• Statutory net profit increased 15% to $35.9 million
• Underlying Operating Earnings increased 51% to $24.3 million
• Net rental income increased 22% to $20.9 million with margin expansion

Aspen Group has reported a strong financial performance for the half-year ended 31 December 2025. Statutory net profit increased 15% to $35.9 million, while Underlying Operating Earnings increased 51% to $24.3 million. Total rental and ancillary services revenue increased 13% to $38.1 million due to a 5% increase in the size of the rental pool and an 8% increase in gross average rent per dwelling/site. Net rental income increased 22% to $20.9 million, with the net rental margin expanding from 51% to 55%. Development profit increased 87% to $10.2 million at a margin of 32%, with the number of settlements up 60% and average profit per sale up 17%. Underlying EBITDA increased 29% to $26.3 million, and net finance expense declined 53% to $2.0 million. The company also increased its half-year ordinary distributions per security by 10% to 5.50 cents.

Aspen is on track to deliver 160 settlements in FY26, a 44% increase on FY25. Ongoing growth into FY27 is also anticipated, with FY27 settlement guidance upgraded from 200 to 220.

Aspen's business continues to perform strongly, with growth in its rental pool, net rental income, and development profits. The company is well positioned to materially increase sales and development profits over many years to come.