Elders Limited · ASX:ELD
Elders — Investor Day (January 2026)
88 slides from Elders's investor day presentation, Jan 30, 2026
Slide 1: Elders Investor Day Presentation
30 January 2026 Elders Investor Day Presentation Attached is an Elders Limited (ASX:ELD) presentation to be given today, 30 January 2026, to investors hosted by Elders Limited. The presentation will be given by members of Elders’ management team. Further Information: Mark Allison, Managing Director
Slide 2: 2026 Elders Ltd Investor Day Presentation
2026 Elders Ltd Investor Day Presentation Friday 30 January 2026 Elders Limited ABN 34 004 336 636 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 09:00 – 09:30 Morning Tea 09:30 – 09:40 Welcome & Overview Mark Allison 09:40 – 10:10 Financial Overview Paul Rossiter 10:10 – 10:40 Strategy Overview Anna Bennett 10:40 – 11:10 Elders Crop Protection Nick Fazekas 11:10 – 11:20 Break 11:20 – 11:50 AIRR Corey Brown 11:50 – 12:30 Elders Rural S
Slide 5: Welcome & Overview
Welcome & Overview MARK ALLISON MANAGING DIRECTOR AND CEO 4
Slide 6: 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 7: 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 8: 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 9: 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 10: Financial Overview
Financial Overview PAUL ROSSITER CHIEF FINANCIAL OFFICER 9
Slide 11: 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 12: 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 13: Growth despite mixed seasonal conditions
FY25 Financial Performance Growth despite mixed seasonal conditions Adjusted Delta Ag 5 Key metrics ($m) FY25 FY24 Var Var % FY25 Adjustment Sales revenue 3,201.7 - 3,201.7 3,131.3 70.4 2% Gross margin 684.6 - 684.6 637.6 47.0 7% Gross margin % 21.4% - 21.4% 20.4% 1.0% n/a Costs 541.0 - 541.0
Slide 14: Agency and Real Estate Services growth offset seasonal headwinds in Crop Protection
Gross Margin Diversification Agency and Real Estate Services growth offset seasonal headwinds in Crop Protection Total Gross Margin ($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 15: Diversification enables good returns in mixed seasonal conditions
Product Performance Diversification enables good returns in mixed seasonal conditions Underlying net profit after tax ($m) Regional alignment 12-month rainfall deficiencies’ impact on Retail³ 1 October 2024 to 30 September 2025 Australian Gridded Climate Data Rainfall +22.0 percentile ranking (+34%)
Slide 16: Costs maintained below inflation, excluding acquisition, transformation
Cost Growth Excluding New Business Costs maintained below inflation, excluding acquisition, transformation Cost rebasing Growth adjusted cost movement² Below inflation cost growth maintained, reflective of cost initiatives implemented in FY25 541.0 4.1 6.0 +2.2% 9.9 521.0 Eight businesses acquired i
Slide 17: Stable ROC despite mixed seasonal conditions and transformation investment
Return on Capital Stable ROC despite mixed seasonal conditions and transformation investment Return on capital (%) Normalised return on capital (%) Regional alignment Misalignment in timing of capital and -3.1 generation of benefits 15.8% 12.7% 0.1% 4.5% 12.7% 1.4% 0.9% 0.4% 11.3% 11.3% 11.3% System
Slide 18: Working Capital
Working Capital Working capital in line with earnings uplift and higher livestock prices Balance Date Average Products FY25 FY24 Var Var % FY25 FY24 Var Var % Retail Products 442 430 12 3% 394 421 (27) (6%) Wholesale Products 102 111 (9) (8%) 123 131 (8) (6%) Agency Services 64 64 (1) (1%)
Slide 19: Earnings supporting a positive operating cash flow
Cash Flows Earnings supporting a positive operating cash flow Operating cash flow ($m) Net cash flow ($m) 22.6 (18.5) 231.2 Includes Delta Agribusiness acquisition proceeds 83.6 (94.4) 143.5 (45.0) 117.9 (63.7) 89.8 (77.9) (33.4) 6.6 EBIT Depreciation and Other non Interest, tax EBITDA adjusted (Inc
Slide 20: Leverage to return to target in FY26
Net Debt Leverage to return to target in FY26 20.5 Net Debt Commentary 457.3 436.8 20.5 Net Debt ($m) (178.7) 178.7 278.6 (295.3) ▪ Modest core debt balance of $161.9m ▪ Pathway to target supported by: 161.9 ▪ Reduction in carry-over inventory in SA / VIC following dry FY24 FY25 Delta Ag FY25 Net De
