securityholders from both distributions and the movement in the Group’s security price. The Absolute TSR target is determined by the Board for each year’s LTI award with reference to returns from direct investments in a range of asset classes including property, equities and fixed interest, market views on real estate asset values and the broader outlook for financial markets. Relative TSR is the most widely used LTI performance measure in Australia. The Relative TSR performance measure ensures that value is only delivered to LTI participants if the investment return received by Kyron securityholders is sufficiently high relative to the investment returns provided by the comparator group over the same period. By combining a Relative TSR with an Absolute TSR measure, executives can be rewarded for driving positive returns for Securityholders and investors have the confidence that grants are earned when they are aligned with long-term business growth and the creation of shareholder value. The inclusion of an Absolute TSR metric has been designed to counter-balance Relative TSR outcomes which may result in vesting of awards when overall market conditions are down. 41
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32 Kyron Capital 32 Feature Approach Relative TSR Performance Testing For the FY26 LTI award, the Board has determined the following peer comparator group for the relative TSR hurdle: Abacus Property Group (ABP) Aspen Group (APZ) Centuria Capital Group (CNI) Charter Hall Group (CHC) Cromwell Property Group (CMW) Dexus (DXS) GDI Property Group (GDI) Goodman Group (GMG) Growthpoint Properties Australia (GOZ) GPT Group (GPT) HMC Capital Limited (HMC) Ingenia Communities (INA) Mirvac Group (MGR) Region RE Limited (RGN) Stockland Corporation Limited (SGP) Vicinity Centres (VCX) The Board will review and determine the composition of the Comparator Group at the time of issue of any LTIs. Calculation of the Relative TSR performance condition is as follows: KYN TSR Ranking to Comparator Group: Percentage of LTIs subject to the Relative TSR performance condition that vest: Exceeds the Comparator Group 75th percentile 100% More than the Comparator Group 51st percentile and less than the 75th percentile Pro-rata straight line vesting between 50% – 100% Equal to the Comparator Group 51st percentile 50% Less than the Comparator Group 51st percentile 0% Re-testing The performance hurdles are tested once, at the end of the 3-year performance period. There is no further testing of the performance conditions. D uring FY26, the Board exercised its discretion under the Plan Rules, to issue two retention-based tranches of LTIs, with modified vesting conditions. Rights were issued to select executives, including certain KMP and other employees with a two year vesting period, instead of the three year vesting period as outlined above. All other conditions were in line with the standard three year plan. For the year ended 30 June 2026, 4,575,000 rights were issued under these LTI schemes, of which 950,000 were issued to KMPs. The Board also exercised its discretion to award a small group of executives, including KMP, retention-based LTI awards which will vest over a two year period and are subject to a se rvice condition only. 150,000 rights were issued to KMP under this award. FY26 Remuneration Framework and Outcomes Sections a) to h) of this report provide information on KMP remuneration arrangements and outcomes in respect of the financial year ending 30 June 2026. 42
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32 Kyron Capital 32 Feature Approach Relative TSR Performance Testing For the FY26 LTI award, the Board has determined the following peer comparator group for the relative TSR hurdle: Abacus Property Group (ABP) Aspen Group (APZ) Centuria Capital Group (CNI) Charter Hall Group (CHC) Cromwell Property Group (CMW) Dexus (DXS) GDI Property Group (GDI) Goodman Group (GMG) Growthpoint Properties Australia (GOZ) GPT Group (GPT) HMC Capital Limited (HMC) Ingenia Communities (INA) Mirvac Group (MGR) Region RE Limited (RGN) Stockland Corporation Limited (SGP) Vicinity Centres (VCX) The Board will review and determine the composition of the Comparator Group at the time of issue of any LTIs. Calculation of the Relative TSR performance condition is as follows: KYN TSR Ranking to Comparator Group: Percentage of LTIs subject to the Relative TSR performance condition that vest: Exceeds the Comparator Group 75th percentile 100% More than the Comparator Group 51st percentile and less than the 75th percentile Pro-rata straightline vesting between 50% – 100% Equal to the Comparator Group 51st percentile 50% Less than the Comparator Group 51st percentile 0% Re-testing Th e performance hurdles are tested once, at the end of the 3-year performance period. There is no further testing of the performance conditions. During FY26, the Board exercised its discretion under the Plan Rules, to issue two retention-based tranches of LTIs, with modified vesting conditions. Rights were issued to select executives, including certain KMP and other employees with a two year vesting period, instead of the three year vesting period as outlined above. All other conditions were in line with the standard three year plan. For the year ended 30 June 2026, 4,575,000 rights were issued under these LTI schemes, of which 950,000 were issued to KMPs. The Board also exercised its discretion to award a small group of executives, including KMP, retention-based LTI awards which will vest over a two year period and are subject to a se rvice condition only. 150,000 rights were issued to KMP under this award. FY26 Remuneration Framework and Outcomes Sections a) to h) of this report provide information on KMP remuneration arrangements and outcomes in respect of the financial year ending 30 June 2026. 33 Kyron Capital 33 11. Remuneratio n R eport (continued) a. Remuneration Policy and Approach (continued) FY24 STI Scheme Transaction Incentive Award Following the Annual General Meeting in October 2023, the Board approved a one-off special grant of 2,061,380 Restricted Securities to certain key executives, including the executive KMP at the time, in respect of the acquisition and integration of the Challenger real estate funds management business in July 2023. These Transaction Incentive Award restricted securities had vesting conditions and restrictions imposed on the executive KMP and Executive Management Committee (EMC) Transaction Incentive Award securities were aligned with the clawback period under the Challenger Transaction, ending 30 June 2026, and incorporated a proportional forfeiture of Transaction Incentive Award securities aligned to any clawback of securities under the Challenger Transaction. As noted in Section 6 Operating and Financial Review, as a result of the unwind of the strategic partnership and related investment management arrangements with Challenger, the KMP and EMC Transaction Award Securities were forfeited during the financial year. FY26 Transaction Incentive Award In November 2024 the Board approved a cash based incentive program designed to incentivise staff to remain with the Group during the critical business stabilisation period and to complete the business stabilisation activities. The program was a condition required by the Group’s financier at the time to ensure that key employees, including the Managing Director and the CFO, were properly incentivised to execute a transaction to sell or recapitalise the business. The outcomes of this award were dependent on the successful completion of the business recapitalisation transaction. Changes to Key Management Personnel David McNamara was appointed CEO of the Kyron Group effective 22 June 2026. The details of David’s remuneration and contract terms can be found in the Remuneration Report. Anthony Fehon will transition from the Executive Director role over a six month period and resume his position as a non-executive director of Kyron. He will focus on supporting the business in the execution of its strategic growth initiatives. 43
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34 Kyron Capital 34 11. Remuneratio n R eport (continued) b. Key Management Personnel The remuneration report details the remuneration arrangements for Key Management Personnel (KMP), who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including the directors (whether executive or otherwise). The KMP of the Group for the year ended 30 June 2026 were: Non-Executive Directors Role Term Mr Ian Mackie Independent Chair and Director Full Year Mrs Karyn Baylis Independent Director Full Year Mrs Kathy Ostin Independent Director Full Year Mr Su Kiat Lim Director Resigned on 2 June 2026 Executives Role Term Mr David McNamara Chief Executive Officer Appointed 22 June 2026 Mr Anthony Fehon Managing Director Full Year Mr Symon Simmons Chief Financial Officer and Company Secretary Full Year 44
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34 Kyron Capital 34 11. Remuneration Report (continued) b. Key Management Personnel The remuneration report details the remuneration arrangements for Key Management Personnel (KMP), who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Group, directly or indirectly, including the directors (whether executive or otherwise). The KMP of the Group for the year ended 30 June 2026 were: Non-Executive Directors Role Term Mr Ian Mackie Independent Chair and Director Full Year Mrs Karyn Baylis Independent Director Full Year Mrs Kathy Ostin Independent Director Full Year Mr Su Kiat Lim Director Resigned on 2 June 2026 Executives Role Term Mr David McNamara Chief Executive Officer Appointed 22 June 2026 Mr Anthony Fehon Managing Director Full Year Mr Symon Simmons Chief Financial Officer and Company Secretary Full Year 35 Kyron Capital 35 11. Remuneration Report (continued) c. Group Performance Summary The Board’s assessment of the performance metrics for the STI and LTI awards is based on the Group’s results, presented on the basis that EHAF, EWPF, Bluewater and Stirling are equity accounted, rather than consolidated in accordance with Accounting Standards. Kyron considers that presenting the operating performance of the Group on this adjusted basis gives a representation of the Group that is consistent with the management and Board reporting of the Group. The table below sets out summary information about the Group's financial performance and movements in Securityholder returns for the last five years: 30 June 2026 30 June 2025 30 June 2024 30 June 2023 30 June 2022 Net (loss) / profit before tax ($'000) (52,063) (57,290) (158,160) (26,133) (7,395) Adjusted Net (loss) / profit before tax* ($'000) (50,240) (35,837) (112,863) (19,716) 2,841 (EHAF, EWPF, Stirling and Bluewater equity accounted) Net (loss) / profit after tax ($'000) (51,867) (56,977) (157,840) (30,674) (4,234) Adjusted Net (loss) / profit after tax* ($'000) (50,240) (35,837) (112,014) (19,277) 3,458 (EHAF, EWPF, Stirling and Bluewater equity accounted) Core earnings* ($'000) (30,329) (8,861) 12,828 12,529 18,259 Security price at start of year $0.82 $0.99 $1.63 $1.65 $1.89 Security price at end of year $0.07 $0.82 $0.99 $1.63 $1.65 Interim distribution – – 4.90 cents 7.51 cents 9.05 cents Final distribution – – – 1.62 cents 4.43 cents Total distributions – – 4.90 cents 9.13 cents 13.48 cents Basic earnings per security (33.61) cents (26.41) cents (81.83) cents (16.35) cents 0.82 cents Basic earnings per security* (35.32) cents (23.55) cents (72.26) cents (16.00) cents 2.95 cents (EHAF, EWPF, Stirling and Bluewater equity accounted) *Refer to previous section on ‘Review of Financial and Operating Results’ for definition of Adjusted Profit and Core Earnings. 45
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36 Kyron Capital 36 11. Remuneration Report (continued) d. Executive Remuneration Arrangements Table 1: Remuneration of Executive Key Management Personnel Short-ter m employee benefits Post- employment benefits Other Long-term benefits Share-based payments Executive KMP Year Salary $ STI Cash Bonus3 $ Annual Leave1 $ Super $ Termination Payment $ Long Service Leave1 $ STI Deferred Security $ Total $ D. McNamara 2026 18,712 – 1,801 2,245 – – – 22,758 2025 – – – – – – – – A. Fehon2 2026 78 0,069 125,000 46,455 30,000 – – – 981,524 2025 641,723 – 40,186 27,677 – – – 709,586 S. Simmons 2026 617,704 100,000 58,800 30,000 – 12,838 (308,725) 510,617 2025 609,708 – 12,576 29,932 – 35,924 258,392 946,531 Former KMP G. Willis4 2026 – – – – – – – – 2025 516,472 – 27,983 22,449 405,232 8,611 – 980,747 P. Siviour4 2026 – – – – – – – – 2025 312,354 – 24,027 22,449 468,531 4,792 – 832,153 1 Annual leave and long service leave represents the movement in the accrued leave balances for the year, being the current year's leave entitlement of the key management personnel less leave taken during the year. 2 Amounts shown in 2025 for A. Fehon represent amounts earned from 9 September 2024, the date of his appointment to Interim Managing Director. 3 The STI Cash Bonus relates to the FY26 Transaction Incentive Award as disclosed earlier in the report. 4 G. Willis and P. Siviour retired on 9 September 2024. 46
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36 Kyron Capital 36 11. Remuneration Report (continued) d. Executive Remuneration Arrangements Table 1: Remuneration of Executive Key Management Personnel Short- term employee benefits Post- employment benefits Other Long-term benefits Share-based payments Executive KMP Year Salary $ STI Cash Bonus3 $ An nual Leave1 $ Super $ Te rmination Payment $ Long Service Leave1 $ STI Deferr ed Security $ Total $ D. McNamara 2026 18,712 – 1,801 2,245 – – – 22,758 2025 – – – – – – – – A. Fehon2 2026 780,069 125,000 46,455 30,000 – – – 981,524 2025 641,723 – 40,186 27,677 – – – 709,586 S. Simmons 2026 617,704 100,000 58,800 30,000 – 12,838 (308,725) 510,617 2025 609,708 – 12,576 29,932 – 35,924 258,392 946,531 Former KMP G. Willis4 2026 – – – – – – – – 20 25 516,472 – 27,983 22,449 405,232 8,611 – 980,747 P. Siviour4 2026 – – – – – – – – 20 25 312,354 – 24,027 22,449 468,531 4,792 – 832,153 1 Annual leave and long service leave represents the movement in the accrued leave balances for the year, being the current year's leave entitlement of the key management personnel less leave taken during the year. 2 Amounts shown in 2025 for A. Fehon represent amounts earned from 9 September 2024, the date of his appointment to Interim Managing Director. 3 The STI Cash Bonus relates to the FY26 Transaction Incentive Award as disclosed earlier in the report. 4 G. Willis and P. Siviour retired on 9 September 2024. 37 Kyron Capital 37 11. Remuneration Report (continued) d. Executive Remuneration Arrangements (continued) Table 2: Remuneration components as a proportion of total remuneration on an annualised basis Executive Officers Year Fixed remuneration % Remuneration linked to performance % Total % D. McNamara 2026 100.00 – 100.00 2025 – – – A. Fehon 2026 87.26 12.74 100.00 2025 10 0.00 – 100.00 S. Simmons 2026 87.80 12.20 100.00 2025 7 0.57 29.43 100.00 Former KMP G. Willis 2026 – – – 2025 10 0.00 – 100.00 P. Siviour 2026 – – – 2025 10 0.00 – 100.00 No key management personnel appointed during the year received a payment as part of their consideration for agreeing to hold the position. Remuneration and other terms of employment for the key management personnel are formalised in their employment contracts. The key provisions of the employment contracts for executive key management personnel as at 30 June 2026 are set out below. 47
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38 Kyron Capital 38 11. Remuneration Report (continued) d. Executive Remuneration Arrangements (continued) Table 3: Employment contracts of key management personnel Executive D. McNamara A. Fehon S. Simmons Position Chief Executive Officer Interim Managing Director Chief Financial Officer and Company Secretary Term No fixed term No fixed term No fixed term Salary (including Superannuation) $725,000 $820,069 $655,700 Incentive remuneration Eligible for an award of short term and long- term incentive remuneration (if any) as described above Eligible for an award of short term and long- term incentive remuneration (if any) as described above Eligible for an award of short term and long- term incentive remuneration (if any) as described above Benefits Entitled to participate in the Group’s benefit plans that are made available Entitled to participate in the Group’s benefit plans that are made available Entitled to participate in the Group’s benefit plans that are made available Notice period Employment shall continue with the Group unless employee gives 6 months or employer 12 months’ notice in writing Employment shall continue with the Group unless either party gives 6 months’ notice in writing Employment shall continue with the Group unless either party gives 6 months’ notice in writing Restraint Non-compete N/A N/A 48
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38 Kyron Capital 38 11. Remuneration Report (continued) d. Executive Remuneration Arrangements (continued) Table 3: Employment contracts of key management personnel Executive D. McNamara A. Fehon S. Simmons Position Chief Executive Officer Interim Managing Director Chief Financial Officer and Company Secretary Term No fixed term No fixed term No fixed term Salary (including Superannuation) $725,000 $820,069 $655,700 Incentive remuneration Eligible for an award of short term and long- term incentive remuneration (if any) as described above Eligible for an award of short term and long- term incentive remuneration (if any) as described above Eligible for an award of short term and long- term incentive remuneration (if any) as described above Benefits Entitled to participate in the Group’s benefit plans that are made available Entitled to participate in the Group’s benefit plans that are made available Entitled to participate in the Group’s benefit plans that are made available Notice period Employment shall continue with the Group unless employee gives 6 months or employer 12 months’ notice in writing Employment shall continue with the Group unless either party gives 6 months’ notice in writing Employment shall continue with the Group unless either party gives 6 months’ notice in writing Restraint Non-compete N/A N/A 39 Kyron Capital 39 11. Remuneration Report (continued) e. Non-Executive Director Remune ration Arrangements and Outcomes The Kyron Group Board determines the remuneration structure for NED's based on recommendations from the Remuneration and Nomination Committee. The NED's individual fees are reviewed annually by the Remuneration and Nomination Committee taking into consideration the level of fees paid to NEDs by companies of similar size and stature. The maximum aggregate amount of fees that can be paid to NEDs is subject to approval by securityholders at the Annual General Meeting (currently $1,000,000, as approved by securityholders in October 2023). The NEDs receive a fixed remuneration amount, in respect of their services provided to the Responsible Entity and Kyron Capital Limited. They do not receive any performance-based remuneration, or any retirement benefits other than statutory superannuation. Table 4: Remuneration of Non-Executive Directors Short-term employee ben efits Post-employment benefits Non- Executive Directors Year Salary $ Committee Fees $ Total $ Super $ Total $ I. Mackie 2026 180,180 – 180,180 21,622 201,802 2025 180,180 – 180,180 20,721 200,901 N. Ampherlaw 1 2026 – – – – – 2025 32 ,500 – 32,500 – 32,500 A. Fehon2 2026 – – – – – 2025 19 ,608 – 19,608 2,255 21,863 S.K. Lim3 2026 105,417 – 105,417 – 105,417 2025 1 15,000 – 115,000 – 115,000 K. Baylis 2026 104,072 13,453 117,525 14,103 131,628 2025 104,073 6,726 110,799 12,742 123,541 K. Ostin 2026 130,000 – 130,000 – 130,000 2025 1 14,589 11,661 126,250 – 126,250 1 Mr N. Ampherlaw resigned on 23 September 2024. 2 Remuneration amounts for Mr A. Fehon for the 2025 year represent amounts earned during his time as a non-executive director. Remuneration earned as Interim Managing Director are shown in Table 1. 3 Mr S.K Lim resigned on 2 June 2026. Du ring the year no options were issued to the NEDs. Remuneration and other items of appointment of the NEDs are formalised in contracts. The NEDs are engaged under a letter of appointment with no fixed term. The NEDs employment is subject to the Constitution of the Group, the Corporations Act, and the 3 year cycle of the rotation and election of Directors. 49
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40 Kyron Capital 40 11. Remuneration Report (continued) f. Additional Disclosures Relating to Short Term Incentive Plans and Long Term Incentive Plans Details of Short Term Incentive Plan movements for Key Management Personnel during the period are as follows: During the financial year Name Award Type Grant Date Vesting Date Number Granted Value at Grant Date1 Number Vested % of Grant Vested Number Forfeited % of Grant Forfeited Fair value to be expensed in future years S. Simmons2 Deferre d Securities 16 Nov 2023 30 Jun 2026 309,982 1.27 – 0% 309,982 100% – 1 Value at grant date reflects the closing share price on the day the securities were granted. 2 Following the termination of the Challenger Mandate in October 2025, the deferred securities held by Mr S. Simmons with a vesting date of 30 June 2026 were cancelled. During the financial year Name Award Type Grant Date End of Vesting Period Number Granted Fair Value at Grant Date1 Number Vested % of Grant Vested Number Forfeited1 % of Grant Forfeited % of the actual compensation for the year consisting of awards D. McNamara Rights 30 June 2026 30 Jun 2029 500,000 0.04 – 0% – 0% 0% S. Simmons Rights 30 June 2026 30 Jun 2028 450,000 0.04 – 0% – 0% 0% Righ ts 30 June 2026 30 Jun 2028 150,000 0.07 – 0% – 0% 0% Details of Long Term Incentive Plan payments granted or vested as Rights compensation to Key Management Personnel during the current financial year: The Rights have been accounted for as 'in-substance' options. The fair value of Rights with 2 and 3 year vesting conditions at the grant date of each Right was $0.04. Rights with service conditions only have been valued at $0.07 at grant date. 50
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40 Kyron Capital 40 11. Remuneration Report (continued) f. Additional Disclosures Relating to Short Term Incentive Plans and Long Term Incentive Plans Details of Short Term Incentive Plan movements for Key Management Personnel during the period are as follows: Du ring the financial year Name Award Type Grant Date Vesting Date Number Granted Value at Grant Date1 Numb er Vested % of Grant Vested Number Forfeited % of Grant Forfeited Fair value to be expensed in future years S. Simmons2 Defe rred Securities 16 Nov 2023 30 Jun 2026 309,982 1.27 – 0% 309,982 100% – 1 Value at grant date reflects the closing share price on the day the securities were granted. 2 Following the termination of the Challenger Mandate in October 2025, the deferred securities held by Mr S. Simmons with a vesting date of 30 June 2026 were cancelled. Du ring the financial year Name Award Type Grant Date End of Vesting Period Number Granted Fair Value at Grant Date1 Numb er Vested % of Grant Vested Number Forfeited1 % of Grant Forfeited % of the actual compensation for the year consisting of awards D. McNamara Rights 30 June 2026 30 Jun 2029 500,000 0.04 – 0% – 0% 0% S. Simmons Rights 30 June 2026 30 Jun 2028 450,000 0.04 – 0% – 0% 0% Rights 30 June 2026 30 Jun 2028 150,000 0.07 – 0% – 0% 0% Details of Long Term Incentive Plan payments granted or vested as Rights compensation to Key Management Personnel during the curren t financial year: The Rights have been accounted for as 'in-substance' options. The fair value of Rights with 2 and 3 year vesting conditions atthe grant date of each Right was $0.04. Rights with service conditions only have been valued at $0.07 at grant date. 41 Kyron Capital 41 11. Remuneration Report (continued) f. Additional Disclosures Relating to Sh ort Term Incentive Plans and Long Term Incentive Plans (continued) Key Management Personnel equity holdings Changes to the interests of Key Management Personnel in the Group's Securities are set out below: Kyron Capital – Stapled Securities Name Opening Balance 1 July 2025 Acquired 1 Disposed/ forfeited Closing Balance 30 June 2026 Non-Executive Directors I. Mackie – 172,069 – 172,069 S.K. Lim2 – – – – K. Ba ylis 35,000 100,000 – 135,000 K. Ostin – 2,085,714 – 2,085,714 Executives A. Fehon 68,912 631,088 – 700,000 S. Simmons 1,538,893 – 309,982 1,228,911 D. McNamara – – – – 1 The number of stapled securities acquired during the year includes issues of securities under the Group's short term and long term incentive schemes, and securities acquired on market. 2 Mr. S.K. Lim resigned on 2 June 2026. The number of stapled securities held by Mr. S.K. Lim reflects his holding at the date o f his retirement. No securities were issued to Non-Executive Directors in the financial year ending 30 June 2026. g. Loans to Key Management Personnel No loans have been provided to Key Management Personnel of the Group during the year. h. Other Transactions and Balances with Key Management Personnel and their Related Parties There were no transactions with Key Management Personnel and their Related Parties during the financial year other than those disclosed in this report. 51
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42 Kyron Capital 42 12. Company Secretary Symon Simmons held the position of Company Secretary of the Company and the Responsible Entity during the year. Symon is the Chief Financial Officer of the Group and holds a Bachelor of Economics with majors in Economics and Accounting, and has extensive experience as a company secretary, is a Justice of the Peace in NSW and is a Responsible Manager on the Australian Financial Services Licences held by the Responsible Entity and Kyron Managed Funds RE Limited. 13. Indemnification and insurance of officers and auditors During the financial year, the Group paid a premium in respect of a contract insuring the Directors of the Group (as named above), the Company Secretary, and all executive officers of the Company and of any related body corporate against a liability incurred in their capacity as Directors and officers of the Company to the extent permitted by the Corporations Act 2001 (Cth). The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. The Company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer of the Company or of any related body corporate against a liability incurred in their capacity as an officer. To the extent permitted by law, the Group and the KIF Group has agreed to indemnify its auditor, Ernst & Young, as part of the terms of its audit engagement agreement, against claims by third parties arising out of or relating to the audit or the audit engagement agreement, other than where the claim is determined to have resulted from any negligent, wrongful or wilful act or omission by or of Ernst & Young. No payment has been made to indemnify Ernst & Young during or since the financial year ended 30 June 2026. 14. Environmental regulation To the best of their knowledge and belief after making due enquiry, the Directors have determined that the Group has complied with all significant environmental regulations applicable to its operations in the jurisdictions in which it operates. 15. Auditor's independence declaration A copy of the auditor's independence declaration, as required under section 307C of the Corporations Act 2001 (Cth), is included on the page following the Directors' Report. 16. Non audit services Details of amounts paid or payable to the auditors for non-audit services provided during the year by the current auditor and the previous auditor are outlined in Note 30 to the consolidated financial statements. The Directors are satisfied that the provision of non-audit services, during the year, by the auditor (or by another person or firm on the auditor's behalf) is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 (Cth). The Directors are of the opinion that the services as disclosed in Note 30 to the consolidated financial statements do not compromise the external auditor's independence, based on advice received from the Audit and Risk Committee, for the following reasons: • All non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and • None of the services undermine the general principles relating to auditor independence as set out in APES 110 'Code of Ethics for Professional Accountants' issued by the Accounting Professional & Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Group, acting as advocate for the group or jointly sharing economic risks and rewards. 52
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42 Kyron Capital 42 12. Company Secretary Symon Simmons held the position of Company Secretary of the Company and the Responsible Entity during the year. Symon is the Chief Financial Officer of the Group and holds a Bachelor of Economics with majors in Economics and Accounting, and has extensive experience as a company secretary, is a Justice of the Peace in NSW and is a Responsible Manager on the Australian Financial Services Licences held by the Responsible Entity and Kyron Managed Funds RE Limited. 13. Indemnification and insurance of officers and auditors During the financial year, the Group paid a premium in respect of a contract insuring the Directors of the Group (as named above), the Company Secretary, and all executive officers of the Company and of any related body corporate against a liability incurred in their capacity as Directors and officers of the Company to the extent permitted by the Corporations Act 2001 (Cth). The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. The Company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer of the Company or of any related body corporate against a liability incurred in their capacity as an officer. To the extent permitted by law, the Group and the KIF Group has agreed to indemnify its auditor, Ernst & Young, as part of the terms of its audit engagement agreement, against claims by third parties arising out of or relating to the audit or the audit engagement agreement, other than where the claim is determined to have resulted from any negligent, wrongful or wilful act or omission by or of Ernst & Young. No payment has been made to indemnify Ernst & Young during or since the financial year ended 30 June 2026. 14. Environmental regulation To the best of their knowledge and belief after making due enquiry, the Directors have determined that the Group has complied with all significant environmental regulations applicable to its operations in the jurisdictions in which it operates. 15.Auditor's independence declaration A copy of the auditor's independence declaration, as required under section 307C of the Corporations Act 2001 (Cth), is included on the page following the Directors' Report. 16. Non audit services Details of amounts paid or payable to the auditors for non-audit services provided during the year by the current auditor and the previous auditor are outlined in Note 30 to the consolidated financial statements. The Directors are satisfied that the provision of non-audit services, during the year, by the auditor (or by another person or firm on the auditor's behalf) is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 (Cth). The Directors are of the opinion that the services as disclosed in Note 30 to the consolidated financial statements do not compromise the external auditor's independence, based on advice received from the Audit and Risk Committee, for the following reasons: • All non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and • None of the services undermine the general principles relating to auditor independence as set out in APES 110 'Code of Ethics for Professional Accountants' issued by the Accounting Professional & Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Group, acting as advocate for the group or jointly sharing economic risks and rewards. 43 Kyron Capital 43 17. Likely developments and expected results of operations The financial statements have been prepared on the basis of the current known market conditions. The extent of any potential deterioration in either the capital or physical property markets on the future results of the Group is unknown. Such results could include property market valuations, the ability of borrowers, including the Group, to raise or refinance debt, and the cost of such debt and the ability to raise equity. The significant subsequent developments are disclosed in Section 4 Going Concern of this report. 18. Fees paid to the Responsible Entity or its associates The fees paid to the Responsible Entity of KIF, and its related entities, during the financial year are disclosed in Note 27 to the consolidated financial statements. 19. Events occurring after reporting date In addition to the matters discussed within the Going Concern section, the following events have occurred after reporting date impacting both the Consolidated Group and the KIF Group: As part of the hotel divestment program of the Group, Sanctuary Inn Tamworth settled for a gross sale price of $16.5 million on 22 July 2026. Proceeds of the sale were used to repay debt in EHAF. A Heads of Agreement was executed on 31 July 2026 for the sale of ibis Styles Canberra Eaglehawk for a gross sales price of $16.0 million subject to due diligence. On 21 August 2026 EHAF received credit approved terms from its financier for a new two-year, $69.5 debt facility that will extend the maturity date from 31 August 2026 to 31 August 2028. In addition, the new arrangement includes a $5 million cash advance facility and adjusts the ICR financial covenant. The new facility is currently being formally documented with financial close to occur before 31 August 2026. Other matters On 3 July 2026, the Group completed the settlement of its Securities Holding Agreement relating to the purchase of 1.877 million units in the Elizabeth Street (Brisbane) Fund for consideration of $1.94 million. The Elizabeth Street (Brisbane) Fund had already been reflected in the financial statements as an equity accounted investment as the Group had exposure to the returns of this fund of as a result of the terms of the purchase arrangement. On 1 July 2026, EHAF terminated the Hotel Management Agreement with Elanor Hotel Operations Pty Ltd, a wholly owned subsidiary of the Company, and directly contracted with 1834 Hospitality Pty Ltd, the previous sub-contractor of these services. Other than the events disclosed above, the directors are not aware of any other matter or circumstance not otherwise dealt with in the financial reports or the Directors' Report that has significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in the financial period subsequent to year ended 30 June 2026. 53
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44 Kyron Capital 44 20. Rounding of amounts to the nearest thousand dollars In accordance with Legislative Instrument 2026/183 issued by the Australian Securities and Investments Commission relating to the rounding off of amounts in the Directors’ Report, amounts in the Directors’ Report have been rounded to the nearest thousand dollars in accordance with that Legislative Instrument, unless otherwise indicated. The Directors’ report is made in accordance with a resolution of the Boards of Directors of Kyron Group RE Limited and Kyron Capital Limited. The Financial Statements were authorised for issue by the Directors on 27 August 2026. Signed in accordance with a resolution of the Directors pursuant to section 298(2) of the Corporations Act 2001 (Cth). The Directors have the power to amend and re-issue the Financial Statements. Ian Mackie Anthony Fehon Chair Executive Director Sydney, 28 August 2026 54
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44 Kyron Capital 44 20.Rounding of amounts to the nearest thousand dollars In accordance with Legislative Instrument 2026/183 issued by the Australian Securities and Investments Commission relating to the rounding off of amounts in the Directors’ Report, amounts in the Directors’ Report have been rounded to the nearest thousand dollars in accordance with that Legislative Instrument, unless otherwise indicated. The Directors’ report is made in accordance with a resolution of the Boards of Directors of Kyron Group RE Limited and Kyron Capital Limited. The Financial Statements were authorised for issue by the Directors on 27 August 2026. Signed in accordance with a resolution of the Directors pursuant to section 298(2) of the Corporations Act 2001 (Cth). The Directors have the power to amend and re-issue the Financial Statements. Ian Mackie Anthony Fehon Chair Executive Director Sydney, 28 August 2026 45 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s independence declaration to the directors of Kyron Capital Limited and the directors of Kyron Group RE Limited, the Responsible Entity (RE) of Kyron Investment Fund As lead auditor for the audit of the financial reports of Kyron Capital Group and Kyron Investment Fund for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Kyron Capital Limited and the entities it controlled during the financial year and Kyron Investment Fund and the entities controlled during the financial year (the “Consolidated Group”) and Kyron Investment Fund and the entities controlled during the financial year (the “KIF Group”). Ernst & Young Andrew Gilder Partner 28 August 2026 55
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46 Kyron Capital 46 Consolidated Statements of Profit or Loss FOR THE YEAR ENDED 30 JUNE 2026 Note Cons olidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group 30 June 20251 $'000 Revenue and other income Revenue from operating activities 2 99,275 132,837 – – Interest income 409 638 1 4 24 Renta l income 1,30 2,304 9,011 16,011 26,551 Share of profit from equity accounted investments 10 452 – 57 1 – Ot her income 8,861 3,959 1,004 3,761 Realised gain on disposal of investment – 659 – 659 Net fair value gain on revaluation of property, plant and equipment, investment properties and loss on disposal 404 – – – Fair value gain on revaluation of derivatives 819 – 1,719 – Total revenue and other income 112,524 147,104 19,319 30,995 Expenses Cost of sales 7,050 9,300 – – Salary and employee benefits 49,295 70,754 192 869 Property expenses 12,600 16,781 1,174 3,989 Operator management costs 8,335 9,023 2,768 5,915 Borrowing costs 12 34,100 39,654 13,793 23,573 Depreciation 8 9,510 11,513 –- – Amortisation 911 564 4 0 35 Marke ting and promotion 2,968 3,109 41 17 Repairs, maintenance and technology 3,293 4,994 4 61 Share of loss from equity accounted investments 10 – 892 – 827 Net fair value loss on revaluation of PP&E and investment properties 8,9,30 – 5,559 10,403 4,057 Fair value loss on revaluation of derivatives – 2,000 – 2,013 Impairment expense 15,224 2,587 220 – Corporate transaction costs 4,650 10,128 757 – Insurance expense 3,074 4,020 2 – Professional fees 5,362 5,448 794 1,119 Other expenses 8,215 8,068 4,252 8,892 Total expenses 164,587 204,394 34,440 51,367 Net loss before income tax expense (52,063) (57,290) (15,121) (20,372) Income tax benefit 5 196 313 – – Net profit/ (loss) for the year (51,867) (56,977) (15,121) (20,372) 1 Amounts have been restated from prior reported balances. Refer to Note 33. Th e above Consolidated Statements of Profit or Loss should be read in conjunction with the accompanying notes. 56
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46 Kyron Capital 46 Consolidated Statements of Profit or Loss FOR THE YEAR ENDED 30 JUNE 2026 Note Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group 30 June 20251 $'000 R evenue and other income Revenue from operating activities 2 99,275 132,837 – – Interest income 409 638 14 24 Rental income 1,30 2,304 9,011 16,011 26,551 Share of profit from equity accounted investments 10 452 – 571 – Ot her income 8,861 3,959 1,004 3,761 Realised gain on disposal of investment – 659 – 659 Net fair value gain on revaluation of property, plant and equipment, investment properties and loss on disposal 404 – – – Fair value gain on revaluation of derivatives 819 – 1,719 – Total revenue and other income 112,524 147,104 19,319 30,995 Expenses Cost of sales 7,050 9,300 – – Salary and employee benefits 49,295 70,754 192 869 Property expenses 12,600 16,781 1,174 3,989 Operator management costs 8,335 9,023 2,768 5,915 Borrowing costs 12 34,100 39,654 13,793 23,573 Depreciation 8 9,510 11,513 –- – Amortisation 911 564 40 35 Marketing and promotion 2,968 3,109 41 17 Repairs, maintenance and technology 3,293 4,994 4 61 Share of loss from equity accounted investments 10 – 892 – 827 Net fair value loss on revaluation of PP&E and investment properties 8,9,30 – 5,559 10,403 4,057 Fair value loss on revaluation of derivatives – 2,000 – 2,013 Impairment expense 15,224 2,587 220 – Corporate transaction costs 4,650 10,128 757 – Insurance expense 3,074 4,020 2 – Professional fees 5,362 5,448 794 1,119 Other expenses 8,215 8,068 4,252 8,892 Total expenses 164,587 204,394 34,440 51,367 Net loss before income tax expense (52,063) (57,290) (15,121) (20,372) Income tax benefit 5 196 313 – – Net profit/ (loss) for the year (51,867) (56,977) (15,121) (20,372) 1 Amounts have been restated from prior reported balances. Refer to Note 33. Th e above Consolidated Statements of Profit or Loss should be read in conjunction with the accompanying notes. 47 Kyron Capital 47 CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AS AT 30 JUNE 2026 (continued) Note Cons olidated Group 30 June 2026 $'000 Consolidated Group1 30 June 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group1 30 June 2025 $'000 Attributable to security holders of: – Parent Entity (50,864) (35, 863) 3,067 (4,325) – Non-controlling interest KIF 3,067 (4,325) – – Net (loss) / income attributable to KYN security holders (47,797) (40,188) 3,067 (4,325) Attr ibutable to security holders of: – External Non-controlling interest (4,070) (16,789) (18, 188) (16,047) Net loss for the year (51,867) (56,977) (15,121) (20,372) Earnin gs per KYN stapled security Basic loss per stapled security (cents) 4 (33.61) (26.41) 2.16 (2.84) Diluted loss per stapled security (cents) 4 (33.61) (26.41) 2.07 (2.84) Earnin gs per security of the KYN parent entity Basic loss of the parent entity (cents) 4 (35.76) (23.56) – – Diluted loss of the parent entity (cents) 4 (35.76) (23.56) – – 1 Amounts have been restated from prior reported balances. Refer to Note 33. The above Consolidated Statements of Profit or Loss should be read in conjunction with the accompanying notes. 57
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48 Kyron Capital 48 Consolidated Statements of Comprehensive Income FOR THE YEAR ENDED 30 JUNE 2026 Cons olidated Group 30 June 2026 $'000 Consolidated Group1 30 June 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group1 30 June 2025 $'000 Net loss for the year (51,867) (56,977) (15,121) (20,372) Other comprehensive income / (loss) Items that may not be reclassified to profit and loss Share of reserves of equity accounted investments (158) 18 (158) 18 Gain on revaluation of property, plant and equipment 12,391 11,190 – – Other comprehensive income / (loss) for the year, net of tax 12,233 11,208 (158) 18 Total comprehensive loss for the year, net of tax (39,634) (45,769) (15,279) (20,354) Attributable to security holders of: – Parent entity (46,842) (30,558) 2,909 (4,307) – Non-controlling interest – KIF 2,909 (4,307) – – Total comprehensive (loss)/gain for the year, net of tax, of KYN security holders (43,933) (34,865) 2,909 (4,307) Attributable to security holders of: – External Non-controlling interest 4,299 (10,904) (18,188) (16,047) Total comprehensive loss for the year, net of tax (39,634) (45,769) (15,279) (20,354) 1 Amounts have been restated from prior reported balances. Refer to Note 33. The above Consolidated Statements of Comprehensive Income should be read in conjunction with the accompanying notes. 58
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48 Kyron Capital 48 Consolidated Statements of Comprehensive Income FOR THE YEAR ENDED 30 JUNE 2026 Cons olidated Group 30 June 2026 $'000 Consolidated Group1 30 Ju ne 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group1 30 Ju ne 2025 $'000 Net loss for the year (51,867) (56,977) (15,121) (20,372) Other comprehensive income / (loss) Items that may not be reclassified to profit and loss Share of reserves of equity accounted investments (158) 18 (158) 18 Gain on revaluation of property, plant and equipment 12,391 11,190 – – Other comprehensive income / (loss) for the year, net of tax 12,233 11,208 (158) 18 Total comprehensive loss for the year, net of tax (39,634) (45,769) (15,279) (20,354) Attributable to security holders of: – Parent entity (46,842) (30,558) 2,909 (4,307) – Non-controlling interest – KIF 2,909 (4,307) – – Total comprehensive (loss)/gain for the year, net of tax, of KYN security holders (43,933) (34,865) 2,909 (4,307) Attributable to security holders of: – External Non-controlling interest 4,299 (10,904) (18,188) (16,047) Total comprehensive loss for the year, net of tax (39,634) (45,769) (15,279) (20,354) 1 Amounts have been restated from prior reported balances. Refer to Note 33. The above Consolidated Statements of Comprehensive Income should be read in conjunction with the accompanying notes. 49 Kyron Capital 49 Consolidated Statements of Financial Position AS AT 30 JUNE 2026 Note Consolidat ed Group 30 June 2026 $'000 Consolidated Group1 30 June 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group1 30 June 2025 $'000 Current assets Cash and cash equivalents 6 14,825 12,989 2,642 1,068 Trade and other receivables 20,30 17,435 16,557 18,661 39,595 Inventories 456 1,719 – – Other current assets 1,590 2,735 20 140 Assets classified as held for sale (AHFS) 11,30 32,411 170,009 33,354 174,623 Total current assets 66,717 204,009 54,677 215,426 Non-current assets Property, plant and equipment 8(a) 229,103 265,957 – – Trade and other receivables 20,30 – 9,628 – – Contract assets 21 – 13,535 – – Investment properties 9,30 – 27,500 228,162 293,457 Derivative financial instruments 13,30 116 – 116 – Equity accounted investments 10,30 11,995 18,044 11,994 17,925 Intangible assets 23 188 1,089 – – Other financial assets 14 – 9,040 – – Deferred tax assets 5 5,297 6,191 – – Total non-current assets 246,699 350,984 240,272 311,382 Total assets 313,416 554,993 294,948 526,808 Current liabilities Payables 22,30 9,546 16,676 16,398 47,018 Derivative financial instruments 13,30 1,800 4,115 – – Interest bearing liabilities 12,30 85,423 351,283 89,951 237,001 Lease liabilities 8 401 436 – – Current provisions 22 2,936 3,950 – – Other current liabilities 22,30 6,437 15,502 5,973 13,575 Income tax payable – – – 31 Contract liabilities 2,024 1,685 – – Total current liabilities 108,567 393,647 112,322 297,625 Non-current liabilities Derivative financial instruments 13,30 – 2, 046 – 2,046 Intere st bearing liabilities 12,17 62,795 – – Non-current provisions 22 120 196 – – Lease liabilities 8 1,030 – – Loan from the Company 30 – – 43,425 37,812 Total non-current liabilities 63,945 2,242 43,425 39,858 Total liabilities 172,512 395,889 155,747 337,483 Net assets 140,904 159,104 139,201 189,325 1 Amounts have been restated from prior reported balances. Refer to Note 33. The above Consolidated Statements of Financial Position should be read in conjunction with the accompanying notes. 59
