Announcement PDF 26 May 2025 2025 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 2025. 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) today. As advised in the Company’s announcement to the ASX on Wednesday 21 May 2025, you can register to view and listen to live commentary of the presentation. For details, refer to that announcement. Further Information: Mark Allison, Managing Director & Chief Executive Officer, 0439 030 905 Media Enquiries: Meagan Burbidge, Senior Communications Specialist, 0417 841 092 Authorised by: Elders Limited Board of Directors View this announcement on Elders’ Investor Hub. Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000 FY25 26 May 2025 Presented by Mark Allison Managing Director and CEO Elders Limited Paul Rossiter CFO elders.com.au 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 Executive Overview 04 Questions 02 Financial Results 05 Appendix 03 Strategy and Outlook Rounding differences may be present in the Results Presentation due to individual amounts rounded to the nearest decimal point 3 Executive Overview Presented by Mark Allison (Managing Director and CEO) 4 Elders Limited ELDERS LIMITED EXECUTIVE OVERVIEW Key Investment Drivers Australia's most trusted agribusiness brand amongst farmers five years in a row ▪ Through the cycles shareholder value generation ▪ Positioned to benefit from return to average seasonal conditions ▪ Multi-faceted agribusiness ▪ Diversified product offerings and location ▪ Streamlined supply chain offering ▪ Target cash conversion above 90% and dividend payout of between 4060% EPS Growth ▪ Room to grow market share in a large total farm inputs market ▪ Opportunities to drive operational efficiencies ▪ Selective organic and acquisitive growth ▪ Cost and capital efficiencies ▪ Network expansion opportunities ▪ Systems Modernisation benefits expected from FY25 but weighted to FY26 and beyond ▪ Bolt-on acquisition synergies ▪ Member growth for wholesale network ▪ Rural Products supply chain optimisation ▪ Resilient balance sheet ▪ Bank covenant leverage headroom ▪ Accounting leverage forecast to reduce from collection of debtors and more favourable balance at FY25 ▪ Shareholder returns focus Geographic, product and channel diversification Attractive market and company outlook Transformational initiatives benefits Significant pipeline of new opportunities Robust balance sheet outlook 5 ELDERS LIMITED EXECUTIVE OVERVIEW Earnings Resilience Through Seasonal Volatility Higher EBIT reflects normalised first quarter earnings partially offset by delayed winter crop activity in SA and VIC First Second Third Fourth Eight Point Plan Eight Point Plan Eight Point Plan Eight Point Plan EBIT¹ +37.5% EPS¹ +735.2% ROC¹ 25.7% EBIT¹ +22.8% EPS¹ +12.8% ROC¹ 20.9% EBIT¹ +17.0% EPS¹ +13.6% ROC¹ 21.6% Baseline Year (EBIT $’m) 232.1 FY 170.8 166.5 HY 128.0 120.6 70.4 74.5 73.7 64.3 133.0 56.2 40.5 82.8 74.0 27.3 41.3 47.9 64.3 53.0 38.4 34.0 13.5 21.9 25.2 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Points of Presence Growth² +2 +8 +4 +6 +20 +13 +10 +15 +19 +6 Seasonal backdrop El Niño Period of transformational investment for future growth Drought La Niña El Niño Announced Average >>> 1. Average EBIT and EPS growth and average ROC over the Eight Point Plan period 2. Growth generated from acquisitions does not include additional points of presence from greenfield locations 6 ELDERS LIMITED EXECUTIVE OVERVIEW People and Customer Highlights 3 45% lost time injuries women in the workforce 6.0 total recordable injury frequency rate #1 most trusted agribusiness brand amongst farmers fifth year