#1Elders Monday 13 November 2023 2023 Full Year Results Presentation Attached is the Elders Limited (ASX:ELD) presentation of the financial results for the 12-month period ended 30 September 2023. 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 Elders Limited ABN 34 004 336 636. Registered Office: Level 10, 80 Grenfell Street, Adelaide SA Australia 5000#2Elder Elders for Australian agriculture Full Year Results Presentation for FY23 13 November 2023 Presented by Mark Allison Managing Director and CEO Paul Rossiter CFO#3Elders 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#4ELDERS LIMITED 01 Executive Overview Agenda 04 Outlook 02 Financial Results 05 Questions 03 Strategy 06 Appendix AGENDA 3#5ders Limited Executive Overview Presented by Mark Allison (Managing Director and CEO)#6ELDERS LIMITED Key Investment Drivers Australia's most trusted agribusiness brand amongst farmers four years in a row 000 EPS Growth Compelling value proposition for shareholders through the cycles 57% EPS CAGR over the three Eight Point Plans ROC greater than 15% and dividend payout of between 40-60% Q EXECUTIVE OVERVIEW S= 000 ◉ Geographic, product and channel diversification Multi-faceted agribusiness Attractive market and company outlook ☐ $63b total farm inputs market (5.8% Elders market share) ■ Diversified product offerings and location " Supply chain consolidation ■ ☐ Operational efficiencies Continued organic and acquisitive growth Transformational initiatives benefits Cost and capital efficiencies ■ Systems Modernisation benefits expected from FY25 ■ Rural Products supply chain optimisation benefits expected from FY24 ☐ ◉ Significant pipeline of new opportunities Points of presence growth Bolt on acquisition synergies Accelerated member growth for wholesale network Robust balance sheet supporting growth " Resilient balance sheet Leverage headroom available to fund future growth Shareholder returns focus 5#7ELDERS LIMITED Earnings Growth and Resilience Second highest EBIT result in the last 10 years notwithstanding volatility across several key markets First Eight Point Plan Achievement Second Eight Point Plan Achievement Baseline Year (EBIT) EBIT +37.5% EPS +735.2% ROC 25.7% EBIT +22.8% EPS +12.8% ROC 20.9% Bolt on acquisitions Titan Ag backward integration AIRR network Elders network 74.5 70.4 73.7 56.2 40.5 27.3 FY14 120.6 166.5 Third Eight Point Plan Achievement EBIT +17.0% EPS +13.6% ROC 21.6% 232.1 170.8 EXECUTIVE OVERVIEW Fourth Eight Point Plan 6 FY15 Acquisitions FY16 Acquisitions FY17 6 Acquisitions FY18 14 Acquisitions FY19 11 Acquisitions FY20 10 Acquisitions FY21 13 Acquisitions FY22 Acquisitions FY23 FY24 Growing our Acquisitive POP +2 +8 +4 +6 +20 +13 +10 +15 Seasonal backdrop 2015-2017 El Niño 1. 2. 3. 2017-2019 Drought 2019-2023 La Niña Bolt on acquisitions do not include acquisition growth from investments with no points of presence (e.g. Livestock in Transit ("LIT") Delivery Warranty, StockCo, Elders Insurance etc.) Growth in the underlying business is understated to the extent that the percentage of sales of own brand products has increased. The uplift in earnings from increased maturity in this strategy, for example, is applied to Titan AG despite being influenced and driven by the underlying business Average EBIT and EPS growth and average ROC over the Eight Point Plan period 2023 >>> El Niño 6#8ELDERS LIMITED Operational Highlights 3 lost time injuries 10.1 total recordable injuries frequency rate 48 38 net promoter score #1 most trusted agribusiness brand amongst farmers fourth year in a row DX B EXECUTIVE OVERVIEW 43% women in the workforce 20% women in senior positions 77% employee engagement 21 additional points of presence 7#9ELDERS LIMITED Elders Safety, Health and Wellbeing Nothing is so important that it cannot be done safely 9 Lost Time Injuries (LTI) 2 6 3 3 5 Average FY19 FY20 FY21 FY22 FY23 1. All fatalities, LTIs and medical treatment injuries multiplied by 1,000,000 then divided by hours worked EXECUTIVE SUMMARY Total Recordable Injuries Frequency Rate (TRIFR)1 18.7 -13% 17.8 15.1 12.6 10.1 FY19 FY20 FY21 FY22 FY23 8#10ELDERS LIMITED Sustainability Performance CLIMATE TARGETS1 Targets set to reduce our Scope 1 and 2 greenhouse gas emissions: EXECUTIVE SUMMARY OUR PROGRESS TARGET 100% renewable electricity in all Australian sites by 2025 50% reduction in Scope 1 and 2 emissions intensity (tCO2e/$m revenue) by 2030, against a baseline year of 2021³ (subject to commercially viable technology being available to address feedlot cattle emissions) Net zero Scope 