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Investor Update
November 2025
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The Agency Group: Exposure through a national corporate model to the Australian
residential market with access to the economic benefits of
Our Value Proposition scale via:
• Residential Sales
• Property Management
• Conveyancing/Settlements
• A truly National real estate business. Not a franchise model, so can
institute change when required and create positive culture.
• Large addressable national markets:
Sales Agents Nationally +A$7 billion Gross Commission Income (GCI) market:
Agent numbers at 30 September 2025 The Agency’ s current FY26 run-rate is $140.5M+ GCI.
+A$8 billion Residential Property Management portfolio
market: The Agency PM rights portfolio valued at $39.1M^
45 • Operational Cashflow now funding growth initiatives.
171 • Platform now in place so increased revenue drops to the bottom line.
• Strong balance sheet, operational cash flow positive.
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• Experienced management team in place to execute the grow plan.
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+ Previously announced targeted FY26 run-rate of ~$137 million in GCI (as outlined in August 2025 Investor Update – ASX release 28/08/25).
^ As at 30 September 2025, the Company’s management valued the rent rolls which indicated the market value of these assets to be around $39.1 million. 2
As a result of the valuation, there is significant shareholder wealth held off balance sheet.
Benefits of
The Agency Model
The Agency offers a unique direct model with national
reach, enabling seamless client experiences and cross-
country referrals through a single workflow—whether in
Rockhampton, Sydney, or Perth.
Unlike franchise models restricted by postcodes and rigid
systems, our Property Partners can list and sell freely. They
Due to its scale, The Agency is able to offer all agents a gain immediate access to an integrated tech stack, expert
singular and consistent market leading technology resources, and a collaborative, performance-driven culture.
solution at every stage of the prospecting, listing and
selling stage of the buying and selling journey. Our proprietary data lake connects various SaaS platforms
via API, creating consistent workflows that can't be
replicated with off-the-shelf solutions. Combined with our
nationwide agent support and end-to-end technology, The
Agency leads in delivering efficient, tech-driven real estate
success.
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Why be a The Agency’s Competitive Advantage
Shareholder of ▪ Flexible Model: Unlike traditional franchises constrained by rigid agreements
and the franchise code, The Agency operates a direct engagement model that
The Agency? is more adaptable to industry changes.
▪ Difficult to Replicate: Franchise brands face legal and operational hurdles to
shift models. The Agency already holds the necessary state-based licenses
and regulatory knowledge.
▪ National Scale: Strong leadership and operational infrastructure across
Australia, managing 460+ agents and ~12,000 properties.
• Strong Balance Sheet, cash flow positive.
▪ Financial Strength: Profits from sales and property management funding
• Large addressable national markets of +$7bn GCI & +$8bn PuM for growth into other territories.
The Agency to grow into, both in established states and expanding
states. ▪ Property Management Delivers Recurring Revenue: Year-on-Year increase
• Opportunities for both the sales business and the property of ~15% in annual recurring revenue from a diversified portfolio currently
management business. valued at ~$39.1M.
• Increasing revenue now funding growth and contributing to the ▪ Rent Roll Acquisition: Strategic partnership with Trilogy Funds ($2B FUM)
bottom line. has funded $40M+ in rent roll acquisitions.
• Our target of $200m GCI and 180 PM per manager will allow the
company to continue growing and potentially pay dividends. ▪ New Growth Channel: Introducing a flexible model for independently branded
offices.
• The only listed residential real estate investment opportunity.
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Q1 FY26 Key Takeaways In Focus
(Unaudited Numbers)
Sales Business
$27.4M $ 37.4M
▪ Current GCI run-rate is now $140.5M with pipeline
Combined Group Revenues GCI3
remaining strong at ~$15M in annualised GCI based on
(Q1 FY25 : $23M) (Q1 FY25 : $29.6M) recent recruitments commencing and contributing to
12.5% EBITDA margin.