in a row¹ 50 net promoter score 23% women in senior positions 77% employee engagement 5 net additional points of presence 7 1. “Most Trusted Agribusiness Products and Services Brand’, and the ‘Best of the Best Most Trusted Agribusiness Brand’ in the 2024 Roy Morgan Trusted Agribusiness Brand Awards ELDERS LIMITED EXECUTIVE OVERVIEW Safety, Health and Wellbeing Preserving a safer working environment Total Recordable Injury Frequency Rate (TRIFR)1 Lost Time Injuries (LTI) 6 15.1 12.6 -21% 10.1 3 3 Average 3 9.0 6.0 2 FY21 1. FY22 FY23 FY24 HY25 All fatalities, LTIs and medical treatment injuries multiplied by 1,000,000 then divided by hours worked FY21 FY22 FY23 FY24 HY25 8 ELDERS LIMITED EXECUTIVE OVERVIEW Sustainability Performance On track to achieve Scope 1 and 2 emission targets by 2030 CLIMATE TARGETS1 OUR PROGRESS Targets set to reduce our Scope 1 and 2 greenhouse gas emissions: ▪ Embedding our sustainability principles into business operations 23.9 21% Reduction vs baseline ▪ Partnering with Charles Sturt University (CSU) to collaborate on initiatives that advance agricultural innovation, sustainability and education 25% Reduction vs baseline 18.8 17.9 23% Reduction vs baseline ▪ Supporting farmers with the development of ACCU³ scheme carbon farming projects 18.3 ▪ Partnering with SmartSat CRC and the Zero Net Emissions CRC to support sustainability-related research initiatives 64,772 60,828 59,551 57,210 Baseline FY21 ▪ Implemented a supplier risk screening process FY22 FY23 FY24 Bar Chart - (tCO2e/$m revenue) Targets 100% renewable electricity in all Australian sites by 20252 tCO2e ▪ Participating in the bagMUSTER pilot in Victoria to increase avenues of plastic bag recovery for Elders ▪ Completed trial of battery electric vehicles at several of our real estate branches 50% reduction in Scope 1 and 2 emissions intensity (tCO2e/$m revenue) by 2030, against a baseline year, 2021 (subject to commercially viable technology 1. being available to address feedlot cattle and fleet fuel emissions) Net zero Scope 1 and 2 emissions by 20501 (tCO2e) 2. 3. 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 2023 to 30 June 2024 Target achieved through on-site solar generation and purchase and retirement of LGCs 9 Australian Carbon Credit Units ELDERS LIMITED EXECUTIVE OVERVIEW Financial Overview Resilient first half supported by Real Estate growth and recovery in livestock market $64.3m 12.7% 82% 18c Underlying EBIT Return on Capital Cash Conversion Dividends Per Share R12 EBIT/ R12 avg net operating assets YTD Operating cash flow / YTD U’NPAT +67% YOY from 11.4% Positively impacted by livestock market recovery and real estate growth Below target benchmark primarily due to capital spend on transformational projects ahead of benefits from 339% from 18 cents Negatively impacted by higher livestock agency debtors at balance date Dividend payout ratio forecast to return to target in FY26 10 Financial Results Presented by Paul Rossiter (CFO) 11 Elders Limited ELDERS LIMITED FINANCIAL RESULTS Financial Performance Overview ▪ Noticeable improvement in Agency and Real Estate earnings HY25 Underlying EBIT ▪ Q1 recovery as expected, offset by the impact of drier conditions in SA and western VIC ▪ Significant cost reduction adjusting for acquisitions and transformation ▪ Second half EBIT forecast to benefit from average seasonal conditions ▪ Five acquisitions in HY25 with ongoing pipeline Fourth Eight Point Plan ▪ Committed to growing our footprint and diversifying products portfolio ▪ Transform our business through enhanced systems and processes ▪ Average seasonal outlook