• Recurring funds management income of $46.1m, down 6.5% from FY24
• Core earnings of ($8.9)m, down 169.1% from FY24
• Gearing increased to 73.4% from 66.9% in FY24

The financial year ended 30 June 2025 (FY25) was a challenging year for Elanor Investors Group, with the company requesting a voluntary suspension of its stapled securities in August 2024 to stabilize its financial position. The Group's board undertook a significant strategic review and commenced an orderly senior leadership transition, leading to the development and execution of a stabilization plan. This included asset realizations, deleveraging the balance sheet, and simplifying the business to focus on core sectors. On 28 July 2025, Elanor entered binding terms with Rockworth Capital Partners to expand its strategic alliance, with Rockworth investing up to $125 million to recapitalize the business, stabilize the balance sheet, reduce gearing, and acquire the Firmus Capital business. The Group also implemented initiatives to streamline operations and better align its operating model to sector-focused teams, while delivering material and sustainable reductions in corporate overheads. The Consolidated Group reported a net statutory loss after tax of $57.0 million and revenue from operating activities of $132.8 million. Total funds management income was $47.1 million, and the Group's managed funds gross asset value (AUM) was $5.5 billion at 30 June 2025.

Subject to settlement of the Rockworth transaction, the recapitalization will refinance the balance sheet and establish a robust foundation for the next chapter of Elanor, with a clear focus on managed fund performance, strengthened governance and disciplined capital deployment.

The Group's pathway remains clear: stabilize, recover and grow. The focus is on preserving, recovering and ultimately growing Elanor securityholder value.