1 and 2 emissions by 20504 (tCO2e) FY23 FY22 Target achieved through on-site solar generation and purchase of LGCs² 17.9 (25% reduction against baseline year³) 18.8 (21% reduction against baseline year³) 59,551 64,772 Launched the Elders Sustainability Framework Established Thomas Elder Sustainable Agriculture to support Elders' innovation efforts and empower farmers with future-focused agricultural solutions Joined the Big Bag Recovery program, an Australian government accredited product stewardship scheme that facilitates the recycling of large bags Targeted solar and LED lighting site upgrades to reduce emissions Solar farm development at Killara Feedlot near completion 1. 234 Scope 1: direct emissions from owned or controlled sources. Scope 2: indirect emissions from the generation of purchased electricity Large-scale Generation Certificates 2021 Baseline year tCO2e/$m was 23.86 Targets based on Elders' financial year ending 30 September 6#11ELDERS LIMITED Financial Highlights Resilient financial result despite market volatility EXECUTIVE OVERVIEW s!! O P $170.8m 16.0% Underlying EBIT Return on Capital R12 EBIT/R12 avg net operating assets 163% Cash Conversion YTD Operating cash flow / YTD U'NPAT oto 1.4x Leverage Ratio Balance date net debt / R12 EBITDA -26% YOY second highest EBIT in the last 10 years from 26.2% exceeding target benchmark of 15% per Eight Point Plan from 75% exceeding 90% in line with our capital management framework from 0.7x within our target range per our capital management framework 10 10#12Elders Limited Financial Results Presented by Paul Rossiter (CFO) 11#13ELDERS LIMITED Five Year Financial Performance Strong track record of delivering 5-10% EBIT and EPS growth through the cycles Sales Revenue ($m) +19.6% 3,445 3,321 2,549 2,093 1,626 Gross Margin ($m) FINANCIAL RESULTS +15.1% 653 619 529 438 352 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Costs ($m) vs Cost to Earn (%) +12.6% Underlying EBIT ($m) +23.4% 232 448 421 363 167 317 278 121 79% 74 72% 72% 69% 64% 171 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 CAGR calculated on full year performance 12#14ELDERS LIMITED Five Year Shareholder Returns Compelling shareholder value proposition over time FINANCIAL RESULTS Underlying Earnings per Share (cents) Adjusted Underlying Earnings per Share (cents)¹ 69.9 52.6 96.7 97.3 +13.6% 134.1 96.7 66.3 69.9 52.6 87.6 97.3 66.3 FY19 FY20 FY21 FY22 FY23 FY19 FY20 Adjusted underlying EPS FY21 FY22 FY23 Underlying EPS Dividends per Share (cents)² Dividend Payout Ratio (%) 69% +26.4% 56 46 46 58% 42 22 22 18 FY19 FY20 FY21 FY22 FY23 CAGR calculated on full year performance 43% 34% 31% FY19 FY20 FY21 FY22 FY23 1. Adjusted for underlying tax expense recognised from 1 October 2021 2. FY19 and FY20 dividends were fully franked, FY21 was partially franked at 20%, FY22 and FY23 dividends were partially franked at 30% 13#15ELDERS LIMITED FY23 Financial Summary Resilient performance despite volatility across multiple markets FINANCIAL RESULTS Key metrics ($m) FY23 FY22 Var Var % Sales revenue 3,321.4 3,445.3 (123.9) (4%) Gross margin 619.0 652.7 (33.7) (5%) Gross margin % 18.6% 18.9% (0.3%) n/a Costs 448.2 420.6 27.6 7% Underlying EBIT 170.8 232.1 (61.3) (26%) Underlying net profit after tax 103.7 152.2 (48.5) (32%) Return on capital (%) 16.0% 26.2% (10.2%) n/a Net debt (excl. AASB 16) 259.7 161.4 98.3 61% Leverage ratio (times) Operating cash flow 1.4 0.7 0.7 100% 169.2 113.7 55.5 (49%) Cash Conversion (%) Underlying earnings per share (cents) Dividend per share (cents) 163.1% 74.7% 88% n/a 66.3 97.3 (31.0) (32%) 46.0 56.0 (10.0) (18%) 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) 1. 2. Target leverage of 1.5 - 2.0 times excludes AASB 16 3. Franked at 30% 14#16ELDERS LIMITED Product Performance Mixed results across the product portfolio compared with exceptional market and other conditions in FY22 Change in product margin ($m) FY22 NPAT Retail Products Wholesale Products Agency Services (33.3) FY22 FY23 до 152.2 FINANCIAL RESULTS (3.1) 310.0 306.9 Retail Products " 73.1 71.7 (1.4) Progression of backward integration strategy via Titan AG 147.0 113.7 Volume growth, offset by softening input prices compressing gross margin Agency Services Declining livestock prices adversely impacting gross margin Volumes traded unable to offset impact of price declines Real Estate Services (2.1) 61.6 59.5 -48.5 (-32%) Financial 9.3 44.2 53.5 Services Feed & Processing (3.1) Services Costs (27.6) Interest, Tax, NCI & Other 12.8 FY23 16.8 13.7 (420.6) (448.2) (79.9) (67.1) 