Slide 1: 2025 Full Year Results Presentation
17 November 2025 2025 Full Year Results Presentation Attached is the Elders Limited (ASX:ELD) presentation of the financial results for the 12-month period ended 30 September 2025. Further Information: Mark Allison, Managing Director & Chief Executive Officer, 0439 030 905 Media Enquiries: Meagan Bu
Slide 2: FY25 Full Year Results
FY25 Full Year Results Monday 17 November 2025 Elders Limited ABN 34 044 336 636 elders.com.au
Slide 3: Disclaimer and Important Information
Disclaimer and Important Information The material in this presentation has been prepared by Elders Limited and is general background about Elders’ activities and performance at the date of this presentation. The information is in summary form, does not purport to be complete, and where derived from
Slide 4: Agenda
Agenda 01 Executive Overview 02 Financial Results 03 Strategy and Outlook 04 Questions 05 Appendix Rounding differences may be present in the Results Presentation due to individual amounts rounded to the nearest decimal point 3
Slide 5: Executive Overview
Executive Overview MARK ALLISON MANAGING DIRECTOR AND CEO 4
Slide 6: Committed to improving our safety performance
Safety Committed to improving our safety performance Key Metrics Initiatives Lost time injuries (LTI) FY25 LTIFR² stands at 1.1, significantly outperforming the industry LTIFR benchmark of 6.8, despite incurring 6 LTIs Average 6 6 Safety, Health and Environment Strategy During FY25, we evolved to fo
Slide 7: FY25 Financial Summary
FY25 Financial Summary Growth in FY25 despite mixed conditions Underlying EBIT Return on Capital $143.5m 11.3% + 12% From 11.3% Supported by strong Stable despite mixed livestock prices and real seasonal conditions and estate growth transformation investment Cash Conversion Dividends Per Share From
Slide 8: Earnings resilience through agricultural cycles
Eight Point Plan Performance Through the Years Earnings resilience through agricultural cycles FIRST EIGHT POINT PLAN SECOND EIGHT POINT PLAN THIRD EIGHT POINT PLAN FOURTH EIGHT POINT EBIT¹ +37.5% EPS¹ +735.2% ROC¹ 25.7% EBIT¹ +22.8% EPS¹ +12.8% ROC¹ 20.9% EBIT¹ +17.0% EPS¹ +13.6% ROC¹ 21.6% PLAN (F
Slide 9: Supporting our people and communities
Supporting our people and communities Six-time winner of Australia’s most trusted agribusiness brand award1 Our Performance Safety Month 50.9 Elders employees say: July 2025 FY25 net Good understanding of Health and Safety Policy and Procedure: promoter score 77% In FY25, we expanded our annual ‘Saf
Slide 10: We are dedicated to building a sustainable, responsible future
Sustainability We are dedicated to building a sustainable, responsible future People Governance and Environment and Communities Ethical Operations • Memorandum of Understanding with Charles • Launched the First Nations scholarship • Enhanced our Ethical Sourcing Sturt University to collaborate on in
Slide 11: Progress towards our Scope 1 and 2 emission targets by 2030
Sustainability Progress towards our Scope 1 and 2 emission targets by 2030 Targets set to reduce CLIMATE our Scope 1 TARGETS 1 and 2 greenhouse gas emissions: Our Targets Targets set to reduce our Scope 1 and 2 greenhouse gas emissions 100% renewable electricity in all FY25 Australian sites by 20252
Slide 12: Divisional model focus to drive future growth and efficiency
Divisional Model Divisional model focus to drive future growth and efficiency Key investment drivers Divisional focus Regional alignment EPS growth Strategic diversification Positive industry fundamentals West South North Modernised systems Delta Agribusiness¹ synergies Robust balance sheet 1. Delta
Slide 13: Delta Agribusiness Recap
Our strategic priorities: Run Delta Agribusiness Recap Complementary geographic footprint, filling 58 ¹ retail gaps in New South Wales, northwest Victoria, South Australia and Western Australia locations Enhances Elders’ technical expertise and offering in ag tech and precision agriculture ~40 Rural
Slide 14: Financial Results
Financial Results PAUL ROSSITER CHIEF FINANCIAL OFFICER 13
