Eureka Group Holdings Limited · ASX:EGH
Eureka — Investor Presentation (February 2026)
41 slides from Eureka's investor presentation, Feb 24, 2026
Slide 1: 1H26 Results – February 2026
Kin Kora, QLD ASX: EGH 1H26 Results – February 2026 Scaling an affordable rentals platform with disciplined capital allocation
Slide 2: Disclaimer
Disclaimer No responsibility for the contents of the presentation No offer to sell or invitation to buy To the maximum extent permitted by law, Eureka Group Holdings Limited This Presentation does not, and should not be considered to, constitute or form (ABN 15 097 241 159), its officers, advisers a
Slide 3: Agenda
Agenda Demand tailwinds → recurring base → growth execution → funding capacity 01 02 03 04 05 Highlights & Portfolio Industry trend & Scale pathway Financials, scorecard performance growth engines capital & outlook • 1H26 • Growing • Industry trend • 2-3-year • Financial Highlights portfolio • Acqui
Slide 4: 01. Highlights & scorecard
Tuggerah Shores, NSW 01. Highlights & scorecard 4
Slide 5: Executive summary
Executive summary Resilient cashflows today, multiple levers for earnings growth Eureka’s unique investment proposition: 1. Structural demand 2. Recurring cashflows 3. Earnings growth engine tailwinds • High occupancy and stable • Site densification and development • Affordable rental in outer-metro
Slide 6: Key achievements and 2H26 focus
Key achievements and 2H26 focus Scaling affordable rentals platform with disciplined capital allocation Solid Results Operational Focus Significant Growth Pipeline in place Capital management New all-age rental segment taking shape 1. PCP = Prior Corresponding Period 2. ARRent/ARFee is a non-IFRS me
Slide 7: 1H26 Highlights
1H26 Highlights Revenue and earnings growth driven by portfolio expansion, rental growth and cost discipline $27.0m $454m $9.1m $6.1m Revenue AUM U-EBITDA U-PBT 19.7% 1H25 ($22.6m) 29% 1H25 ($351m) 11.2% 1H25 ($8.2m) 14.2% 1H25 ($5.4m) On track to deliver FY26 guidance of 20%-25% growth 1.44 cps 55.
Slide 8: Annualised Recurring Revenue (ARR)
Annualised Recurring Revenue (ARR) Point-in-time contracted recurring revenue base Why this matters ARR = ARRent + ARFee $ 51.9m 17% (31 Dec 24: $44.4m) • Contracted recurring revenue base +17% vs 31 December 2024 • Links to the key operational drivers: ARRent ARFee occupancy and contracted reviews
Slide 9: 02. Portfolio performance
Emerald Tourist Park, QLD 02. Portfolio performance 9
Slide 10: Growing portfolio of seniors' & all-age rental communities
Growing portfolio of seniors’ & all-age rental communities NATIONAL FOOTPRINT PORTFOLIO SNAPSHOT 2,710 $454m 9 50 Units under management – Assets under management All-Age Seniors’ Rentals Rentals seniors’ rentals FY25: $388m FY25: 2,742 QLD 1,074 $393m $219m Units/Sites – all-age rentals Investment
Slide 11: Financial performance summary
Financial performance summary Executing our strategy: resilient cashflows, disciplined growth, strong balance sheet Revenue ($m) ▲ 19.7% Underlying EBITDA ▲ 11.2% Underlying PBT ▲ 14.2% ($m) ($m) 27.0 9.1 6.1 1H25: 22.6 1H25: 8.2 1H25: 5.4 Same-store rent growth + acquisitions + cost Same-store rent
Slide 12: Scaling the platform with cost discipline
Scaling the platform with cost discipline Revenue growth absorbed within a largely fixed overhead base $30.m 24.0% • 1H26: Revenue up; overhead ratio stable (~22%); long- $27.m term target 20% $25.m $23.2m 23.0% • Stable overheads % reflects operating leverage as the $22.6m Overheads as % of revenue