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50 Kyron Capital 50 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2026 (continued) Note Consolidat ed Group 30 June 2026 $'000 Consolidated Group1 30 June 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group1 30 June 2025 $'000 Equity Equity Holders of Parent Entity Contributed equity 15 84,361 84,361 133,639 142,047 Perpetual notes 15 53,305 – – – Treasury shares 15 (813) (731) (2,950) (2,681) Reserves 16 9,406 11,397 (191) 4,952 Accumulated losses (176,478) (131,709) (68,038) (76,466) Parent entity interest (30,219) (36,682) 62,460 67,852 Equity Holders of Non-Controlling Interest Contributed equity – Kyron Investment Fund 15 133,639 142,047 – – Treasury shares 15 (2,950) (2,681) – – Reserves 16 (191) 4, 952 – – Accumulat ed losses (68,038) (76,466) – – Non-controlling interest 62,460 67,852 – – External Non-controlling interest 108,663 127,934 76,741 121,473 Total equity attributable to stapled security holders: – Parent Entity (30,219) (36,682) 62,460 67,852 – Non-controlling Interest – KIF 62,460 67,852 – – Total equity attributable to KYN security holders 32,241 31,170 62,460 67,852 Total equity attributable to stapled security holders: – Non-controlling interest – External 108,663 127,934 76,741 121,473 Total equity 140,904 159,104 139,201 189,325 1 Amounts have been restated from prior reported balances. Refer to Note 33. The above Consolidated Statements of Financial Position should be read in conjunction with the accompanying notes 60
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50 Kyron Capital 50 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2026 (continued) Note Consolidated Group 30 June 2026 $'000 Consolidated Group1 30 Jun e 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group1 30 Jun e 2025 $'000 Equity Equity Holders of Parent Entity Contributed equity 15 84,361 84,361 133,639 142,047 Perpetual notes 15 53,305 – – – Treasury shares 15 (813) (731) (2,950) (2,681) Reserves 16 9,406 11,397 (191) 4,952 Accumulated losses (176,478) (131,709) (68,038) (76,466) Parent entity interest (30,219) (36,682) 62,460 67,852 Equity Holders of Non-Controlling Interest Contributed equity – Kyron Investment Fund 15 133,639 142,047 – – Treasury shares 15 (2,950) (2,681) – – Reserves 16 (191) 4,952 – – Accumulated losses (68,038) (76,466) – – Non-controlling interest 62,460 67,852 – – External Non-controlling interest 108,663 127,934 76,741 121,473 Total equity attributable to stapled security holders: – Parent Entity (30,219) (36,682) 62,460 67,852 – Non-controlling Interest – KIF 62,460 67,852 – – Total equity attributable to KYN security holders 32,241 31,170 62,460 67,852 Total equity attributable to stapled security holders: – Non-controlling interest – External 108,663 127,934 76,741 121,473 Total equity 140,904 159,104 139,201 189,325 1 Amounts have been restated from prior reported balances. Refer to Note 33. The above Consolidated Statements of Financial Position should be read in conjunction with the accompanying notes 51 Kyron Capital 51 Consolidated Statements of Changes In Equity FOR THE YEAR ENDED 30 JUNE 2026 Note Contri buted equity $'000 Treasury shares $'000 Perpetual Notes $'000 Other Reserves $'000 Security Based Payment Reserve $'000 Retained profits/ Accumulated losses $'000 Parent Entity Total Equity $'000 Non- controlling interest KIF $'000 Total KYN Equity $'000 External Non- controlling interest $'000 Total Equity $'000 Consolidated Group Total equity at 1 July 2025 84,361 (731) – 7,406 3,991 (131,709) (36,682) 67,852 31,170 127,934 159,104 Loss for the year – – – – – (50,864) (50,864) 3,067 (47,797) (4,070) (51,867) Other comprehensive income / (expense) for the year – – – 4,022 – – 4,022 (158) 3,864 8,369 12,233 Total comprehensive income / (expense) for the year – – – 4,022 – (50,864) (46,842) 2,909 (43,933) 4,299 (39,634) Transactions with owners in their capacity as owners: Cancellation of securities 15 – – – – – – – (8,408) (8,408) – (8,408) Issuance of Perpetual Notes, net of costs – – 53,305 – – – 53,305 – 53,305 – 53,305 Security-based payments – (82) – – – 82 – 107 107 – 107 Transfer of security-based payments reserve 3 – – – – (3,991) 3,991 – – – – – Disposal of subsidiary 31 – – – (2,022) – 2,022 – – – (18,958) (18,958) Distributions paid and payable – – – – – – – – – (4,612) (4,612) Total equity at 30 June 2026 84,361 (813) 53,305 9,406 – (176,478) (30,219) 62,460 32,241 108,663 140,904 The ab ove Consolidated Statements of Changes in Equity should be read in conjunction with the accompanying notes 61
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52 Kyron Capital 52 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2026 (continued) Note Contribute d equity $'000 Treasury shares $'000 Other Reserves $'000 Security Based Payment Reserve $'000 Retained profits/ (accumulated losses) $'000 Parent Entity Total Equity $'000 Non- controlling interest KIF $'000 Total KYN Equity $'000 External Non- controlling interest $'000 Total Equity $'000 Consolidated Group Total equity at 1 July 2024 84,361 (1,722) 31,498 4,572 (128,736) (10,027) 75,194 65,167 139,239 204,406 Correction of prior period error1 (24,064) 214 27,556 3,706 (3,706) – – – Restated opening equity at beginning of the year 84,361 (1,722) 7,434 4,786 (101,180) (6,321) 71,488 65,167 139,239 204,406 Loss for the year – – – – (35,863) (35,863) (4,325) (40,188) (16,789) (56,977) Other comprehensive income for the year – – 5,306 – – 5,306 18 5,324 5,884 11,208 Transfer of asset revaluation reserve – – (5,334) – 5,334 – – – – – Total comprehensive income / (expense) for the year – – (28) – (30,529) (30,557) (4,307) (34,864) (10,905) (45,769) Transactions with owners in their capacity as owners: Contributions of equity, net of issue costs 15 – 991 – – – 991 3,333 4,324 – 4,324 Security-based payments – – – (795) – (795) (2,662) (3,457) – (3,457) Transaction with non-controlling interest – – – – – – – – (400) (400) Total equity at 30 June 2025 84,361 (731) 7,406 3,991 (131,709) (36,682) 67,852 31,170 127,934 159,104 1Refer to restatement note (Note 33) for further details. The above Consolidated Statements of Changes in Equity should be read in conjunction with the accompanying notes 62
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52 Kyron Capital 52 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2026 (continued) Note Contributed equity $'000 Treasury shares $'000 Other Reserves $'000 Security Based Payment Reserve $'000 Retained profits/ (accumulated losses) $'000 Parent Entity Total Equity $'000 Non- controlling interest KIF $'000 Total KYN Equity $'000 External Non- controlling interest $'000 Total Equity $'000 Consolidated Group Total equity at 1 July 2024 84,361 (1,722) 31,498 4,572 (128,736) (10,027) 75,194 65,167 139,239 204,406 Correction of prior period error1 (24,064 ) 214 27,556 3,706 (3,706) – – – Restated opening equity at beginning of the year 84,361 (1,722) 7,434 4,786 (101,180) (6,321) 71,488 65,167 139,239 204,406 Loss for the year – – – – (35,863) (35,863) (4,325) (40,188) (16,789) (56,977) Other comprehensive income for the year – – 5,306 – – 5,306 18 5,324 5,884 11,208 Transfer of asset revaluation reserve – – (5,334) – 5,334 – – – – – Total comprehensive income / (expense) for the year – – (28) – (30,529) (30,557) (4,307) (34,864) (10,905) (45,769) Transactions with owners in their capacity as owners: Contributions of equity, net of issue costs 15 – 991 – – – 991 3,333 4,324 – 4,324 Security-based payments – – – (795) – (795) (2,662) (3,457) – (3,457) Transaction with non-controlling interest – – – – – – – – (400) (400) Total equity at 30 June 2025 84,361 (731) 7,406 3,991 (131,709) (36,682) 67,852 31,170 127,934 159,104 1Refer to restatement note (Note 33) for further details. The above Consolidated Statements of Changes in Equity should be read in conjunction with the accompanying notes 53 Kyron Capital 53 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2026 (continued) Note Contri buted equity $'000 Treasury shares $'000 Other Reserves $'000 Security Based Payment Reserve $'000 Retained profits/ (accumulated losses) $'000 Parent Entity Total Equity $'000 External Non- controlling interest $'000 Total Equity $'000 KIF Group Total equity at 1 July 2025 142,047 (2,681) (33) 4,985 (76,466) 67,852 121,473 189,325 Profit / (loss) for the year – – – – 3,067 3,067 (18,188) (15,121) Other comprehensive expense for the year – – (158) – – (158) – (158) Total comprehensive income / (expense) for the year – – (158) – 3,067 2,909 (18,188) (15,279) Transactions with owners in their capacity as owners: Cancellation of securities 15 (8,408) – – – – (8,408) – (8,408) Security-based payments – (269) – 107 269 107 – 107 Transfer of security-based payments reserve 3 – – – (5,092) 5,092 – – – Disposal of subsidiary 31 – – – – – – (21,932) (21,932) Distributions paid and payable – – – – – – (4,612) (4,612) Total equity at 30 June 2026 133,639 (2,950) (191) – (68,038) 62,460 76,741 139,201 The ab ove Consolidated Statements of Changes in Equity should be read in conjunction with the accompanying notes 63
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54 Kyron Capital 54 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2026 (continued) Note Co ntributed equity $'000 Treasury shares $'000 Other Reserves $'000 Security Based Payment Reserve $'000 Retained profits/ (accumulated losses) $'000 Parent Entity Total Equity $'000 External Non- controlling interest $'000 Total Equity $'000 KIF Group Total equity at 1 July 2024 142,047 (6,014) 26,931 7,229 (94,999) 75,194 145,230 220,424 Correction of prior period error1 (26,982) 418 22,858 (3,706) (7,710) (11,416) Restated opening equity at beginning of the year 142,047 (6,014) (51) 7,647 (72,141) 71,488 137,520 209,008 Loss for the year – – – – (4, 325) (4,325) (16,047) (20,372) Other comprehensive loss for the year – – 18 – – 18 – 18 Total comprehensive (expense) / income for the year – – 18 – (4,325) (4,307) (16,047) (20,354) Transactions with owners in their capacity as owners: Contributions of equity, net of issue costs 15 – 3,333 – – – 3,333 – 3,333 Security-based payments – – – (2, 662) – (2,662) – (2,662) Total equity at 30 June 2025 142,047 (2,681) (33) 4,985 (76,466) 67,852 121,473 189,325 1 Refer to restatement note (Note 33) for further details. The above Consolidated Statements of Changes in Equity should be read in conjunction with the accompanying notes 64
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54 Kyron Capital 54 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2026 (continued) Note Co ntributed equity $'000 Treasury shares $'000 Other Reserves $'000 Security Based Payment Reserve $'000 Retained profits/ (accumulated losses) $'000 Parent Entity Total Equity $'000 External Non- controlling interest $'000 Total Equity $'000 KIF Group Total equity at 1 July 2024 142,047 (6,014) 26,931 7,229 (94,999) 75,194 145,230 220,424 Correction of prior period error1 (26,9 82) 418 22,858 (3,706) (7,710) (11,416) Restated opening equity at beginning of the year 142,047 (6,014) (51) 7,647 (72,141) 71,488 137,520 209,008 Loss for the year – – – – (4,325) (4,325) (16,047) (20,372) Other comprehensive loss for the year – – 18 – – 18 – 18 Total comprehensive (expense) / income for the year – – 18 – (4,325) (4,307) (16,047) (20,354) Transactions with owners in their capacity as owners: Contributions of equity, net of issue costs 15 – 3,333 – – – 3,333 – 3,333 Security-based payments – – – (2,662) – (2,662) – (2,662) Total equity at 30 June 2025 142,047 (2,681) (33) 4,985 (76,466) 67,852 121,473 189,325 1 Refer to restatement note (Note 33) for further details. The above Consolidated Statements of Changes in Equity should be read in conjunction with the accompanying notes 55 Kyron Capital 55 Consolidated Statements of Cash Flows FOR THE YEAR ENDED 30 JUNE 2026 Note Cons olidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Cash flows from operating activities Receipts from customers 132,374 168,166 – – Payments to suppliers and employees (111,302) (146,088) (16,030) (10,481) Interest received 388 30 14 24 Finance costs paid (25,707) (37,196) (11,165) (21,939) Rental receipts – – 15,425 22,500 Income tax paid (629) (961) – – Net cash outflows from operating activities 7, 31 (4,876) (16,049) (11,756) (9,896) Cash flows from investing activities Financial assets provided (181) (2,071) – – Receipts for property, plant and equipment / investment properties 145,497 59,551 129,107 47,223 Loans (to) / repayments from associates (931) 2,113 – 51 Receipts for subsidiaries and equity accounted investments 11,765 24,188 13,009 24,188 Payments for subsidiaries and equity accounted investments (44) (4,591) (44) – Payments of corporate transaction costs (3,437) (6,031) (757) – Distributions and capital returns received from equity accounted investments 6,168 7,377 6,168 7,377 Net cash inflows from investing activities 158,837 80,536 147,483 78,839 Cash flows from financing activities Proceeds from borrowings 106,169 73,649 36,169 2,108 Repayments of borrowings (304,284) (141,301) (170,693) (118,942) Proceeds from issues of equity securities 55,000 – – – Transaction costs related to issues of equity securities, loan and borrowings (4,231) – – – Payments for lease liability (436) (1,435) – – Distributions and capital returns paid to unit holders (4,343) – (4,343) – Loan from the Company – – 4,714 48,408 Net cash outflows from financing activities (152,125) (69,087) (134,153) (68,426) Net increase/(decrease) in cash and cash equivalents 1,836 (4,600) 1,574 517 Cash and cash equivalents at the beginning of the year 12,989 17,589 1,068 551 Cash at the end of the year 6 14,825 12,989 2,642 1,068 The above Consolidated Statements of Cash Flows should be read in conjunction with the accompanying notes 65
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56 Kyron Capital 56 Notes to the Consolidated Financial Statements FOR THE YEAR ENDED 30 JUNE 2026 About this Report The notes to the consolidated Financial Statements have been organised into the following sections for reduced complexity and ease of navigation: Results 62 1. Segment information ..................................................................................... 62 2. Revenue from operating activities ................................................................. 65 3. Distributions ................................................................................................... 67 4. Earnings per stapled security ........................................................................ 68 5. Income tax ..................................................................................................... 70 6. Cash and cash equivalents ........................................................................... 73 7. Cash flow information .................................................................................... 74 Operating Assets 76 8. Property, plant and equipment ...................................................................... 76 9. Investment properties .................................................................................... 84 10. Equity accounted investments .. ..................................................................... 85 11. Assets and liabilities held for sale ................................................................. 90 Finance and Capital Structure 92 12. Interest bearing liabilities ............................................................................... 92 13. Derivative financial instruments .. ................................................................... 96 14. Other financial assets .................................................................................... 98 15. Contributed equity ......................................................................................... 99 16. Reserves ..................................................................................................... 101 17. Financial Risk Management ........................................................................ 102 Group Structure 108 18. Parent entity ................................................................................................ 108 19. Subsidiaries and Controlled entities ............................................................ 109 20. Trade and other receivables ........................................................................ 111 21. Contract assets............................................................................................ 112 22. Payables and other liabilities ................................................................... .... 114 23. Intangible assets ......................................................................................... 116 24. Commitments .............................................................................................. 117 25. Share-based payments ............................................................................... 118 26. Related parties ............................................................................................ 121 27. Other accounting policies ............................................................................ 124 28. Events occurring after reporting date .......................................................... 125 29. Auditor's remuneration ................................................................................ 126 30. Non-Parent disclosure (KIF Group) ............................................................. 127 31. Disposal of material subsidiary .. .................................................................. 145 32. Material Non-controlling interest .. ................................................................ 147 33. Restatement note ........................................................................................ 149 66
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56 Kyron Capital 56 Notes to the Consolidated Financial Statements FOR THE YEAR ENDED 30 JUNE 2026 About this Report The notes to the consolidated Financial Statements have been organised into the following sections for reduced complexity and ease of navigation: Results 62 1. Segment information ..................................................................................... 62 2. Revenue from operating activities ................................................................. 65 3. Distributions................................................................................................... 67 4. Earnings per stapled security ........................................................................ 68 5. Income tax .....................................................................................................70 6. Cash and cash equivalents ........................................................................... 73 7. Cash flow information .................................................................................... 74 Operating Assets 76 8. Property, plant and equipment ......................................................................76 9. Investment properties .................................................................................... 84 10. Equity accounted investments.. .....................................................................85 11. Assets and liabilities held for sale ................................................................. 90 Finance and Capital Structure 92 12. Interest bearing liabilities ............................................................................... 92 13. Derivative financial instruments.. ...................................................................96 14. Other financial assets .................................................................................... 98 15. Contributed equity .........................................................................................99 16. Reserves .....................................................................................................101 17 . Financial Risk Management ........................................................................ 102 Group Structure 108 18. Parent entity ................................................................................................ 108 19 . Subsidiaries and Controlled entities ............................................................ 109 20 . Trade and other receivables ........................................................................ 111 21. Contract assets............................................................................................ 112 22. Payables and other liabilities ................................................................... .... 114 23. Intangible assets ......................................................................................... 116 24. Commitments .............................................................................................. 117 25. Share-based payments ............................................................................... 118 26. Related parties ............................................................................................121 27 . Other accounting policies ............................................................................ 124 28 . Events occurring after reporting date .......................................................... 125 29 . Auditor's remuneration ................................................................................ 126 30 . Non-Parent disclosure (KIF Group) ............................................................. 127 31 . Disposal of material subsidiary.. ..................................................................145 32. Material Non-controlling interest.. ................................................................147 33. Restatement note ........................................................................................149 57 Kyron Capital 57 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) About this report (continued) Kyron Capital Group (Group, Consolidated Group or Kyron) is a 'stapled' entity comprising Kyron Capital Limited (KCL or Company) and its controlled entities (KCL Group) and Kyron Investment Fund (KIF or Trust) and its controlled entities (KIF Group). The units in the Trust are stapled to shares in the Company. The stapled securities cannot be traded or dealt with separately. The stapled securities of the Group are listed on the Australian Securities Exchange (ASX: KYN). As permitted by ASIC Corporations Instrument 2025/439 issued by the Australian Securities and Investments Commission (ASIC), this report is a combined report that presents the consolidated financial statements and accompanying notes of both Kyron Capital Group and the Kyron Investment Fund. Compliance with accounting standards The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards (AASB), Australian Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and the Corporations Act 2001. For the purposes of preparing the financial statements, the Group is a for-profit entity. The financial report has been presented in Australian dollars unless otherwise stated. Comparative figures have been restated where appropriate to ensure consistency of presentation throughout the financial report. Restatements of prior period comparatives are explained in note 33. New accounting standards and interpretations New and amended standards adopted by the Group There are no standards, interpretations or amendments to existing standards that are effective for the first time for the financial year beginning 1 July 2025 that have a material impact on the amounts recognised in prior periods or will affect the current or future periods. New standards, amendments and interpretations effective after 1 July 2026 and have not been early adopted Certain new accounting standards, amendments and interpretations, including AASB 18 Presentation and Disclosure in Financial Statements (AASB 18) have been published. These pronouncements are not mandatory for the 30 June 2026 reporting period and have not been early adopted by the Group. AASB 18 replaces AASB 101 Presentation of Financial Statements and is effective for annual reporting periods beginning on or after 1 January 2027. The new stan dard will impact the presenta tion and disclosure in the financial statements by introducing new categories and specific totals and subtotals in the Consolidated Statement of Comprehensive Income, requiring the disclosure of management-defined performance measures and changes in the grouping of information in the Consolidated Financial Statements. Other than certain presentations and disclosures in the financial statements required by AASB 18, these standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods. Rounding The amounts in the consolidated financial statements have been rounded off to the nearest one thousand dollars, unless otherwise indicated, in accordance with ASIC Corporations (Rounding in Financial/Director's Reports) Instrument 2026/183. Accordingly, some totals may not reconcile due to rounding. 67
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58 Kyron Capital 58 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) About this report (continued) Going concern In the financial year ended 30 June 2026, the Consolidated Group incurred a net loss before tax of $52.1 million (loss of $57.0 million in 2025) and an operating cash outflow of $4.9 million (outflow of $16.0 million in 2025). The Consolidated Group had net assets of $140.9 million and net current asset deficiency of $41.8 million as at balance date. In the financial year ending 30 June 2026, the KIF Group incurred a net loss before tax of $15.1 million (loss of $20.3 million in 2025) and an operating cash outflow of $11.8 million (outflow of $9.9 million in 2025). The KIF Group had net assets of $139.2 million and net current asset deficiency of $57.6 million as at balance date. Going Concern of the Kyron Group The following information discusses events and conditions relating to a material uncertainty in relation to the Kyron Group’s (which includes the KIF Group) ability to continue as a going concern. Senior facility refinancing On 28 July 2025, Kyron entered into binding terms with Rockworth, whereby Rockworth would invest up to $125 million into Kyron to recapitali se the business, stabilise the bala nce sheet and reduce gearing. This recapitalisation was completed on 17 April 2026. The recapitalisation comprised: • the provision of a $70.0 million senior debt facility (“Senior Debt Facility”); • the issue of $55.0 million in perpetual, subordinated, unsecured notes (“Perpetual Notes”); and • the issue of 30.0 million unlisted warrants to acquire Securities at a nominal exercise price of $0.01 per warrant (“Penny Warrants”). The proceeds of the Rockworth recapitalisation were used to: • Repay the Keyview senior facility, in full; • Redeem the $40.0 million of Capital Notes, in full; • Repay a substantial portion of the outstanding commercial arrangements; and • Provide for additional working capital. Interest on the Senior Debt Facility and distributions on the Perpetual Notes (which are at Kyron’s discretion) are payable quarterly in arrears. No distributions to other securityholders are permitted until the accumulated distributions on the Perpetual Notes are repaid in full. The Senior Debt Facility is subject to a make whole in the event the facility is repaid prior to the maturity date at a rate of 3% p.a. on any prepaid amounts. The Rockworth senior debt facility provides Kyron with the ability to redraw any amounts repaid up to $10.0 million. On 27 August 2026, the Senior Debt Facility was varied such that the Gearing Ratio Covenant is 70% and the Interest Cover Ratio Covenant is 1.10x. No default can occur on these covenants prior to 30 June 2027. The Group and Rockworth continue to work constructively together on new business opportunities. If there is a material improvement to the financial forecast for the Group, the parties agree to negotiate in good faith to amend the financial covenants at that time. 68
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58 Kyron Capital 58 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) About this report (continued) Going concern In the financial year ended 30 June 2026, the Consolidated Group incurred a net loss before tax of $52.1 million (loss of $57.0 million in 2025) and an operating cash outflow of $4.9 million (outflow of $16.0 million in 2025). The Consolidated Group had net assets of $140.9 million and net current asset deficiency of $41.8 million as at balance date. In the financial year ending 30 June 2026, the KIF Group incurred a net loss before tax of $15.1 million (loss of $20.3 million in 2025) and an operating cash outflow of $11.8 million (outflow of $9.9 million in 2025). The KIF Group had net assets of $139.2 million and net current asset deficiency of $57.6 million as at balance date. Going Concern of the Kyron Group The following information discusses events and conditions relating to a material uncertainty in relation to the Kyron Group’s (which includes the KIF Group) ability to continue as a going concern. Senior facility refinancing On 28 July 2025, Kyron entered into binding terms with Rockworth, whereby Rockworth would invest up to $125 million into Kyron to recapitali se the business, stabilise the bala nce sheet and reduce gearing. This recapitalisation was completed on 17 April 2026. The recapitalisation comprised: • the provision of a $70.0 million senior debt facility (“Senior Debt Facility”); • the issue of $55.0 million in perpetual, subordinated, unsecured notes (“Perpetual Notes”); and • the issue of 30.0 million unlisted warrants to acquire Securities at a nominal exercise price of $0.01 per warrant (“Penny Warrants”). The proceeds of the Rockworth recapitalisation were used to: • Repay the Keyview senior facility, in full; • Redeem the $40.0 million of Capital Notes, in full; • Repay a substantial portion of the outstanding commercial arrangements; and • Provide for additional working capital. Interest on the Senior Debt Facility and distributions on the Perpetual Notes (which are at Kyron’s discretion) are payable quarterly in arrears. No distributions to other securityholders are permitted until the accumulated distributions on the Perpetual Notes are repaid in full. The Senior Debt Facility is subject to a make whole in the event the facility is repaid prior to the maturity date at a rate of 3% p.a. on any prepaid amounts. The Rockworth senior debt facility provides Kyron with the ability to redraw any amounts repaid up to $10.0 million. On 27 August 2026, the Senior Debt Facility was varied such that the Gearing Ratio Covenant is 70% and the Interest Cover Ratio Covenant is 1.10x. No default can occur on these covenants prior to 30 June 2027. The Group and Rockworth continue to work constructively together on new business opportunities. If there is a material improvement to the financial forecast for the Group, the parties agree to negotiate in good faith to amend the financial covenants at that time. 59 Kyron Capital 59 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) About this report (continued) Going Concern of Elanor Hotel Accommodation Fund (EHAF) On 21 August 2026 EHAF received credit-approved terms with Commonwealth Bank of Australia for a new two-year, $74.5 million debt facility (inclusive of a $5.0 million capex tranche) maturing 31 August 2028. The new facility is currently being formally documented with financial close to occur on or before 31 August 2026. As part of EHAF’s ongoing divestment strategy, the following asset sales have been completed during the period: • Mayfair Hotel (completed in August 2025 for a net sale price of $72.9 million); • Panorama Retreat (completed in September 2025 for a net sale price of $5.2 million); and • Mantra Wollongong (completed in December 2025 for a net sale price of $10.2 million). In addition to the above, Sanctuary Inn Tamworth exchanged on 24 April 2026 and settled on 22 July 2026 for a net sale price of $15.9 million that was applied to reduce the secured facility. Proceeds from the expected sale of the Eaglehawk asset will be applied to debt reduction, with the facility forecast to reduce to a total of $63.1 million. A subdivided parcel of land at Barossa Weintal Hotel was exchanged on 17 June 2026 for a gross sale price of $0.45 million. Settlement is expected to occur in September 2026. Material uncertainty over ability to continue as a going concern The ability of the Kyron Group and KIF Group to continue as a going concern remains dependent on a number of factors including: • compliance with the Senior Debt facility loan covenants; • progress on the orderly asset divestment program within EHAF, with sales proceeds sufficient to provide required capital returns to fund investors, including the Kyron Group, and to repay loans and trade receivables due to the Kyron Group; an • the ability of the Kyron Group to retain management of funds and mandates, grow assets under management and take necessary steps to achieve sufficient profitability and ensure adequacy of working capital going forward; and • execution of the EHAF refinancing (refer to above). As a result of the above events and conditions, there is a material uncertainty which may cast significant doubt as to whether the Kyron Group and the KIF Group will be able to pay its debts as and when they become due and payable and therefore continue as a going concern. Should the Kyron Group and the KIF Group be unable to continue as a going concern, they may be required to realise assets and extinguish liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Kyron Group and the KIF Group be unable to continue as a going concern. 69
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60 Kyron Capital 60 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) About this report (continued) Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting po licies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. Changing market conditions (continuing high inflation pressure and geopolitical instability) can result in continued elevated levels of uncertainty in the preparation of the financial statements. Where changing market conditions have heightened uncertainty in applying these accounting estimates and critical judgements for the year ended 30 June 2026, enhanced disclosures have been incorporated throughout the consolidated financial statements to enable users to understand the basis for the estimates and judgements utilised. In response to the recent market volatility, the appropriateness of the inputs to the valuation of the Group's property, plant and equipment (investment properties in EIF) (including average daily rate assumptions and occupancy levels), and the impact of any changes in these inputs have been considered in detail in the independent property valuations (including relevant sensitivity analysis) with respect to the fair value hierarchies. The fair value assessments as at the balance date include the best estimate of the changing market conditions using information available at the time of preparation of the financial statements and includes forward looking assumptions. Refer to Note 8 for further information. The recoverability of the Group's receivables from Elanor's Managed Funds applied the simplified approach to provide for expected credit losses. Refer to Note 17 Financial Risk Management for further discussion on the Group's management of credit risk. Enhanced disclosures have been incorporated throughout the consolidated financial statements to enable users to understand the basis for the estimates and judgements utilised. The estimates or assumptions which are material to the financial statements are discussed in the following notes: • Deferred taxes – assumptions underlying recognition and recoverability – Note 5c • Property, plant and equipment – assumptions underlying fair value – Note 8 • Investment properties – assumptions underlying fair value – Notes 9 and 31 • Equity accounted investments – impairment assessment – Note 10 • Other financial assets – impairment assessment – Note 14 • Contributed equity – debt vs equity classification – Note 15 • Trade receivables from Managed Funds – expected credit losses – 17(b) Basis of Consolidation The consolidated Financial Statements of the Group incorporate the assets and liabilities of Kyron Capital Limited (the Parent) and all of its subsidiaries, including Kyron Investment Fund and its subsidiaries as at 30 June 2026. Kyron Capital Limited is the parent entity in relation to the stapling. The results and equity of Kyron Investment Fund (which is not directly owned by Kyron Capital Limited) have been treated and disclosed as a non-controlling interest. Whilst the re sults and equity of Kyron Invest ment Fund are disclosed as a non- controlling interest, th e stapled securityholders of Kyron Investment Fund are the same as the stapled securityholders of Kyron Capital Limited. These consolidated Financial Statements also include a separate column representing the consolidated Financial Statements of KIF Group, incorporating the as sets and liabilities of Kyron Investment Fund and all of its subsidiaries as at 30 June 2026. 70
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60 Kyron Capital 60 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) About this report (continued) Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting po licies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. Changing market conditions (continuing high inflation pressure and geopolitical instability) can result in continued elevated levels of uncertainty in the preparation of the financial statements. Where changing market conditions have heightened uncertainty in applying these accounting estimates and critical judgements for the year ended 30 June 2026, enhanced disclosures have been incorporated throughout the consolidated financial statements to enable users to understand the basis for the estimates and judgements utilised. In response to the recent market volatility, the appropriateness of the inputs to the valuation of the Group's property, plant and equipment (investment properties in EIF) (including average daily rate assumptions and occupancy levels), and the impact of any changes in these inputs have been considered in detail in the independent property valuations (including relevant sensitivity analysis) with respect to the fair value hierarchies. The fair value assessments as at the balance date include the best estimate of the changing market conditions using information available at the time of preparation of the financial statements and includes forward looking assumptions. Refer to Note 8 for further information. The recoverability of the Group's receivables from Elanor's Managed Funds applied the simplified approach to provide for expected credit losses. Refer to Note 17 Financial Risk Management for further discussion on the Group's management of credit risk. Enhanced disclosures have been incorporated throughout the consolidated financial statements to enable users to understand the basis for the estimates and judgements utilised. The estimates or assumptions which are material to the financial statements are discussed in the following notes: • Deferred taxes – assumptions underlying recognition and recoverability – Note 5c • Property, plant and equipment – assumptions underlying fair value – Note 8 • Investment properties – assumptions underlying fair value – Notes 9 and 31 • Equity accounted investments – impairment assessment – Note 10 • Other financial assets – impairment assessment – Note 14 • Contributed equity – debt vs equity classification – Note 15 • Trade receivables from Managed Funds – expected credit losses – 17(b) Basis of Consolidation The consolidated Financial Statements of the Group incorporate the assets and liabilities of Kyron Capital Limited (the Parent) and all of its subsidiaries, including Kyron Investment Fund and its subsidiaries as at 30 June 2026. Kyron Capital Limited is the parent entity in relation to the stapling. The results and equity of Kyron Investment Fund (which is not directly owned by Kyron Capital Limited) have been treated and disclosed as a non-controlling interest. Whilst the re sults and equity of Kyron Invest ment Fund are disclosed as a non- controlling interest, th e stapled securityholders of Kyron Investment Fund are the same as the stapled securityholders of Kyron Capital Limited. These consolidated Financial Statements also include a separate column representing the consolidated Financial Statements of KIF Group, incorporating the as sets and liabilities of Kyron Investment Fund and all of its subsidiaries as at 30 June 2026. 61 61 Kyron Capital NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) About this report (continued) Control of Elanor Hotel Accommodation Fund (EHAF), Elanor Wildlife Park Fund (EWPF), Bluewater Square Syndicate (Bluewater) and Stirling Street Syndicate (Stirling) Elanor Hotel Accommodation Fund (EHAF) EHAF comprises stapled securities in Elanor Hotel Accommodation Fund, Elanor Hotel Accommodation Fund II, Elanor Hotel Accommodation Fund III, Elanor Hotel Accommodation Limited, Elanor Hotel Accommodation II Limited. The Group holds a 30.79% (2025: 27.13%) legal holding and a 32.46% (2025: 32.46%) accounting holding of the equity in EHAF due to commercial arrangements. The Group has 30.79% of voting rights in EHAF. Elanor Hotel Accommodation Fund, Elanor Hotel Accommodation Fund II, Elanor Hotel Accommodation Fund III are unregistered trusts for which Kyron Managed Funds RE Limited acts as the Manager of the asset and Trustee of the trusts. Elanor Wildlife Park Fund (EWPF) EWPF comprises stapled securities in Elanor Wildlife Park Fund and Elanor Wildlife Park Pty Limited. The Group held 42.82% (2025: 42.82%) of the equity in EWPF until the sale of its interest in February 2026. The Group's ownership interest in EWPF gave the Group the same percentage of voting rights in EWPF. Elanor Wildlife Park Fund is an unregistered trust for which Kyron Managed Funds RE Limited acted as the Manager and Trustee of the trust until the date of disposal. Control of Elanor Hotel Accommodation Fund (EHAF), Elanor Wildlife Park Fund (EWPF), Bluewater Square Syndicate (Bluewater) and Stirling Street Syndicate (Stirling) (continued) Stirling Street Syndicate (Stirling) The Group held 42.98% of the equity in Stirling until the units of the fund were redeemed in June 2026 (2025: 42.98%). The Group's ownership interest in Stirling gave the Group the same percentage of the voting rights in Stirling. Stirling was an unregistered trust for which Kyron Managed Funds RE Limited acted as the Manager of the asset and Trustee of the trust. Bluewater Square Syndicate (Bluewater) The Group held 42.27% of the equity in Bluewater until all but one unit of the trust was redeemed in June 2026, with the remaining unit being held by Kyron (2025: 42.27%). The Group's ownership interest in Bluewater gave the Group the same percentage of voting rights in Bluewater. Bluewater is an unregistered trust for which Kyron Managed Funds RE Limited acted as the Manager of the asset (which was sold in September 2026) and Trustee of the trust. The responsible entity of EHAF, EWPF, Stirling and Bluewater is wholly owned by the Group and governed by the licensing and legal obligations of a professional asset manager. The powers of the Trustee are governed by the constitution of EHAF, EWPF, Stirling and Bluewater respectively which sets out the basis of fees that the relevant Trustee can receive. These fees include management fees, performance fees, and acquisition fees. Based on the assessment above, at the level of equity investment in EHAF, EWPF, Stirling and Bluewater throughout the year and the Group's ability to direct the relevant activities of these entities based on the powers of the Trustee, the AASB 10 definition of control for these investments is met for all or part of the year, and therefore each of these investments is consolidated into the Group’s Financial Statements for their respective periods of ownership. 71