forecast for second half FY25 Operational Resilience ▪ Favourable Livestock and Real Estate market conditions ▪ Maintaining a sharp focus on financial discipline across cost and capital deployment ▪ No material impact expected from recent US tariff announcements ▪ Significant headroom maintained in bank covenants Financial Ratios ▪ Leverage ratio forecast to improve toward target range (1.5x – 2.0x) by FY25¹ ▪ ROC temporarily impacted by spend on transformational projects ▪ Cash conversion target greater than 90% of underlying NPAT 1. Subject to average seasonal conditions 12 ELDERS LIMITED FINANCIAL RESULTS Five-Year Financial Performance Favourable financial result benefiting from average seasonal conditions in most regions Sales Revenue ($m) Gross Margin ($m) +6.5% +7.7% 3,445 3,321 653 3,131 2,549 5% 1,101 FY21 619 638 529 1,515 1,657 FY22 FY23 14% 1,413 1,342 242 FY24 HY25 FY21 Costs ($m) 327 306 285 FY22 FY23 FY24 325 HY25 Underlying EBIT ($m) -3.5% 232 +11.6% 510 421 448 171 167 363 128 5% 260 67% 133 168 194 FY21 FY22 223 FY23 247 FY24 83 74 HY25 FY21 CAGR calculated on half year performance Cost base elevated following the change in Elders Wool cost methodology from inclusion in gross margin to operational costs 64 38 FY22 FY23 FY24 HY25 13 ELDERS LIMITED FINANCIAL RESULTS Five-Year Shareholder Returns Delivering shareholder value through the agricultural cycles Adjusted Underlying Earnings per Share (cents)¹ Underlying Earnings per Share (cents) -13.3% 96.7 134.1 97.3 96.7 36.8 87.6 66.3 21.3 53.4 12.7 40.7 42.9 FY21 58.3 21.4 42.9 32.3 FY22 FY23 9.1 FY24 HY25 FY21 32.3 FY22 9.1 FY24 FY23 Adjusted underlying EPS Dividends per Share (cents)² 24.3 2.9 21.4 58.3 FY HY25 HY Dividend Payout Ratio (%)³ 88% -2.6% 84% 69% 58% 56 46 42 43% 36 18 20 FY21 1. 2. 3. 28 23 18 FY22 FY23 FY24 HY25 Adjusted for underlying tax expense recognised from 1 October 2021 Franked Percentages, FY21 (20%), FY22-23 (30%), FY24 (60%, average), HY25 (50%). Dividend payout ratio expected to return to target range in FY26 based on current assumptions FY21 FY22 FY23 FY24 HY25 CAGR calculated on half year performance 14 ELDERS LIMITED FINANCIAL RESULTS HY25 Financial Summary Favourable second half forecast supported by average seasonal conditions Key metrics ($m) Adjusted HY25 Delta Adjustment HY25 HY24 Sales revenue 1,413.1 - 1,413.1 1,341.8  71.3 5% Gross margin 324.5 - 324.5 285.4  39.1 14% Gross margin % 23.0% - 23.0% 21.3%  1.7% n/a Costs 260.2 - 260.2 247.0  13.2 5% Underlying EBIT 64.3 - 64.3 38.4  25.9 67% Underlying net profit after tax 36.0 (2.2) 38.2 14.4  23.8 165% Return on capital (%) ¹ 12.7% - 12.7% 11.4%  1.3% n/a 458.5 178.7 279.8 356.3  (76.5) (21%) Leverage ratio (times) ² ,4 2.7 1.0 1.7 2.6  (0.9) (35%) Operating cash flow 31.2 n/m 7 31.2 48.7  (17.5) 36% Cash conversion (%) 81.7% n/m 81.7% 339.3%  (257.6%) n/a Underlying earnings per share (cents) 21.9 0.5 21.4 9.1  12.3 135% Dividend per share (cents) ³ 18.0 - 18.0 18.0  n/a n/a Net debt (excl. AASB 16) 1. 2. 3. 4. 5. 4, 6 HY25 metrics adjusted for Dec 2024 rights issue, capital and interest impacts and interest benefits thereof Target leverage of 1.5 - 2.0 times excludes AASB 16 Franked at 50% Balance date Variance between HY25 and HY24 Var 5 5 Var % 6. Delta adjustment of $178.7m pertains to the Delta Ag equity raise proceeds less balance sheet flexibility and transaction costs incurred year-to-date ($246m – $67.3m) 7. “n/m” – not meaningful 15 ELDERS LIMITED FINANCIAL RESULTS Gross Margin Diversification Realising the benefits of product diversification through organic and acquisition growth Total Gross Margin ($m) +36.7% 80.9 Sales and gross margin pressure attributable to increased competition, exacerbated by localised drier conditions resulting in dry sowing -10.7% 76.3 64.0 62.8 56.1 305.8 285.4 HY23 HY24 324.5 +52.3% 55.8 HY25 53.9 +8.9% +10.0% 36.6 19.2 21.8 18.1 -9.0% +3.6% +2.8% 18.6 20.0 33.6 28.9 23.6 19.3 32.7 35.4 24.4 26.5 27.1 29.8 22.2 +23.6% 8.2 Crop Protection³ Fertiliser Animal Health Retail Products Other Retail Wholesale Products 11% -8 36% vs. LY 1. 