Aspen Group Limited · ASX:APZ
Aspen — Citi Conference 2026
10 slides from Aspen's conference presentation, Oct 20, 2026
Slide 1: Aspen Group Citi Conference
Aspen Group Citi Conference rsonal use only 20 October 2026
Slide 2: Aspen Generates Superior Returns for Securityholders through Various Means
Aspen Generates Superior Returns for Securityholders through Various Means ROE = Pre Tax Comprehensive Income Divided by Starting NAV (pre DTL) Each FY1 Owner Proprietary mindset – Aspen owns 100% of its 50% properties and projects with no joint venture, profit rsonal use only sharing or fund intere
Slide 3: Strong Growth in Both Underlying EPS and NAV
Strong Growth in Both Underlying EPS and NAV (Not Growing EPS at the Expense of NAV) Underlying Pre Tax EPS (cents)1 Net Asset Value per Security (pre DTL)2 25 $3.50 rsonal use only $3.00 20 23% CAGR since FY19 14% CAGR since FY19 $2.50 15 $2.00 $1.50 10 $1.00 5 $0.50 0 $0.00 FY19 FY20 FY21 FY22 FY2
Slide 4: Keeping Rents and Prices Affordable while Extracting Higher Profit Margins
Keeping Rents and Prices Affordable while Extracting Higher Profit Margins Rentals - Average Weekly Rent per Dwelling/Site and NRI Margin Lifestyle Development – Average House Sale Price and DP Margin $700,000 35% Average gross rent up only 5% per annum - average net rent up 10% per annum 34% 33% 31
Slide 5: Aspen's Rental Portfolio is Skewing to Higher Growth / Lower Risk Residential Properties
Aspen’s Rental Portfolio is Skewing to Higher Growth / Lower Risk Residential Properties Over Time q Australia’s Residential market is worth Net Rental Income - $m Property Value - $m over $12 trillion - Residential Rental $50 $900 segment is ~35% and Lifestyle is ~2% by number of dwellings rsonal u
Slide 6: Latest Residential Conversion Acquisitions – Adelaide Villa Portfolio
Coorong Quays and Alexandrina Cove Latest Residential Conversion Acquisitions – Adelaide Villa Portfolio At Acquisition Glenunga Glandore ACH ECH AVP Settled 22 Aug 2025 8 Sept 2026 rsonal use only Properties 18 20 38 Dwellings 113 198 311 Average # Bedrooms 2.2 1.4 1.7 Land Area - SQM 31,811 40,982
Slide 7: Other Examples of Conversion to Highest Value Residential Use
Other Examples of Conversion to Highest Value Residential Use Australind WA Adelaide Caravan Park SA Highway 1 Paralowie SA Conversion of FIFO Workers Accommodation to Residential and Lifestyle Community Conversion of Part of Park into Lifestyle Community Conversion of Park to Residential BTR and To
Slide 8: Can Take Advantage of Organic and New Growth Opportunities with its Strong Balance Sheet
Aspen Can Take Advantage of Organic and New Growth Opportunities with its Strong Balance Sheet Reported Gearing Ratio - FY26 q Aspen’s property portfolio and rental streams have continually improved, and operating leverage 45% has declined - NRI margin has increased from rsonal use only 42% in FY20
Slide 9: Aspen Well on Track to Deliver At Least 20% Growth in Underlying EBITDA and EPS in FY27
Aspen is Well on Track to Deliver At Least 20% Growth in Underlying EBITDA and Pre Tax EPS in FY27 FY27 Rentals Underlying Operating Earnings1 1Q FY26 1Q FY27 Change FY26 Change Guidance Long stay: essentially fully leased with typically 3-5% pa rent increase – our rents are ~10% rsonal use only Net
Slide 10: Disclaimer
rsonal 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 Aspen