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62 Kyron Capital 62 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) Results This section focuses on the operating results and financial performance of the Group. It includes disclosures of segmental information, revenue, distributions and cash flow including the relevant accounting policies adopted in each area. 1. Segment information Overview Segment information is presented on the same basis as that used for internal reporting purposes. The segments are reported in a manner that is consistent with internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the Board of Directors of Kyron Capital Limited and the Responsible Entity. The main income statement items used by management to assess each of the divisions are divisional revenue and divisional EBITDA. Business Segments The Group is organised into the following divisions by business type: Funds Management The Funds Management division manages third party owned investment funds and syndicates. As at 30 June 2026, the Funds Management division has approximately $1.8 billion of external investments under management, being the managed investments. Hotels and Leisure Hotels and Leisure originates and manages investment and funds management assets, in the hotels and leisure real estate sector. The current investment portfolio includes a co-investment in EHAF and included EWPF until its sale in February 2026. EHAF and EWPF (until the date of sale) are consolidated in the Financial Statements. Retail Retail originates and manages investment and funds management assets in the retail real estate sector. The current investment portfolio comprises co-investments in Hunters Plaza Syndicate and Belconnen Markets Syndicate. Bluewater Square was sold on 12 September 2025 and the units in the fund were redeemed on 24 June 2026. At the time of redemption, Bluewater held a vendor loan receivable relating to the sale of the shopping centre and a corresponding loan payable to KYN relating to historical loans. The Kyron Group retains a single unit in Bluewater after redemption and consolidates this fund into the Financial Statements from this date. Commercial Office Commercial Office originates and manages investment and funds management assets in the commercial office real estate sector. The current investment portfolio comprises co-investments in the Harris Street Fund and 55 Elizabeth Street Fund. The Stirling St asset was sold in August 2025 and all units in this fund have now been redeemed. Healthcare Healthcare originates and manages investment and funds management assets in the healthcare real estate sector. The current investment portfolio comprises a co-investment in the Elanor Healthcare Real Estate Fund. 72
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62 Kyron Capital 62 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) Results This section focuses on the operating results and financial performance of the Group. It includes disclosures of segmental information, revenue, distributions and cash flow including the relevant accounting policies adopted in each area. 1. Segment information Overview Segment information is presented on the same basis as that used for internal reporting purposes. The segments are reported in a manner that is consistent with internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the Board of Directors of Kyron Capital Limited and the Responsible Entity. The main income statement items used by management to assess each of the divisions are divisional revenue and divisional EBITDA. Business Segments The Group is organised into the following divisions by business type: Funds Management The Funds Management division manages third party owned investment funds and syndicates. As at 30 June 2026, the Funds Management division has approximately $1.8 billion of external investments under management, being the managed investments. Hotels and Leisure Hotels and Leisure originates and manages investment and funds management assets, in the hotels and leisure real estate sector. The current investment portfolio includes a co-investment in EHAF and included EWPF until its sale in February 2026. EHAF and EWPF (until the date of sale) are consolidated in the Financial Statements. Retail Retail originates and manages investment and funds management assets in the retail real estate sector. The current investment portfolio comprises co-investments in Hunters Plaza Syndicate and Belconnen Markets Syndicate. Bluewater Square was sold on 12 September 2025 and the units in the fund were redeemed on 24 June 2026. At the time of redemption, Bluewater held a vendor loan receivable relating to the sale of the shopping centre and a corresponding loan payable to KYN relating to historical loans. The Kyron Group retains a single unit in Bluewater after redemption and consolidates this fund into the Financial Statements from this date. Commercial Office Commercial Office originates and manages investment and funds management assets in the commercial office real estate sector. The current investment portfolio comprises co-investments in the Harris Street Fund and 55 Elizabeth Street Fund. The Stirling St asset was sold in August 2025 and all units in this fund have now been redeemed. Healthcare Healthcare originates and manages investment and funds management assets in the healthcare real estate sector. The current investment portfolio comprises a co-investment in the Elanor Healthcare Real Estate Fund. 63 Kyron Capital 63 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 1. Segment information (continued) The table below shows the Group's segment results: Consolidated Group – 30 June 2026 Fun ds Management $'000 Hotels & Leisure $'000 Retail $'000 Commercial Office $'000 Healthcare $'000 Unallocated Corporate $'000 Total $'000 Revenue from operating activities 24,440 74,884 (49) – – – 99,275 Rental income – 821 976 506 – – 2,304 Share of profit / (loss) of equity accounted investment – – 268 (210) 394 – 452 Operating expense (18,676) (42,423) (18,022) (1,821) (2,348) (36,776) (120,066) Divisional EBITDA 5,764 33,283 (16,826) (1,526) (1,954) (36,776) (18,035) Depreciation (8,603) – – – (907) (9,510) Amortisation – – (27) (13) – (871) (911) Divisional EBIT from continuing operations 5,764 24,680 (16,853) (1,538) (1,954) (38,554) (28,456) Fair value (loss) / gain on revaluation of investment property – 216 116 72 – – 404 Fair value loss on revaluation of derivatives (900) 1,719 – – – – 819 Interest and other income 8,500 – – – – 770 9,270 Borrowing costs – (12,667) (969) (474) – (19,990) (34,100) Net tax benefit – – – – – 196 196 Profit / (loss) for the year 13,364 13,948 (17,706) (1,940) (1,954) (57,578) (51,867) Total assets 80,617 186,216 19 – 6,460 40,103 313,417 Total liabilities 2,498 74,347 19 – 8,140 87,508 172,512 73
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64 Kyron Capital 64 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 1. Segment information (continued) Consolidated Group – 30 June 2025 Funds Management $'000 Hotels & Leisure $'000 Retail $'000 Commercial Office $'000 Healthcare $'000 Unallocated Corporate $'000 Total $'000 Revenue from operating activities 32,365 100,472 – – – – 132,837 Rental income – 847 4,455 3,672 – 37 9,011 Share of profit / (loss) of equity accounted investments – – (71) (1,146) 325 – (892) Operating expense (4,914) (106,162) (9,251) (4,224) (97) (19,563) (144,211) Divisional EBITDA 27,451 (4,843) (4,867) (1,698) 228 (19,526) (3,255) Depreciation (5) (9,516) – – – (1,993) (11,514) Amortisation – – (73) (68) – (422) (563) Divisional EBIT from continuing operations 27,446 (14,359) (4,939) (1,766) 228 (21,941) (15,332) Fair value gain/(loss) on revaluation of investment property and PPE – (5,560) – – – – (5,560) Fair value loss on revaluation of derivatives – (2,000) – – – – (2,000) Realised gain/(loss) on disposal of investment 14 – – 645 – – 659 Interest and other income – – – – – 4,597 4,597 Borrowing costs – (19,587) (1,774) (1,891) – (16,402) (39,654) Net tax benefit – – – – – 313 313 Profit / (loss) for the year 27,460 (41,506) (6,713) (3,012) 228 (33,433) (56,977) Total assets 81,770 395,707 31,853 32,001 6,066 7,596 554,993 Total liabilities 41,043 223,827 31,738 21,582 – 77,699 395,889 74
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64 Kyron Capital 64 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 1. Segment information (continued) Consolidated Group – 30 June 2025 Funds Management $'000 Hotels & Leisure $'000 Retail $'000 Commercial Office $'000 Healthcare $'000 Unallocated Corporate $'000 Total $'000 Revenue from operating activities 32,365 100,472 – – – – 132,837 Rental income – 847 4,455 3,672 – 37 9,011 Share of profit / (loss) of equity accounted investments – – (71) (1,146) 325 – (892) Operating expense (4,914) (106,162) (9,251) (4,224) (97) (19,563) (144,211) Divisional EBITDA 27,451 (4,843) (4,867) (1,698) 228 (19,526) (3,255) Depreciation (5) (9,516) – – – (1,993) (11,514) Amortisation – – (73) (68) – (422) (563) Divisional EBIT from continuing operations 27,446 (14,359) (4,939) (1,766) 228 (21,941) (15,332) Fair value gain/(loss) on revaluation of investment property and PPE – (5,560) – – – – (5,560) Fair value loss on revaluation of derivatives – (2,000) – – – – (2,000) Realised gain/(loss) on disposal of investment 14 – – 645 – – 659 Interest and other income – – – – – 4,597 4,597 Borrowing costs – (19,587) (1,774) (1,891) – (16,402) (39,654) Net tax benefit – – – – – 313 313 Profit / (loss) for the year 27,460 (41,506) (6,713) (3,012) 228 (33,433) (56,977) Total assets 81,770 395,707 31,853 32,001 6,066 7,596 554,993 Total liabilities 41,043 223,827 31,738 21,582 – 77,699 395,889 65 Kyron Capital 65 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 2. Revenue from operating activities Overview The tables below provide a breakdown of revenue from operating activities by activity type: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Revenue from Hotels operations 63,098 77,860 Revenue from Funds Management activities 21,330 32,365 Revenue from Wildlife Parks operations 14,847 22,612 Total revenue from operating activities 99,275 132,837 The below table provides a breakdown of revenue from fund management activities: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Management fees and related cost recoveries 20,896 36,278 Leasing and development management fees 2,822 3,547 Acquisition fees and related cost recoveries 555 606 Payments to customers related to Funds Management activities (2,943) (8,066) Revenue from Funds Management activities 21,330 32,365 Accounting Policy Revenue recognition The Group recognises revenue in each period for each of Kyron's activities based on the delivery of performance obligations and when control has been transferred to customers in accordance with AASB 15 Revenue from Contracts with Customers, with exception of rental income, which is based on AASB 16 Leases. The accounting policy of the different revenue streams are disclosed below. Revenue from funds management activities Management fees and related cost recoveries Fund management fees Fund management fees are received for performance obligations fulfilled over time with revenue recognised accordingly. Fund management fees are determined in accordance with relevant agreements for each fund, based on the fund's monthly Gross Asset Value (GAV). Asset management fees Asset management services provided to managed funds are charged as an asset management fee. Revenue is recognised over time as the performance obligations are fulfilled. Cost recoveries Accounting, marketing, debt management and administrative services provided to managed funds are charged as an expense recovery. Revenue is recognised over time as the performance obligations are fulfilled. 75
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66 Kyron Capital 66 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 2. Revenue from operating activities (continued) Leasing and development management fees Leasing and development management services provided to managed funds are charged as leasing and development management fees. Revenue is recognised at a point in time when the performance obligations are fulfilled. Acquisition fees and related cost recoveries Acquisition fees Acquisition fee revenue is recognised at a point in time depending on the fulfilment of the performance obligation in accordance with the constitutions of the managed funds. Equity raising fees Equity raising fee revenue is recognised at a point in time depending on the fulfilment of the performance obligation in accordance with the constitutions of the managed funds. Cost recoveries Accounting, marketing, debt management, disposal and administrative services provided to managed funds are charged as an expense recovery. Revenue is recognised over time as the performance obligations are fulfilled. Performance fees Performance fee revenue is recognised to the extent that it is highly probable that the amount of variable consideration recognised will not be significantly reversed when the uncertainty is resolved. Detailed calculations are completed to inform the assessment of the appropriate revenue to recognise. Hotel and wildlife parks revenue The revenue of operations from the hotels primarily consists of room rentals, food and beverage sales and other ancillary goods and services from hotel properties. Room revenue is recognised over time when rooms are occupied, and food and beverage revenue is recognised at a point in time when goods and services have been delivered or rendered. The revenue from operations from the wildlife parks primarily consists of the sale of tickets, food and beverage sales and other ancillary goods and services from the wild parks. Ticket revenue is recognised at a point in time when customers visit the wildlife parks, and food and beverage revenue is recognised at a point in time when goods and services have been delivered or rendered. Where customers acquire an annual pass, revenue is recognised over time. Rental income The Group was the lessor to a number of operating leases. Rental income arising from operating leases is recognised as revenue on a straight-line basis over the lease term. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense over the term of the lease on the same basis as the lease income. 76
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66 Kyron Capital 66 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 2. Revenue from operating activities (continued) Leasing and development management fees Leasing and development management services provided to managed funds are charged as leasing and development management fees. Revenue is recognised at a point in time when the performance obligations are fulfilled. Acquisition fees and related cost recoveries Acquisition fees Acquisition fee revenue is recognised at a point in time depending on the fulfilment of the performance obligation in accordance with the constitutions of the managed funds. Equity raising fees Equity raising fee revenue is recognised at a point in time depending on the fulfilment of the performance obligation in accordance with the constitutions of the managed funds. Cost recoveries Accounting, marketing, debt management, disposal and administrative services provided to managed funds are charged as an expense recovery. Revenue is recognised over time as the performance obligations are fulfilled. Performance fees Performance fee revenue is recognised to the extent that it is highly probable that the amount of variable consideration recognised will not be significantly reversed when the uncertainty is resolved. Detailed calculations are completed to inform the assessment of the appropriate revenue to recognise. Hotel and wildlife parks revenue The revenue of operations from the hotels primarily consists of room rentals, food and beverage sales and other ancillary goods and services from hotel properties. Room revenue is recognised over time when rooms are occupied, and food and beverage revenue is recognised at a point in time when goods and services have been delivered or rendered. The revenue from operations from the wildlife parks primarily consists of the sale of tickets, food and beverage sales and other ancillary goods and services from the wild parks. Ticket revenue is recognised at a point in time when customers visit the wildlife parks, and food and beverage revenue is recognised at a point in time when goods and services have been delivered or rendered. Where customers acquire an annual pass, revenue is recognised over time. Rental income The Group was the lessor to a number of operating leases. Rental income arising from operating leases is recognised as revenue on a straight-line basis over the lease term. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense over the term of the lease on the same basis as the lease income. 67 Kyron Capital 67 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 3. Distributions Overview When determining distributions, the Group's Board considers a number of factors, including forecast earnings, expected economic conditions and an appropriate payout ratio of the Group’s Core Earnings. Core Earnings reflects the Director's view of the underlying earnings from ongoing operating activities for the year. Kyron Group The Kyron Group did not declare any distributions during the year ended 30 June 2026 and 30 June 2025. EHAF EHAF declared distributions of $1.4 million during the year ended 30 June 2026 (2025: nil). Of the distributions declared during the year, $0.4 millio n was paid to entities within the C onsolidated Group and eliminated on consolidation. EWPF Prior to its sale in FY2026, EWPF did not declare a distribution (2025: $0.1 million). The FY2025 distribution was paid in FY2026, of which $0.04 million was paid to entities within the Consolidated Group and eliminated on consolidation. Stirling Street During the year ended 30 June 2026, Stirling Street returned capital of $6.2 million to unitholders (2025: nil). The return of capital represented a repayment of contributed equity. Of the returned capital during the year, $2.7 million was paid to entities within the Consolidated Group and eliminated on consolidation. Accounting Policy Distributions are recognised as a liability when declared or at the record date (if earlier). Distributions paid and payable are recognised as distributions within equity. Distributions paid are included in cash flows from financing activities in the consolidated statement of cash flows. 77
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68 Kyron Capital 68 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 4. Earnings per stapled security Overview This note provides information about the Group's earnings on a per security basis. Earnings per security (EPS) is a measure that makes it easier for users of Kyron's financial report to compare Kyron's performance between different reporting periods. Accounting standards require the disclosure of two EPS measures, basic EPS and diluted EPS. EPS information provides a measure of inte rest of each issued ordinary security of the parent entity in the performance of the entity over the reporting period while diluted EPS information provides the same information but takes into account the impact of all potential dilutive, ordinary securities outstanding during the period, such as Kyron’s options. The tables below show the earnings per share of the Company, the parent entity of the Group and its controlled entities as required by accounting standards. The earnings / (losses) per stapled security measure shown below is based on the profit / (loss) attributable to securityholders: Consolidated Group 30 June 2026 Consolidated Group 30 June 2025 Basic (cents) (33.61) (26.41) Diluted (cents) (33.61) (26.41) Loss attributable to security holders used in calculating basic and diluted earnings per stapled security ($'000) (47,797) (40,188) Weighted average number of stapled securities used as denominator in calculating basic earnings per stapled security 142,230 152,202 Weighted average number of stapled securities used as denominator in calculating diluted earnings per stapled security 142,230 152,202 The weighted average number of stapled securities used as the denominator in calculating basic and diluted losses per stapled securities shown above is based on the number of stapled securities on issue and outstanding during the year. 78
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68 Kyron Capital 68 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 4. Earnings per stapled security Overview This note provides information about the Group's earnings on a per security basis. Earnings per security (EPS) is a measure that makes it easier for users of Kyron's financial report to compare Kyron's performance between different reporting periods. Accounting standards require the disclosure of two EPS measures, basic EPS and diluted EPS. EPS information provides a measure of inte rest of each issued ordinary security of the parent entity in the performance of the entity over the reporting period while diluted EPS information provides the same information but takes into account the impact of all potential dilutive, ordinary securities outstanding during the period, such as Kyron’s options. The tables below show the earnings per share of the Company, the parent entity of the Group and its controlled entities as required by accounting standards. The earnings / (losses) per stapled security measure shown below is based on the profit / (loss) attributable to securityholders: Consolidated Group 30 June 2026 Consolidated Group 30 June 2025 Basic (cents) (33.61) (26.41) Diluted (cents) (33.61) (26.41) Loss attributable to security holders used in calculating basic and diluted earnings per stapled security ($'000) (47,797) (40,188) Weighted average number of stapled securities used as denominator in calculating basic earnings per stapled security 142,230 152,202 Weighted average number of stapled securities used as denominator in calculating diluted earnings per stapled security 142,230 152,202 The weighted average number of stapled securities used as the denominator in calculating basic and diluted losses per stapled securities shown above is based on the number of stapled securities on issue and outstanding during the year. 69 Kyron Capital 69 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 4. Earnings per staple d security (continued) The earnings / (losses) per stapled security measures shown below are based upon the profit / (loss) attributable to securityholders of the KYN Parent: KYN Parent 30 June 2026 KYN Parent 30 June 2025 Basic (cents) (35.76) (23.56) Diluted (cents) (35.76) (23.56) Loss attributable to security holders used in calculating basic and diluted earnings per stapled security ($'000) (50,864) (35,863) Weighted average number of stapled securities used as denominator in calculating basic earnings per stapled security 142,230 152,202 Weighted average number of stapled securities used as denominator in calculating diluted earnings per stapled security 142,230 152,202 The weighted average number of stapled securities used as the denominator in calculating basic and diluted losses per stapled securities shown above is based on the number of stapled securities on issue and outstanding during the year. The earnings / (losses) per stapled security measures shown below are based upon the profit / (loss) attributable to securityholders of the KIF Group: KIF Group 30 June 2026 KIF Group 30 June 2025 Basic (cents) 2.16 (2.84) Diluted (cents) 2.07 (2.84) Loss attributable to security holders used in calculating basic and diluted earnings per stapled security ($'000) 3,067 (4,325) Weighted average number of stapled securities used as denominator in calculating basic earnings per stapled security 142,230 152,202 Weighted average number of stapled securities used as denominator in calculating diluted earnings per stapled security 148,313 152,202 The weighted average number of stapled securities used as the denominator in calculating basic and diluted losses per stapled securities shown above is based on the number of stapled securities on issue and outstanding during the year. The diluted weighted average number of stapled securities also reflects the impact of the penny warrants issued as part of the recapitalisation. 79
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70 Kyron Capital 70 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 4. Earnings per staple d security (continued) Accounting Policy Basic earnings per stapled security is calculated as profit after tax attributable to securityholders divided by the weighted average number of ordinary stapled securities issued. Diluted earnings per stapled security is calculated as profit after tax attributable to securityholders adjusted for any profit recognised in the period in relation to potential dilutive stapled securities divided by the weighted average number of stapled securities and dilutive stapled securities. 5. Income tax Overview This note provides detailed information about the Group's income tax items including a reconciliation of income tax expense, using Australia's company income tax rate of 30% being applied to the Group's (loss) / profit before income tax as shown in the income statement, to the actual income tax expense / (benefit). a. Income Tax Expense Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current tax expense 17 146 Over in prior year income tax (166) (75) Deferred tax benefit (47) (384) Income tax benefit (196) (313) 80
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70 Kyron Capital 70 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 4. Earnings per staple d security (continued) Accounting Policy Basic earnings per stapled security is calculated as profit after tax attributable to securityholders divided by the weighted average number of ordinary stapled securities issued. Diluted earnings per stapled security is calculated as profit after tax attributable to securityholders adjusted for any profit recognised in the period in relation to potential dilutive stapled securities divided by the weighted average number of stapled securities and dilutive stapled securities. 5. Income tax Overview This note provides detailed information about the Group's income tax items including a reconciliation of income tax expense, using Australia's company income tax rate of 30% being applied to the Group's (loss) / profit before income tax as shown in the income statement, to the actual income tax expense / (benefit). a. Income Tax Expense Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current tax expense 17 146 Over in prior year income tax (166) (75) Deferred tax benefit (47) (384) Income tax benefit (196) (313) 71 Kyron Capital 71 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 5. Income tax (continued) b. Reconciliation of income tax expense to prima facie tax expense Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Loss before income tax expense (52,063) (57,290) Less: (loss) from the Trust (which is not taxable) (15,121) (18,813) Prima facie loss (36,942) (38,477) Tax at the Australian tax rate of 30% (11,083) (11,543) Tax effect of amounts which are not deductible / (taxable) in calculating taxable income: Entertainment 20 35 Non-deductible depreciation and amortisation 2,382 3,242 Fair value adjustments 270 169 Non-deductible expenses 5,854 4,988 Impact of consolidations (1,784) (715) Impairment of contract asset 2,518 (776) Impairment of/unrecognised deferred tax asset 7,646 6,593 Non-assessable income (2,191) (1,279) Other (3,828) (1,027) Income tax benefit (196) (313) Accounting Policy Accounting standards require the application of the “balance sheet method” to account for Kyron's income tax. Accounting profit does not always equal taxable income. There are a number of timing differences between the recognition of accounting expenses and the availability of tax deductions or when revenue is recognised for accounting and tax purposes. These timing differences reverse over time, but they are recognised as deferred tax assets and deferred tax liabilities in the balance sheet until they are fully reversed. This method is referred to as the “balance sheet method”. The Trust is not subject to Australian income tax provided unitholders are presently entitled to the income of the Trust each year. Income tax expense comprises current and deferred tax and is recognised in the statement of profit or loss and other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date and any adjustment to tax payable in respect of previous years. KCL and its wholly-owned Australian resident entities are part of a tax-consolidated group, formed on 11 July 2014, and are therefore taxed as a single entity, with any deferred tax assets and liabilities of these entities set off in the consolidated financial statements. The head entity within the tax-consolidated group is Kyron Capital Limited. Elanor Hotel Accommodation Limited (EHAF Company I) and its wholly-owned Australian resident entities are part of a tax-consolidated group, formed on 6 November 2017, and are therefore taxed as a single entity, with any deferred tax assets and liabilities of these entities set off in the consolidated financial statements. The head entity within the tax-consolidated group is EHAF Company I. 81
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72 Kyron Capital 72 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 5. Income tax (continued) Elanor Hotel Accommodation II Limited (EHAF Company II) and its wholly-owned Australian resident entities are part of a tax-consolidated group, formed on 2 December 2019, and are therefore taxed as a single entity, with any deferred tax assets and liabilities of these entities set off in the consolidated financial statements. The head entity within the tax-consolidated group is EHAF Company II. Elanor Wildlife Park Management Pty Limited and its wholly-owned Australian resident entities are part of a tax-consolidated group, formed on 20 September 2019, and are therefore taxed as a single entity, with any deferred tax assets and liab ilities of these entities set off in the consolidated fi nancial statements. The head entity within the tax-consolidated group is Elanor Wildlife Park Fund management Pty Limited. c. Deferred taxes Overview Management judgement is required in reviewing the recoverability of deferred tax assets carried by the Group, which involves estimates of key assumptions including cash flow projection, growth rates and discount rates. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 (a) Deferred tax assets The balance comprises temporary differences attributable to: Employee entitlements 518 748 Audit accrual 15 15 Tax losses recognised 3,951 4,615 Other 813 813 Total deferred tax assets 5,297 6,191 Movements: Opening balance at beginning of year 6,191 5,837 Credited to the Consolidated Statements of Profit or Loss 47 257 Tax losses utilised - (2) Other - 99 Disposal of the EWPF tax group (941) - Closing balance at the end of the year 5,297 6,191 Deferred tax expected to be recovered within 12 months 942 1,025 Deferred tax expected to be recovered after more than 12 months 4,355 5,166 (c) Deferred tax asset per tax group Deferred tax asset of the EHAF I tax group 4,874 4,888 Deferred tax asset of the EHAF II tax group 423 362 Deferred tax asset of the EWPF tax group - 941 Net deferred tax position 5,297 6,191 82
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72 Kyron Capital 72 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 5. Income tax (continued) Elanor Hotel Accommodation II Limited (EHAF Company II) and its wholly-owned Australian resident entities are part of a tax-consolidated group, formed on 2 December 2019, and are therefore taxed as a single entity, with any deferred tax assets and liabilities of these entities set off in the consolidated financial statements. The head entity within the tax-consolidated group is EHAF Company II. Elanor Wildlife Park Management Pty Limited and its wholly-owned Australian resident entities are part of a tax-consolidated group, formed on 20 September 2019, and are therefore taxed as a single entity, with any deferred tax assets and liab ilities of these entities set off in the consolidated fi nancial statements. The head entity within the tax-consolidated group is Elanor Wildlife Park Fund management Pty Limited. c. Deferred taxes Overview Management judgement is required in reviewing the recoverability of deferred tax assets carried by the Group, which involves estimates of key assumptions including cash flow projection, growth rates and discount rates. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 (a) Deferred tax assets The balance comprises temporary differences attributable to: Employee entitlements 518 748 Audit accrual 15 15 Tax losses recognised 3,951 4,615 Other 813 813 Total deferred tax assets 5,297 6,191 Movements: Opening balance at beginning of year 6,191 5,837 Credited to the Consolidated Statements of Profit or Loss 47 257 Tax losses utilised - (2) Other - 99 Disposal of the EWPF tax group (941) - Closing balance at the end of the year 5,297 6,191 Deferred tax expected to be recovered within 12 months 942 1,025 Deferred tax expected to be recovered after more than 12 months 4,355 5,166 (c) Deferred tax asset per tax group Deferred tax asset of the EHAF I tax group 4,874 4,888 Deferred tax asset of the EHAF II tax group 423 362 Deferred tax asset of the EWPF tax group - 941 Net deferred tax position 5,297 6,191 73 Kyron Capital 73 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 5. Income tax (continued) Accounting Policy Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities within the tax groups, using tax rates enacted or substantively enacted at the reporting date. As at 30 June 2026, the Consolidated Group has a deferred tax asset balance of $5.3 million (2025: $6.2 million), all of which relate to the EHAF tax consolid ated group. Deferred tax asse ts attributable to the KCL Group have not been recognised, with all KCL deferred tax assets fully impaired. As of 30 June 2026, the KCL tax consolidated group had unrecognised tax losses of $24.2 million (2025: $6.6 million). The amount of deferred tax provided is based on the ex pected manner of realisation or settlement of the carrying amount of assets and liabilities within the tax groups, using tax rates enacted or substantively enacted at the reporting date. The recoverability of the EHAF group deferred tax assets is dependent upon future taxable profits generated within the EHAF tax consolidated groups. Should the EHAF group not generate sufficient taxable profits there is a risk that the deferred tax assets may not be able to be fully recoverable. Any adjustment would be non-cash in nature. 6. Cash and cas h equivalents Overview This note provides further information on the consolidated cash and cash equivalents of the Group. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Cash and cash equivalents held by KYN Group1 11,359 7,703 Cash and cash equivalents held by consolidated Funds 3,466 5,286 Total cash and cash equivalents 14,825 12,989 1. Of the $11.4 million cash and cash equivalents held by the KYN Group, $2.7 million (2025: $2.6 million) in total is retained in order to meet amounts required for the Group’s ongoing obligations under its AFSL requirements and amounts required as collateral for le ase- related bank guarantees. 83
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74 Kyron Capital 74 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 7. Cash flow information Overview This note provides further information on the consolidated cash flow statements of the Group. It reconciles loss for the year to cash flows from operating activities, reconciles liabilities arising from financing activities and provides information about non-cash transactions. a. Reconciliation of profit af ter income tax to net cash flows from operating activities Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Loss for the year (51,867) (56,977) Depreciation of non-current assets 9,510 11,513 Amortisation 911 8,629 Impairment 15,225 2,587 Fair value adjustment on revaluation of PP&E, IP and derivatives (1,223) 7,560 Net realised (gain) / loss on sale of investment - (659) Other non-cash items* (542) 13,265 Employee costs funded directly through equity 107 953 Net cash provided by operating activities before changes in assets and liabilities (27,879) (13,129) *Other non-cash items include receivable and loan write-offs and items included in the profit and loss which are not classified under operating activities such as corporate transaction costs and share of profit from equity accounted investments. Movement in working capital: Decrease / (increase) in trade and other receivables 5,950 (1,125) Decrease / (increase) in stock (261) (249) Increase / (decrease) in other current assets (554) 2,756 Decrease / (increase) in deferred tax 49 492 Increase / (decrease) in current tax liability (182) (2,265) Increase / (decrease) in trade and other payables (1,335) (466) Increase / (decrease) in other liabilities 19,711 8 Increase / (decrease) in other provision (375) (637) Increase / (decrease) in lease liabilities - (1,434) Net cash from operating activities (4,876) (16,049) 84
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74 Kyron Capital 74 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 7. Cash flow information Overview This note provides further information on the consolidated cash flow statements of the Group. It reconciles loss for the year to cash flows from operating activities, reconciles liabilities arising from financing activities and provides information about non-cash transactions. a. Reconciliation of profit af ter income tax to net cash flows from operating activities Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Loss for the year (51,867) (56,977) Depreciation of non-current assets 9,510 11,513 Amortisation 911 8,629 Impairment 15,225 2,587 Fair value adjustment on revaluation of PP&E, IP and derivatives (1,223) 7,560 Net realised (gain) / loss on sale of investment - (659) Other non-cash items* (542) 13,265 Employee costs funded directly through equity 107 953 Net cash provided by operating activities before changes in assets and liabilities (27,879) (13,129) *Other non-cash items include receivable and loan write-offs and items included in the profit and loss which are not classified under operating activities such as corporate transaction costs and share of profit from equity accounted investments. Movement in working capital: Decrease / (increase) in trade and other receivables 5,950 (1,125) Decrease / (increase) in stock (261) (249) Increase / (decrease) in other current assets (554) 2,756 Decrease / (increase) in deferred tax 49 492 Increase / (decrease) in current tax liability (182) (2,265) Increase / (decrease) in trade and other payables (1,335) (466) Increase / (decrease) in other liabilities 19,711 8 Increase / (decrease) in other provision (375) (637) Increase / (decrease) in lease liabilities - (1,434) Net cash from operating activities (4,876) (16,049) 75 Kyron Capital 75 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 7. Cash flow information (continued) b. Reconciliation of liabilities arising from financing activities 30 June 2025 $'000 Proceeds from new liabilities $'000 Cash flows $'000 Other non-cash $'000 Fair value movements $'000 30 June 2026 $'000 Senior facility 314,031 106,169 (250,272) (21,710) – 148,218 Unsecured notes 37,252 – (39,013) 1,761 – – Lease liability 436 – (436) 1,431 – 1,431 Other current liabilities (commercial arrangements) 14,759 – (10,128) 1,536 – 6,167 Derivative financial instruments (guarantee to third parties) 4,115 – (4,870) 755 – Total liabilities from financing activities 370,593 106,169 (304,719) (16,982) 755 155,816 30 June 2024 $'000 Proceeds from new liabilities $'000 Cash flows $'000 Other non-cash $'000 Fair value movements $'000 30 June 2025 $'000 Senior debt facility 375,108 81,585 (141,301) (1,361) – 314,031 Unsecured notes 39,066 – – (1,814) – 37,252 Lease liability 1,870 – (1,527) 93 – 436 Other current liabilities (commercial arrangements) 19,735 – (4,591) (385) – 14,759 Derivative financial instruments (guarantee to third parties) 3,834 – – – 281 4,115 Total liabilities from financing activities 439,613 81,585 (147,419) (3,467) 281 370,593 c. Net debt reconciliation Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Cash and cash equivalents 14,825 12,989 Guarantees to third parties (6,167) (14,759) Derivative financial instruments (guarantee to third parties) – (4,115) Borrowings (148,218) (351,283) Lease liabilities (1,431) (436) Net debt (140,991) (357,604) Cash and liquid investments 14,825 12,989 Derivative at fair value – (4,115) Gross debt – fixed interest rates (70,393) (37,688) Gross debt – variable interest rates (85,423) (328,790) Net debt (140,991) (357,604) 85
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76 Kyron Capital 76 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) Operating Assets This section includes information about the assets used by the Group to generate revenue and profits, specifically relating to its property, plant and equipment, and investments. 8. Property, plant and equipment Overview All owner-occupied investment properties held by the Group are deemed to be held for use by the Group for the supply of services, and are therefore classified as property, plant and equipment under Australian Accounting Standards. At balance date, the Group's owner-occupied investment property portfolio comprised 12 accommodation hotels, two of which have been classified as held for sale (refer to Note 11). All of the accommodation hotels have been independently valued as at 30 June 2026. During the year, the Group sold its interest in the Elanor Wildlife Park Fund. a. Carrying value and movement in property , plant and equipment (including right-of-use asset) The carrying amount of property, plant and equipment (including the right-of-use asset) at the beginning and end of the current year is set out below: Land and buildings $'000 Plant and equipment $'000 Right-of-use asset $'000 Consolidated Group 30 June 2026 $'000 Opening balance 259,043 86,286 6,801 352,130 Additions – 4,209 1,250 5,459 Assets reclassified from held for sale 29,991 10,786 – 40,777 Revaluation increments 10,597 – – 10,597 Disposals – – (6,801) (6,801) Disposal from Wildlife Parks sale1 (56,032) (7,763) – (63,795) Assets reclassified to held for sale (15,970) (2,394) – (18,364) Closing balance 227,629 91,124 1,250 320,003 Accumulated depreciation at the beginning of the year (37,308) (42,384) (6,481) (86,173) Accumulated depreciation on assets transferred from held for sale (1,668) (5,553) – (7,221) Disposals 1,334 2,362 7,346 11,041 Depreciation (6,964) (1,681) (865) (9,509) Accumulated depreciation classified as held for sale 951 11 – 962 Accumulated depreciation at the end of the year (43,655) (47,245) – (90,899) Total carrying value at the end of the year 183,974 43,879 1,250 229,103 1 Refer to note 31. 86
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76 Kyron Capital 76 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) Operating Assets This section includes information about the assets used by the Group to generate revenue and profits, specifically relating to its property, plant and equipment, and investments. 8. Property, plant and equipment Overview All owner-occupied investment properties held by the Group are deemed to be held for use by the Group for the supply of services, and are therefore classified as property, plant and equipment under Australian Accounting Standards. At balance date, the Group's owner-occupied investment property portfolio comprised 12 accommodation hotels, two of which have been classified as held for sale (refer to Note 11). All of the accommodation hotels have been independently valued as at 30 June 2026. During the year, the Group sold its interest in the Elanor Wildlife Park Fund. a. Carrying value and movement in property , plant and equipment (including right-of-use asset) The carrying amount of property, plant and equipment (including the right-of-use asset) at the beginning and end of the current year is set out below: Land and buildings $'000 Plant and equipment $'000 Right-of-use asset $'000 Consolidated Group 30 June 2026 $'000 Opening balance 259,043 86,286 6,801 352,130 Additions – 4,209 1,250 5,459 Assets reclassified from held for sale 29,991 10,786 – 40,777 Revaluation increments 10,597 – – 10,597 Disposals – – (6,801) (6,801) Disposal from Wildlife Parks sale1 (56,032) (7,763) – (63,795) Assets reclassified to held for sale (15,970) (2,394) – (18,364) Closing balance 227,629 91,124 1,250 320,003 Accumulated depreciation at the beginning of the year (37,308) (42,384) (6,481) (86,173) Accumulated depreciation on assets transferred from held for sale (1,668) (5,553) – (7,221) Disposals 1,334 2,362 7,346 11,041 Depreciation (6,964) (1,681) (865) (9,509) Accumulated depreciation classified as held for sale 951 11 – 962 Accumulated depreciation at the end of the year (43,655) (47,245) – (90,899) Total carrying value at the end of the year 183,974 43,879 1,250 229,103 1 Refer to note 31. 77 Kyron Capital 77 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) A reconciliation of the carrying amount of property, plant and equipment (including right-of-use assets) at the beginning and end of the 30 June 2025 year is set out below: Land and buildings $'000 Plant and equipment $'000 Right-of-use asset $'000 Consolidated Group 30 June 2025 $'000 Opening balance 297,696 93,393 6,801 397,890 Additions 268 1,461 – 1,729 Revaluation increments 5,659 – – 5,659 Assets reclassified as held for sale (44,580) (8,422) – (53,002) Disposals – (146) – (146) Closing balance 259,043 86,286 6,801 352,130 Accumulated depreciation at the beginning of the year (32,063) (39,681) (5,463) (77,207) Depreciation (6,201) (4,294) (1,018) (11,513) Accumulated depreciation on assets classified as held for sale 956 1,591 – 2,547 Accumulated depreciation at the end of the year (37,308) (42,384) (6,481) (86,173) Total carrying value at the end of the year 221,735 43,902 320 265,957 Refer to note 12 for information on non-current assets pledged as security by the Group. b. Carrying value of property, plant and equipment The following table represents the fair value of the accommodation hotels within property, plant and equipment as at 30 June 2026 and 30 June 2025 and the total fair value of the wildlife parks at 30 June 2025: Property Valuation Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Elanor Hotel Accommodation Fund Hotel assets held at fair value Independent 227,750 204,030 Elanor Wildlife Parks Fund Featherdale Wildlife Park Independent - 42,100 Hunter Valley Wildlife Park Independent - 12,100 Mogo Wildlife Park Independent - 6,900 Other Right-of-use asset 1,250 320 Other 103 507 Total 229,103 265,957 The Directors assessed the value of the properties above, supported by independent valuations for all hotels classified in Property Plant and Equipment as at 30 June 2026. 87