2. 3. Agency split: Sheep – 34%; Cattle – 47%; Wool and Grain – 19% Pie charts represent percentage of total HY25 gross margin Refer to slide 17 for commentary Agency Services¹ 24% Real Estate Services 17% -0 +4 +4 vs. LY vs. LY vs. LY Financial Services 9% -0 vs. LY 8.9 11.0 Feed & Processing Services 3% +0 vs. LY 16 ELDERS LIMITED FINANCIAL RESULTS Product Performance Upbeat performance from Agency and Real Estate benefiting from key acquisitions, improved market conditions and organic growth 12 Month Rainfall Deficiencies impact on Retail Gross Margin³ +23.8 (+165%) 2.7 2.1 (13.2) 18.5 (2.1) 38.2 (8.4%) (3.7%) (31.7%) 20.5 14.4 (7.7) 7.1% 3.0 Gross Margin HY24 NPAT Retail Products Wholesale Products Agency Services Real Estate Services Financial Services Feed & Processing Services Costs ¹ Interest, Tax, NCI & Other ² HY25 NPAT (9.9%) 2.9% Agency Services Retail Products ▪ ▪ Crop protection margin impacted by lower sales ▪ Recovery in livestock prices from the lows in and heightened competition in dry regions the prior period and higher volumes due to South Australia and western Victoria materially some de-stocking in dry regions impacted by rainfall deficiencies, while ▪ Robust volume growth bolstered by acquisitions Real Estate Services ▪ Increasing rent roll, offering stable, consistent Serious deficiency Severe deficiency Lowest on record July to September 2025 Rainfall Outlook earnings ▪ Full period benefits from the IPST Holdings4 acquisition Queensland experienced isolated flooding and increased competition ▪ Widespread dry sowing may increase demand for post emergent crop protection products in the second half ▪ Product mix skewed towards lower margin fertiliser business 1. 2. 3. Cost drivers detailed on slide 18 4. Previously operated as Knight Frank Tasmania NCI – Non controlling interests Source: http://www.bom.gov.au/climate/maps/rainfall/?variable=rainfall&map=drought&period=12month&region=nat&year=2025&month=03&day=31 17 ELDERS LIMITED FINANCIAL RESULTS Cost Growth Excluding New Business Cost excluding growth and transformational costs decreased 3.6% driven by cost base rationalisation Cost Increase excl. Growth and Transformational Initiatives ($m) Commentary Growth Adjusted Cost Movement² ($m) Base Target: ▪ Cost base realigned through cost saving initiatives ▪ Maintaining a disciplined approach to discretionary spending 260.2 HY25 Cost Growth: ▪ Cost increase is shared between acquisitive SG&A and recurring 3.8 transformational growth expenditure 7.3 ▪ Cost adjusted for new business and transformation reduced by 3.6% ▪ 164 additional FTE relating entirely to HY25 acquisitions ▪ 29 fewer FTE, excluding acquisitions and new business -3.6% 247.0 Acquisitions: ▪ FY24: 13 Acquisitions, the largest being Charles Stewart and IPST Holdings 2.5 (Knight Frank Tas) ▪ (8.8) 8.4 HY25: 5 Acquisitions ▪ +164 FTE ▪ +28 motor vehicles 238.2 Transformational projects: ▪ Systems Modernisation +$1.2m, including +7 FTE and +3 motor vehicles Elders Wool: ▪ Reflects business model change, predominantly related to people and FY24 Base 1. 2. 