Slide 1: Aspen Group HY26 Financial Results Presentation
Aspen Group HY26 Financial Results Presentation 19 February 2026 Stepping Up a Gear – Guidance Upgraded
Slide 2: Contents / Agenda
Contents / Agenda 1. Overview David Dixon 2. HY26 Financial Results Hamish Perks Patrick Maddern 3. Outlook and Guidance John Carter Appendix: Property Portfolio Debt Facility & Hedging Aspen Adelaide Villa Portfolio – Glenunga SA 2
Slide 3: Overview
Aspen Lifestyle and Living Wallaroo SA 1 Overview 3
Slide 4: Aspen Group
Aspen Group Specialist Provider of Quality Rental Owner Accommodation on Competitive Terms Proprietary mindset – Aspen owns 100% of its properties and projects with no Joint Venture, Profit Sharing or Fund interests and conflicts to consider Operator Maximising profitability through intensive manage
Slide 5: Aspen's Rents and Prices are Truly Affordable and Scarce
Aspen’s Rents and Prices are Truly Affordable and Scarce Rent - Aspen1 v. Australia Residential2 ($/week) Prices – Lifestyle3 v. Australia Residential4 $800 $1200k $700 $695 $1000k $1045k $643 $600 39% $875k $800k 56% less $500 less +20% DMF $712k $669k $400 $600k $386 $390 $300 $465k $400k $200 $22
Slide 6: Australia's Housing Supply Constraints Persist Despite the Rhetoric
Australia’s Housing Supply Constraints Persist Despite the Rhetoric Aspen’s Perspective Total Taxes, Regulatory Costs and Infrastructure Contributions for New Dwellings - 20251 ✗ Regulation increasing $700k ✗ Still excessive red/green tape and timeframes for development approvals, particularly in me
Slide 7: Aspen's More Affordable Locations and Products are Outperforming
Aspen’s More Affordable Locations and Products are Outperforming Cotality All Dwellings HVI by Location1 Cotality All Dwelling HVI by Value Segment2 Price Change to 31 December 2025 3 months to December 2025 19% Highest growth in more affordable / better 11% Highest growth at lower price points - ac
Slide 8: Financial Results HY26
Aspen Lifestyle Strathalbyn SA 2 Financial Results HY26 8
Slide 9: Aspen's Total Value Creation – Comprehensive Income
Aspen’s Total Value Creation – Comprehensive Income Value Created through Generating Cash Profits, Aspen’s Total Value Creation Paying Distributions and Increasing NAV Comprehensive Income per Security (pre DTL) Distributions and Increase in NAV (pre DTL)2 $0.80 $0.80 $0.70 $0.70 $0.60 $0.60 $0.50 $
Slide 10: Strong Track Record Growing Underlying Earnings, Distributions and NAV
Strong Track Record Growing Underlying Earnings, Distributions and NAV Underlying EPS1 10.7 cents DPS 5.50 cents NAV2 $2.70 up 33% on HY25 up 10% on HY25 up 6% on 30 June 2025 Underlying EPS (cents) Aspen Develops New Houses & Land NAV2 per Security 25 $4.00 17% CAGR since FY20 23% CAGR since FY20 L
Slide 11: Aspen's Underlying Earnings Growth Accelerated in HY26
Aspen’s Underlying Earnings Growth Accelerated in HY26 HY25 HY26 Change Rent Revenue1 $33.6m $38.1m 13% Rental Pool - Long term essentially full - short stay occupancy varied across Net Rental Income (NRI) $17.2m $20.9m 22% properties as we strive for a more profitable mix of rates and occupancy NRI
Slide 12: Rental Pool Performance
Rental Pool Performance HY26 Average Net Rent up 16% v Rental Pool up 5% x (Avg. Gross Rent up 8%) = Total Net Rental Income1 up 22% HY25 Rental Pool Average Weekly Rent per Total Rental Revenue and Net Dwelling/Site Rental Income1 ($m) 4,200 $40 $400 4,154 4,100 $38.1 $350 $35 $353 $33.6 4,000 $300
Slide 13: Different Property Types – Same Residential Market Dynamics
Different Property Types – Same Residential Market Dynamics HY26 Average Weekly Gross Rent1 Residential (dwellings) Parks (mixture) Lifestyle (land sites) Total Portfolio $390 $386 $221 $353 High growth markets – Perth, Short stay - seeking more High volume growth – roughly half Methodically growing
Slide 14: Keeping Average Rent Affordable while Extracting Higher NRI Margin
Keeping Average Rent Affordable while Extracting Higher NRI Margin Average Weekly Rent1 per Dwelling/Site and NRI2 Margin $500 60% Average gross rent increased 5% per annum since FY20 - average net rent increased 11% per annum 55% $500 52% properties NRI margin expected to trend higher with increasi
Slide 15: Aspen's Value Creation through Recycling – Residential Portfolio