Slide 21: Strong balance sheet with significant covenant headroom
Net Debt Strong balance sheet with significant covenant headroom Net Debt, Balance Date ($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 22: Strategy Overview
Strategy Overview ANNA BENNETT CHIEF STRATEGY OFFICER 21
Slide 23: 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 24: In FY25 we made significant progress towards the Eight Point Plan
Strategy Overview In FY25 we made significant progress towards the Eight Point Plan RUN TRANSFORM INNOVATE & GROW • Introduced a divisional model to drive focus • Successfully rolled out SysMod Wave 2 Retail to • Acquisition of Delta Agribusiness and accountability across Elders Ltd 165 branches acr
Slide 25: We transitioned to a divisional model
Strategy Overview We transitioned to a divisional model This model will drive performance A portfolio of related but distinct divisions supported by a corporate centre and support future growth Elders Ltd. corporate entity ▪ Alignment of management structures across divisions Elders Crop Australian
Slide 26: The new model is underpinned by eight principles
Strategy Overview The new model is underpinned by eight principles Central direction and vision setting for the portfolio from the corporate centre Ongoing financial discipline, with all divisions accountable to clear performance and return metrics based on a central budget process Portfolio managem
Slide 27: Divisions now have greater accountability for financial outcomes and strategy
Strategy Overview Divisions now have greater accountability for financial outcomes and strategy More decentralised More centralised Objectives and vision • Decisions which materially impact the Financial accountability Elders Ltd portfolio are overseen by the centre (e.g. group objectives, capital d
Slide 28: Our portfolio is highly synergistic
Strategy Overview Our portfolio is highly synergistic Our divisions already work together, with the portfolio approach creating opportunities to enhance synergies across the group ECP Backwards AIRR members are primary route to integration market for Apparent products synergies Opportunity to grow E
Slide 29: Divisional strategic priorities will support the delivery of our 8PP
Strategy Overview Divisional strategic priorities will support the delivery of our 8PP 4th Eight Point Plan (8PP) Strategy defining Elders Ltd’s overall ambition and strategic priorities from FY24-26 Divisional Strategic Priorities Divisional strategies outlining the 3–5-year priorities to support d
Slide 30: In FY26+ we will utilise a range of value and growth levers
Strategy Overview In FY26+ we will utilise a range of value and growth levers Maximise value Capital and cost discipline Portfolio backward integration Technology-led productivity Continue to strengthen margins through cost Leverage our scale across the portfolio to Using technology to streamline, e
Slide 31: Each division has their own set of growth priorities
Strategy Overview Each division has their own set of growth priorities, aligned to the Eight Point Plan Maximise Value Capital and cost discipline Portfolio backward N/A integration Technology-led SysMod will drive benefit productivity across all divisions Grow and Shape Expanded products and servic
Slide 32: We are dedicated to building a sustainable, responsible future
Strategy Overview We are dedicated to building a sustainable, responsible future People and Governance & Ethical Environment Communities Operations • Memorandum of Understanding (MoU) with • Launched the First Nations scholarship program • Enhanced our Ethical Sourcing Program by Charles Sturt Unive
Slide 33: Elders Crop Protection
Elders Crop Protection NICK FAZEKAS DIVISIONAL CEO ELDERS CROP PROTECTION 32
Slide 34: ECP is a fully-integrated crop protection supply chain
Division Overview ECP is a fully-integrated crop protection supply chain ECP has capability across the entire supply chain… … with national development, formulation and supply capability Eureka! and Titan Ag participate Registrations in new product R&D through R&D novel formulations, field trials an