3. Cost Rebase³ HY25 excl New Business FY24 Acquisitions¹ HY25 Acquisitions Elders Wool Transformational Projects FY24 acquisitions with less than 12 months ownership Includes the rolling twelve-month costs from acquisitions and transformational projects with less than 12 months of earnings Cost Rebase reflective of cost initiatives implemented in FY24 HY25 Act warehousing costs (offset by gross margin uplift) ▪ Operations commenced Jan 2024 with gradual build to scale to Jun 2024 18 ELDERS LIMITED FINANCIAL RESULTS Return on Capital 1 First half ROC lower due to the cumulative impact of transformation projects ahead of benefits realisation Return on Capital (%) Normalised Return on Capital (%) 14.9% -0.8 0.5% 15.8% 14.9% 4.5% 2.2% 1.1% 0.7% 12.7% 12.7% 11.3% Misalignment in timing of capital and generation of benefits FY24 ROC Normalisation HY25 HY25 Transformational projects: Capital Transformational projects: Costs Acquisitions² HY25 Normalised Actual ROC Systems Modernisation Elders Wool 1. 2. Return on capital = Rolling 12 months Underlying EBIT / (working capital + investments + property, plant and equipment + right of use assets + intangibles (excluding Elders brand name) – DTL on acquisitions – lease liabilities – provisions) Acquisition capital and EBIT of companies with less than 12-months contribution are included in the normalisation calculation 19 ELDERS LIMITED FINANCIAL RESULTS Working Capital Improvement in Retail working capital offset by Livestock Agency and Financial Services Working Capital ($m) Trade and Other Receivables¹ ($m) Working Capital by Product ($m) Agency Average Balance Date +105 +17.1% 795 714 693 684 615 HY23 HY24 720 HY25 Products HY25 FY24 Retail Products 350 430 Agency 144 63   Var ($) Var (%) (80) (18.5%) 81 128.3% 892 70 293 Wholesale Products 117 111  6 5.6% Financial Services 88 72  16 22.1% HY23 Other³ 21 0  21 n/m Working Capital 720 675  45 6.6% 693 714 136 210 234 507 428 HY24 HY25 269 +1 554 556 HY24 HY25 Key Considerations ▪ Improved Retail working capital in line with FY24 684 931 853 Inventory² ($m) 679 -31 Retail Products +79 530 Average Working Capital by Product ($m) Other HY23 expectations ▪ Elevated Agency working capital owing to livestock Trade and Other Payables ($m) settlement date occurring on a Monday (see slide 22) ▪ Ongoing growth in Elders’ Own balance sheet lending -25 776 792 767 HY23 HY24 HY25 ▪ Lower average working capital due in part to ongoing HY23 Other 1. 2. 3. Agency HY24 Wholesale Products HY25 inventory efficiency management Retail Products Balance Date Including Livestock at Balance Date Other includes Real Estate, Feed and Processing and corporate services. The movement is largely explained through additional working capital at Killara 20 ELDERS LIMITED FINANCIAL RESULTS Cash Flow Cash conversion negatively impacted by timing of livestock agency settlements over balance date Cash Conversion2 Operating Cash Flow ($m) (12.7) 13.8 64.3 Lower Retail debtors offset by temporary elevated Livestock debtors 105.5 339% (36.0) 40.1 -258 82% (29.7) (108.7) 31.2 HY24 HY25 100.1 AASB 16 Adjusted Cash Conversion EBIT Depreciation and amortisation Other non cash items Interest, tax and dividends EBITDA adjusted for non cash items (Inc)/dec in trade and other receivables (Inc)/dec in inventories Inc/(dec) in Other trade and movements1 other payables Operating cash flow 4 -154 157% Key metrics ($m) HY25 HY24 Var Underlying EBITDA adjusted for non cash items 105.5 75.0 41% Movements in assets and liabilities (74.3) (26.3) (183%) Cash from operating activities 31.2 48.7 (36%) Investing cash flows (52.6) (88.4) 40% Financing cash flows (Includes Delta acquisition proceeds) 21.4 56.3 (62%) Net cash flow 0 16.6 100% 3% HY24 1. 