ASPEN GROUP — AGM Information 2025

Nov 19, 2025

Aspen Group

2025 AGM Presentation 20 November 2025

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Creating Value for Customers and Securityholders

Aspen Group

Owner

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 management of properties and offering a variety of lease terms and services to customers – not a passive rent collector

Developer

Cost effective creation of quality accommodation through brownfield and greenfield development that is well suited to Aspen’s core customer base

Capital Manager

Disciplined acquisitions - offering various funding options to customers - recycling capital to optimise portfolio, maximise profits and equity value, and reduce risk

Specialist Provider of Quality Rental Accommodation on Competitive Terms

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Dwellings and Land Sites

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Target Market

The c.40% of Australian Households with Income <$100k per annum

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Australia’s Affordable Housing Crisis Needs to be Resolved

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Graphic source: Salvation Army

Rentals below $400pw are Scarce for the ~40% of Households that Need It

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Current Rental Listings Advertised at <$400pw [2]
1,600 14%
1,400
12%
The proportion of Australia-wide rental listings offered at less than
1,200 $400pw has collapsed from 37% in April 2020 [1] to about 8% today [2]
10%
1,000
8%
800
6%
600
4%
400
2%
200
0 0%
Sydney Perth ACT Adelaide Brisbane Darwin Melbourne Hobart
Total Number (lhs) % of all Listings (rhs)
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1. Source: PropTrack. 2. Aspen’s estimates based on listings on Realestate.com.au on 16 November 2025.

Undersupply Getting Worse – Additional 66,000 Shortfall in the Past Year

Australia - Total Annual Dwelling Completions

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66k Shortfall
240,000
200,000 Apartments
Houses
160,000
120,000
80,000
40,000
0
June 85 June 95 June 05 June 15 June 25
Government Completions Target
Total of 1.2m over 5 Years (average of 240,000 per annum)
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1. Source: ABS – Apartments includes all dwelling types except Houses

Aspen is Helping Solve the Crisis while Creating Value for Securityholders

Audited Statutory Accounts Reflects Aspen’s Total Value Creation

Aspen Creates Material NAV[3] Growth in Addition to Underlying Earnings / Cashflow / Distributions

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Comprehensive Income per Security (pre DTL [1] ) Dividends and Increase in NAV (pre DTL)
$0.60 $0.60
$0.50 Average ROE [2] of 24% past 5 years $0.50
$0.40 $0.40
$0.31
$0.38
$0.30 $0.30
$0.20 $0.20
$0.10 $0.10
$0.10
$0.00 $0.00
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
DPS Change in NAV (pre DTL)
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1. DTL – Deferred Tax Liability provision 2. ROE = audited comprehensive income pre DTL per security divided by starting net asset value pre DTL per security each financial year. 3. NAV – Net Asset Value - excludes DTL provision of $29.6m (13.1cps) at 30 June 2025 for tax that would be payable by Aspen Group Limited if it sold all its assets at book value (Trust accounts do not provision for tax liabilities)

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Aspen’s Affordable Accommodation – Offered Under Various Funding Models

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Residential Living
Aspen retains the dwelling and land
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Lifestyle Land Lease
Aspen sells the dwelling and retains the land
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Residential Land Lots

Aspen sells the developed land lots

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Aspen’s Rental Business

Aspens’ extensively refurbished rental pool has doubled in size over the past 5 years...

While average gross rent has been kept flat in real terms to keep it affordable...

And net rental income has tripled which helps fund the production of more affordable housing

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Rental Pool
Average Weekly Rent [1] per
Total Rent
Average Number of Dwellings/Sites Dwelling/Site $m
4,500 $400 $70
Gross Rent up 4.3% per annum
Net Rent up 8.8% per annum – twice the rate
4,000
$350
$60
3,500
$300
$50
3,000
$250
$40
2,500
$200
2,000
$30
$150
1,500
$20
$100
1,000
$10
500 $50
0 $0 $0
FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25
Net Rent Gross Rent Total Net Rent Total Gross Rent
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1. Rent includes some ancillary revenues at some of our properties.

Aspen Owns the Land to Create Affordable Housing where People Want to Live

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Aspen Lifestyle Alexandrina Cove SA Aspen Lifestyle Meadowbrooke WA
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Aspen Lifestyle and Living Wallaroo SA
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Aspen Living Adelaide SA
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Aspen is Creating Value – Australind WA Example

Aspen Living & Lifestyle Australind WA 10

Approved Conversion of Transportables at Australind WA

Current configuration 4 motel rooms with ensuites

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Approved conversion

• 2-bedroom, 2-bathroom houses with courtyards

Residential Living or Lifestyle Land Lease?