Slide 35: ECP provides a number of advantages within the broader divisional portfolio
Division Overview ECP provides a number of advantages within the broader divisional portfolio Supply Chain Vertical Competitive Revenue New Products & Stability Synergies Pricing Diversification Innovation Greater production control Operational efficiencies Reducing 3rd-party production Utilising ex
Slide 36: ECP's core customer base are Elders Ltd's retail and wholesale businesses
Division Overview ECP’s core customer base are Elders Ltd’s retail and wholesale businesses ECP core business Core customer segments Other customers Elders Ltd retail and wholesale Managing procurement, logistics Titan AG products supplied to ERS’s branches and and demand planning for all AgriToll r
Slide 37: Current state and opportunities
Division Overview Current state and opportunities Business overview Strategic priorities Product portfolio optimisation to maximise • Australian based producer and supplier of crop protection penetration through Elders Ltd channels to chemicals and specialty bagged fertiliser market • Sources both t
Slide 38: Current state and opportunities
Division Overview Current state & opportunities Business overview Strategic priorities • Leading research, development, registration and formulation Prioritise research and development business for agricultural chemicals and other agricultural Create innovative formulations and products products • E
Slide 39: Current state and opportunities
Division Overview Current state & opportunities Business overview Strategic priorities • AgriToll is ECP's WA toll formulations facility situated in Continue growth of formulations in AgriToll Rockingham, Western Australia In line with formulations scale-up plan; initiate higher margin Suspension Co
Slide 40: ECP is focussed on five key strategic priorities
Divisional Priorities ECP is focussed on five key strategic priorities Continue growth of Formulations in AgriToll (new products plus 3rd- 1 party tolling) Refocus manufacturing 2 Increase Eureka!'s production capacity to reduce reliance on 3rd-party tolling on East Coast; renewed focus on R&D and c
Slide 41: FY26 delivery will prioritise integration of Delta and AgriToll growth
FY26 Key Delivery Focus FY26 delivery will prioritise integration of Delta and AgriToll growth Integration and expansion of Delta Four Seasons key actives within ECP supply chain to realise acquisition synergies Continue to improve and expand on AgriToll WA Actives formulations, increasing from 5Mlt
Slide 42: Four key factors at play in FY26 Crop Protection outlook
FY26 Divisional Outlook Four key factors at play in FY26 Crop Protection outlook Cost trade-offs with Impact of global Global production Tariffs and trade reliance on China politics over capacity uncertainty Cost trade-offs from Potential impact on oil Continued downward price Increasing trade uncer
Slide 43: AIRR
AIRR COREY BROWN DIVISIONAL CEO AIRR 42
Slide 44: AIRR snapshot
Division Overview AIRR snapshot Our national wholesale platform with scale, supporting Elders’ diversification 43
Slide 45: The AIRR evolution
Division Overview The AIRR evolution Future State ambition 2024+ “One Elders” State 2019 - 2023 Historical State 2006 - 2019 • Focused on building national footprint • Achieved national footprint in 2022, • Focus on maximising member share of and growing member base focus on growing volume via Elder
Slide 46: Our network is nationwide with multiple brands
Division Overview Our network is nationwide with OUR BRAND STRATEGY multiple brands Primary: leveraging and growing our member base across AIRR & Tuckers Secondary: opportunistically acquiring independent stores to grow retail market share Pay on Delivery Customers 45
Slide 47: The AIRR customer landscape
Division Overview The AIRR customer landscape Wholesale Retail 315k active users p.a. 160+ members 170+ members 1200+ accounts 15 retailers AIRR 14.5% YoY Tuckers 28.5% YoY Competitors 46
Slide 48: Our competitive advantage
Division Overview Our competitive advantage 47
Slide 49: Our five key pillars that generate value
