ASPEN GROUP — Capital/Financing Update 2025

May 18, 2025

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Aspen Group Limited ABN 50 004 160 927 Suite 21, 285A Crown Street Surry Hills NSW 2010 Telephone: 02 9151 7500 Email: homemail@aspengroup.com.au

ASX ANNOUNCEMENT 19 May 2025

Aspen Group

Sale of Eureka Shares

Aspen Group (ASX: APZ) is pleased to announce the sale of its remaining 55m shares in Eureka Group Holdings (ASX: EGH) at a price of $0.50 each, totaling $27.5 million.

Proceeds from the expected settlement of the EGH share sale and Aspen’s recent equity raising will be applied to repay debt, reducing net debt to about $92m and gearing to about 14%[1] .

Aspen’s Underlying EPS[2] guidance for FY25 is unchanged at 16.7 cents. The gain on the sale of EGH shares will not be included in Underlying Earnings.

Announcement authorised by the Board of Aspen Group Limited.

END

For further information, please contact: John Carter David Dixon Joint Chief Executive Officer Joint Chief Executive Officer Phone: (+61) 2 9151 7586 Phone: (+61) 2 9151 7584 Email: johnc@aspengroup.com.au Email: davidd@aspengroup.com.au

1. Gearing = financial debt less cash / total assets less cash less retirement village resident loans and deferred revenue 2. Underlying Earnings is a non-IFRS 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 report for full definition

Disclaimer

This announcement has been prepared by Aspen Group Limited on behalf of Aspen Group Limited and Aspen Property Trust (“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 announcement constitutes investment, legal, tax or other advice. The information in this announcement 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 announcement 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 announcement. 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 announcement or its contents or otherwise arising in connection with it.

This announcement 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 announcement will actually occur as contemplated. All references to dollar amounts are in Australian currency.

This announcement has been prepared for publication in Australia and may not be released to the US wire services or distributed in the United States. This announcement does not constitute an offer of securities for sale in the United States or any other jurisdiction. Any securities described in this address may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.

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Koala Shores Holiday Park, NSW