103.7 152.2 103.7 1. Cost drivers detailed on slide 22 2. NCI - Non controlling interests Financial Services Improved insurance performance Uptake of own balance sheet livestock lending Feed and Processing Services Lag effect of higher cattle prices reduced margins in FY23 Reduced number of cattle head processed through the Feedlot 15#17ELDERS LIMITED Key Performance Indicator Trends Elders diversified business model provides earnings resilience against market volatility Agency Services: Cattle Volume ('000) Agency Services: Sheep Volume ('000) Rural Products: Gross Margin ($m) +0.8% -5.2% 1,762 9,515 9,558 9,818 1,665 9,353 1,609 9,036 1,424 1,346 +26.9% 383 379 284 216 146 FINANCIAL RESULTS Real Estate Services: Property Management Gross Margin ($000) +17.0% 18.1 14.0 12.4 11.8 22.1 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Agency Services: Cattle Price ($)1 -22.4% 1,952 1,586 1,215 975 Agency Services: Sheep Price ($)1 Financial Services: Insurance Gross Written Premiums ($000)² Real Estate Services: Turnover ($000) -29.2% Farmland Residential +18.8% 176 177 161 1,515 138 1,244 +14.0% 1,012 125 900 782 737 4,216 3,677 3,053 2,130 1,843 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 1. Cattle and sheep prices are internal averages, not externally verifiable 2. Principal positions are held by Elders Insurance Underwriting Agency (Elders 20% equity investment) 16#18ELDERS LIMITED Industry Backdrop - Livestock Historically high volatility in cattle and sheep prices has adversely impacted Agency Services gross margin 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 2013 ■ EYCI ($/Head) 2017 -1,516 (-70%) 2,159 2023 -650 200 180 160 140 120 100 80 60 40 WW ន ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ ន 2013 Mutton ($/Head) 2017 FINANCIAL RESULTS 193 -162 (-84%) -31 2023 FY23 experienced the fastest revision in EYCI prices this century (- 64%), with the index trading one standard deviation below the 10-year mean The price revision was driven by: 。 Disruptions to the live export market, following a small number of cases of Lumpy Skin Disease in Indonesia Mutton prices have fallen 77% since September 2022, and is trading at two standard deviations below the 10-mean Prices were impacted by high stock turn-off following herd build over the last three years and weaker global demand о Increased supply with herd destocking following BOM of El Niño and potential drier outlook for parts of Australia ☐ US Import prices and demand for Australian lean beef remains strong driven by the long-running American herd destocking 1. EYCI - Eastern States Young Cattle Indicator Source: Reproduced courtesy of Meat and Livestock Australia Limited - www.mla.com.au 10-Yr Mean 1 Std Dev - 2 Std Dev 17#19ELDERS LIMITED Industry Backdrop - Rural Products Sales volume growth has partially offset the impact from significant market volatility 14.0 9-Yr Mean 12.0 +/-1 Std Dev +/-2 Std Dev 10.0 8.0 6.0 4.0 2.0 0.0 2015 Glyphosate 95% ($/kg) 2019 -8.3 (-66%) 1,200 10-Yr Mean 3.2 Std 12.6 1 Std Dev Dev 1,000 - 2 Std Dev 800 600 400 4.3 200 0 2023 2013 Elders Cropping Inputs 5 Year Trend¹ UREA Index ($/tonnes)² 2017 5 Std Dev Elders Fertiliser 5 Year Trend FINANCIAL RESULTS -695 (-62%) - 1,130 +13.5% 69,184 65,511 62,999 52,553 123 809 +11.5% 1,074 1,019 973 51 42 41,709 101 695 96 33 75 61 28 25 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 Volume (Tonnes'000) GM ($'m) FY22 Volume (Tonnes'000) FY23 GM ($'m) 1. Excludes the benefits of our backward integration 2. Source: Reproduced courtesy of Refinitive 2023 -423 18#20ELDERS LIMITED Continued Volume Growth Across Key Products Continued sales volume growth, indicative of market share traction, offset by softening input prices 58 1,329 Volumes (Tonnes' 000) 1,452 55 5 FY22 Animal Health Crop Protection Seed Fertiliser FY23 Rural Product Sales ($m) 315 (340) 2,844 2,792 (27) FY22 Volumes Price Other Retail FY23 FINANCIAL RESULTS Animal Health ☐ ■ Organic growth driven by herd rebuild and increased parasite burdens Significant multinational corporation pricing pressure benefited our backward integration portfolio до Crop Protection Viticulture and horticulture organic market growth driven by increased points of presence and favorable grower conditions Improved input procurement maximised herbicide buying interest Seed By Fertiliser Canola and cotton volumes benefiting from strong canola market prices " Organic market share growth despite " Demand for processing potatoes and new wheat varieties supported greater volume growth challenges