Announcement PDF 29 May 2024 Elders Limited Investor Presentation Attached is a presentation to be given today, 29 May 2024, to the Australasian AgFood Conference, hosted by PAC Partners. The presentation will be given by Elders Limited’s (ASX:ELD) Executive General Manager – Network, Tom Russo. Further Information: Mark Allison, Managing Director & Chief Executive Officer, 0439 030 905 Authorised by: Peter Hastings, Company Secretary Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000 Australasian AgFood Conference 29 May 2024 Presented by Tom Russo EGM - Network 1 Elders Limited Disclaimer And Important Information The material in this presentation has been prepared by Elders Limited and is general background about Elders' activities and performance at the date of this presentation. The information is in summary form, does not purport to be complete, and where derived from publicly available sources has not been independently verified. Information in this presentation is not advice or a recommendation to investors or potential investors in relation to holding, selling or buying Elders shares and does not take into account a reader's investment objectives, financial situation or needs. Forward looking statements This presentation is prepared for informational purposes only. It contains forward looking statements that are subject to risk factors associated with the agriculture industry many of which are beyond the control of Elders. Elders’ future financial results will be highly dependent on the outlook and prospect of the Australian farm sector, and the values and volume growth in internationally traded livestock and fibre. Financial performance for the operations is heavily reliant on, but not limited to, the following factors: weather and rainfall conditions; commodity prices and international trade relations. Whilst every endeavour has been made to ensure the reasonableness of forward looking statements contained in this presentation, they do not constitute a representation and no reliance should be placed on those statements. Non-IFRS information This presentation refers to and discusses underlying profit to enable analysis of like-for-like performance between periods, excluding the impact of discontinued operations or events which are not related to ongoing operating performance. Underlying profit measures reported by the Company have been calculated in accordance with the FINSIA/AICD principles for the reporting of underlying profit. Underlying profit is non-IFRS financial information and has not been subject to review by the external auditors, but is derived from audited accounts by removing the impact of discontinued operations and items not considered to be related to ongoing operating performance. 2 Elders Limited ELDERS LIMITED AGENDA Agenda 01 Global context 04 Eight point plan strategic priorities 02 Business model - diversification 05 Sustainability 06 Questions 03 Financial results through the cycles 3 ELDERS LIMITED Global Context The current world population of 7.6 billion is expected to reach 8.6 billion in 2030 and 9.8 billion in 2050  The evolving energy and nutrition requirements of a growing and increasingly affluent global population will remain key drivers of demand for agricultural commodities.  Growth in the global use of staples and fish will primarily be determined by population growth.  Consumption growth of higher value products (eg dairy, meat, and sugar) will be fuelled by income-driven growth.  Growth in the non-food use of crops is expected to continue to outpace growth in food use, due to intensifying livestock practices and increasing demand for biofuel.  Asia will continue to play the most significant role in shaping global demand. Whilst the Chinese population will decline, significant growth in per capita incomes in China and South East Asia will contribute significantly to growth in food consumption, particularly animal proteins.  Participation in the supply response is an attractive investment proposition. The weight of capital looking to be deployed into Australian primary production remains significant, particularly from North American institutions.  