Aspen Group Limited · ASX:APZ
Aspen — Shareholder Meeting (November 2025)
16 slides from Aspen's shareholder meeting presentation, Nov 20, 2025
Slide 1: 2025 AGM Presentation
Aspen Group 2025 AGM Presentation 20 November 2025 For personal use only Creating Value for Customers and Securityholders 1
Slide 2: Specialist Provider of Quality Rental Accommodation on Competitive Terms
Aspen Group Specialist Provider of Quality Rental Owner Accommodation on Competitive Terms Proprietary mindset – Aspen owns 100% of its properties For personal use only and projects with no Joint Venture, Profit Sharing or Fund interests and conflicts to consider Operator Maximising profitability th
Slide 3: Australia's Affordable Housing Crisis Needs to be Resolved
Australia’s Affordable Housing Crisis Needs to be Resolved For personal use only Graphic source: Salvation Army 3
Slide 4: Rentals below $400pw are Scarce for the ~40% of Households that Need It
Rentals below $400pw are Scarce for the ~40% of Households that Need It Current Rental Listings Advertised at <$400pw2 1,600 14% For personal use only 1,400 12% The proportion of Australia-wide rental listings offered at less than 1,200 $400pw has collapsed from 37% in April 20201 to about 8% today2
Slide 5: Undersupply Getting Worse – Additional 66,000 Shortfall in the Past Year
Undersupply Getting Worse – Additional 66,000 Shortfall in the Past Year Australia - Total Annual Dwelling Completions 66k Shortfall 240,000 For personal use only 200,000 Apartments Total of 1.2m over 5 Years (average of 240,000 per annum) Houses 160,000 Government Completions Target 120,000 80,000
Slide 6: Aspen is Helping Solve the Crisis while Creating Value for Securityholders
Aspen is Helping Solve the Crisis while Creating Value for Securityholders Audited Statutory Accounts Reflects Aspen Creates Material NAV3 Growth in Addition Aspen’s Total Value Creation to Underlying Earnings / Cashflow / Distributions For personal use only Comprehensive Income per Security (pre DT
Slide 7: Aspen's Affordable Accommodation – Offered Under Various Funding Models
Aspen’s Affordable Accommodation – Offered Under Various Funding Models Lifestyle Land Lease Aspen sells the dwelling and retains the land Residential Living For personal use only Aspen retains the dwelling and land Residential Land Lots Aspen sells the developed land lots 7
Slide 8: Aspen's Rental Business
Aspen’s Rental Business Aspens’ extensively refurbished While average gross rent has been And net rental income has tripled rental pool has doubled in size over kept flat in real terms to keep it which helps fund the production of the past 5 years... affordable... more affordable housing For persona
Slide 9: Aspen Owns the Land to Create Affordable Housing where People Want to Live
Aspen Owns the Land to Create Affordable Housing where People Want to Live Aspen Lifestyle Alexandrina Cove SA Aspen Lifestyle Meadowbrooke WA For personal use only Aspen Lifestyle and Living Wallaroo SA Aspen Living Adelaide SA 9
Slide 10: Aspen is Creating Value – Australind WA Example
Aspen is Creating Value – Australind WA Example For personal use only Aspen Living & Lifestyle Australind WA 10
Slide 11: Approved Conversion of Transportables at Australind WA
Approved Conversion of Transportables at Australind WA For personal use only Current configuration 4 motel rooms with ensuites Approved conversion 2-bedroom, 2-bathroom houses with courtyards Residential Living or Lifestyle Land Lease? 11
Slide 12: Aspen's Land Bank has Significant Optionality and Upside Potential
Aspens’ Land Bank has Significant Optionality and Upside Potential Total Value of Developed Affordable Property with Proposed Product Mix at Current Prices For personal use only Potential Total Value Creation at Aspen’s Targeted Margins Current Book Value of Land Bank $83m $1.2b $275m Timing TBD – p
Slide 13: Aspen's Strong Balance Sheet Supports Growth and Reduces Risk
Aspen’s Strong Balance Sheet Supports Growth and Reduces Risk Interest Cover Ratio Net Debt / EBITDA2 8.0x 14x 7.1x For personal use only 7.0x 12x 6.0x 5.3x 10x 4.6x 5.0x 4.2x 8.6x 8x 3.7x 4.0x 6x 6.4x 3.0x 5.3x 5.0x 4x 4.3x 2.0x 1.0x 2x 2.1x 0.0x 0x FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24
Slide 14: FY26 Underlying Earnings Guidance
FY26 Underlying Earnings Guidance $m (unless otherwise stated) FY25 FY26 Guidance Change Net Rental Income1 (NRI) $35.0 $39.0 12% For personal use only Development Profit $12.7 $19.5 53% Eureka (EGH) Stake2 $2.1 $0.0 (100%) Corporate Overheads ($8.4) ($9.0) 7% Underlying EBITDA3 $41.4 $49.5 20% Net
Slide 15: Aspen's Development Sales are Accelerating – Settlements to Follow
Aspen’s Development Sales are Accelerating – Settlements to Follow Lifestyle Houses - # Residential Land Lots - # Total Houses & Land Lots - # 200 200 200 For personal use only 150 150 150 100 100 100 50 50 50 Settlement Guidance FY26 - 150 and FY27 - 200 0 0 0 4 5 5 4 5 5 4 5 5 5 5 4 5 4 5 5 4 5 -2
Slide 16: Disclaimer
For personal use only 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