Rural Funds Group · ASX:RFF
Rural Funds — FY2025 Earnings Presentation
33 slides from Rural Funds's earnings presentation, Aug 22, 2025
Slide 1: Financial results presentation
Managed by: Financial results presentation for the financial year ended 30 June 2025 22 August 2025
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. FY25 results overview David Bryant Tim Sheridan 2. Financial results summary Managing Director Chief Operating Officer 3. Capital management James Powell Daniel Yap General Manager – Investor 4. Portfolio and strategy update Chief Financial Officer Relations, Corporate Affairs
Slide 4: FY25 results overview
1FY25 results overview Cotton crop, Lynora Downs, central Queensland, April 2025. 4
Slide 5: Results summary
Results summary Results in line with forecasts. • Delivered 11.5 cents per unit AFFO: AFFO Distributions • compared to full year forecast of 11.4 cents per unit. 11.5 cpu 11.73 cpu Compared to full year guidance of Consistent with guidance • Delivered 11.73 cents per unit 11.4 cents distributions: •
Slide 6: Financial results summary
2Financial results summary Harvest at Kerarbury almond orchard, Darlington Point NSW, February 2025. 6
Slide 7: Earnings summary
Earnings summary Net property income increased 9% primarily due to macadamia developments. 1 Net property income from leased assets increased 9.2% AFFO, earnings and distributions ($m) • driven by additional rental income on capital expenditure, FY25 FY24 primarily macadamia orchards, indexation and
Slide 8: Balance sheet summary
Balance sheet summary Capital expenditure programs partially funded by proceeds of divestments. 1 Adjusted total assets increased by $14.3m, or 0.7%, primarily due to: Balance sheet summary ($m) • divestments of $69.7m 30 June 2025 30 June 2024 • offset by valuation movement of $85.6m, primarily due
Slide 9: Valuations overview
Valuations overview Asset sales in line with book values. Independent valuations conducted on 68% of property assets. Independent valuations summary FY25 ($m) •1 Independent valuations completed for 68% of the portfolio property assets (by value) during the period in the almond, macadamia, Revaluati
Slide 10: Capital management
3Capital management Macadamia nuts at Swan Ridge de-husking facility, Bundaberg Queensland, April 2025. 10
Slide 11: Capital management
Capital management FY26 forecast development expenditure fully funded from bank debt facilities headroom. • Refinanced syndicated debt facility during term with: Debt metrics1 • limit increase of $80.0m 30 Jun 2025 30 Jun 2024 • extension of debt tranche tenor (2-years). Key Gearing 39.3% 38.5% metr
Slide 12: Debt facilities and interest rate hedges
Debt facilities and interest rate hedges 69% debt hedged or fixed at 30 June. Debt facilities limits, maturity (FY) and headroom Interest rate hedging profile and hedge rate (FY26–FY32) $90.0m interest rate hedges entered into FY25. $450.0 $600.0 3.00% Core syndicated debt facility 2.75% 2.72% $400.
Slide 13: Portfolio and strategy update
4 Portfolio and strategy update Mustering cattle at Kaiuroo, central Queensland, April 2025. 13
Slide 14: Fund overview
Fund overview Strategy to generate capital growth and income from developing and leasing agricultural assets. Largest lessees Lessees Description Sector FY26f revenue (%) Subsidiary of Olam Group, Singapore-listed (SGX: O32) Almonds 21% $1.96b US asset manager joint Macadamias total property venture
Slide 15: Sector overview
Sector overview $1.96b total property portfolio value.1 Almonds Cattle Revenue by sector FY26f $450m Portfolio value $717m Portfolio value $32.4m FY26f revenue $39.8m FY26f revenue 100% Leased 86% Leased 10.4yrs WALE 3.7yrs WALE Macadamias Cropping $430m Portfolio value $128m Portfolio value $23.7m
Slide 16: Leases overview
Leases overview 84% portfolio leased with a 13.9-year WALE. Weighted average lease expiry (WALE) profile • Leasing activity during 1H25: eight properties with a combined value of $119m (cropping x2, vineyards x5 and cattle x1) for a weighted average term of 9.7 years.1 • Lease maturities in FY26 inc
Slide 17: Development update: leased macadamia orchards
Development update: leased macadamia orchards TRG JV macadamia orchards development phase materially complete. Maryborough and Bundaberg orchards • Orchard Video Quality developments 3,000 ha complete (minor lessee tree plantings in Maryborough developments Macadamia orchards Inc. global final stage
Slide 18: Development update: unleased assets
Development update: unleased assets Staged development of Rookwood Farms and Kaiuroo during FY26. Rookwood Farms next stage development • Next stage development of Rookwood Video Farms: Rookwood Farms • 690 ha macadamia orchards (forecast irrigation development to be complete FY26) • to provide futu
Slide 19: Development and operated assets
Development and operated assets Developments seek higher asset values and lease income. Assets operated during development to generate income. Unleased development and operated assets • Majority of unleased assets are generating Sector Property Value Status Comments operating income for RFF (includi
Slide 20: Sustainability update
Sustainability update Technology included in macadamia developments seek to achieve more efficient operations and improved yields in line with RFM’s approach to sustainability. GHG emissions disclosure Carbon feasibility studies Modern slavery statement ASRS alignment progress Sustainability Scope 1
Slide 21: Forecasts and conclusion
5Forecasts and conclusion Glendorf macadamia orchard, Maryborough Queensland, April 2025. 21
Slide 22: Forecasts and conclusion
Forecasts and conclusion FY26 forecast AFFO 11.7 cpu and distributions 11.73 cpu. • FY26 forecasts: Rural Funds Group attributes • AFFO 11.7 cpu, representing payout ratio back to 100% • distributions 11.73 cpu, representing distribution yield Diversification Structural rental growth 6.0%.1 63 prope
Slide 23: Investor roadshow: Register your interest to attend
Investor roadshow Unitholders are invited to attend an RFF investor roadshow being conducted in October. Melbourne Monday, 27 October | 10:00am to 12:00pm Register your Intercontinental Hotel, Collins St, Melbourne interest to attend! Sydney Scan to register your interest in attending, or email inve
Slide 24: Appendices
6Appendices 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 Swan Ridge macadamia orchard, Bundaberg Queensland, April 2025. 24
Slide 25: 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 2025 30 June 2024 $ $ • O
Slide 26: 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 12 months ended 12 months ended adjustments, depreciation and impairment to represent RFF’s operating 30 June 2025 30 June 2024 result. $ $ Property revenue 98,769,0
Slide 27: 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 2025 30 June 2024 • Key adjustments include: $ $ • Property revaluations (excluding other co
Slide 28: 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 30 June 2025 30 June 2024 with accounting standards and ASIC guidance. The adjustmen
Slide 29: Appendix E – Total assets reconciliation
Appendix E – Total assets reconciliation Total assets reconciliation Adjustment for Property Financial Investment Bearer Intangible Plant and water Adjusted owner– assets Other assets Total property6 plants assets1, 3,6 equipment entitlements at total assets occupied (property)2, 3 fair value1 $ $ $
Slide 30: 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 $13.4m and cattle other assets $0.5
Slide 31: 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 $13.4m and cattle other
Slide 32: 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 33: 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