Announcement PDF Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000 17 November 2025 2025 Full Year Results Presentation Attached is the Elders Limited (ASX:ELD) presentation of the financial results for the 12-month period ended 30 September 2025. Further Information: Mark Allison, Managing Director & Chief Executive Officer, 0439 030 905 Media Enquiries: Meagan Burbidge, Corporate Affairs Manager, Media and External Affairs, 0417 841 092 Authorised by: Elders Limited Board of Directors View this announcement on Elders’ Investor Hub. FY25 Full Year Results Monday 17 November 2025 Elders Limited ABN 34 044 336 636 elders.com.au 2 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. While Elders has made reasonable endeavours to ensure the accuracy of forward looking statements, no assurance or representation is given that they will be achieved and no reliance should be placed on them. 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 Elders 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. 3 Agenda 01 Executive Overview 02 Financial Results 03 Strategy and Outlook 04 Questions 05 Appendix Rounding differences may be present in the Results Presentation due to individual amounts rounded to the nearest decimal point 4 Executive Overview MARK ALLISON MANAGING DIRECTOR AND CEO Initiatives 5 Committed to improving our safety performance 1. All fatalities, LTIs and medical treatment injuries multiplied by 1,000,000 then divided by hours worked 2. Lost Time Injury Frequency Rate (Number of lost time injuries divided by total hours worked) multiplied by 1,000,000) FY25 LTIFR² stands at 1.1, significantly outperforming the industry LTIFR benchmark of 6.8, despite incurring 6 LTIs Safety, Health and Environment Strategy During FY25, we evolved to focus on leadership, capability building, systems development and continuous improvement to deliver industry-leading outcomes. This strategic plan is supported by four key pillars: 1. Collaboration, communication and relationships 2. Risk management 3. Regulatory compliance 4. Resources, education and capability Critical Safety Standards • Introduced a set of Critical Safety Standards developed in response to our primary safety risks • The standards provide clear, practical guidance on how to interact with high-risk tasks to minimise harm • Reinforcing our focus on prevention, personal responsibility, and getting everyone home safely every day Training • Driving safer practices through the release of new incident videos and e-modules to create stronger connection and increase relevance • This is supplemented through additional guidance materials and support resources aligned to our highest risk areas Safety Key Metrics 6 2 6 FY21 FY22 FY23 FY24 FY25 3 3 Average Lost time injuries (LTI) 15.1 12.6 10.1 9.0 4.5 FY21 FY22 FY23 FY24 FY25 -26% Total recordable injury frequency rate (TRIFR)1 6 Growth in FY25 despite mixed conditions Underlying EBIT + 12% Supported by strong livestock prices and real estate growth Return on Capital 11.3% From 11.3% Stable despite mixed seasonal conditions and transformation investment Cash Conversion From 129% Strong result given higher livestock prices and late start to winter crop Dividends Per Share 36c From 36 cents Dividend payout ratio to benefit from inclusion of Delta Agribusiness earnings from FY26 $143.5m 137% FY25 Financial Summary Comparisons are against FY24 Baseline Year (EBIT $’m) 7 Earnings resilience through agricultural cycles 1. Average EBIT and EPS growth and average ROC over the Eight Point Plan period 13.8 18.6 31.0 29.1 26.6 39.7 67.6 92.5 99.1 88.0 89.6 79.2 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 27.3 40.5 56.2 70.4 74.5 73.7 120.6 166.5 232.1 170.8 128.0 143.5 FY HY El Niño NSW Drought La Niña Transformational investment for future growth SA, VIC Drought El Niño announced FIRST EIGHT POINT PLAN EBIT¹ +37.5% EPS¹ +735.2% ROC¹ 25.7% SECOND EIGHT POINT PLAN EBIT¹ +22.8% EPS¹ +12.8% ROC¹ 20.9% THIRD EIGHT POINT PLAN