with supply Falling prices supporting customer demand 19#21ELDERS LIMITED Gross Margin Diversification Continued focus on product diversification through organic and acquisition growth 130.4 -8.2% 172.9 158.8 38.1 -20.4% +19.1% 58.2 46.3 47.3 39.7 32.3 -1.9% +39.0% 73.1 71.7 61.2 54.5 39.2 21.5 AgChem Fertiliser Animal Health Other Retail Wholesale Products Retail Products +1 49% vs. LY 1. Agency split: Sheep - 37%; Cattle - 48%; Wool and Grain - 15% Pie charts represent percentage of total FY23 gross margin FINANCIAL RESULTS Total Gross Margin ($m) 652.7 619.0 -22.7% 529.4 147.0 141.3 113.7 -3.4% FY21 FY22 FY23 +21.0% 61.6 59.5 53.5 50.7 44.2 41.3 -18.5% 16.8 12.6 13.7 12% +0 vs. LY Agency Services¹ -4 18% Real Estate Services Financial Services Feed & Processing Services 10% 9% 2% -0 vs. LY +0 +2 vs. LY vs. LY vs. LY 20 20#22ELDERS LIMITED Geographical Diversification Geographical diversification mitigates regional risk events B WESTERN AUSTRALIA $50.5m -21% YOY 24% NEW SOUTH WALES $44.6m -15% YOY Excludes Wholesale Products and Corporate Overheads Values refer to Underlying EBIT ($m) 21% SOUTH AUSTRALIA $36.4m -17% YOY 17% 10% QUEENSLAND AND NORTHERN TERRITORY $21.0m -39% YOY B FINANCIAL RESULTS VICTORIA AND RIVERINA 26% $57.1m -31% YOY TASMANIA $5.0m -28% YOY 2% 21 21#23ELDERS LIMITED Cost Drivers Disciplined focus on cost management in FY24 Costs ($m) FY22 Costs 420.6 People 11.8 Motor Vehicles 4.8 194 Underlying Cost Base ($m) 227 223 225 Commentary FINANCIAL RESULTS People: 65 additional FTE (29 graduates, 36 network and business growth) Wage growth Offset by lower performance incentives Motor Vehicles: FY22 FY23 " H1 H2 " 61 additional motor vehicles (non-acquisition) Rising fuel costs Property and 3.2 Lease Costs Depreciation and 0.5 Amortisation¹ " Costs held flat from FY22 H2 to FY23 H2 +7% IT Costs 0.8 Acquisitions Transformational 1. 2. Projects 9.6 " 3.2 Operating and 2 (6.4) Other Expenses FY23 Costs 448.2 Discretionary spend has been controlled through tighter management of internal travel and entertainment, as well as reliance on external consultants Acquisitions: " Nine acquisitions in FY23 94 additional FTE 52 additional motor vehicles Commitment to controlled cost base in FY24, despite inflationary cost environment, organic growth and transformational project spend Transformational Projects: Systems Modernisation +$1.2m, including +7 FTE Elders Wool Handling +$2.0m, including +18 FTE Operating and Other Expenses " Continued focus on discretionary spend Depreciation on property, plant and equipment only. Depreciation on ROU is included within Property and Lease Costs Includes Consulting, Advertising, Insurance, Legal Costs etc. 22#24ELDERS LIMITED Capital Allocation Return on capital exceeds target benchmark of 15% despite significant decline from livestock earnings 1. 2. 22.5% Return on Capital (%)¹ -6.5 26.2% 16.0% FY21 FY22 FY23 3 Year Avg 21.6% ■ FINANCIAL RESULTS Working Capital at Balance Date ($m) Trade and Other Receivables ($m) Average -81 Balance Date 820 735 738 734 607 625 633 488 445 FY21 FY22 FY23 FY23 average working capital elevated by quickening supply chains ahead of winter crop inputs build FY22 FY22 FY23 Inventory² ($m) -17 558 541 378 FY21 FY22 FY23 Average working capital expected to decline in FY24 due to lower livestock and crop protection prices Trade and Other Payables ($m) -107 753 668 646 FY24 will see tailwinds from stabilised supply chains and focus on procurement efficiency FY22 FY22 FY23 Return on capital three-year average is calculated on the 12 months to 30 September 2021, 30 September 2022 and 30 September 2023 Including Livestock 23#25ELDERS LIMITED Cash Flow Strong cash returns benefiting from lower market prices and focus on capital efficiency Operating Cash Flow ($m) 81.3 26.9 (16.2) 239.1 57.6 170.8 17.1 (106.3) (62.0) 169.2 EBIT Depreciation and amortisation Other non cash items Interest, tax and dividends EBITDA adjusted for non cash items (Inc)/dec in trade and (Inc)/dec in inventories other receivables Inc/(dec) in trade and other payables Other movements¹ Operating cash flow Key metrics ($m) Underlying EBITDA adjusted for non cash items Movements in assets and liabilities Cash from operating activities Investing cash flows Financing cash flows Net cash flow 123 1. 2. 