Aspen Group Limited · ASX:APZ
Aspen — FY2025 Earnings Presentation
41 slides from Aspen's earnings presentation, Aug 21, 2025
Slide 1: Aspen Group FY25 Results Presentation
Aspen Group FY25 Results Presentation 21 August 2025 Beating Guidance 1
Slide 2: Agenda
Agenda Aspen Group Overview David Dixon – Joint CEO Financial Results Summary Hamish Perks – Transactions Rentals and Development Patrick Maddern – Head of Asset Management & Development Balance Sheet and Outlook John Carter – Joint CEO 2
Slide 3: Contents
Contents 1. FY25 Results 2. Outlook & Guidance Appendix 1: Statutory Account Summary Appendix 2: Property Portfolio Australind Grove WA3
Slide 4: Aspen Group
Aspen Group Owner Proprietary approach maximising sustainable returns Specialist Provider of Quality Rental for Aspen securityholders by owning 100% of our Accommodation on Competitive Terms properties – no Joint Venture, Profit Sharing or Fund interests and conflicts to consider Operator Maximising
Slide 5: Affordable Housing is a Massive Opportunity in Australia
Affordable Housing is a Massive Opportunity in Australia Government Provided Social Rental Dwellings as % of Total Australia Public Housing Completions (‘000s per annum) Housing Stock 40% 20 35% ~20% Total New Supply 30% In Australia governments do not compete in the supply of 25% affordable housing
Slide 6: FY25 Results Summary
1 FY25 Results Summary 6
Slide 7: Aspen Creates Significant Value for Securityholders
Aspen Creates Significant Value for Securityholders Audited Statutory Accounts Reflects Aspen Creates Material NAV3 Growth in Addition Aspen’s Total Value Creation to Underlying Earnings / Cashflow / Distributions Comprehensive Income per Security (pre DTL1) Dividends and Increase in NAV (pre DTL) $
Slide 8: Track Record Growing Underlying Earnings, Distributions and NAV
Track Record Growing Underlying Earnings, Distributions and NAV Underlying EPS1 16.8 cents DPS 10.0 cents NAV2 per Security $2.54 up 22% on FY24 up 18% on FY24 up 14% on FY24 Underlying EPS1 (cents) NAV2 per Security 18.00 $3.00 16.00 20% per annum growth over past 5 years $2.50 17% per annum growth
Slide 9: Increasing Profitability while Maintaining Affordable Rents & Prices
Increasing Profitability while Maintaining Affordable Rents & Prices $m (unless otherwise stated) FY24 FY25 Change Rent Revenue1 $61.81 $67.42 9% Rental Pool – strong NRI growth driven by healthy balance of volume Net Rental Income (NRI) $30.79 $34.97 14% growth, average gross rent growth, and margi
Slide 10: Highly Diversified Profit Streams
Highly Diversified Profit Streams NRI1 & Development Profit by Property Type ($m) NRI1 and Development Profit Mix ($m) $60 $60 Portfolio dynamics and diversity have improved Solid rental income streams supports debt funding materially over the past several years of development and other growth initi
Slide 11: Rentals
Rentals CoVE Upper Mount Gravatt QLD 11
Slide 12: Rentals – Attractive for Residents and Profitable for Securityholders
Rentals – Attractive for Residents and Profitable for Securityholders FY25 Average Net Rent up 7% v Rental Pool up 6% x (Avg. Gross Rent up 3%) = Total Net Rental Income1 up 14% FY24 Total Rental Revenue and Net Rental Pool Average Weekly Rent1 per Rental Income1 Dwelling/Site 3,984 $325 $315 +3% $6
Slide 13: Rentals – All Property Types Contributing to Growth
Rentals – All Property Types Contributing to Growth FY25 Average Weekly Gross Rent1 Residential (dwellings) Lifestyle (land sites) Parks (mixture) Total Portfolio $365 $213 $343 $325 Underlying growth of >10% pa Positioned well in highest growth through development plus 3-4% pa Strong growth at AKV
Slide 14: Development
Development Aspen Lifestyle Highway 1 14
Slide 15: Development – Growth in Volumes, Sale Prices and Margins
Development – Growth in Volumes, Sale Prices and Margins FY25 v Settled Sales up 14% x Profit per Sale up 28% = Total Development Profit up 47% FY24 Settled Sales - # Average Sale Price & Profit ($k) Total Development Profit - $m 111 $12.7m $464 97 + NAV uplift on newly +11% leased Lifestyle sites $