Division Overview Our five key pillars that generate value 48
Slide 50: AIRR's strategy delivers on six key pillars
Divisional Priorities AIRR’s strategy delivers on six key pillars We simplify rural and pet supply chains to provide independent retailing lasting value Our objective: grow customer share of wallet while enhancing profitability and cost discipline Our strategic priorities 3. Grow B2B and B2C online
Slide 51: FY26 outlook
FY26 Divisional Outlook FY26 outlook Market environment stable, Private label and margin Strengthened operational yet increasing competition remain core priorities platform supporting FY26 ✓ Stabilised leadership team Overall business is steady amid Enhanced focus on private label ✓ Warehouse footpr
Slide 52: Elders Rural Services
Elders Rural Services PETER LOUREY DIVISIONAL CEO ELDERS RURAL SERVICES 51
Slide 53: Business model under the new divisional structure
Division Overview Business model under the new divisional structure Retail Products Agency Services Financial Services Digital and Technical Services Fertiliser Livestock Loan Brokerage Fee for Service (246 agronomists) Seed Wool Livestock and Wool Finance AuctionsPlus (50%) Product and Crop protect
Slide 54: Network snapshot
Division Overview Network snapshot OUR BRAND STRATEGY Geographic, product & brand diversification remains key Primary: leveraging and reinforcing our position as the most trusted agribusiness Australian Points of Presence, FY25 brand in Australia3 Northern Region 143 21 12 $168m Secondary: utilising
Slide 55: Network structure: Our branch offer is tailored to local requirements
Division Overview Network structure: Our branch offer is tailored to local requirements Elders Griffith Elders Naracoote Elders Muchea Sunfam Elders Emms Mooney Location South-central NSW South-eastern SA Northern Metropolitan region, WA Bundaberg, QLD NSW Central Tablelands Flagship branch on the b
Slide 56: Retail Products: Strategic focus on operational excellence across the supply chain
Deep dive: Retail Retail Products: Strategic focus on operational excellence across the supply chain Strategic product Enhance customer Discipline in cost Optimise backward ranging and relationships and product pricing and working capital integration strategy with suppliers capabilities management •
Slide 57: Agency Services: Focus on expanding footprint & enhancing digital capability
Deep dive: Agency Services Agency Services: Focus on expanding footprint & enhancing digital capability Continue growing internal livestock knowledge through training and professional development Ongoing recruitment of high performing staff in key geographical areas Launch revamped systems across th
Slide 58: Financial Services: Focus on incremental growth across all products and services
Deep dive: Financial Services Financial Services: Focus on incremental growth across all products and services Product expansion & Brokerage model Network-driven diversification integration growth • Develop white-label retail • Continue roll-out of • Continue driving referral and seasonal finance pr
Slide 59: Elders Wool: Focus on growing market share and cost discipline
Deep dive: Elders Wool Elders Wool: Focus on growing market share and cost discipline to manage industry headwinds Australian wool industry production Despite this, Elders’ national market Tight supply is now driving price is trending down share has grown strength in Q1 FY26 Australian shorn wool pr
Slide 60: Three strategic priorities for FY26 and onwards
Divisional Priorities Three strategic priorities for FY26 and onwards Cost and margin Product and service Continued investment management growth in our people Driving cost efficiency and supply Growing market share and our product Delivering best-in-market execution chain simplification while enhanc
Slide 61: FY26 outlook for stable production amid mixed market conditions
FY26 Divisional Outlook FY26 outlook for stable production amid mixed market conditions Retail Products Agency Services Financial Services Elders Wool Summer crop production expected to Cattle: Prices anticipated to remain Expect favourable conditions across Production expected to remain soften in r
