Rural Funds Group · ASX:RFF
Rural Funds — Non-Deal Roadshow (October 2025)
33 slides from Rural Funds's roadshow presentation, Oct 27, 2025
Slide 1: Retail investor roadshow
For personal use only Retail investor roadshow October 2025 Melbourne - 27 October Sydney - 28 October Brisbane - 29 October Canberra - 31 October
Slide 2: Video – RFM
For personal use only Video – RFM 2
Slide 3: Contents and Presenters
Contents Presenters For personal use only 1. Introduction and overview - James Powell David Bryant Tim Sheridan 2. Investment strategy and portfolio update Managing Director Chief Operating Officer - Tim Sheridan 3. Productivity and technology James Powell - David Bryant Daniel Yap General Manager –
Slide 4: Introduction and overview
1 For personal use only Introduction and overview 4 Cotton crop, Lynora Downs, central Queensland, April 2025.
Slide 5: Specialist agricultural fund and asset manager
Specialist agricultural fund and asset manager Significant sector experience in six key agricultural commodities. $2.6b 28 years 260+ 12+ yrs 739,000+ ha 186 GL For personal use only assets under experience staff in average tenure Australian water management (est. 1997) Australia of management team
Slide 6: Staff overview
Staff overview Capabilities to support key farming and corporate functions. Board Corporate Farming For personal use only Guy Paynter David Bryant Tim Sheridan Daniel Yap Scott Norval Matthew Mitchell Non -Executive Director Managing Director Chief Operating Officer Chief Financial Officer National
Slide 7: Rural Funds Group overview
Rural Funds Group (ASX: RFF) overview Strategy to generate capital growth and income from developing and leasing agricultural assets. Largest lessees Lessees Description Sector FY26f revenue (%) For personal use only Subsidiary of Olam Group, $1.96b Singapore -listed (SGX: O32) Almonds 21% total pro
Slide 8: RFF sector overview
RFF sector overview $1.96b total property portfolio value. Almonds Cattle Revenue by sector FY26f $450 m Portfolio value $717m Portfolio value For personal use only $32.4 m FY26f revenue $39.8 m FY26f revenue 100 % Leased 86 % Leased 10.4yrs WALE 3.7yrs WALE Macadamias Cropping $430 m Portfolio valu
Slide 9: RFF features and metrics
RFF features and metrics RFF is Australia’s first ASX listed diversified agricultural Real Estate Investment Trust (REIT), listed in 2014 and included in the S&P/ASX 300 index. For personal use only RFF historical earnings and assets 1 Track record: $1.25 total distributions per unit since FY14. Adj
Slide 10: Investment strategy and portfolio update
2 For personal use only Investment strategy and portfolio update 10 Harvest at Kerarbury almond orchard, Darlington Point NSW, February 2025.
Slide 11: Investment approach
Investment approach Investment approach includes sector selection, active management and operating focus. Spectrum of investment opportunities For personal use only Sector criteria Infrastructure predominant Natural resource predominant Preference given to agricultural sectors where Australia has a
Slide 12: Case study Glendorf macadamia orchard
Case study Glendorf macadamia orchard , Maryborough region, Queensland. MACADAMIAS HIGHER & BETTER USE Sugarcane farm converted to a macadamia orchard. Developed with a sophisticated irrigation system For personal use only and technology for data capture. Mary River Modelled yield compared to indust
Slide 13: Case study Comanche cattle property
Case study Comanche cattle property, Rockhampton region, Queensland. CATTLE PRODUCTIVITY IMPROVEMENT Developed water points Cattle property operated by RFM while developing irrigated and non -irrigated cultivation areas, additional water points and For personal use only other productivity improvemen
Slide 14: Case study Lynora Downs cropping property
Case study Lynora Downs cropping property, central Queensland. CROPPING PRODUCTIVITY IMPROVEMENT Developed flood irrigation Cotton property operated by an RFM joint venture while seeking productivity improvements by developing water For personal use only storages and irrigation area. Increase bale o
Slide 15: Case study: development and leasing transaction
Case study: development and leasing transaction Cropping properties lease and partial -sale following productivity developments. • Properties ( Mayneland and Baamba Plains ) For personal use only acquired with the strategy to develop for improved productivity to seek higher asset values and lease in
Slide 16: Development update: leased macadamia orchards
Development update: leased macadamia orchards TRG JV macadamia orchards development phase materially complete. Maryborough and Bundaberg orchards • Orchard Video For personal use only developments 3,000 ha Quality complete (minor lessee tree plantings in Maryborough developments Macadamia orchards I
Slide 17: 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 Farms : Video For personal use only Rookwood Farms • 690 ha macadamia orchards (forecast to be irrigation complete FY26) develo
Slide 18: Productivity and technology
3 For personal use only Productivity and technology 18 Macadamia nuts at Swan Ridge de -husking facility, Bundaberg Queensland, April 2025.
