Announcement PDF Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000 18 May 2026 2026 Half-Year Results Investor Presentation Attached is the Elders Limited (ASX:ELD) investor presentation in connection with the financial results for the 6-month period ended 31 March 2026. Elders’ Managing Director and Chief Executive Officer, Mark Allison, and Chief Financial Officer, Paul Rossiter, will deliver this presentation by webcast and simultaneous teleconference at 10.00am (AEST). As advised in the Company’s announcement to the ASX on Tuesday 12 May 2026, you can register to view and listen to live commentary of the presentation. For further details, refer to that announcement. 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 Half Year Results Presentation FY26 Monday 18 May 2026 Elders Limited ABN 34 004 336 636 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 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 Driving improvements in 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). LTIFR benchmarked against Agricultural Product Wholesaling benchmarking rates Safety, Health and Environment (SHE) Strategy During HY26, 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 Safety Leadership Program • Developed and embedded within Elder’s Leadership Program, incorporating a new eLearning module alongside in-person training and coaching • Enhanced safety leadership capability, reinforced through training resources, coaching and targeted leadership support Wellbeing – National Skin Check Program • New cornerstone wellbeing initiative implemented, delivering a national employee skin check program to support early detection and health outcomes SHE Management Systems • A comprehensive review of the Safety, Health and Environment Management Systems, delivering refreshed management system frameworks aligned with ISO 45001 and ISO 1400, strengthening governance, consistency, assurance and risk management Safety Key Metrics 6 6 1 FY22 FY23 FY24 FY25 HY26 3 2 Average Lost time injuries (LTI) 12.6 10.1 9.0 4.5 3.5 FY22 FY23 FY24 FY25 HY26 -29% Total recordable injury frequency rate (TRIFR)1 HY26 LTIFR² stands at 0.7, significantly outperforming the industry LTIFR benchmark of 7.8 6 Taking advantage of seasonal improvements Underlying EBIT² + 33% Underpinned by strong livestock prices and real estate growth Return on Capital¹,² 10.7% From 12.6% Delta Ag capital preceding full year 12 months earning Refer to slide 18 Cash Conversion² From 93% Strong cash conversion despite working capital peak for winter crop Dividends Per Share 18c From 18 cents Dividend payout ratio above target but forecast to reduce in H2 with the inclusion of Delta Ag earnings $76.6m 177% HY26 Financial Summary 1. ROC =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. HY26 and HY25 numbers exclude Killara. Refer slide 11 for detail regarding basis of preparation Baseline Year (EBIT $’m) 7 Earnings resilience through agricultural cycles 1. Average EBIT, ROC and EPS growth over the Eight Point Plan period 33.9 57.6 12.0 18.2 21.9 37.6 44.5 29.3 46.9 71.7 127.8 78.4 FY14 6.5 FY15 4.8 FY16 7.0 FY17 7.5 FY18 8.7 FY19 8.9 FY20 5.1 FY21 8.2 FY22 6.1 FY23 FY24 FY25 FY26 27.3 40.5 56.2 70.4 74.5 73.7 120.6 166.5 232.1 170.8 118.6 131.4 3.4 76.6 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-HY26) Eight Point Plan Performance Through the Years FY HY Killara Fuel Volatility Fourth Eight Point Plan Excludes Killara Killara included in first three Eight Point Plans but segregated below 8 Divisional model positioning our business for future growth Key investment drivers EPS growth through agricultural cycles Strategic diversification Positive industry fundamentals Modernised systems Delta Agribusiness synergies Robust capital management framework North South West ERS Regional alignment Divisional focus Divisional Model 1. Feed & Processing refers to Killara Feedlot (Killara) throughout this presentation Killara has been treated as a non-underlying in all metrics throughout this presentation due to statutory classification as a discontinued operation. Refer slide 11 for basis of preparation. 