Slide 62: Delta Agribusiness
Delta Agribusiness GERARD HINES CHRIS DUFF DIVISIONAL CEO EXECUTIVE DIRECTOR DELTA AGRIBUSINESS DELTA AGRIBUSINESS 61
Slide 63: A diversified, service-focused national agribusiness
Division Overview A diversified, service-focused national agribusiness Farm Inputs Adjacent services Agronomy, Farm Precision Ag Strategic Crop Protection, Fertiliser, Animal Health, Seed etc. Livestock & Property, Finance, Grain Marketing, Fuel Consultancy & Services investment in Ag distribution L
Slide 64: Delta Ag has grown consistently since establishment in 2006
Division Overview Delta Ag has grown consistently since establishment in 2006 Delta Ag Group Established 2006 Delta Ag Group Today 2 Locations (Greenfield) 58 Retail locations1 15 Employees (FTE) c.45 Wholesale agent customers 8 Shareholders c.450 Employees (FTE) $816m Revenue 20252 1. Post ACCC div
Slide 65: The Delta Ag footprint is strong across multiple states
Division Overview The Delta Ag footprint is strong across multiple states, particularly in NSW and VIC New South Wales, Western Australia Queensland retail branches 6 27 retail branches wholesale customers c.45 South Australia retail branches 6 Growers Supplies 3 Note: Post ACCC divestments; exclude
Slide 66: Retail sales have grown 24% (CAGR) since 2007
Division Overview Retail sales have grown 24% (CAGR) since 2007 Retail Sales $m, 2007-20251 844 835 850 +28% 816 816 800 750 8% NNSW 750 +24% 10% 700 WA RETAIL 650 10% CWNSW 600 550 +22% 11% SA 500 450 14% VIC 400 357 350 295 16% WA WHOLESALE 300 250 200 184 189 188 171 152 150 120 95 31% SNSW 100 8
Slide 67: Four Seasons is the crop protection and animal health brand sold through Delta Ag
Deep dive: Farm Inputs Four Seasons is the crop protection and animal health brand sold through Delta Ag stores Four Seasons Pre acquisition Four Seasons Post acquisition 1. Enhanced margins 1. Expanded portfolio range and new products access 2. Supply strength and stability 2. Crop Protection, Anim
Slide 68: Opportunity to increase Four Seasons' share of wallet
Deep dive: Farm Inputs Opportunity to increase Four Seasons’ share of wallet across crop protection and animal health Crop Protection Retail Sales Animal Health Retail Sales $m $m Total Market Total Market 347 41 Addressable Market Addressable Market Four Seasons Potential Four Seasons Potential 34%
Slide 69: Farm Advisory is the cornerstone of the Delta Ag business
Deep dive: Farm Advisory Farm Advisory is the cornerstone of the Delta Ag business Farm Consultants & Our R&D program 80 Argonomists Hort / Viticulture / 4 Hydroponics 5 Animal Production + 1 Vet 4 Grain Marketers 68
Slide 70: Delta Ag retail branch footprint by state
Deep dive: Farm Advisory New South Wales, Western Australia Queensland retail branches 6 27 retail branches wholesale customers c.45 South Australia retail branches 6 Growers Supplies 3 EP AGnFERT 1 Victoria 15 retail branches Note: Post ACCC divestments; excludes other points of presence (livestock
Slide 71: Delta Ag's Precision Ag Solution
Deep dive: Precision Ag services Delta Ag’s Precision Ag Solution: “Make the complex simple and the simple compelling”
Slide 72: Delta Ag cofounded Goanna Ag
Deep dive: Investment in Ag Technology Delta Ag cofounded Goanna Ag – a company using specialist AgTech to improve irrigated crop outcomes Co-founded by Delta Ag, with circa 36% ownership held Operates separately to Delta Ag, with its own board, management and branding Overview of Goanna Ag Position
Slide 73: Five strategic priorities for Delta Ag moving into 2026
Divisional Priorities Five strategic priorities for Delta Ag moving into 2026 Ensure a smooth transition post acquisition Optimise return to average market conditions in key regions Progress backwards integration synergies through Four Seasons brand Continue to pursue greenfield growth opportunities
Slide 74: Elders Real Estate
Elders Real Estate TOM RUSSO DIVISIONAL CEO ELDERS REAL ESTATE 73
Slide 75: Strong product and geographic diversification across the Elders Real Estate division
