Allied Farmers (ALF) AGM 2024 summary

Opening remarks and agenda

• Meeting opened virtually, enabling broader shareholder participation and online voting and Q&A.

• Quorum confirmed with at least five shareholders present in person or by proxy.

• Notice of meeting and explanatory notes dispatched in compliance with constitution and NZX rules.

Financial performance review

• Net profit before tax reached NZD 7.315 million, up from NZD 4.071 million in 2023.

• Profit attributable to shareholders increased 56% to NZD 5.206 million, driven by a one-off gain from a sale and leaseback.

• Group revenue grew 2%, EBITDA up 72%, and net profit after tax up 62% for FY 2024.

• Earnings per share rose 56%, and NTA per share grew 90% over the year.

• NZ Farmers Livestock EBITDA grew 73%, NZ Rural Land Management EBITDA up 61%.

Board and executive committee updates

• Board and executive team present, including Managing Director and CFO.

• Auditor from RSM Hayes Audit in attendance.