Eureka Group Holdings Limited · ASX:EGH
Eureka — Investor Presentation (August 2026)
43 slides from Eureka's investor presentation, Aug 20, 2026
Slide 1: Eureka Group Holdings Full Year Results
Eureka Group Holdings Full Year Results August 2026 1
Slide 2: Agenda
Agenda 01 Highlights & Scorecard FY26 highlights, guidance scorecard, key achievements, annualised recurring revenue (ARR) 02 Portfolio Performance Growing portfolio, financial performance, cost discipline, operating performance by segment 03 Industry Trends Housing market backdrop, acquisitions, de
Slide 3: About Eureka – Australia’s only ASX listed rental specialist
About Eureka – Australia’s only ASX listed rental specialist NATIONAL FOOTPRINT TODAY PORTFOLIO SNAPSHOT1 2,659 $542m Homes under management – Assets under management3 ▲ 40% on FY25 ($388m) Seniors2 15 49 ▲ 3% on FY25 (2,742) All-Age Rental Seniors Rental Sites Villages 1,880 $458m Homes/Sites – All
Slide 4: Highlights & Scorecard
01 Highlights & Scorecard FY26 highlights and guidance scorecard - all FY26 guidance exceeded Key achievements across the year and the contracted recurring revenue base (ARR)
Slide 5: Resilient cashflows today, multiple levers for earnings growth
Resilient cashflows today, multiple levers for earnings growth Eureka's investment proposition 1. Structural Demand Tailwinds 2. Recurring Cashflows Delivered 3. Multiple Growth Levers in Place ▪ Significant demand for affordable rental in ▪ Seniors' occupancy 97%; all-age long-term ▪ 7 properties s
Slide 6: FY26 Highlights
FY26 Highlights Revenue and earnings growth driven by portfolio expansion and rental growth $56.7m $21.7m $15.2m 3.45 cps Revenue1 Underlying EBITDA Underlying EPS Net operating cash flow ▲ 24% on FY25 ($45.8m) ▲ 29% on FY25 ($16.9m) ▲ 10% on FY25 (3.13cps) ▲ 41% on FY25 ($10.8m) exceeds guidance of
Slide 7: Key achievements & priorities
Key achievements & priorities Scaling an affordable rentals platform with disciplined capital allocation Delivered in FY26 Focus ▪ Capital fully deployed — significant business momentum in place, converting the ▪ Deliver over 150 new rental homes via modular construction and accelerate lease-up acro
Slide 8: Annualised Recurring Revenue (ARR)
Annualised Recurring Revenue (ARR) Point-in-time contracted recurring revenue base - compounding through acquisitions, development and rent reviews $48.6m $6.0m $54.6m ARR = ARRent + ARFee ARRent - annualised site fees (occupied long-term homes) ARFee - annualised recurring management & portfolio fe
Slide 9: Portfolio Performance
02 Portfolio Performance A growing national portfolio of seniors' and all-age rental communities Financial performance, cost discipline and operating performance by segment
Slide 10: Operating Performance by Segment
Operating Performance by Segment Stable seniors' core scaling all-age rentals, and growing capital-light fee earnings Seniors’ Rentals (the core) All-age Rentals (key growth platform) Funds, JVs & Partnerships ▪ 2,659 homes - under management (FY25: 2,742 – ▪ 1,357 sites - up from 436 at FY25 (+921
Slide 11: Scaling the platform with cost discipline
Scaling the platform with cost discipline 24.0% 38.2% $60.m $56.7m $20m 36.9% 36.8% 23.0% $50.m $45.8m Overheads as % of revenue $41.1m 22.0% 12.6 Underlying EBITDA 1 $15m $40.m 22.0% Revenue1 ($m) $36.4m 34.6% 35% 8.7 21.0% $30.m 8.1 21.0% 21.0% 20.9% $10m 6.7 20.0% $20.m $5m $10.m 19.0% 8.2 9.1 7.