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78 Kyron Capital 78 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Had the Consolidated Group's property, plant and equipment been measured on a historical cost less accumulated depreciation basis, their carrying amount would have been as follows: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Land and buildings 221,825 189,259 Plant and equipment 43,811 44,380 Right-of-use asset 1,250 320 Total 266,886 233,959 c. Leases / right of use assets This note provides information for leases where the group is a lessee. Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Right-of-use assets Office premise lease 1,250 320 Total 1,250 320 Lease liabilities Current 401 436 Non-Current 1,030 – Total 1,431 436 88
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78 Kyron Capital 78 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Had the Consolidated Group's property, plant and equipment been measured on a historical cost less accumulated depreciation basis, their carrying amount would have been as follows: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Land and buildings 221,825 189,259 Plant and equipment 43,811 44,380 Right-of-use asset 1,250 320 Total 266,886 233,959 c. Leases / right of use assets This note provides information for leases where the group is a lessee. Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Right-of-use assets Office premise lease 1,250 320 Total 1,250 320 Lease liabilities Current 401 436 Non-Current 1,030 – Total 1,431 436 79 Kyron Capital 79 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Amounts recognised in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Depreciation charge of right-of-use assets Office premise lease 146 1,019 Total 146 1,019 Interest expense Office premise lease 35 93 Total 35 93 The total cash outflow for leases during the year ended 30 June 2026 was $0.4 million (2025: $1.4 million) excluding lease amounts paid on month-to-month arrangements. d. Valuation technique and inputs The key inputs used to measure fair values of property, plant and equipment are disclosed below along with the fair value sensitivity to an increase or decrease of these key inputs. The property assets fair values presented are based on market values, which are derived using the capitalisation and the discounted cash flow methods. Property Assets The aim of the valuation process is to ensure that assets are held at fair value and the Group is compliant with applicable Australian Accounting Standards, regulations, and the Trust's Constitution and Compliance Plan. All properties are required to be internally valued every six months with the exception of those independently valued during that six-month period. The internal valuations are performed by utilising the information from a combination of asset plans and forecasting tools prepared by the asset management team. Appropriate capitalisation rate, terminal yield and discount rates based on comparable market evidence and recent external valuation parameters are used to produce a capitalisation-based valuation and a discounted cash flow valuation. Both valuations are considered to determine the final valuation. The internal valuations are reviewed by the Fund Manager who recommends each property’s valuation to the Audit, Risk & Compliance Committee for consideration. The Audit, Risk & Committee recommends the property valuations to the Board for adoption and inclusion in the financial report in accordance with the Group's Property Valuation Policy. The Group's valuation policy requires that each property in the portfolio is valued by an independent valuer at least every three years. In practice, properties may be valued more frequently than every three years primarily where there may have been a material movement in the market and where there is a significant variation between the carrying value and the internal valuation. Independent valuations are performed by independent and external valuers who hold a recognised relevant professional qualification and have specialised expertise in the types of property assets valued. 89
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80 Kyron Capital 80 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Capitalisation method Capitalisation rate is an approximation of the ratio between the net operating income produced by a property asset and its fair value. This excludes consideration of costs of acquisition or disposal. The net income is capitalised in perpetuity from the valuation date at an appropriate investment yield. The adopted percentage rate investment yield reflects the capitalisation rate and includes consideration of the property type, location, comparable sales and whether the property is subject to vacant possession (in the case of hotel properties). Discounted cash flows (DCF) Under the DCF method, a property's fair value is estimated using explicit assumptions regarding the benefits and liabilities of ownership over the asset's life including an exit or terminal value. The DCF method involves the projection of a series of cash flows on a real property interest. To this projected cash flow series, an appropriate discount rate is applied to establish the present value of the income stream associated with the property. The discount rate is the rate of return used to convert a monetary sum, payable or receivable in the future, into present value. The rate is determined with regard to market evidence and prior independent valuation. All property investments are categorised as level 3 in the fair value hierarchy. There were no transfers between the hierarchies during the year. Assets measured at fair value The significant unobservable inputs associated with the valuation of the Group's property, plant and equipment for the year ended 30 June 2026 are as follows: Consolidated Group – Hotels Discount Rate % Terminal Yield % Capitalisation Rate % Average Daily Rate $ Occupancy % Assets measured at fair value Property, plant and equipment 8.25 – 9.50 6.75 – 7.50 6.25 – 7.50 158 – 420 50 – 76 The significant unobservable inputs associated with the valuation of the Group's property, plant and equipment for the year ended 30 June 2025 are as follows: Consolidated Group – Hotels Discount Rate % Terminal Yield % Capitalisation Rate % Average Daily Rate $ Occupancy % Assets measured at fair value Property, plant and equipment 8.50 – 9.50 6.80 – 9.50 6.50 – 8.00 162 – 437 61 – 74 Consolidated Group – Wildlife Parks Discount Rate % Terminal Yield % Capitalisation Rate % Assets measured at fair value Property, plant and equipment 14.50 – 16.00 13.50 – 14.00 12.50 – 13.00 90
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80 Kyron Capital 80 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Capitalisation method Capitalisation rate is an approximation of the ratio between the net operating income produced by a property asset and its fair value. This excludes consideration of costs of acquisition or disposal. The net income is capitalised in perpetuity from the valuation date at an appropriate investment yield. The adopted percentage rate investment yield reflects the capitalisation rate and includes consideration of the property type, location, comparable sales and whether the property is subject to vacant possession (in the case of hotel properties). Discounted cash flows (DCF) Under the DCF method, a property's fair value is estimated using explicit assumptions regarding the benefits and liabilities of ownership over the asset's life including an exit or terminal value. The DCF method involves the projection of a series of cash flows on a real property interest. To this projected cash flow series, an appropriate discount rate is applied to establish the present value of the income stream associated with the property. The discount rate is the rate of return used to convert a monetary sum, payable or receivable in the future, into present value. The rate is determined with regard to market evidence and prior independent valuation. All property investments are categorised as level 3 in the fair value hierarchy. There were no transfers between the hierarchies during the year. Assets measured at fair value The significant unobservable inputs associated with the valuation of the Group's property, plant and equipment for the year ended 30 June 2026 are as follows: Consolidated Group – Hotels Discount Rate % Terminal Yield % Capitalisation Rate % Average Daily Rate $ Occupancy % Assets measured at fair value Property, plant and equipment 8.25 – 9.50 6.75 – 7.50 6.25 – 7.50 158 – 420 50 – 76 The significant unobservable inputs associated with the valuation of the Group's property, plant and equipment for the year ended 30 June 2025 are as follows: Consolidated Group – Hotels Discount Rate % Terminal Yield % Capitalisation Rate % Average Daily Rate $ Occupancy % Assets measured at fair value Property, plant and equipment 8.50 – 9.50 6.80 – 9.50 6.50 – 8.00 162 – 437 61 – 74 Consolidated Group – Wildlife Parks Discount Rate % Terminal Yield % Capitalisation Rate % Assets measured at fair value Property, plant and equipment 14.50 – 16.00 13.50 – 14.00 12.50 – 13.00 81 Kyron Capital 81 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Sensitivity Information When calculating the capitalisation method, the net property income has a strong inter-relationship with the adopted capitalisation rate given the methodology involves assessing the total income receivable from the property and capitalising this in perpetuity to derive a capital value. In theory, an increase in the income and an increase (softening) in the adopted capitalisation rate could potentially offset the impact to the fair value. The same can be said for a decrease in the income and a decrease (tightening) in the adopted capitalisation rate. A directionally opposite change in the income and the adopted capitalisation rate could potentially magnify the impact to the fair value. When assessing a discounted cash flow, the adopted discount rate and adopted terminal yield have a strong interrelationship in deriving a fair value given the discount rate will determine the rate at which the terminal value is discounted to the present value. The impact on the fair value of an increase (softening) in the adopted discount rate could potentially offset the impact of a decrease (tightening) in the adopted terminal yield. The same can be said for a decrease (tightening) in the adopted discount rate and an increase (softening) in the adopted terminal yield. A directionally similar change in the adopted discount rate and adopted terminal yield could potentially magnify the impact to the fair value. The average daily rate and occupancy percentage assumptions drive the forecast hotel revenue for the accommodation hotel assets. The average daily rate reflects the average rate for a room sold over a period of time, while the occupancy percentage reflects the number of rooms occupied by guests over a period of time. An increase in these assumptions will increase the forecast hotel revenue and valuation of the hotels, whilst a decrease in these assumptions will have the opposite effect on forecast hotel revenue and valuations. Sensitivity Analysis – Hotels 30 June 2026 Fair value measurement sensitivity1 Increase by 0.25% $'000 Decrease by 0.25% $'000 Increase by 0.25% % Decrease by 0.25% % Discount rate (%) (5,100) 5,300 (2.6) 2.7 Terminal yield (%) (5,000) 5,600 (2.5) 2.8 Capitalisation rate (%) (7,200) 7,500 (3.6) 3.8 Fair value measurement sensitivity1 Increase by 2.50% $'000 Decrease by 2.50% $'000 Increase by 2.50% % Decrease by 2.50% % Average daily rate ($) 10,900 (10,500) 5.5 (5.3) Occupancy (%) 12,200 (11,900) 6.1 (6.0) 91
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82 Kyron Capital 82 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Sensitivity Analysis – Hotels 30 June 2025 Fair value measurement sensitivity1 Increase by 0.25% $'000 Decrease by 0.25% $'000 Increase by 0.25% % Decrease by 0.25% % Discount rate (%) (2,600) 4,600 (1.9) 2.3 Terminal yield (%) (2,700) 4,900 (1.4) 2.4 Capitalisation rate (%) (7,100) 8,300 (4.1) 3.5 Fair value measurement sensitivity1 Increase by 2.50% $'000 Decrease by 2.50% $'000 Increase by 2.50% % Decrease by 2.50% % Average daily rate ($) 10,900 (10,500) 5.5 (5.3) Occupancy (%) 12,200 (11,900) 6.1 (6.0) Accounting Policy Fair value of Property, Plant and Equipment Land and Buildings are carried at fair value with increases in fair value above amortised cost recognised in other comprehensive income in the statement of comprehensive income. Any decrement to fair value which reduces fair value below amortised cost is recognised through profit and loss. Fair value is defined as the price at which an asset or liability could be exchanged in an arm's length transaction between knowledgeable, willing parties, other than in a forced or liquidation sale. In reaching estimates of fair value, management judgement needs to be exercised. The level of management judgement required in establishing fair value of the land and buildings for which there is no quoted price in an active market is reduced through the use of external valuations. Land and Buildings All owner-occupied properties are held for use by the Group for the supply of services and are classified as land and buildings and stated at their revalued amounts under the revaluation model, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Fair value is the amount for which the land and buildings could be exchanged between knowledgeable, willing parties in an arm's length transaction. Revaluation increases arising from changes in the fair value of land and buildings are recognised in other comprehensive income and accumulated within equity, except to the extent that they reverse a revaluation decrease for the same asset previously recognised in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously expensed. A decrease in the carrying amount arising on the revaluation of such land and buildings is recognised in profit or loss to the extent that it exceeds the balance, if any, held in the properties revaluation reserve relating to a previous revaluation of that asset. Furniture, fittings and equipment Furniture, fittings and equipment are stated at cost less accumulated depreciation. 92
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82 Kyron Capital 82 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Sensitivity Analysis – Hotels 30 June 2025 Fair value measurement sensitivity1 Increase by 0.25% $'000 Decrease by 0.25% $'000 Increase by 0.25% % Decrease by 0.25% % Discount rate (%) (2,600) 4,600 (1.9) 2.3 Terminal yield (%) (2,700) 4,900 (1.4) 2.4 Capitalisation rate (%) (7,100) 8,300 (4.1) 3.5 Fair value measurement sensitivity1 Increase by 2.50% $'000 Decrease by 2.50% $'000 Increase by 2.50% % Decrease by 2.50% % Average daily rate ($) 10,900 (10,500) 5.5 (5.3) Occupancy (%) 12,200 (11,900) 6.1 (6.0) Accounting Policy Fair value of Property, Plant and Equipment Land and Buildings are carried at fair value with increases in fair value above amortised cost recognised in other comprehensive income in the statement of comprehensive income. Any decrement to fair value which reduces fair value below amortised cost is recognised through profit and loss. Fair value is defined as the price at which an asset or liability could be exchanged in an arm's length transaction between knowledgeable, willing parties, other than in a forced or liquidation sale. In reaching estimates of fair value, management judgement needs to be exercised. The level of management judgement required in establishing fair value of the land and buildings for which there is no quoted price in an active market is reduced through the use of external valuations. Land and Buildings All owner-occupied properties are held for use by the Group for the supply of services and are classified as land and buildings and stated at their revalued amounts under the revaluation model, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Fair value is the amount for which the land and buildings could be exchanged between knowledgeable, willing parties in an arm's length transaction. Revaluation increases arising from changes in the fair value of land and buildings are recognised in other comprehensive income and accumulated within equity, except to the extent that they reverse a revaluation decrease for the same asset previously recognised in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously expensed. A decrease in the carrying amount arising on the revaluation of such land and buildings is recognised in profit or loss to the extent that it exceeds the balance, if any, held in the properties revaluation reserve relating to a previous revaluation of that asset. Furniture, fittings and equipment Furniture, fittings and equipment are stated at cost less accumulated depreciation. 83 Kyron Capital 83 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 8. Property, plant and equipment (continued) Right-of-use assets The Group recognises right-of-use assets at commencement of a lease which is considered to be the date at which the underlying asset is available for use. The initial measurement of right-of-use asset includes the amount of lease liabilities recognised, initial direct cost incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses and are adjusted for any remeasurement of lease liabilities. The right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term unless the Group is reasonably certain that they will obtain ownership of the asset at the end of the lease term. Lease liabilities Lease liabilities are initially measured at the present value of the lease payments discounted using the interest rate implicit in the lease. If that rate cannot be determined, Kyron’s incremental borrowing rate is used. Lease payments used in calculating the lease liability include: • fixed payments less incentives receivable; and • variable lease payments that are based on an index or a rate, initially measured using the index or rate at commencement date. Lease liabilities are subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications. Interest on the lease liability and any variable lease payments not included in the measurement of the lease liability are recognised in profit or loss in the period in which they relate. Incremental borrowing rate The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. To determine the incremental borrowing rate, Kyron uses interest rates from recent third-party financing or a risk-free interest rate, which is then adjusted for lease-specific factors, including security and lease term. Depreciation Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows: Buildings 40 years Plant and equipment: • Vehicles 8 years • Computer equipment 3-5 years • Furniture, fittings and equipment 3-25 years 93
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84 Kyron Capital 84 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 9. Investment properties The carrying amount of investment properties at the beginning and end of the current year is set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Carrying amount at the beginning of the year 27,500 60,419 Additions – 1,166 Revaluation decrements – (1,166) Disposals (27,500) (1,825) Amounts reclassed to held for sale – (31,094) Carrying amount at the end of the year – 27,500 The following table represents the total fair value of investment properties at 30 June 2026 and 30 June 2025: Property Valuation Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Non-Current Stirling Street Fair value – 27,500 Total investment properties – 27,500 Stirling Street in Western Australia, from the Stirling Street Syndicate, exchanged in July 2025 and settled in August 2025 at a gross sale price of $27.5 million. Accounting policy Fair value of Investment Properties Investment properties are properties held to earn rentals and / or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. In reaching estimates of fair value, management judgement needs to be exercised. At each reporting date, the carrying values of the investment properties are assessed by the Directors and where the carrying value differs materially from the Directors' assessment of fair value, an adjustment to the carrying value is recorded as appropriate. Where there are other indicators of fair value, including transacted values or offers for assets, these are adopted as the fair value of the asset given they are an indication of what another party would be willing to pay for the asset in an orderly market transaction. 94
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84 Kyron Capital 84 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 9. Investment properties The carrying amount of investment properties at the beginning and end of the current year is set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Carrying amount at the beginning of the year 27,500 60,419 Additions – 1,166 Revaluation decrements – (1,166) Disposals (27,500) (1,825) Amounts reclassed to held for sale – (31,094) Carrying amount at the end of the year – 27,500 The following table represents the total fair value of investment properties at 30 June 2026 and 30 June 2025: Property Valuation Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Non-Current Stirling Street Fair value – 27,500 Total investment properties – 27,500 Stirling Street in Western Australia, from the Stirling Street Syndicate, exchanged in July 2025 and settled in August 2025 at a gross sale price of $27.5 million. Accounting policy Fair value of Investment Properties Investment properties are properties held to earn rentals and / or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. In reaching estimates of fair value, management judgement needs to be exercised. At each reporting date, the carrying values of the investment properties are assessed by the Directors and where the carrying value differs materially from the Directors' assessment of fair value, an adjustment to the carrying value is recorded as appropriate. Where there are other indicators of fair value, including transacted values or offers for assets, these are adopted as the fair value of the asset given they are an indication of what another party would be willing to pay for the asset in an orderly market transaction. 85 Kyron Capital 85 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity account ed investments Overview This note provides an overview and detailed financial information of the Group's investments that are accounted for using the equity method of accounting. The Group's equity accounted investments are as follows: 30 June 2026 Property Principal activity Percentage Ownership Consolidated Group 30 June 2026 $'000 Elanor Healthcare Real Estate Healthcare Properties 3.36% 5,636 Harris Street Fund Commercial Office Property 13.77% 3,261 55 Elizabeth Street Fund1 Commercial Office Property 1.72% 1,647 Hunters Plaza Syndicate Shopping Centre 6.06% 1,433 Riverton Forum Fund Shopping Centre 0.03% 18 Belconnen Markets Syndicate Shopping Centre 1.04% – Total equity accounted investments 11,995 1 The balance represents an arrangement with investors to acquire units in the Fund. 30 June 2025 Property Principal activity Percentage Ownership Consolidated Group 30 June 2025 $'000 Elanor Property Income Fund Real Estate Properties 35.34% 738 Waverley Gardens Fund Shopping Centre 15.00% 4,895 Riverton Forum Fund Shopping Centre 0.03% 17 Elanor Healthcare Real Estate Healthcare Properties 3.36% 5,582 Harris Street Fund Commercial Office Property 13.77% 3,471 55 Elizabeth Street Fund1 Commercial Office Property 1.72% 1,868 Hunters Plaza Syndicate Shopping Centre 5.87% 1,354 Belconnen Markets Syndicate Shopping Centre 1.04% 119 Total equity accounted investments 18,044 1 The balance represents an arrangement with investors to acquire units in the Fund. 95
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86 Kyron Capital 86 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity accounted investments (continued) The carrying amount of equity accounted investments at the beginning and end of the year is set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Carrying amount at the beginning of the year 18,044 49,825 Share of profit / (loss) from equity accounted investments 452 (892) Distributions received (345) (1,321) Share of movement in reserves (158) 17 Net investment in / (sale of) equity accounted investments 44 (24,188) Realised gain / (loss) on disposal of investments – 659 Return of capital1 (5,822) (6,056) Impairment2 (220) – Total carrying value at the end of the year 11,995 18,044 1 During the period, Elanor Property Income Fund and Waverley Gardens Fund returned the majority of their capital to investors and have commenced wind-up activities. Belconnen Markets Syndicate has negative net assets as at 30 June 2026 and has therefore been valued at nil. 2 Impairment relates to investment in 55 Elizabeth St (Brisbane) Fund, which was contracted to be acquired at above market value due to a pre-existing commercial agreement. Details of Material Associates Summarised financial information in respect of each of the Group's material associates is set out on the below table. Materiality is assessed on the investments' contribution to Group income and net assets. The summarised financial information below represents amounts shown in the associate's financial statements prepared in accordance with accounting standards, adjusted by the Group for equity accounting purposes. The following information represents the aggregated financial position and financial performance of the Elanor Healthcare Real Estate Fund, Harris Street Fund, 55 Elizabeth Street Fund and Hunters Plaza Fund (2025: Elanor Property Income Fund, Elanor Healthcare Real Estate Fund, Waverley Gardens Fund and Harris Street Fund). This summarised financial information represents amounts shown in the associate's financial statements prepared in accordance with AASBs, adjusted by the Group for equity accounting purposes. 96
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86 Kyron Capital 86 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity accounted investments (continued) The carrying amount of equity accounted investments at the beginning and end of the year is set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Carrying amount at the beginning of the year 18,044 49,825 Share of profit / (loss) from equity accounted investments 452 (892) Distributions received (345) (1,321) Share of movement in reserves (158) 17 Net investment in / (sale of) equity accounted investments 44 (24,188) Realised gain / (loss) on disposal of investments – 659 Return of capital1 (5,822) (6,056) Impairment2 (220) – Total carrying value at the end of the year 11,995 18,044 1 During the period, Elanor Property Income Fund and Waverley Gardens Fund returned the majority of their capital to investors and have commenced wind-up activities. Belconnen Markets Syndicate has negative net assets as at 30 June 2026 and has therefore been valued at nil. 2 Impairment relates to investment in 55 Elizabeth St (Brisbane) Fund, which was contracted to be acquired at above market value due to a pre-existing commercial agreement. Details of Material Associates Summarised financial information in respect of each of the Group's material associates is set out on the below table. Materiality is assessed on the investments' contribution to Group income and net assets. The summarised financial information below represents amounts shown in the associate's financial statements prepared in accordance with accounting standards, adjusted by the Group for equity accounting purposes. The following information represents the aggregated financial position and financial performance of the Elanor Healthcare Real Estate Fund, Harris Street Fund, 55 Elizabeth Street Fund and Hunters Plaza Fund (2025: Elanor Property Income Fund, Elanor Healthcare Real Estate Fund, Waverley Gardens Fund and Harris Street Fund). This summarised financial information represents amounts shown in the associate's financial statements prepared in accordance with AASBs, adjusted by the Group for equity accounting purposes. 87 Kyron Capital 87 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity accounted investments (continued) 30 June 2026 Financial position Elanor Healthcare Real Estate Fund 30 June 2026 $'000 Harris Street Fund 30 June 2026 $'000 55 Elizabeth Street Fund 30 June 2026 $'000 Hunters Plaza Fund 30 June 2026 $'000 Current assets 3,880 2,231 5,766 3,522 Non-current assets 269,950 144,000 173,110 49,105 Total Assets 273,830 146,231 178,876 52,627 Current liabilities 9,915 4,186 3,384 3,449 Non-current liabilities 98,720 118,364 79,821 24,842 Total Liabilities 108,635 122,550 83,205 28,291 Contributed equity 230,913 86,229 106,549 25,955 Reserves – – – (3,404) Retained profits / (accumulated losses) (65,718) (62,548) (10,878) 1,785 Total Equity 165,195 23,681 95,671 24,336 Financial performance Elanor Healthcare Real Estate Fund 30 June 2026 $'000 Harris Street Fund 30 June 2026 $'000 55 Elizabeth Street Fund 30 June 2026 $'000 Hunters Plaza Fund 30 June 2026 $'000 (Loss) / profit for the year (11,892) (1,529) 17,113 4,126 Other comprehensive income – – – (2,733) Total comprehensive expense for the year (11,892) (1,529) 17,113 1,393 Distributions received from the associates during the year 341 – – 4 Reconciliation of the above summarised financial information to the carrying amount of the interest in each of the material associates recognised in the consolidated financial statements: Elanor Healthcare Real Estate Fund 30 June 2026 $'000 Harris Street Fund 30 June 2026 $'000 55 Elizabeth Street Fund 30 June 2026 $'000 Hunters Plaza Fund 30 June 2026 $'000 Net assets of the associate 165,195 23,681 95,671 24,336 Proportion of the Group's ownership interest 3.36% 13.77% 1.72% 5.97% Group's share of net assets of the associates 5,551 3,261 1,647 1,429 Other movements not accounted for under the equity method 1 85 – – 4 Carrying amount of the Group's interest 5,636 3,261 1,647 1,433 1 Other movements are primarily due to impairment of equity accounted investments and distributions declared, but not paid as at balance date. 97
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88 Kyron Capital 88 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity accounted investments (continued) 30 June 2025 Financial position Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Haris Street Fund 30 June 2025 $'000 Current assets 4,218 4,531 4,607 9,408 Non-current assets – 261,250 163,000 138,000 Total Assets 4,218 265,781 167,607 147,408 Current liabilities 2,237 8,467 3,556 3,310 Non-current liabilities – 94,648 129,042 118,888 Total Liabilities 2,237 103,115 132,598 122,198 Contributed equity 78,714 213,076 88,001 86,229 Retained profits / (accumulated losses) (76,733) (50,410) (52,992) (61,019) Total Equity 1,981 162,666 35,009 25,210 Financial performance Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Loss / (profit) for the year (10,212) 4,621 (41,300) (9,300) Total comprehensive income / (expense) for the year (10,212) 4,621 (41,300) (9,300) Distributions received from the associates during the year 81 377 – – Reconciliation of the above summarised financial information to the carrying amount of the interest in each of the material associates recognised in the consolidated financial statements: Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Net assets of the associate 1,981 162,666 35,009 25,210 Proportion of the Group's ownership interest 35.34% 3.36% 15.00% 13.77% Group's share of net assets of the associates 700 5,466 5,251 3,471 Other movements not accounted for under the equity method1 38 116 (356) – Carrying amount of the Group's interest 738 5,582 4,895 3,471 1 Other movements are primarily due to impairment of equity accounted investments and distributions declared, but not paid as at balance date. 98
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88 Kyron Capital 88 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity accounted investments (continued) 30 June 2025 Financial position Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Haris Street Fund 30 June 2025 $'000 Current assets 4,218 4,531 4,607 9,408 Non-current assets – 261,250 163,000 138,000 Total Assets 4,218 265,781 167,607 147,408 Current liabilities 2,237 8,467 3,556 3,310 Non-current liabilities – 94,648 129,042 118,888 Total Liabilities 2,237 103,115 132,598 122,198 Contributed equity 78,714 213,076 88,001 86,229 Retained profits / (accumulated losses) (76,733) (50,410) (52,992) (61,019) Total Equity 1,981 162,666 35,009 25,210 Financial performance Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Loss / (profit) for the year (10,212) 4,621 (41,300) (9,300) Total comprehensive income / (expense) for the year (10,212) 4,621 (41,300) (9,300) Distributions received from the associates during the year 81 377 – – Reconciliation of the above summarised financial information to the carrying amount of the interest in each of the material associates recognised in the consolidated financial statements: Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Net assets of the associate 1,981 162,666 35,009 25,210 Proportion of the Group's ownership interest 35.34% 3.36% 15.00% 13.77% Group's share of net assets of the associates 700 5,466 5,251 3,471 Other movements not accounted for under the equity method1 38 116 (356) – Carrying amount of the Group's interest 738 5,582 4,895 3,471 1 Other movements are primarily due to impairment of equity accounted investments and distributions declared, but not paid as at balance date. 89 Kyron Capital 89 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity accounted investments (continued) Aggregate information of associates that are not individually material Year ended 30 June 2026 $'000 Year ended 30 June 2025 $'000 Profit / (loss) for the year 29,012 (8,052) Other comprehensive (loss) / income for the year (158) 17 Total comprehensive expense for the year 28,854 (8,035) Aggregate carrying amount of the Group's interests in these associates 3,098 4,096 Accounting Policy Investment in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policy decisions. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Management of the Group reviewed and assessed the classification of the Group's investment in the associated entities in accordance with AASB 128 Investments in Associated and Joint Ventures on the basis that the Group has significant influence over the financial and operating policy decisions of the investee. The results, assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in an associate or a joint venture is initially recognised in the statement of financial position at cost and adjusted thereafter to recognise the Group's share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group's share of losses of an associate or a joint venture exceeds the Group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. When an entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group's financial statements only to the extent of interests in the associate or joint venture that are not related to the Group. 99
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90 Kyron Capital 90 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity accounted investments (continued) Investments in associates and joint ventures are assessed for impairment when indicators of impairment are present. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with AASB 136 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with AASB 136 to the extent that the recoverable amount of the investment subsequently increases. An assessment has been performed for each of the Managed Funds to ensure the underlying property assets of these Funds have been recognised at fair value, in accordance with the Group's accounting policy and methodology for fair value measurement of Property, Plant and Equipment and Investment Properties as described in Note 8 and 9 above. Furthermore, the forecast cash flows of the underlying assets of the Group's Managed Funds have been assessed. 11. Assets and liabilities held for sale Overview As part a strategic review completed for EHAF, a divestment plan had been agreed and communicated to the Fund’s Investors to divest certain hotels. Management determined that the hotel assets presented in the table below should be classified as assets held for sale at 30 June 2026. The held for sale investment property balance at 30 June 2025 related to the Bluewater Square property. The carrying amount of the assets and liabilities held for sale as at 30 June 2026 are set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Assets and liabilities held for sale Property, plant and equipment (hotels) 32,411 138,915 Investment properties – 31,094 Total assets classified as held for sale 32,411 170,009 1 Comparatives have been restated. Refer to Note 33 for further details. A reconciliation of the carrying amount of assets held for sale is set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Opening balance 170,009 190,339 Assets newly classified as held for sale 17,402 81,805 Transfers from assets held for sale back to non-current assets (33,556) – Disposal of assets previously classed as held for sale (121,416) (84,010) Fair value movements/ write-downs (28) (18,125) Closing balance 32,411 170,009 100
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90 Kyron Capital 90 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 10. Equity accounted investments (continued) Investments in associates and joint ventures are assessed for impairment when indicators of impairment are present. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with AASB 136 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with AASB 136 to the extent that the recoverable amount of the investment subsequently increases. An assessment has been performed for each of the Managed Funds to ensure the underlying property assets of these Funds have been recognised at fair value, in accordance with the Group's accounting policy and methodology for fair value measurement of Property, Plant and Equipment and Investment Properties as described in Note 8 and 9 above. Furthermore, the forecast cash flows of the underlying assets of the Group's Managed Funds have been assessed. 11. Assets and liabilities held for sale Overview As part a strategic review completed for EHAF, a divestment plan had been agreed and communicated to the Fund’s Investors to divest certain hotels. Management determined that the hotel assets presented in the table below should be classified as assets held for sale at 30 June 2026. The held for sale investment property balance at 30 June 2025 related to the Bluewater Square property. The carrying amount of the assets and liabilities held for sale as at 30 June 2026 are set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Assets and liabilities held for sale Property, plant and equipment (hotels) 32,411 138,915 Investment properties – 31,094 Total assets classified as held for sale 32,411 170,009 1 Comparatives have been restated. Refer to Note 33 for further details. A reconciliation of the carrying amount of assets held for sale is set out below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Opening balance 170,009 190,339 Assets newly classified as held for sale 17,402 81,805 Transfers from assets held for sale back to non-current assets (33,556) – Disposal of assets previously classed as held for sale (121,416) (84,010) Fair value movements/ write-downs (28) (18,125) Closing balance 32,411 170,009 91 Kyron Capital 91 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 11. Assets and liabilities held for sale (continued) Sensitivity Analysis If the net realisable value of the hotel assets presented as held for sale are discounted by 5% the impact on the total hotel valuation would be: Net realisable value sensitivity Decrease by 5% $’000 Assets and liabilities held for sale Net realisable value (1,621) Accounting Policy Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. Depreciation on these assets has ceased from the date these assets have met the conditions to be classified as held for sale. 101
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92 Kyron Capital 92 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) Finance and Capital Structure This section provides further information on the Group's debt finance, financial assets and contributed equity. 12. Interest bearing liabilities Overview The Group borrows funds from financial institutions to partly fund the acquisition of income producing assets, such as investment properties, securities or the acquisition of businesses. The Group's borrowings are generally fixed, either directly or through the use of interest rate swaps and have a fixed term. This note provides information about the Group's debt facilities, including the facilities of EHAF (2025: also includes EWPF, Stirling and Bluewater). The EHAF, EWPF, Stirling and Bluewater facilities were secured by the assets of the respective Funds and are non-recourse to the KYN Group. On 17 April 2026, the group entere d into a $70.0 million se nior debt facilit y (“Senior Debt Facility”) with Rockworth. Together with the proceeds of $55.0 million of Perpetual Notes which were issued on the same day, the proceeds of the facility were used to: • Repay the Keyview senior facility, in full; • Redeem the $40.0 million of Capital Notes, in full; • Repay a substantial portion of the outstanding commercial arrangements; and • Provide for additional working capital. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current Loan – term debt 85,423 316,790 Loan – borrowing costs less amortisation – (2,759) Corporate notes – 39,013 Corporate notes – borrowing costs less amortisation – (1,761) Total current 85,423 351,283 Non-current Senior facility – term debt 66,000 – Senior facility – borrowing costs less amortisation (3,205) – Total non-current 62,795 – Total interest bearing liabilities 148,218 351,283 KCL, along with KIF, is a guarantor of the Rockworth senior debt facility of $70.0 million. 102
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92 Kyron Capital 92 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) Finance and Capital Structure This section provides further information on the Group's debt finance, financial assets and contributed equity. 12. Interest bearing liabilities Overview The Group borrows funds from financial institutions to partly fund the acquisition of income producing assets, such as investment properties, securities or the acquisition of businesses. The Group's borrowings are generally fixed, either directly or through the use of interest rate swaps and have a fixed term. This note provides information about the Group's debt facilities, including the facilities of EHAF (2025: also includes EWPF, Stirling and Bluewater). The EHAF, EWPF, Stirling and Bluewater facilities were secured by the assets of the respective Funds and are non-recourse to the KYN Group. On 17 April 2026, the group entere d into a $70.0 million se nior debt facilit y (“Senior Debt Facility”) with Rockworth. Together with the proceeds of $55.0 million of Perpetual Notes which were issued on the same day, the proceeds of the facility were used to: • Repay the Keyview senior facility, in full; • Redeem the $40.0 million of Capital Notes, in full; • Repay a substantial portion of the outstanding commercial arrangements; and • Provide for additional working capital. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current Loan – term debt 85,423 316,790 Loan – borrowing costs less amortisation – (2,759) Corporate notes – 39,013 Corporate notes – borrowing costs less amortisation – (1,761) Total current 85,423 351,283 Non-current Senior facility – term debt 66,000 – Senior facility – borrowing costs less amortisation (3,205) – Total non-current 62,795 – Total interest bearing liabilities 148,218 351,283 KCL, along with KIF, is a guarantor of the Rockworth senior debt facility of $70.0 million. 93 Kyron Capital 93 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 12. Interest bearing liabilities (continued) As at 30 June 2026, the Group had unrestricted access to the following loans: KYN Group Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Senior facility – secured 70,000 85,117 Total amount used – current – (77,676) Total amount used – non-current (66,000) – Total amount unused – KYN 4,000 7,441 Net Corporate notes – unsecured – current – 39,000 EHAF Group Facility – secured/non-secured – current 85,423 166,781 Total amount used – current (85,423) (166,781) Total amount unused – EHAF – – Bluewater Facility – Bluewater – 22,800 Total amount used – current – (22,800) Total amount unused – Bluewater – – Stirling Facility – Stirling – 20,050 Total amount used – non-current – (20,050) Total amount unused – Stirling – – EWPF Facility – EWPF – 29,600 Total amount used – non-current – (29,600) Total amount unused – Consolidated Group 4,000 – 103
