AUSTRALIAN UNITY LIMITED — Capital/Financing Update 2025

Sep 23, 2025

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ASX Announcement

24 September 2025

Announcement of Equity Raising

Today Australian Unity Limited ( Australian Unity ) has announced a non-underwritten 1 for 4 pro rata non-renounceable entitlement offer of mutual capital instruments ( MCIs ) ( Entitlement Offer ) and accompanying non-underwritten placement to wholesale investors ( Placement ) (together, the Equity Raising ).

The Equity Raising forms part of Australian Unity’s ongoing capital management strategy. The proceeds will strengthen the balance sheet and enhance financial flexibility, supporting Australian Unity’s activities that enable Real Wellbeing for our members, customers and community through our portfolio of commercial, sustainable businesses. The majority of the proceeds of the Equity Raising will be applied to reduce gearing, with funds also providing capacity to support the payment of further acquisition consideration for Plena Healthcare when due. The balance of proceeds will be used for general corporate purposes.

Equity Raising

The Entitlement Offer is being conducted in conjunction with the Placement. Australian Unity aims to raise approximately $120 million through the Equity Raising, with the ability to raise more or less.[1]

The offer price for the Entitlement Offer and Placement is the same, being $80.00 per new MCI ( New MCI ) ( Offer Price ). The Offer Price of $80.00 per New MCI represents a 5.00 percent discount to the Cash Dividend-Adjusted Closing Market Price of MCIs on 23 September 2025, the day before the Equity Raising was announced[2] .

At the Offer Price (assuming discretionary dividends are paid in full), the cash running yield will be 6.25 percent per annum and the grossed-up running yield will be 8.93 percent per annum[3] for New MCIs.

The New MCIs issued under the Entitlement Offer and Placement will rank equally with existing MCIs on issue in all respects from allotment but will not be entitled to the 15 October 2025 dividend of $2.5068 per MCI because they will not be issued before the record date for that dividend.

1 The non-underwritten Entitlement Offer, with a theoretical maximum of $101 million, has an uncertain outcome. The Placement is intended to reduce the risk of raising substantially less than $120 million through the Equity Raising.

2 The Cash Dividend-Adjusted Closing Market Price is calculated by deducting the cash value of the dividend payable on 15 October 2025 of $2.5068 per MCI from the closing price of MCIs on 23 September 2025 of $86.72.

3 Gross rate is based upon Australian Unity’s current corporate tax rate of 30 percent and assumes that the dividends paid on Australian Unity MCIs are fully franked and that investors are able to fully benefit from attaching imputation credits. The gross rate will change if Australian Unity’s corporate tax rate changes in the future.

ASX code:

AYU

Issuer: Australian Unity Limited ACN 087 648 888

Securities on Issue: Enquiries: AYUPA – 5,070,950 Australian Unity Registry AYUHD – 2,070,000 1300 554 474 AYUHE – 2,558,050

Contact details: Australian Unity Limited 271 Spring Street Melbourne VIC 3000 Tel: 13 29 39

The listing of Australian Unity Securities on the ASX does not affect Australian Unity Limited’s 1 status as a mutual entity

Placement

The Placement is non-underwritten and is targeting proceeds of approximately $100 million.

New MCIs issued under the Placement will not carry rights to participate in the Entitlement Offer.

Entitlement Offer

Australian Unity will undertake a non-underwritten 1 for 4 pro rata non-renounceable entitlement offer of New MCIs under the Entitlement Offer. If all of the entitlements are taken up, the Entitlement Offer will raise approximately $101 million.

The Entitlement Offer is expected to open on Thursday 2 October 2025 and close at 5:00pm (Melbourne time) on Tuesday 14 October 2025. Further details about the Entitlement Offer will be set out in an offer booklet ( Offer Booklet ) which Australian Unity expects to despatch to eligible MCI holders and lodge with the ASX on Thursday 2 October 2025.

Eligible MCI holders with a registered address in Australia or New Zealand as at 7.00pm (Melbourne time) on Monday 29 September 2025 ( Record Date ) will be invited to participate in the Entitlement Offer in accordance with the terms and conditions outlined in the Offer Booklet.

Eligible MCI holders are encouraged to read the Offer Booklet in its entirety and should seek financial advice if they are uncertain of whether or not to participate. Eligible MCI holders should read and consider the Investor Presentation and in particular, the key risks section of the Investor Presentation.

Eligible MCI holders can choose to take up all, part or none of their entitlement.

Eligible MCI holders who take up their full entitlement may also apply for additional New MCIs in excess of their entitlement (subject to scale back, at Australian Unity’s discretion).

The Chair, Group Managing Director and Chief Financial Officer, who are all existing MCI holders, have committed to take up their pro rata entitlements under the Entitlement Offer.

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Timetable for Equity Raising

Activity	Date
Announcement of the Entitlement Offer, Placement and trading halt	Wednesday 24 September 2025
Placement bookbuild	Wednesday 24 September - Thursday 25 September 2025
Announcement of results of Placement (after market close)	Thursday 25 September 2025
MCIs recommence trading	Friday 26 September 2025
Record Date for Entitlement Offer (7.00pm Melbourne time)	Monday 29 September 2025
Entitlement Offer opens	Thursday 2 October 2025
Offer Booklet and Entitlement and Acceptance Form made available to Eligible MCI Holders	Thursday 2 October 2025
Entitlement Offer closes (5.00pm Melbourne time)	Tuesday 14 October 2025
Settlement of the Entitlement Offer and Placement	Monday 20 October 2025
Issue of New MCIs under the Entitlement Offer and Placement	Tuesday 21 October 2025
New MCIs under the Entitlement Offer and Placement commence trading on ASX on a normal settlement basis	Wednesday 22 October 2025
Despatch of holding statements for New MCIs issued under the Entitlement Offer and Placement	Wednesday 22 October 2025

There will be no deferred trading of MCIs to be issued under the Entitlement Offer. These dates are indicative only and are subject to change. All times and dates are in reference to Melbourne, Australia time. Australian Unity reserves the right, subject to the Corporations Act 2001 (Cth) and the ASX Listing Rules, to amend this indicative timetable. In particular, Australian Unity reserves the right to extend the Equity Raising timetable and to withdraw or vary the Entitlement Offer without prior notice. Any extension of the Equity Raising timetable will have a consequential effect on the date for the allotment and issue of New MCIs.

Further information

Further details of the Equity Raising are set out in the Investor Presentation lodged with ASX today. The Investor Presentation also contains important information including key risks and foreign selling restrictions with respect to the Equity Raising.

-end-

This announcement has been authorised for release by the board of Australian Unity Limited.

For further information :

Penny Bold

Senior Manager – Communications

T: 1300 408 776

E: media@australianunity.com.au

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

This announcement is not financial product advice and has not taken into account your objectives, financial situation or needs. This announcement has been prepared for release in Australia. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer or solicitation would be illegal. The New MCIs have not been, and will not be, registered under the U.S. Securities Act of 1933 (U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New MCIs may not be offered or sold to, directly or indirectly, any person in the United States or any person that is, or is acting for the account or benefit of, any person in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities law of any state or other jurisdiction of the United States.

Nothing contained in this announcement shall form the basis of any contract or commitment, or constitute investment, legal, tax or other advice. You should make your own assessment and take independent professional advice in relation to the information and any action taken on the basis of the information.

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