NZL Reports Stable HY25 Results

21 August 2025
New Zealand Rural Land Co Reports Stable HY25 Results
New Zealand Rural Land Co (NZL.NZX) is pleased to announce its financial result for the six months ended 30
June 2025. NZL recorded a consolidated net profit after tax of $3.5m and Adjusted Funds From Operations
(AFFO) of $3.9m (excluding earnings from properties with put/call arrangements in place)
1
.
HY25 Highlights
• AFFO grew from 1.94 cps in HY24 to 2.70 cps (+39.2%) in HY25. NZL forecasts FY25 AFFO of between 5.17
cps and 5.52cps (FY25 includes the impact of further CPI linked rental adjustments and the first full year of
higher yielding horticultural acquisitions);
• CPI linked rental increases of +13.8% on 18.2% of NZL’s portfolio took effect in June 2025. A further 29.2% of
NZL’s portfolio was subject to a +2.5% increase on 15 April 2025;
• On 7 March 2025 NZL acquired a 305 hectare, highly productive dairy farm in Canterbury;
• As part of the consideration for the aquisition NZL sold two pastoral farms at above book value/most recent
valuations. The transaction increases NZL’s total rental income by ~$290k a year;
• WALT was 12.3 years at HY25, a decrease of -1.6% from FY24 (12.5 years);
• 17,077 hectares of rural land now owned, a decrease of -2.4% from FY24 (17,503);
• Gearing lowered to 29.8% from 30.5% at HY24 (-2.3%);
• $40m of additional interest rate swaps increasing hedging from 65% to 81%;
• Interim dividend to be paid at ~80% of AFFO, equivalent to 2.16 cps the dividend will be paid in mid-October
2025. NZL will continue to offer a dividend reinvestment programme;
• NZL continues to operate an on-market share buyback programme, no shares were repurchased during the
period. 710,131 shares have been repurchased sincce the programme was initiated in June 2023;
• Net Asset Value (NAV) per share has grown from $1.25 at IPO to $1.589 at 30 June 2025 (+27.1%); and
• Net Tangible Assets (NTA) per share have grown from $1.25 at IPO to $1.606 at 30 June 2025 (+28.5%).
HY25 saw the addition of a blue chip asset to NZL’s portfolio, delivered effective risk management, decreased
gearing, and sustainable growth in rental income and dividends for shareholders.
Since the end of HY25, NZL has announced a capital review of the Company’s strategic options. At the time of
this announcement this process remains ongoing.
A detailed results presentation is available at: https://www.nzrlc.co.nz/reports-presentations.
www.nzrlc.co.nz
E: info@nzrlc.co.nz | T: +64 9 218 2177
1. Reported figures include 100% of the earnings and assets of New Zealand Rural Land Investments Limited Partnership. NZL owns 75% of this
entity. AFFO and dividends are not reported on a consolidated basis and are 100% attributable to NZL.

www.nzrlc.co.nz
Property Transactions
In the first half of the year, NZL announced the acquisition of a 305 hectare blue chip dairy property in Canterbury.
The acquisition increased NZL’s annual lease income by ~$290k. As part of the consideration for the aquisition
NZL sold two pastoral farms at above book value/most recent valuation.
In September 2025 NZL expects to settle the second tranche (79 hectares) of a 126 hectare apple orchard located
in Central Otago The first 47 hectare tranche of this property settled in FY24. Following settlement this property
will generate annualised first year rental income of $1.13m.
NZL now owns 17,077 hectares of rural land (25% of which is owned by Roc) with a 12.3 year WALT (by lease
value) and 100% occupancy across nine tenants. The portfolio displays meaningful sector, income and tenant
diversification, with forestry and horticulture now holding a 32% and 8% proportion of the company’s annual lease
income, dairy 50% and support 10%.
CPI Adjustments
NZL benefits from CPI adjustments for all of its properties and has received CPI adjusted rental payments from
the four tenants whose properties were subject to review in HY25. 30.2% of NZL’s dairy assets (18.2% of NZL’s
rent) was subject to CPI linked rental increases of +13.8% which took effect in June 2025. A further 34.4% of NZL’s
portfolio was subject to a +2.5% increase in the first half of the year. Reflecting this the portfolio’s total lease value
has increased by ~$750k or +3.3%. NZL’s dairy leases undergo CPI review every three years, in contrast to its
horticultural and forestry leases which undergo CPI review annually.
Dividend and Share Buyback Programme
NZL will pay an interim dividend of 2.16 cps in October 2025 representing ~80% of HY25 AFFO.
NZL’s intention has always been to pay regular semi-annual dividends. NZL’s amended dividend policy targets
a pay-out of 60% - 90% of AFFO. The pay-out range grants the company greater flexibility to deploy NZL’s cash
operating earnings in ways considered most beneficial to increasing shareholder value.
The company maintains a selective on-market share buyback programme. Under the programme 710,131 shares
have been acquired as at the date of this announcement.
E: info@nzrlc.co.nz | T: +64 9 218 2177