Sustainably increasing productivity is the key challenge and opportunity. Source: Tables: OECD/FAO (2023), OECD-FAO Agricultural Outlook 2023-2032, OECD Publishing, Paris, https://doi.org/10.1787/08801ab7-en. 4 ELDERS LIMITED Business Model Geographic and product diversification mitigate impact of individual market volatility and create multiple pathways to growth Rural Products Product and service offerings Agency Services Real Estate Services Financial Services Feed and Processing Services Digital and Technical Services Killara Feedlot Fee for Service (256 agronomists) Retail Wholesale Rural Products Rural Products Livestock Broadacre Agri Finance Fertiliser Pet Supplies Wool Residential Elders Insurance (20%) AuctionsPlus (50%) Grain Property Management LIT Delivery Warranty and Livestock Funding Products Elders Weather Franchise Home and Commercial Finance Clear Grain Exchange (30%) Agcrest (33%) Key metrics $2.4b retail sales $0.5b wholesale sales 9.8m head sheep $2.0b broadacre sales $3.1b loan book¹ $1.4b deposit book¹ $42.2m own balance sheet lending $108.0m StockCo book 242 stores 382 member stores 1.3m head Cattle $1.7b residential sales $1.2b insurance gross written premiums² 7.8m Elders Weather unique visitors 350k wool bales 13.6k properties under management 44% LIT penetration rate 0.8m CGX tonnes influenced >450 APVMA registrations 57k Killara Feedlot cattle head exited AuctionsPlus 104k head cattle 841k head sheep 1.1m tonnes fertiliser Gross margin Working capital $306.9m $71.1m $113.7m $59.5m $53.5m $13.7m Included in products $463.8m $116.1m $40.8m $1.3m $10.4m $54.5m Other – ($54.1m) Statistics and financial information based on FY23 full year 1. Relates to Elders’ relationship with Rural Bank, which ceased in December 2023 2. Relates to Elders Insurance gross written premiums 5 ELDERS LIMITED Expansive footprint Our brand strategy Geographic, segment and channel diversification Primary: leveraging and reinforcing our position as the most trusted agribusiness brand in Australia QLD/NT 54 8 29 24 6 $21.0m NSW WA 48 3 1 12 14 $50.5m SA 51 11 4 17 16 $36.4m KEY Elders Branded Non-Elders Branded Real Estate Franchises Secondary: utilising other brands to grow market share1 41 26 52 33 13 $44.6m VIC/RIV TAS 50 16 13 28 12 $57.1m 10 1 3 0 1 $5.0m Insurance Franchises Other points of presence $m Values refer to Underlying EBIT 1. Non-exhaustive 6 6 ELDERS LIMITED Earnings Resilience Through Seasonal Volatility Guidance reflects first quarter weakness from below average seasonal conditions, balanced with an improved outlook for cropping and livestock First Eight Point Plan EBIT¹ +37.5% EPS¹ +735.2% Second Eight Point Plan ROC¹ 25.7% EBIT¹ +22.8% EPS¹ +12.8% ROC¹ 20.9% Third Eight Point Plan EBIT¹ +17.0% EPS¹ +13.6% FY24 Guidance Fourth ROC¹ 21.6% Underlying EBIT Range Baseline Year (EBIT $’m) 232.1 $120m - $140m ___________________ 170.8 166.5 Key Drivers 140m 120.6 1. Q1 impacted by El Niño forecast which negatively impacted client sentiment, especially in cropping and livestock 2. Outlook for H2 improved with good moisture profiles in many winter crop regions and a promising recovery in livestock prices 120m 40.5 27.3 56.2 74.5 70.4 73.7 2H24 6 Acquisitions 6 Acquisitions 6 Acquisitions 14 Acquisitions 11 Acquisitions 10 Acquisitions 13 Acquisitions 9 Acquisitions 10 Acquisitions FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Points of Presence Growth² +2 +8 +4 +6 +20 +13 +10 +15 +12 FY14 Seasonal backdrop 2015 – 2017 El Niño 2017 – 2019 Drought 2019 – 2023 La Niña 2023 - 2024 El Niño 2024 >>> Average 1. Average EBIT and EPS growth and average ROC over the Eight Point Plan period 2. Growth generated from acquisitions 7 Five Year Financial Performance Strong track record of delivering 5-10% EBIT and EPS growth through the cycles Sales Revenue ($m) +19.6% 1,626 FY19 2,093 FY20 2,549 3,445 Underlying EBIT ($m) +23.4% 3,321 74 FY21 FY22 FY23 Costs ($m) vs Cost to Earn (%) +12.6% 278 79% FY19 317 72% FY20 363 421 69% 64% FY21 FY22 FY19 121 FY20 FY23 167 FY21 FY22 171 FY23 Adjusted Underlying Earnings per Share (cents)¹ +13.6% 448 72% 232 52.6 69.9 FY19 FY20 96.7 FY21 134.1 87.6 97.3 66.3 FY22 FY23 Adjusted underlying EPS CAGR calculated on full year performance 1. Adjusted for underlying tax expense recognised from 1 October 2021 8 ELDERS LIMITED Cost Growth Excluding New Business: Year to Date FY24 cost target on track through disciplined cost management Cost Increase excl. Growth