1 9 On track to achieve Delta Agribusiness synergies target1 of $8m in FY26 Delta Ag Synergies Animal Health Margin improvement from animal health products Financial Services Financial broker expansion to Delta network Procurement Group purchasing power enhanced Crop Protection Margin improvement from backward integration expansion Corporate Services Select corporate activities Real Estate Referral model between Delta Ag and Elders Real Estate 1. Total Delta Agribusiness synergies of EBIT $12 million as advised on 18 November 2024 as part of the Acquisition of Delta Ag and Equity Raise Presentation Quantum and timing of additional synergy opportunities to be determined in the second half 10 Financial Results PAUL ROSSITER CHIEF FINANCIAL OFFICER 11 Financial ratios temporarily impacted by acquisition and divestment activity Basis of Preparation Key financial metrics ($m) EBIT Reported HY26 Killara Non- U’lying Underlying HY26 Normalised HY26 Metric¹ Slide # 76.6 Profit after tax 39.5 37.9 Working capital Return on capital (%) Net debt (excl. AASB 16) Leverage (times) Earnings per share (cents) 83.1 803.6 - - 803.6 10.8% 10.7% 621.6 621.6 - - 3.4 3.8 - 18.8 18.1 Second Half Outlook EBIT will benefit from full-year Delta Ag earnings which are seasonally weighted more to the second half Underlying profit after tax will benefit from second-half Delta Ag earnings and reduced interest expense, driven by lower net debt following the receipt of the Killara sale proceeds Working capital will reduce following the winter crop peak evident at half year ROC is expected to be supported by the inclusion of second-half Delta Ag earnings and a reduction in post– winter crop peak working capital. The current position reflects a temporary drag, as capital investment has preceded the associated earnings over the past 12 months Net debt to realise benefit from $195.8m of proceeds relating to the sale of the Killara business, alongside a reduction in working capital post winter crop peak and further progress moving client lending to third parties EPS supported by second half Delta Ag earnings and lower interest expense from Killara sale proceeds - (4.5) n/m 425.8 10.7% 2.6 (2.2) 1.5 21 21 18 19 14 14 14 n/m (6.5) - 2.9 0.4 Leverage will benefit from the inclusion of Delta Ag earnings, which are seasonally weighted to the second half, a reduction in working capital post winter crop, and lower net debt following receipt of the Killara sale proceeds (0.1%) Delta Ag • HY26 includes the first five-months of Delta Ag earnings. Underlying financial metrics (ROC, Leverage, EPS) are negatively impacted until 12 months Delta Ag earnings included Killara • Killara is treated as discontinued operation and is excluded from all underlying metrics in both HY26 and HY25 • Underlying HY26 financial metrics (ROC, Net Debt, Leverage, EPS) temporarily impacted (refer table below) 1. Normalised for Killara sale proceeds assuming completion date 31 March 2026 12 HY26 Highlights • Strong livestock performance contributing to Elders Rural Services’ gross margin upside • First five months of Delta Ag contributing to earnings upside • Cost increase driven primarily by acquisition and transformation • Three acquisitions, including Delta Ag completion • SysMod Wave 3 (livestock) go live and detailed design for the fourth and final Wave was completed • Agreement entered to divest Killara • Divisional model fully implemented, with shared corporate centres of excellence • Further geographic diversification acquisitions (including Delta Ag) with 58 additional points of presence • Ongoing expansion of Elders Finance broker model through ERS and Delta Ag networks • Significant headroom in banking covenants • Key metrics including ROC and leverage to improve in the second half with 12 months of Delta Ag earnings and the Killara divestment • Proceeds of the Killara divestment to reduce net debt and interest expense HY26 Performance Fourth Eight Point Plan Operational Diversification Financial Ratios HY26 Financial Results Summary EBIT ($m)² Costs ($m)¹ Gross margin ($m) Sales ($m) 13 Solid progress on our Fourth Eight Point Plan Fourth Eight Point Plan Progress 1. Includes additional costs from acquired business and temporary costs from transformation. Refer slide 17 for cost analysis comparable to CPI, excluding acquisition costs and transformation. 