2. 3. Other movements includes provisions and balances acquired via acquisitions Cash conversion is calculated on a YTD basis, operating cash flow / U’NPAT Working capital to sales is calculated on a rolling 12-month basis 4. Excludes the impact of AASB 16 cash lease expenses of $29.9m HY25 Working Capital to Sales3 -2 22% 20% HY24 HY25 21 ELDERS LIMITED FINANCIAL RESULTS Leverage Analysis Pathway to target in FY25 (1.5 - 2.0 times), to be driven by a more favourable balance date and earnings profile, and net debt reduction Livestock settlements paid but low receipts due to date falling over the weekend Livestock Settlement Date Impact on Balance Date Working Capital³ Leverage (times) - (0.7) 3.1 Transaction Date (0.3) (0.5) (0.1) 2.7 Tuesday 18-Mar Friday 28-Mar 2 Wednesday 19-Mar Saturday 29-Mar 3 Thursday 20-Mar Sunday 30-Mar Delta Ag Equity Raise 4 Friday 21-Mar Monday 31-Mar Proceeds 5 Saturday 22-Mar Tuesday 1-Apr 6 Sunday 23-Mar Wednesday 2-Apr 7 Monday 24-Mar Thursday 3-Apr 8 Tuesday 25-Mar Friday 4-Apr (0.3) 1.4 (0.9) FY24 EBITDA Net Debt 2.4 1.7 HY25 Settlement Date 1 Delta Ag Balance Sheet Equity Raise Flexibility² Transaction Costs HY25 (Delta Adjustment) Livestock Timing Impact¹ HY25 (Normalised) Net Debt Commentary Net Debt ($m) ▪ Net debt elevated due to growth initiatives and higher working capital (13.4) 436.8 ▪ Growth contributor to Net Debt increase includes: (50.0) 21.5 (17.3) 458.3 (34.9) 245.8 (178.5) 423.4 ▪ Transformational CAPEX (Systems Modernisation $9.5m, Elders 279.8 Wool $1.2m) Delta Ag Equity Raise ▪ Working capital contribution to Net Debt includes: Proceeds FY24 1. 2. 3. HY25 Movements Delta Ag Equity Raise HY25 ▪ 5 acquisitions completed in HY25, annualised EBIT of $4.3m Delta Ag Balance Sheet Equity Raise Flexibility² ▪ Intra week Livestock debtors' volatility Transaction Costs HY25 (Delta Adjustment) Livestock Timing Impact¹ HY25 (Normalised) ▪ Increase in own balance sheet lending Additional intra-week Livestock working capital recorded due to the unfavourable HY25 balance date relative to HY24 (based on management accounts and unaudited) $50m Balance sheet flexibility raised in December 2024 to support continued growth in the business Ten Settlement days from Transaction Date 22 ELDERS LIMITED FINANCIAL RESULTS Net Debt and Financial Ratios Banking covenants maintain significant headroom Net Debt, Balance Date ($m) Leverage Ratio Interest Cover Gearing Ratio Balance date net debt / EBITDA EBITDA / net interest Balance date net debt / closing equity +0.1 +0.2 Excluding AASB 16 +102.2 458.5 356.3 178.7 394.3 320.0 38.0 HY24 40.2 HY25 -0.8 2.7 2.6 5.8 43% 42% 5.5 1.0 16.4 6.2 1.7 HY24 HY25 25.6 0.5 HY25 HY24 HY24 HY25 Delta Adjustment Net Debt, Average ($m) Leverage Ratio Interest Cover Net Worth <2.5 times >3.5 times >$500 million Unadjusted +45.0% Banking covenants1,2 560.3 178.7 386.6 406.3 418.7 19.7 37.1 HY25 HY24 2.5 • • Delta Adjustment 6.2 1,096 44% 54% 3.5 77% 500 0.6 Covenant Cash +596 (+119.3%) +2.7 (+78.5%) -1.9 HY25 Covenant HY25 Covenant HY25 Borrowings 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 Undrawn facilities at 31 March were $87.0 million, excluding $178.7m Delta Ag rights issue proceeds, out of total available facilities of $690 million 23 Strategy and Outlook Presented by Mark Allison (Managing Director and CEO) 24 Elders Limited Option 3 – New Format, simplified priorities Compelling shareholder returns Industry leading sustainability outcomes Most trusted Agribusiness brand 5-10% EBIT and EPS growth through the cycles at