Slide 1: 2026 Half-Year Results Investor Presentation
18 May 2026 2026 Half-Year Results Investor Presentation For personal use only Attached is the Elders Limited (ASX:ELD) investor presentation in connection with the financial results for the 6-month period ended 31 March 2026. Elders’ Managing Director and Chief Executive Officer, Mark Allison, and
Slide 2: Half Year Results Presentation FY26
For personal use only Half Year Results Presentation FY26 Monday 18 May 2026 Elders Limited ABN 34 004 336 636 elders.com.au
Slide 3: Disclaimer and Important Information
Disclaimer and Important Information For personal use only 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, a
Slide 4: Agenda
Agenda For personal use only 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
For personal use only Executive Overview MARK ALLISON MANAGING DIRECTOR AND CEO 4
Slide 6: Safety
Safety Driving improvements in our safety performance For personal use only Key Metrics Initiatives Lost time injuries (LTI) Safety, Health and Environment (SHE) Strategy Average During HY26, we evolved to focus on leadership, capability building, systems development and continuous improvement to de
Slide 7: HY26 Financial Summary
HY26 Financial Summary Taking advantage of seasonal improvements For personal use only Underlying EBIT² Return on Capital¹,² From 12.6% $76.6m 10.7% + 33% Underpinned by strong Delta Ag capital preceding livestock prices and real full year 12 months earning estate growth Refer to slide 18 Cash Conve
Slide 8: Eight Point Plan Performance Through the Years
Eight Point Plan Performance Through the Years Earnings resilience through agricultural cycles For personal use only 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
Slide 9: Divisional Model
Divisional Model Divisional model positioning our business for future growth For personal use only Key investment drivers Divisional focus ERS Regional alignment EPS growth through agricultural cycles Strategic diversification Positive industry fundamentals West South North Modernised systems Delta
Slide 10: Delta Ag Synergies
Delta Ag Synergies On track to achieve Delta Agribusiness synergies target1 of $8m in FY26 For personal use only Quantum and timing of additional Procurement Corporate Services synergy opportunities to be determined in the second half Group purchasing Select corporate power enhanced activities Anima
Slide 11: Financial Results
For personal use only Financial Results PAUL ROSSITER CHIEF FINANCIAL OFFICER 10
Slide 12: Basis of Preparation
Basis of Preparation Financial ratios temporarily impacted by acquisition and divestment activity For personal use only Killara Delta Ag • Killara is treated as discontinued operation and is excluded from all underlying metrics in both HY26 and HY25 • HY26 includes the first five-months of Delta Ag
Slide 13: HY26 Financial Results Summary
HY26 Financial Results Summary HY26 Highlights For personal use only HY26 • Strong livestock performance contributing to Elders Rural Services’ gross margin upside • First five months of Delta Ag contributing to earnings upside Performance • Cost increase driven primarily by acquisition and transfor
Slide 14: Fourth Eight Point Plan Progress
Fourth Eight Point Plan Progress Solid progress on our Fourth Eight Point Plan For personal use only Sales ($m) Gross margin ($m) Costs ($m)¹ EBIT ($m)² -0.8% 1,768 397 320 78 +5.0% 77 +10.0% +13.4% 1,528 Fourth Eight Point Plan Baseline Year 256 58 314 243 1,341 298 1,274 277 219 34 351 285 66 1,42
Slide 15: HY26 Financial Performance
HY26 Financial Performance First half growth reflects progress on strategic initiatives For personal use only Key metrics ($m) HY26¹ HY25 Var Var % Sales revenue 1,767.7 1,341.3 426.4 32% Gross margin 396.6 313.5 83.1 27% Gross margin % 22.4% 23.4% (0.9%) n/a Costs 320.0 255.9 64.1 25% Under
Slide 16: HY26 Financial Summary by Division
HY26 Financial Summary Divisional model to drive focus and accountability For personal use only Elders Crop Elders Rural Elders Real Corporate Key metrics ($m) AIRR Delta Ag¹ Eliminations HY26 Underlying EBIT commentary Protection Services Estate Costs² Sales revenue 179.6 226.6 1,132.5 348.0 102.1
Slide 17: Gross Margin Diversification
Gross Margin Diversification Total Gross Margin ($m) Gross margin favourable across all divisions 396.6 276.5 313.5 HY24 HY25 HY26 For personal use only ECP AIRR Elders Rural Services Delta Ag ERE Eliminations² +14.3% 89.6 78.4 +8.3% +4.5% +0.7% 55.5 58.4 52.8 53.9 +53.6% +2.7% 46.6 48.7 +26.3% 45.8
Slide 18: Cost Growth Excluding New Business
Cost Growth Excluding New Business Cost pressure to ease in second half with ERS trading on single platform For personal use only Cost rebasing Growth adjusted cost movement² Corporate Services increase mostly relating to increased IT costs, following the partial transition of SysMod expenses to ong
Slide 19: Return on Capital
Return on Capital ROC to improve with Delta Ag earnings in second half For personal use only Return on capital¹ (%) Normalised return on capital (%) Regional alignment Misalignment in timing of capital and -0.2 generation of benefits 12.4% 12.1% 12.1% 1.4% 1.5% 0.7% Delta Ag capital preceding full y
Slide 20: Working Capital
