Rural Funds Group · ASX:RFF
Rural Funds — H1 2026 Earnings Presentation
30 slides from Rural Funds's earnings presentation, Feb 20, 2026
Slide 1: Financial results presentation
Managed by: Financial results presentation for the half-year ended 31 December 2025 20 February 2026
Slide 2: Disclaimer and glossary of terms
Disclaimer and glossary of terms Disclaimer This presentation has been prepared by Rural Funds Management Limited (ACN 077 492 838, AFSL 226 701) (RFM) as the responsible entity of Rural Funds Group (RFF) and has been authorised for release by the Board of RFM. RFF is a stapled security, incorporati
Slide 3: Contents and Presenters
Contents Presenters 1. 1H26 results overview David Bryant Tim Sheridan 2. Financial results Managing Director Chief Operating Officer 3. Portfolio and strategy update James Powell 4. Outlook and conclusion Daniel Yap General Manager – Investor Chief Financial Officer Relations, Corporate Affairs 5.
Slide 4: 1H26 results overview
1 1H26 results overview Almond trees in bloom at Kerarbury, Darlington Point NSW, August 2025. 4
Slide 5: Results summary
Results summary Results in line with forecasts. • Delivered 5.53 cents per unit AFFO: AFFO Distributions 5.53 cpu 5.87 cpu • reaffirming full-year forecast of 11.7 cpu. On track to achieve full-year On track to achieve full-year • Delivered 5.87 cents per unit distributions: guidance of 11.7 cents g
Slide 6: Financial results
2 Financial results Macadamia trees flowering at Glendorf orchard, Maryborough Queensland, September 2025. 6
Slide 7: Earnings summary
Earnings summary Net property income increased 7% primarily due to macadamia developments. 1 Net property income from leased assets increased 6.8%: AFFO, earnings and distributions ($m) • driven by additional rental income on capital expenditure (primarily macadamia orchards), indexation and rent re
Slide 8: Balance sheet summary
Balance sheet summary Gearing decreased (pro forma) despite capital expenditure programs. 1 Adjusted total assets increased by $51.6m, or 2.5%, primarily due to: Balance sheet summary ($m) • property valuation movement of $59.4m, primarily driven by 31 December 2025 30 June 2025 capital expenditure
Slide 9: Valuations overview
Valuations overview Independent valuations and asset sales continue to confirm book value of assets. Independent valuations summary ($m) 1• Independent valuations completed for 25% ($494.1m) of the portfolio property assets in the macadamia, cropping and cattle sectors, Revaluation Valuation 30 Jun
Slide 10: Capital management
Capital management Full funding available for committed development expenditure (2H26 and FY27) from bank debt facilities. Debt metrics1 • Scheduled refinance of syndicated debt facility during the period including two-year extension of $410m debt tranche tenor. 31 Dec 2025 30 Jun 2025 Gearing 40.1%
Slide 11: Debt facilities and interest rate hedges
Debt facilities and interest rate hedges Average interest rate hedges of $418m between FY26-FY29. Debt facilities limits, maturity (FY) and headroom Interest rate hedging profile and hedge rate (FY26–FY32) $450.0 $600.0 3.00% Core syndicated debt facility Limit: $830.0m ($740.6m drawn) 2.75% 2.72% $
Slide 12: Portfolio and strategy update
3 Water storage 5,400 ML Irrigated cropping area (380 ha) Portfolio and strategy update Mackenzie River Kaiuroo Aggregation Recently completed first-stage developments at Kaiuroo, central Queensland, January 2026. Pump station Mackenzie 12 River
Slide 13: Fund overview
Fund overview Rural Funds Group (RFF) provides exposure to a diversified portfolio of agricultural assets generating income primarily from long term leases and capital growth from farm development. Portfolio climatic diversification map1 Portfolio sector metrics2 Almonds 23% Cattle 32% $446m Portfol
Slide 14: Revenue overview
Revenue overview 83% portfolio leased (by asset value) with a WALE of 13.2 years. Largest lessees by FY26f revenue1 FY26f revenue by sector1 FY26f revenue by escalation mechanism 15% Other 55% CPI-linked 5% 5% 8% Finance income 7% 5% Operating 28% CPI 21% income 21% CPI (cap & collar) 2% Annual + pr
Slide 15: Developments update
Developments update Farm development provides additional income potential and capital growth. Value Farming income Phase Sector Property State Description Update $m contribution1 Development Maryborough & Bundaberg • Held for potential development to macadamia orchards, primarily cropped for Croppin
Slide 16: Increase to J&F Guarantee
Increase to J&F Guarantee Increasing the J&F Guarantee will be accretive to AFFO.1 History of Guarantee increases1 Proposal details 250 • The J&F Guarantee is a security arrangement which supports a cattle finance facility for RFF-lessee JBS, which has been in place 200 Previous increases: since 201