Aspen’s Value Creation through Recycling – Residential Portfolio Aspen's Result v. Static Portfolio Scenario % Change - 3 Years to 31 December 2025 One way Aspen optimises its portfolio to suit its target customer base and improve profitability is by recycling 20% from high to low rent properties 15
Slide 16: Coorong Quays and Alexandrina Cove
Coorong Quays and Alexandrina Cove 16
Slide 17: Development Performance
Development Performance HY26 v Settled Sales up 60% x Profit per Sale up 17% = Realised Development Profit up 87% HY25 Settled Sales - # Average Sale Price & Profit Realised Development Profit ($m) 100 $500k $12 90 $450k $470k $465k -1% $10 $0.2 80 $400k $427k 4 + NAV uplift on newly 70 $350k leased
Slide 18: Aspen Sells New Lifestyle Houses at a Fraction of Median Residential Prices
Aspen Sells New Lifestyle Houses at a Fraction of Median Residential Prices Aspen Lifestyle Prices1 v. Residential Prices2 Aspen’s Lifestyle properties are typically within an hour of a major city and attract buyers from these premium markets $1400k $1200k $1000k $800k $600k $400k $200k $k l l l l e
Slide 19: Keeping Average Sale Price Affordable while Extracting Higher Margin
Keeping Average Sale Price Affordable while Extracting Higher Margin Lifestyle House Sales $700k 35% 33% 33% 31% 31% $600k 30% 30% 28% Higher margin while maintaining $500k competitive price 25% $464k $465k $400k $418k 20% $366k $300k $332k 15% $276k $200k 10% $133k $138k $100k $115k 5% $94k $95k $8
Slide 20: Sales Growing Quickly with Plenty of Capacity in the Development Pipeline
Sales Growing Quickly with Plenty of Capacity in the Development Pipeline Lifestyle Houses - # Residential Land Lots - # Total Development - # 200 200 200 150 150 150 100 100 100 50 50 50 0 0 0 4 5 4 5 5 5 4 24 5 25 4 24 5 25 4 5 5 -2 -2 -2 -2 4 24 5 25 2 2 2 2 -2 -2 -2 -2 c- c- c- c- 2 2 -2 n- n- n
Slide 21: HY26 Acquisitions
HY26 Acquisitions Aspen Adelaide SA Villa Portfolio Aspen Wallaroo SA Aspen HQ Surry Hills NSW (settled August 2025) (settled October 2025) (settled November 2025) § Located predominantly in premium residential § Located at Yorke Peninsula SA about 2 hours § Located between Sydney CBD and Paddington
Slide 22: New Acquisition - CQ Expansion Land
New Acquisition - CQ Expansion Land Coorong Quays Expansion Land Goolwa Expansion Land Southern Ocean Murray River Goolwa Coorong Quays Murray River Coorong Quays Coorong Quays (CQ): § On Hindmarsh Island SA at the mouth of the Murray River across from Goolwa – 75-minute drive to Adelaide CBD § Aspe
Slide 23: Black Dolphin Merimbula NSW – Revitalising the Original Robin Boyd Modernist Architecture
Black Dolphin Merimbula NSW – Revitalising the Original Robin Boyd Modernist Architecture 23
Slide 24: Strong Balance Sheet Supports Growth Initiatives and Reduces Risk
Strong Balance Sheet Supports Growth Initiatives and Reduces Risk Interest Cover Ratio3 30 Jun 25 31 Dec 25 Change 8.0x 7.1x 7.0x Total Property and Inventory $681m $770m 13% 5.7x 6.0x 5.3x 5.0x 4.6x 4.2x 3.7x Net Financial Debt ($87m) ($138m) 59% 4.0x 3.0x 2.0x Aspen’s debt is supported by solid re
Slide 25: High Yielding Portfolio with Strong Real Growth Potential
High Yielding Portfolio with Strong Real Growth Potential 30 Jun 25 31 Dec 25 Change Rental Pool Dwellings & Sites # 4,156 4,359 5% Portfolio expanded 10% to 6,971 dwellings/sites Book Value (ex. spare development land) $588m $660m 12% Rental Pool: Per Approved Dwelling/Site $141k $151k 7% § Acquire
Slide 26: Aspen's Book Values are Conservative in Our Opinion
Aspen’s Book Values are Conservative in Our Opinion Comparison of Book Value Capitalisation Rates 10.0% 10.1% Aspen has been recycling Residential Aspen’s Lifestyle rents and clubhouse maintenance / properties at ~3% cap rate depreciation are typically lower 8.0% 7.7% 6.0% 5.8% 5.2% 5.2% 5.1% 5.1% 4
Slide 27: Outlook and Guidance
3 Outlook and Guidance Aspen CoVE Upper Mount Gravatt QLD 27
Slide 28: Outlook and Guidance
Outlook and Guidance Rentals § Long term ⁃ Expected to remain essentially fully occupied ⁃ Average gross rent per dwelling/site expected to increase 4-5% per annum ⁃ Residential portfolio passing rents estimated to be ~10% below current market on average ⁃ Lifestyle land leases have fixed 3.5% per a
