New Zealand Rural Land Company (NZL) AGM 2025 summary

Opening remarks and agenda

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

• Chair introduced directors, management, company secretary, and auditor; quorum confirmed.

• Notice of meeting and explanatory notes were distributed in compliance with regulations.

• Chair introduced the meeting, followed by a presentation to shareholders, resolution consideration, and a Q&A session.

Financial performance review

• Consolidated net profit after tax for FY 2024 was NZD 23.1 million; adjusted funds from operations (AFFO) were NZD 7.06 million, with AFFO per share up 13.6% to 4.94cps.

• FY 2025 AFFO forecasted at NZD 7.5–8 million, with per share AFFO of 5.25–5.60c.

• Gearing reduced to 29.6% from 36.2% at FY23 end.

• Portfolio growth included increased hectares, longer weighted average lease term, and 100% occupancy, with diversification via forestry and horticultural acquisitions.

• AFFO has grown every year since listing, with a CAGR of +93.3% p.a. since inception.

Dividend announcements

• Dividend policy amended to target 60–90% of AFFO payout for FY 2024, offering flexibility for capital deployment.

• Interim and final dividends totaled NZD 0.04 per share, about 80% of FY 2024 AFFO.

• Dividend reinvestment plan maintained for shareholders.