Rural Funds Group · ASX:RFF
Rural Funds — FY2026 Earnings Presentation
36 slides from Rural Funds's earnings presentation, Aug 21, 2026
Slide 1: Financial results presentation
Financial results presentation for the financial year ended 30 June 2026 21 August 2026 Managed by:
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. Introduction and overview David Bryant Tim Sheridan 2. Financial results Managing Director Chief Operating Officer 3. Capital management James Powell 4. Portfolio and strategy update Daniel Yap General Manager – Investor Chief Financial Officer Relations, Corporate Affairs 5.
Slide 4: Introduction and overview
1 Introduction and overview Scan to learn more Natal Aggregation about the Natal Natal is RFF’s largest property Aggregation (390,600 ha) and has a carrying capacity of over 37,000 cattle. The property has benefited from productivity-enhancing developments, including the conversion of 4,309 ha to cr
Slide 5: Strategy and portfolio snapshot
Strategy Portfolio snapshot Largest lessees by FY27f revenue (pro forma)2 To generate income and capital growth from developing and leasing agricultural assets. $1.8b Pro forma adjusted total property portfolio value1 Leasing model Maintain a majority of long WALE, triple-net leases of agricultural
Slide 6: Portfolio metrics and fund attributes
Portfolio metrics Fund attributes as at 30 June 20261 $1.79b pro forma adjusted total assets $3.22 Quarterly Diversification Quality lessees Long WALE pro forma adjusted NAV per unit 57 properties, 5 sectors, 89% of FY27f revenue 14.8 year pro forma weighted distributions March, June, and multiple c
Slide 7: Results highlights
Results Financials Portfolio Capital highlights management Results in line with forecasts. Contracted asset sales collectively benefit: FY26 cotton crop, Lynora Downs, Rewan, central Queensland, February Cygnet orchard, Bundaberg, Queensland, • AFFO central Queensland, August 2026. 2020. April 2026.
Slide 8: Financial results
2 Financial results Grow on cotton Scan to learn more about advances in The grow on cotton production cotton production system is being adopted across RFF’s central Queensland cropping properties, where favourable growing conditions and reliable water access support extended production. Grow on cott
Slide 9: Earnings summary
Earnings summary Net property income increased 6% primarily due to rentalised capex deployed on macadamia developments. 1 Net property income from leased assets increased 5.7%: AFFO, earnings and distributions ($m) • driven by additional rental income on capital expenditure (primarily macadamia orch
Slide 10: Balance sheet summary
Balance sheet summary Divestments to fully fund forecast capital expenditure and reduce gearing to within target range.1 1 Property assets (pro forma) decreased as a result of the divestment of Adjusted balance sheet summary ($m) six properties and 8,754 ML water entitlement: Pro forma • sold at an
Slide 11: Valuations overview
Valuations overview Independent valuations largely in-line with book values, asset disposals at premium to book values. Independent valuations summary ($m) • Independent valuations completed for 60% ($1,169m) of 1 the portfolio across the cattle, almonds, macadamias, Values Revaluation cropping, vin
Slide 12: Capital management
3 Capital management Cygnet Scan to learn more about the Cygnet was developed in 2021 and was RFF’s first greenfield macadamia macadamia orchard orchard. Formerly a sugarcane developments property, it was selected for its quality soils, reliable water supply and location. It features eight macadamia
Slide 13: Capital management: debt metrics
Capital management Full funding available for committed development expenditure (FY27f) from bank debt facilities. Debt metrics1 • Scheduled refinance of syndicated debt facility during the period including two-year extension of $410m debt tranche tenor: 30 Jun 2026 30 Jun 2026 30 Jun 2025 Pro forma
Slide 14: Debt facilities and interest rate hedges
Debt facilities and interest rate hedges 82% debt hedged or fixed at 30 June 2026 (pro forma).1 Debt facilities limits, maturity (FY) and headroom (pro forma)1 Interest rate hedging profile and hedge rate (FY27–FY32) $600m 3.00% $500m 2.72% Core syndicated debt 2.64% 2.60% 2.59% facility $500m Limit
Slide 15: Portfolio and strategy update
4 Portfolio and strategy update Scan to learn about Kaiuroo cotton production Aggregation in Australia Developments to improve productivity on the Kaiuroo Aggregation are being conducted in multiple stages. They’ll enable the expansion of irrigated cropping areas that will focus on the ‘grow-on’ cot
Slide 16: Asset sale case study – Rewan
Asset sale case study – Rewan Rewan and Wyseby map A combination of higher land values, the opportunity to form an aggregation with Wyseby, and the RFM-led productivity improvements have supported a sale at a significant premium to book value. • Initial investment into cattle sector: • Rewan was one
Slide 17: Asset sales