Slide 12: Industry Trends
03 Industry Trends Australia's structural rental shortage - the demand backdrop for affordable rentals Acquisitions, development ramp-up and capital partnerships driving growth
Slide 13: The cost of renting has risen 2.5x wages over the past five years
The cost of renting has risen 2.5x wages over the past five years “The five years prior to 2020 saw wages rise almost as fast as rents. The divergence comes as vacancy rates hold close to record lows; households have become smaller and new housing supply remains in the doldrums.” “The bad news for r
Slide 14: Rental Rates
Rental Rates ‘Vacancies are still tight. National rents grew 5.9% over the year to June 2026, up from a mid-2025 low of 3.4%, and the pick up is evident across both capital cities and regional markets. Growth is well below the rates recorded between 2021 and 2024, which suggests the market is firm b
Slide 15: Australian Dwelling Values - 12month changes
Australian Dwelling Values - 12month changes House prices in regional markets growing faster than capital cities. Eureka’s two largest markets are QLD and WA – representing over 60% of homes. Source: Cotality, Monthly Housing Chart Pack. July 2026 Page - 14
Slide 16: Rental Supply Levels
Rental Supply Levels Current rental vacancy rates are well below 10-year averages (except for Hobart and ACT). Source: Cotality, Monthly Housing Chart Pack. May 2026 & Matusik, Potential affordable housing delivery. July 2026 Page - 15
Slide 17: Post Covid residential rents growing at unprecedented levels
Post Covid residential rents growing at unprecedented levels Rents post Covid have grown at ~3x decade averages from 1960-2020 • Divergence between long-term historical rental trends and post-covid performance has fundamentally changed Australia’s housing landscape • Rental demand has continued to s
Slide 18: Residential Building Costs Australia
Residential Building Costs Australia Average cost to build a new dwelling Detached house Townhouse Apartment • It currently costs more to build a new attached dwelling $750,000 than a detached house. The national average is currently about c. $637,000 for an attached dwelling versus c. $518,000 for
Slide 19: Australia’s rental market relies on private investors
Australia’s rental market relies on private investors • Approximately 83% of Australia’s rental dwellings are owned by private landlords, compared with an average of 53% across key OECD countries. • Institutional/corporate landlords provide 5% of Australia’s rental stock compared to 41% in the US an
Slide 20: Scale Pathway & Growth Engines
04 Scale Pathway & Growth Engines Medium-term targets: 6,000+ homes, 12.5-17.5% U-EPS CAGR The building blocks: current base + pipeline delivery + acquisitions
Slide 21: What could Eureka look like in 2-3 years?
What could Eureka look like in 2-3 years? Building blocks to scale: current base + pipeline delivery + acquisitions Medium-term targets Scale >6,000+ homes U-EPS CAGR 12.5%-17.5% p.a Balance sheet LVR <40% How we get there • Build out development pipeline • Target delivery pace: 150-200 new homes p.
Slide 22: Acquisition of third all age rental community in WA
Acquisition of third all age rental community in WA Emerald Tourist Park Eureka today announces the acquisition of its third community in , demonstrating strong origination capabilities • Acquisition of Sunset Beach Holiday Park and Lifestyle Village in Geraldton – a key regional centre with a popul
Slide 23: Eureka Business Model
Eureka Business Model Strong Demand + Constrained Supply = Resilient Demand & Pricing Power Customer Value Proposition Contracted Recurring Revenue Capital Allocation → Growth • Affordable rent • Residential rents • Acquiring and repurposing existing built form significantly below replacement cost •
Slide 24: Capital Partnerships
Capital Partnerships Accelerate scale and add capital-light fee earnings 1. Origination off-market deal flow → 2. Access Third-Party Capital 3. Optimise & Buildout 4. EGH Earns Fees 5. Potentially acquire (origination fees) (unlisted fund / JV) → communities → + co-invest upside → (first right of re
Slide 25: Eureka’s Differentiated Strategy
Eureka’s Differentiated Strategy First-mover strategy in a structurally constrained housing market Australia has an affordable housing crisis - massive demand led by migration, changing demographics and regional The crisis is structural drift, while new supply is highly constrained. Own a growing po
Slide 26: Disciplined Capital Deployment
Disciplined Capital Deployment A proven acquisition engine: buy below replacement cost, reposition, densify >$80m 7 8.1% $86k >$120m Settled in FY26 (incl. transaction Average cost per site (incl. freehold Properties acquired in FY26 Weighted average acquisition yield Acquisitions under assessment c
Slide 27: Multiple Off-market Deals | Acquisition Pipeline in Progress
Multiple Off-market Deals | Acquisition Pipeline in Progress • Portfolio expanded by >26% in FY26 • Acquisitions strongly accretive +47 dev • Further >$120m +31 dev sites sites acquisitions under assessment +22 dev Expansions/conversion sites sites • significantly improve returns +79 dev sites • Wei