EBIT¹ +17.0% EPS¹ +13.6% ROC¹ 21.6% FOURTH EIGHT POINT PLAN (FY24-FY26) Eight Point Plan Performance Through the Years 8 Supporting our people and communities Six-time winner of Australia’s most trusted agribusiness brand award1 1. Roy Morgan Trusted AgribusinessBrand Awards winner between 2020to 2025 (Unprompted) 96% 92% 77% 3,002 FTEs 54% Male 46% Female 50.9 FY25 net promoter score Our Performance Elders employees say: My work area is safe: We practice what we preach: Good understanding of Health and Safety Policy and Procedure: Safety Month July 2025 In FY25, we expanded our annual ‘Safety Week’ into ‘Safety Month’, held throughout July 2025, to create a greater opportunity for reflection, engagement, and action across our business. Safety Month focused on raising awareness of our most critical risks and encouraging safe behaviours through a range of personal stories, resources, and tools that empowered our people to take ownership of safety in their workplace. 2025 Summer Grains Conference Gala Dinner and Awards (L-R): Flynn Menner, Aleasha Bertinazzi, Millie Bach Source: FY25 Sustainability Report We are dedicated to building a sustainable, responsible future 9 Environment People and Communities Governance and Ethical Operations • Memorandum of Understanding with Charles Sturt University to collaborate on initiatives that advance agricultural innovation, sustainability and education • Developed the Elders Environmental Management System aligned to ISO 14001 to establish approach to managing environmental risks across our operations • Ongoing engagement with Zero Net Emissions Agriculture Cooperative Research Centre to support research into viable solutions in reducing emissions in the agriculture sector • Supporting farmers with the development of Australian Carbon Credit Unit scheme carbon farming projects • Completed trial of battery electric vehicles at several of our real estate branches. • Joined the BagMuster pilot program to advance the recycling of agricultural plastic bags; also collected more than 7 tonnes of agricultural plastic bags through Big Bag Recovery program • Launched the First Nations scholarship program ‘Agripathways’ in partnership with Charles Sturt University to support First Nations education in agriculture • ~$2.64M in sponsorship and donations to support local communities, industry and innovation and charities • ~$199k of grant funding awarded as part of the Community Giving Project • 15 communities supported through the Community Giving Project • First partnering with the Royal Flying Doctors Service (‘RFDS’) in 2016, Elders is well established in its three-year major partnership supporting the continual upgrade of Flying Doctor aircraft and funding of life-saving equipment • Every 10 minutes the RFDS delivers care to someone living, working or travelling in rural and remote Australia • Enhanced our Ethical Sourcing Program by continuing supplier risk screening through the Informed365 platform and conducting targeted audits of key suppliers to monitor and manage modern slavery risks across our supply chain • Developed the Environmental Policy and Environment Management Framework to reinforce our commitment to environmental responsibility • Commenced alignment with Australian Sustainability Reporting Standards Sustainability 1. Scope 1: direct emissions from owned or controlled sources. Scope 2: indirect emissions from the generation of purchased electricity. Reported emissions are based on the period 1 July 2024 to 30 June 2025 (in alignment with NGER). 2. The emissions reduction from FY21-FY24 was driven by operational efficiencies, procurement and retirement of LGCs (since 2022) and the transition to renewable electricity across several major energy-consuming sites. 