Property Management
$2.3B 1,788 ▪ Due to economies of scale, increase properties managed
by a Property Manager from current average of 165
Gross Value of Properties Sold No. of Properties Sold properties per PM to 180 properties per PM.
(Q1 FY25 : $1.7B) (Q1 FY25 : 1,629) ▪ Management rights of AU1 owned rental properties under
management were independently valued at $37.41M as
at 30 June 2025. Management independently valued rent
rolls at ~$39.1M as at 30 September 2025.
11,895 462
No of Agents
Properties Under Management -
(includes PuM owned by AU1 of 5,504) (Q1 FY25: 442)
1. Underlying adjusted for the impact of AASB16 Leasing Standard, Gain on Sale and other one off items. 5
2. Independent Valuation conducted by Pendium Advisory as at 8 July 2025.
3. Gross Commission Income (“GCI”) is the fees the vendor pays for the sale of a property.
4. Net Revenue refers to share of Revenue from Sales Business retained by The Agency after COGS and VPA.
The Agency Business in Focus
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Track Record in
Delivering Growth
GCI growth transferring
to bottom line
• Q1 FY26: $3.8M of GCI generated from
new agents recruited in the last 12
months (Oct 2024 -Sep 2025).
• Represents almost 50% of $7.8M YoY
growth in GCI.
• Highlights The Agency’s focus of
appointing only the highest performing
agents.
• Graph highlights this as well as the GCI
growth generated by existing agents
($3.9m YoY growth).
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Track Record in $250m
GCI Run-Rate & Milestones
Delivering Growth
$200.0m
$200m
Current FY26 run-rate: $140.5m
Strong GCI pipeline $15m+
& 462 Agents
GCI growth transferring $150m Agents:
$150.0m
to bottom line
442
Agents: Agents:
$125.3m
399 433
Agents: $112.5m
$102.5m 393
Agents:
• Targeted GCI run-rate:~$140.5M, up $100m 308 $95.4m
from $137M (Aug 2025 guidance).
Agents:
$80.7m
…
• Next milestone: On track to reach Agents: 283
272 $47.9m
$150M GCI, supported by ~$15M in new $50m
$38.0m
annualised GCI from recent recruits.
• Momentum: Strengthened by improved
markets in Sydney, Melbourne and $-
Brisbane, rising buyer inquiry, and a solid
Spring–Summer pipeline.
^ Gross Commission Income (“GCI”) is the fees the vendor pays for the sale of a property.*GCI fell in FY23 primarily as a result of 10 consecutive interest rate rises during the financial year. 8
+ Note. Milestone 1 if this GCI contributed by all new Agent’s, this would contribute est. c. $3 million additional EBITDA
State #Agents Properties Sold Maturity of State
30
September
Sales
Q1 FY26 Q1 FY25
2025
WA 171 927 935 Established
Business
NSW 197 504 447 Established
QLD 45 156 115 Emerging
VIC 31 123 85 Infancy
TAS 17 80 47 Growing
National 462 1,788 1,629
Varying levels of state maturity provides an Market Share by State
State Total Value ($)
opportunity for continued growth. (Volume)
Having been founded in WA, Western Australia is the most mature state of Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25
The Agency, with market share of 9.0% (by dollar of property sold) in Perth
and surrounding markets and 6.0% of overall WA state. Strong WA 5.31% 4.70% $733m $646m
performance delivered despite very tight supply with one of the lowest (Rank #2) (Rank #3) (Rank #2) (Rank #2)
number of listings per capita in history.
NSW 1.31% 1.26% $853m $731m
Inorganic entry into Tasmania in July 2022 has allowed an accelerated QLD 0.53% 0.29% $141m $65m
maturity of the state. Following an initial entry into Launceston, in Q1 FY23.
VIC 0.37% 0.32% $108m $107m
The Agency grew organically into Hobart in Q1 FY25.
TAS 2.91% 1.67% $58m $25m
QLD and Victorian markets have the lowest maturity in the states we
National 1.22% 1.12% $1,893m $1,574m
operate. However, both continue to increase their % of total Agency
sales showing momentum is gaining.