Slide 17: Sustainability updates
Sustainability updates Sustainability updates and emissions disclosure published in the FY25 Annual Report. Sustainability policy FY25 annual report updates FY25 emissions disclosure reference Environmental 5% 1% Climate change and climate- • Continued progress in line with AASB S2 (mandatory report
Slide 18: Outlook and conclusion
4 Outlook and conclusion Cattle following muster at Oakland Park, Gulf of Carpentaria, Queensland, June 2025. 18
Slide 19: Outlook and conclusion
Outlook and conclusion Full-year forecasts reaffirmed. Portfolio strategy To generate income and capital growth from developing and leasing agricultural assets. ✓ Preference for low-cost of production assets Investment ✓ Operations in sectors where RFM has operating experience criteria FY26 forecast
Slide 20: Retail investor asset tour – Victorian vineyard
Retail investor asset tour – Victorian vineyard Unitholders are invited to attend a tour of the Rosebank vineyard in Victoria’s Grampians region. Location: Departing from Melbourne & Ballarat Scan to register your interest in attending, or Date: email investorservices@ruralfunds.com.au. 7:00am Melbo
Slide 21: Appendices
5 Appendices A. Summarised comprehensive income B. AFFO composition C. Reconciliation of net profit to AFFO D. Summarised balance sheet E. Total assets reconciliation F. Property compendium G. Investment and development strategy Cotton crop at Mayneland, central Queensland, August 2025. 21
Slide 22: Appendix A – Summarised comprehensive income
Appendix A – Summarised comprehensive income Summarised statement of comprehensive income • Revenue from farming operations and cost of goods sold relates to sale of farming proceeds (primarily cattle, cropping, sugar and 6 months ended 6 months ended macadamias). 31 December 2025 31 December 2024 $
Slide 23: Appendix B – AFFO composition
Appendix B – AFFO composition Composition of AFFO (pre-tax) • Adjusted funds from operations (AFFO) is pre-tax and excludes fair value adjustments, depreciation and impairment to represent RFF’s operating 6 months ended 6 months ended result. 31 December 2025 31 December 2024 $ $ • Property expenses
Slide 24: Appendix C – Reconciliation of net profit to AFFO
Appendix C – Reconciliation of net profit to AFFO Reconciliation of net profit after tax to AFFO • Non-cash items added back to reconcile net profit after tax to AFFO. 6 months ended 6 months ended • Key adjustments include: 31 December 2025 31 December 2024 • Property revaluations (excluding other
Slide 25: Appendix D – Summarised balance sheet
Appendix D – Summarised balance sheet Summarised balance sheet • Water entitlements are recorded as intangible assets and held at the As at As at lower of cost, less accumulated impairment or fair value, in accordance 31 December 2025 30 June 2025 with accounting standards and ASIC guidance. The adj
Slide 26: Appendix E – Total assets reconciliation
Appendix E – Total assets reconciliation Total assets reconciliation Adjustment for Investment Bearer Intangible Property owner– Financial assets Plant and water Adjusted Other assets Total Property5 plants assets1, 3,5 occupied (property)2, 3 equipment entitlements at total assets fair value1 $ $ $
Slide 27: Appendix F – Property compendium
Appendix F – Property compendium Policy to conduct independent valuations at least every two years. Note: 1. For full details of asset valuation methodology please refer to Financial Statements. Property assets (inc. plant and equipment) excludes other receivables $21.4m and cattle other assets $0.4
Slide 28: Appendix F – Property compendium
Appendix F – Property compendium Policy to conduct independent valuations at least every two years. Note: 1. For full details of asset valuation methodology please refer to Financial Statements. Property assets (inc. plant and equipment) excludes other receivables $21.4m and cattle other assets $0.4
Slide 29: Appendix G – Investment and development strategy
Appendix G – Investment and development strategy To generate income and capital growth from improving and leasing agricultural assets. Spectrum of investment opportunities1 Development strategies Productivity developments Increasing the amount of the commodity that can be produced which supports inc
Slide 30: Rural Funds Management Limited contact details
Managed by: Rural Funds Management Limited For further information: ACN 077 492 838 James Powell: AFSL 226701 E jpowell@ruralfunds.com.au Level 2, 2 King Street Deakin ACT 2600 T +61 2 6203 9742 T 02 6203 9700 Tim Sheridan: E investorservices@ruralfunds.com.au E tsheridan@ruralfunds.com.au W www.rur