Allied Farmers Limited · NZX:ALF
Allied Farmers — Shareholder Meeting (November 2025)
26 slides from Allied Farmers's shareholder meeting presentation, Nov 6, 2025
Slide 1: Annual Shareholder Meeting
A ANNUAL SHAREHOLDER MEETING 06 NOVEMBER 2025 A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 1
Slide 2: Agenda
AGENDA 1. Chair’s Introduction 2. Managing Director’s Address to Shareholders 3. Resolutions 4. Shareholder Questions A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 2
Slide 3: 1. Chair's Introduction
1. CHAIR’S INTRODUCTION A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 3
Slide 4: 2. Managing Director's Address to Shareholders
2. MANAGING DIRECTOR’S ADDRESS TO SHAREHOLDERS A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 4
Slide 5: ASM Presentation November 2025
A ASM PRESENTATION 06 NOVEMBER 2025
Slide 6: Allied Farmers Overview & Strategy
A SECTION 1 ALLIED FARMERS OVERVIEW & STRATEGY
Slide 7: The Changing Face of Allied Farmers
THE CHANGING FACE OF ALLIED FARMERS Allied Farmers is primarily a rural investment company and rural asset manager. Landowners and co-investors entrust Allied Farmers with their rural assets because it has the requisite robust governance structures, asset management team expertise and experience, an
Slide 8: Key Events & People
KEY EVENTS & PEOPLE Key events in FY25: • Earnings per share of 9.97cps • Entered into a conditional agreement to sell all of ALF’s shares in NZFL to Rural Livestock Limited along with other NZFL shareholders. Allowing ALF to realise value for shareholders and reshape strategic focus • 99.8% of shar
Slide 9: Investment Summary
INVESTMENT SUMMARY Below is an operational and financial update for Allied’s investments. • Livestock services EBITDA decreased -42% to $4.5m • NZRLM EBITDA $2.1m largely in line with FY24 $2.2m in FY25, from $7.8m in FY24 • NZRLM holds the management contract for NZX-listed • Financial services EBI
Slide 10: Proven Track Record as Value Creators
PROVEN TRACK RECORD AS VALUE CREATORS NZRLM Investment • Acquired: $10.8m • Current value: ~$25m • Return: +131% NZRLM AUM Growth • 2021: $165m • 2025: $445m • Growth: +169% Disciplined Capital Allocation • Strategic exits at optimal timing • Reinvestment in higher-return opportunities • Consistent
Slide 11: Allied Farmers Financial Performance - 2015 to 2025
ALLIED FARMERS FINANCIAL PERFORMANCE - 2015 TO 2025 Annual Growth Rates: +7% p.a Revenue Growth 2015-2025 +59% p.a Allied NPAT Growth Per Share 2015-2025 A ALLIED FARMERS | FY25 ASM PRESENTATION 11
Slide 12: Allied Farmers Share Price 2015 to 2025
ALLIED FARMERS SHARE PRICE 2015 TO 2025 Annual Growth Rate: +4% p.a Share Price Growth 2015-2025 A ALLIED FARMERS | FY25 ASM PRESENTATION 12
Slide 13: Sale of New Zealand Farmers Livestock
A SECTION 2 SALE OF NEW ZEALAND FARMERS LIVESTOCK
Slide 14: Strategic Value Realisation at Optimal Time
STRATEGIC VALUE REALISATION AT OPTIMAL TIME 1 Realises strong value for shareholders 2 Enables focus on core rural asset management 3 Captured peak agricultural cycle timing Rural Livestock a more natural owner than Allied, given it is 4 an industry player who can benefit from being a larger more co
Slide 15: Creating Maximum Value Through Strategic Disaggregation
CREATING MAXIMUM VALUE THROUGH STRATEGIC DISAGGREGATION Frankton Saleyard Interest (completed FY24) • Total sale: $5.9m • Allied’s 67.8% share: $4.0m • Structure: Sale with license-back Core Business (November 2025) • Enterprise value: $10.99m • Allied 67.8% share: $7.45m • Buyer: Rural Livestock Li
Slide 16: Overview of the Transaction
OVERVIEW OF THE TRANSACTION • AFRL (wholly owned subsidiary) to sell all shares in NZ Farmers Livestock Limited (NZFL) to Rural Livestock Limited (RLL) • Allied Farmers’ 67.77% share value: ~$7.45 million • Total enterprise value: $10.988 million, subject to post-completion adjustments • Other share
Slide 17: Independent Appraisal Report – Simmons Corporate Finance
INDEPENDENT APPRAISAL REPORT – SIMMONS CORPORATE FINANCE Required under NZX Listing Rule 7.8.8(b) Conclusion: Transaction is fair to shareholders not associated with Stockmans or AgentCo All vendors selling on identical terms Market aligned and fair value A ALLIED FARMERS | FY25 ASM PRESENTATION 17
Slide 18: Impact on Allied Farmers
IMPACT ON ALLIED FARMERS Will no longer derive profit from NZFL operations Continued ownership of other subsidiaries FY25 PBT (retained): ~$0.75m Cash reserves expected to rise to ~$14m Premium valuation achieved vs. normalised earnings Positions Allied for next phase of growth A ALLIED FARMERS | FY
Slide 19: Financial Summary
FINANCIAL SUMMARY Metric Amount (approx.) Frankton Saleyard Sale (FY24) $5.9m ($4m to Allied) Total enterprise value $10.988m AFRL share $7.45m Group cash post-sale ~$14m Deferred tax asset reduction $0.9m Carried-forward tax losses >$175m A ALLIED FARMERS | FY25 ASM PRESENTATION 19
Slide 20: Application of Transaction Proceeds
APPLICATION OF TRANSACTION PROCEEDS ALF is still considering the best use of proceeds from the transaction. Potential uses include: distribution to support growth shareholders of NZRLM contribute to explore complementary opportunities to utilise tax investments losses ALF targets disciplined capital
Slide 21: FY25 Financial Performance
A SECTION 3 FY25 FINANCIAL PERFORMANCE
Slide 22: FY25 Financial Result
FY25 FINANCIAL RESULT Allied Farmers is pleased with its performance in FY25, reflecting its commitment to delivering robust earnings and per share growth for its shareholders. +41% • FY25 Group NPAT of $3.8m compared to $7.0m in FY24 • New Zealand Farmers Livestock (NZFL) delivered EBITDA of $4.8m
Slide 23: Financial Overview - FY25 Highlights & Metrics
FINANCIAL OVERVIEW - FY25 HIGHLIGHTS & METRICS +11% +24% +41% growth in Group growth in Group increase in Group Revenue, to $30.6m. EBITDA1, to $6.0m. NPAT, to $3.8m. (from (from $27.6m in FY24) (from $4.8m2 in FY24) $2.7m2 in FY24) +23% +28% increase in Allied EPS, growth in Allied NTA to 9.97 cps
Slide 24: ASM Resolutions
ASM RESOLUTIONS Resolution 1: Auditors Remuneration That the Directors be authorised to fix the fees and expenses of the Company’s auditor, BDO Auckland, for the ensuing year. Resolution 2: Appointment of Shelley Ruha That Shelley Ruha, who will retire at the meeting by rotation in accordance with t
Slide 25: Proxy Snapshot
PROXY SNAPSHOT As at 04 November 2025: A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 25
Slide 26: 4. Shareholder Questions
4. SHAREHOLDER QUESTIONS A ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING 26