Slide 28: Ramping Development | A new earnings driver
Ramping Development | A new earnings driver 829 homes in the pipeline - delivered off-site in months, not years, via modular construction. Target delivery of 150+ homes in Village State Dev. sites Status (August 2026) Delivery from Nagambie VIC 47 Approved planning permit application. First home com
Slide 29: Modular Construction Delivery
Modular Construction Delivery Eureka is utilising modular construction as the method of Emerald Tourist Park delivery for its development/expansion pipeline. Advantages include: • Speed of delivery - modules are built off site in factories with a typical delivery timeframe of 3 months, whilst civil
Slide 30: Barrier Reef All-age Village Development
Barrier Reef All-age Village Development Proposed streetscape for Barrier Reef community in Cairns. DA received for 95 new pre-fab 1 & 2 bedroom rental homes Page - 29
Slide 31: Financials, Capital & Outlook
05 Financials, Capital & Outlook FY26 financial statements, balance sheet strength and covenant headroom Dividends, sustainable finance and guidance
Slide 32: Profit & loss
Profit & loss Underlying earnings exceeded guidance ($m unless otherwise stated) FY26 FY25 Change Rental income 44.9 33.9 Revenue from contracts with customers 11.8 11.9 Commentary Total revenue 56.7 45.8 +24% ▪ Revenue +24%: full-year effect of FY25/1H26 Village expenses (26.5) (20.7) acquisitions
Slide 33: Balance sheet
Balance sheet A materially larger asset base, conservatively geared ($m unless otherwise stated) Jun-26 Jun-25 Balance sheet highlights Cash and cash equivalents 2.5 2.8 ▪ Investment property +$100m: acquisitions, development capex and revaluation gains Investment properties 400.2 300.0 ▪ Debt deplo
Slide 34: Cash flow
Cash flow Operating cash generation supports growth ($m unless otherwise stated) FY26 FY25 Receipts from customers 55.6 45.8 Payments to suppliers and employees (35.8) (32.2) Cash flow drivers Interest Paid (5.4) (4.5) ▪ Operating cash flow +41% driven by the expanded rental base from acquisitions i
Slide 35: Capital management & covenant headroom
Capital management & covenant headroom Maintain conservative gearing while funding growth Debt Maturity $200m $180.0m 34.2% 3.5x $150m $42.8m Loan-to-value ratio Interest cover ratio Ceiling 40% | covenant 55% Covenant ≥2.0x $100m $67.5m $67.5m $137.2m $45.0m $50m $185m $48m $0m Facility limit Undra
Slide 36: Interest rate risk management
Interest rate risk management Hedged Position vs Target Interest rate risk management $160m • Interest rate risk is managed through collar instruments across the drawn debt facility. $140m • Hedged debt increased from 15% ($20.0m) at 30 June 2026 to 29% ($40.0m) at 31 July 2026, following execution
Slide 37: Priorities
Priorities Priorities to deliver guidance and set up the medium-term targets Operations + Development + Home Sales Capital + Growth ▪ Drive occupancy and site yields across the seniors and all-age portfolio ▪ Convert the >$120m acquisition pipeline into earnings - prioritise accretive yields and den
Slide 38: Appendix
Appendix Reconciliation of profit after tax to underlying EBITDA Updated portfolio snapshot Non-IFRS measures and definitions Contact details
Slide 39: Reconciliation of profit after tax to underlying EBITDA
Reconciliation of profit after tax to underlying EBITDA ($m unless stated) FY26 FY25 Change Profit after tax 16.7 20.1 Income tax expense 7.9 8.7 Depreciation and amortisation 0.5 0.5 Finance costs 6.6 4.1 EBITDA 31.7 33.4 Net (gain)/loss on change in fair value of: Investment properties (13.6) (18.
Slide 40: About Eureka – Australia’s only ASX listed rental specialist
About Eureka – Australia’s only ASX listed rental specialist ASX: EGH $290 million market capitalisation as at 30 June 2026 PORTFOLIO SNAPSHOT – June 2026 NATIONAL FOOTPRINT 2,659 $500m Homes under management – Assets under management ▲ 29% on FY25 ($388m) Seniors2 12 49 ▲ 3% on FY25 (2,742) All-Age
Slide 41: Non-IFRS Measures & Definitions
Non-IFRS Measures & Definitions Term Definition Underlying EBITDA (U-EBITDA) Earnings before interest, tax, depreciation and amortisation, adjusted for material non-recurring items Underlying profit before tax (U-PBT) Underlying EBITDA less interest, depreciation and amortisation Underlying EPS (U-E
Slide 42: Disclaimer
Disclaimer No responsibility for the contents of the presentation To the maximum extent permitted by law, Eureka Group Holdings Limited (ABN 15 097 241 159), its officers, advisers and representatives: make no representation, warranty or undertaking, and accept no responsibility or liability, expres
Slide 43: Contact details
Modular home’s kitchen- Nagambie Contact details Eureka Group Holdings Limited ABN 15 097 241 159 REGISTERED OFFICE Level 5, 120 Edward Street Brisbane QLD 4000 POSTAL ADDRESS GPO Box 2245 Brisbane QLD 4000 07 2145 6322 info@eurekagroupholdings.com.au eurekagroupholdings.com.au ENQUIRIES Shiv Chetan
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