3. In FY25, the Department of Climate Change, Energy, the Environment and Water (DCCEEW) introduced an Australian-specific methodology for calculating enteric methane emissions from grain-fed cattle. This update resulted in a methodological change to how Killara Feedlot’s scope 1 emissions are calculated. Under the new approach, Killara’s reported scope 1 emissions in FY25 have decreased significantly. As per the GHG Protocol Corporate Standard, our FY21 baseline is no longer directly comparable. In FY26, Elders will rebaseline its scope 1 and 2 emissions following the Delta Agribusiness acquisition in line with the GHG Protocol requirements. 10 Progress towards our Scope 1 and 2 emission targets by 2030 FY25 Change in emissions calculation methodology3 FY25 reported emissions intensity 3 100% renewable electricity in all Australian sites by 20252 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 and fleet fuel emissions) Net zero Scope 1 and 2 emissions by 20501 (tCO2e) 23.9 18.8 17.9 18.3 60,828 64,772 59,551 57,210 FY21 FY22 FY23 FY24 21% Reduction vs baseline 25% Reduction vs baseline Baseline 23% Reduction vs baseline 11.9 38,206 FY25 Bar Chart - (tCO2e/$m revenue) tCO2e Targets set to reduce our Scope 1 and 2 greenhouse gas emissions: CLIMATE TARGETS1 Targets set to reduce our Scope 1 and 2 greenhouse gas emissions Our Targets Sustainability 11 Divisional model focus to drive future growth and efficiency Key investment drivers EPS growth Strategic diversification Positive industry fundamentals Modernised systems Delta Agribusiness¹ synergies Robust balance sheet North South West Regional alignment Divisional focus Divisional Model 1. Delta Ag 12 Delta Agribusiness Recap Our strategic priorities: Run 58 locations ~40 independent wholesale customers ~450 employees Rural products Digital and technical services + + Agency and financial services Complementary geographic footprint, filling retail gaps in New South Wales, northwest Victoria, South Australia and Western Australia Enhances Elders’ technical expertise and offering in ag tech and precision agriculture Accelerating backward integration synergies Targeting ROC ≥15% post synergies Aligns with Elders’ strategy, values and sustainability ambitions 1. Elders will own 64 upon acquisition,and six will be divested going forward resulting in 58 remaininglocations ¹ 13 Financial Results PAUL ROSSITER CHIEF FINANCIAL OFFICER 14 Achieving key financial objectives in FY25 • Double digit GM growth in Agency, Real Estate and Feed and Processing • Resilient Rural Products result despite dry conditions in SA and VIC • Below inflation cost growth adjusting for acquisitions and transformation • Improved seasonal conditions from June • Eight acquisitions with future focus on Real Estate, Agency and Financial Services • SysMod Wave 2 Retail module live in all states • SysMod Wave 3 Livestock in UAT with rollout scheduled for 2026 Q1 • Delta Agribusiness ACCC clearance • EBIT growth achieved despite seasonal headwinds • Positive momentum across most products • Implementation of a divisional model to drive focus and accountability • Geographic diversification enhanced by Delta Agribusiness from November 2025 • Significant headroom in banking covenants • Leverage ratio to return to target range (1.5x – 2.0x) by FY26 • ROC impacted by seasonal headwinds and transformation spend ahead of benefits • Cash conversion forecast above 90% target in FY26 FY25 Performance Fourth Eight Point Plan Operational Diversification Financial Ratios FY25 Financial Results Summary EBIT ($m) Costs ($m)¹ Gross margin ($m) Sales ($m) 15 Resilient financial outcomes through agricultural cycles 167 232 171 128 144 FY21 FY22 FY23 FY24 FY25 +12.1% 363 421 448 510 541 FY21 FY22 FY23 FY24 FY25 6.2% 2,549 3,445 3,321 3,131 3,202 FY21 FY22 FY23 FY24 FY25 +2.2% 529 653 619 638 685 FY21 FY22 FY23 FY24 FY25 +7.4% Five Year Profit Performance 1. Includes additional costs from acquired business. Refer slide 19 for cost analysis comparable to CPI 16 Growth despite mixed seasonal conditions 1. FY25 metrics adjusted for Dec 2024 rights issue, capital and interest impacts and interest benefits thereof 2. Target leverage of 1.5 - 2.0 times