Working Capital Working capital increase driven by the inclusion of Delta Ag for the first time For personal use only Balance Date Average Products HY26 HY25 Var Var % HY26 HY25 Var Var % Elders Crop Protection² 68 1 67 n/m 27 9 18 193% AIRR 107 114 (7) (6%) 117 120 (3) (2%) Elders Rural Ser
Slide 21: Cash Flows
Cash Flows Positive progress on working capital efficiency initiatives For personal use only Operating cash flow ($m) Net cash flow ($m) $69.6m of Killara livestock removed 138.0 from inventory 32.3 (18.5) 76.6 47.6 67.0 (10.8) 40.8 (363.0) (327.2) 301.0 449.2 (146.4) Underlying Depreciation and Oth
Slide 22: Return to <2.0x Leverage Ratio in FY26
Return to <2.0x Leverage Ratio in FY26 Leverage forecast to return to target in second half For personal use only Working capital (31.5) elevated at HY in Net Debt Commentary 621.6 preparation for 104.0 winter crop Net Debt ($m) (195.8) 457.3 60.3 425.8 ▪ Modest core debt balance of $210.0m 278.6 (2
Slide 23: Net Debt
Net Debt Significant headroom in banking covenants For personal use only Leverage Ratio Interest Cover Gearing Ratio Net Debt, Balance Date ($m) Balance date net debt / EBITDA EBITDA / net interest Balance date net debt / closing equity +146.0 +43.3% +1.2% +24.3 Excluding AASB 16 425.8 2.6 5.9 50% 5
Slide 24: Strategy and Outlook
For personal use only Strategy and Outlook MARK ALLISON MANAGING DIRECTOR AND CEO 23
Slide 25: FY24-26 Eight Point Plan
FY24-26 EIGHT POINT PLAN ELDERS LIMITED For personal use only 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 i
Slide 26: Our strategic priorities: Run
Our strategic priorities: Run Divisional focus supported by experienced management and dedicated teams For personal use only Elders Limited A diversified corporate agribusiness managing distinct yet interconnected business entities, each contributing to the vitality of rural and regional Australia b
Slide 27: Our strategic priorities: Transform
ELDERS LIMITED Our strategic priorities: Transform Design completed on final Wave of Systems Modernisation Wave 1 For personal use only Internal financial and people Wave 2 Wave 3 Wave 4 foundation (Retail) (Livestock) (Client) Project concludes < FY25 HY26 Total < FY25 HY26 Total HY26 Total Budget
Slide 28: EPS growth through cycles
EPS growth through cycles Growth driven by margin, 05 FY28 beyond cost and capital Elders Finance brokerage model For personal use only efficiency Growing our product offering to support customers 04 grow their business and manage cash flow and risk EPS accretive acquisitions Strategy alignment, div
Slide 29: Group Outlook
Group Outlook Elders is well positioned for the second half For personal use only Rural Crop Services Protection Elders Crop Protection AIRR Elders Rural Services ▪ Focusing on procurement ▪ Ongoing margin improvements ▪ Benefit from operating efficiency synergies with Delta Ag and and efficiency be
Slide 30: Questions
For personal use only Questions 29
Slide 31: Appendix
For personal use only Appendix 30
Slide 32: Appendix – ERS/ERE KPI's
ELDERS LIMITED Appendix – ERS/ERE KPI’s Key Performance Indicator Trends Elders Rural Services Elders Real Estate For personal use only Agency Services: Cattle Volume (‘000) Agency Services: Sheep Volume (‘000) Financial Services: Gross Margin ($m) Real Estate Services: Property Management Earn ($m)
Slide 33: Appendix – Gross Margin Matrix
Appendix – Gross Margin Matrix Gross Margin by Division and Product For personal use only Corporate & Eliminations¹ $m HY26 HY25 Var HY26 HY25 Var HY26 HY25 Var HY26 HY25 Var HY26 HY25 Var HY26 HY25 Var HY26 HY25 Var Retail Products 29.8 19.4 10.4 7.8 7.7 0.1 114.0 103.1 10.9 42.8 - 42.8 - - - - - -
Slide 34: Appendix – Divisional History for Reference
Appendix – Divisional History for Reference Historic Divisional Restatement Key metrics ($m) HY26 FY25 HY25 FY24 HY24 Elders Crop Protection 179.6 311.5 192.6 290.8 166.0 AIRR 226.6 465.6 184.2 459.9 227.4 For personal use only Elders Rural Services 1,132.5 2,512.8 1,058.9 2,474.9 1,021.9 Sales Delt
Slide 35: Appendix – Current 8PP Business Model
Appendix – Current 8PP Business Model Current Eight Point Plan Business Model For personal use only Rural Products Rural Products Rural Products Rural Products Broadacre Agency Services Agency Services Residential Product and service offerings Toll Formulation Pet Supplies Financial Services Propert
Slide 36: Appendix – ERS Sensitivity
Appendix – ERS Sensitivity Gross Margin Sensitivity For personal use only $m 6 5 4 3 2 1 +$50 +100k head +$10 +500k head +$25m +50bps +100bps +100bps 0 -$50 -100k head -$10 -500k head -$25m -50bps -100bps -100bps -1 -2 -3 -4 -5 -6 Cattle Price Cattle Volumes Sheep Price Sheep Volumes Retail Sales Re
Slide 37: Appendix – ABARES Outlook
ELDERS LIMITED APPENDIX Appendix – ABARES Outlook ABARES March Market Outlook For personal use only 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
Slide 38: Appendix – Capital Management Framework
ELDERS LIMITED Appendix – Capital Management Framework 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 Key Features For personal use only Capital Management Framework of
Slide 39: Thank you
Thank you For personal use only 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