New Zealand Rural Land Co. Ltd. · NZX:NZL
New Zealand Rural Land — H1 2026 Earnings Presentation
28 slides from New Zealand Rural Land's earnings presentation, Aug 27, 2026
Slide 1: Result for the six months ending 30 June 2026
LISTED ON: 27 AUGUST 2026 2026 Result for the six months ending 30 June 2026 New Zealand Rural Land Company www.nzrlc.co.nz New Zealand Rural Land Company 1
Slide 2: Disclaimer
NEW ZEALAND RURAL LAND CO OWNS AND LEASES SOME OF THE BEST AGRICULTURAL LAND IN THE WORLD. DISCLAIMER The information and opinions in this presentation were prepared by New Zealand Rural Land Company (NZL). NZL makes no representation or warranty as to the accuracy or completeness of the information
Slide 3: Key Messages
KEY MESSAGES AFFO per share of 2.45 cps for HY26 (2.70 cps for HY25). Quarterly dividend declared of 1.34 cps bringing the total dividend for the period to 2.68 cps. Full year guidance remains suspended to allow the company to address the dynamic nature of the Kiwi Crunch liquidation. An update to b
Slide 4: HY26 Financial Highlights & Metrics
HY26 - FINANCIAL HIGHLIGHTS & METRICS $454.0m $234.0m $1.597 30.4% Total Assets Net Asset Value (NAV) NAV per Share Gearing CPI Linked AFFO CPI linked rental increases of +17.3% on 7.3% of NZL’s HY26 AFFO was $3.6m (2.45 cps)4. FY26 earnings dairy lease income took effect in June 2026. A further gui
Slide 5: HY26 Operating Overview
SECTION 1 HY26 OPERATING OVERVIEW New Zealand Rural Land Company 5
Slide 6: Land Leased to Kiwi Crunch and Related Entities
LAND LEASED TO KIWI CRUNCH AND RELATED ENTITIES Several entities associated with Kiwi Crunch recently had external administrators appointed. New Zealand Rural Land Investments Limited Partnership’s (NZRLI LP) owns land that is leased to the following Kiwi Crunch and related entities. Kiwi Crunch Far
Slide 7: NZL Financials & Return Metrics
SECTION 2 NZL FINANCIALS & RETURN METRICS for the six months ending 30 June 2026 New Zealand Rural Land Company 7
Slide 8: Adjusted Funds From Operations (AFFO)
ADJUSTED FUNDS FROM OPERATIONS (AFFO) AFFO is a proxy for free cash flow commonly used by REITs. AFFO is intended to provide investors with a clearer picture of the company’s free cash flow. NZ$000 30 June 2026 30 June 2025 Net Profit After Tax 4,742 3,478 Adjusted for: 2.49cps Unrealised Net Gain o
Slide 9: Profit & Loss Statement
PROFIT & LOSS STATEMENT NZ$000 30 June 2026 30 June 2025 Gross Rental Income Rental Income 11,402 10,931 Net Rental Income 11,402 10,931 $4.74m Less Overhead Costs Directors Fees (114) (114) Management Fees (714) (811) NPAT Repairs and Maintenance (37) - Professional, Consulting and Listing Fees (95
Slide 10: Balance Sheet
BALANCE SHEET NZ$000 30 June 2026 30 June 2025 Current Assets Cash and Cash Equivalents 2,214 3,671 Derivative Assets - 275 Trade and Other Receivables 2,084 2,006 Total Current Assets 4,298 5,952 $453.99m Non-Current Assets Investment Property 416,927 416,736 Total Assets Loan Receivable 23,827 22,
Slide 11: Debt Summary
DEBT SUMMARY In May 2026, NZL renewed two tranches of its existing banking facilities totalling $56.5m. The tranches, both due to expire on 1 June 2026, were extended for three and four years. This increased NZL’s weighted average term to expiry of its facilities from 1.5 years at the end of FY25 to
Slide 12: Sustainability Programme
SECTION 3 SUSTAINABILITY PROGRAMME as at 30 June 2026 New Zealand Rural Land Company 12
Slide 13: HY26 Sustainability Highlights
HY26 SUSTAINABILITY HIGHLIGHTS Climate Related Disclosures Transparent and detailed climate reporting reflects NZL’s values, and we therefore intend to continue to prepare an annual climate statement despite proposed changes to climate reporting legislation that would exempt the Company from this re
Slide 14: Sustainability Programme: Enduring Land for Life
SUSTAINABILITY PROGRAMME 1 NZL continues to work on mapping its current portfolio for marginal land which can be enhanced with planting and a programme to increase biodiversity. The mitigation of erosion is a key outcome of this planting with potential for carbon sequestration and sediment control.