excludes AASB 16 3. HY25 franked at 50%, FY25 franked at 100% 4. Balance date 5. Variance between FY25 and FY24 6. Delta Agribusiness adjustment of $178.7m pertains to the Delta Agribusiness equity raise proceeds less balance sheet flexibility and transaction costs incurred year-to-date ($246m – $67.3m) 7. EPS adjusted for post-tax interest benefit and additional weighted average shares issued from the Dec 2024 equity raise Key metrics ($m) Adjusted FY25 Delta Ag Adjustment Sales revenue 3,201.7 Gross margin 684.6 Gross margin % 21.4% Costs 541.0 Underlying EBIT 143.5 Underlying net profit after tax 80.9 Return on capital (%) ¹ 11.3% Net debt (excl. AASB 16) 457.3 Leverage ratio (times) ² 2.9 Operating cash flow 117.9 Cash conversion (%) 137.1% Underlying earnings per share (cents) 49.3 Dividend per share (cents) ³ 36.0 FY25 3,201.7 684.6 21.4% 541.0 143.5 86.0 11.3% 278.6 1.8 117.9 137.1% 46.5 36.0 - - - - - (5.1) - 178.7 n/m n/m - 2.7 FY24 3,131.3  637.6  20.4%  509.6  128.0  64.0  11.3%   3.1  82.9  129.5%  40.7  36.0  Var Var % 70.4 2% n/a 31.4 6% 0 n/a 35.0 42% n/a 5.8 14% n/a n/a , 4 4, 6 7 FY25 Financial Performance 47.0 7% 1.0% 15.5 12% 22.0 34% 1.1 (1.3) (42%) 7.7% 436.8 (158.2) (36%) 5 17 Agency and Real Estate Services growth offset seasonal headwinds in Crop Protection Wholesale Products Agency Services¹ Feed & Processing Services Financial Services Real Estate Services Total Gross Margin ($m) Retail Products 158.8 46.3 47.3 54.5 71.7 113.7 59.5 53.5 13.7 141.9 46.5 44.6 51.5 75.7 123.1 82.6 54.5 17.2 129.0 46.1 45.1 55.5 75.5 150.2 105.1 56.8 21.3 Crop Protection Fertiliser Animal Health Other Retail -9.1% -0.9% +1.1% +7.8% -0.3% +22.0% +27.2% +4.2% +23.8% 40% -3 22% 15% vs. LY +3 8% 3% 11% vs. LY -1 vs. LY +2 vs. LY -1 vs. LY -0 vs. LY 619.0 637.6 684.6 FY23 FY24 FY25 1. Agency split: Sheep – 34%; Cattle – 48%; Wool and Grain – 18% 2. Pie charts represent percentage of total FY25 gross margin Gross Margin Diversification Sales and gross margin pressure attributable to increased competition in drought impacted regions in SA and VIC. Gross Margin +$47.0m 18 Diversification enables good returns in mixed seasonal conditions 64.0 86.0 27.1 22.5 2.3 4.1 6.4 FY24 NPAT (8.8) Retail Products (0.2) Wholesale Products Agency Services Real Estate Services Financial Services Feed & Processing Services (31.4) Costs ¹ Interest, Tax, NCI & Other ² FY25 NPAT +22.0 (+34%) Regional alignment 12-month rainfall deficiencies’ impact on Retail³ Underlying NPAT commentary Base period: 1900 – Sep 2025 © Commonwealth of Australia 2025, Bureau of Meteorology 1 October 2024 to 30 September 2025 Australian Gridded Climate Data Rainfall percentile ranking Serious deficiency Severe deficiency Lowest on record Dataset: AGCD v2 Issued 21/10/2025 1. Cost drivers detailed on slide 19 2. NCI – Non controlling interests 3. Source: http://www.bom.gov.au/climate/maps/rainfall/?variable=rainfall&map=drought&period=12month&region=nat&year=2025&month=03&day=31 4. Previously operated as KnightFrank Tasmania Product Performance Underlying net profit after tax ($m) Retail Products ▪ Continued localised competition, exacerbated by dry conditions in SA and VIC Agency Services ▪ Significant uplifts in price for cattle and sheep, and higher cattle volumes Real Estate Services ▪ Full year benefits from IPST Holdings ▪ Continued organic growth across key service categories 4 Cost rebasing Below inflation cost growth maintained, reflective of cost initiatives implemented in FY25 19 Costs maintained below inflation, excluding acquisition, transformation 11.4 Base Growth FY25 excl New Business 9.9 FY24 Acquisitions¹ 6.0 FY25 Acquisitions 4.1 Transformational Projects³ FY25 Act 509.6 521.0 541.0 FY24 Base +2.2% Growth adjusted cost movement² 1. FY24 acquisitions with less than 12 months ownership 2. Includes the rolling 12-month costs from acquisitions and transformational projects with less than 12 months of earnings 3. Transformational Projects excludes the cost