and Transformational Initiatives ($m) Growth Adjusted Cost Movement² ($m) Commentary Base Target:  initiatives 247.4 FY24 YTD: 4.6   223.0 135 Additional FTE relating to FY24 acquisitions Acquisitions and Transformational Projects: 6.0 227.0 FY24 YTD is inclusive of acquisitive SG&A, CPI increase and recurring transformational growth expenditure 4.8 +1.8% CPI increase to be partially funded through $10m pro-rata cost saving 5.0  FY23: 9 Acquisitions, the largest being Emms Mooney and Rockingham  FY24 H1: 10 Acquisitions, the largest being Eureka! and Charles Stewart  Knight Frank Tasmania completed after 1HY balance date  Transformational projects including toll formulation facilities in WA and additional depreciation and amortisation costs pertaining to these projects 3.9 Elders Wool  Previously the operational costs were included in gross margin as part of the AWH fees. The in-house model has resulted in the comparative fees being recorded under costs with the benefit in gross margin. HY23 Base 1. 2. Base Growth HY24 excl New Business FY23 Acquisitions¹ FY24 Acquisitions Elders Wool Transformational Projects FY24 YTD Act FY23 acquisitions with less than 12 months earnings Includes the rolling twelve-month costs from acquisitions and transformational projects with less than 12 months of earnings and thus is not directly comparable to slide 22 which is a half-on-half comparison 9 Option 3 – New Format, simplified priorities Compelling shareholder returns 5-10% EBIT and EPS growth through the cycles at minimum 15% ROC RURAL PRODUCTS AGENCY SERVICES RUN Optimise the existing business by: Industry leading sustainability outcomes across health and safety, community, environment and governance Most trusted Agribusiness brand in rural and regional Australia FEED AND PROCESSING TECHNICAL SERVICES FINANCIAL SERVICES REAL ESTATE SERVICES TRANSFORM INNOVATE & GROW Future-proof our business by: Expand and innovate our portfolio by: 1 Deepening customer relationships to drive loyalty and growth 4 Streamlining our supply chain to fully optimise 6 Growing our portfolio of products, services, geographic footprint and channels 2 Investing in our people to ensure we have the right people in the right places who are set up for success 5 Modernising our systems with leading 7 Enhancing margins through value chain expansion and integration 3 Maintaining unflinching financial discipline and commitment to cost and capital efficiency 8 Innovating to create sustainable solutions for our customers and communities CUSTOMER FOCUSED INNOVATION all parts of our integrated value chain technology solutions to enhance customer experience, drive efficiencies and support growth TEAM WORK INTEGRITY ACCOUNTABILITY 1010 Our Strategic Priorities – Streamline our Supply Chain Our Rural Products supply chain optimisation program  Multi-year program to deliver group-wide supply chain planning processes, systems and capability Annualised gross benefits at full run-rate1,2 Capital Inventory reduction (safety stock)  Supports front-end expansion, backwards integration, and channel diversification  Drives financial and operational excellence  Aligns with our systems modernisation program 1. 2. ($m) 50-80 NPAT Interest saving 1-2 Reduced risk of write-downs (factor of less inventory) 1-2 Sourcing derived margin improvement 3-5 Increased owned brand throughput 3-5 Net saving from consolidation of storage sites 1-2 Logistics & freight efficiencies 1-2 Gross NPAT Uplift2 10-18 Streamline benefits from external consultant analysis, September 2022 Excludes incremental costs (principally resourcing, estimated to be immaterial based on external consultant analysis, September 2022) 11 Our Strategic Priorities – Growth  FY23: 9 Acquisitions, the largest being Emms Mooney and Rockingham Key strategic gap areas  FY24 YTD: 10 Acquisitions, the largest being Eureka! and Charles Stewart and Knight Frank Tasmania Strategic intent to fill gaps and grow our geographical footprint Industry leading toll formulator with research and development capabilities Completed 1 October, $2m annual EBIT Victoria EBIT Scale <1m 2m Livestock and real estate agency operations across south west Victoria Completed 1 November, $5m annual EBIT1 3m 4m+ Rural Products Real Estate Agency Indicative view of size of opportunity 1. Based