Elanor Investors Group (ENN) investor relations material

Executive summary

• FY25 was marked by significant disruption, including a voluntary suspension of securities, leadership transition, and a strategic review to stabilise the business.

• A recapitalisation plan was executed, including asset realisations, deleveraging, and business simplification to focus on core sectors.

• Binding terms were entered with Rockworth Capital Partners for a $125 million recapitalisation, including new debt and equity instruments.

• Leadership renewal and enhanced governance initiatives were advanced, including the search for a new CEO and establishment of an independent trustee board.

Financial highlights

• Net statutory loss after tax of $57.0 million for FY25, improved from a $157.8 million loss in FY24.

• Revenue from operating activities was $132.8 million, down from $142.1 million in FY24.

• Core Earnings were negative $8.9 million (FY24: $12.8 million), reflecting reduced funds management income and higher borrowing costs.

• No distributions were made in FY25 (FY24: 4.90 cents per stapled security).

• Net tangible assets per stapled security fell to $0.11 (FY24: $0.32).

• Gearing increased to 73.4% (FY24: 66.9%).

• Funds under management at 30 June 2025 were $5.5 billion.

Outlook and guidance

• The recapitalisation with Rockworth is expected to refinance the balance sheet and provide a foundation for growth, subject to settlement.

• Focus remains on stabilising, recovering, and growing securityholder value.

• The expanded alliance with Rockworth is intended to support a Pan Asian growth strategy and enhance capital raising capabilities.