Elanor Investors (ENN) investor relations material

FY 2024 financial results and asset revaluation

• FY 2024 audited financial statements reflect a full reset, with significant asset markdowns at the bottom of the valuation cycle.

• Funds management income rose 13.5% to $56.2 million, driven by new mandates and fund launches.

• Core earnings for FY 2024 were $12.8 million, but asset write-downs materially impacted managed fund co-investments.

• Share of loss from equity accounted investments and impairments totaled $79.9 million, reducing NTA to $0.32 per security.

• Asset sales were made to provide immediate stability and meet lender requirements, especially in the hotel fund.

Balance sheet stabilization and Rockworth transaction

• Ongoing recapitalization and stabilization plan with Rockworth aims to reduce gearing and restore growth.

• Rockworth to invest $125 million and Elanor to acquire Thermos, supporting recapitalization and platform growth.

• The transaction aligns capital structure with long-term strategy and enables expansion of institutional capital partners.

• Security holder approval for the Rockworth deal is critical, with an AGM planned for November 2025.

• Failure to approve the transaction would leave financial stability and future prospects uncertain.

Operational performance and fund management

• Strong leasing activity, above-market rents, and over $1 billion in real estate divestments achieved.

• EHAF hotel fund performance improved, with a strategy to retain select assets and resume distributions.

• Despite losing the Challenger Life mandate, outcomes exceeded budget and strategic joint ventures continue.

• ECF fund reported high occupancy and yield, with governance protocols activated in response to a takeover offer.

• ECF board recommends investors reject the Lederer Group offer, maintaining a clear acquisition strategy.