Slide 15: Achieving key financial objectives in FY25
FY25 Financial Results Summary Achieving key financial objectives in FY25 • Double digit GM growth in Agency, Real Estate and Feed and Processing FY25 • Resilient Rural Products result despite dry conditions in SA and VIC Performance • Below inflation cost growth adjusting for acquisitions and trans
Slide 16: Resilient financial outcomes through agricultural cycles
Five Year Profit Performance Resilient financial outcomes through agricultural cycles Sales ($m) Gross margin ($m) Costs ($m)¹ EBIT ($m) +7.4% 232 6.2% +2.2% 3,445 685 541 3,321 653 3,202 638 510 3,131 619 448 171 +12.1% 421 167 529 2,549 363 144 128 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
Slide 17: Growth despite mixed seasonal conditions
FY25 Financial Performance Growth despite mixed seasonal conditions Adjusted Delta Ag 5 Key metrics ($m) FY25 FY24 Var Var % FY25 Adjustment Sales revenue 3,201.7 - 3,201.7 3,131.3 70.4 2% Gross margin 684.6 - 684.6 637.6 47.0 7% Gross margin % 21.4% - 21.4% 20.4% 1.0% n/a Costs 541.0 - 541.0
Slide 18: Agency and Real Estate Services growth offset seasonal headwinds
Gross Margin Diversification Agency and Real Estate Services growth offset seasonal headwinds in Crop Protection Total Gross Margin ($m) Sales and gross margin pressure attributable to increased competition in +22.0% 684.6 619.0 637.6 -9.1% drought impacted regions in SA and VIC. 158.8 150.2 141.9 1
Slide 19: Diversification enables good returns in mixed seasonal conditions
Product Performance Diversification enables good returns in mixed seasonal conditions Underlying net profit after tax ($m) Regional alignment 12-month rainfall deficiencies’ impact on Retail³ 1 October 2024 to 30 September 2025 Australian Gridded Climate Data Rainfall +22.0 percentile ranking (+34%)
Slide 20: Costs maintained below inflation, excluding acquisition, transformation
Cost Growth Excluding New Business Costs maintained below inflation, excluding acquisition, transformation Cost rebasing Growth adjusted cost movement² Below inflation cost growth maintained, reflective of cost initiatives implemented in FY25 541.0 4.1 6.0 +2.2% 9.9 521.0 Eight businesses acquired i
Slide 21: Stable ROC despite mixed seasonal conditions and transformation investment
Return on Capital Stable ROC despite mixed seasonal conditions and transformation investment Return on capital (%) Normalised return on capital (%) Regional alignment Misalignment in timing of capital and -3.1 generation of benefits 15.8% 12.7% 0.1% 4.5% 12.7% 1.4% 0.9% 0.4% 11.3% 11.3% 11.3% System
Slide 22: Working capital in line with earnings uplift and higher livestock prices
Working Capital Working capital in line with earnings uplift and higher livestock prices Balance Date Average Products FY25 FY24 Var Var % FY25 FY24 Var Var % Retail Products 442 430 12 3% 394 421 (27) (6%) Wholesale Products 102 111 (9) (8%) 123 131 (8) (6%) Agency Services 64 64 (1) (1%)
Slide 23: Earnings supporting a positive operating cash flow
Cash Flows Earnings supporting a positive operating cash flow Operating cash flow ($m) Net cash flow ($m) 22.6 (18.5) 231.2 Includes Delta Agribusiness acquisition proceeds 83.6 (94.4) 143.5 (45.0) 117.9 (63.7) 89.8 (77.9) (33.4) 6.6 EBIT Depreciation and Other non Interest, tax EBITDA adjusted (Inc
Slide 24: Leverage to return to target in FY26
Net Debt Leverage to return to target in FY26 20.5 Net Debt Commentary 457.3 436.8 20.5 Net Debt ($m) (178.7) 178.7 278.6 (295.3) ▪ Modest core debt balance of $161.9m ▪ Pathway to target supported by: 161.9 ▪ Reduction in carry-over inventory in SA / VIC following dry FY24 FY25 Delta Ag FY25 Net De
Slide 25: Strong balance sheet with significant covenant headroom
Net Debt Strong balance sheet with significant covenant headroom Net Debt, Balance Date ($m) Leverage Ratio Interest Cover Gearing Ratio Balance date net debt / EBITDA EBITDA / net interest Balance date net debt / closing equity +20.5 +0.9 -0.2 -9.6 Excluding AASB 16 436.8 457.3 3.1 5.7 52% 2.9 178.
