Aspen Group Limited · ASX:APZ
Aspen — Shareholder Meeting (November 2026)
18 slides from Aspen's shareholder meeting presentation, Nov 10, 2026
Slide 1: Aspen Group 2026 AGM
Aspen Group 2026 AGM rsonal use only 10 November 2026
Slide 2: Chair Address
Chair Address Guy Farrands rsonal use only 2
Slide 3: Aspen Generates Superior Returns for Securityholders through Various Means
Aspen Generates Superior Returns for Securityholders through Various Means Pre Tax Return on Equity1 Owner Proprietary mindset – Aspen owns 100% of its 50% properties and projects with no joint venture, profit rsonal use only sharing or fund interests and conflicts to consider 40% Operator Maximisin
Slide 4: 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) Net Asset Value per Security (pre DTL)2 30 $3.00 rsonal use only 25 $2.50 23% CAGR FY19-26 14% CAGR FY19-26 20 $2.00 Guidance 26.1 15 $1.50 10 $1.00 5 $0.50 0 $0.00 FY19 FY20 FY21 FY22
Slide 5: Aspen's Mission and Values
Aspen’s Mission: Solving Australia's housing shortfall as the leading value-for-money accommodation provider rsonal use only Our Values: • Act Like You Own It • Deliver Value in Everything We Do • Find Opportunity in Complexity • Stay Nimble, Adapt, Drive Momentum • Celebrate Success But Always Look
Slide 6: Management Address
Management Address Hamish Perks - CFO rsonal use only 6
Slide 7: Australia's Field of Dreams
Australia’s Field of Dreams Australia’s Population Growth v. Dwelling Completions1 q Australia’s housing is becoming increasingly scarce - 450,000 since the 1980-90s population growth has doubled rsonal use only from around 200k to 400k per annum and housing 400,000 They will come even if we don’t b
Slide 8: Cost of Housing is Relentlessly Increasing Faster than Household Incomes
Cost of Housing is Relentlessly Increasing Faster than Household Incomes Sale Price Per SQM – Apartments Under Construction1 X Interest rates have normalised from artificially low levels – so too have rents which $20,000 are correlated 8% CAGR – 2018-26 X Increasing regulatory costs – the National C
Slide 9: Collapse in Investor Demand is Unprecedented
Collapse in Investor Demand is Unprecedented – Scarcity is Worsening, Particularly in Affordable Rentals New Housing Loan Commitments – Indexed from First Interest Rate Increase rsonal use only q Private investors supply the vast majority of rentals - governments have been exiting the sector for dec
Slide 10: Aspen is Helping Solve the Problem by Producing Lower Cost Housing
Aspen is Helping Solve the Problem by Producing Lower Cost Housing where People Want to Live q Aspen’s target customer base is the ~40% of households who can afford no more than ~$500k / $500pw for their housing needs rsonal use only q Governments could help Aspen and others provide more affordable
Slide 11: Aspen Operates in the Highest Growth Segment of the Housing Market - Rentals
Aspen Operates in the Highest Growth Segment of the Housing Market - Rentals q Australia’s Residential market is worth around $12 trillion Net Rental Income - $m Property Value - $m $50 $900 q Since the 1980s the proportion of rental stock by number has increased from around 25% to 35% today – it is
Slide 12: Aspen is Set for Continued Strong Organic Growth from its Low-Cost Development Pipeline
Aspen is Set for Continued Strong Organic Growth from its Low-Cost Development Pipeline Aspen's Approved Development Pipeline - Dwellings/Sites q Acquiring appropriately priced land in attractive locations is the foundation of delivering quality, value-for-money housing for 2,200 New customers and s
Slide 13: Aspen Living & Lifestyle Ravenswood
rsonal use only Aspen Living & Lifestyle Ravenswood 13
Slide 14: Ravenswood WA Lifestyle Component – Recently Approved
Ravenswood WA Lifestyle Component – Recently Approved § Ravenswood WA is in the Peel Region about 78kms or 55-minute drive south of Perth CBD rsonal use only § Population growth in the region is amongst the highest in Australia at about 3% per annum § The property spans 26HA of developable land fron
Slide 15: Aspen Lifestyle Normanville
rsonal use only Aspen Lifestyle Normanville15
Slide 16: Normanville SA – Recently Approved
Normanville SA – Recently Approved § Normanville SA is a coastal town in the southern Fleurieu Peninsula about 78kms or 75 minutes drive south of Adelaide CBD rsonal use only Camping Sites § Population growth in the region is above average at 2-3% per annum § The property spans 10.5HA with right of
Slide 17: FY27 Guidance Reiterated
FY27 Guidance Reiterated Rentals § Long term FY27 Guidance1,2,3 − Occupancy: remains essentially full, arrears are negligible and open home attendance is strong Net Rental Income rsonal use only − Average Rent: roughly 10% below market and increasing 4-5% per annum − Volume Growth: number of Lifesty
Slide 18: 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