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94 Kyron Capital 94 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 12. Interest bearing liabilities (continued) Debt facilities at balance date At balance date, the KYN Group had access to a $70.0 million loan note facility, with a maturity date of 17 April 2028, with an option to extend the facility for a further 12 months. The drawn amount as at 30 June 2026 was $66.0 million. The interest ra te on drawn balances under this facility is 7% with make-who le interest of 3% payable on any undrawn balances. Interest on the Senior Debt Facility is payable quarterly in arrears. An establishment fee of $1.25 million was paid on entering the facility and debt establishment costs, primarily legal fees, of $1.68 million were allocated to the Senior Debt. Additionally, the fair value of penny warrants on the day the Group recommence d trading on the ASX on 11 June 2026 of $0.9 million was treated as cost of recapitalisation and $0.54 million was allocated to the Rockworth Senior Debt. All borrowings costs are amortised over the three year term, including the 12 month extension option of the Senior Debt. The Rockworth Senior Debt Facility provides Kyron with the ability to redraw any amounts repaid up to $10.0 million. Covenants On 27 August 2026, the Senior Debt Facility was varied such that the Gearing Ratio Covenant is 70% and the Interest Cover Ratio Covenant is 1.10x. No default can occur on these covenants prior to 30 June 2027. EHAF Group At 30 June 2026, th e EHAF Group has access to a $85.4 million facility with CBA whic h will mature on 31 August 2026. The debt facility was 82% hedged as of 30 June 2026. The fair value of the debt facility approximates its carrying value. The weighted average annual interest rates payable of the facility at 30 June 2026, including the impact of the interest rate swaps, is 5.98% per annum (2025: 5.98%). The facility agreement includes Loan to Value Ratio and Interest Cover Ratio (ICR) covenants. Under the terms of the facility agreement in place at 30 June 2026, EHAF must meet the following covenants: • Maximum Loan to Value Ratio 40% as at September 2025 until maturity. • Minimum Interest Cover Ratio: – from 1 October 2025 until 31 December 2025 greater than or equal 1.40 times with a calculation period of 3 months ending on the calculation date; – from 1 January 2026 until 31 March 2026 greater than or equal 1.85 times with a calculation period of 6 months ending on the calculation date; – from 1 April 2026 until 30 June 2026 greater than or equal 1.85 times with a calculation period of 9 months ending on the calculation date; and – from 1 July 2026 2.00 times until maturity with a calculation period of 12 months ending on the calculation date. The debt facility also included the milestones for the exchange and settlement of the five non-core hotels with net sale proceeds to be split between debt repayment and Fund under certain conditions. Not meeting these milestones are an ‘event of default’ under the debt facility with a 30-day cure period. During the year repayment milestones were in place under the CBA debt facility, and the proceeds from the sales of Mayfair Hotel, Panorama Retreat and Mantra Wollongong resulted in the reduction in the debt facility from $166.8 million as of 30 June 2025 to $85.4 million as of 30 June 2026. EHAF’s debt facilities are secured by the assets of the fund and are fully non-recourse to the KYN Group. 104
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94 Kyron Capital 94 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 12. Interest bearing liabilities (continued) Debt facilities at balance date At balance date, the KYN Group had access to a $70.0 million loan note facility, with a maturity date of 17 April 2028, with an option to extend the facility for a further 12 months. The drawn amount as at 30 June 2026 was $66.0 million. The interest ra te on drawn balances under this facility is 7% with make-who le interest of 3% payable on any undrawn balances. Interest on the Senior Debt Facility is payable quarterly in arrears. An establishment fee of $1.25 million was paid on entering the facility and debt establishment costs, primarily legal fees, of $1.68 million were allocated to the Senior Debt. Additionally, the fair value of penny warrants on the day the Group recommence d trading on the ASX on 11 June 2026 of $0.9 million was treated as cost of recapitalisation and $0.54 million was allocated to the Rockworth Senior Debt. All borrowings costs are amortised over the three year term, including the 12 month extension option of the Senior Debt. The Rockworth Senior Debt Facility provides Kyron with the ability to redraw any amounts repaid up to $10.0 million. Covenants On 27 August 2026, the Senior Debt Facility was varied such that the Gearing Ratio Covenant is 70% and the Interest Cover Ratio Covenant is 1.10x. No default can occur on these covenants prior to 30 June 2027. EHAF Group At 30 June 2026, th e EHAF Group has access to a $85.4 million facility with CBA whic h will mature on 31 August 2026. The debt facility was 82% hedged as of 30 June 2026. The fair value of the debt facility approximates its carrying value. The weighted average annual interest rates payable of the facility at 30 June 2026, including the impact of the interest rate swaps, is 5.98% per annum (2025: 5.98%). The facility agreement includes Loan to Value Ratio and Interest Cover Ratio (ICR) covenants. Under the terms of the facility agreement in place at 30 June 2026, EHAF must meet the following covenants: • Maximum Loan to Value Ratio 40% as at September 2025 until maturity. • Minimum Interest Cover Ratio: – from 1 October 2025 until 31 December 2025 greater than or equal 1.40 times with a calculation period of 3 months ending on the calculation date; – from 1 January 2026 until 31 March 2026 greater than or equal 1.85 times with a calculation period of 6 months ending on the calculation date; – from 1 April 2026 until 30 June 2026 greater than or equal 1.85 times with a calculation period of 9 months ending on the calculation date; and – from 1 July 2026 2.00 times until maturity with a calculation period of 12 months ending on the calculation date. The debt facility also included the milestones for the exchange and settlement of the five non-core hotels with net sale proceeds to be split between debt repayment and Fund under certain conditions. Not meeting these milestones are an ‘event of default’ under the debt facility with a 30-day cure period. During the year repayment milestones were in place under the CBA debt facility, and the proceeds from the sales of Mayfair Hotel, Panorama Retreat and Mantra Wollongong resulted in the reduction in the debt facility from $166.8 million as of 30 June 2025 to $85.4 million as of 30 June 2026. EHAF’s debt facilities are secured by the assets of the fund and are fully non-recourse to the KYN Group. 95 Kyron Capital 95 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 12. Interest bearing liabilities (continued) On 21 August 2026 EHAF received credit-approved terms with Commonwealth Bank of Australia for a new two-year, $74.5 million debt facility maturing 31 August 2028. Proceeds from the expected sale of the Eaglehawk asset will be applied to debt reduction, with the facility forecast to reduce to a total of $63.1 million (including a $5.0 million capex tranche). ICR covenants were also adjusted under the new facility. The new facility is currently being formally documented with financial close to occur on or before 31 August 2026. Borrowing Costs A breakdown of the borrowing costs included in the Group's Consolidated Statement of Profit or Loss is provided below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Interest expense 25,402 33,380 Amortisation of debt establishment costs 7,047 4,501 Guarantees to third parties 1,651 1,773 Total borrowing costs 34,100 39,654 Accounting Policy Interest bearing liabilities Interest bearing liabilities are recognised initially at fair value, being the consideration received net of transaction costs associated with the borrowing. After init ial recognition, interest b earing liabilities are stated at amortised cost using the effective interest method. Under the effective interest method, any transaction fees, costs, discounts, and premiums directly related to the borrowings are recognised in the statement of profit or loss and other comprehensive income over the expected life of the borrowings. Interest bearing liabilities are classified as current liabilities where the liability has been drawn under a financing facility which expires within 12 months. Amounts drawn under financial facilities which expire after 12 months are classified as non-current. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Refer to Note 13 for further detail on guarantees with third parties. 105
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96 Kyron Capital 96 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 13. Derivative financial instruments Overview The Group's derivative financial instruments consist of interest rate swap contracts to hedge its exposure to movements in variable interest rates and guarantees to third parties. The interest rate swap agreements allow the Group to raise long term borrowings at a floating rate and effectively swap them into a fixed rate. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current assets / (liabilities) Guarantees to third parties – (4,115) Penny warrants derivative liability (1,800) – (1,800) (4,115) Non-current assets / (liabilities) Interest rate swaps 116 (2,046) 116 (2,046) Total derivative financial instruments (1,684) (6,161) Interest rate swaps EHAF has entered into interest rate swap agreements with a notional principal amount totalling $115.0 million that entitles it to receive interest, at quarterly intervals, at a floating rate on the notional principal and obliges it to pay interest at a fixed rate. The interest rate swap agreements allow the raising of long-term borrowings at a floating rate and effectively swap them into a fixed rate. The interest rate swaps are classified as level 2 fair value. Guarantees to third parties The guarantees to third parties relate to the net estimated settlement value of an arrangement with investors to acquire units in certain managed funds. The fair value recognised represents the difference between the fixed acquisition price to be paid by the Group and the return of capital to the investor from the underlying managed fund. Since the actual return of capital to the investors at the balance date was known, no unobservable inputs were included in the measurement of the guarantee. As part of the Rockworth recapitalisation, the commercial arrangement, which was previously classified as a derivative financial instrument, was fully settled in April 2026. 106
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96 Kyron Capital 96 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 13. Derivative financial instruments Overview The Group's derivative financial instruments consist of interest rate swap contracts to hedge its exposure to movements in variable interest rates and guarantees to third parties. The interest rate swap agreements allow the Group to raise long term borrowings at a floating rate and effectively swap them into a fixed rate. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current assets / (liabilities) Guarantees to third parties – (4,115) Penny warrants derivative liability (1,800) – (1,800) (4,115) Non-current assets / (liabilities) Interest rate swaps 116 (2,046) 116 (2,046) Total derivative financial instruments (1,684) (6,161) Interest rate swaps EHAF has entered into interest rate swap agreements with a notional principal amount totalling $115.0 million that entitles it to receive interest, at quarterly intervals, at a floating rate on the notional principal and obliges it to pay interest at a fixed rate. The interest rate swap agreements allow the raising of long-term borrowings at a floating rate and effectively swap them into a fixed rate. The interest rate swaps are classified as level 2 fair value. Guarantees to third parties The guarantees to third parties relate to the net estimated settlement value of an arrangement with investors to acquire units in certain managed funds. The fair value recognised represents the difference between the fixed acquisition price to be paid by the Group and the return of capital to the investor from the underlying managed fund. Since the actual return of capital to the investors at the balance date was known, no unobservable inputs were included in the measurement of the guarantee. As part of the Rockworth recapitalisation, the commercial arrangement, which was previously classified as a derivative financial instrument, was fully settled in April 2026. 97 Kyron Capital 97 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 13. Derivative financial instruments (continued) Penny warrants derivative liability As part of the Rockworth recapitalisation on 17 April 2026, 30 million penny warrants were issued to Rockworth at an exercise price of $0.01 per security. The penny warrant derivative liability is measured based on the closing price of KYN securities at 30 June 2026. Rockworth may elect a cashless conversion rather than paying the conversion price. The number of stapled securities that the warrants will convert into will be adjusted based on the volume weighted average market price (VWAP) of the stapled securities calculated over the 5 trading days ending on the trading day immediately before the date of the conversion notice. There were no transfers between level 2 and 3 for the recurring fair value measurements during the year. Accounting Policy Derivatives Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately. Financial Instruments The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Specific valuation techniques used to value financial instruments include: • The use of quoted market prices or dealer quotes for similar instruments; and • The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. The fair value of guarantees to third parties is based on the net estimated settlement value of an arrangement with investors to acquire units in a managed fund, which is based on the underlying net asset value of the fund as at 30 June 2026. Valuations are performed to determine the fair value of the underlying investment properties, based on the capitalisation method and discounted cash flow method. The valuation techniques are in line with those disclosed in the investment property and property, plant and equipment sections. 107
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98 Kyron Capital 98 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 14. Other financial assets Overview The Group's other financial assets consist of short-term financing provided by the Group to Belconnen Markets Syndicate. Recovery of the other assets is subordinated to the external lender and also dependent on the sale of the underlying property in the managed fund at a value in excess of that required to repay the Belconnen senior debt facility and meet other obligations of the fund. During the year, the Group recognised an impairment of $9.3 million against this asset, including $0.2 million of interest accrued during the year. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Other financial assets and receivables – 9,040 Total other financial assets – 9,040 Accounting Policy The Group measures its other financial assets at amortised cost. At initial recognition, the Group measures its other financial assets at fair value and subsequently at amortised cost. The Group assessed that the credit risk of its financial asset has significantly increased since initial recognition. Hence, the Group applies the 3-stage expe cted credit loss impairment model under AASB 9 Financial Instruments measuring the expected credit loss allowance (ECL) for the other financial assets. The loss allowances are based on assumptions about the risk of default and expected loss rates. The Group uses judgement in making these assumptions based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors and general economic conditions, where appropriate at reporting date. Refer to Note 17(b) for further discussion on the Group's management of credit risk, including that for its financial assets. 108
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98 Kyron Capital 98 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 14. Other financial assets Overview The Group's other financial assets consist of short-term financing provided by the Group to Belconnen Markets Syndicate. Recovery of the other assets is subordinated to the external lender and also dependent on the sale of the underlying property in the managed fund at a value in excess of that required to repay the Belconnen senior debt facility and meet other obligations of the fund. During the year, the Group recognised an impairment of $9.3 million against this asset, including $0.2 million of interest accrued during the year. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Other financial assets and receivables – 9,040 Total other financial assets – 9,040 Accounting Policy The Group measures its other financial assets at amortised cost. At initial recognition, the Group measures its other financial assets at fair value and subsequently at amortised cost. The Group assessed that the credit risk of its financial asset has significantly increased since initial recognition. Hence, the Group applies the 3-stage expe cted credit loss impairment model under AASB 9 Financial Instruments measuring the expected credit loss allowance (ECL) for the other financial assets. The loss allowances are based on assumptions about the risk of default and expected loss rates. The Group uses judgement in making these assumptions based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors and general economic conditions, where appropriate at reporting date. Refer to Note 17(b) for further discussion on the Group's management of credit risk, including that for its financial assets. 99 Kyron Capital 99 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 15. Contributed equity Overview The shares of Kyron Capital Limited (Company) and the units of Kyron Investment Fund (KIF) are combined and issued as stapled securities. The shares of the Company and units of KIF cannot be traded separately and can only be traded as stapled securities. Below is a summary of contributed equity of the Company and KIF separately and for Elanor's combined stapled securities. The basis of allocation of the issue price of stapled securities to Company shares and KIF units post stapling is determined by agreement between the Company and KIF as set out in the Stapling Deed. Contributed equity for the year ended 30 June 2026 No. of securities/ shares Details Date of income entitlement Total Equity 30 June 2026 $'000 Parent Entity 30 June 2026 $'000 KIF 30 June 2026 $'000 152,201,962 Opening balance 1 Jul 2025 226,408 84,361 142,047 (12,377,083) Cancellation of securities 1 24 Oct 2025 (5,136) – (5,136) (7,903,398) Cancellation of securities 1 23 Apr 2026 (3,272) – (3,272) 131,921,481 Securities on issue 30 June 2026 218,000 84,361 133,639 1 The cancellation relates to the unwinding of the strategic partnership with Challenger. A reconciliation of treasury securities on issue at the beginning and end of the year is set out below: No. of securities/ shares Details Date of income entitlement Total Equity 30 June 2026 $'000 Parent Entity 30 June 2026 $'000 KIF 30 June 2026 $'000 2,393,780 Opening balance 1 Jul 2025 3,411 731 2,680 171,698 STI awards forfeited various 353 82 270 2,565,478 Treasury securities on issue 30 June 2026 3,764 813 2,950 A reconciliation of perpetual notes on issue at the beginning and end of the year is set out below: No. of securities/ shares Details Date of income entitlement Total Equity 30 June 2026 $'000 Parent Entity 30 June 2026 $'000 KIF 30 June 2026 $'000 - Opening balance 1 Jul 2025 - - - 550,000 Perpetual notes issuance 17 April 2026 55,000 55,000 – - Perpetual notes issue costs various (1,695) (1,695) – 550,000 Perpetual notes on issue 30 June 2026 53,305 53,305 – 109
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100 Kyron Capital 100 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 15. Contributed equity (continued) Contributed equity for the year ended 30 June 2025 No. of securities/ shares Details Date of income entitlement Total Equity 30 June 2025 $'000 Parent Entity 30 June 2025 $'000 KIF 30 June 2025 $'000 152,201,962 Opening balance 1 Jul 2024 226,408 84,361 142,047 152,201,962 Securities on issue 30 Jun 2025 226,408 84,361 142,047 A reconciliation of treasury securities on issue at the beginning and end of the prior year is set out below: No. of securities/ shares Details Date of income entitlement Total Equity 30 June 2025 $'000 Parent Entity 30 June 2025 $'000 KIF 30 June 2025 $'000 4,656,939 Opening balance 1 Jul 2024 7,736 1,722 6,014 (941,309) 2022 STI vested 16 Nov 2023 (1,984) (467) (1,517) (1,321,850) 2023 STI vested 15 Dec 2023 (2,340) (524) (1,816) 2,393,780 Treasury securities on issue 30 Jun 2025 3,412 731 2,681 Accounting Policy Security Based Payments Equity-settled security-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled security-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimate, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve. Perpetual Notes As part of the Rockworth recapitali sation, the Group issued $55 million in Perpetual Notes. A 9% per annum distribution coupon accrues on these notes for the first 3 years, and 11% per annum thereafter. Both the coupon and principal amount under the notes is repayable at the sole discretion of the Group. As such, the notes are classified as equity in accordance with AASB 132 and the distribution coupon payable under the notes of $1.0 million as at 30 June 2026 (30 June 2025 $0) has not been recognised. No distributions can be paid on ordinary equity until any outstanding distributions on the Perpetual Notes have been paid in full. 110
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100 Kyron Capital 100 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 15. Contributed equity (continued) Contributed equity for the year ended 30 June 2025 No. of securities/ shares Details Date of income entitlement Total Equity 30 June 2025 $'000 Parent Entity 30 June 2025 $'000 KIF 30 June 2025 $'000 152,201,962 Opening balance 1 Jul 2024 226,408 84,361 142,047 152,201,962 Securities on issue 30 Jun 2025 226,408 84,361 142,047 A reconciliation of treasury securities on issue at the beginning and end of the prior year is set out below: No. of securities/ shares Details Date of income entitlement Total Equity 30 June 2025 $'000 Parent Entity 30 June 2025 $'000 KIF 30 June 2025 $'000 4,656,939 Opening balance 1 Jul 2024 7,736 1,722 6,014 (941,309) 2022 STI vested 16 Nov 2023 (1,984) (467) (1,517) (1,321,850) 2023 STI vested 15 Dec 2023 (2,340) (524) (1,816) 2,393,780 Treasury securities on issue 30 Jun 2025 3,412 731 2,681 Accounting Policy Security Based Payments Equity-settled security-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled security-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimate, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve. Perpetual Notes As part of the Rockworth recapitali sation, the Group issued $55 million in Perpetual Notes. A 9% per annum distribution coupon accrues on these notes for the first 3 years, and 11% per annum thereafter. Both the coupon and principal amount under the notes is repayable at the sole discretion of the Group. As such, the notes are classified as equity in accordance with AASB 132 and the distribution coupon payable under the notes of $1.0 million as at 30 June 2026 (30 June 2025 $0) has not been recognised. No distributions can be paid on ordinary equity until any outstanding distributions on the Perpetual Notes have been paid in full. 101 Kyron Capital 101 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 16. Reserves Overview Reserves are balances that form part of equity that record other comprehensive income amounts that are retained in the business and not distributed until such time the underlying balance sheet item is realised. This note provides information about movements in the other reserves line item of the balance sheet and a description of the nature and purpose of each reserve. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Other reserves Opening balance 21,276 15,402 Asset revaluation 12,391 11,190 Share of reserves of equity accounted investments (158) 18 Transfer of asset revaluation reserve (4,723) (5,334) Closing balance 28,786 21,276 Stapled security-based payment reserve Opening balance 8,976 12,433 Loan securities and options1 (7,189) (64) Short term incentive schemes1 (1,787) (3,393) Closing balance – 8,976 Total reserves 28,786 30,252 1 Includes $0.1 million of net share-based payment expense. Remaining balances relate to expired plans transferred to retained earnings. (Prior year movements relate to share based payment expenses only). The stapled security-based payment reserve is used to recognise the fair value of loan, restricted securities and options issued to employees but not yet exercised under the Group's DSTI and LTIP. 111
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102 Kyron Capital 102 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management Overview The Group's principal financial instruments comprise cash, receivables, financial assets carried at fair value through profit and loss, interest bearing loans, derivatives, payables and distributions payable. The Group's activities expose it to a variety of financial risks: market risk (including interest rate risk and equity price risk), credit risk and liquidity risk. This note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies and processes for measuring and managing risk and the Group's management of capital. Further quantitative disclosures are included through these consolidated financial statements. The Group's Board of Direct ors (Board) has overall resp onsibility for the establishm ent and oversight of the Group's risk management framework. The Board has established an Audit & Risk Committee (ARC), which is responsible for monitoring the identification and m anagement of key risks to the business. The ARC meets regularly and reports to the Board on its activities. The Board has established a Risk Management Framework outlining principles for overall risk management covering specific areas, such as mitigating foreign exchange, interest rate and liquidity risks. The Group's Risk Management Framework provides a framework to identify and manage financial risks of the Group with a key philosophy of risk mitigation. The ARC and Board review the appropriateness and effectiveness of the Risk Management Framework, including the Risk Appetite Statement (RAS) on an an nual basis to ensure they remain appropriate for the Group's current operating model, governance structure and regulatory obligations. During the year, the Risk Management Framework was revised to include better alignment with the current Kyron Capital Group structure, enhanced governance responsibilities across the Board and management committees, formalisation of the enterprise risk management framework and risk appetite processes, and stronger alignment with supporting governance and compliance documentation. Derivatives are exclusively used for hedging purposes, not as trading or other speculative instruments. The Group uses derivative financial instruments such as interest rate swaps where possible to hedge certain risk exposures. The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate risk, ageing analysis for credit risk and cash flow forecasting for liquidity risk. There have been no other significant changes in the types of financial risks or the Group's methods used to measure the risks. 112
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102 Kyron Capital 102 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management Overview The Group's principal financial instruments comprise cash, receivables, financial assets carried at fair value through profit and loss, interest bearing loans, derivatives, payables and distributions payable. The Group's activities expose it to a variety of financial risks: market risk (including interest rate risk and equity price risk), credit risk and liquidity risk. This note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies and processes for measuring and managing risk and the Group's management of capital. Further quantitative disclosures are included through these consolidated financial statements. The Group's Board of Direct ors (Board) has overall resp onsibility for the establishm ent and oversight of the Group's risk management framework. The Board has established an Audit & Risk Committee (ARC), which is responsible for monitoring the identification and m anagement of key risks to the business. The ARC meets regularly and reports to the Board on its activities. The Board has established a Risk Management Framework outlining principles for overall risk management covering specific areas, such as mitigating foreign exchange, interest rate and liquidity risks. The Group's Risk Management Framework provides a framework to identify and manage financial risks of the Group with a key philosophy of risk mitigation. The ARC and Board review the appropriateness and effectiveness of the Risk Management Framework, including the Risk Appetite Statement (RAS) on an an nual basis to ensure they remain appropriate for the Group's current operating model, governance structure and regulatory obligations. During the year, the Risk Management Framework was revised to include better alignment with the current Kyron Capital Group structure, enhanced governance responsibilities across the Board and management committees, formalisation of the enterprise risk management framework and risk appetite processes, and stronger alignment with supporting governance and compliance documentation. Derivatives are exclusively used for hedging purposes, not as trading or other speculative instruments. The Group uses derivative financial instruments such as interest rate swaps where possible to hedge certain risk exposures. The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate risk, ageing analysis for credit risk and cash flow forecasting for liquidity risk. There have been no other significant changes in the types of financial risks or the Group's methods used to measure the risks. 103 Kyron Capital 103 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management (continued) a. Market risk Market risk refers to the potential for changes in th e value of the Group's financial instruments or revenue streams from changes in market prices. There are various types of market risks to which the Group is exposed including those associated with interest rates and currency rates. i. Interest rate risk Interest rate risk refers to the potential fluctuations in the fair value or future cash flows of a financial instrument because of changes in market interest rates. The Group's main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow interest rate risk. As at reporting date, the Consolidated Group had the following interest-bearing assets and liabilities: Consolidated Group 30 June 2026 Maturity < 1 yr $'000 Maturity 1 – 5 yrs $'000 Maturity > 5 yrs $'000 Total $'000 Assets Cash and cash equivalents 14,825 – – 14,825 Other Financial assets – – – – Derivative financial instruments 116 – – 116 Total assets 14,941 – – 14,941 Weighted average interest rate 1.24% Liabilities Interest bearing loans 85,423 62,795 – 148,218 Total liabilities 85,423 62,795 – 148,218 Weighted average interest rate 6.55% Consolidated Group 30 June 2025 Maturity < 1 yr $'000 Maturity 1 – 5 yrs $'000 Maturity > 5 yrs $'000 Total $'000 Assets Cash and cash equivalents 12,989 – – 12,989 Other Financial assets 9,040 – – 9,040 Total assets 22,029 – – 22,029 Weighted average interest rate 3.16% Liabilities Interest bearing loans 351,283 – – 351,283 Derivative financial instruments – 2,046 – 2,046 Total liabilities 351,283 2,046 – 353,329 Weighted average interest rate 8.77% 113
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104 Kyron Capital 104 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management (continued) The Group's main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow interest rate risk. As at 30 June 2026 $70.0 million (2025: $115.0 million) of the $69.4 million (2025: $316.9 million) of floating interest-bearing loans in EHAF have been hedged using interest rate swap agreements. These agreements are in place to swap the variable / floating interest payable to a fixed rate to minimise the interest rate risk. The Rockworth senior debt of $62.8 million, net of unamortised debt establishment costs, bears a fixed interest rate of 7.0% p.a. and is not subject to interest rate risk. ii. Interest Rate Sensitivity The following table demonstrates the sensitivity to a 1% change in interest rates higher / lower on the profit and loss before tax, assuming all other variables were held constant for the assets and liabilities subject to variable interest rates below. Increase by 1% Decrease by 1% Consolidated Group 30 June 2026 Amount $'000 Profit/ (loss) $'000 Equity $'000 Profit/ (loss) $'000 Equity $'000 Cash and cash equivalents 14,825 148 – (148) – Derivative financial instruments 116 700 – (700) – Interest bearing loans 85,423 (854) – 854 – Total increase / (decrease) (4) – 4 – Increase by 1% Decrease by 1% Consolidated Group 30 June 2025 Amount $'000 Profit/ (loss) $'000 Equity $'000 Profit/ (loss) $'000 Equity $'000 Cash and cash equivalents 12,989 130 – (130) – Derivative financial instruments 2,046 1,150 – (1,150) – Interest bearing loans 351,283 (3,569) – 3,569 – Total increase / (decrease) (2,289) – 2,289 – 114
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104 Kyron Capital 104 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management (continued) The Group's main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow interest rate risk. As at 30 June 2026 $70.0 million (2025: $115.0 million) of the $69.4 million (2025: $316.9 million) of floating interest-bearing loans in EHAF have been hedged using interest rate swap agreements. These agreements are in place to swap the variable / floating interest payable to a fixed rate to minimise the interest rate risk. The Rockworth senior debt of $62.8 million, net of unamortised debt establishment costs, bears a fixed interest rate of 7.0% p.a. and is not subject to interest rate risk. ii. Interest Rate Sensitivity The following table demonstrates the sensitivity to a 1% change in interest rates higher / lower on the profit and loss before tax, assuming all other variables were held constant for the assets and liabilities subject to variable interest rates below. Increase by 1% Decrease by 1% Consolidated Group 30 June 2026 Amount $'000 Profit/ (loss) $'000 Equity $'000 Profit/ (loss) $'000 Equity $'000 Cash and cash equivalents 14,825 148 – (148) – Derivative financial instruments 116 700 – (700) – Interest bearing loans 85,423 (854) – 854 – Total increase / (decrease) (4) – 4 – Increase by 1% Decrease by 1% Consolidated Group 30 June 2025 Amount $'000 Profit/ (loss) $'000 Equity $'000 Profit/ (loss) $'000 Equity $'000 Cash and cash equivalents 12,989 130 – (130) – Derivative financial instruments 2,046 1,150 – (1,150) – Interest bearing loans 351,283 (3,569) – 3,569 – Total increase / (decrease) (2,289) – 2,289 – 105 Kyron Capital 105 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management (continued) b. Credit risk Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted. The Group manages credit risk on trade receivables and contract assets by performing credit reviews of prospective debtors, obtaining collateral where appropriate and performing detailed reviews on any debtor arrears. Credit risk on derivatives is managed through limiting transactions to investment grade counterparties. At balance date, the Group's outstanding debtors consists primarily of loans to Kyron's Managed Funds and accrued funds management fees payable by these Managed Funds and outstanding payments receivable from hotel guests across its hotel portfolio. In respect of outstanding loans and trade debtor's receivable from its Managed Funds, the Group has performed a detailed analysis of the recoverability of these amounts with reference to the cash flow forecasts of each of these funds. For each of the Group's Managed Funds, the Group's management teams have performed a detailed asset level analysis of the recoverability of the outstanding arrears at balance date for these assets. In a number of instances Kyron’s arrears are subordinated to the lender in the underlying managed fund and the recovery of the arrears is dependent on the realisation of the asset. During the year, the Group recognised an impairment of $9.3 million, including $240k of interest accrued during the year, against the Group’s other financial assets and a provision for bad debt of $4.5 million against the Group’s trade receivables from Belconnen Markets Syndicate. The Group also recognised a provision for bad debt of $1.3 million against the Group’s trade receivables from managed funds. For the Group's Hotels and Leisure Managed Funds (Hotel Funds), the group applied the AASB 9 simplified approach using the provision matrix for measuring the expected credit losses which uses a lifetime expected loss allowance (ECL). The lifetime ECL calculation is based on the ageing of the debtors and forward-looking estimates. At balance date, a provision of $0.1 million has been recognised in respect of the consolidated Hotel Funds' trade debtors (2025: $0.1 million). i. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date is detailed below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Cash and cash equivalents 14,825 12,989 Other financial assets – 9,040 Trade and other receivables 17,435 26,185 Contract asset (ECF) – 1,743 Total 32,260 49,957 Where entities have the right to off-set and intend to settle on a net basis under netting arrangements, this off- set has been recognised in the consolidated financial statements on a net basis. Details of the Group's commitments are disclosed in Note 25. Trade and other receivables consist of GST, trade debtors and other receivables. At balance date there were no other significant concentrations of credit risk. No allowance has been recognised for the GST and trade debtors from the taxation authorities and related parties respectively. Based on historical experience, there is no evidence of default from these counterparties which would indicate that an allowance was necessary. 115
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106 Kyron Capital 106 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management (continued) ii. Impairment losses The ageing of trade and other receivables at reporting date is detailed below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current 6,787 11,456 Past due 31-61 days 534 1,794 Past due 61+ days 16,270 13,130 Total 23,591 26,380 Provision for expected credit loss (6,156) (195) Net trade and other receivables 17,435 26,185 c. Liquidity risk The Group manages liquidity risk by maintaining sufficient cash including working capital and other reserves, as well as through securing appropriate committed credit facilities. The following are the undiscounted contractual cash flows of derivatives and non-derivative financial liabilities shown at their nominal amount (including future interest payable). Consolidated Group 30 June 2026 Less than 1 year $'000 1 to 2 years $'000 2 to 5 years $'000 More than 5 years $'000 Contractual cash flows $'000 Carrying amount $'000 Non derivative financial liabilities Payables 15,983 – – – 15,983 15,983 Interest bearing loans 90,910 4,633 69,683 – 165,226 151,423 Lease liability 485 506 601 – 1,592 1,431 Total 107,378 5,138 70,284 – 182,801 168,837 Consolidated Group 30 June 2025 Less than 1 year $'000 1 to 2 years $'000 2 to 5 years $'000 More than 5 years $'000 Contractual cash flows $'000 Carrying amount $'000 Net settled derivatives – 2,046 – – 2,046 2,046 Gross settled derivatives 4,115 – – – 4,115 4,115 Non derivative financial liabilities Payables 36,293 – – – 36,293 36,293 Interest bearing loans 356,909 31,761 – – 388,670 351,283 Lease liability 436 – – – 436 436 Total 397,753 33,807 – – 431,560 394,173 116
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106 Kyron Capital 106 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management (continued) ii. Impairment losses The ageing of trade and other receivables at reporting date is detailed below: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current 6,787 11,456 Past due 31-61 days 534 1,794 Past due 61+ days 16,270 13,130 Total 23,591 26,380 Provision for expected credit loss (6,156) (195) Net trade and other receivables 17,435 26,185 c. Liquidity risk The Group manages liquidity risk by maintaining sufficient cash including working capital and other reserves, as well as through securing appropriate committed credit facilities. The following are the undiscounted contractual cash flows of derivatives and non-derivative financial liabilities shown at their nominal amount (including future interest payable). Consolidated Group 30 June 2026 Less than 1 year $'000 1 to 2 years $'000 2 to 5 years $'000 More than 5 years $'000 Contractual cash flows $'000 Carrying amount $'000 Non derivative financial liabilities Payables 15,983 – – – 15,983 15,983 Interest bearing loans 90,910 4,633 69,683 – 165,226 151,423 Lease liability 485 506 601 – 1,592 1,431 Total 107,378 5,138 70,284 – 182,801 168,837 Consolidated Group 30 June 2025 Less than 1 year $'000 1 to 2 years $'000 2 to 5 years $'000 More than 5 years $'000 Contractual cash flows $'000 Carrying amount $'000 Net settled derivatives – 2,046 – – 2,046 2,046 Gross settled derivatives 4,115 – – – 4,115 4,115 Non derivative financial liabilities Payables 36,293 – – – 36,293 36,293 Interest bearing loans 356,909 31,761 – – 388,670 351,283 Lease liability 436 – – – 436 436 Total 397,753 33,807 – – 431,560 394,173 107 Kyron Capital 107 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 17. Financial Risk Management (continued) d. Capital risk management The Group maintains its capital structure with the objective to safeguard its ability to continue as a going concern, to increase the returns for securityholders and to maintain an optimal capital structure. The capital structure of the Group consists of equity as listed in Note 15. The Group assesses its capital management approach as a key part of the Group's overall strategy, and it is continuously reviewed by management and the Directors. To achieve the optimal capital structure, the Board may use the following strategies: amend the distribution policy of the Group; issue new securities through a private or public placement; activate the Distribution Reinvestment Plan (DRP); issue securities under a Security Purchase Plan (SPP); conduct an on-market buyback of securities; acquire debt; or dispose of investments. 117
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108 Kyron Capital 108 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) Group Structure This section provides information about the Group's structure including parent entity information, information about controlled entities (subsidiaries) and business combination information relating to the acquisition and disposal of controlled entities. 18. Parent entity Overview The financial information below on Kyron Capital Group's parent entity Kyron Capital Limited (the Company) and the Trust's parent entity Kyron Investment Fund (KIF) as stand-alone entities have been provided in accordance with the requirements of the Corporations Act 2001. The financial information of the parent entities of the Group and the KIF Group have been prepared on the same basis as the consolidated financial statements. a. Summarised financial information Financial position Kyron Capital Limited1 30 June 2026 $'000 Kyron Capital Limited1 30 June 2025 $'000 Kyron Investment Fund2 30 June 2026 $'000 Kyron Investment Fund2 30 June 2025 $'000 Current assets 266,925 69,745 79,964 23,261 Non-current assets 37,717 49,326 86,985 99,074 Total Assets 304,642 119,071 166,949 122,335 Current liabilities 271,513 109,217 124, 797 30,136 Non-current liabilities – – – 37,812 Total Liabilities 271,513 109,217 124,797 67,948 Contributed equity 137,016 83,465 130,249 138,927 Reserves (347) 3,644 (191) 4,952 Retained profits / (accumulated losses) (103,540) (77,255) (87,906) (89,492) Total Equity 33,129 9,854 42,152 54,387 Financial performance Kyron Capital Limited1 30 June 2026 $'000 Kyron Capital Limited1 30 June 2025 $'000 Elanor Investment Fund2 30 June 2026 $'000 Elanor Investment Fund2 30 June 2025 $'000 Profit / (loss) for the year (7,408) (26,853) (3,828) 9,035 Total comprehensive income for the year (7,408) (26,853) (3,828) 9,035 1 Kyron Capital Limited is the parent entity of the Consolidated Group. A letter of support from KIF to KCL has been provided g iven the negative equity position. 2 Kyron Investment Fund is the parent entity of the KIF Group. b. Commitments The Parent has no capital expenditure commitments as at 30 June 2026 (2025: $nil). c. Contingent liabilities At balance date Kyron Capital Limited and Kyron Investment Fund had no contingent liabilities (2025: nil). 118