Division Overview Strong product and geographic diversification across the Elders Real Estate division Four primary business units Diversified across Aus. $105.1m 18% NSW 17% QLD and NT 12% VIC Riv 11% SA 18% TAS 23% WA Residential agency & Farmland agency Franchise Commercial Gross margin by state
Slide 76: Residential & property management
Division Overview Residential & property management 320+ 20,000+ $541bn Sales agents Properties under Australian residential (across Residential & Farmland) management market sales p.a.1 27% 37% 1.7% National market share 1,2 $32m $44m 3.5% Property management Residential gross margin Regional marke
Slide 77: Farmland agency
Division Overview Farmland agency 320+ $15bn 15% Sales agents Farmland market size1 Farmland market share 1,2 (across Residential & Farmland) (2024) (2024) 22% Trend towards consolidation of farmland, driven by: • Incumbent owners pursuing scale through adjacent land acquisitions, leveraging strong
Slide 78: Franchise
Division Overview Franchise 75+ Franchise locations 3% Contribute funding to Leverage the national marketing, training and Elders brand, mostly technology concentrated in east coast lifestyle regions and $4m metropolitan areas Gross margin contribution 77
Slide 79: Commercial
Division Overview Commercial 15+ Sales Locations with strong Commercial presence Leasing 10% John Talbot, Head of Commercial Real Estate Valuations Appointed in 2025; brings $12m 40+ years of global experience, incl. leadership Asset of 700 professionals management across 13 countries Gross margin c
Slide 80: Strong sustained growth across the business
Division Overview Strong sustained growth across the business Gross margin ($m) Growth in emerging channels Property management Residential 10% FY25 Contribution Farmland 105.1 3% Commercial 4.1 37% Franchise 12.3 22% +20.0% 82.6 Other1 5.0 5.2 26.5 61.5 59.4 27% 25.5 5.0 4.6 50.7 32.0 Property mana
Slide 81: Focus on driving organic growth, expanding market presence with acquisitions and recruiting top agents
Divisional Priorities Focus on driving organic growth, expanding market presence with acquisitions and recruiting top agents Organic growth Acquisitions Recruitment Productivity: Leadership, mentoring and Strategic gaps: Continue acquiring Attraction and retention: Maintain and best-in-class profess
Slide 82: Investment in adjacent growth will continue to be explored
Divisional Priorities Investment in adjacent growth will continue to be explored Progressing well Build out a commercial real estate offering Underway Explore building a valuations business at scale Future potential Consider other adjacencies as our network grows (e.g., ancillary services for rent r
Slide 83: Growing settlement pipeline provides FY26 revenue resilience
FY26 Divisional Outlook Growing settlement pipeline provides FY26 revenue resilience despite softer price growth Strong settlement pipeline for Elders Market outlook heading in to 2026 Awaiting Settlements Pipeline • Persistent housing shortages, first-home buyer incentives, future interest $m, 2025
Slide 84: Business Development
Business Development TAMMY HARRINGTON GENERAL MANAGER BUSINESS DEVELOPMENT 83
Slide 85: Business development overview
Business Development Process Business development overview A standardised process is in place from offer to integration to efficiently manage bolt-on acquisitions and greenfield start ups with internally Our acquisition principles led teams… • Aligns with Elders’ strategy, Confidentiality Non-bindin
Slide 86: FY25 highlights
Business Development Process FY25 highlights HIGHLIGHTS 8 new locations Opportunities sourced through network relationships, corporate advisors and business brokers 93 staff onboarded FY25 Business Development pipeline activity1 Assess 27 desktop valuations performed Agribusiness Lending Business in
Slide 87: Changes to ACCC merger regime
ACCC changes Changes to ACCC merger regime How will this influence our strategic business New ACCC merger regime started on 1 January 2026 development agenda? • Elders considered a serial acquirer •1 Focus effort on products/services that are below $10m revenue threshold (no ACCC notification requir
Slide 88: Open session and Q&A
Open session and Q&A 87