• Total Comprehensive Income before tax $77.0m, up 38.0 cents per security
• Net Asset Value (excluding DTL) up 14% to $2.54 per security
• Underlying Operating Earnings up 22% to 16.8 cents per security

Aspen Group (ASX: APZ) is pleased to report FY25 operational and financial results ahead of guidance and continued strong momentum into FY26. Key highlights include: Total Comprehensive Income before tax of $77.0m (up 38.0 cents per security), Net Asset Value (excluding DTL) up 14% to $2.54 per security, Rental Pool of 4,156 dwellings/sites with a book value of $588m ($141k per dwelling/site), and a WACR of 6.9%. The development business saw total settled sales up 14% to 111, with average sale prices for Lifestyle houses up 11% to $464k and Residential land up 13% to $226k. Development Profit was up 47% to $12.7m, and EBITDA increased 29% to $41.4m. Underlying Operating Earnings grew 35% to $34.1m, supporting an 18% increase in distributions to 10.0 cents per security (90.7% tax deferred). The company has maintained competitive rents and sales prices, reduced risk through a measured exposure to development, and strengthened its balance sheet. Aspen expects continued strong performance in FY26, with guidance for Underlying Operating EBITDA of $47.0m (up 14%), Underlying EPS of 19.0 cents (up 13%), and DPS of 11.0 cents (up 10%).

Underlying Operating EBITDA of $47.0m - up 14%, Underlying EPS of 19.0 cents - up 13%, DPS of 11.0 cents - up 10% (FY26)

Aspen Group has a massive opportunity to profitably increase in scale given the structural shortages of quality accommodation for the majority of Australian households.