New Zealand Rural Land Co. Ltd. · NZX:NZL
New Zealand Rural Land — FY2025 Earnings Presentation
35 slides from New Zealand Rural Land's earnings presentation, Feb 27, 2026
Slide 1: Result for the year ending 31 December 2025
LISTED ON: 27 FEBRUARY 2026 2025 Result for the year ending 31 December 2025 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 Sold two pastoral properties at above most recent valuation and acquired a high yielding highly productive dairy farm increasing total annual rental income by ~$290k Capital Review undertaken resulting in NZL adopting a refined strategic position and revised dividend policy Interest rat
Slide 4: FY25 Financial Highlights & Metrics
FY25 - FINANCIAL HIGHLIGHTS & METRICS $452.1m $235.2m $1.609 29.4% Total Assets Net Asset Value (NAV) NAV per Share Gearing CPI Linked Increasing AFFO CPI linked rental increases of +13.8% on 30.2% of NZL’s FY25 AFFO was $7.9m (5.43 cps)3 due to the impact of dairy lease income (18.2% of NZL’s total
Slide 5: Year on Year AFFO Growth
YEAR ON YEAR AFFO GROWTH • NZL has increased AFFO on both an absolute and per share basis every year since listing1. • Since FY22 NZL’s AFFO has increased +124%. Over the same period AFFO per share has increased +77.5% (per share growth has been achieved alongside a ~+30.5m increase in the number of
Slide 6: FY25 Operating Overview
SECTION 1 FY25 OPERATING OVERVIEW New Zealand Rural Land Company 6
Slide 7: Corporate Actions in FY25
CORPORATE ACTIONS IN FY25 Acquired Property: Dairy Farm Location Canterbury FY25 was a year of consolidation for NZL with only one acquisition being completed during the period. This involved the acquisition of a 305ha, highly Asset Class Dairy productive dairy farm located in Canterbury. The transa
Slide 8: NZL Financials & Return Metrics
SECTION 2 NZL FINANCIALS & RETURN METRICS for the period ending 31 December 2025 New Zealand Rural Land Company 8
Slide 9: 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 31 December 2025 31 December 2024 Net Profit After Tax 7,856 24,880 Adjusted for: 5.66cps Unrealised N
Slide 10: Profit & Loss Statement
PROFIT & LOSS STATEMENT NZ$000 31 December 2025 31 December 2024 Gross Rental Income Rental Income 22,276 19,869 Net Rental Income 22,276 19,869 $7.86m Less Overhead Costs Directors Fees (222) (227) Management Fees (1,518) (1,407) NPAT Repairs and Maintenance (20) (396) Professional, Consulting and
Slide 11: Balance Sheet
BALANCE SHEET NZ$000 31 December 2025 31 December 2024 Current Assets Cash and Cash Equivalents 5,918 5,520 Derivative Assets 57 151 Trade and Other Receivables 298 1,769 Assets Held for Sale - 11,355 $452.09m Total Current Assets Non-Current Assets 6,273 18,795 Total Assets Investment Property 416,
Slide 12: Debt Summary
DEBT SUMMARY In May 2025, NZL renewed a $46m tranche of its existing banking facilities. The tranche originally due to expire on 1 June 2025 was been extended to 1 June 2028. NZL expects to renew a further two expiring tranches in the first half of FY26. At the start of the year NZL had hedging arra
Slide 13: Total Returns
TOTAL RETURNS NAV Performance AFFO & AFFO/sh Dividends per Share CAGR: +5.2% CAGR: +30.8%3 CAGR: +25.0% • NZL’s NAV per share has increased from • NZL delivered FY25 AFFO of $7.9m in • NZL reinstated its dividend in FY24 $1.250 to $1.609 (+28.8%) since listing. AFFO (5.43 cps)2. and paid a full year
Slide 14: Sustainability Programme
SECTION 3 SUSTAINABILITY PROGRAMME as at 31 December 2025 New Zealand Rural Land Company 14
Slide 15: FY25 Sustainability Highlights
FY25 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 16: 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 17: Outlook
SECTION 4 OUTLOOK New Zealand Rural Land Company 17
Slide 18: Spotlight on: Financial Landscape for NZ Dairy Farmers