2. Killara is reported as a discontinued operation and consequently treated as non-underlying. Refer slide 11 for detailed basis of preparation HY23 HY24 HY25 1,420 HY26 1,528 1,274 1,341 1,768 +5.0% HY23 HY24 HY25 351 HY26 298 277 314 397 +10.0% HY23 HY24 HY25 285 HY26 219 243 256 320 +13.4% 78 34 58 66 HY23 HY24 HY25 HY26 77 -0.8% Fourth Eight Point Plan Baseline Year Delta Ag First half growth reflects progress on strategic initiatives HY26 Financial Performance 14 Key metrics ($m) HY26¹ HY25 Var Var % Sales revenue 1,767.7 1,341.3  426.4 32% Gross margin 396.6 313.5  83.1 27% Gross margin % 22.4% 23.4%  (0.9%) n/a Costs 320.0 255.9 64.1 25% Underlying EBIT 76.6 57.6  19.0 33% Underlying net profit after tax 37.9 33.5  4.4 13% Reported net profit after tax 39.5 33.6  5.9 17% Return on capital (%) 10.7% n/a Net debt (excl. AASB 16)² 621.6 Leverage ratio (times) 3.8 Operating cash flow 67.0 31.2  35.8 115% Cash conversion (%) 176.6% 93.1%  83.5% n/a Underlying earnings per share (cents) 18.1 18.8  (0.7) (4%) Dividend per share (cents) (HY26 100% franked) 18.0 18.0  n/a n/a 1. Killara is reported as a discontinued operation and consequently treated as non-underlying. Refer slide 11 for detailed basis of preparation 2. Net debt was reduced in HY25 by $178.7m of equity proceeds held in cash for Delta Ag completion 12.6%  (1.9%)  279.8  341.8 122% 1.8  2.0 111% 15 HY26 Financial Summary 1. 5 months operations with earnings weighted to second half 2. Corporate costs include certain non-identifiable ERS costs Key metrics ($m) Elders Crop Protection AIRR Sales revenue Gross margin Gross margin % Costs³ Underlying EBIT 22.3 Elders Rural Services Delta Ag¹ Corporate Costs² HY26 Elders Real Estate 57.6 76.6 8.1 18.5 10.4 HY25 EBIT Elders Crop Protection (1.9) AIRR Elders Rural Services Delta Ag -0 Elders Real Estate (17.3) Corporate Services 1.2 Eliminations HY26 EBIT +19 (+33%) Underlying EBIT ($m) 320.0 19.4 71.9 10.4 24.1 (59.4) 76.6 Eliminations 396.6 1,767.7 22.4% - (12.1) Divisional model to drive focus and accountability Elders Crop Protection ▪ Uplift driven by Titan Ag due to improved procurement of raw materials AIRR ▪ Impacted by higher costs which offset improvements in sales, gross margin percentage and warehouse efficiencies Elders Rural Services ▪ Favourable across most products, with livestock prices driving much of the Agency Services upside Delta Ag ▪ First five months under Elders' ownership Elders Real Estate ▪ Benefited from growth in residential turnover and property management Corporate Costs ▪ Increase largely due to higher IT costs, following the partial transition of SysMod expenses to ongoing business, and the costs associated to run and support dual platforms until legacy AS400 use ceases in 2027 Underlying EBIT commentary 3. Cost drivers detailed on slide 17 179.6 226.6 1,132.5 348.0 102.1 - (221.1) 29.8 42.2 234.1 45.8 58.4 (1.6) (12.1) 16.6% 18.6% 20.7% 13.2% 57.2% n/m 5.5% 7.5 22.8 162.1 35.4 34.4 57.8 0 Elders Rural Services 16 Total Gross Margin ($m) 16.1 38.4 52.8 18.1 14.4 24.2 55.5 27.1 35.6 19.4 41.9 46.6 18.6 14.7 23.2 78.4 29.8 53.9 29.8 42.2 48.7 20.1 15.9 29.3 89.6 30.6 45.8 58.4 AIRR Crop Protection Fertiliser Other Retail Real Estate Services Delta Animal Health Elders Crop Protection +53.6% +0.7% +4.5% +8.1% +8.2% +26.3% +14.3% +2.7% +8.3% 7% +10 57% vs. LY +23 vs. LY HY24 HY25 HY26 276.5 313.5 396.6 10% 1. Pie charts reflect the divisional contribution of the HY26 gross margin excluding Eliminations 2. Split between Corporate Services, Other and Eliminations can be found in slide 33 Gross Margin Diversification +0 vs. LY ECP AIRR Delta Ag ERE +5 vs. LY Agency Services Financial Services Retail Products Eliminations² Gross margin favourable across all divisions Eliminations (5.7) (13.0) (13.8) 14% Pre-acquisition 11% +46 vs. LY Cost rebasing 17 Cost pressure to ease in second half with ERS trading on single platform 12.0 Base Growth FY26 excl New Business 1.3 FY25 Acquisitions¹ 35.7 HY26 Acquisitions² 13.5 Transformational Projects³ HY26 Act 255.9 267.9 37.2 320.0 HY25 Base +4.7% Growth adjusted cost movement² 1. FY25 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 includes costs associated with the Financial Services Brokerage model, Agri-toll, performance incentives, forex losses and SysMod related costs Cost Growth Excluding New Business Three businesses acquired in HY26 Corporate Services increase mostly relating to increased IT costs, following the partial transition of SysMod expenses to ongoing business, and the costs associated to run and support dual platforms until legacy