Slide 13: Operating performance by segment
Operating performance by segment Stable seniors’ core, scaling all-age rental and capital light funds/JV earnings Seniors’ rentals All-age rentals Funds/JVs/fees • Core annuity-like cashflows • Capital-light earnings stream • Fast-scaling growth vertical • High occupancy and retention focus • Co-inv
Slide 14: All-age rental - key customers
All-age rental - key customers Retirees - 50% of Residents • Predominantly long-term occupancy both singles and couples • Majority receive pension and rent assistance, providing predictable income security • Strong community ties and low turnover – priced out of all other rental accommodation in loc
Slide 15: 03. Industry trend & growth engines
Hillside Gardens, WA 03. Industry trend & growth engines
Slide 16: Australian dwelling values: 12-month changes
Australian dwelling values: 12-month changes Source: Cotality, Monthly Housing Chart Pack. February 2026 16
Slide 17: Rental rates
Rental rates Source: Cotality, Monthly Housing Chart Pack. February 2026 17
Slide 18: The cost of renting has risen 2.5x wages over the past five years
The cost of renting has risen 2.5x wages over the past five years “The five years prior to 2020 saw wages rise almost as fast as rents. The divergence comes as vacancy rates hold close to record lows; households have become smaller and new housing supply remains in the doldrums.” “The bad news for r
Slide 19: Eureka's differentiated strategy
Eureka’s differentiated strategy First-mover strategy in a constrained housing market • Australia has an affordable housing crisis – massive demand led by immigration, changing demographics and regional drift, yet supply is highly constrained • Our strategy is to own a growing portfolio of land, and
Slide 20: Disciplined capital deployment
Disciplined capital deployment Pipeline and conversion Acquisition criteria $88m+ Settled (since capital raise)1,2 • Outer-metro and employment-driven regional Under assessment $90m markets with strong demand and low vacancy • Ingoing yields typically >8% with significant # of sites/units acquired 1
Slide 21: Progressive deployment of capital – now fully invested
Progressive deployment of capital – now fully invested Capital raised fully deployed, Oct 25 • $70.4m raised in November 24 • Progressively deployed from December 24, but not fully invested until October 25 (significant drag on EPS) • Portfolio expanded by >40% since October 24 • Acquisitions now st
Slide 22: Ramping development: a new earnings driver
Ramping development: a new earnings driver Pipeline scale + faster delivery via modular construction # Dev Estimated Village State Status Sites Delivery From Emerald QLD 79 Stage 1 (25 dwellings) homes now under construction. Stage 2 DA being Jun-26 submitted April 2026 Hillside Garden Village (Pert
Slide 23: Modular homes
Modular homes • Eureka modular homes under construction at Glendale Homes in Caboolture, QLD • Delivered and installed in < 3 months – significantly shorter than traditional on-site building – allows for rapid lease up 23
Slide 24: Case Study – Kin Kora Village, Gladstone QLD
Case Study– Kin Kora Village, Gladstone QLD Eureka's first all-age rental community • Acquired in March 2025 for $4.5m • Ingoing yield of 9.2%; 5-year IRR >15.0% • At acquisition site comprised 19 land-lease homes, 13 short stay cabins, 77 powered and unpowered sites for caravans and an existing pla
Slide 25: 04. Scale pathway
Wynnum, QLD 04. Scale pathway
Slide 26: What could Eureka look like in 2-3 years?