Slide 16: Large, Diversified Development Pipeline Acquired at Low Cost
Large, Diversified Development Pipeline Acquired at Low Cost Development Pipeline - 2,188 Approved & Planned1 Sites Adelaide CP SA Sweetwater Grove NSW Mount Barker SA Wodonga Gardens VIC Alexandrina Strathalbyn SA Cove SA Coorong Quays SA HWY 1 SA Ravenswood WA Lifestyle - approved HWY 1 SA Future
Slide 17: Scaling Up Development while Remaining Highly Profitable
Scaling Up Development while Remaining Highly Profitable Development Assets1 and Returns $80 50% 45% $70 40% $60 Average Profit Margin2 of 32% past 5 years 35% $50 30% $40 25% 20% $30 Average ROIC3 of 20% past 5 years 15% $20 10% $10 5% $0 0% FY21 FY22 FY23 FY24 FY25 Development Assets - $m ROIC (rh
Slide 18: Portfolio and Balance Sheet
Portfolio and Balance Sheet Barlings Beach NSW 18
Slide 19: Portfolio Evolution – Positioning for Growth
Portfolio Evolution – Positioning for Growth Total Dwellings/Sites - # Acquired new Dwellings and Raw Land subject Acquired existing Dwellings and Approved to approvals at an even lower price – planning Predominantly Rentals – minimal to offer new Rentals, Lifestyle houses and Development Projects a
Slide 20: FY25 Acquisitions – Significant Value-Add Opportunities
FY25 Acquisitions – Significant Value-Add Opportunities Aspen Viveash WA - $2.1m Aspen Lifestyle Alexandrina Cove SA - $1.3m 36 villa rentals – refurbished and fully leased 35 Lifestyle dwellings now approved Aspen Living and Lifestyle Ravenswood WA - $12.0m Aspen Living and Lifestyle Australind WA
Slide 21: Strong Balance Sheet Supports Growth and Reduces Risk
Strong Balance Sheet Supports Growth and Reduces Risk Interest Cover Ratio $m (unless stated) FY24 FY25 Change 8.0x 7.1x 7.0x Total Property and Inventory $563 $681 21% 6.0x 5.3x 4.6x 5.0x 4.2x 3.7x 4.0x Eureka Group (EGH) Stake $58 $0 (100%) 3.0x 2.0x Net Financial Debt ($161) ($87) (46%) 1.0x 0.0x
Slide 22: High Yielding Portfolio with Real Growth Potential
High Yielding Portfolio with Real Growth Potential $m (unless stated) FY24 FY25 Change Rental Pool Dwellings & Sites # 3,956 4,156 5% Conservative book values in our opinion Book Value (ex. spare development land) $513 $588 15% Per Approved Dwelling/Site $130k $141k 8% § Rental Pool: WACR1 6.8% 6.9%
Slide 23: FY26 Outlook and Guidance
2 FY26 Outlook and Guidance 23
Slide 24: FY26 Outlook and Guidance
FY26 Outlook and Guidance Rentals § Long stay expected to remain solid ⁃ Currently essentially 100% occupied with expected rent increases of 3-5% per annum FY26 Guidance3 § Short stay picking up ⁃ Darwin FSR currently in peak season and performing well above pcp and forward bookings for all parks ar
Slide 25: Appendix 1: Statutory Accounts Summary
Appendix 1 Statutory Accounts Summary 25
Slide 26: Statutory Profit and Underlying Operating Earnings
Statutory Profit and Underlying Operating Earnings FY24 FY25 FY24 FY25 Summary Change Rentals & Development Change $m $m $m $m Comprehensive income before deferred tax 69.85 77.03 10% Rentals Revaluation of PP&E – Darwin FSR (5.58) (0.97) Rental & ancillary services revenue 61.81 67.42 9% Deferred t
Slide 27: Reconciliation of Statutory Profit to Underlying Operating Earnings
Reconciliation of Statutory Profit to Underlying Operating Earnings FY24 FY25 $m $m Total comprehensive income for the year 54.02 58.02 Revaluation of property, plant and equipment (Darwin FSR) (5.58) (0.97) Statutory net profit for the year 48.44 57.05 Adjustments: Depreciation of property, plant a
Slide 28: Summary Balance Sheet and Capital Management
Summary Balance Sheet and Capital Management 30 June 24 30 June 25 Key Metrics Change $m $m Total Assets $669.0 $733.5 10% Net Debt $161.5 $86.9 (46%) Net Asset Value (NAV) $433.7 $545.6 26% Securities (period end) 199.2m 226.4m 14% NAV per Security $2.18 $2.41 11% LTV halved – well below debt coven
Slide 29: Appendix 2: Property Portfolio
Appendix 2 Property Portfolio 29
Slide 30: Aspen is Helping Solve Australia's Housing Problems
