Elanor Investors Group (ENN) Investor Update summary

Leadership and management changes

• Announced transition to a capital-light, simplified business model to adapt to market conditions.

• Interim Managing Director Tony Fehon appointed following the retirement of Glenn and COO Paul Sarter.

• Leadership changes are effective immediately, with a CEO search to commence after stabilization.

• Board remains actively involved in strategy execution and succession planning.

Financial performance and key metrics

• Assets under management reached approximately AUD 6 billion as of 30 June 2024, up from AUD 3 billion a year prior.

• Preliminary FY 2024 recurring funds management income was about AUD 49 million, a 44% increase year-on-year.

• Base recurring management fees rose 73% to around AUD 40 million.

• Preliminary FY 2024 funds management EBITDA was approximately AUD 12.5 million.

Balance sheet and capital management initiatives

• Over AUD 140 million in net tangible assets, with actions underway to reduce gearing.

• Sold 12.6% stake in Elanor Commercial Property Fund to Lederer Group for AUD 23.9 million.

• Proceeds used to reduce senior secured debt and for working capital; further debt reduction targets set.

• Citigroup Global Markets and Moelis appointed to assist with capital management and debt financing.