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108 Kyron Capital 108 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) Group Structure This section provides information about the Group's structure including parent entity information, information about controlled entities (subsidiaries) and business combination information relating to the acquisition and disposal of controlled entities. 18. Parent entity Overview The financial information below on Kyron Capital Group's parent entity Kyron Capital Limited (the Company) and the Trust's parent entity Kyron Investment Fund (KIF) as stand-alone entities have been provided in accordance with the requirements of the Corporations Act 2001. The financial information of the parent entities of the Group and the KIF Group have been prepared on the same basis as the consolidated financial statements. a. Summarised financial information Financial position Kyron Capital Limited1 30 June 2026 $'000 Kyron Capital Limited1 30 June 2025 $'000 Kyron Investment Fund2 30 June 2026 $'000 Kyron Investment Fund2 30 June 2025 $'000 Current assets 266,925 69,745 79,964 23,261 Non-current assets 37,717 49,326 86,985 99,074 Total Assets 304,642 119,071 166,949 122,335 Current liabilities 271,513 109,217 124, 797 30,136 Non-current liabilities – – – 37,812 Total Liabilities 271,513 109,217 124,797 67,948 Contributed equity 137,016 83,465 130,249 138,927 Reserves (347) 3,644 (191) 4,952 Retained profits / (accumulated losses) (103,540) (77,255) (87,906) (89,492) Total Equity 33,129 9,854 42,152 54,387 Financial performance Kyron Capital Limited1 30 June 2026 $'000 Kyron Capital Limited1 30 June 2025 $'000 Elanor Investment Fund2 30 June 2026 $'000 Elanor Investment Fund2 30 June 2025 $'000 Profit / (loss) for the year (7,408) (26,853) (3,828) 9,035 Total comprehensive income for the year (7,408) (26,853) (3,828) 9,035 1 Kyron Capital Limited is the parent entity of the Consolidated Group. A letter of support from KIF to KCL has been provided g iven the negative equity position. 2 Kyron Investment Fund is the parent entity of the KIF Group. b. Commitments The Parent has no capital expenditure commitments as at 30 June 2026 (2025: $nil). c. Contingent liabilities At balance date Kyron Capital Limited and Kyron Investment Fund had no contingent liabilities (2025: nil). 109 Kyron Capital 109 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 19. Subsidiaries and Controlled entities This note provides information about the Group's subsidiaries and controlled entities. Details of the Group's material subsidiaries at the end of the reporting year are as follows: Kyron Capital Limited Name of Subsidiary Principal activity Place of incorporation and operation Proportion of ownership interest and voting power by the Group 30 June 2026 30 June 2025 Kyron Investment Management Pty Limited 1 Asset services Australia 100% 100% Kyron Managed Funds RE Limited 1 Responsible entity Australia 100% 100% Kyron Group RE Limited 1 Responsible entity Australia 100% 100% Kyron Operations Pty Limited1 Operational services Australia 100% 100% Elanor Hotel Operations Pty Limited Operational services Australia 100% 100% Kyron Investment Nominees Pty Limited1 Trustee services Australia 100% 100% Elanor Investment Nominees No. 2 Pty Limited1 Trustee services Australia 100% 100% Elanor Waverley Property Nominees Pty Limited1 Trustee services Australia 100% 100% Kyron Investment Holdings Pty Limited1 Holding company Australia 100% 100% Elanor Management Pty Limited1 Holding company Australia 100% 100% FP NewCo1 Pty Limited1 Asset services Australia 100% 100% Cougal Street Property Trust1 Landholder Australia 100% 100% Country Place Management Pty Limited1 Hotel operator Australia 100% 100% Albany Hotel Management Pty Limited1,5 Hotel operator Australia 31% 27% Cradle Mountain Lodge Pty Limited2,5 Hotel operator Australia 31% 27% Wollongong Hotel Management Pty Limited2,5 Hotel operator Australia 31% 27% Port Macquarie Hotel Management Pty Limited2,5 Hotel operator Australia 31% 27% Tall Trees Hotel Management Pty Limited2,5 Hotel operator Australia 31% 27% Pavilion Wagga Wagga Hotel Management Pty Limited2,5 Hotel operator Australia 31% 27% Parklands Resort Hotel Management Pty Limited2,5 Hotel operator Australia 31% 27% EMPR II Management Pty Limited2,5 Holding company Australia 31% 27% Eaglehawk Hotel Management Pty Limited3,5 Hotel operator Australia 31% 27% Narrabundah Hotel Management Pty Limited3,5 Hotel operator Australia 31% 27% Byron Bay Hotel Management Pty Limited3,5 Hotel operator Australia 31% 27% Barossa Weintal Hotel Management Pty Ltd3,5 Hotel operator Australia 31% 27% Clare Country Club Management Pty Ltd3,5 Hotel operator Australia 31% 27% Estate Tuscany Hotel Management Pty Ltd,3,5 Hotel operator Australia 31% 27% Yering Hotel Management Pty Ltd3,5 Hotel operator Australia 31% 27% Kangaroo Valley Hotel Management Pty Ltd3,5 Hotel operator Australia 31% 27% Tamworth Hotel Management Pty Ltd3,5 Hotel operator Australia 31% 27% Panorama Resort Management Pty Limited3,5 Hotel operator Australia 31% 27% Elanor Hotel Accommodation Limited (formerly EMPR Management Pty Limited3,5) Holding company Australia 31% 27% Elanor Hotel Accommodation II Limited (formerly Elanor Luxury Hotel Fund Pty Limited 4,5) Holding company Australia 31% 27% Mayfair Hotel Management Pty Ltd4,5 Hotel operator Australia 31% 27% Wakefield Street Hotel Management Pty Ltd4,5 Hotel operator Australia 31% 27% Cradle Mountain Lodge Management II Pty Ltd4,5 Hotel operator Australia 31% 27% Elanor Wildlife Park Management Pty Ltd6 Wildlife park operator Australia – 43% Mogo Zoo Management Pty Ltd6 Wildlife park operator Australia – 43% Hunter Valley Wildlife Park Management Pty Ltd6 Wildlife park operator Australia – 43% 119
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110 Kyron Capital 110 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 19. Subsidiaries and Controlled entities (continued) Kyron Investment Fund Name of Subsidiary Principal activity Place of incorporation and operation Proportion of ownership interest and voting power by the Group 30 June 2026 30 June 2025 Elanor Investment Trust Co-investment in Managed Funds Australia 100% 100% Country Place Property Trust5 Hotel landholder Australia 31% 27% Albany Hotel Syndicate5 Hotel landholder Australia 31% 27% Wollongong Hotel Syndicate5 Hotel landholder Australia 31% 27% Elanor Hotel Accommodation Fund II (formerly Elanor Metro and Prime Regional Hotel Fund II)5 Hotel landholder Australia 31% 27% Wollongong Hotel Property Trust5 Hotel landholder Australia 31% 27% Port Macquarie Property Trust5 Hotel landholder Australia 31% 27% Tall Trees Property Trust5 Hotel landholder Australia 31% 27% Pavilion Wagga Wagga Property Trust5 Hotel landholder Australia 31% 27% Parklands Resort Property Trust5 Hotel landholder Australia 31% 27% Narrabundah Property Trust5 Hotel landholder Australia 31% 27% Byron Bay Property Trust5 Hotel landholder Australia 31% 27% Elanor Hotel Accommodation Fund I (formerly Elanor Metro and Prime Regional Hotel Fund) 5 Hotel landholder Australia 31% 27% Elanor Hotel Accommodation Fund III (formerly Elanor Luxury Hotel Fund) 5 Hotel landholder Australia 31% 27% Mayfair Hotel Property Trust5 Hotel landholder Australia 31% 27% Wakefield Street Hotel Property Trust5 Hotel landholder Australia 31% 27% Estate Tuscany Property Trust5 Hotel landholder Australia 31% 27% Cradle Mountain Lodge Property Trust5 Hotel landholder Australia 31% 27% Barossa Weintal Hotel Property Trust5 Hotel landholder Australia 31% 27% Clare Country Club Property Trust5 Hotel landholder Australia 31% 27% Tamworth Hotel Property Trust5 Hotel landholder Australia 31% 27% Yering Property Trust5 Hotel landholder Australia 31% 27% Kangaroo Valley Property Trust5 Hotel landholder Australia 31% 27% Bluewater Square Syndicate7 Shopping centre Australia 100% 42% Stirling Street Syndicate6 Shopping centre Australia – 43% Elanor Wildlife Park Fund6 Wildlife park landholder Australia – 43% Mogo Zoo Property Trust6 Wildlife park landholder Australia – 43% Hunter Valley Wildlife Park Property Trust6 Wildlife park landholder Australia – 43% Mulgrave Logistics Fund Logistics property landholder Australia 100% 100% 1 Kyron Capital Limited (“KCL”) is the head entity within the KCL tax-consolidated group. The companies in which KCL has 100% ownership are members of the KCL tax-consolidated group. 2 EMPR II Management Pty Limited is the head entity of the EMPR II tax-consolidated group. 3 Elanor Hotel Accommodation Limited is the head entity of the EHAF tax-consolidated group. 4 Elanor Hotel Accommodation II Limited is the head entity of the EHAF Company II tax-consolidated group. 5 The Group has 31% of voting rights in EHAF versus 32% of accounting equity exposure, refer to ‘about this report’ section for further explanation. 6 Disposed during the 2026 financial year. 7 In June 2026, all but one unit was redeemed with the remaining unit held by the Group. 120
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110 Kyron Capital 110 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 19. Subsidiaries and Controlled entities (continued) Kyron Investment Fund Name of Subsidiary Principal activity Place of incorporation and operation Proportion of ownership interest and voting power by the Group 30 June 2026 30 June 2025 Elanor Investment Trust Co-investment in Managed Funds Australia 100% 100% Country Place Property Trust5 Hotel landholder Australia 31% 27% Albany Hotel Syndicate5 Hotel landholder Australia 31% 27% Wollongong Hotel Syndicate5 Hotel landholder Australia 31% 27% Elanor Hotel Accommodation Fund II (formerly Elanor Metro and Prime Regional Hotel Fund II)5 Hotel landholder Australia 31% 27% Wollongong Hotel Property Trust5 Hotel landholder Australia 31% 27% Port Macquarie Property Trust5 Hotel landholder Australia 31% 27% Tall Trees Property Trust5 Hotel landholder Australia 31% 27% Pavilion Wagga Wagga Property Trust5 Hotel landholder Australia 31% 27% Parklands Resort Property Trust5 Hotel landholder Australia 31% 27% Narrabundah Property Trust5 Hotel landholder Australia 31% 27% Byron Bay Property Trust5 Hotel landholder Australia 31% 27% Elanor Hotel Accommodation Fund I (formerly Elanor Metro and Prime Regional Hotel Fund) 5 Hotel landholder Australia 31% 27% Elanor Hotel Accommodation Fund III (formerly Elanor Luxury Hotel Fund) 5 Hotel landholder Australia 31% 27% Mayfair Hotel Property Trust5 Hotel landholder Australia 31% 27% Wakefield Street Hotel Property Trust5 Hotel landholder Australia 31% 27% Estate Tuscany Property Trust5 Hotel landholder Australia 31% 27% Cradle Mountain Lodge Property Trust5 Hotel landholder Australia 31% 27% Barossa Weintal Hotel Property Trust5 Hotel landholder Australia 31% 27% Clare Country Club Property Trust5 Hotel landholder Australia 31% 27% Tamworth Hotel Property Trust5 Hotel landholder Australia 31% 27% Yering Property Trust5 Hotel landholder Australia 31% 27% Kangaroo Valley Property Trust5 Hotel landholder Australia 31% 27% Bluewater Square Syndicate7 Shopping centre Australia 100% 42% Stirling Street Syndicate6 Shopping centre Australia – 43% Elanor Wildlife Park Fund6 Wildlife park landholder Australia – 43% Mogo Zoo Property Trust6 Wildlife park landholder Australia – 43% Hunter Valley Wildlife Park Property Trust6 Wildlife park landholder Australia – 43% Mulgrave Logistics Fund Logistics property landholder Australia 100% 100% 1 Kyron Capital Limited (“KCL”) is the head entity within the KCL tax-consolidated group. The companies in which KCL has 100% ownership are members of the KCL tax-consolidated group. 2 EMPR II Management Pty Limited is the head entity of the EMPR II tax-consolidated group. 3 Elanor Hotel Accommodation Limited is the head entity of the EHAF tax-consolidated group. 4 Elanor Hotel Accommodation II Limited is the head entity of the EHAF Company II tax-consolidated group. 5 The Group has 31% of voting rights in EHAF versus 32% of accounting equity exposure, refer to ‘about this report’ section for further explanation. 6 Disposed during the 2026 financial year. 7 In June 2026, all but one unit was redeemed with the remaining unit held by the Group. 111 Kyron Capital 111 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 20. Trade and other receivables Overview This note provides further information about assets that are incidental to the Group's trading activities, being trade and other receivables. Refer to Note 17(b) for discussion on the Group's management of credit risk, including that of the Group's trade and other receivables. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current Trade receivables 23,539 13,967 Other receivables 52 2,785 Provision for expected credit loss (6,156) (195) Total current 17,435 16,557 Non-current Trade receivables – 9,628 Other receivables – – Total non-current – 9,628 Total trade and other receivables 17,435 26,185 The recoverability of some of the trade and other receivables with managed funds is subject to deferral arrangements, subordinated to lenders within the managed funds and dependent on property realisations. 121
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112 Kyron Capital 112 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 21. Contract assets Overview This note provides further information about the Group’s contract assets. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current Challenger real estate investment management agreement – 11,014 ADIC real estate investment management agreement – 777 Elanor Commercial Property Fund – 1,744 Total contract assets – 13,535 ECF 30 June 2026 $'000 ADIC 30 June 2026 $'0000 Challenger 30 June 2026 $'000 Consolidated Group 30 June 2026 $'000 Opening balance at the beginning of the year 1,744 777 11,014 13,535 Amortisation (559) (777) (1,607) (2,943) Termination (1,185) – (1,000) (2,185) Return of capital (ROC) – – (8,407) (8,407) Total contract assets – – – – ECF 30 June 2025 $'000 ADIC 30 June 2025 $'0000 Challenger 30 June 2025 $'000 Consolidated Group 30 June 2025 $'000 Opening balance at the beginning of the year 2,688 4,492 17,007 24,187 Amortisation (945) (1,128) (5,992) (8,065) Impairment - (2,587) - (2,587) Total contract assets 1,743 777 11,015 13,535 122
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112 Kyron Capital 112 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 21. Contract assets Overview This note provides further information about the Group’s contract assets. Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current Challenger real estate investment management agreement – 11,014 ADIC real estate investment management agreement – 777 Elanor Commercial Property Fund – 1,744 Total contract assets – 13,535 ECF 30 June 2026 $'000 ADIC 30 June 2026 $'0000 Challenger 30 June 2026 $'000 Consolidated Group 30 June 2026 $'000 Opening balance at the beginning of the year 1,744 777 11,014 13,535 Amortisation (559) (777) (1,607) (2,943) Termination (1,185) – (1,000) (2,185) Return of capital (ROC) – – (8,407) (8,407) Total contract assets – – – – ECF 30 June 2025 $'000 ADIC 30 June 2025 $'0000 Challenger 30 June 2025 $'000 Consolidated Group 30 June 2025 $'000 Opening balance at the beginning of the year 2,688 4,492 17,007 24,187 Amortisation (945) (1,128) (5,992) (8,065) Impairment - (2,587) - (2,587) Total contract assets 1,743 777 11,015 13,535 113 Kyron Capital 113 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 21. Contract assets (continued) Challenger On 7 July 2023, Kyron completed the Challenger Limited’s (Challenger) Australian real estate funds management transaction for a consideration of $39.6 million (fair value). Kyron issued 24.8 million KYN securities as consideration for the transaction. The consideration paid was subject to clawback arrangements from Challenger of up to 63%, based on performance milestones over three years, including minimum base funds management fee targets. The initial accounting for the acquisition was to account the investment management assets as a payment to customer under AASB 15 Revenue from Contracts with Customers. In July 2025, Kyron and Challenger entered into a mutual agreement to unwind the strategic partnership and related investment management arrangement that was announced in July 2023. Kyron continued to manage the Challenger real estate portfolio until 15 October 2025 to support the transition of the portfolio to a new manager. As part of the agreement to unwind the strategic partnership, Challenger agreed to return 20.3 million of KYN securities held by a subsidiary of Challenger. On 22 October 2025, 12.4 million of these KYN securities were cancelled. The remaining 7.9 million securities were cancelled on 23 April 2026. Kyron Group also received cash consideration of $1.0 million. The return of the shares resulted in a derecognition of the remaining carrying value of the contract asset at the date of unwind (the impaired value less amortisation ba sed on an estimated contract life of 4 years). This carrying value is considered to be the value of the securities returned at this date, representing the present value of the remaining future cashflows realised through the return of the securities. Elanor Commercial Property Fund On 24 May 2022, Kyron Capital made an $8.4 million contribution to Elanor Commercial Property Fund as part of the Harris Street acquisition with $4.6 million utilised to offset transaction costs and $3.8 million recognised as a contract asset. Under the Australian Accounting Standards, this contribution was recognised as a contract asset upon initial recognition. The remaining balance was amortised over a 5 year period. Following ECF securityholder approval on 30 January 2026, Kyron was replaced as the Responsible Entity and manager of ECF effective 4 February 2026. As a result, the investment management and property management agreements were terminated. The unamortised balance of the contract asset relating to ECF was applied against the $8.5 million compensation payment received relating to the terminat ion of these agreements. Accounting policy Contact assets are assessed for impairment when indicators of impairment indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets’ carrying amount exceeds: • the remaining amount of the consideration that the entity expects to receive in exchange for the goods and services to which the asset relates; less • the costs that relate directly to providing goods or services and have not been recognised as expenses. 123
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114 Kyron Capital 114 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 22. Payables and other liabilities Overview This note provides further information about liabilities that are incidental to the Group's trading activities, being payables, other liabilities and provisions. Payables Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Trade creditors 2,773 6,204 Accrued expenses 5,817 8,254 GST payable 956 2,218 Total payables 9,546 16,676 Other liabilities Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Distribution payable 270 100 Other liabilities1 6,167 15,402 Total other current liabilities 6,437 15,502 1 $6.2 million included in other liabilities represent arrangements with investors to acquire units in Managed Funds (2025: $14. 8 million). Provisions Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current Provision for annual leave 2,084 2,786 Provision for long service leave 852 1,164 Total current 2,936 3,950 Non-current Provision for long service leave 120 196 Total non-current 120 196 Total provisions 3,056 4,146 124
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114 Kyron Capital 114 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 22. Payables and other liabilities Overview This note provides further information about liabilities that are incidental to the Group's trading activities, being payables, other liabilities and provisions. Payables Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Trade creditors 2,773 6,204 Accrued expenses 5,817 8,254 GST payable 956 2,218 Total payables 9,546 16,676 Other liabilities Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Distribution payable 270 100 Other liabilities1 6,167 15,402 Total other current liabilities 6,437 15,502 1 $6.2 million included in other liabilities represent arrangements with investors to acquire units in Managed Funds (2025: $14. 8 million). Provisions Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Current Provision for annual leave 2,084 2,786 Provision for long service leave 852 1,164 Total current 2,936 3,950 Non-current Provision for long service leave 120 196 Total non-current 120 196 Total provisions 3,056 4,146 115 Kyron Capital 115 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 22. Payables and other liabilities (continued) Accounting Policy Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably. Employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave when it is probable that settlement will be required, and they are capable of being measured reliably. Liabilities recognised in respect of short-term employee benefits, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of long term employee benefits are measured as the present value of the estimated future cash outflows, using a high quality Corporate Bond rate as the discount rate, to be made in respect of services provided by employees up to reporting date. 125
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116 Kyron Capital 116 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 23. Intangible assets Overview This note sets out the Intangible assets of the Group. Consolidated Group Software $'000 At 30 June 2024 1,409 Additions 101 Amortisation charge (421) At 30 June 2025 1,089 Additions – Amortisation charge (901) At 30 June 2026 188 Accounting Policy Software Software that is installed “on premises”, including software installed on cloud space specifically dedicated to Kyron software, where Kyron has control over the software (such as patching, configuration etc) is capitalised to the balance sheet as an intangible and amortised over the expected useful life, which generally ranges from 3-5 years. The expected useful life of the software is reassessed at each reporting period to determine any required impairment. Where software costs relate to cloud-based solutions, these costs are immediately expensed to the profit and loss. 126
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116 Kyron Capital 116 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 23. Intangible assets Overview This note sets out the Intangible assets of the Group. Consolidated Group Software $'000 At 30 June 2024 1,409 Additions 101 Amortisation charge (421) At 30 June 2025 1,089 Additions – Amortisation charge (901) At 30 June 2026 188 Accounting Policy Software Software that is installed “on premises”, including software installed on cloud space specifically dedicated to Kyron software, where Kyron has control over the software (such as patching, configuration etc) is capitalised to the balance sheet as an intangible and amortised over the expected useful life, which generally ranges from 3-5 years. The expected useful life of the software is reassessed at each reporting period to determine any required impairment. Where software costs relate to cloud-based solutions, these costs are immediately expensed to the profit and loss. 117 Kyron Capital 117 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 24. Commitments Overview This note sets out the material commitments of the Group. Contingent liabilities and commitments The Group and KIF Group have capital expenditure commitments related to EHAF, but not recognised as liabilities, as at 30 June 2026 of $0.5 million (30 June 2025: $nil). Lease commitments: the Group as lessor The Group had non-cancellable leases in respect of premises. The leases were for a duration of between 1 to 10 years and are classified as operating leases. As all investment properties have now been sold, the lease commitments as at 30 June 2026 are nil. The minimum lease commitments receivable as at 30 June 2026 and 30 June 2025 are as follows: Consolidated Group 30 June 2026 $'000 Consolidated Group 30 June 2025 $'000 Within one year – 5,505 Year 2 – 3,168 Year 3 – 3,012 Year 4 – 1,893 Year 5 – 1,252 Later than 5 years – 1,165 Total lease commitments – 15,995 In the opinion of the Directors, there were no other commitments at the end of the reporting period. 127
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118 Kyron Capital 118 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 25. Share-based payments Overview The Group has short term and long-term ownership-based compensation schemes for executives and senior employees. Refer to the Group’s Remuneration Report for further information relating to the Group’s STI and LTI plans and remuneration framework that were in place for the year to 30 June 2026. Equity is issued as stapled securities and the value of securities issued is split between the Company and KIF. STI scheme During the 2024 financial year, the Group implemented a Transaction Incentive Award associated with the onboarding of the Challenger Mandate. For senior executives, the plan conditions included a forfeiture of securities proportional to any clawback of securities under the Challenger management arrangement. As a result of the termination of the Challenger mandate in October 2025, all Challenger securities were clawed back and these securities were forfeited by the recipients. Vesting for the remainder of staff who received securities under this award was subject to continued service until the vesting date, 16 November 2025. 269,685 securities vested to employees under this award at this date. LTI scheme The purpose of the LTI Schemes is to assist in attracting, motivating and retaining key management and employees. The LTI Schemes operate by providing key management and employees with the opportunity to participate in the future performance of Group securi ties. The vesting conditions of LTI plans and related awards included both a service-based hurdle and an absolute total securityholder return (TSR) performance hurdle (and in the case of the rights plan, a Relative TSR hurdle). TSR was selected as the LTI performance measure to ensure an alignment between the securityholder return and reward for executives. Loan securities plan The Group had an LTI scheme (the LTI Scheme), based on an executive loan security plan. Under the executive loan security plan awards (comprising the loan of funds to eligible Kyron employees to acquire securities which are subject to vesting conditions) were issued to certain employees. The limited recourse loan provided by the Group under the loan security plan carries interest of an amount equal to any cash dividend or distribution but not including any dividend or distribution of capital, or an abnormal distribution. The service-based hurdles were 2, 3 and 4 years in the case of the loan security plan. The TSR is 10% per annum for the first year and 8% per annum thereafter in the case of the loan security plan and 15% per annum in the case of the options plan. The final loan securities plan was launched in the 2022 financial year with the third and final tranche tested at 30 June 2026. None of the three tranches met the performance hurdles and therefore did not vest to employees. 128
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118 Kyron Capital 118 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 25. Share-based payments Overview The Group has short term and long-term ownership-based compensation schemes for executives and senior employees. Refer to the Group’s Remuneration Report for further information relating to the Group’s STI and LTI plans and remuneration framework that were in place for the year to 30 June 2026. Equity is issued as stapled securities and the value of securities issued is split between the Company and KIF. STI scheme During the 2024 financial year, the Group implemented a Transaction Incentive Award associated with the onboarding of the Challenger Mandate. For senior executives, the plan conditions included a forfeiture of securities proportional to any clawback of securities under the Challenger management arrangement. As a result of the termination of the Challenger mandate in October 2025, all Challenger securities were clawed back and these securities were forfeited by the recipients. Vesting for the remainder of staff who received securities under this award was subject to continued service until the vesting date, 16 November 2025. 269,685 securities vested to employees under this award at this date. LTI scheme The purpose of the LTI Schemes is to assist in attracting, motivating and retaining key management and employees. The LTI Schemes operate by providing key management and employees with the opportunity to participate in the future performance of Group securi ties. The vesting conditions of LTI plans and related awards included both a service-based hurdle and an absolute total securityholder return (TSR) performance hurdle (and in the case of the rights plan, a Relative TSR hurdle). TSR was selected as the LTI performance measure to ensure an alignment between the securityholder return and reward for executives. Loan securities plan The Group had an LTI scheme (the LTI Scheme), based on an executive loan security plan. Under the executive loan security plan awards (comprising the loan of funds to eligible Kyron employees to acquire securities which are subject to vesting conditions) were issued to certain employees. The limited recourse loan provided by the Group under the loan security plan carries interest of an amount equal to any cash dividend or distribution but not including any dividend or distribution of capital, or an abnormal distribution. The service-based hurdles were 2, 3 and 4 years in the case of the loan security plan. The TSR is 10% per annum for the first year and 8% per annum thereafter in the case of the loan security plan and 15% per annum in the case of the options plan. The final loan securities plan was launched in the 2022 financial year with the third and final tranche tested at 30 June 2026. None of the three tranches met the performance hurdles and therefore did not vest to employees. 119 Kyron Capital 119 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 25. Share-based payments (continued) Rights plan On 30 June 2026 the Group made a grant of rights to selected employees. Two tranches of the rights are subject to both service and performance conditions, with 75% of the vesting conditional upon meeting an Absolute Total Shareholder Return (TSR) hurdle of 8% and the remaining 25% of the rights subject to a Relative TSR hurdle determined based on the comparison of the Group’s TSR to the TSR of a selection of industry peers. 100% of the Relative TSR rights will vest where th e Group’s TSR is at the 75th percentile or above compared to the selected industry peers, falling on a sliding scale down to 50% where the Relative TSR is at the 50th percentile, with nil vesting below this percentile. The first tranche of these rights is subject to a two year vesting period, and the second to a three year vesting period. A third tranche of rights vests over a two year period and is subject to performance conditions only, with vesting over a two year period. The following share-based payment arrangements were in existence during the current reporting period: Employee Loan Securities Award Type Number Granted Grant Date End of Vesting Period Vesting Conditions1 Security Price at Grant Date Fair Value at Grant Date Loan securities 1,975,000 9/09/2022 30/06/2026 Service & market $1.76 $0.22 1 Service and market conditions include financial and non-financial targets along with a deferred vesting period. Rights plan Award Type Number Granted Grant Date End of Vesting Period Vesting Conditions1 Security Price at Grant Date Fair Value at Grant Date Rights – Tranche 1 3,100,000 30/06/2026 30/06/2028 Service & market $0.07 $0.04 Rights – Tranche 2 450,000 30/06/2026 30/06/2028 Service $0.07 $0.07 Rights – Tranche 3 1,475,000 30/06/2026 30/06/2029 Service & market $0.07 $0.04 The Group recognises the fair value at the grant date of equity settled securities above as an employee benefit expense proportionally over the vesting period with a corresponding increase in equity. Fair value of rights is measured at grant date using a Monte-Carlo Simulation and Binomial option pricing model, performed by an independent valuer, and models the future price of the Group's stapled securities and that of the comparator set. The following key inputs are taken into account: 2026 Rights Plans Tranche 1 Tranche 3 Grant date 30/06/2026 30/06/2026 Vesting date 31/08/2028 31/08/2029 Performance Measurement Start Date 1/07/2026 1/07/2026 Performance Measurement End Date 30/06/2028 30/06/2029 Security price at grant date $0.07 $0.07 Security price at testing start date $0.06 $0.06 Dividend yield (%) Nil Nil Risk-free rate (%) 4.34% 4.34% Volatility (%) 35.00% 36.00% 129
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120 Kyron Capital 120 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 25. Share-based payments (continued) As the Tranche 2 rights are only subject to a Service Condition, these have been valued based on the security price at grant date. Securities issued under STI plan Award Type Number Granted Grant Date End of Vesting Period Vesting Conditions1 Security Price at Grant Date Fair Value at Grant Date FY24 STI Tranche1 595,167 08/12/2023 16/11/2025 Service $1.30 $1.30 FY24 STI Tranche – 2,061,380 12/8/2023 30/06/2026 Service & Other $1.30 $1.30 Execs2 1Service conditions include a deferred vesting period. 2The Executive FY24 STI conditions included a forfeiture of securities proportional to any clawback of securities under the Challenger management arrangement. As a result of the termination of the Challenger mandate in October 2025, all Challenger securities wer e clawed back and these securities were forfeited by the recipients. The total expense recognised during the year in relation to the Group's equity settled share-based payments was $106,896 (2025: reversal of $3,457,000). Accounting Policy Share-Based Payments In accordance with AASB 2 Share-based Payment, Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve. 130
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120 Kyron Capital 120 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 25. Share-based payments (continued) As the Tranche 2 rights are only subject to a Service Condition, these have been valued based on the security price at grant date. Securities issued under STI plan Award Type Number Granted Grant Date End of Vesting Period Vesting Conditions1 Security Price at Grant Date Fair Value at Grant Date FY24 STI Tranche1 595,167 08/12/2023 16/11/2025 Service $1.30 $1.30 FY24 STI Tranche – 2,061,380 12/8/2023 30/06/2026 Service & Other $1.30 $1.30 Execs2 1Service conditions include a deferred vesting period. 2The Executive FY24 STI conditions included a forfeiture of securities proportional to any clawback of securities under the Challenger management arrangement. As a result of the termination of the Challenger mandate in October 2025, all Challenger securities wer e clawed back and these securities were forfeited by the recipients. The total expense recognised during the year in relation to the Group's equity settled share-based payments was $106,896 (2025: reversal of $3,457,000). Accounting Policy Share-Based Payments In accordance with AASB 2 Share-based Payment, Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve. 121 Kyron Capital 121 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 26. Related parties Overview Related parties are persons or entities that are related to the Group as defined by AASB 124 Related Party Disclosures. This note provides information about transactions with related parties during the year. Kyron Capital Controlled entities Interests in controlled entities are set out in Note 19. Responsible Entity fees During the year, Kyron Managed Funds RE Limited (KMFRE) was the Responsible Entity of the Kyron Investment Fund (KIF) (a wholly owned subsidiary of Kyron Capital Limited). In accordance with the Constitution of Kyron Investment Fund (KIF), KMFRE was entitled to receive a management fee equal to its reasonable costs in providing its services as Responsible Entity for which it is not otherwise reimbursed. For the year ended 30 June 2026, this amount is $54,165 (2025: $129,996). KMFRE makes payments for KIF from time to time. These payments are incurred by KMFRE in properly performing or exercising its powers or duties in relati on to KIF. KMFRE has a right of indemnity from KIF for any liability incurred by KMFRE in properly performing or exercising any of it s powers or duties in relation to KIF. The amount reimbursed for the year ended 30 June 2026 was nil (2025: nil). KMFRE acted as Trustee and Manager and/or Custodian of a number of registered and unregistered managed investment schemes, including schemes where the Group also held an investment. KMFRE is entitled to fee income, as set out in the Constitution of each scheme, including management fees, acquisition fees, equity raise fees and performance fees. KMFRE is also entitled to be reimbursed from each Scheme for costs incurred in properly performing or exercising any of its powers or duties in relation to each Scheme. 131
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122 Kyron Capital 122 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 26. Related parties (continued) A summary of the income earned during the year from these managed investment schemes is provided below: Consolidated Group 30 June 2026 $ Consolidated Group 30 June 2025 $ Elanor Commercial Property Fund 3,153,782 4,883,947 55 Elizabeth Street Fund 1,979,003 1,681,667 Warrawong Plaza Syndicate 2,773,271 2,151,709 Elanor Property Income Fund – 891,115 Clifford Gardens Fund 1,479,020 1,706,955 Elanor Healthcare Real Estate Fund 1,501,341 1,402,194 Belconnen Markets Syndicate 635,012 835,169 Riverside Plaza Syndicate 1,084,157 1,071,287 Harris Street Fund 1,235,948 1,800,483 Waverley Gardens Fund 317,857 1,257,776 Fairfield Centre Syndicate 774,305 544,636 Hunters Plaza Syndicate 684,444 591,700 Riverton Forum Fund 1,117,789 1,304,772 Tweed Mall Mixed – Use Real Estate Fund 957,577 823,317 Burke Street Fund 67,996 666,163 Broadmeadows (VIC) Logistics Fund 246,618 1,720,800 Riverside Mixed-Use Dev Fund 261,846 311,846 Northway Plaza – 1,224 Total 18,269,966 23,646,760 Outstanding receivables balances with related parties The following balances arising through the normal course of business were due from related parties at balance date: Consolidated Group 30 June 2026 $ Consolidated Group 30 June 2025 $ Management Fees 6,519,070 22,617,348 Other financial assets – 9,039,789 Other receivables 2,578,921 8,744,891 Total 9,097,991 40,402,028 132
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122 Kyron Capital 122 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 26. Related parties (continued) A summary of the income earned during the year from these managed investment schemes is provided below: Consolidated Group 30 June 2026 $ Consolidated Group 30 June 2025 $ Elanor Commercial Property Fund 3,153,782 4,883,947 55 Elizabeth Street Fund 1,979,003 1,681,667 Warrawong Plaza Syndicate 2,773,271 2,151,709 Elanor Property Income Fund – 891,115 Clifford Gardens Fund 1,479,020 1,706,955 Elanor Healthcare Real Estate Fund 1,501,341 1,402,194 Belconnen Markets Syndicate 635,012 835,169 Riverside Plaza Syndicate 1,084,157 1,071,287 Harris Street Fund 1,235,948 1,800,483 Waverley Gardens Fund 317,857 1,257,776 Fairfield Centre Syndicate 774,305 544,636 Hunters Plaza Syndicate 684,444 591,700 Riverton Forum Fund 1,117,789 1,304,772 Tweed Mall Mixed – Use Real Estate Fund 957,577 823,317 Burke Street Fund 67,996 666,163 Broadmeadows (VIC) Logistics Fund 246,618 1,720,800 Riverside Mixed-Use Dev Fund 261,846 311,846 Northway Plaza – 1,224 Total 18,269,966 23,646,760 Outstanding receivables balances with related parties The following balances arising through the normal course of business were due from related parties at balance date: Consolidated Group 30 June 2026 $ Consolidated Group 30 June 2025 $ Management Fees 6,519,070 22,617,348 Other financial assets – 9,039,789 Other receivables 2,578,921 8,744,891 Total 9,097,991 40,402,028 123 Kyron Capital 123 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 26. Related parties (continued) Key Management Personnel (KMP) Executive Position Mr David McNamara Chief Executive Officer (appointed 22 June 2026) Mr. Anthony (Tony) Fehon Managing Director Mr. Symon Simmons Chief Financial Officer and Company Secretary Non-Executive Position Mr. Ian Mackie Independent Chairman and Non-Executive Director Mrs. Karyn Baylis Independent Non-Executive Director Ms. Kathy Ostin Independent Non-Executive Director Mr. Su Kiat Lim Non-Executive Director (resigned 2 June 2026) The aggregate compensation made to the Key Management Personnel of the Group is set out below: Consolidated Group 30 June 2026 $ Consolidated Group 30 June 2025 $ Short term benefits 2,281,588 4,423,754 Long term benefits 12,838 93,056 Post-employment benefits 97,962 148,180 Share-based payment (308,725) 286,912 Total 2,083,663 4,951,902 133
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124 Kyron Capital 124 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 27. Other accounting policies Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, cash held by property managers in trust, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. Inventories Inventories are assets held for sale or consumables held in the ordinary course of operations and recognised at the lower of cost or net realisable value. The cost of the inventory comprises costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. A provision is raised when it is believed that the costs incurred will not be recovered on the ultimate sale of the inventory. 134
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124 Kyron Capital 124 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 27. Other accounting policies Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, cash held by property managers in trust, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. Inventories Inventories are assets held for sale or consumables held in the ordinary course of operations and recognised at the lower of cost or net realisable value. The cost of the inventory comprises costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. A provision is raised when it is believed that the costs incurred will not be recovered on the ultimate sale of the inventory. 125 Kyron Capital 125 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 28. Events occurring after reporting date In addition to the matters discussed within the Going Concern section, the following events have occurred after reporting date impacting both the Consolidated Group and KIF Group: EHAF Divestments, change of operator arrangements and refinancing As part of the hotel divestment program of the Group, Sanctuary Inn Tamworth settled for a gross sale price of $16.5 million on 22 July 2026. Proceeds of the sale were used to repay debt in EHAF. A Heads of Agreement was executed on 31 July 2026 for the sale of ibis Styles Canberra Eaglehawk for a gross sales price of $16.0 million subject to due diligence. On 1 July 2026, EHAF terminated the Hotel Management Agreement with Elanor Hotel Operations Pty Ltd, a wholly owned subsidiary of the Company, and directly contracted with 1834 Hospitality Pty Ltd, the previous sub-contractor of these services. On 21 August 2026 EHAF received credit approved terms from its financier for a new two-year, $69.5 debt facility that will extend the maturity date from 31 August 2026 to 31 August 2028. In addition, the new arrangement includes a $5 million cash advance facility and adjusts the ICR financial covenant. The new facility is currently being formally documented with financial close to occur before 31 August 2026. Change of Responsible Entity On 24 July 2026, Kyron Managed Funds RE Limited (previous name: Elanor Funds Management Limited) retired as responsible entity of KIF, and Kyron Group RE Limited was appointed as the new responsible entity in its place. Change of names With effect from 24 July 2026, Elanor Investors Limited, following registration by ASIC of the change of name, changed its name to Kyron Capital Limited. On the same day, in accordance with clause 2.1 of its constitution and section 601GC(1)(b) of the Corporations Act, Elanor Investment Fund changes its name to Kyron Investment Fund. From 29 July 2026, the ASX ticker code for the Group changed from ENN to KYN. Other matters On 3 July 2026, the Group completed the settlement of its Securities Holding Agreement relating to the purchase of 1.877 million units in the Elizabeth Street (Brisbane) Fund for consideration of $1.94 million. The Elizabeth Street (Brisbane) Fund had already been reflected in the financial statements as an equity accounted investment as the Group had exposure to the returns of this fund of as a result of the terms of the purchase arrangement. Other than the events disclosed above, the directors are not aware of any other matter or circumstance not otherwise dealt with in the financial reports or the Directors' Report that has significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in the financial period subsequent to year ended 30 June 2026. 135
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126 Kyron Capital 126 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 29. Auditor's remuneration Overview Ernst & Young (EY) are the independent auditors of Kyron Capital (2025: PricewaterhouseCoopers (PwC)) and have provided a number of audit and other assurance related services to the Group and the Trust during the year. Below is a summary of fees paid for various services to EY and PwC (2025: PwC) during the year. Consolidated Group 30 June 2026 $ Consolidated Group 30 June 2025 $ Former auditors of the Group – PWC Total audit and review of financial reports 288,000 1,677,000 Current auditors of the Group – EY Total audit and review of financial reports 828,000 – GS007 98,600 – Other non-audit services 56,500 – Total services provided by the auditors 1,271,100 1,677,000 All audit fees for the Group are paid by the Company. 136
