ELDERS LIMITED — Earnings Release 2022

Mar 13, 2022

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14 March 2022

Trading Update

Elders Limited (Elders or the Company) ( ASX: ELD ) expects to report FY22 Underlying EBIT[1] in the range of 20% - 30% above FY21 Underlying EBIT. This outlook exceeds forecast market expectations as calculated from the mid-point of the earnings expectations of sell side analysts covering Elders.

Managing Director and CEO of Elders, Mark Allison, said, “Elders’ performance so far in our financial year 2022 has been strong and exceeds our performance after the first five months of FY21. After finalisation of the February trading numbers, which continue improved earnings for the first quarter, we now believe we will exceed analysts’ consensus for the full year to 30 September 2022 and produce an Underlying EBIT result in the range - which is necessarily broad given we are only five months into our financial year - set out above.

We have seen improvement in our Retail and Wholesale segments compared with the same time last financial year due to increased sales and favourable seasonal conditions in most parts of Australia. While we believe some of these sales are forward purchasing by primary producers seeking to mitigate the risk of instability in supply chains, we consider the majority of sales are a result of increased activity.

Our Agency business continues to perform strongly as a result of high prices in both sheep and cattle, offset to some extent by lower volumes due to restocking and the good availability of feed on farm. Real Estate is also exceeding expectations due to increased turnover and high demand.

The increase in activity is due to a combination of market and seasonal factors, acquisition growth and organic growth.

1 Underlying EBIT is a non-IFRS measure representing earnings before interest and tax and before significant items

Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000

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The remainder of the business, and the costs of the business, are tracking largely to expectations.

These results are continued testament to our strategy, the excellence of our people and the strength of the Australian farming sector.”

Elders’ guidance is subject to a range of variables including:

• the potential of supply chain disruptions as a result of COVID-19 and geopolitical events;

• unexpected and un-forecast changes to seasonal conditions and severe weather events;

• unexpected and un-forecast changes in commodity prices

Further Information:

Mark Allison, Managing Director & Chief Executive Officer, 0439 030 905

Authorised by:

Ian Wilton, Chair Elders Limited, under delegation from the Board of Directors

Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000