www.nzrlc.co.nz
Outlook & Subsequent Events
NZL’s strategy is to own quality rural land in New Zealand; growing a diverse portfolio while delivering attractive
risk-adjusted returns as a ground lessor.
The outlook for agriculture is positive with property prices forecast to continue increasing and higher commodity
prices improving the servicing ability of NZL’s tenants.
NZL’s leases incorporate regular CPI reviews. That means inflation results in rental growth. As a ground lessor,
NZL is also protected from inflation-impacted, and other on-farm operational costs.
NZL continues to forecast FY25 AFFO of between $7.5m and $8.0m, this excludes earnings from properties with
put/call arrangements in place (~$1.4m).
Achieving FY25’s forecast means that NZL’s AFFO will have more than doubled in absolute terms since FY22. NZL
is targeting total AFFO of $9.4m by FY29 a +33.1% increase from FY24.
As previously announced the board has commenced a capital review process which it aims to complete and
announce any outcomes of by the end of the current financial year.
Rob Campbell
Chair
For further information please contact:
Richard Milsom
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
E: info@nzrlc.co.nz | T: +64 9 218 2177

---

New Zealand Rural Land Company Limited and its subsidiaries
For the 6 months ended 30 June 2025
Interim Consolidated Financial Statements

New Zealand Rural Land Company Limited and its subsidiaries
For the 6 month period ended 30 June 2025
For and on behalf of the Board
DirectorDirector
The Board of Directors of the Group authorised the financial statements for issue on 21 August 2025.
The directors are pleased to present the interim consolidated financial statements of New Zealand Rural Land Company Limited and
its subsidiaries (the "Group") for the 6 month period ended 30 June 2025.
Directors' responsibility statement
2
Rob Campbell
Sarah Kennedy

New Zealand Rural Land Company Limited and its subsidiaries
For the 6 month period ended 30 June 2025
(Unaudited)(Unaudited)
Notes
$'000
$
$'000
Rental income6 10,931 9,099
Total rental income 10,931 9,099
Less overhead costs
Directors fees(114)(114)
Insurance(43)(44)
Shareholder registry and communications(46)(34)
Management fees14(811)(662)
Repairs and maintenance - (225)
Professional, consulting and listing fees(931)(370)
Settlement of convertible loan - (160)
Other expenses(54) -
Total overhead costs(1,999)(1,609)
Profit before net finance expense, other income and income tax 8,932 7,490
Finance income 1,153 1,421
Finance expense(4,149)(4,000)
Net finance expense7(2,996)(2,579)
Profit before other income and income tax 5,936 4,911
Other income
Change in fair value of investment properties5 - 12,068
Movement in redeemable Limited Partnership units12(1,669)(4,028)
Other income 52 -
(1,617) 8,040
Profit before tax 4,319 12,951
Income tax expense8(841)(567)
Profit and total comprehensive income for the period 3,478 12,384
Cents Cents
Basic and diluted earnings per share16 2.42 9.18
Interim consolidated statement of comprehensive income
6 month period
ended 30 June
2025
6 month period
ended 30 June
2024
These Consolidated Financial Statements are to be read in conjunction with the accompanying notes3

