Rural Funds Group (RFF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Rural Funds Group half-year results presentation and the half-year ended 31 December 2025. After the presentation, there will be an opportunity to ask questions. To ask a question via teleconference, press star 1-1. You will hear an automated message advising your hand is raised. To withdraw your question, simply press star 1-1 again. To ask a question via the webcast, type the question in the dialogue box below the presentation and select submit. Please be advised that today's conference is being recorded. I would now like to hand the conference over to James Powell, General Manager of Investor Relations. Sir, please go ahead. Good morning and welcome to the financial results presentation for the Rural Funds Group for the half year ended 31 December 2025. Presenting today is David Bryant, Managing Director, Tim Sheridan, Chief Operating Officer and Daniel Yap, Chief Financial Officer. After the presentation we've allowed time to take questions from attendees who can submit a question by typing into the question box and clicking submit. For those dialling in today to ask a verbal question please dial style 1 when prompted and I'll now hand over to our first presenter Tim. Good morning everyone. I will present the financial results for the half before handing over to David Bryant. The first half of FY26 has been a positive period for the group. Net property income is up 7%, gearing has reduced on a pro forma basis and FY27 CAPEX is significantly lower compared to the past several years. Independent valuations and asset sales continue to confirm RFF's asset values and both adjusted funds from operations, AFFO and distributions are on track to achieve full year guidance. Now moving on to the financial results in more detail. The first sli...