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Aspens’ Land Bank has Significant Optionality and Upside Potential

Total Value of Developed Affordable Property with Proposed Product Mix at Current Prices

Current Book Value of Land Bank $83m

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$1.2b
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Potential Total Value Creation at Aspen’s Targeted Margins

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$275m

Timing TBD – pipeline represents ~12 years of current production & sales rates which are accelerating

Lifestyle Land Lease

Residential Land Lots

Residential Living

For illustrative purposes only – actual result is likely to differ

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Aspen’s Strong Balance Sheet Supports Growth and Reduces Risk

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Interest Cover Ratio Net Debt / EBITDA [2]
8.0x 14x
7.1x
7.0x
12x
6.0x
5.3x
10x
4.6x
5.0x
4.2x 8.6x
8x
3.7x
4.0x
6x 6.4x
3.0x
5.3x
5.0x
4x 4.3x
2.0x
2x
1.0x
2.1x
0.0x 0x
FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25
Including Development Profit Excluding Development Profit Including Development Profit Excluding Development Profit
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1. ICR – Interest Cover Ratio as defined in Aspen’s debt covenants which includes Development Profits. 2. Net Debt / EBITDA is about 2.9x post the acquisition of Wallaroo, Adelaide Villas and Surry Hills

FY26 Underlying Earnings Guidance

$m (unless otherwise stated)	FY25	FY26 Guidance	Change
Net Rental Income1 (NRI)	$35.0	$39.0	12%
Development Profit	$12.7	$19.5	53%
Eureka (EGH) Stake2	$2.1	$0.0	(100%)
Corporate Overheads	($8.4)	($9.0)	7%
Underlying EBITDA3	$41.4	$49.5	20%
Net Interest Expense	($7.3)	($3.8)	(48%)
Pre-Tax Underlying Operating Earnings3	$34.1	$45.7	34%
Weighted Ordinary Securities (m)	202.8	227.5	11%
Pre-Tax Underlying EPS3 (cents)	16.8	20.1	20%
DPS (cents)	10.0	11.0	10%

Aspen Group Limited (the company entity in our stapled structure) may commence paying tax in FY26 after exhausting historic tax losses. We currently estimate an effective tax rate range of 0-5% of the Group’s total pre-tax Underlying Earnings in FY26.

1. Rent includes some ancillary revenue at some properties. 2. Aspen’s FY25 underlying earnings includes Aspen’s estimate of its share of Eureka’s underlying earnings of 3.00 cents per share per annum, calculated daily based on number of EGH shares held – Statutory Earnings from the EGH stake was $3.03m in FY25 ($1.17m dividends plus $1.86m fair value gain). 3. Underlying Operating Earnings is a non-statutory accounting measure that is determined to present, in the opinion of the directors, the operating activities of Aspen in a way that appropriately reflects Aspen’s underlying operating performance – refer to financial reports for full definition

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Aspen’s Development Sales are Accelerating – Settlements to Follow

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Lifestyle Houses - # Residential Land Lots - # Total Houses & Land Lots - #
200 200 200
150 150 150
100 100 100
50 50 50
Settlement Guidance
FY26 - 150 and FY27 - 200
0 0 0
Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
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Rolling 12 Months - Sales Contracts[1] Settlements[2]

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1. Sales Contracts are new contracts and expressions of interest (EOI) net of cancellations. 2. Settlements are settled sales.

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 behalf of Aspen and should not be considered in any way to be an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, and neither this document nor anything in it shall form the basis of any contract or commitment. Prospective investors should make their own independent evaluation of an investment in Aspen. Nothing in this presentation constitutes investment, legal, tax or other advice. The information in this presentation does not take into account your investment objectives, financial situation or particular needs. The information does not purport to constitute all of the information that a potential investor may require in making an investment decision.

Aspen has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Aspen, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

This presentation contains forward looking information. Indications of, and guidance on, future earnings, distributions and financial position and performance are forward looking statements. Forward looking statements are based on Aspen’s current intentions, plans, expectations, assumptions, and beliefs about future events and are subject to risks, uncertainties and other factors which could cause actual results to differ materially. Aspen and its related bodies corporate and their respective directors, officers, employees, agents, and advisers do not give any assurance or guarantee that the occurrence of any forward-looking information, view or intention referred to in this presentation will actually occur as contemplated. All references to dollar amounts are in Australian currency.

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