impact of Elders Wool Handling project, adding $3.0m to Base Growth Cost Growth Excluding New Business Eight businesses acquired in FY25 20 Stable ROC despite mixed seasonal conditions and transformation investment Regional alignment Return on capital (%) 4.5% 11.3% FY24 1.4% 11.3% FY25 15.8% 12.7% -3.1 ROC Normalisation Actual ROC FY25 0.4% Transformational projects: Capital 0.9% Transformational projects: Costs 0.1% Acquisitions² FY25 Normalised 11.3% 12.7% 1. Return on capital = Rolling 12 months Underlying EBIT / (working capital + investments + property, plant and equipment + right of use assets + intangibles (excluding Elders brand name) – DTL on acquisitions – lease liabilities – provisions) 2. Acquisition capital and EBIT of companies with less than 12-months contribution are included in the normalised calculation Misalignment in timing of capital and generation of benefits Systems Modernisation Normalised return on capital (%) Return on Capital Inventory² ($m) Trade and Other Receivables¹ ($m) 21 Working capital in line with earnings uplift and higher livestock prices Balance Date Average Products FY25 FY24 Var Var % FY25 FY24 Var Var % Retail Products 442 394 Wholesale Products 102 123 Agency Services 64 110 Financial Services 102 90 Feed and Processing 80 54% 63 Real Estate and other³ (46) (53) 7 n/m (46) (40)  734 676 734 633 675 743 FY23 FY24 FY25 +68 +10.1% Average Balance Date 469 508 513 142 213 262 127 175 215 FY23 FY24 FY25 738 895 990 +94 Agency Other Retail Products 541 447 511 FY23 FY24 FY25 +64 1. Balance Date 2. Including Livestock at Balance Date 3. Real Estate and other is largely comprised of deferred consideration relating to the IPST Holdings acquisition and Ray White Tamworth Trade and Other Payables ($m) 646 667 757 FY23 FY24 FY25 +90 Working Capital ($m) Working Capital 430 12 3%  421 (27) (6%)  111 (9) (8%)  131 (8) (6%)  64 (1) (1%)  56 55 98%  72 30 42%  57 33 58%  52 28  52 12 23%  (6) 15%  Working capital 743 675 68 10%  734 676 58 9%  Operating cash flow ($m) Net cash flow ($m) 22 Earnings supporting a positive operating cash flow 143.5 231.2 117.9 6.6 83.6 89.8 Other movements1 Operating cash flow³ (77.9) EBIT (33.4) Financing cash flow Net cash flow Depreciation and amortisation 22.6 Other non cash items (18.5) Interest, tax and dividends EBITDA adjusted for non cash items (94.4) (Inc)/dec in trade and other receivables (63.7) (Inc)/dec in inventories Inc/(dec) in trade and other payables (45.0) Investing cash flow Includes Delta Agribusiness acquisition proceeds Key metrics ($m) Underlying EBITDA adjusted for non cash items FY25 FY24 Var 231.2 Movements in assets and liabilities (113.3) Cash from operating activities 117.9 Investing cash flows Financing cash flows (Includes Delta acquisition proceeds) (33.4) Net cash flow (77.9) 6.6 1. Other movements includes provisions and balances acquired via acquisitions 2. Cash conversion is calculated on a YTD basis, operating cash flow / U’NPAT 3. Excludes the impact of AASB 16 cash lease expenses of $62.3m 42% FY24 65% FY25 129% 137% +8 Cash Conversion2 Cash Flows 197.3 17% (114.4) 1% 82.9 42% (150.9) 48% 86.7 (139%) 18.7 65% Cash conversion AASB-16 23 Leverage to return to target in FY26 1. Core net debt excludes the impact of debtor securitisation facilities and is aligned to the Elders banking covenants 436.8 278.6 457.3 161.9 (178.7) 178.7 (295.3) FY24 20.5 FY25 Movements Delta Ag Equity Raise FY25 Net Delta funds held for completion FY25 (Delta Adjustment) Securitised Facilities FY25 Core Debt 20.5 Net Debt ($m) 3.1 1.8 2.9 1.0 (0.4) (1.0) 1.1 (1.9) FY24 EBITDA Net Debt FY25 Net Delta funds held for completion FY25 (Delta Adjustment) Securitised Facilities FY25 Core Leverage (0.2) Leverage (times) ▪ Modest core debt balance of $161.9m ▪ Pathway to target supported by: ▪ Reduction in carry-over inventory in SA / VIC following dry conditions ▪ Client profitability review with focus on balance sheet optimization ▪ Transition of select client