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126 Kyron Capital 126 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 29. Auditor's remuneration Overview Ernst & Young (EY) are the independent auditors of Kyron Capital (2025: PricewaterhouseCoopers (PwC)) and have provided a number of audit and other assurance related services to the Group and the Trust during the year. Below is a summary of fees paid for various services to EY and PwC (2025: PwC) during the year. Consolidated Group 30 June 2026 $ Consolidated Group 30 June 2025 $ Former auditors of the Group – PWC Total audit and review of financial reports 288,000 1,677,000 Current auditors of the Group – EY Total audit and review of financial reports 828,000 – GS007 98,600 – Other non-audit services 56,500 – Total services provided by the auditors 1,271,100 1,677,000 All audit fees for the Group are paid by the Company. 127 Kyron Capital 127 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) Overview This note provides information relating to the non-parent KIF Group only. The accounting policies are consistent with the Group, except as otherwise disclosed. Segment information Chief operating decisions are based on the segment information as reported by the consolidated Group and therefore KIF is deemed to only have one segment. Distributions KIF Group The KIF Group did not declare any distributions during the year ended 30 June 2026 and 30 June 2025. EHAF EHAF declared distributions of $1.4 million during the year ended 30 June 2026 (2025: nil). Of the distributions declared during the year, $0.4 million was paid to entities within the KIF Group and eliminated on consolidation. EWPF Prior to its sale in FY2026, EWPF did not declare a distribution (2025: $0.1 million). The FY2025 distribution was paid in FY2026, of which $0.04 million was paid to entities within the KIF Group and eliminated on consolidation. Stirling Street During the year ended 30 June 2026, Stirling Street returned capital of $6.2 million to unitholders (2025: nil). The return of capital represented a repayment of contributed equity. Of the returned capital during the year, $2.7 million was paid to entities within the KIF Group and eliminated on consolidation. Taxation of the Trust Under current Australian income tax legislation, the Trust and its sub-trusts are not liable for income tax on their taxable income (including assessable realised capital gains) provided that the unitholders are presently entitled to the income of the Trust. Accordingly, the Group only pays tax on Company taxable earnings and there is no separate tax disclosure for the Trust. 137
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128 Kyron Capital 128 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Rental income A summary of the rental income earned during the year is provided below: KIF Group 30 June 2026 $’000 KIF Group 30 June 2025 $’000 Elanor Hotel Accommodation Limited and its subsidiaries 6,603 7,364 Elanor Hotel Accommodation II Limited and its subsidiaries 4,896 7,187 Elanor Wildlife Park Pty Limited and its subsidiaries 3,029 3,873 Bluewater Square Syndicate 976 4,455 Stirling Street Syndicate 506 3,672 Total 16,010 26,551 Investment Properties Movement in investment properties The carrying value of investment properties at the beginning and end of the current year is set out below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'0001 Carrying amount at the beginning of the year 293,457 339,981 Additions 4,209 3,705 Assets reclassified from held for sale 34,410 - Revaluation decrements (10,403) (6,534) Disposal from Wildlife Parks business unit sale (48,042) - Disposal of investment properties (27,500) - Investment properties reclassified as held for sale (17,969) (43,695) Carrying amount at the end of the year 228,162 293,457 1 Comparatives have been restated. Refer to Note 33 for further details. Refer to Note 8 Property, plant and equipment and Note 9 Investment properties for further details of the valuations of the underlying property assets. Accounting Policy Fair value of Investment Properties Investment property relates to the land and buildings owned by the KIF Group (being the Kyron Investment Fund and its controlled entities) only, in which rental income is earned from entities within the KCL Group. Valuation, technique and inputs Investment properties are categorised as level 3 in the fair value hierarchy. There were no transfers between hierarchies during the year. 138
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128 Kyron Capital 128 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Rental income A summary of the rental income earned during the year is provided below: KIF Group 30 June 2026 $’000 KIF Group 30 June 2025 $’000 Elanor Hotel Accommodation Limited and its subsidiaries 6,603 7,364 Elanor Hotel Accommodation II Limited and its subsidiaries 4,896 7,187 Elanor Wildlife Park Pty Limited and its subsidiaries 3,029 3,873 Bluewater Square Syndicate 976 4,455 Stirling Street Syndicate 506 3,672 Total 16,010 26,551 Investment Properties Movement in investment properties The carrying value of investment properties at the beginning and end of the current year is set out below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'0001 Carrying amount at the beginning of the year 293,457 339,981 Additions 4,209 3,705 Assets reclassified from held for sale 34,410 - Revaluation decrements (10,403) (6,534) Disposal from Wildlife Parks business unit sale (48,042) - Disposal of investment properties (27,500) - Investment properties reclassified as held for sale (17,969) (43,695) Carrying amount at the end of the year 228,162 293,457 1 Comparatives have been restated. Refer to Note 33 for further details. Refer to Note 8 Property, plant and equipment and Note 9 Investment properties for further details of the valuations of the underlying property assets. Accounting Policy Fair value of Investment Properties Investment property relates to the land and buildings owned by the KIF Group (being the Kyron Investment Fund and its controlled entities) only, in which rental income is earned from entities within the KCL Group. Valuation, technique and inputs Investment properties are categorised as level 3 in the fair value hierarchy. There were no transfers between hierarchies during the year. 129 Kyron Capital 129 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Fair value measurement The significant unobservable inputs associated with the valuation of the Group's investment properties are as follows: KIF Group 30 June 2026 $'000 Discount Rate % Terminal Yield % Capitalisation Rate % Average Daily Rate $ Occupancy % Assets measured at fair value Investment properties 228,162 8.3% -9.5% 6.8% -7.5% 6.3% – 7.5% $158 – $420 50% – 76% KIF Group 30 June 2025 $'000 Discount Rate % Terminal Yield % Capitalisation Rate % Average Daily Rate $ Occupancy % Assets measured at fair value Investment properties 293,457 6.5% – 16.0% 6.0% – 14.0% 5.8% – 13.0% $129 – $524 50% – 77% 139
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130 Kyron Capital 130 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Assets and liabilities held for sale The carrying amount of the assets and liabilities held for sale as at 30 June 2026 are set out below: KIF Group 30 June 2026 $’000 KIF Group 30 June 2025 $’000 Assets and liabilities held for sale Investment properties 33,354 174,623 Total assets classified as held for sale 33,354 174,623 1 Comparatives have been restated. Refer to Note 33 for further details. A reconciliation of the carrying amount of assets held for sale is set out below: KIF Group 30 June 2026 $’000 KIF Group 30 June 2025 $’000 Opening balance 174,623 190,338 Assets newly classified as held for sale 17,969 84,354 Transfers from assets held for sale back to non-current assets (34,410) – Disposal of assets previously classed as held for sale (124,800) (84,010) Fair value movements/ write-downs (28) (16,059) Closing balance 33,354 174,623 140
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130 Kyron Capital 130 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Assets and liabilities held for sale The carrying amount of the assets and liabilities held for sale as at 30 June 2026 are set out below: KIF Group 30 June 2026 $’000 KIF Group 30 June 2025 $’000 Assets and liabilities held for sale Investment properties 33,354 174,623 Total assets classified as held for sale 33,354 174,623 1 Comparatives have been restated. Refer to Note 33 for further details. A reconciliation of the carrying amount of assets held for sale is set out below: KIF Group 30 June 2026 $’000 KIF Group 30 June 2025 $’000 Opening balance 174,623 190,338 Assets newly classified as held for sale 17,969 84,354 Transfers from assets held for sale back to non-current assets (34,410) – Disposal of assets previously classed as held for sale (124,800) (84,010) Fair value movements/ write-downs (28) (16,059) Closing balance 33,354 174,623 131 Kyron Capital 131 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Equity accounted investments The Trust's equity accounted investments are as follows: 30 June 2026 Principal activity Percentage Ownership KIF Group 30 June 2026 $'000 Elanor Healthcare Real Estate Healthcare properties 3.36% 5,636 Harris Street Fund Commercial Office Property 13.77% 3,261 55 Elizabeth Street Fund Commercial Office Property 1.72% 1,647 Hunters Plaza Syndicate Shopping Centre 6.06% 1,433 Riverton Forum Fund Shopping Centre 0.03% 18 Total equity accounted investments 11,995 30 June 2025 Principal activity Percentage Ownership KIF Group 30 June 2025 $'000 Elanor Property Income Fund Real Estate Properties 35.34% 738 Waverley Gardens Fund Shopping Centre 15.00% 4,895 Riverton Forum Fund Shopping Centre 0.03% 17 Elanor Healthcare Real Estate Healthcare Properties 3.36% 5,582 Harris Street Fund Commercial Office Property 13.77% 3,471 Hunters Plaza Syndicate Shopping Centre 5.87% 1,354 55 Elizabeth Street Fund Commercial Office Property 1.72% 1,868 Total equity accounted investments 17,925 141
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132 Kyron Capital 132 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) The carrying amount of equity accounted investments at the beginning and end of the year is set out below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Carrying amount at the beginning of the year 17,925 49,640 Share of profit/(loss) from equity accounted investments 571 (827) Distributions received (345) (1,321) Share of movement in reserves (158) 18 Net investment in / (sale of) equity accounted investments 44 (24,188) Realised gain on disposal of investments – 659 Return of capital (5,822) (6,056) Impairment (220) – Total carrying value at the end of the year 11,995 17,925 Details of material associates The following information represents the aggregated financial position and financial performance of the Elanor Healthcare Real Estate Fund, Harris Street Fund, 55 Elizabeth Street Fund and Hunters Plaza Fund. This summarised financial information represents amounts shown in the associate's financial statements prepared in accordance with Australian Accounting Standards, adjusted by the Trust for equity accounting purposes. 30 June 2026 Financial position Elanor Healthcare Real Estate Fund 30 June 2026 $'000 Harris Street Fund 30 June 2026 $'000 55 Elizabeth Street Fund 30 June 2026 $'000 Hunters Plaza Fund 30 June 2026 $'000 Current assets 3,880 2,231 5,766 3,522 Non-current assets 269,950 144,000 173,110 49,105 Total Assets 273,830 146,231 178,876 52,627 Current liabilities 9,915 4,186 3,384 3,449 Non-current liabilities 98,720 118,364 79,821 24,842 Total Liabilities 108,635 122,550 83,205 28,291 Contributed equity 230,913 86,229 106,549 25,955 Reserves – – – (3,404) Retained profits / (accumulated losses) (65,718) (62,548) (10,878) 1,785 Total Equity 165,195 23,681 95,671 24,336 142
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132 Kyron Capital 132 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) The carrying amount of equity accounted investments at the beginning and end of the year is set out below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Carrying amount at the beginning of the year 17,925 49,640 Share of profit/(loss) from equity accounted investments 571 (827) Distributions received (345) (1,321) Share of movement in reserves (158) 18 Net investment in / (sale of) equity accounted investments 44 (24,188) Realised gain on disposal of investments – 659 Return of capital (5,822) (6,056) Impairment (220) – Total carrying value at the end of the year 11,995 17,925 Details of material associates The following information represents the aggregated financial position and financial performance of the Elanor Healthcare Real Estate Fund, Harris Street Fund, 55 Elizabeth Street Fund and Hunters Plaza Fund. This summarised financial information represents amounts shown in the associate's financial statements prepared in accordance with Australian Accounting Standards, adjusted by the Trust for equity accounting purposes. 30 June 2026 Financial position Elanor Healthcare Real Estate Fund 30 June 2026 $'000 Harris Street Fund 30 June 2026 $'000 55 Elizabeth Street Fund 30 June 2026 $'000 Hunters Plaza Fund 30 June 2026 $'000 Current assets 3,880 2,231 5,766 3,522 Non-current assets 269,950 144,000 173,110 49,105 Total Assets 273,830 146,231 178,876 52,627 Current liabilities 9,915 4,186 3,384 3,449 Non-current liabilities 98,720 118,364 79,821 24,842 Total Liabilities 108,635 122,550 83,205 28,291 Contributed equity 230,913 86,229 106,549 25,955 Reserves – – – (3,404) Retained profits / (accumulated losses) (65,718) (62,548) (10,878) 1,785 Total Equity 165,195 23,681 95,671 24,336 133 Kyron Capital 133 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) 30 June 2026 Financial performance Elanor Healthcare Real Estate Fund 30 June 2026 $'000 Harris Street Fund 30 June 2026 $'000 55 Elizabeth Street Fund 30 June 2026 $'000 Hunters Plaza Fund 30 June 2026 $'000 Profit / (loss) for the year 11,892 (1,529) 17,113 4,126 Other comprehensive income for the year – – – (2,733) Total comprehensive expense for the year 11,892 (1,529) 17,113 1,393 Distributions received from the associates during the year 341 – – 4 A reconciliation of the above summarised financial information to the carrying amount of the interest in Elanor Healthcare Real Estate Fund, Harris Street Fund, 55 Elizabeth Street Fund and Hunters Plaza Fund recognised in the consolidated financial statements is provided below: Financial position Elanor Healthcare Real Estate Fund 30 June 2026 $'000 Harris Street Fund 30 June 2026 $'000 55 Elizabeth Street Fund 30 June 2026 $'000 Hunters Plaza Fund 30 June 2026 $'000 Net assets of the associate 165,195 23,681 95,671 24,335 Proportion of the Group's ownership interest 3.36% 13.77% 1.72% 5.97% Group's share of net assets of the associates 5,551 3,261 1,647 1,429 Other movements not accounted for under the equity method1 85 – – 4 Carrying amount of the Group's interest 5,636 3,261 1,647 1,433 1 Other movements are primarily due to impairment of equity accounted investments and distributions declared, but not paid as at balance date. 143
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134 Kyron Capital 134 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) 30 June 2025 Financial position Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Current assets 4,218 5,073 4,607 9,408 Non-current assets – 261,250 163,000 138,000 Total Assets 4,218 266,323 167,607 147,408 Current liabilities 2,237 8,154 3,556 3,310 Non-current liabilities – 94,648 129,042 118,888 Total Liabilities 2,237 102,802 132,598 122,198 Contributed equity 78,714 230,913 88,001 86,229 Reserves – – – – Retained profits / (accumulated losses) (76,733) (67,392) (52,992) (61,019) Total Equity 1,981 163,521 35,009 25,210 Financial performance Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Profit / (loss) for the year (10,212) 3,559 (41,300) (9,300) Other comprehensive income for the year – – – – Total comprehensive expense for the year (10,212) 3,559 (41,300) (9,300) Distributions received from the associates during the year 81 377 – – A reconciliation of the above summarised financial information to the carrying amount of the interest in Elanor Retail Property Fund, Elanor Healthcare Real Estate Fund, Waverley Gardens Fund and the Harris St Fund recognised in the consolidated financial statements is provided below: Financial performance Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Net assets of the associate 1,981 163,521 35,009 25,210 Proportion of the Group's ownership interest 35.34% 3.36% 15.00% 13.77% Group's share of net assets of the associates 700 5,494 5,251 3,471 Other movements not accounted for under the equity method 1 38 88 (357) – Carrying amount of the Group's interest 738 5,582 4,894 3,471 1 Other movements are primarily due to the Funds issuing new units to external investors at a price above or below the underlying net assets of the fund, or where the Group has acquired units on-market at a price different to the fund's NTA. 144
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134 Kyron Capital 134 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) 30 June 2025 Financial position Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Current assets 4,218 5,073 4,607 9,408 Non-current assets – 261,250 163,000 138,000 Total Assets 4,218 266,323 167,607 147,408 Current liabilities 2,237 8,154 3,556 3,310 Non-current liabilities – 94,648 129,042 118,888 Total Liabilities 2,237 102,802 132,598 122,198 Contributed equity 78,714 230,913 88,001 86,229 Reserves – – – – Retained profits / (accumulated losses) (76,733) (67,392) (52,992) (61,019) Total Equity 1,981 163,521 35,009 25,210 Financial performance Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Profit / (loss) for the year (10,212) 3,559 (41,300) (9,300) Other comprehensive income for the year – – – – Total comprehensive expense for the year (10,212) 3,559 (41,300) (9,300) Distributions received from the associates during the year 81 377 – – A reconciliation of the above summarised financial information to the carrying amount of the interest in Elanor Retail Property Fund, Elanor Healthcare Real Estate Fund, Waverley Gardens Fund and the Harris St Fund recognised in the consolidated financial statements is provided below: Financial performance Elanor Property Income Fund 30 June 2025 $'000 Elanor Healthcare Real Estate Fund 30 June 2025 $'000 Waverley Gardens Fund 30 June 2025 $'000 Harris Street Fund 30 June 2025 $'000 Net assets of the associate 1,981 163,521 35,009 25,210 Proportion of the Group's ownership interest 35.34% 3.36% 15.00% 13.77% Group's share of net assets of the associates 700 5,494 5,251 3,471 Other movements not accounted for under the equity method 1 38 88 (357) – Carrying amount of the Group's interest 738 5,582 4,894 3,471 1 Other movements are primarily due to the Funds issuing new units to external investors at a price above or below the underlying net assets of the fund, or where the Group has acquired units on-market at a price different to the fund's NTA. 135 Kyron Capital 135 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Aggregate information of associates that are not individually material Year ended 30 June 2026 $'000 Year ended 30 June 2025 $'000 Profit / (loss) for the year 29,012 (740) Other comprehensive income / (loss) for the year (158) 796 Total comprehensive expense for the year 28,854 56 Aggregate carrying amount of the Group's interests in these associates 3,098 3,977 Interest bearing liabilities KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Current Interest bearing liabilities 89,951 237,001 Total current 89,951 237,001 Non-current Loan from the company 43,425 37,812 Total non-current 43,425 37,812 Total interest bearing liabilities 133,376 274,813 As part of its internal funding, KIF entered into a long-term interest-bearing loan with KCL at arm's length terms, maturing in July 2027. As at 30 June 2026, the outs tanding loan to the Company was $43.4 million (2025: $37.8 million). KIF, along with KCL, is a guarantor of the Rockworth senior debt of $70.0 million. 145
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136 Kyron Capital 136 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Borrowing Costs A breakdown of the borrowing costs is provided below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Interest expense 10,826 21,565 Amortisation of debt establishment costs 1,215 2,008 Guarantees to third parties 1,752 – Total borrowing costs 13,793 23,573 Derivative Financial instruments The KIF Group enters into derivative financial instruments to manage its exposure to interest rate risk. KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Non-current assets / (liabilities) Interest rate swaps 116 (2,046) 116 (2,046) Total derivative financial instruments assets / (liabilities) 116 (2,046) 146
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136 Kyron Capital 136 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Borrowing Costs A breakdown of the borrowing costs is provided below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Interest expense 10,826 21,565 Amortisation of debt establishment costs 1,215 2,008 Guarantees to third parties 1,752 – Total borrowing costs 13,793 23,573 Derivative Financial instruments The KIF Group enters into derivative financial instruments to manage its exposure to interest rate risk. KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Non-current assets / (liabilities) Interest rate swaps 116 (2,046) 116 (2,046) Total derivative financial instruments assets / (liabilities) 116 (2,046) 137 Kyron Capital 137 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Reserves Reserves are balances that form part of equity that record other comprehensive income amounts that are retained in the business and not distributed until such time the underlying balance sheet item is realised. This note provides information about movements in the other reserves line item of the balance sheet and a description of the nature and purpose of each reserve. KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Other reserves Opening balance (33) (51) Share of reserves of equity accounted investments (158) 18 Closing balance (191) (33) Stapled security-based payment reserve Opening balance 4,985 7,647 Loan securities and options1 (3,700) (64) Short term incentive schemes1 (1,285) (2,598) Closing balance – 4,985 Total reserves (191) 4,952 1 Includes $0.1 million of net share-based payment expense. Remaining balances relate to expired plans transferred to retained earnings. (Prior year movements relate to share based payment expenses only). The stapled security-based payment reserve is used to recognise the fair value of loan, restricted securities and options issued to employees but not yet exercised under the Group's DSTI and LTIP. 147
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138 Kyron Capital 138 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Financial Risk Management (1) Market Risk Interest rate risk As at reporting date, the KIF Group had the following interest-bearing assets and liabilities: KIF Group 30 June 2026 Maturity < 1 yr $'000 Maturity 1 – 5 yrs $'000 Maturity > 5 yrs $'000 Total $'000 Assets Cash and cash equivalents 2,642 – – 2,642 Derivative financial instruments 116 – – 116 Total assets 2,758 – – 2,758 Weighted average interest rate 0.53% Liabilities Interest bearing loans 89,951 – – 89,951 Derivative financial instruments – – – – Total liabilities 89,951 – – 89,951 Weighted average interest rate 6.08% KIF Group 30 June 2025 Maturity < 1 yr $'000 Maturity 1 – 5 yrs $'000 Maturity > 5 yrs $'000 Total $'000 Assets Cash and cash equivalents 1,068 – – 1,068 Total assets 1,068 – – 1,068 Weighted average interest rate 0.23% Liabilities Interest bearing loans 237,001 – – 237,001 Derivative financial instruments – 2,046 – 2,046 Loan from Company – 37,812 – 37,812 Total liabilities 237,001 39,858 – 276,859 Weighted average interest rate 7.86% As at 30 June 2026 $70.0 million (2025: $115.0 million) of the $69.4 million (2025: $316.9 million) of floating interest-bearing loans in EHAF have been hedged using interest rate swap agreements. These agreements are in place to swap the variable / floating interest payable to a fixed rate to minimise the interest rate risk. 148
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138 Kyron Capital 138 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Financial Risk Management (1) Market Risk Interest rate risk As at reporting date, the KIF Group had the following interest-bearing assets and liabilities: KIF Group 30 June 2026 Maturity < 1 yr $'000 Maturity 1 – 5 yrs $'000 Maturity > 5 yrs $'000 Total $'000 Assets Cash and cash equivalents 2,642 – – 2,642 Derivative financial instruments 116 – – 116 Total assets 2,758 – – 2,758 Weighted average interest rate 0.53% Liabilities Interest bearing loans 89,951 – – 89,951 Derivative financial instruments – – – – Total liabilities 89,951 – – 89,951 Weighted average interest rate 6.08% KIF Group 30 June 2025 Maturity < 1 yr $'000 Maturity 1 – 5 yrs $'000 Maturity > 5 yrs $'000 Total $'000 Assets Cash and cash equivalents 1,068 – – 1,068 Total assets 1,068 – – 1,068 Weighted average interest rate 0.23% Liabilities Interest bearing loans 237,001 – – 237,001 Derivative financial instruments – 2,046 – 2,046 Loan from Company – 37,812 – 37,812 Total liabilities 237,001 39,858 – 276,859 Weighted average interest rate 7.86% As at 30 June 2026 $70.0 million (2025: $115.0 million) of the $69.4 million (2025: $316.9 million) of floating interest-bearing loans in EHAF have been hedged using interest rate swap agreements. These agreements are in place to swap the variable / floating interest payable to a fixed rate to minimise the interest rate risk. 139 Kyron Capital 139 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Interest Rate Sensitivity Increase by 1% Decrease by 1% KIF Group 30 June 2026 Amount $'000 Profit/ (loss) $'000 Equity $'000 Profit/ (loss) $'000 Equity $'000 Cash and cash equivalents 2,642 26 – (26) – Derivative financial instruments 116 700 – (700) – Interest bearing loans 89,951 (899) – 899 – Total increase / (decrease) (173) – 173 – Increase by 1% Decrease by 1% KIF Group 30 June 2025 Amount $'000 Profit/ (loss) $'000 Equity $'000 Profit/ (loss) $'000 Equity $'000 Cash and cash equivalents 1,068 11 – (11) – Derivative financial instruments 2,046 1,150 – (1,150) – Interest bearing loans 237,001 (2,647) – 2,647 – Total increase / (decrease) (1,486) – 1,486 – 149
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140 Kyron Capital 140 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) (2) Credit Risk Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date is detailed below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Cash and cash equivalents 2,642 1,068 Trade and other receivables 18,661 39,595 Total 21,303 40,663 Impairment losses The ageing of trade and other receivables at reporting date is detailed below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Current 15,751 36,383 Past due 31-61 days – 68 Past due 61+ days 2,910 3,266 Total 18,661 39,717 Provision for expected credit loss – (122) Net trade and other receivables 18,661 39,595 150
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140 Kyron Capital 140 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) (2) Credit Risk Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date is detailed below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Cash and cash equivalents 2,642 1,068 Trade and other receivables 18,661 39,595 Total 21,303 40,663 Impairment losses The ageing of trade and other receivables at reporting date is detailed below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Current 15,751 36,383 Past due 31-61 days – 68 Past due 61+ days 2,910 3,266 Total 18,661 39,717 Provision for expected credit loss – (122) Net trade and other receivables 18,661 39,595 141 Kyron Capital 141 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) (3) Liquidity risk KIF Group 30 June 2026 Less than 1 year $'000 1 to 2 years $'000 2 to 5 years $'000 More than 5 years $'000 Contractual cash flows $'000 Carrying amount $'000 Derivatives – – – – – – Non derivative financial liabilities Payables 22,371 – – – 22,371 22,371 Interest bearing loans 90,818 – – – 90,818 89,870 Loan from Company – 43,425 – – 43,425 43,425 Total 113,189 43,425 – – 156,614 155,666 KIF Group 30 June 2025 Less than 1 year $'000 1 to 2 years $'000 2 to 5 years $'000 More than 5 years $'000 Contractual cash flows $'000 Carrying amount $'000 Derivatives – 2,046 – – 2,046 2,046 Non derivative financial liabilities Payables 60,593 – – – 60,593 60,593 Interest bearing loans 237,001 – – – 237,001 237,001 Loan from Company – 37,812 – – 37,812 37,812 Total 297,594 39,858 – – 337,452 337,452 Other financial assets and liabilities This note provides further information about material financial assets and liabilities that are incidental to the KIF and the Trust's trading activities, being trade and other receivables and trade and other payables. Trade and other receivables KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Trade receivables 18,395 39,595 GST receivables 266 – Total trade and other receivables 18,661 39,595 Trade receivables consist primarily of intercompany receivables between the landowning trusts of the Group's consolidated hotels and wildlife parks (which are held on the KIF Group side of the Group's stapled structure), and their respective operating entities (which are held on the KCL side of the Group's stapled structure). These intercompany receivables balances are eliminated upon consolidation into KYN Group balance sheet. 151
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142 Kyron Capital 142 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Payables KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Trade creditors 10,363 26,905 Accrued expenses 746 4,795 Intercompany payable 5,289 15,013 GST payable – 305 Total payables 16,398 47,018 Other current liabilities KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Security deposit – 9 Distribution payable 270 100 Other liabilities 5,703 13,466 Total payables 5,973 13,575 $5.7 million included in Other liabilities represent commercial arrangements with third parties, which includes an obligation to acquire units in Managed Funds (2025: $13.6 million) Cash flow information This note provides further information on the consolidated cash flow statements of the Trust. It reconciles profit for the year to cash flows from operating activities and information about non-cash transactions. 152
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142 Kyron Capital 142 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Payables KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Trade creditors 10,363 26,905 Accrued expenses 746 4,795 Intercompany payable 5,289 15,013 GST payable – 305 Total payables 16,398 47,018 Other current liabilities KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Security deposit – 9 Distribution payable 270 100 Other liabilities 5,703 13,466 Total payables 5,973 13,575 $5.7 million included in Other liabilities represent commercial arrangements with third parties, which includes an obligation to acquire units in Managed Funds (2025: $13.6 million) Cash flow information This note provides further information on the consolidated cash flow statements of the Trust. It reconciles profit for the year to cash flows from operating activities and information about non-cash transactions. 143 Kyron Capital 143 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 30. Non-Parent disclosure (KIF Group) (continued) Reconciliation of loss after income tax to net cash flows from operating activities KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Loss for the year (15,121) (20,372) Amortisation 228 978 Fair value adjustment on revaluation of investment property and derivatives 10,403 6,070 Net realised gain/(loss) on sale of investment – (659) Other non cash items (164) (2,289) Straight line lease expense and lease incentive income 39 35 Employee costs funded directly through equity 107 736 Net cash provided by operating activities before changes in assets and liabilities (4,508) (15,501) Movement in working capital: Decrease / (increase) in trade and other receivables (3,589) (33) Increase / (decrease) in trade and other payables (3,659) 5,638 Net cash from operating activities (11,756) (9,896) Non-cash financing activities During the financial year ended 30 June 2026, the cancellation of securities arising from the unwinding of the strategic partnership with Challenger resulted in a non-cash financing transaction between the Parent entity and Kyron Investment Fund (refer to Note 15). In the prior year, the repayment of external debt was partially funded by a $48.4 million drawdown on the intercompany loan from the Company. Subsequently, approximately $16.0 million of the intercompany loan was extinguished through the non-cash settlement of outstanding intercompany receivable balances. Related Parties Related parties are persons or entities that are related to the KIF as defined by AASB 124 Related Party Disclosures. This note provides information about transactions with related parties during the year. Controlled entities Interests in controlled entities are set out in Note 19. Responsible Entity fees In accordance with the Constitution of Kyron Investment Fund (KIF), KMFRE was entitled to receive a management fee equal to its reasonable costs in providing its services as Responsible Entity for which it is not otherwise reimbursed. For the year ended 30 June 2026, this amount is $54,165 (2025: $129,996). 153
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144 Kyron Capital 144 KMFRE makes payments for KIF from time to time. These payments are incurred by KMFRE in properly performing or exercising its powers or duties in relation to KIF. KMFRE has a right of indemnity from KIF for any liability incurred by KMFRE in properly performing or exercising any of its powers or duties in relation to KIF. The amount reimbursed for the year ended 30 June 2026 was nil (2025: nil). Rental income A summary of the rental income earned during the year by KIF Group from the KCL Group is provided below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Elanor Hotel Accommodation Limited and its subsidiaries 6,602,623 7,364,277 Elanor Hotel Accommodation II Limited and its subsidiaries 4,896,477 7,186,796 Elanor Wildlife Park Pty Limited and its subsidiaries 3,029,187 3,873,214 Total 14,528,287 18,424,287 Key Management Personnel (KMP) Executive Position Mr David McNamara Chief Executive Officer (appointed 22 June 2026) Mr. Anthony (Tony) Fehon Managing Director (until 1 August 2026), Executive Director (from 1 August 2026) Mr. Symon Simmons Chief Financial Officer and Company Secretary Non-Executive Position Mr. Ian Mackie Independent Chairman and Non-Executive Director Mrs. Karyn Baylis Independent Non-Executive Director Ms. Kathy Ostin Independent Non-Executive Director Mr. Su Kiat Lim Non-Executive Director (resigned 2 June 2026) Compensation of the KMP of KIF is paid by Kyron Capital Limited and its subsidiaries. 154
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144 Kyron Capital 144 KMFRE makes payments for KIF from time to time. These payments are incurred by KMFRE in properly performing or exercising its powers or duties in relation to KIF. KMFRE has a right of indemnity from KIF for any liability incurred by KMFRE in properly performing or exercising any of its powers or duties in relation to KIF. The amount reimbursed for the year ended 30 June 2026 was nil (2025: nil). Rental income A summary of the rental income earned during the year by KIF Group from the KCL Group is provided below: KIF Group 30 June 2026 $'000 KIF Group 30 June 2025 $'000 Elanor Hotel Accommodation Limited and its subsidiaries 6,602,623 7,364,277 Elanor Hotel Accommodation II Limited and its subsidiaries 4,896,477 7,186,796 Elanor Wildlife Park Pty Limited and its subsidiaries 3,029,187 3,873,214 Total 14,528,287 18,424,287 Key Management Personnel (KMP) Executive Position Mr David McNamara Chief Executive Officer (appointed 22 June 2026) Mr. Anthony (Tony) Fehon Managing Director (until 1 August 2026), Executive Director (from 1 August 2026) Mr. Symon Simmons Chief Financial Officer and Company Secretary Non-Executive Position Mr. Ian Mackie Independent Chairman and Non-Executive Director Mrs. Karyn Baylis Independent Non-Executive Director Ms. Kathy Ostin Independent Non-Executive Director Mr. Su Kiat Lim Non-Executive Director (resigned 2 June 2026) Compensation of the KMP of KIF is paid by Kyron Capital Limited and its subsidiaries. 145 Kyron Capital 145 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 31. Disposal of material subsidiary Description Elanor Wildlife Park Fund (EWPF) was consolidated until its disposal in February 2026, with the Group holding 42.82% until sale. The Group’s co-investment in EWPF, together with management rights and related receivables, was sold for a combined purchase price of $13.0 million. EWPF was classified as held for sale at 31 December 2025 under AASB 5 Non-current Assets Held for Sale and Discontinued Operations. Financial information relating to the material subsidiary for the period to the date of disposal is set out below: Financial performance and cash flow information The financial performance and cash flow information presented below are for the seven months ended 5 February 2026 and the year ended 30 June 2025. 5 February 2026 $'000 30 June 2025 $'000 Revenue 14,862 22,633 Expenses (12,705) (25,238) Profit/(loss) before income tax 2,157 (2,605) Income tax benefit 15 4 Profit/(loss) after income tax 2,172 (2,601) Attributable to security holders of: – Parent Entity 930 (1,114) – External Non-controlling interest 1,242 (1,487) Profit after income tax of sold subsidiary 930 – Loss on sale of the subsidiary (472) – Profit from the disposal of subsidiary 458 – 5 February 2026 $'000 30 June 2025 $'000 Net cash flows from operating activities 724 1,094 Net cash flows used in investing activities (309) (474) Net cash flows used in financing activities (100) (32) Net increase in cash 315 588 155
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146 Kyron Capital 146 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 31. Disposal of material subsidiary (continued) Details of the sale of the subsidiary 5 February 2026 $'000 30 June 2025 $'000 Cash 13,009 – Fair value of contingent consideration – – Total disposal consideration 13,009 – Carrying amount of net asset sold (13,481) – Loss on sales (472) – The carrying amounts of assets and liabilities as at the date of sale (5 February 2026) were: 5 February 2026 $'000 Assets Cash and cash equivalents 1,251 Trade and other receivables 1,664 Inventories 1,522 Prepayments 929 Property, plant and equipment 60,058 Intangible assets 30 Deferred tax asset 956 Total assets 66,410 Liabilities Trade and other payables 4,521 Deferred income 386 Employee benefits 714 Interest bearing liabilities 29,303 Total liabilities 34,924 Net Asset 31,484 This has resulted in the deconsolidation adjustment of $19.0 million of NCI on disposal. 156
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146 Kyron Capital 146 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 31. Disposal of material subsidiary (continued) Details of the sale of the subsidiary 5 February 2026 $'000 30 June 2025 $'000 Cash 13,009 – Fair value of contingent consideration – – Total disposal consideration 13,009 – Carrying amount of net asset sold (13,481) – Loss on sales (472) – The carrying amounts of assets and liabilities as at the date of sale (5 February 2026) were: 5 February 2026 $'000 Assets Cash and cash equivalents 1,251 Trade and other receivables 1,664 Inventories 1,522 Prepayments 929 Property, plant and equipment 60,058 Intangible assets 30 Deferred tax asset 956 Total assets 66,410 Liabilities Trade and other payables 4,521 Deferred income 386 Employee benefits 714 Interest bearing liabilities 29,303 Total liabilities 34,924 Net Asset 31,484 This has resulted in the deconsolidation adjustment of $19.0 million of NCI on disposal. 147 Kyron Capital 147 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 32. Material Non-controlling interest Description Elanor Hotel Accommodation Fund (EHAF) is a consolidated subsidiary of the Group in which external investors hold units giving rise to a non-controlling interest (NCI). The NCI represents the portion of EHAF's net assets and results attributable to external unitholders and is presented separately within equity. EHAF is considered material to the Group's non-controlling interests and accordingly summarised financial information has been disclosed. Summarised Statement of Comprehensive Income EHAF Group 30 June 2026 $'000 EHAF Group 30 June 2025 $'000 Revenue 63,097 78,892 Profit/ (loss) for the year (14,558) (48,793) Other comprehensive income 12,025 (27,676) Profit/ (loss) allocated to NCI (1,711) (75,649) Summarised Statement of Financial Position EHAF Group 30 June 2026 $'000 EHAF Group 30 June 2025 $'000 Total current assets 38,257 146,870 Total current liabilities 110,092 195,425 Total non-current assets 233,876 209,281 Total non-current liabilities - 2,652 Net assets 162,041 158,074 Accumulated NCI 108,663 106,763 157
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148 Kyron Capital 148 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 32. Material Non-controlling interest (continued) Summarised Statement of Cash Flows EHAF Group 30 June 2026 $'000 EHAF Group 30 June 2025 $'000 Cash flows from operating activities (3,438) (1,286) Cash flows from investing activities 85,807 61,122 Cash flows from financing activities (82,357) (60,142) Net increase/(decrease) in cash and cash equivalents 12 (306) 158
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148 Kyron Capital 148 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 32. Material Non-controlling interest (continued) Summarised Statement of Cash Flows EH AF Group 30 June 2026 $'000 EHAF Group 30 June 2025 $'000 Cash flows from operating activities (3,438) (1,286) Cash flows from investing activities 85,807 61,122 Cash flows from financing activities (82,357) (60,142) Net increase/(decrease) in cash and cash equivalents 12 (306) 149 Kyron Capital 149 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 33. Restatement note During the process of preparing the 30 June 2026 annual report the Group identified errors relating to prior years that have been corrected in the comparative 30 June 2025 (and 1 July 2024 where applicable) reported balances. Consolidated Group: Re ported Consolidated Group 30-Jun 2025 $' 000 Co nsolidated Group Increase/ (Decrease) $'000 Restated Consolidated Group 30-Jun 2025 $’000 Co nsolidated statements of financial position (extract) Investment Properties2 31,094 (31,094) – Assets held for sale2 138,915 31,094 170,009 Total current assets 204,009 – 2 04,009 Cons olidated statements of profit or loss: No restatements made. Consolidated statement of changes in equity: The 1 July 2024 opening balances have been restated to correct the balances between reserves and retained earnings. This adjust ment has no impact on total equity. Consolidated statement of cash flows: No restatements made. 159
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150 Kyron Capital 150 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 33. Restatement note (continued) KIF Group: Re ported KIF Group 30-Jun 2025 $' 000 KIF Group Increase/ (Decrease) $'000 Restated KIF Group 30-Jun 2025 $' 000 Co nsolidated statements of profit or loss (extract) Fair value loss on revaluation of PP&E and investment properties 2,499 1 ,5585 4,057 T otal expenses 49,811 1,558 51,367 Consolidated statements of financial position (extract) Investment Properties2 31,094 ( 31,094) – Assets held for sale3 126,060 48,563 174,623 Total current assets 197,957 17,469 2 15,426 Investment Properties1 308,887 ( 15,430) 293,457 Total non-current assets 326,812 (15,430) 3 11,382 Total assets 524,769 2,039 5 26,808 Payables1 32,005 15,013 47,018 Total current liabilities 282,612 15,013 2 97,625 Total liabilities 322,470 15,013 3 37,483 N et assets 202,299 (12,974) 1 89,325 Co nsolidated statement of changes in equity (Extract) Equity holders of Parent Entity Contributed equity – Parent Entity Interest4 72,065 (4 ,212) 67,852 External non-controlling interest External Non-controlling interest4 130,234 (8,762) 1 21,473 Total equity 202,299 (12,974) 189,325 Consolidated statement of cash flows: No restatements made. Consolidated statement of changes in equity: The 1 July 2024 opening balances have been restated to correct reserves, retained earnings, in addition to the impacts on the p rofit and loss for the 2025 financial year noted above. Restatement changes have been reflected in the Statement of Changes in Equity. 1 During the current year, the Group identified that KIF capital expenditure paid for by the management company, which would be reimbursable by the trust, was not recorded in the investment property value for KIF. This adjustment had no impact on net asse ts attributable to unitholders of the consolidated Group. Additionally, Management identified an accounting error relating to the carrying value 160