SPOTLIGHT ON: THE FINANCIAL LANDSCAPE FOR NEW ZEALAND DAIRY FARMERS Insights Positive Bottom Line New Zealand’s dairy sector continues to perform well with high milk prices and declining debt levels leading to record cash profits. As a substantial proportion of NZL’s portfolio its financial health d
Slide 19: Spotlight on: Recent NZ ETS Changes
SPOTLIGHT ON: RECENT NZ ETS CHANGES On 4 November 2025, the government removed the requirement for NZ ETS settings to align with New Zealand’s Nationally Determined Contribution (NDC) under the Paris Agreement. This change applies from 2026 onwards. What Does This Mean? Why Did The Market React? Pre
Slide 20: Spotlight on: Horticulture
SPOTLIGHT ON: HORTICULTURE NZL owns high quality apple orchards in both Hawke’s Bay and Central Otago the 2026 outlook for the apple industry and thus NZL’s tenants appears positive. 2026 Season Outlook for Apples Export Markets The 2026 apple season is shaping up positively based on favourable weat
Slide 21: Capital Review
CAPITAL REVIEW Overview At NZL’s five-year mark, the Board commissioned KPMG to perform an independent capital review. The review considered market feedback, valuation drivers and capital management settings. The review indicated that NZL is primarily valued by investors on the sustainability and re
Slide 22: Dividend & Share Buyback Programme
DIVIDEND & SHARE BUYBACK PROGRAMME 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 transpa
Slide 23: Outlook & FY26 Forecast
OUTLOOK & 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 continued in
Slide 24: Market Updates
MARKET UPDATES Dairy Carbon In September 2025, Fonterra confirmed a final 2024/25 season Farmgate Over the last 12 months the New Zealand Unit (NZU) market has been Milk Price of $10.16 per kilogram of milk solids (kgMS) higher than at any experiencing a period of weak demand, low prices, and regula
Slide 25: Appendices
APPENDICES New Zealand Rural Land Company 25
Slide 26: 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 27: 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 All
Slide 28: Portfolio Overview - As at 31 December 2025
PORTFOLIO OVERVIEW - AS AT 31 DECEMBER 2025 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 FORESTRY PASTORAL Land Area (ha) 144 5,488 11,445
Slide 29: Tenant Concentration, Lease Profile & Lease Overview
TENANT CONCENTRATION, LEASE PROFILE & LEASE OVERVIEW - AS AT 31 DECEMBER 2025 NZL expects tenant diversification to increase as it continues to grow its asset base. NZL’s Weighted Average Lease Term (WALT) is currently 11.6 years (100% occupancy). NZL’s pastoral farm leases all have three, six and n
Slide 30: 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 31 December 2025, New Zealand buyer Amendment Act 2021, NZL can have NZL had foreign domiciled
Slide 31: Who is NZL
WHO IS NZL ACCOUNTANTS AUDITORS The Rural Land Investors REGISTRY Listed Listed Board ROB SARAH TIA CHRISTOPHER CAMPBELL KENNEDY GREENAWAY SWASBROOK Independent Independent Independent Non-Independent Chair Director Director Director New Zealand Rural Land Company 31
Slide 32: NZRLM Team Structure
NZRLM TEAM STRUCTURE (ALF:NZX) Directors SHELLEY RUHA RICHARD MILSOM Director Executive Director In-house Team STEPHEN REID XAVIER LYNCH CILLA HEWITT ROSS O’NEILL Chief Financial Officer General Manager - Project and Company Secretary Corporate Communications Manager Consultants HAYDEN DILLON JAMES
Slide 33: 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 Arie Dekker nicholas.hill@craigsip.com arie.dekker@jarden.co.nz Kieran Carling Vishhal Bhula kieran.carling@craigsip.com vishal.bhula@jard
Slide 34: 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 35: 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 35
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