3. Other movements includes provisions and balances acquired via acquisitions Cash conversion is calculated on a YTD basis, operating cash Flow / U'NPAT Working capital to sales is calculated on a rolling 12-month basis Cash Conversion (%)² 75% FY22 +88% 163% FY23 FINANCIAL RESULTS Working Capital to Sales (%)³ 18 +26% 22 FY23 FY22 Var FY22 FY23 239.1 327.7 (27%) (69.9) (214.0) 67% Net Cash Flow ($m) 169.2 113.7 (49%) (132.1) (45.1) (193%) +33.8 3.6 (33.5) (98.7) (66%) 3.6 (30.2) 112% (30.2) FY22 FY23 24 24#26ELDERS LIMITED 1. Net Debt and Financial Ratios Strong balance sheet provides flexibility for future growth Net debt, balance date ($m) +178.4 463.3 284.9 281.2 Borrowings 179.2 Lease 203.6 Liabilities 123.5 -17.8 21.5° Cash FY22 FY23 Net debt, average ($m) +153.2 480.9 327.7 369.9 Borrowings 237.3 Lease Liabilities Cash/ 119.8 137.6 29.4 26.6 FY22 FY23 Banking covenants 1,2 Excluding AASB 16 0.7 FINANCIAL RESULTS Leverage ratio Balance date net debt/ EBITDA +0.7 Interest cover EBITDA/net interest Gearing ratio Balance date net debt/ closing equity +11.2 -31.9 1.4 41.1 9.2 19 30 FY22 FY23 FY22 FY23 FY22 FY23 Leverage ratio Interest cover <2.5 times >3.5 times Net worth >$250 million 2.5 -2.4 +8.6 12.1 +617 867 3.5 250 0.1 Covenant FY23 Covenant FY23 Covenant FY23 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 $314.2 million out of total available facilities of $600 million and significant headroom in our banking covenants 25#27Elders Limited es Vers Strategy Presented by Mark Allison (Managing Director and CEO) 26#28ELDERS LIMITED Eight Point Plan Evolution Three generations of the Eight Point Plan strategy since FY14, delivering compelling shareholder value proposition 1. FY15 to FY17 &nd Agency Services FY18 to FY20 VALUES PERFORMANCE RURAL PRODUCTS AGENCY SERVICES Retail P &BRAND 000 REAL ESTATE SERVICES STRATEGIC INTENT: EB growth through to 2020 20% ROC peeding value FINANCIAL SERVICES DIGITAL & Can Capital&ficiency TECHNICAL SERVICES FEED& PROCESSING SERVICES COST, CAPITAL EFFICIENCY & GROWTH Financial metrics¹: EBIT +37.5% EPS +735.2% ROC 25.7% Financial metrics1: EBIT +22.8% EPS +12.8% ROC 20.9% FY21 to FY23 STRATEGY BELDERS INT PLAN Compelling shareholder returns Industry leading sustainability outcomes 5-10% EBIT and EPS growth through the cycles across health and safety, community, environment at 15% ROC and governance OUR 2023 AMBITION OUR BUSINESS UNITS RURAL PRODUCTS 1W market share t rough at five sa and marking and s in Park Produ OUR STRATEGIC PRIORITIES POATE VICEs and geograph AGENCY SERVICES REAL ESTATE Counters more LE ed pricing backwar gation and supply cha efficiency FINANCIAL Elders Most trusted Agribusiness brand in rural and regional Australa TECHNICAL SERVICES processing 30 FEED& PROCESSING Ovatos OUR ENABLERS Osters Modeston Protest best of breed solutions to improve calmer experience, dve process and adation offciency and better accomodate change SERVICES 3 Streben and expand our steffecinaswing Livestock and Wool Agents Real Estate, France and Tech Services 7 Actra and ove the best peste and provide safe and inclusive working Mantan unfinting francial discipline and content to cost and capt efficiency OUR VALUES INTEGRITY CUSTOMER FOCUSED ACCOUNTABILITY Financial metrics1: EBIT +17% EPS +13.6% ROC 21.6% INNOVATION 8 POINT PLAN Supported by: 20% Insurance acquisition Ace Ohlsson acquisition Clear Grain Exchange (CGX) 20% acquisition Supported by: Backward integration strategy via Titan AG and AIRR acquisitions LIT Delivery Warranty Additional 10% CGX New Rural Bank distribution agreement Supported by: Rural Products supply chain extension YP Ag acquisition Sunfam acquisition Emms Mooney acquisition Financial metrics: EBIT and EPS reflects the average growth and ROC is the average over the Eight Point Plan periods 27 27#29Elders Elders FY24-26 EIGHT POINT PLAN OUR AMBITION Compelling shareholder returns 5-10% EBIT and EPS growth through the cycles at minimum 15% ROC Industry leading sustainability outcomes across health and safety, community, environment and governance Most trusted Agribusiness brand in rural and regional Australia OUR BUSINESS UNITS OUR Elders RURAL PRODUCTS AGENCY SERVICES REAL ESTATE SERVICES $ FINANCIAL SERVICES TECHNICAL SERVICES FEED AND PROCESSING STRATEGIC PRIORITIES RUN Optimise the existing business by: 1 Deepening customer relationships to drive loyalty and growth 2 Investing in our people to ensure we have the right people in the right places who are set up for success 3 Maintaining unflinching financial discipline and commitment to cost and capital efficiency TRANSFORM Future-proof our business by: 4 Streamlining our supply chain to fully optimise all parts of our integrated value chain 5 Modernising our systems with leading technology solutions to enhance customer