Slide 29: Outlook and Guidance
Outlook and Guidance Development § New Residential BTR program has commenced - by far the biggest market opportunity for Aspen § Lifestyle: - Aiming to achieve consistent, strong volume and profit growth well into the future - Currently 7 active projects - plan to gain approvals and commence Ravensw
Slide 30: Outlook and Guidance
Outlook and Guidance FY26 Earnings Acquisitions & Dispositions Guidance1,2 § Expect continued opportunities to acquire suitable properties, particularly from Governments (Federal, State and Local) / NFPs / Developers / Distressed Sales / Private Credit Funds – higher interest rates expected to be he
Slide 31: Appendix Property Portfolio
Appendix Property Portfolio 31
Slide 32: 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 33: Portfolio Summary
Portfolio Summary Dwelling/Site Mix1 State Mix2 Development Pipeline - Rental Pool - Planned Dwellings 21% 30% Development 6% Pipeline - Approved 16% Rental Pool - Land Sites 33% 4% 47% Location Mix2 21% 19% Regional 29% 3% Metropolitan 71% 1. Mix weighted by # of approved and planned dwellings and
Slide 34: Total Portfolio including Residential Land Development Inventory
Total Portfolio including Residential Land Development Inventory Total Portfolio Rental Pool Development Combined Book Value1 Value per State Cap Rate ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Residential 1,180 0 1,180 65 722 787 1,967 $364 5.06% $185k Lifestyle 274 652 9
Slide 35: Residential Living
Residential Living Residential Living Rental Pool Development Combined Book Value1 Value per State Cap Rate ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Perth Apartment Portfolio WA 509 0 509 0 25 25 534 $216.3 4.46% $405k Australind Grove2 WA 97 0 97 0 250 250 347 $34.0 N/A
Slide 36: Lifestyle
Lifestyle Lifestyle Rental Pool Development Combined Book Value1 Value per State Cap Rate2 ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Sweetwater Grove NSW 24 144 168 36 0 36 204 $24.4 5.75% $120k Four Lanterns NSW 1 133 134 0 0 0 134 $20.5 5.15% $153k Mandurah Gardens WA 0
Slide 37: Parks
Parks Parks Rental Pool Development Combined Book Value1 Value per State Cap Rate ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Highway One SA 104 189 293 29 150 179 472 $42.6 7.75% $90k Adelaide Caravan Park SA 47 40 87 0 39 39 126 $21.5 7.00% $171k Coorong Quays SA 13 674 6
Slide 38: Residential Land Development Inventory
Residential Land Development Inventory Residential Land Development Rental Pool Development Combined Book Value1 Value per State Cap Rate ($m) Dwelling/Site Dwellings Sites Total Approved Planned Total Total Mount Barker SA 0 0 0 75 0 75 75 $9.0 N/A $120k Coorong Quays SA 0 0 0 226 80 306 306 $9.3 N
Slide 39: Rentals – Financial Summary by Property Type
Rentals – Financial Summary by Property Type Residential (Dwellings) Parks (Mixture) Lifestyle (Sites) Total Portfolio HY25 HY26 Change HY25 HY26 Change HY25 HY26 Change HY25 HY26 Change # Dwellings/Sites 1,058 1,060 0% 2,211 2,239 1% 692 856 24% 3,961 4,154 5% (Period Average) Average Weekly Rent1
Slide 40: Creating More Value from Every $ of Rent Charged to Customers
Creating More Value from Every $ of Rent Charged to Customers Contributions to Total NRI Growth Majority of NRI growth has been generated from increasing the size of the Rental Pool (acquisitions net of sales (recycling) and development) and margin expansion (strong operational management, property
Slide 41: Development – Financial Summary by Segment
Development – Financial Summary by Segment Lifestyle (Dwellings) Residential (Land Lots) Total Portfolio HY25 HY26 Change HY25 HY26 Change HY25 HY26 Change # Settled Sales 30 73 143% 18 4 (78%) 48 77 60% Average Sale Price (inc. GST) $470k $465k (1%) $218k $279k 28% $376k $455k 21% Total Revenue (ex
Slide 42: Debt Facility and Interest Rate Hedging
Debt Facility and Interest Rate Hedging Key Metrics 30 Jun 25 31 Dec 25 Change Total Assets $733m $859m 17% Net Debt $87m $138m 59% Net Asset Value (NAV) $546m $571m 5% Securities (period end) 226m 228m 1% NAV per Security $2.41 $2.51 4% NAV per Security (excluding DTL) $2.54 $2.70 6% Debt Facility
Slide 43: 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