Asset sales Over the past two years RFM has contracted to divest $373m assets.1 • 15% average premium ($49m) on FY25 and FY26 divestments (inc pro forma) to prior book 1H25 1H26 Pro forma values.1 Cropping properties Water entitlement Cattle properties (sugar cane) x3 2,254 ML $19.3m x4 $234.2m $5.5
Slide 18: Historical earnings and assets
Historical earnings and assets Since FY14, RFF has paid $1.37 total distributions per unit. $1.9b RFF historical earnings and assets1 $2.0b $2.1b $1.5b $1.8b Adjusted total assets Distributions per unit Adjusted Net Asset Value (NAV) Forecast revenue by sector Forecas t Earnings per unit $1.2b $1.0b
Slide 19: Developments update
Developments update Staged developments at Rookwood Farms and Kaiuroo Aggregation. Rookwood Farms - Macadamias Kaiuroo Aggregation (northern properties) - Cropping Stage 1: Stage 1 Leased portion completed • Water storage - 5,400 ML • Irrigated cropping area 380 • Water storages x2 - 1,300 ha ML • C
Slide 20: 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 21: Sustainability updates
Sustainability updates Sustainability updates and emissions disclosure published in the FY26 Annual Report. Sustainability policy reference FY26 annual report updates FY26 scope one and two emissions disclosure Environmental • Continued progress in line with AASB S2 (mandatory reporting expected FY2
Slide 22: Forecasts and conclusion
5 Forecasts and conclusion Autonomous Scan to learn more tractor about technology driving productivity Following a successful trial, RFM plans to acquire additional units for both the Maryborough and Fitzroy orchards, with further deployment expected during 2027. The autonomous tractor uses AI based
Slide 23: Forecasts and conclusion
Forecasts and conclusion FY27 forecast AFFO 11.7 cpu and distributions 11.73 cpu. • FY27 forecasts: • AFFO of 11.7 cpu unchanged (compared to FY26) primarily due to forecast results from operated farms: • lower macadamia price • yield reduction on dryland wheat and chickpea crops in central Queensla
Slide 24: 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: Rosebank Vineyard Departing from Melbourne & Ballarat Scan to register your interest in attending, or email investorservices@ruralfunds.com.au.
Slide 25: Appendices
6 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. Fund overview H. Revenue overview I. Investment and development strategy Kerarbury almond orchard, Darlingt
Slide 26: 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 12 months ended 12 months ended farming proceeds (primarily cattle, cropping, sugar and macadamias). 30 June 2026 30 June 2025 $ $ • O
Slide 27: Appendix B – AFFO composition
Appendix B – AFFO composition Composition of AFFO (pre-tax) • Adjusted funds from operations (AFFO) is pre-tax and excludes fair 12 months ended 12 months ended value adjustments, depreciation and impairment to represent RFF’s 30 June 2026 30 June 2025 operating result. $ $ Property revenue 103,877,
Slide 28: 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. 12 months ended 12 months ended 30 June 2026 30 June 2025 • Key adjustments include: $ $ • property revaluations (excluding other co
Slide 29: Appendix D – Summarised balance sheet
Appendix D – Summarised balance sheet Summarised balance sheet • Water entitlements are recorded as intangible assets and held at the lower of cost less accumulated impairment or fair value in As at As at 30 June 2026 30 June 2025 accordance with accounting standards and ASIC guidance. The $ $ adjus
Slide 30: Appendix E – Total assets reconciliation
Appendix E – Total assets reconciliation Total assets reconciliation Adjustment Property Financial Asset sale Investment Bearer Intangible Plant and for water Adjusted owner– assets proceeds Other assets6 Total property6 plants assets1, 3,6 equipment entitlements total assets occupied (property)2, 3
Slide 31: 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 $34.8m and cattle other assets $0.3
Slide 32: Appendix F – Property compendium (continued)
Appendix F – Property compendium (continued) 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 $34.8m and cattle other
Slide 33: Appendix G – Fund overview
Appendix G – Fund overview Diversified portfolio of agricultural assets generating income primarily from long term leases and capital growth from farm development. Portfolio climatic diversification map (pro forma)1 Portfolio sector metrics (pro forma)2 Almonds 26% Cattle 23% $464m Portfolio value $
Slide 34: Appendix H – Revenue overview
Appendix H – Revenue overview 80% portfolio leased (by asset value) with a pro forma WALE of 14.8 years. FY27f pro forma revenue FY27f pro forma revenue by escalation mechanism1 Largest lessees by FY27f revenue (pro forma)1,2 by sector1 5% 5% 25% 9% 33% 24% 21% 13% 27% 8% Pro forma weighted average
Slide 35: Appendix I – Investment and development strategy
Appendix I – 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 36: Rural Funds Management Limited
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