New Zealand Rural Land Company Limited and its subsidiaries
Interim consolidated statement of financial position
As at 30 June 2025
(Unaudited)(Audited)
Notes
$'000 $'000
Current assets
Cash and cash equivalents 3,671 5,520
Derivative assets10 275 151
Trade and other receivables 2,006 1,769
Assets held for sale - 11,355
Total current assets 5,952 18,795
Non-current assets
Investment properties5 416,736 400,448
Loan receivable9 22,365 21,685
Deferred tax assets8 - 552
Derivative assets10 - 352
Other non-current assets 160 101
Total non-current assets 439,261 423,138
Total assets 445,213 441,933
Current liabilities
Trade and other payables 2,087 3,157
Borrowings11 57,633 47,101
Derivative liabilities10 33 129
Other current liabilities 169 169
Total current liabilities 59,922 50,556
Non-current liabilities
Borrowings11 75,818 84,106
Deferred tax liabilities8 288 -
Derivative liabilities10 2,365 2,342
Redeemable Limited Partnership units12 76,364 75,797
Total non-current liabilities 154,835 162,245
Total liabilities 214,757 212,801
Net assets 230,456 229,132
Share capital13 163,205 161,068
Retained earnings 67,251 67,404
Share based payment reserve - 660
Total equity 230,456 229,132
$ $
Net Assets Value (NAV) per share15.2 1.5891 1.6028
Net Tangible Assets (NTA) per share15.2 1.6057 1.6127
As at 30 June
2025
As at 31
December 2024
These Consolidated Financial Statements are to be read in conjunction with the accompanying notes4

New Zealand Rural Land Company Limited and its subsidiaries
Interim consolidated statement of changes in equity
For the 6 month period ended 30 June 2025
Notes
$'000 $'000 $'000 $'000
Balance at 1 January 2024 157,419 901 64,772 223,092
Comprehensive income
Profit for the period - - 12,384 12,384
Total comprehensive income - - 12,384 12,384
Transactions with shareholders
Performance fee issued in ordinary shares 901 (901) - -
Share buy-backs13(56) - - (56)
Transaction costs13(22) - - (22)
Transaction costs (Land Trust) - - (4,258)(4,258)
Adjustment on recognition of redeemable LP units - - (14,248)(14,248)
Balance at 30 June 2024 158,242 - 58,650 216,892
Balance at 31 December 2024 161,068 660 67,404 229,132
Comprehensive income
Profit for the period - - 3,478 3,478
Total comprehensive income - - 3,478 3,478
Transactions with shareholders
Performance fee issued in ordinary shares 660 (660) - -
Dividends paid - - (3,631)(3,631)
Dividends reinvestment plan issued 1,477 - - 1,477
Balance at 30 June 2025 163,205 - 67,251 230,456
Share capital
Retained
earnings
Total
Share based
payment
reserve
These Consolidated Financial Statements are to be read in conjunction with the accompanying notes5

New Zealand Rural Land Company Limited and its subsidiaries
Interim consolidated statement of cash flows
For the 6 months ended 30 June 2025
(Unaudited)(Unaudited)
Notes $'000 $'000
Cash flows from operating activities
Lease income received
11,646 8,912
Payments to suppliers
(2,765) (13)
Management fees paid
(693) (587)
Income taxes received
(1) 3
Interest paid
(4,162) (3,822)
Interest received
189 376
Net cash generated by operating activities 4,214 4,869
Cash flows from investing activities
Payments for investment properties
(5,606) (33,077)
Proceeds from disposals of assets
555 -
Net cash used in investing activities(5,051)(33,077)
Cash flows from financing activities
Payments for share buy-backs13 - (56)
Payment of Land Trust transaction costs - (4,258)
Dividends paid (net of reinvestments)(3,842) -
Proceeds from borrowings 2,612 24,483
Repayment of borrowings(368) (29,195)
Proceeds from redeemable Limited Partnership units12 586 54,100
Repayment of convertible loan - (11,989)
Net cash generated by financing activities(1,012) 33,085
Net (decrease)/increase in cash and cash equivalents(1,849) 4,877
Cash and cash equivalents beginning of the period 5,520 1,258
Cash and cash equivalents at the end of the period 3,671 6,135
6 month period
ended 30 June
2024
6 month period
ended 30 June
2025
These Consolidated Financial Statements are to be read in conjunction with the accompanying notes6

