New Zealand Rural Land Company Limited (NS)

Overview

NZRLC is a newly incorporated company that has been formed for the purpose of acquiring rural land across the New Zealand agricultural sector. NZRLC intends to be a landlord only and will lease the rural land that it acquires to experienced tenants under long term leases. Tenants will undertake the on-land agricultural operations and pay rental to NZRLC.

In the long term NZRLC may acquire land in the dairy, sheep and beef, horticulture, viticulture and forestry sectors. However, the initial focus for NZRLC is to acquire rural land in the dairy sector.

Performance

The following information was extracted from New Zealand Rural Land Company Limited's (NS) Half Year results, released 27 August 2026

New Zealand Rural Land Co Reports HY26 Results

New Zealand Rural Land Company Limited (NZL.NZX) announces its financial result for the six months ended 30 June 2026. NZL recorded a consolidated net profit after tax of $4.7m and Adjusted Funds From Operations (AFFO) of $3.6m (excluding earnings from properties with put/call arrangements in

place)*.

HY26 Highlights

• AFFO of $3.6m equivalent to 2.45 cps. NZL’s earning guidance for FY26 remains suspended with an update to be provided to the market once the Kiwi Crunch situation becomes clearer;

• A CPI linked rental increase of +17.3% on 7.3% of NZL’s pastoral properties took effect in June 2026. A further 30.3% of NZL’s portfolio was subject to a +3.1% increase during the period;

• WALT was 11.1 years at HY26, a decrease of -4.3% from FY25 (11.6 years);

• 17,077 hectares of rural land now owned, unchanged from FY25;

• Renewed Tranches B and D of NZL’s banking facilities, a total of $56.5m, for three and four years respectively on similar terms. Increasing NZL’s weighted average term to expiry to 2.3 years (1.5 years at the end of FY25).

• Gearing of 30.4% up from 29.8% at HY25 (+2.0%);

• Subsequent to the end of HY26 NZL settled the purchase from SI Orchards of an additional horticultural property. This adds a further 79 hectares of high-quality agricultural land to NZL’s portfolio and is subject to a 30 year lease worth ~$715k annually.

• NZL paid a quarterly dividend of 1.34 cps in May 2026 and will pay a second quarterly dividend of 1.34 cps bringing the total dividend for HY26 to 2.68 cps**;

• Net Asset Value (NAV) per share has grown from $1.25 at IPO to $1.597 at 30 June 2026 (+27.8%); and

• Net Tangible Assets (NTA) per share have grown from $1.25 at IPO to $1.607 at 30 June 2026 (+28.6%).