experience, drive efficiencies and support growth INNOVATE & GROW Expand and innovate our portfolio by: 6 Growing our portfolio of products, services, geographic footprint and channels 7 Enhancing margins through value chain expansion and integration 8 Innovating to create sustainable solutions for our customers and communities OUR VALUES CUSTOMER FOCUSED = INNOVATION TEAM WORK INTEGRITY ACCOUNTABILITY 28#30ELDERS LIMITED Our Strategic Priorities: Run Optimising the existing business Deepening customer relationships ☐ Increasing sources of insights on clients' needs and drivers of loyalty Continue to be the most trusted agribusiness brand amongst farmers Focus on capturing new customers, retaining repeat customers, and cross-selling our product and service offerings Giving back to the communities where we live and work Financial discipline ◉ EBIT and EPS growth 5 to 10% through the cycles ROC greater than 15% Falling cost to earn ratio Cash conversion greater than 90% Leverage ratio between 1.5 to 2.0 times Investing in our people ■ By September 2025: >25% women in senior positions >40% women in senior executive positions STRATEGY ■ Increase the overall diversity of Elders' workforce ☐ Maintain the feeling of belonging by allowing people to be ◉ themselves at work (Employee Engagement Survey) Investment in training of junior staff via trainee, graduate and academy programs Ongoing attraction, recruitment and retention of high performing staff 29 29#31ELDERS LIMITED Our Strategic Priorities: Transform Future-proofing our business W = 0 รู 7 STREAMLINING OUR SUPPLY CHAIN < Gross margin efficiency and reduced safety stock in Rural Products PLANNING SOURCING Reduce working capital and safety stock Optimise gross margin predictability through timely and structured Rural Products input procurement MODERNISING OUR SYSTEMS Modernising our platforms to deliver more efficient business processes and an enhanced client experience FY22 FY23 $m $m CAPEX 4.4 8.0 Wave 1 (Completed) OPEX underlying 4.4 4.0 OPEX - non underlying 0.7 5.4 Total 9.5 17.4 FY23 Budget $m $m CAPEX 2.3 24-27 Wave 2 (Ongoing) OPEX underlying 2.0 OPERATIONAL PLATFORMS Improve transaction speed, optimise data analytics and enhance customer experience OPEX - non underlying 16-18 Total 4.3 40-45 $50m average capital release in FY24 1. 2. Streamlined integrated supply chain >15% ROC from FY24 Future-proof the business Systems Modernisation and wool supply chain expected to deliver a ROC greater than 15% incrementally from FY24 onwards Rural Products supply chain optimisation estimated to deliver EBIT of $10-$18m and capital release of $50-$80m across multiple years (source external consultant September 2022) STRATEGY 30#32ELDERS LIMITED Our Strategic Priorities: Innovate & Grow Expanding and innovating our portfolio Portfolio Elders' Points of Presence 558 3.9% CAGR 579 600 535 FY20 FY21 FY22 FY23 Growth: 4.3% 3.8% 3.6% Strategic Geographic Locations EBIT Scale Rural Products 2m 3m 4m+ Real Estate <tm Agency Indicative view of size of opportunity Victoria $63b TOTAL FARM INPUT MARKET3 Elders Market Growth Opportunity $34b CURRENT ADDRESSABLE MARKET₁ 5.8% CURRENT ELDERS 2 123 2. STRATEGY Growing our portfolio of products, services, geographic footprint and channels ப 21 additional points of presence Enhancing margins through value chain expansion and integration ☐ Significant room to grow across all products and services Current Addressable Market is an internally calculated amount based on product Internal measure - Elders estimates it has a 5.8% market share of the "Total Australian farm costs market" of $63b Source: ABARES, Agricultural Commodities - Farm Costs and Returns Australia, June 2023 31 31#33ELDERS LIMITED Our Strategic Priorities: Innovate & Grow Innovating to create sustainable solutions for our customers and communities Sustainable Solutions OUR PRINCIPLES OUR PRIORITIES 8 We provide our customers and clients with the goods and services they need 1 HEALTH AND SAFETY Prioritise the safety and wellbeing of our people 5 ANIMAL WELFARE Safeguard the wellbeing of animals in our care and collaborate with our industry to promote livestock welfare and responsible stewardship We support our people and industries and communities in which we operate 2 SUSTAINABLE FARMING Enable customers to achieve sustainability and productivity goals amid diverse and demanding conditions, leveraging innovation and technology 6 CORPORATE GOVERNANCE Secure our standing as the most trusted agribusiness brand by upholding ethical operations We do our part to look after the environment and animals in our care 3 EMPLOYEE ATTRACTION AND RETENTION 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. 