• Aspen Group reports strong operational and financial results for HY26
• Guidance upgraded for FY26 with increases in Net Rental Income, Realised Development Profit, Underlying Operating EBITDA, and Underlying Pre Tax EPS
• Initial FY27 Underlying Pre Tax EPS guidance of 25.0 cents, up 16% on FY26

Aspen Group (ASX: APZ) is pleased to report strong operational and financial results for HY26 and an upgrade to forward guidance. The company highlights the acute shortage of affordable housing in Australia, with the national residential vacancy rate stuck around historic lows at only 1.2%. Aspen's financial results for HY26 show a Total Comprehensive Income before tax of $50m, equating to 22.0 cents per security. Underlying EPS increased 33% to 10.7 cents, and DPS increased 10% to 5.5 cents. The company's NAV (pre DTL) increased by 6% or 16.0 cents per security from 30 June 2025. Aspen's rental pool performed strongly, with average weekly gross rent per dwelling/site increasing 8% to $353, and average net rent per dwelling/site growing twice as fast at 16%, with the NRI margin expanding from 51% to 55%. On the development front, the average sale price of new Lifestyle houses decreased 1% to $465k, with Lifestyle house settlements increasing 143% to 73. Realised development profit margin was 32%, above the 30% target, and ROIC was 20% in line with target. Aspen's balance sheet remains strong with gearing of 18% and ICR of 5.7x. The company has upgraded its earnings guidance for FY26, with increases expected in Net Rental Income, Realised Development Profit, Underlying Operating EBITDA, and Underlying Pre Tax EPS. Initial guidance for FY27 Underlying Pre Tax EPS is 25.0 cents, up 16% on FY26 guidance.

Net Rental Income $41.0m (up 17% on FY25) Realised Development Profit $21.5m (up 69% on FY25) Underlying Operating EBITDA $53.3m (up 29% on FY25) Underlying Pre Tax EPS 21.5 cents (up 28% on FY25) DPS 11.0 cents (up 10% on FY25)

Initial guidance for FY27 Underlying Pre Tax EPS is 25.0 cents, up 16% on FY26 guidance. Aspen expects to pay an effective tax rate of 5-10% of the group's total pre-tax Underlying Earnings over the medium to long term, with the effective tax rate in FY27 expected to be higher at 10-15% as the group transitions to paying tax.