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
1Reporting entity
2Basis of preparation
3
Critical accounting estimates and judgements
•
Fair valuation of investment properties (note 5)
•
Recognition of loan receivable (note 9)
4
Segment information
$'000%$'000%
WHL Capital Limited
2,968
27.16%
1,824
20.04%
New Zealand Forest Leasing (No.2) Limited
2,593
23.73%
2,521
27.70%
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP), New
Zealand International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International Accounting Standard 34 (IAS 34)
Interim Financial Reporting. For the purposes of complying with NZ GAAP the Group is a for-profit entity.
The accounting policies and methods of computation in the most recent annual financial statements are followed in these interim
financial statements.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in
conjunction with the audited year ended 31 December 2024 consolidated financial statements.
These financial statements are presented in New Zealand dollars, which is the Group's functional currency. All amounts have been
rounded to the nearest thousand, unless otherwise stated.
Included in the Group's total rental income, more than 10% was received from the below significant customers. The total rental income
derived from these customers are as follows:
The Group operates in one business segment being New Zealand rural land.
New Zealand Rural Land Company Limited and its subsidiaries
The financial statements have been prepared on the historical cost basis except for derivative financial instruments and investment
properties which are measured at fair value.
The consolidated interim financial statements for New Zealand Rural Land Company Limited (the "Company" or "Parent" or "NZRLC") and
its subsidiaries (the "Group") are for the economic entity comprising the Company and its subsidiaries. The Group's principal activity is
investment in New Zealand rural farmland and forestry land.
The Company is incorporated in New Zealand and registered under the Companies Act 1993. The Company is an FMC reporting entity for
the purposes of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013. The Company was incorporated on 11
September 2020 and is domiciled in New Zealand. The Company is listed on the New Zealand Stock Exchange (NZX Limited) with ordinary
shares listed on the NZX Main Board. The address of the Company's registered office is 50 Customhouse Quay, Wellington Central,
Wellington, New Zealand.
These interim financial statements are for the 6 month period ending 30 June 2025.
6 month period ended 30
June 2024
The preparation of these financial statements requires management to make estimates and assumptions. These affect the amounts of
reported revenue and expense and the measurement of assets and liabilities. Actual results could differ from these estimates. The
principal areas of judgement and estimation in these financial statements are:
6 month period ended 30
June 2025
7