32 32 STRATEGY#34Market Outlook Presented by Mark Allison (Managing Director and CEO) 33#35ELDERS LIMITED ABARES September 2023 Market Outlook Strong livestock volume outlook moderated by subdued prices and weaker crop outlook • WOOL OUTLOOK Beef and Veal¹ Average saleyard prices (c/kg) Sheep¹ Wool1 Winter Cropping² -15.5% Average saleyard prices (c/kg) -23.4% Eastern Market Indicator (c/kg) -4.2% Area planted ('000 ha) Summer Cropping² Area planted ('000 ha) -2.5% -6.4% 605 785 -15.3% -14.5% 1,389 -2.0% 662 560 415 1,301 1,276 -4.1% -15.0% 24,153 355 23,963 22,983 1,519 1,566 1,331 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 Production (kt) Production (kt) Sheep shorn for wool production (kt) Crop production (kt) Crop production (kt) +10.5% +10.2% +0.1% -15.5% -13.8% +13.8% 2,293 +5.7% 1,878 2,015 778 823 -1.1% -33.6% 324 328 324 678 63,222 68,079 5,516 -19.2% 5,069 45,193 4,094 2021-22 2022-23 2023-24 Moderating beef prices due to increased supply (local and global), higher turn-off rates and lower restocking demand Beef production to rise 14% due to drier conditions, lower pasture availability and increased livestock turn-off rate Global beef prices are expected to fall due to increased global supply 2021-22 2022-23 2023-24 Lamb and sheep prices are expected to remain suppressed by higher production as drier forecasted conditions incentivise stock turn-off Live sheep volumes are expected to weaken in 2023-24 due to subdued export prices following higher global supply 2021-22 2022-23 2023-24 Wool production is expected to increase driven by greater sheep shorn as margins improve on lower shearing costs The average wool cut per head is expected to decline to 4.58/kg heading into 2024 owing to drier conditions However, Sheep flock compositions are shifting towards meat breads in the short term as farmers chase margins " 2021-22 2022-23 2023-24 Winter crop production is expected to fall below the 10-year average due to below average rainfall in key states Yields are forecast to be below average owing to drier conditions in key northern cropping regions Wheat and canola production set to fall 36% and 38% respectively, with barley production down 26% 2021-22 2022-23 2023-24 Negative summer crop outlook as Queensland and northern New South Wales experienced below average rainfall Dryland crops may be impacted by lower soil moisture levels Total summer crop production remains above the long-term average, however there is a potential for El Niño conditions 1. Department of Agriculture, Fisheries and Forestry, ABARES Agricultural forecasts and outlook: September edition 2. Department of Agriculture, Fisheries and Forestry, ABARES Australian Crop Report: September edition 34#36ELDERS LIMITED Market Outlook Favourable cropping outlook with expectations of reduced volatility from livestock and cropping input prices III $ $ OUTLOOK RURAL PRODUCTS Dry and El Niño outlook expected to see more caution from growers and potential decrease in crop plantings ■ Improving margin " predictability as the volatile commodity price environment normalises Acquisition of Eureka! will enhance our toll formulation capabilities and income diversification Demand for summer crop inputs is expected to remain strong AGENCY SERVICES Cattle and sheep volumes are expected to remain strong underpinned by currently high herd and flock numbers Livestock prices are expected to remain under pressure as a result of higher volumes Wool prices are expected to remain steady REAL ESTATE Interest rate pressures may see potential for subdued demand for regional residential properties Broadacre turnover is expected to soften due to livestock market headwinds Earnings to benefit from a full 12-months of earnings from Emms Mooney FINANCIAL SERVICES Favourable market conditions support demand for Insurance and other Agri Finance offerings Continued uptake of livestock funding product forecast to provide margin upside FEED AND PROCESSING SERVICES Margin improvement benefiting from lower cattle prices Supply chain supported by backgrounding operations Expansion in grass operations via additional land acquisition ■ COSTS AND CAPITAL Maintain unflinching financial discipline for cost and capital efficiency Cost savings expected to mitigate interest rate and inflationary pressures Continued investment spend on acquisition growth and on our transformational initiatives 1. Eastern States