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* Source: CoreLogic Market Scorecard.
Transaction volume
continue to underpin
The Agency’s growth +26%
+31%
$37.4m
13.8%
+10% Increase
Y-o-Y
$2.3b
The Agency has historically bucked the downward $29.6m
national trend in terms of properties sold, a clear
validation of its resilient, agent-focused model.
+1.5% 1,788
$1.7b
1,629
1,788 properties were sold in Q1 FY26 by The Agency ~133,000 ~135,000
Group. This represents 1.3% national market share of the
estimated 135,000 properties sold across Australia for the
quarter.
Improved transaction contributions from East Coast states
assisted the growth in Gross Sales Volume.
Total Properties sold in No of Properties Sold by The Gross Sales Volume Gross Commission Income
Australia* Agency Group ($M)^
Q1 FY25 Q1 FY26 (unaudited)
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Total PM Income Management Fee Income
Group Group
$7.0m $5.5m
Group
Group
$5.8m
Properties
$4.5m
Services
Services
Services $3.5m
$2.9m
Services
Under Management
$2.6m
$2.1m
AU1 AU1 AU1
AU1
$3.2m $3.6m $2.6m
$2.3m
Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26
Properties Under Management Properties Under Management Valuation
11,895 investment properties Group
11,895
managed by The Agency Group at 30 Group
10,159
September 2025. Services
Services
6,391
4,840
$39.1m
Of this, 5,504 are owned by AU1 with the remaining AU1
AU1
6,391 under service arrangement at quarter-end — 5,319 5,504 $36.3m
a 3% YoY increase in owned properties, and a 32%
increase in those under service arrangements which
30 Sep 24 30 Sep 25
largely benefitted from our joint venture with MDC 30 Jun 24 30 Sep 25
Trilogy
*Management valuation based on independent valuation methodology as at 30th June 2025. 11
Leveraging our
Property Management Expertise Proven Model for Expansion
• MDC Trilogy partnership that owns ~6,000 managements showcases
our ability to integrate and grow third-party rent rolls under
management.
• AU1 manages additional portfolio of ~800 managements for other
owners.
• Similar service activities operate for agent owned portfolios.
AU1 Service Arrangement
manages a portfolio of PM assets Scalable, Repeatable Framework
for agents and external capital • Demonstrates how we can onboard and uplift performance of external
providers. portfolios efficiently.
• Maintains high service standards with minimal disruption.
Actively Pursuing Further Opportunities
• The Agency is seeking similar partnership arrangements.
• Well-positioned to support independent agencies, developers, and
aggregators looking to outsource or exit property management.
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Outlook
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What to watch for
Expectation of strong
Increased number of quality agents
growth underpinned by
large addressable market
• Recruitment model in place and being expanded to
target growth in quality agents in $7 billion Gross
Commission national market
• Management structure in place to oversee agent
and EBITDA growth
The annual value of residential real estate
commissions is $7bn+. Our operations in the nation’s
• Strong office and infrastructure footprint across six
second and third largest states for # of sales per states and territories
annum are in their infancy and expected to contribute
meaningful growth in coming years. • Partnership with external rent roll generator to build
sales market share and GCI growth
• Increased efficiency reducing cost of doing
business ratio
• Increasing value of property management rent roll
as rents continue to increase across the country
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A model built for leaders. Step out of the franchise shadow.
No followers.
• No franchise fees. No hidden costs. Our
transparent commission model means more GCI
stays with you to grow and reinvest.
• Unlock real passive income through our national
referral network and residual income streams,
If you’re a franchise owner who’s built a business
so your business keeps working for you, even if
you’re proud of but feel stuck beneath restrictive you’re not.
territories, outdated rules, and unnecessary
overheads, here’s your next move. • Our compliance, admin, and contracts teams
handle the fine print, so you can focus on growth,
We’re looking for exceptional real estate clients, and closing deals.
professionals ready to exit outdated franchise
structures, grow beyond restricted boundaries and • A fully integrated tech stack removes distractions
align with a national brand that’s built for growth, not and super-charges productivity.
bureaucracy.