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150 Kyron Capital 150 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (continued) 33. Restatement note (continued) KIF Group: Re ported KIF Group 30-Jun 2025 $'000 KIF Group Increase/ (Decrease) $'000 Restated KIF Group 30-Jun 2025 $'000 Consolidated statements of profit or loss (extract) Fair value loss on revaluation of PP&E and investment pr operties 2,499 1,558 5 4,057 T otal expenses 49,811 1,558 51,367 Consolidated statements of financial position (extract) Investment Properties2 31, 094 (31,094) – Assets held for sale3 1 26,060 48,563 174,623 Total current assets 197,957 17,469 215,426 Investment Properties1 3 08,887 (15,430) 293,457 Total non-current assets 326,812 (15,430) 311,382 Total assets 524,769 2,039 526,808 Payables1 32, 005 15,013 47,018 Total current liabilities 282,612 15,013 297,625 Total liabilities 3 22,470 15,013 337,483 Net assets 202,299 (12,974) 189,325 Consolidated statement of changes in equity (Extract) Equity holders of Parent Entity Contributed equity – Parent Entity Interest4 72, 065 (4,212) 67,852 External non-controlling interest External Non-controlling interest4 1 30,234 (8,762) 121,473 Total equity 202,299 (12,974) 189,325 Consolidated statement of cash flows: N o restatements made. Consolidated statement of changes in equity: The 1 July 2024 opening balances have been restated to correct reserves, retained earnings, in addition to the impacts on the p rofit and loss for the 2025 financial year noted above. Restatement changes have been reflected in the Statement of Changes in Equity. 1 During the current year, the Group identified that KIF capital expenditure paid for by the management company, which would be reimbursable by the trust, was not recorded in the investment property value for KIF. This adjustment had no impact on net asse ts attributable to unitholders of the consolidated Group. Additionally, Management identified an accounting error relating to thecarrying value 151 Kyron Capital 151 of investment properties which resulted in the reduction in the carrying value of the investment properties and thus decreased the net asset value compared to the previously reported value. 2 During the current year, the Group identified that certain investment properties which met the criteria for classification as held for sale under AASB 5 Non-current Assets Held for Sale and Discontinued Operations had continued to be presented within Investment Properties. Accordingly, the comparative information has been restated to reclassify these assets from Investment Properties to Assets Held for Sale. The restatement had no impact on total assets, net assets, profit after tax or cash flows and only affected the presentation of the statement of financial position. 3 During the current year, the Group identified that estimated selling costs had been incorrectly deducted from the carrying amo unt of investment properties classified as held for sale. As a result, the comparative balances have been restated to reverse the inap propriate deduction of selling costs. 4 During the year, Management identified a historical asset revaluation reserve balance that had been carried forward in relation to property, plant and equipment. As such, Management have cleared out there reserves against the retained earnings balances. 5 Parent share of the restated amount is $506k and external NCI is $1,052k. 161
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152 Kyron Capital 152 Consolidated Entity Disclosure Statement Name o f entity Type of entity Trustee, partnership or participant in JV % of share capital Place of business/ country of incorporation Australian resident or foreign resident Foreign jurisdiction(s) of foreign residents KYN Kyron Capital Limited Body corporate - 100 Australia Australian n/a Cougal Street Property Trust Trust - 100 Australia Australian n/a Country Place Management Pty Limited Body corporate - 100 Australia Australian n/a Kyron Investment Management Pty Limited Body corporate - 100 Australia Australian n/a Elanor Development Nominees Pty Ltd Body corporate Trustee 100 Australia Australian n/a Kyron Managed Funds RE Limited Body corporate Trustee 100 Australia Australian n/a Kyron Group RE Limited Body corporate Trustee 100 Australia Australian n/a Elanor Healthcare Equity Trust Trust - 100 Australia Australian n/a Elanor Healthcare Nominees Pty Limited Body corporate Trustee 100 Australia Australian n/a Elanor Healthcare Real Estate Venture Trust Trust - 100 Australia Australian n/a Elanor Healthcare Real Estate Fund II Trust - 100 Australia Australian n/a RPAH Property Trust Trust - 100 Australia Australian n/a RPAH Medical Centre Fund Trust - 100 Australia Australian n/a Elanor Hotel Operations Pty Limited Body corporate - 100 Australia Australian n/a Kyron Investment Fund Trust - 100 Australia Australian n/a Kyron Investment Holdings Pty Limited Body corporate - 100 Australia Australian n/a Kyron Investment Nominees Pty Limited Body corporate Trustee 100 Australia Australian n/a Elanor Investment Nominees No 2 Pty Limited Body corporate Trustee 100 Australia Australian n/a Elanor Investment Trust Trust - 100 Australia Australian n/a Elanor Management Pty Limited Body corporate - 100 Australia Australian n/a Kyron Operations Pty Limited Body corporate - 100 Australia Australian n/a Elanor Property Services Pty Ltd Body corporate Trustee 100 Australia Australian n/a Elanor Technology Pty Limited Body corporate - 100 Australia Australian n/a EPIF Holding Trust Trust - 100 Australia Australian n/a FP NewCo1 Pty Limited Body corporate - 100 Australia Australian n/a JCF Management Pty Limited Body corporate - 100 Australia Australian n/a 162 Kyron Capital Group
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152 Kyron Capital 152 Consolidated Entity Disclosure Statement Nam e of entity Type of entity Trustee, partnership or participant in JV % of share capital Place of business/ country of incorporation Australian resident or foreign resident Foreign jurisdiction(s) of foreign residents KYN Kyron Capital Limited Body corporate - 100 Australia Australian n/a Cougal Street Property Trust Trust - 100 Australia Australian n/a Country Place Management Pty Limited Body corporate - 100 Australia Australian n/a Kyron Investment Management Pty Limited Body corporate - 100 Australia Australian n/a Elanor Development Nominees Pty Ltd Body corporate Trustee 100 Australia Australian n/a Kyron Managed Funds RE Limited Body corporate Trustee 100 Australia Australian n/a Kyron Group RE Limited Body corporate Trustee 100 Australia Australian n/a Elanor Healthcare Equity Trust Trust - 100 Australia Australian n/a Elanor Healthcare Nominees Pty Limited Body corporate Trustee 100 Australia Australian n/a Elanor Healthcare Real Estate Venture Trust Trust - 100 Australia Australian n/a Elanor Healthcare Real Estate Fund II Trust - 100 Australia Australian n/a RPAH Property Trust Trust - 100 Australia Australian n/a RPAH Medical Centre Fund Trust - 100 Australia Australian n/a Elanor Hotel Operations Pty Limited Body corporate - 100 Australia Australian n/a Kyron Investment Fund Trust - 100 Australia Australian n/a Kyron Investment Holdings Pty Limited Body corporate - 100 Australia Australian n/a Kyron Investment Nominees Pty Limited Body corporate Trustee 100 Australia Australian n/a Elanor Investment Nominees No 2 Pty Limited Body corporate Trustee 100 Australia Australian n/a Elanor Investment Trust Trust - 100 Australia Australian n/a Elanor Management Pty Limited Body corporate - 100 Australia Australian n/a Kyron Operations Pty Limited Body corporate - 100 Australia Australian n/a Elanor Property Services Pty Ltd Body corporate Trustee 100 Australia Australian n/a Elanor Technology Pty Limited Body corporate - 100 Australia Australian n/a EPIF Holding Trust Trust - 100 Australia Australian n/a FP NewCo1 Pty Limited Body corporate - 100 Australia Australian n/a JCF Management Pty Limited Body corporate - 100 Australia Australian n/a 153 Kyron Capital 153 Consolidated Entity Disclosure Statement (continued) Name of entity Type of entity Trustee, partnership or participant in JV % of share capital Place of business/ country of incorporation Australian resident or foreign resident Foreign jurisdiction(s) of foreign residents Wiltex Wholesale Pty Ltd Body corporate - 100 Australia Australian n/a Elanor Funds Management No 2 Pty Ltd Body corporate Trustee 100 Australia Australian n/a Elanor Logistics Nominees Pty Ltd Body corporate - 100 Australia Australian n/a Elanor Broadacre Real Estate Fund Trust - 100 Australia Australian n/a Broadmeadows Logistics Finance Pty Ltd Body corporate - 100 Australia Australian n/a Mulgrave Logistics Property Trust Trust - 100 Australia Australian n/a Mulgrave Logistics Fund Trust - 100 Australia Australian n/a Clifford Gardens No. 1 Pty Ltd Body corporate Trustee 50 Australia Australian n/a Clifford Gardens No. 2 Pty Ltd Body corporate Trustee 50 Australia Australian n/a Bluewater Hotel Development Fund Trust - 100 Australia Australian n/a Riverside Morisset Developments Pty Ltd Body corporate Trustee 100 Australia Australian n/a 193 Clarence Hotel Management Pty Limited Body corporate - 100 Australia Australian n/a Bell City Accommodation Management Pty Limited Body corporate - 100 Australia Australian n/a Bell City Hotel Management Pty Limited Body corporate - 100 Australia Australian n/a Elanor NZ Operations Limited Body corporate - 100 New Zealand Australian n/a1 Elanor NZ Holdings Limited Body corporate - 100 New Zealand Australian n/a1 EHAF Albany Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Albany Hotel Syndicate2 Body corporate - 31 Australia Australian n/a Alice Springs Property Trust Trust - 31 Australia Australian n/a Barossa Weintal Hotel Management Pty Ltd2 Body corporate - 31 Australia Australian n/a Barossa Weintal Hotel Property Trust2 Trust - 31 Australia Australian n/a Byron Bay Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Byron Bay Property Trust2 Trust - 31 Australia Australian n/a Clare Country Club Management Pty Ltd2 Body corporate - 31 Australia Australian n/a Clare Country Club Property Trust2 Trust - 31 Australia Australian n/a Country Place Property Trust2 Trust - 31 Australia Australian n/a Cradle Mountain Lodge Management II Pty Ltd2 Body corporate - 31 Australia Australian n/a Cradle Mountain Lodge Management Pty Ltd2 Body corporate - 31 Australia Australian n/a Cradle Mountain Lodge Property Trust2 Trust - 31 Australia Australian n/a Eaglehawk Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a 163
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154 Kyron Capital 154 Consolidated Entity Disclosure Statement (continued) Name of entity Type of entity Trustee, partnership or participant in JV % of share capital Place of business/ country of incorporation Australian resident or foreign resident Foreign jurisdiction(s) of foreign residents EHAF Operations Pty Limited2 Body corporate - 31 Australia Australian n/a Elanor Hotel Accommodation Fund I2 Trust - 31 Australia Australian n/a Elanor Hotel Accommodation Fund II2 Trust - 31 Australia Australian n/a Elanor Hotel Accommodation Fund III2 Trust - 31 Australia Australian n/a Elanor Hotel Accommodation II Limited2 Body corporate - 31 Australia Australian n/a Elanor Hotel Accommodation Limited2 Body corporate - 31 Australia Australian n/a EMPR II Management Pty Limited2 Body corporate - 31 Australia Australian n/a Estate Tuscany Management Pty Limited2 Body corporate - 31 Australia Australian n/a Estate Tuscany Property Trust2 Trust - 31 Australia Australian n/a Kangaroo Valley Hotel Management Pty Body corporate - 31 Australia Australian n/a Kangaroo Valley Property Trust2 Trust - 31 Australia Australian n/a Kingscote Hotel Property Trust Trust - 31 Australia Australian n/a Leura Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Leura Hotel Property Trust2 Trust - 31 Australia Australian n/a Marysville Hotel Management Pty Ltd2 Body corporate - 31 Australia Australian n/a Marysville Hotel Property Trust2 Trust - 31 Australia Australian n/a Mayfair Hotel Management Pty Ltd2 Body corporate - 31 Australia Australian n/a Mayfair Hotel Property Trust2 Trust - 31 Australia Australian n/a Narrabundah Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Narrabundah Property Trust2 Trust - 31 Australia Australian n/a Panorama Resort Management Pty Limited2 Body corporate - 31 Australia Australian n/a Parklands Resort Hotel Management Pty Body corporate - 31 Australia Australian n/a Parklands Resort Property Trust2 Trust - 31 Australia Australian n/a Pavilion Wagga Wagga Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Pavilion Wagga Wagga Property Trust2 Trust - 31 Australia Australian n/a Port Macquarie Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Port Macquarie Property Trust2 Trust - 31 Australia Australian n/a Tall Trees Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Tall Trees Property Trust2 Trust - 31 Australia Australian n/a Tamworth Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Tamworth Hotel Property Trust2 Trust - 31 Australia Australian n/a 16 4 Kyron Capital Group
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154 Kyron Capital 154 Consolidated Entity Disclosure Statement (continued) Name of entity Type of entity Trustee, partnership or participant in JV % of share capital Place of business/ country of incorporation Australian resident or foreign resident Foreign jurisdiction(s) of foreign residents EHAF Operations Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Elanor Hotel Accommodation Fund I2 Tr ust - 31 Australia Australian n/a Elanor Hotel Accommodation Fund II2 Tr ust - 31 Australia Australian n/a Elanor Hotel Accommodation Fund III2 Tr ust - 31 Australia Australian n/a Elanor Hotel Accommodation II Limited2 Bo dy corporate - 31 Australia Australian n/a Elanor Hotel Accommodation Limited2 Bo dy corporate - 31 Australia Australian n/a EMPR II Management Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Estate Tuscany Management Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Estate Tuscany Property Trust2 Tr ust - 31 Australia Australian n/a Kangaroo Valley Hotel Management Pty Body corporate - 31 Australia Australian n/a Kangaroo Valley Property Trust2 Tr ust - 31 Australia Australian n/a Kingscote Hotel Property Trust Trust - 31 Australia Australian n/a Leura Hotel Management Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Leura Hotel Property Trust2 Tr ust - 31 Australia Australian n/a Marysville Hotel Management Pty Ltd2 Bo dy corporate - 31 Australia Australian n/a Marysville Hotel Property Trust2 Tr ust - 31 Australia Australian n/a Mayfair Hotel Management Pty Ltd2 Bo dy corporate - 31 Australia Australian n/a Mayfair Hotel Property Trust2 Tr ust - 31 Australia Australian n/a Narrabundah Hotel Management Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Narrabundah Property Trust2 Tr ust - 31 Australia Australian n/a Panorama Resort Management Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Parklands Resort Hotel Management Pty Body corporate - 31 Australia Australian n/a Parklands Resort Property Trust2 Tr ust - 31 Australia Australian n/a Pavilion Wagga Wagga Hotel Management Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Pavilion Wagga Wagga Property Trust2 Tr ust - 31 Australia Australian n/a Port Macquarie Hotel Management Pty Limited2 Body corporate - 31 A ustralia Australian n/a Port Macquarie Property Trust2 Tr ust - 31 Australia Australian n/a Tall Trees Hotel Management Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Tall Trees Property Trust2 Tr ust - 31 Australia Australian n/a Tamworth Hotel Management Pty Limited2 Bo dy corporate - 31 Australia Australian n/a Tamworth Hotel Property Trust2 Tr ust - 31 Australia Australian n/a 155 Kyron Capital 155 Consolidated Entity Disclosure Statement (continued) Name of entity Type of entity Trustee, partnership or participant in JV % of share capital Place of business/ country of incorporation Australian resident or foreign resident Foreign jurisdiction(s) of foreign residents Wakefield Street Hotel Management Pty Ltd2 Body corporate - 31 Australia Australian n/a Wakefield Street Hotel Property Trust2 Trust - 31 Australia Australian n/a Wollongong Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Wollongong Hotel Property Trust2 Trust - 31 Australia Australian n/a Wollongong Hotel Syndicate2 Trust - 31 Australia Australian n/a Yering Hotel Management Pty Limited2 Body corporate - 31 Australia Australian n/a Yering Property Trust2 Trust - 31 Australia Australian n/a Bluewater Bluewa ter Square Syndicate Trust - 100 Australia Australian n/a 1 These entities are also a tax resident in their respective countries of incorporation. However, they are assessed as an Australian resident under the Income Tax Assessment Act 1997 and therefore not classified as a foreign resident under the Act. 2 The Group has 31% of voting rights in EHAF versus 32% of accounting equity exposure, refer to ‘about this report’ section for further explanation. Ba sis of preparation This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and includes information for each entity that was part of the consolidated entity as at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements. Determination of tax residency Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are different interpretations that could be adopted, and which could give rise to a different conclusion on residency. In determining tax residency, the consolidated entity has applied the following interpretations: • Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5 • Foreign tax residency Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with (see section 295(3A)(vii) of the Corporations Act 2001). 16 5
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156 Kyron Capital 156 Partnerships and trusts Australian tax law generally does not contain corresponding residency tests for partnerships and trusts and these entities are typically taxed on a flow-through basis. Additional disclosures on the tax status of partnerships and trusts have been provided where relevant. As trusts are unable to meet the definition of “Australian resident” or “foreign resident” within the meaning of the Income Tax Assessment Act 1997, Kyron has disclosed whether the trust satisfies the definition of an “Australian trust”. 16 6 Kyron Capital Group
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156 Kyron Capital 156 Partnerships and trusts Australian tax law generally does not contain corresponding residency tests for partnerships and trusts and these entities are typically taxed on a flow-through basis. Additional disclosures on the tax status of partnerships and trusts have been provided where relevant. As trusts are unable to meet the definition of “Australian resident” or “foreign resident” within the meaning of the Income Tax Assessment Act 1997, Kyron has disclosed whether the trust satisfies the definition of an “Australian trust”. 157 Kyron Capital 157 Directors' Declaration to Stapled Securityholders In the opinion of the Directors of Kyron Capital Limited and Kyron Group RE Limited as responsible entity for the Kyron Investment Fund: a. the financial statements and notes set out on pages 46 to 151 are in accordance with the Corporations Act 2001 (Cth) including: i. complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and ii. giving a true and fair view of the Group's and KIF's financial position as at 30 June 2026 and of their performance, for the financial year ended on that date; and b. as a result of the matters described in the Directors’ Report and the ‘About this report’ section of the Notes to the consolidated financial statements there is material uncertainty as to whether the Group and the KIF Group will be able to pay their debts as and when they become due and payable. c. the financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board. d. the consolidated entity disclosure statement on pages 152 to 156 is true and correct. e. the Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by Section 295A of the Corporations Act 2001 (Cth). This declaration is made in accordance with a resolution of the Boards of Directors in accordance with Section 295(5) of the Corporations Act 2001 (Cth). Anthony Fehon Executive Director Sydney 28 August 2026 167
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158 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent auditor’s report to the stapled securityholders of Kyron Capital Group and the unitholders of Kyron Investment Fund Report on the audit of the financial report Opinion We have audited the financial reports of: • Kyron Capital Group, being the consolidated stapled entity, which comprises Kyron Capital Limited (the Company) and its subsidiaries and Kyron Investment Fund and its subsidiaries (collectively the Consolidated Group); and • Kyron Investment Fund (the Trust) and its subsidiaries (collectively the KIF Group) which comprises the consolidated statements of financial position as at 30 June 2026, the consolidated statements of profit and loss, the consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors declaration. In our opinion, the accompanying financial reports of the Consolidated Group and the KIF Group are in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial positions of the Consolidated Group and the KIF Group as at 30 June 2026 and of their consolidated financial performances for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Consolidated Group and the KIF Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial reports of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty related to going concern We draw attention to the ‘Going concern’ subsection of the ‘About this report’ section in the financial report, which describes the directors’ assessment of the abilities of the Consolidated Group and the KIF Group to continue as going concerns. The events or conditions as stated in the 'Going concern' subsection indicate that a material uncertainty exists that may cast significant doubt on the Consolidated Group and the KIF Group's abilities to continue as going concerns. Our opinion is not modified in respect of this matter. 168
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158 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent auditor’s report to the stapled securityholders of Kyron Capital Group and the unitholders of Kyron Investment Fund Report on the audit of the financial report Opinion We have audited the financial reports of: • Kyron Capital Group, being the consolidated stapled entity, which comprises Kyron Capital Limited (the Company) and its subsidiaries and Kyron Investment Fund and its subsidiaries (collectively the Consolidated Group); and • Kyron Investment Fund (the Trust) and its subsidiaries (collectively theKIF Group) which comprises the consolidated statements of financial position as at 30 June 2026, the consolidated statements of profit and loss, the consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the co nsolidated entity disclosure statementand the directors de claration. In our opinion, the accompanying financial reportsof the Consolidated Group and the KIF Group are in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial positionsof the Consolidated Group and the KIF Group as at 30 June 2026 and of their consolidated financial performances for the year ended on that date; and b. Complying with Australian Accounting Standards and theCorporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of theConsolidated Group and the KIF Group in accordance with the auditor independence requirements of theCorporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards)(the Code) that are relevant to audits of the financial reports of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty related to going concern We draw attention to the ‘Going concern’ subsection of the ‘About this report’ section in the financial report, which describes the directors’ assessment of the abilities of the Consolidated Group and the KIF Group to continue as going concerns. The events or conditions as stated in the 'Going concern' subsection indicate that a material uncertainty exists that may cast significant doubt on the Consolidated Group and the KIF Group's abilities to continue as going concerns. Our opinion is not modified in respect of this matter. 159 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial reports of the current year. These matters were addressed in the context of our audit of the financial reports as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial reports. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial reports. Recapitalisation and Refinancing Transaction (Refer to strategic review and recapitalisation section) Why significant How our audit addressed the key audit matter During the year, the Group completed a significant recapitalisation and refinancing transaction to repay existing senior secured borrowings, redeem outstanding corporate notes and provide additional working capital. The transaction involved a number of financing arrangements and instruments, including debt, equity and warrant components. Management was required to apply significant judgement in determining the appropriate accounting treatment, including whether instruments should be classified as financial liabilities or equity instruments, and in estimating the fair value of the debt and warrants issued as part of the transaction. This was a key audit matter because: • the transaction was significant to the Group's financial position and capital structure; • the accounting involved complex application of Australian Accounting Standards relating to financial instruments; • significant judgement was required in determining the classification and measurement of financing instruments including $70m senior debt facility, $55m perpetual notes and 30 million issued penny warrants; Our procedures included, amongst others: • obtaining an understanding of the recapitalisation and refinancing arrangements; • inspecting financing agreements, amendments, subscription agreements and related contractual documentation; • assessing management's accounting treatment of the various financing instruments against the requirements of Australian Accounting Standards; • evaluating whether the classification of debt, equity and any compound instruments was appropriate; • utilising EY specialists to assess the appropriateness of the valuation methodology and key assumptions adopted for valuation of warrants; • testing the mathematical accuracy of valuation calculations; and • assessing whether the related disclosures appropriately describe the significant judgements, estimation uncertainty and financial reporting impacts arising from the transaction. 169
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160 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Why significant How our audit addressed the key audit matter • the valuation of warrants involved estimation uncertainty and sensitivity to key assumptions; and • the transaction was closely linked to the Group's liquidity position and going concern assessment. Valuation of property, plant and equipment (PPE), investment properties (IP) and assets held for sale (AHFS) (Refer to notes 8, 9, 11, 30) Why significant How our audit addressed the key audit matter As at 30 June 2026, the Consolidated Group's assets comprised of property, plant and equipment (PPE) and PPE classified as held for sale. The KIF Group’s property portfolio comprised of investment properties and investment properties held for sale. Additionally, Consolidated Group and KIF Group hold investment properties indirectly through its equity accounted investments. Consolidated Group and KIF Group measure PPE and investment properties (including investment property assets held for sale) at fair value. Fair values were determined by the Directors with reference to external property valuations and market conditions existing at the reporting date. PPE assets held for sale were measured at the lower of carrying amount and fair value less costs to sell. This was a key audit matter because: • the determination of fair value involves significant management judgement and estimation uncertainty, including assumptions relating to capitalisation rates, discount rates, occupancy levels, market rent and expected selling costs; • relatively small changes in key assumptions may have a material impact on reported asset values. We draw attention to Notes 8, 9, 11 and 30 of the financial statements which discloses the accounting policy, key assumptions and sensitivities to changes in the key assumptions that may impact PPE and investment property valuations. Our audit procedures included the following for directly and indirectly held investment properties and PPE: • enquiries with management and obtaining an understanding of: o Changes in the conditions of each property; o Changes and movements in the property portfolio, including understanding of hotel’s performance, leasing activity, tenant occupancy risk; and o Controls in place for the valuation process. • evaluating the competence, capabilities and objectivity of the external valuers engaged by management; • assessing appropriateness and consistency of the valuation methodologies applied by valuers with the requirements of Australian Accounting Standards; • evaluating the key valuation assumptions and inputs, including the adopted capitalisation rate, forecast occupancy, average daily rate, market and contractual rent, future capital expenditure; • agreeing key valuation inputs to supporting documentation, including lease agreements, occupancy reports, approved capital expenditure forecasts; • testing the mathematical accuracy of valuation calculations; 170
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160 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Why significant How our audit addressed the key audit matter • the valuation of warrants involved estimation uncertainty and sensitivity to key assumptions; and • the transaction was closely linked to the Group's liquidity position and going concern assessment. Valuation of property, plant and equipment (PPE), investment properties (IP) and assets held for sale (AHFS) (Refer to notes 8, 9, 11, 30) Why significant How our audit addressed the key audit matter As at 30 June 2026, the Consolidated Group's assets comprised of property, plant and equipment (PPE) and PPE classified as held for sale. The KIF Group’s property portfolio comprised of investment properties and investment properties held for sale. Additionally, Consolidated Group and KIF Group hold investment properties indirectly through its equity accounted investments. Consolidated Group and KIF Group measure PPE and investment properties (including investment property assets held for sale) at fair value. Fair values were determined by the Directors with reference to external property valuations and market conditions existing at the reporting date. PPE assets held for sale were measured at the lower of carrying amount and fair value less costs to sell. This was a key audit matter because: • the determination of fair value involves significant management judgement and estimation uncertainty, including assumptions relating to capitalisation rates, discount rates, occupancy levels, market rent and expected selling costs; • relatively small changes in key assumptions may have a material impact on reported asset values. We draw attention to Notes 8, 9, 11 and 30 of the financial statements which discloses the accounting policy, key assumptions and sensitivities to changes in the key assumptions that may impact PPE and investment property valuations. Our audit procedures included the following for directly and indirectly held investment properties and PPE: • enquiries with management and obtaining an understanding of: o Changes in the conditions of each property; o Changes and movements in the property portfolio, including understanding of hotel’s performance, leasing activity, tenant occupancy risk; and o Controls in place for the valuation process. • evaluating the competence, capabilities and objectivity of the external valuers engaged by management; • assessing appropriateness and consistency of the valuation methodologies applied by valuers with the requirements of Australian Accounting Standards; • evaluating the key valuation assumptions and inputs, including the adopted capitalisation rate, forecast occupancy, average daily rate, market and contractual rent, future capital expenditure; • agreeing key valuation inputs to supporting documentation, including lease agreements, occupancy reports, approved capital expenditure forecasts; • testing the mathematical accuracy of valuation calculations; 161 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Why significant How our audit addressed the key audit matter • on a sample basis, engaging our real estate valuation specialists to assist with the assessment of the valuation assumptions and methodologies; • for assets held for sale where contracts have been exchanged but not yet settled, or properties are subject to active sales campaign and management is committed to sell properties within 12 months, inspecting related contracts and substantiating carrying values, including net realisable value calculation for PPE assets; and • assessing the adequacy of the related financial statement disclosures consistent with the requirements of the accounting standards. Carrying value of equity accounted investments (Refer to notes 10 and 30) Why significant How our audit addressed the key audit matter The Consolidated Group and the KIF Group hold investments in associates that are accounted for using the equity method. Management assessed whether indicators of impairment existed and determined the recoverable amount of each equity accounted investment by reference to the underlying net asset values of the investee funds. This was a key audit matter because: • equity accounted investments (EAI) represent a significant component of the Consolidated Group and KIF Group's asset base; • recoverable amount assessments rely on the valuation of underlying real estate assets and related investment structures; • significant judgement is required in estimating forecast realisation values and associated disposal costs; and • the recoverable amounts are sensitive to changes in the underlying property valuations and market assumptions. Our procedures included, amongst others: • evaluating whether impairment indicators had been appropriately identified; • assessing the methodology applied by management in determining the recoverable amount of the EAIs for consistency with the requirements of Australian Accounting Standards; • assessing the reasonableness of assumptions used in estimating recoverable amounts where required; • testing the carrying values of underlying investments to supporting financial information; • assessing the valuation of material underlying property assets by performing procedures consistent with those described in the valuation of PP&E and investment properties KAM above; evaluating the adequacy of the related financial statement disclosures, including disclosures regarding key judgements, assumptions and estimation uncertainty associated with the impairment assessment. 171
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162 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Other Matter The financial report of the Consolidated Group and the KIF Group for the year ended 30 June 2025 was audited by another auditor who expressed an unqualified opinion on that financial report on 09 March 2026. Information other than the financial report and auditor’s report thereon The directors of the Company and the directors of Kyron Group RE Limited, being the Responsible Entity of KIF Group (hereafter collectively “the directors”), are responsible for the other information. The other information comprises the information included in the Consolidated Group and the KIF Group 2026 annual report, but does not include the financial reports and our auditor’s report thereon. Our opinion on the financial reports does not cover the other information and accordingly we do not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial reports, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial reports or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors are responsible for the preparation of: ► The financial reports (other than the consolidated entity disclosure statement) that give a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and ► The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: ► The financial reports (other than the consolidated entity disclosure statement) that give a true and fair view and is free from material misstatement, whether due to fraud or error; and ► The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial reports, the directors are responsible for assessing the Consolidated Group’s and the KIF Group’s abilities to continue as a going concerns, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Consolidated Group and the KIF Group or to cease operations, or have no realistic alternative but to do so. 172
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162 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Other Matter The financial report of the Consolidated Group and the KIF Group for the year ended 30 June 2025 was audited by another auditor who expressed an unqualified opinion on that financial report on 09 March 2026. Information other than the financial report and auditor’s report thereon The directors of the Company and the directors of Kyron Group RE Limited, being the Responsible Entity of KIF Group (hereafter collectively “the directors”),are responsible for the other information. The other information comprises the information included in theConsolidated Group and the KIF Group 2026 annual report, but does not include the financial reports and our auditor’s report thereon. Our opinion on the financial reports does not cover the other information and accordingly we do not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial reports, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial reports or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors are responsible for the preparation of: ► The financial reports (other than the consolidated entity disclosure statement) that give a true and fair view in accordance with Australian Accounting Standards and theCorporations Act 2001; and ► The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: ► The financial reports (other than the consolidated entity disclosure statement) that give a true and fair view and is free from material misstatement, whether due to fraud or error; and ► The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial reports, the directors are responsible for assessing theConsolidated Group’s and the KIF Group’s abilities to continue as a going concerns, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Consolidated Group and the KIF Group or to cease operations, or have no realistic alternative but to do so. 163 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial reports as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial reports. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial reports, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Consolidated Group’s and the Responsible Entity’s internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ► Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Consolidated Group’s and the KIF Group’s abilities to continue as a going concerns. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial reports or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Consolidated Group and the KIF Group to cease to continue as a going concerns. ► Evaluate the overall presentation, structure and content of the financial reports, including the disclosures, and whether the financial reports represent the underlying transactions and events in a manner that achieves fair presentation. ► Plan and perform the Consolidated Group and KIF Group audits to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Groups as a basis for forming an opinion on the Consolidated Group and KIF Group financial reports. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 173
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164 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial reports of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 24 to 41 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Kyron Capital Group for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young Andrew Gilder Partner Sydney 28 August 2026 174
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164 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, andwhere applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial reports of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 24 to 41 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Kyron Capital Group for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of theCorporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young Andrew Gilder Partner Sydney 28 August 2026 175 Peppers Cradle Mountain Lodge, TAS
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Kyron Capital Group 176 Kyron Capital Group 176 Corporate Governance The Board of Directors of Kyron Capital Group (Group) have approved the Group’s Corporate Governance Statement as at 30 June 2026. In accordance with ASX Listing Rule 4.10.3, the Group’s Corporate Governance Statement can be found on its website at: www.kyroncapital.com/ esg-sustainability The Board of Directors is responsible for the overall corporate governance of the Group, including establishing and monitoring key strategy and performance goals. The Board monitors the operational and financial position and performance of the Group, and oversees its business strategy, including approving the Group’s strategic goals. The Board seeks to ensure that the Group is properly managed to protect and enhance securityholder interests, and that the Group, its Directors, officers and personnel operate in an appropriate environment of corporate governance. Accordingly, the Board has created a framework for managing the Group, including Board and Committee Charters and various corporate governance policies designed to promote the responsible management and conduct of the Group.
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177 Securityholder Analysis (as at 5 August 2026) Stapled Securities The units of the Trust and the shares of the Company are combined and issued as stapled securities in the Group. The Group’s securities are traded on the Australian Securities Exchange (ASX: KYN), having listed on 11 July 2014. The units of the Trust and shares of the Company cannot be traded separately and can only be traded as stapled securities. In accordance with the ASX’s requirements for stapled securities, the ASX reserves the right (but without limiting its absolute discretion) to remove the Company or the Trust or both from the ASX Official List if any of the units and the shares cease to be stapled together or any equity securities issued by the Company or the Trust which are not stapled to equivalent securities in the other entity. Top 20 Securityholders Number Securityholder No. of Securities % 1 Rockworth Investment Holdings Pte Ltd 23,998,437 18.19 2 HSBC Custody Nominees (Australia) Limited 10,923,291 8.28 3 Citicorp Nominees Pty Limited 8,482,640 6.43 4 H & G Limited 4,221,100 3.20 5 Perpetual Corporate Trust Ltd <QCAXSIVECF A/C> 4,159,930 3.15 6 Benjamin Hornigold Ltd 2,938,138 2.23 7 Mr Jason Maxwell Yu 2,840,000 2.15 8 Mr Glenn Willis 2,800,000 2.12 9 CPU Share Plans Pty Ltd <ENN DSI Unallocated A/C> 2,565,478 1.94 10 Armada Investments Pty Ltd 2,295,605 1.74 11 CPU Share Plans Pty Ltd <ENN DSI Control A/C> 2,227 ,986 1.69 12 Nitso Pty Limited <Ostin-Shortus Family A/C> 2,085,714 1.58 13 Mr Paul Ross Nutter + Mrs Fiona Elisabeth Nutter <Nutter Investment A/C> 1,500,000 1.14 14 Warbont Nominees Pty Ltd <Unpaid Entrepot A/C> 1,430,890 1.08 15 Kenxue Pty Ltd <Susan Investment A/C> 1,327 ,935 1.01 16 Merrill Lynch (Australia) Nominees Pty Limited <Equity Finance A/C> 1,239,887 0.94 17 Jayoli Holdings Pty Ltd <Roland Family A/C> 1,229,000 0.93 18 Danissa Pty Ltd <P & B Siviour Family A/C> 1,200,107 0.91 19 Mr Kevin William White + Mrs Margaret Kathleen White <White Family Super Fund A/C> 1,200,000 0.91 20 Midtable Pty Ltd <Midtable S/F Account> 1,080,000 0.82 Total 79,746,138 60.45 Balance of register 52,175,343 39.55 Grand total 131,921,481 100.00
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178 Kyron Capital Group Range Report Range No. of Securities % No. of Holders % 1 - 1,000 124,362 0.09% 314 19.67% 1,001 - 5,000 1,013,880 0.77% 343 21.49% 5,001 - 10,000 2,143,585 1.62% 272 17 .04% 10,001 - 100,000 18,009,806 13.65% 553 34.65% 100,001 Over 110,629,848 83.86% 114 7 .14% Total 131,921,481 100.00% 1,596 100.00% The total number of securityholders with an unmarketable parcel of securities was 762. Substantial Securityholders Securityholder No. of Securities % Rockworth Capital Partners Pte Ltd 23,635,230 17 .92% Voting rights On a poll, each Securityholder has, in relation to resolutions of the Trust, one vote for each unit held in the Trust and in relation to resolutions of the Company, one vote for each share held in the Company. On-Market Buy-back There is no current on-market buy-back program in place. Highpoint Health Club, QLD
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179 Kyron Capital Corporate Directory Kyron Capital Group (ASX Code: KYN) Kyron Capital Limited (ACN 169 308 187) and Kyron Investment Fund (ARSN 169 450 926) (Kyron Group RE Limited (ACN 688 908 876) is the Responsible Entity) Suite 1, Level 5 255 George Street Sydney NSW 2000 T: +61 2 9239 8400 Directors of the Responsible Entity and Kyron Capital Limited Ian Mackie (Chair) Anthony (Tony) Fehon (Executive Director) Karyn Baylis Katherine (Kathy) Ostin CEO of Kyron Capital Group David McNamara Company Secretary of the Responsible Entity and Kyron Capital Limited Symon Simmons Security Registry Computershare Investor Services Pty Limited Lev el 4, 44 Martin Place Sydney NSW 2000 Auditor Ernst & Young 200 George Street Sydney NSW 2000 Custodian The Trust Company (Australia) Limited Lev el 18, 123 Pitt Street Sydney NSW 2000 Website kyroncapital.com 179
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kyroncapital.com Level 5, 255 George Street Sydney NSW 2000 +61 2 9239 8400