Young Cattle Indicator, National Livestock Reporting Service, (MLA.com) 2. National Mutton Indicator, National Livestock Reporting Service, (MLA.com) 55 35#37Elders Limited Questions 36#38Appendix ERCURY 109 37#39ELDERS LIMITED Business Model Geographic and product diversification mitigate impact of individual market volatility Retail Rural Products Eleloss Agency Services Real Estate Services Financial Services Feed and Processing Services Wholesale APPENDIX Digital and Technical Services Product and service offerings Rural Products Rural Products Livestock Fertiliser Pet Supplies Wool Agcrest (33%) Broadacre Residential Grain Property Management Franchise Key metrics $2.4b retail sales $0.5b wholesale sales 9.8m head sheep $2.0b broadacre sales $1.7b residential sales 13.6k properties under management Agri Finance Elders Insurance (20%) LIT Delivery Warranty and Livestock Funding Products Home and Commercial Finance $3.1b loan book $1.4b deposit book $42.2m own balance sheet lending $108.0m StockCo book $1.2b insurance gross written premiums 44% LIT penetration rate Killara Feedlot 57k Killara Feedlot cattle head exited Fee for Service (256 agronomists) AuctionsPlus (50%) Elders Weather Clear Grain Exchange (30%) AuctionsPlus 104k head cattle 841k head sheep 242 stores >450 APVMA registrations 382 member stores 1.3m head Cattle 350k wool bales 7.8m Elders Weather unique visitors 0.8m CGX tonnes influenced 1.1m tonnes fertiliser Gross margin $306.9m $71.1m $113.7m $59.5m $53.5m $13.7m Included in products Working capital $463.8m $116.1m $40.8m $1.3m $10.4m $54.5m - Other ($54.1m) Statistics and financial information based on FY23 full year 38 88#40ELDERS LIMITED Gross Margin Sensitivity Geographic and product diversification mitigates the impact of individual market volatility $m 14 12 10 8 APPENDIX 00 6 4 2 +$50 +100k head +$10 +500k head +$25m +50bps +100bps +100bps 0 +10% -10% -$50 -100k head -$10 -500k head -$25m -50bps -100bps -100bps -2 -4 -12 -14 Cattle Price Cattle Volumes Sheep Price Sheep Volumes Retail Sales Retail GM% AgChem GM% Fertiliser GM% Killara Utilisation -6 -8 68 0 -10 39#41ELDERS LIMITED Elders Capital Management Framework Elders Eight Point Plan aspires to deliver Total Shareholder Return (TSR) in the top quartile of ASX200 companies at investment grade risk APPENDIX Capital Management Framework Focus on returns Deliver growth (EBIT and EPS growth 5-10%) (Return on Capital > 15%) Align investment with 8PP (Systems Modernisation, People and Sustainability) Effective working capital management (Target cash conversion > 90%) OPERATING CASH FLOW Balance sheet strength and flexibility (Target leverage of 1.5 - 2.0x) 1 EXCESS CASH FLOW Optimise operating efficiency (Falling cost earn ratio) Consistent Dividends (Target payout range 40-60%) Acquisitions EPS accretive pre-synergies Value Creation Divestments To reallocate capital on a risk, return basis Investment in organic growth Customer focused with new expanded service offerings, winning market share and backward integration Buy-backs Distribution of excess cash, assessed when appropriate Capital Management Additional dividends Higher payout ratio considered where capital required to fund EPS growth is low Debt reduction As required to maintain balance sheet strength and flexibility Key Features of our capital management framework Compelling Total Shareholder Return (TSR) Our Eight Point Plan (8PP) commits to deliver compelling returns to our shareholders with EBIT and EPS growth of 5- 10% through the cycles at 15% ROC Reward our shareholders with consistent dividends in the range of 40-60% Financial discipline We strive to maintain unflinching financial discipline by managing working capital effectively with a target cash conversion of 90% and striving to deliver a falling cost: earnings ratio each year Investment aligned with our 8PP strategy " Deliver Systems Modernisation Program to improve customer experience, people engagement and drive process and administration efficiency to better accommodate change Commitment to Sustainability targets Excess cash is invested in value creation to support EPS growth, only when Elders strict investment hurdles are met Balance sheet strength and flexibility " Achieve investment grade risk, delivering low cost of funding, while providing flexibility for value creation opportunities Capital Management options are considered when opportunities to deploy free cash flow, pursuant to Elders strict investment hurdles, are limited 1. Excluding AASB 16 Leases 40 40#42Elders Limiled Elders