Aspen is Helping Solve Australia’s Housing Problems Community Indigenous Programs Engagement Working with local indigenous groups to ensure Creating competitively priced Supporting over 10 sporting groups, cultural integrity and to maintain heritage items schools, clubs housing through disciplined a
Slide 31: Portfolio Summary
Portfolio Summary Total Dwellings/Sites - Operating v. Development2 Location1 Portfolio Aggregates Total Development Pipeline - Planned Rental Pool - Dwellings Regional Rental Pool Dwellings/Sites # 17% 28% 31% 1,984 Development Dwellings (inc. under refurbishment) Pipeline - Approved Land Sites 2,1
Slide 32: Rentals – Financial Summary by Property Type
Rentals – Financial Summary by Property Type Residential (Dwellings) Lifestyle (Sites) Parks (Mixture) Total Portfolio FY24 FY25 Change FY24 FY25 Change FY24 FY25 Change FY24 FY25 Change # Dwellings/Sites 922 1,059 15% 635 708 12% 2,210 2,216 0% 3,767 3,984 6% (Period Average) Average Weekly Rent1 $
Slide 33: Development – Financial Summary by Segment
Development – Financial Summary by Segment Lifestyle (Dwellings) Residential (Sites) Total Portfolio FY24 FY25 Change FY24 FY25 Change FY24 FY25 Change # Settled Sales 59 77 31% 38 34 (11%) 97 111 14% Average Sale Price (inc. GST) $418k $464k 11% $200k $226k 13% $332k $391k 18% Total Revenue (ex. GS
Slide 34: Residential Overview
Residential Overview $m unless stated Residential Residential Rental Pool - Average # Dwellings FY24 FY25 Change 1,200 # Dwellings & Sites (year end) 1,364 2,038 49% Rental Pool (inc. under refurbishment) 1,065 1,178 11% 1,000 1,059 Development pipeline – planned 299 860 188% 922 800 Total Book Valu
Slide 35: Residential Properties
Residential Properties Residential1 WA NSW QLD VIC SA Perth Australind Perth House Lindfield Total Apartment Ravenswood Viveash Cooks Hill Uniresort Burleigh Heads Burwood Normanville Grove Portfolio Apartments Residential Portfolio South-West Newcastle Gold Coast Melbourne Fleurieu Region Perth Met
Slide 36: Lifestyle Overview
Lifestyle Overview $m unless stated Lifestyle Lifestyle Rental Pool - Average # Dwellings FY24 FY25 Change 800 # Sites (close) 1,308 1,355 4% 700 Rental Pool 674 750 11% 708 600 635 Development Pipeline 634 605 -5% 500 Total Book Value $92 $115 25% 521 400 Per site $70k $85k 21% 300 WACR 6.2% 6.0% -
Slide 37: Lifestyle Properties
Lifestyle Properties Lifestyle NSW WA SA VIC Sweetwater Four Sierra Lifestyle Mandurah Gardens Meadowbrooke Alexandrina Cove Strathalbyn Wodonga Gardens Total Lifestyle Grove Lanterns Village Region Newcastle Region Sydney Metro Peel Region Darling Ranges Bunbury Region Fleurieu Region Fleurieu Regi
Slide 38: Park Communities Overview
Park Communities Overview $m unless stated Park Communities Parks Rental Pool - Average # Dwellings 2,220 FY24 FY25 Change 2,216 # Dwellings / Sites (close) 2,608 2,656 2% 2,210 2,210 Rental Pool 2,217 2,228 0% 2,200 Development Pipeline 391 428 9% Total Book Value $186 $198 6% 2,190 Per dwelling/si
Slide 39: Park Properties
Park Properties Park Communities SA NT WA NSW Highway Adelaide Darwin Barlings Tween Koala Coorong Quays AKV Total Parks One CP FSR Beach Waters Shores Region Adelaide Metro Adelaide Metro Fleurieu Region Darwin Metro Pilbara Region South Coast South Coast Central Coast Land Ownership Freehold Freeh
Slide 40: Residential Land Development Inventory
Residential Land Development Inventory Residential Land Development Inventory SA SA Investment Property Total Residential Land Mount Barker CQ Resi Development Inventory Total Portfolio Portfolio Region Adelaide Hills Fleurieu Region Land Ownership Freehold Freehold Resident Tenure N/A N/A Total Lan
Slide 41: Disclaimer
Disclaimer Aspen Group (ASX: APZ) comprises the stapling of Aspen Group Limited and Aspen Property Trust ("Aspen"). The Responsible Entity (“RE”) of the Aspen Property Trust is Evolution Trustees Limited (ABN 29 611 839 519, AFSL 486217). This presentation has been prepared by Aspen Group Limited on