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
New Zealand Rural Land Company Limited and its subsidiaries
5
Investment properties
Fair value of rural land investment properties:
As at 30 June 2025 (Unaudited)
Land area
Opening
balanceAdditions¹Disposals
Lease fee
amortisation
Capitalised
lease
incentive²
Revaluation
gain
Carrying
value
Hectares$'000$'000$'000$'000$'000$'000$'000
Canterbury
6,066 127,944 16,343 - (5) (88)- 144,194
Otago
4,039 85,800 614 - (2)- - 86,412
Southland
1,386 43,300 - - (4) (13)- 43,283
Manawatū-Whanganui
4,607 114,000 - (555)(4)- - 113,441
Hawke's Bay
97 24,301 2 - - - - 24,303
South Taranaki
686 4,112 - - - - - 4,112
Rangitikei Districts
195 991 - - - - - 991
17,076 400,448 16,959 (555) (15) (101) - 416,736
¹
²
•
•
•
•
•
Location
In January 2025, the LP sold a portion of existing farm land in Manawatū-Whanganui for $0.5 million. The settlement was completed in
February 2025.
Net of amortisation.
Includes directly attributable acquisition costs.
Investment property is property held either to earn rental income, for capital appreciation or for both.
Investment property is initially measured at cost and subsequently measured at fair value with any change recognised in profit or loss.
Any gain or loss arising from a change in fair value is recognised in profit or loss. Initial direct costs incurred in negotiating and arranging
operating leases and lease incentives granted are added to the carrying amount of the leased asset.
Investment properties are derecognised when they have been disposed of and any gains or losses incurred on disposal are recognised in
profit or loss in the year of derecognition.
During the 6 month period ended 30 June 2025, no properties were revalued.
In December 2024, the Group entered into a conditional agreement with a tenant which involves the acquisition of land in exchange for
transfer of property held for sale and cash. This agreement was settled in March 2025 as follows:
The Group acquired farm land in Canterbury valued at $15.5 million. The farm land was approximately 304 hectares and will be
leased to Spreadeagle Dairies Limited for 14 years, generating $0.9 million of income in year one of the lease agreement.
As part of the settlement, the LP have sold farm land of approximately 420 hectares valued at $10.9 million. This farm land was
classified as assets held for sale in the consolidated financial statements for the year ended 31 December 2024.
The remaining settlement was funded 75% by the Company and 25% contributions from Land Trust.
A call option will be granted by the Group to the tenant such that it can purchase the land of the transferred leases for
approximately their current value. The option can be exercised on or before May 2027. This call option relates to properties that
have an accumulated value of $60 million (investment properties). Management do not believe that it is highly probable that the
call option will be exercised within the next 12 months and therefore have not treated the properties as held for sale.
The Group committed to capital projects of $2 million on land leased to the tenant. The completion of these projects will result in
a corresponding uplift in the lease payments.
8

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
New Zealand Rural Land Company Limited and its subsidiaries
5
Investment properties (continued)
As at 31 December 2024 (Audited)
Land area
Opening
balanceAdditions¹Reclassifications
2
Lease fee
amortisation
Capitalised
lease
incentive
3
Revaluation
(loss) / gain
Carrying
value
LocationHectares$'000$'000$'000$'000$'000$'000$'000
Canterbury 5,912 133,116 51 (11,355) (8) (177) 6,317 127,944
Otago 4,039 79,298 6,134 - (4)- 372 85,800
Southland 1,386 44,166 58 - (9)(26) (889) 43,300
Manawatū-Whanganui
4,768 89,701 14,356 - (6)- 9,949 114,000
Hawke's Bay
97 - 18,417 - - - 5,884 24,301
South Taranaki
686 - 2,318 - - - 1,794 4,112
Rangitikei Districts
195 - 559 - - - 432 991
17,083 346,281 41,893 (11,355) (27) (203) 23,859 400,448
¹
²
3
6Rental income
(Unaudited)(Unaudited)
$'000$'000
Gross lease receipts11,0629,314
Straight line rental adjustments(11)(11)
Revenue received in advance adjustments(32)(116)
Amortisation of capitalised lease incentives(88)(88)
Total rental income10,931 9,099
7Finance income and expense
(Unaudited)(Unaudited)
$'000$'000
Finance income
Interest income
1,124 972
Gain on fair value of derivative instruments29 449
Finance expense
Interest expense(3,965)(4,000)
Loss on fair value of derivative instruments(184)-
Net finance expense(2,996)(2,579)
Rental income is earned from investment property leased to clients under operating leases and is recognised in the Consolidated
Statement of Comprehensive Income on a straight-line basis over the term of the lease, taking into account rent free periods. Where
lease incentives are provided to customers, the cost of incentives are recognised over the lease term on a straight-line basis as a
reduction to rental income.
Net of amortisation.
6 month
period ended
30 June 2024
6 month
period ended
30 June 2025
Finance income includes interest income derived from financial assets and any fair value gain of derivative instruments. Interest income
is accrued using the effective interest rate method. The effective interest rate exactly discounts estimated future cash receipts through
the expected life of the financial asset to its gross carrying amount.
Finance expense includes interest expense incurred on borrowings and any fair value loss on derivative instruments. Interest expense is
recognised using the effective interest method.
Includes directly attributable acquisition costs.
6 month
period ended
30 June 2025
6 month
period ended
30 June 2024
$11.4 million of investment properties in Canterbury were reclassified as assets held for sale.
9