Slide 26: Future growth drivers supporting financial outcomes
Return to <2.0x Leverage Ratio in FY26 Future growth drivers 2028 beyond 05 supporting financial Elders Finance brokerage model outcomes 04 Growing our product offering to support customers grow their business and manage cash flow and risk EPS accretive acquisitions Strategy alignment, diversificati
Slide 27: Strategy and Outlook
Strategy and Outlook MARK ALLISON MANAGING DIRECTOR AND CEO 26
Slide 28: FY24-26 Eight Point Plan
FY24-26 EIGHT POINT PLAN ELDERS LIMITED Our Compelling shareholder returns Industry leading sustainability outcomes Most trusted Agribusiness brand Ambition 5-10% EBIT and EPS growth through the cycles at 15% ROC across health and safety, community, environment and governance in rural and regional A
Slide 29: Optimising the existing business through new divisional structure
Our strategic priorities: Run Optimising the existing business through new divisional structure Elders Limited A diversified corporate agribusiness managing distinct yet interconnected business entities, each contributing to the vitality of rural and regional Australia by delivering essential goods
Slide 30: Modernising our platforms to deliver more efficient business processes
ELDERS LIMITED Our strategic priorities: Transform Modernising our platforms to deliver more efficient business processes Wave 2 Wave 3 Wave 4 (Retail) (Livestock) (Client) Project concludes < FY24 FY25 Total < FY24 FY25 Total Total Budget Budget Budget CAPEX 19.7 11.9 24 – 27 0.5 4.6 7–9 15 – 17 OP
Slide 31: Progressing through Systems Modernisation waves
Our strategic priorities: Transform Progressing through Systems Modernisation waves Wave 1 Wave 4 Internal financial and New ERP is the source of truth people foundation Detailed design commenced in Q4 2025, allowing for the full transition away from legacy technology to a modern ERP SysMod project
Slide 32: Significant growth opportunity across the financial services portfolio
Our strategic priorities: Innovate and Grow Significant growth opportunity across the financial services portfolio Loan Brokerage Gross Margin ($m) Growth Opportunities Loan brokerage business launched post Rural Bank exit Rural Bank Loan Brokerage ▪ Launch of Elders Finance brand, website and marke
Slide 33: Emerging Real Estate channels
Our strategic priorities: Innovate and Grow Emerging Real Estate channels Real Estate Gross Margin ($m) Growth in Emerging Channels 11% FY25 Contribution Commercial 105.1 23% Broadacre Residential 12.3 Property Management Other Costs +20.0% 82.6 38% 5.2 26.5 28% 25.5 61.6 59.5 32.0 Commercial Broada
Slide 34: FY26 forecast to be a year for further growth
FY26 forecast to be a year for further growth Rural Products Agency Services Real Estate Services ▪ Delta Agribusiness acquisition ▪ Prices supported by strong ▪ Increased demand due to upside restocker demand, offsetting stabilisation of interest rates at ▪ Average outlook for summer lower volumes
Slide 35: Appendix
Appendix 34
Slide 36: Key Performance Indicator Trends
ELDERS LIMITED Appendix Key Performance Indicator Trends Agency Services: Cattle Volume (‘000) Agency Services: Sheep Volume (‘000) Rural Products: Gross Margin ($m) Real Estate Services: Property Management Earn ($m) +5.5% +2.6% 43.7 +4.4% 1,913 11,292 383 379 +32.8% 1,691 10,374 360 351 1,609 9,35
Slide 37: Geographical diversification mitigating mixed conditions
Appendix Geographical diversification mitigating mixed conditions 17% 12% 28% WESTERN SOUTH VIC T O R IA AN D AU ST R AL I A AU ST R AL I A RIVERINA $34.5m $23.7m $59.9m +11% YOY -11% YOY +3% YOY 28% 11% 4% NEW SOUTH Q U EEN SL AN D AN D T ASM AN I A W AL ES NORTHERN TERRITORY $57.4m $21.7m $8.0m +5
Slide 38: Business Model
Current EIGHT POINT PLAN Appendix Business Model Feed and Digital and Rural Products Agency Services Real Estate Services Financial Services Processing Services Technical Services Retail Wholesale Fee for Service Rural Products Rural Products Livestock Broadacre Loan Brokerage Killara Feedlot (216 a
Slide 39: Gross Margin Sensitivity
Appendix Gross Margin Sensitivity $m 12 10 8 6 4 2 +$50 +100k head +$10 +500k head +$25m +50bps +100bps +100bps +10% 0 -$50 -100k head -$10 -500k head -$25m -50bps -100bps -100bps -10% -2 -4 -6 -8 -10 -12 Cattle Price Cattle Volumes Sheep Price Sheep Volumes Retail Sales Retail GM% Crop Protection F
Slide 40: ABARES September Market Outlook
ELDERS LIMITED APPENDIX Appendix ABARES September Market Outlook Beef and Veal1 Sheep1 Wool1 Winter Cropping2 Summer Cropping2 Average saleyard prices (c/kg) Average saleyard prices (c/kg) Eastern Market Indicator (c/kg) Area planted (‘000 ha) Area planted (‘000 ha) -12.3% -6.8% +1.8% -4.3% -3.3% +3
Slide 41: Elders Capital Management Framework
ELDERS LIMITED Appendix Elders Capital Management Framework The Elders Eight Point Plan aspires to deliver Total Shareholder Return (TSR) in the top quartile of ASX200 companies at investment grade risk Capital Management Framework Key Features of our capital management framework Compelling Total Sh
Slide 42: Thank you
Thank you Mark Allison, Chief Executive Officer and Managing Director 0439 030 905 Paul Rossiter, Chief Financial Officer 0402 261 400 Media Enquiries: Meagan Burbidge, Corporate Affairs Manager, Media and External Relations 0417 841 092