New Zealand Rural Land Co. Ltd. · NZX:NZL
New Zealand Rural Land — Shareholder Meeting (May 2026)
14 slides from New Zealand Rural Land's shareholder meeting presentation, May 20, 2026
Slide 1: Annual Shareholder Meeting Presentation
LISTED ON: 20 MAY 2026 2026 Annual Shareholder Meeting Presentation New Zealand Rural Land Company www.nzrlc.co.nz New Zealand Rural Land Company 1
Slide 2: Disclaimer
NEW ZEALAND RURAL LAND COMPANY 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 inform
Slide 3: ASM Agenda
ASM AGENDA 1. Chair’s Introduction 2. Presentation to Shareholders 3. Resolutions 4. Questions New Zealand Rural Land Company 3
Slide 4: FY25 Result
FY25 RESULT 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 rate
Slide 5: Portfolio Overview - As at 20 May 2026
PORTFOLIO OVERVIEW - AS AT 20 MAY 2026 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 Regio
Slide 6: Independent Capital Review
INDEPENDENT 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 sustainab
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: 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 9: 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 10: 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 11: 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 12: Resolutions
RESOLUTIONS New Zealand Rural Land Company 12
Slide 13: Resolutions
RESOLUTIONS To consider an, if thought fit, to pass the following ordinary resolutions: 1. Re-Election of Rob Campbell as a Director: That Rob Campbell, who retires as a Director in accordance with NZX Listing Rule 2.7.1 and NZL’s constitution, and being eligible, be re-elected as a Director of NZL.
Slide 14: New Zealand 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 14
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