• Aspen creates significant value for securityholders with 24% average ROE over the past 5 years
• Strong growth in underlying earnings, distributions, and net asset value (NAV)
• Increasing profitability while maintaining affordable rents and prices across all property types

Aspen Group's FY25 results demonstrate the company's ability to create significant value for securityholders. Over the past 5 years, Aspen has achieved an average ROE of 24%, driven by growing underlying earnings, distributions, and net asset value (NAV). In FY25, the company reported a 22% increase in underlying EPS to 16.8 cents, an 18% increase in DPS to 10.0 cents, and a 14% increase in NAV per security to $2.54. This performance was underpinned by strong growth across Aspen's rental and development operations. The rental portfolio saw a 9% increase in rent revenue, a 14% increase in net rental income, and a 2 percentage point expansion in net rental income margin to 52%. The development business also delivered impressive results, with a 35% increase in development revenue, a 47% increase in development profit, and a 2 percentage point expansion in development profit margin to 32%. Aspen's diversified portfolio and operational excellence have enabled the company to increase profitability while maintaining affordable rents and prices for its customers.

Aspen Group expects to deliver Underlying EBITDA of $47.0 million in FY26, up 14% from FY25. Underlying EPS is forecast to increase 13% to 19.0 cents, and DPS is expected to grow 10% to 11.0 cents. The company's guidance assumes no contribution from recently acquired projects and no new acquisitions.

Aspen Group's outlook for FY26 is positive, with expectations of continued solid performance in the rental business and strong momentum in the development pipeline. The company's long-stay rental portfolio is expected to remain essentially fully occupied, with rent increases of 3-5% per annum. The short-stay rental business is also expected to perform well, with improved profitability through a better mix of rate and occupancy. Aspen's development projects in South Australia and Western Australia are expected to continue outperforming those in New South Wales and Victoria, reflecting the stronger residential market conditions in those regions.