on forecast livestock prices for the next 12 months 12 12 ELDERS LIMITED STRATEGY Our Strategic Priorities – Transform Gross margin growth and efficiency through product expansion ELDERS WOOL¹ Enhanced client experience through state-of-the-art wool handling facility Business Model Enhanced Efficiency Financial Creation  Modern, efficient, and scalable  Economies of scale through volume and centralised business model  AGVs² for enhanced efficiency and a 24hr operational model  Commercial benefit gained from solar power, LED lighting and electronic AGVs²  Optimises logistics, sales and storage through automated warehousing  Centralised model insulated from cost pressures benefiting growers  Provides opportunity to generate revenue from additional avenues  Increased earn per bale and gross margin  EBIT accretive by approximately $4-$5 million per annum Over 52,000 bales received since November 2023 1. Projects are expected to deliver a ROC greater than 15% once operating at scale 2. AGV – Automated guided vehicle 13 ELDERS LIMITED EXECUTIVE OVERVIEW Sustainability Performance Meaningful progress towards Scope 1 and 2 emission targets OUR PROGRESS CLIMATE TARGETS1 Targets set to reduce our Scope 1 and 2 greenhouse gas emissions:  Engaged centralised waste management services provider, driving waste reduction initiatives 23.9 21% Reduction vs baseline 18.8  Implementation of an ethical sourcing platform, enhancing supplier risk screening 25% Reduction vs baseline 17.9  Partnering with Big Bag Recovery to promote enhanced awareness of plastic bags recoverability through Elders collection points 64,772 60,828 59,551  Targeted solar and LED lighting site upgrades to reduce emissions Baseline FY21 FY22 FY23 Bar Chart - (tCO2e/$m revenue) Targets tCO2e  Solar array development at Killara Feedlot installed and near commissioning 100% renewable electricity in all Australian sites by 20253 50% reduction in Scope 1 and 2 emissions intensity (tCO2e/$m revenue) by 2030, against a baseline year, 2021 (subject to commercially viable technology being available to address feedlot cattle emissions) Net zero Scope 1 and 2 emissions by 20502 (tCO2e) 1. 2. 3. Scope 1: direct emissions from owned or controlled sources. Scope 2: indirect emissions from the generation of purchased electricity Targets based on Elders’ financial year ending 30 September As with FY22 and FY23, target to be achieved in FY24 through on-site solar generation and purchase of LGCs 14 Our Sustainability principles & priorities Creating sustainable solutions for our customers and communities OUR PRINCIPLES OUR PRIORITIES We provide our customers and clients with the goods and services they need We support our people and industries and communities in which we operate We do our part to look after the environment and animals in our care 1 HEALTH AND SAFETY 2 SUSTAINABLE FARMING 3 EMPLOYEE ATTRACTION AND RETENTION Prioritise the safety and wellbeing of our people Enable customers to achieve sustainability and productivity goals amid diverse and demanding conditions, leveraging innovation and technology 5 ANIMAL WELFARE 6 CORPORATE GOVERNANCE Safeguard the wellbeing of animals in our care and collaborate with our industry to promote livestock welfare and responsible stewardship Secure our standing as the most trusted agribusiness brand by upholding ethical operations Invest in our people and cultivate diversity, inclusion and growth for collective empowerment and success 7 COMMUNITY IMPACT AND INVESTMENT Support rural and regional Australia to positively impact our communities We operate ethically and to the highest standard 4 CLIMATE CHANGE Reduce our carbon footprint and support our customers in climate adaptation and resilience 8 WASTE MANAGEMENT Collaborate with industry to minimise waste for positive environmental outcomes 15 Innovation – Thomas Elder Sustainable Agriculture Helping drive the ongoing evolution of farming in Australia Partnering with leading research agencies, creating knowledge and technologies for Elders and clients Providing a leading source of trusted advice, supporting onfarm practice change through extension services Enabling new AgTech solutions for farming clients Supporting farmers on their sustainability journey through carbon farming services 16 Questions 17 Elders Limited