• Aspen's total value creation through generating cash profits, paying distributions and increasing NAV
• Aspen's underlying earnings growth accelerated in HY26 with 51% increase in underlying operating earnings
• Continued strong performance across Aspen's rental portfolio and development activities

Aspen Group has reported its financial results for the first half of FY26, highlighting strong performance across its rental portfolio and development activities. The company's underlying operating earnings increased by 51% compared to the prior corresponding period, driven by a 22% growth in net rental income and an 87% increase in realised development profit. Aspen's rental pool grew by 5% during the period, with average gross weekly rent per dwelling/site increasing by 8% and average net rent increasing by 16%. The company's development activities also performed well, with revenue roughly doubling and a profit margin of around 30%. Aspen has also been actively recycling its portfolio, selling higher-rent properties and acquiring lower-rent properties to optimise its portfolio and improve profitability. The company's net asset value (NAV) per security increased by 6% during the period, and its distributions per security increased by 10%. Aspen has upgraded its guidance for the full year, reflecting the strong performance in the first half.

Aspen Group has upgraded its guidance for the full year, with expectations of higher revenue, profitability, and distributions compared to the prior year.

Aspen Group is well-positioned for continued growth, with a strong development pipeline, an optimised rental portfolio, and a disciplined approach to capital management. The company remains focused on providing quality affordable rental accommodation to its target market of Australian households with income below $100,000 per annum.