• From streamlined back-end operations, high-level
coaching to national brand reach, you’ll scale
faster, smarter, and more sustainably.
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Corporate Structure Experienced Board
Key Metrics
Ticker ASX:AU1 Andrew Jensen – Chairman
Shares on Issue ~439.6M
A highly experienced CFO with over 18 years in senior
Share price (at 4 th November 25) $0.026 finance and management roles across real estate, financial
services, telecommunications, and franchising, both in
Market Cap ~$11.4M Australia and internationally.
Cash & Cash Equivalents (at 30th June 25) ~$5.07M
Substantial Shareholders Paul Niardone - Executive Director
Peters Investments Pty Ltd 31.27%
A Perth-based business executive and company director, Mr
Ben Collier 6.31% Niardone was the managing director and founder of ASX-listed
Ausnet Financial Services, which later became The Agency Group
Teldar Real Estate Pty Ltd 5.68% Australia in 2016. His past roles have included executive director
and founder of Professional Public Relations (WA), the largest PR
Convertible Note and communications firm in the State until he sold the business to
Peters Investments Pty Ltd1 $4.38M WPP.
Adam Davey - Non-Executive Director
Primary Debt Facility
Macquarie Bank Limited (MBL) Facility2 $10.0M Director of Wealth Management at Canaccord Genuity, Mr
Davey’s expertise spans over 25 years and includes capital
raising (both private and public), mergers and acquisition, ASX
AU1 Share Price Chart - 12 Month listings, asset sales and purchases, transaction due diligence
and director duties.
Dr. Michael Schaper - Non-Executive Director
Brings extensive regulatory and governance expertise to The Agency,
with over a decade as Deputy Chair of the ACCC, leadership roles in
financial product oversight, and board positions across government,
corporate, and not-for-profit sectors. Has experience in franchising
regulation, financial services, and corporate governance.
1. Refer to ASX Announcement “Annual Report & Appendix 4E” dated 28 August 2025 16
2. Refer to ASX Announcement “Annual Report & Appendix 4E” dated 28 August 2025
Forward looking statements
Disclaimer Not an offer
This presentation is for information purposes
only. This presentation does not comprise a Certain statements contained in this presentation, including information as
prospectus, product disclosure statement or to the future financial or operating performance of the Company and its
other offering document under Australian law projects, are forward looking statements. Such forward looking statements:
(and will not be lodged with the Australian are necessarily based upon a number of estimates and assumptions that,
Securities and Investments Commission) or any while considered reasonable by the Company, are inherently subject to
other law. significant technical, business, economic, competitive, political and social
uncertainties and contingencies; involve known and unknown risks and
uncertainties that could cause actual events or results to differ materially
Summary information from estimated or anticipated events or results reflected in such forward
This presentation does not purport to be all looking statements; and may include, among other things, statements
inclusive or to contain all information about the regarding estimates and assumptions in respect of prices, costs, results
Company or any of the assets, current or future, and capital expenditure, and are or may be based on assumptions and
of the Company. This presentation contains estimates related to future technical, economic, market, political, social and
summary information about the Company and its other conditions.
activities which is current as at the date of this The Company disclaims any intent or obligation to publicly update any
presentation. The information in this presentation forward looking statements, whether as a result of new information, future
is of a general nature and does not purport to events or results or otherwise.
contain all the information which a prospective
The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”,
investor may require in evaluating a possible
“target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”,
investment in the Company.
“schedule” and similar expressions identify forward looking statements.
The Company does not undertake to provide
All forward looking statements contained in this Presentation are qualified
any additional or updated information whether
by the foregoing cautionary statements. Recipients are cautioned that
as a result of new information, future events
forward looking statements are not guarantees of future performance and
or results or otherwise.
accordingly recipients are cautioned not to put undue reliance on forward
looking statements due to the inherent uncertainty therein.
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