minimum 15% ROC across health and safety, community, environment and governance in rural and regional Australia RURAL PRODUCTS TECHNICAL SERVICES FINANCIAL SERVICES REAL ESTATE SERVICES FEED AND PROCESSING RUN TRANSFORM INNOVATE & GROW Optimise the existing business by: 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 all parts of our integrated value chain 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 technology solutions to enhance customer experience, drive efficiencies and support growth 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 Elders Limited AGENCY SERVICES INNOVATION TEAM WORK INTEGRITY ACCOUNTABILITY ELDERS LIMITED STRATEGY AND OUTLOOK PROGRESS UPDATE Our Strategic Priorities: Transform ▪ Wave 2 retail roll-out progressing with SA and TAS Wave 2 roll-out progressing as planned completed, QLD underway ▪ Currently in design phase of Wave 3 SYSTEMS MODERNISATION¹ ▪ Commencement of Wave 4 business plan, allowing for the full transition away from legacy technology to a modern ERP Modernising our platforms to deliver more efficient business processes ▪ SysMod project concludes at the end of Wave 4 with decommissioning of the legacy AS400 platform Additional benefits post Wave 4 expected, including: Wave 2 (Retail) < FY24 FY25 Total Budget CAPEX 19.7 7.6 24 – 27 OPEX - non underlying 5.3 3.3 16 – 18 Total 25.0 10.9 40 - 45 < FY24 FY25 Total Budget ▪ Continuous improvement from modern ERP ▪ On-boarding smaller light touch acquisitions onto D365 ▪ Integrating larger light touch acquisitions into D365 Wave 3 CAPEX 0.5 1.9 7–9 ▪ Implementing additional D365 modules (Livestock) OPEX - non underlying - - 3–4 Total 0.5 1.9 10 – 13 ▪ Enhancing critical business processes (procurement, pricing, customer experience, logistics, etc) ▪ Additional benefits post Wave 4 are not included in TIMELINE business case Wave 3 spend predominately expected in FY25 2024 2025 Wave 2 Design and Build Roll-out Wave 3 Design and Build 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 2026 Project concludes at the end of Wave 4 Roll-out Wave 4 Design Phase Implementation ROC Benefits > 15% from FY25² 26 ELDERS LIMITED STRATEGY AND OUTLOOK Our Strategic Priorities: Innovate & Grow Expanding our footprint through strategic initiatives Elders’ Points of Presence 4 GROWTH ENABLERS 2.8% CAGR 618 625 Focus areas for future growth in line with the eight-point plan foundations 597 576 ▪ Financial Services expansion ▪ Real Estate expansion ▪ Large acquisitions FY22 FY23 FY24 HY25 ▪ Organic growth Growth: 3.6% 3.5% 1.1% ▪ Bolt-on acquisitions ▪ Systems Modernisation Benefits Elders Market Growth Opportunity Strategic Geographic Locations ▪ Supply chain optimisation ▪ Backward integration $59b TOTAL FARM INPUT MARKET3 $29b CURRENT ADDRESSABLE MARKET1 1. 2. 3. 5.5% CURRENT ELDERS 2 4. Current Addressable Market is an internally calculated amount based on product Internal measure – Elders estimates it has a 5.5% market share of the “Total Australian farm costs market” of $59b Source: ABARES, Agricultural Commodities – Farm Costs and Returns Australia, September 2024 Australian Points of Presence 27 ELDERS LIMITED STRATEGY AND OUTLOOK Market Outlook RURAL PRODUCTS AGENCY SERVICES REAL ESTATE FINANCIAL SERVICES FEED AND PROCESSING SERVICES COSTS AND CAPITAL ▪ Margin management initiatives continue to be actioned to improve earnings ▪ Stable livestock volumes anticipated, with pasture improvements possibly influencing market dynamics ▪ Margin relief for regional residential properties expected as interest rates continue to stabilise, with favourable global interest rate decis