AS400 use ceases in 2027 (Delta Ag) 18 ROC to improve with Delta Ag earnings in second half Regional alignment Return on capital¹ (%) 1.4% 11.0% FY25³ 1.5% 10.7% HY26 12.4% 12.1% -0.2 ROC Normalisation Actual ROC HY26 0.3% Transformational projects: Capital 0.5% Transformational projects: Costs 0.7% Delta Ag and other acquisitions ² HY26 Normalised 10.7% 12.1% 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. Calculation excludes financial impact from acquisition on balance sheet and profit and loss until 12-months of ownership 3. Killara is reported as a discontinued operation and consequently treated as non-underlying. Refer slide 11 for detailed basis of preparation Misalignment in timing of capital and generation of benefits Systems Modernisation Normalised return on capital (%) Return on Capital Delta Ag capital preceding full year 12 months earning Inventory ($m) Trade and Other Receivables ($m) 19 Working capital increase driven by the inclusion of Delta Ag for the first time Balance Date Average Products HY26 HY25 Var Var % HY26 HY25 Var Var % Elders Crop Protection² 68 27 AIRR 107 117 Elders Rural Services 548 606 Delta Ag 111 38 Elders Real Estate (13) (13) Corporate & Eliminations (18) (30) 714 684 744 615 720 804 HY24 HY25 HY26 +84 +11.6% Average Balance Date 853 931 1,054 HY24 HY25 HY26 1,353 +421 554 556 522 HY24 HY25 HY26 657 +101 Graphs reflect metrics as at Balance Date 1. Killara is reported as a discontinued operation and consequently treated as non-underlying. Refer to slide 11 for detailed basis of preparation Trade and Other Payables ($m) 792 767 883 HY24 HY25 HY26 1,206 +439 Working Capital ($m) Working Capital Working capital - Cont. Ops 804 744 Killara¹ - n/m - n/m 2. ECP working capital is reflective of the amended terms arising from the new trading agreement between Titan Ag and Elders Rural Services, effective 17 November 2025 Working capital - Reported 804 720 84 12%  744 684 n/m - - n/m n/m Delta 1 67  9 18 193%  114 (7) (6%)  120 (3) (2%)  587 (39) (7%)  551 56 10%  111  38  (21) 8 (40%)  (17) 4 (23%)  (24) 6 (26%)  (32) 2 (6%)  657 147 22%  630 114 18%  63 (63)  55 (55)  132 19%  Operating cash flow ($m) Net cash flow ($m) 20 Positive progress on working capital efficiency initiatives 76.6 138.0 67.0 40.8 47.6 (146.4) Operating³ cash flow Underlying EBIT Investing cash flow Depreciation and amortisation 301.0 Financing cash flow Net cash flow 32.3 Other non cash items (18.5) Interest, tax and dividends EBITDA adjusted for non cash items (363.0) (Inc)/dec in trade and other receivables (Inc)/dec in inventories 449.2 Inc/(dec) in trade and other payables (10.8) Other movements1 (327.2) Key metrics ($m) Underlying EBITDA adjusted for non cash items HY26 HY25 Var 138.0 Movements in assets and liabilities (71.0) Cash from operating activities 67.0 Investing cash flows Financing cash flows (Includes Delta acquisition proceeds) 301.0 Net cash flow (327.2) 40.8 1. Other movements include 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 $34.0m 5% HY25 87% HY26 93% 177% Cash Conversion2 Cash Flows 105.5 (74.3) 31.2 (52.6) n/m 21.4 n/m - 31% 4% 115% $69.6m of Killara livestock removed from inventory Cash conversion AASB-16 n/m 21 Leverage forecast to return to target in second half 278.6 457.3 621.6 425.8 210.0 60.3 104.0 (195.8) (215.8) FY25 FY25 (Delta Adjusted)³ Change in Working Capital Delta Acquisition and Other HY26 Killara Consideration HY26 Adjusted Securitised Facilities HY26 Core Debt¹ (31.5) Net Debt ($m) 1.8 2.9 3.8 2.6 1.5 1.0 (1.2) (1.1) FY25 FY25 (Delta Adjusted)³ (0.1) EBITDA Net Debt HY26 Killara Consideration² HY26 Adjusted Securitised Facilities HY26 Core Leverage¹ (0.3) Leverage (times) ▪ Modest core debt balance of $210.0m ▪ Ongoing commitment to achieving leverage target by: o Continued transition of select client loans from Elders’ balance sheet to third party lenders o Reduction in carry over inventory from dry conditions in FY25 o Full 12-months of Delta Ag earnings o Seasonal second half reduction in working capital o Underpinned but not dependent on Killara sales proceeds, pending final regulatory approvals Net Debt Commentary Return to <2.0x Leverage Ratio in FY26 1. Core net debt excludes the impact of debtor securitisation facilities and is aligned with Elders banking covenants 2. Leverage has been adjusted for Killara consideration to