loans from Elders’ balance sheet to third party lenders ▪ Pathway to target enhanced further should divestment of Killara proceed Net Debt Commentary Net Debt 24 1. Calculated pursuant to definitions in group syndicated facilities which are subject to change over time. The current covenant calculations exclude all accounting adjustments required by AASB 16 Leases and the leverage covenant excludes the debtor securitisation balance from net debt 2. Undrawn facilities at 30 September were $143.1m, excluding $178.7m Delta Agribusiness rights issue proceeds, out of total available facilities of $655.7 million Net Debt, Balance Date ($m) Net Debt, Average ($m) 477.0 325.3 178.7 40.2 FY24 46.7 FY25 436.8 457.3 +20.5 435.2 364.8 178.7 25.9 FY24 34.8 FY25 409.2 508.8 +24.3% 3.1 1.8 1.1 FY24 FY25 2.9 -0.2 4.8 7.0 1.3 FY24 FY25 5.7 +0.9 25.7 16.5 FY24 FY25 52% 42% -9.6 Excluding AASB 16 2.5 0.0 Covenant FY25 101% -2.5 3.5 7.2 Covenant FY25 51% +3.7 Banking covenants 1,2 Leverage Ratio <2.5 times Interest Cover >3.5 times Net Worth >$500 million Leverage Ratio Balance date net debt / EBITDA Interest Cover EBITDA / net interest Gearing Ratio Balance date net debt / closing equity 500 1,088 Covenant FY25 54% +588 Cash Delta Adjustment Borrowings Delta Adjustment Unadjusted Strong balance sheet with significant covenant headroom Net Debt 2025 2028 beyond Elders Finance brokerage model Growing our product offering to support customers grow their business and manage cash flow and risk EPS accretive acquisitions Strategy alignment, diversification benefits, enhances expertise and pre-synergy EPS accretion Divisional and regional alignment Divisional model to enhance focus in high growth areas including Real Estate and Financial Services Delta Agribusiness onboarding Inclusion of earnings from 1 November 2025 with plans to accelerate synergies Systems Modernisation completion ROC benefits expected from FY26 01 02 03 04 05 Future growth drivers supporting financial outcomes Return to <2.0x Leverage Ratio in FY26 Target Leverage to return to < 2.0 times in FY26 (EBIT and EPS growth 5-10% and ongoing working capital initiatives supporting lower net debt) 25 26 Strategy and Outlook MARK ALLISON MANAGING DIRECTOR AND CEO Our Businesses Our Values Our Ambition Together Integrity Ownership Curious Our Strategic Priorities Streamlining our supply chain to fully optimise all parts of our integrated value chain across our businesses Adopting leading technology solutions to drive operational efficiencies, enhance customer experience, and enable sustainable growth Growing our portfolio of products, services, geographic footprint and channels Enhancing margins through value chain expansion and integration Innovating to create sustainable solutions for our customers and communities Deepening customer relationships to drive loyalty and growth Investing in our people to ensure we have the right people in the right places who are set up for success Maintaining unflinching financial discipline and commitment to cost and capital efficiency Run Optimise our businesses by: Transform Future-proof our businesses by: Innovate & Grow Expand and innovate our portfolio by: Compelling shareholder returns 5-10% EBIT and EPS growth through the cycles at 15% ROC Industry leading sustainability outcomes across health and safety, community, environment and governance Most trusted Agribusiness brand in rural and regional Australia ELDERS LIMITED 1 2 3 6 7 8 4 5 FY24-26 EIGHT POINT PLAN 27 28 Optimising the existing business through new divisional structure Elders Limited Mark Allison, Managing Director and CEO A diversified corporate agribusiness managing distinct yet interconnected business entities, each contributing to the vitality of rural and regional Australia by delivering essential goods and services to clients. Elders Rural Services Mark Allison, Acting Divisional CEO A trusted agribusiness offering links to markets, tailored advice and specialist knowledge across a