Slide 19: Performance of farmland values over years
Performance of farmland values over 134 years US farmland, CPI and agricultural commodities 1890 to 2024. US commodity prices, inflation and farmland values 1 For personal use only 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 Not
Slide 20: Macadamia sector overview
Macadamia sector overview High value commodity with potential for further productivity gains. Sector features Drivers of consumption growth • Flavourful, plant -based protein source with high unsaturated fats. For personal use only • Consumption has increased largely in line with production over the
Slide 21: Technology and productivity – macadamias
Technology and productivity – macadamias Technology seeks to achieve more efficient operations and improved yields. Data -driven macadamia production 1 Autonomous tractors For personal use only •1 Wi-Fi mesh across the orchards enables Permanent Sample Plot (PSP) data transmission, remote infrastruc
Slide 22: Video – Permanent sample plot
Video – Permanent sample plot For personal use only 22
Slide 23: Video – Autonomous tractor
Video – Autonomous tractor For personal use only 23
Slide 24: Technology and productivity – cropping
Technology and productivity – cropping Cotton planting monitors. For personal use only Planting monitors Planting monitor data • Precise planting using real -time control of seed placement. • Each seed is measured for depth and spacing with accurate downforce. • Swath control avoids wastage and coun
Slide 25: Technology and productivity – cropping
Technology and productivity – cropping Vegetation health and variability assessment. 1. Satellite image 2. PGR prescription map 3. Secondary assessment 4. Prescription map 5. Crop uniformity For personal use only Satellite imagery is used to Prescription maps for plant Secondary satellite biomass Up
Slide 26: Technology and productivity – livestock
Technology and productivity – livestock Portable algorithmic weighing of cattle. Livestock data tracking Livestock weighing system For personal use only • Portable weighing units with an average of over 42 cattle weight measurements per day was recorded. • Management can investigate what is influenc
Slide 27: Technology and productivity – livestock
Technology and productivity – livestock Livestock nutritional supplementation. Automated water supplementation system For personal use only Livestock nutritional supplementation • Automated water supplementation systems replace the traditional tub-based method of providing nutritional supplements. •
Slide 28: Outlook and conclusion
4 For personal use only Outlook and conclusion 28 Mustering cattle at Kaiuroo , central Queensland, April 2025.
Slide 29: RFF performance and metrics
RFF performance and metrics RFF performance since inception. RFF historical earnings and assets 1 For personal use only Adjusted t otal assets Distributions per unit $2.0b $2.1b $1.8b Forecast Adjusted Net Asset Value (NAV) Forecast revenue by sector $1.5b Earnings per unit $1.2b 10.7% $1.0b NAV CAG
Slide 30: Outlook and strategy
Outlook and strategy Strategy to grow AFFO, improve payout ratio and reduce gearing. • Sale of mature assets conducted FY20 -21 to Metrics following asset sales and leased developments For personal use only provide funding for development of growth assets. Forecast • Main developments now nearing co
Slide 31: Q&A
5 For personal use only Q&A David Bryant Tim Sheridan Managing Director Chief Operating Officer James Powell Daniel Yap General Manager – Investor Chief Financial Officer Relations, Corporate Affairs and Sustainability 31 Glendorf macadamia orchard, Maryborough Queensland, April 2025.
Slide 32: Video – Rural Funds Management
Video – Rural Funds Management For personal use only 32
Slide 33: Disclaimer
Disclaimer This presentation has been prepared by Rural Funds Management Limited (ACN 077 492 838, AFSL 226 701) (RFM). The information contained within constitutes general information only and should not be taken as a recommendation to invest by RFM. This presentation is not an investment or financ