What could Eureka look like in 2-3 years? Building blocks to scale: current base + pipeline delivery + acquisitions Illustrative scale bridge (units/sites) Medium-term targets Increase Decrease Total Scale 5,100+ units 5,500 Same store rent growth 5%-7% p.a 5,000 +35% 816 5,100 U-EPS CAGR 12.5%-17.5
Slide 27: Eureka business model
Eureka business model Strong demand + constrained supply = resilient demand & pricing power Customer value Contracted recurring Capital allocation → proposition revenue growth • Affordable rent • Residential rents • Acquiring significantly below replacement cost • Responsive on-site • CPI-linked/con
Slide 28: Capital partnerships
Capital partnerships Accelerate scale and add capital-light fee earnings Partnership economics – how capital light AUM lifts earnings and valuation: Third-party capital Acquire/develop EGH earns fees (unlisted fund/JV) communities + co-invest upside Why partnerships matter Near-term initiatives • Gr
Slide 29: 05. Financials, capital & outlook
Benalla, VIC 05. Financials, capital & outlook
Slide 30: Profit & Loss
Profit & Loss ($ '000) 31-Dec-25 31 Dec-24 Change Underlying earnings tracking to plan Rental income 21,159 16,496 • Underlying EBITDA tracking in line with guidance Revenue from contracts with customers 5,835 6,061 Total revenue 26,994 22,557 19.7% • Acquisitions contribution and resilient performa
Slide 31: Balance sheet
Balance sheet ($ '000) 31-Dec-25 30-Jun-25 Conservative policy + strong covenant headroom Assets Cash and cash equivalents 3,355 2,803 • Internal LVR ceiling of 40%; bank covenants Trade and other receivables 1,358 1,033 (55%), and interest cover at 4.24x Investments accounted for using the equity m
Slide 32: Covenant headroom
Covenant headroom Maintain conservative gearing while funding growth LVR Headroom Comparison 60% 55.0% Funding initiatives provides flexibility 50% 33.5% 40.0% • Upsized debt facilities ($185m) with longer 40% maturities (3-, 5- and 7-year periods) 30% 20% • Additional funding capacity via documente
Slide 33: Sustainable finance & ESG
Sustainable finance & ESG Converted debt facilities into Social Loans aligned to affordable housing outcomes, with eligible green upgrades and annual impact reporting Social Loans Green upgrades Governance & reporting (resident outcomes) (lower bills & emissions) • Converted $180m Westpac/NAB • Elig
Slide 34: Cash flow statement
Cash flow statement ($ '000) 31-Dec-25 31-Dec-24 Cash flows from operating activities Operating cash generation supports growth Receipts from customers 26,798 22,740 • Significant growth in operating cash flows and underpinned by high Payments to suppliers and employees (18,029) (18,712) occupancy a
Slide 35: FY26 outlook & guidance
FY26 outlook & guidance On track to deliver FY26 guidance Metric FY25 FY 26 guidance 1H26 position Commentary/call-out range Underlying EBITDA $16.9m $20.2m – $21.1m On Track Acquisition run-rate and cost (20% - 25% growth on FY25) normalisation Underlying EPS 3.13c 3.37c – 3.44c On Track Acquisitio
Slide 36: Priorities to deliver guidance and drive FY27 growth
Priorities to deliver guidance and drive FY27 growth Capital + growth Operations + development • Launch new all-age fund (seed assets + • Drive same-store rent growth, occupancy commence fundraising) and enhance site yields • Convert $90m+ acquisition pipeline into • Add ~40 new rental homes (modula
Slide 37: Appendix
Elizabeth Vale, SA Appendix 37
Slide 38: Market backdrop: demand > supply
Market backdrop: demand > supply Key rental, yield and vacancy statistics Supply is constrained • Vacancy remains structurally tight: National vacancy 1.7% (Dec-25); Combined regionals 1.7% (vs combined capitals 1.8%) • Supply is still scarce: Rental listings ~11% lower YoY and 17% below the previou
Slide 39: Housing costs are leading inflation
Housing costs are leading inflation • The RBA’s preferred measure of inflation, the trimmed mean, rose to 3.3% in December, with housing costs a key driver of higher inflation • The majority of Eureka rent is CPI-linked Source: Cotality, ABS, January 2026 39
Slide 40: Non-IFRS measures & definitions
Non-IFRS measures & definitions Underlying measures: • Underlying EBITDA (U-EBITDA): Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) adjusted for material non-recurring items • Underlying profit before tax: Underlying EBITDA less interest, depreciation and amortisation • Underl
Slide 41: Contact details
Contact details Eureka Group Holdings Limited ABN 15 097 241 159 REGISTERED OFFICE Level 5, 120 Edward Street Brisbane QLD 4000 POSTAL ADDRESS GPO Box 2245 Brisbane QLD 4000 07 2145 6322 info@eurekagroupholdings.com.au eurekagroupholdings.com.au ENQUIRIES Shiv Chetan, Chief Financial Officer & Joint
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