Slide 15: Outlook
SECTION 4 OUTLOOK New Zealand Rural Land Company 15
Slide 16: Rental Growth & FY26 Forecast
RENTAL GROWTH & FY26 FORECAST NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, inflation will result in rental growth. Furthermore, NZL is insulated from inflation-impacted (and all other operational) on-farm costs by owning only the land. The positive impact of inflation contin
Slide 17: Dividend
DIVIDEND Dividend • In response to KPMG’s Capital Review NZL has adopted a revised dividend policy targeting distributions of approximately 90-100% of AFFO, paid quarterly, consistent with sector practice. The policy is designed to provide greater predictability and transparency for shareholders and
Slide 18: Appendices
APPENDICES New Zealand Rural Land Company 18
Slide 19: Investment Property Summaries
INVESTMENT PROPERTY SUMMARIES Dairy and Support Tenant 1 Tenant 2 Tenant 3 Tenant 4 Tenant 5 Location Canterbury Otago and Canterbury Southland Southland Southland Asset Class Dairy and Support Dairy and Support Dairy Dairy Dairy Area 3,910 hectares 6,149 hectares 456 hectares 564 hectares 366 hecta
Slide 20: Investment Summary
INVESTMENT SUMMARY NZL PROVIDES INVESTORS WITH EXPOSURE TO: Favourable Industry A Proven Value Add Attractive Total Returns High Quality Tenants A Significant Growth Dynamics Acquirer of Land with Attractive WALT Opportunity Long term demand for key Successfully acquired NAV per share has grown Tena
Slide 21: Portfolio Overview - as at 30 June 2026
PORTFOLIO OVERVIEW - AS AT 30 JUNE 2026 NZL owns 17,077 hectares of highly-productive agricultural land spread across three sub-sectors and with long-term leases to some of New Zealand’s most successful operators. RURAL ASSET CLASS HORTICULTURE1 FORESTRY1 PASTORAL1 Land Area (ha) 144 5,488 11,445 Re
Slide 22: Tenant Concentration, Lease Profile & Lease Overview
TENANT CONCENTRATION, LEASE PROFILE & LEASE OVERVIEW - AS AT 30 JUNE 2026 NZL expects tenant diversification to increase as it continues to grow its asset base. NZL’s Weighted Average Lease Term (WALT) - 11.1 years. NZL’s pastoral farm leases all have three, six and nine year CPI increases with tena
Slide 23: Foreign Ownership Rules & Levels
FOREIGN OWNERSHIP RULES & LEVELS New Zealand Current Listed Current NZL Buyer Company Foreign Foreign NZL is highly advantaged Ownership Rules Ownership because it is a Under the Overseas Investment As at 30 June 2026, NZL had New Zealand buyer Amendment Act 2021, NZL can have foreign domiciled shar
Slide 24: Who is NZL
WHO IS NZL ACCOUNTANTS AUDITORS The Rural Land Investors REGISTRY Listed Listed Board ROB SARAH TIA CAMPBELL KENNEDY GREENAWAY Independent Independent Independent Chair Director Director New Zealand Rural Land Company 24
Slide 25: NZRLM Team Structure
NZRLM TEAM STRUCTURE (ALF:NZX) Directors SHELLEY RUHA RICHARD MILSOM Director Executive Director In-house Team STEPHEN REID XAVIER LYNCH ROSS O’NEILL Chief Financial Officer General Manager - Company Secretary Corporate Consultants HAYDEN DILLON JAMES TREADWELL Consultant Consultant New Zealand Rura
Slide 26: Index Inclusions and Broker Research Coverage
INDEX INCLUSIONS AND BROKER RESEARCH COVERAGE Index Inclusions Broker Research Coverage FTSE Global Micro Cap Index S&P / NZX All Real Estate Index Nicholas Hill Vishhal Bhula nicholas.hill@craigsip.com vishal.bhula@jarden.co.nz MSCI World Micro Cap Index S&P / NZX Micro Cap Index New Zealand Rural
Slide 27: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS Richard Milsom Stephen Reid Xavier Lynch Ross O’Neill richard@nzrlm.co.nz stephen@nzrlm.co.nz xavier@nzrlm.co.nz ross.o’neill@alliedfarmers.co.nz +64 21 274 2476 +64 21 766 636 +64 27 282 8046 +64 21 424 829 Level 4 Level 4 Level 4 Level 4 131 Queen Street 131 Queen Stree
Slide 28: New Zealand Rural Land Co
New Zealand Rural Land Co The Rural Land Investors New Zealand Rural Land Company +64 9 217 2905 Level 4, 131 Queen Street info@nzrlc.co.nz Auckland Central www.nzrlc.co.nz Auckland 1010 nzrlc New Zealand nzrlc LISTED ON: New Zealand Rural Land Company 28
New Zealand Rural Land Company — H1 2026 Earnings Presentation on 6ix