range of primarily agricultural products and services for clients. Includes Elders Finance, which operates in both regional and metropolitan Australia, as well as a range of bolt-on acquisitions that complement the Elders offering and provide greater product and geographic diversification in line with the Elders Eight Point Plan Rural Services Elders Crop Protection Nick Fazekas, Divisional CEO Comprised of Titan Ag, Eureka Group and AgriToll, ECP is a key part of Elders’ backward integration strategy. It supplies crop protection, animal health and fertiliser products through Elders’ own white label brand, as well as formulates and manufactures agricultural chemicals Crop Protection AIRR Peter Lourey, Divisional CEO A wholesale arm providing collective buying power to member stores across Australia. Comprised of a national network of over 220 locally owned and operated retail stores across Australia Delta Agribusiness Gerard Hines, Divisional CEO A rural products and services business with a leading farm advisory and agronomy service, specialising in specific geographic markets in Australia Our strategic priorities: Run Feed and Processing Andrew Talbot, Divisional CEO Elders Killara is a 20,000 head beef cattle feedlot supplying national and international markets Feed & Processing Real Estate Elders Real Estate Tom Russo, Divisional CEO An established real estate brand with company-owned and franchise offices in regional and metropolitan locations nationwide. Elders Real Estate offers services in residential, commercial, and rural real estate, as well as valuation, property management, and water broking 29 Modernising our platforms to deliver more efficient business processes ELDER S LIMITED < FY24 FY25 Total Budget CAPEX 19.7 11.9 24 – 27 OPEX - non underlying 5.3 3.9 16 – 18 Total 25.0 15.8 40 - 45 < FY24 FY25 Total Budget 0.5 4.6 7 – 9 - 0.5 3 – 4 0.5 5.1 10 – 13 Wave 3 spend predominately expected in FY25 Project concludes at the end of Wave 4 TIMELINE 2024 2025 2026 Wave 2 Design and Build Roll-out Roll-out Wave 3 Design and Build ROC Benefits > 15% from FY25² Implementation Wave 4 Design Phase Total Budget 15 – 17 4 – 6 19 – 23 Our strategic priorities: Transform 1. Does not include underlying OPEX which predominantly relates to ongoing license fees which are not wave specific 2. First full year of benefits from Wave 2 in FY26 Wave 2 (Retail) Wave 3 (Livestock) Wave 4 (Client) Project concludes Progressing through Systems Modernisation waves Wave 4 New ERP is the source of truth Detailed design commenced in Q4 2025, allowing for the full transition away from legacy technology to a modern ERP SysMod project concludes at the end of Wave 4 with decommissioning of the legacy AS400 platform Benefits expected from Wave 4: ▪ Enhanced customer experience ▪ Modernised Real Estate transactional platform to generate back-office efficiencies and opportunity to scale more effectively ▪ Integration of Elders Wool into D365 will streamline operations ▪ Finalisation of core finance modules will enhance report capability to drive productivity and efficiency Wave 1 Internal financial and people foundation Wave 3 Livestock and trading settlements Currently in UAT with roll out scheduled for Q1 2026 Wave 2 Supply chain and in-branch retail Roll-out progressing with all states complete, B&W Rural and 3PL warehouses scheduled for early 2026 Our strategic priorities: Transform 30 31 Significant growth opportunity across the financial services portfolio 1. FY23 Relates to Elders’ relationship with Rural Bank, which ceased in December 2023. FY25 represents new balances under our Elders Finance Loan Brokerage model 33 3,143 - 1,300 41 33 Loans¹ Contracted Brokers Employed Brokers - 13 33 Controlled and incremental growth opportunity Loan Brokerage Gross Margin ($m) Growth Opportunities Loan brokerage business launched post Rural Bank exit ▪ Launch of Elders Finance brand, website and marketing ▪ loan book $3B under Rural Bank arrangement ▪ Loa