align with removal of earnings from EBITDA in HY26 3. Delta Ag adjustment of $178.7m pertains to the Delta Ag equity raise proceeds Working capital elevated at HY in preparation for winter crop To benefit from H2 Delta Ag earnings and lower post winter crop working capital 22 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. Available facilities and cash (AF&C) was $130.2 million as at 31 March 2026 Net Debt, Balance Date ($m) Net Debt, Average ($m) 320.0 709.1 87.5 195.8 40.2 HY25 HY26 279.8 425.8 +146.0 418.7 661.8 37.1 HY25 HY26 381.6 48.9 417.1 +9.3% 1.8 3.8 (1.2) HY25 HY26 2.6 +43.3% 5.8 5.9 HY25 HY26 +1.2% HY25 HY26 50% 26% +24.3 Excluding AASB 16 2.5 1.9 Covenant HY26 24% -0.6 3.5 8.2 Covenant HY26 57% +4.7 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 1,254 Covenant HY26 60% +754 Cash Killara Proceeds Borrowings Net Debt Significant headroom in banking covenants Killara adjustment Unadjusted 23 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 24 25 Divisional focus supported by experienced management and dedicated teams 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 Peter Lourey, 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 Corey Brown, 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 Killara is a 20,000 head beef cattle feedlot supplying national and international markets Killara is treated as discontinued pending final regulatory approvals 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 26 Design completed on final Wave of Systems Modernisation ELDER S LIMITED < FY25 HY26 Total Budget CAPEX 31.6 1.2 24 – 27 OPEX - non underlying 9.2 0.3 16 – 18 Total¹ 40.8 1.5 40 - 45 < FY25 HY26 Total Budget 5.1 2.9 7 – 9 0.5 1.2 3 – 4 5.6 4.1 10 – 13 Wave 3 spend predominately realised 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 FY26² Implementation Wave 4 Design Phase 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 Internal financial and people foundation Livestock agency and trading settlements Roll out commenced in Q1 2026 Wave 1 Supply chain and in-branch retail Wave 2 Wave 3 Wave 4 D365 the new ERP is the source of truth Detailed design completed May 2026 HY26 Total Budget 3.3 15 – 17 - 4 – 6 3.3 19 – 23 SysMod Project Concludes FY26 FY28 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, improved margin and capital management Leveraging Delta Agribusiness Targeting EBIT synergies of $12 million over 3 years alongside organic growth over time Systems Modernisation completion EBIT and ROC benefits incrementally from FY26 from margin improvement and operational excellence 01 02 03 04 05 Growth driven by margin, cost and capital efficiency EPS growth through cycles Target EBIT and EPS growth 5-10% through the cycles 27 28 Group Outlook Elders is well positioned for the second half Elders Crop Protection ▪ Focusing on procurement synergies with Delta Ag and expansion of existing formulation businesses AIRR ▪ Ongoing margin improvements and efficiency benefits Elders Rural Services ▪ Benefit from operating efficiency and retail margin optimisation ▪ Continued growth in its Financial Services products, including expansion in the Elders Finance broker network Delta Ag ▪ Delta Agribusiness to provide further upside, with sales weighted to the second half Elders Real Estate ▪ Uplift reflected by acquisitive and organic growth Costs and Strategy ▪ Pressure on the underlying cost base to ease in the second half ▪ Elevated diesel prices remain a risk to cost base, although current prices have eased Crop Protection Rural Services Real Estate 29 Questions 30 Appendix Agency Services: Cattle Price ($)1 Financial Services: Insurance Gross Written Premiums ($000)2 Real Estate Services: Turnover ($m) Agency Services: Cattle Volume (‘000) Agency Services: Sheep Volume (‘000) HY23 HY24 HY25 HY26 10 13 21 23 +31.0% 139 91 132 221 HY23 HY24 HY25 HY26 +67.4% 1,817 1,138 1,385 1,824 HY23 HY24 HY25 HY26 +31.7% HY23 HY24 HY25 HY26 603 667 730 739 +7.0% 1. Cattle and sheep prices are internalaverages, not externally verifiable, and reflect the volume weighted average price for the HY 2. Principal positions are held by Elders InsuranceUnderwritingAgency (Elders 20% equity investment) CAGR calculated on half year performance 632 791 949 891 HY23 HY24 HY25 HY26 +12.2% HY23 HY24 HY25 HY26 1,851 2,186 2,938 3,248 +20.6% Farmland Residential 31 Key Performance In