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
New Zealand Rural Land Company Limited and its subsidiaries
8Income taxes
(Unaudited)(Unaudited)
$'000$'000
Current tax expense
- -
Deferred tax expense
841 567
Income tax expense
841 567
Reconciliation of income tax expense to prima facie tax payable:
Profit before tax
4,319 12,951
Income tax expense calculated at 28%
1,209 3,626
Effect of expenses that are not deductible in determining taxable profit
469 -
Effect of income that is not assessable in determining taxable profit
- (2,643)
Tax depreciation
(509)(87)
Gain on sale of fixed assets
15 -
Prior period adjustment
- (329)
Portion of taxable profits attributable to the Land Trust
(344)-
841 567
9Loan receivable
(Unaudited)(Audited)
$'000$'000
Non-current:
McNaughtons home block
7,991 7,632
Makikihi Farm
14,374 14,053
Total loan receivable
22,365 21,685
10Derivatives
(Unaudited)(Audited)
$'000$'000
Derivative assets
275 503
Derivative liabilities
(2,398)-
(2,123)503
Key Judgement
As at 30 Jun
2025
On 2 August 2021, the Group acquired land at a North Canterbury Dairy Farm (Makikihi Farm) for $12 million and simultaneously entered
into a lease and a put and call agreement with Makikihi Robotic Dairy Limited (MRDL), a related entity to the vendor. Under the call
agreement, MRDL can acquire the land on 31 May in any year (providing a minimum 90 days notice has been provided) from the Group
for 12 million plus 10% interest (4.66% interest compounding annually and the remaining 5.33% is paid out). Under the put agreement,
from 1 August 2023 the Group can require MRDL to acquire the land on 31 May any year under the same pricing mechanism and notice
requirements. The put and call option has a 99 year life.
6 month
period ended
30 June 2024
Income tax expense
The Group has determined that these arrangements have the substance of loans with 10% market interest rates per annum. The loans
are secured by a General Security Deed and cross guarantee from certain tenant Group entities. The loan receivable balances have been
considered and determined no impairment is required at reporting date.
Derivative financial instruments, comprising interest rate swaps and milk swaps, are classified and measured at fair value through profit
or loss ("FVTPL"). Changes in fair value of such derivatives and gains or losses on their settlement are recognised in the Interim
Consolidated Statement of Comprehensive Income in finance income and expense.
As at 30 Jun
2025
As at 31 Dec
2024
As at 31 Dec
2024
6 month
period ended
30 June 2025
On 1 June 2021, the Group acquired land at 30 Cooneys Road, Morven (McNaughtons home block) for $5.4 million and simultaneously
entered into a lease and a put and call agreement with Performance Dairy Limited (PDL), a related entity to the vendor. Under the call
agreement, PDL can acquire the land on 31 May in any year (providing a minimum 90 days notice has been provided) from the Group for
$5.4 million plus 10% interest compounding annually. Under the put agreement, from 1 June 2023 the Group can require PDL to acquire
the land on 31 May any year under the same pricing mechanism and notice requirements. The put and call option has a 99 year life.
10

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
New Zealand Rural Land Company Limited and its subsidiaries
11Borrowings
The terms of the borrowings include the following covenants that the Group must ensure at all times:
• Interest coverage ratio is greater than 2.0;
• Loan to valuation ratio does not exceed 40%; and
• Capital expenditure in each financial year shall not exceed 120% of the budgeted forecast capital expenditure.
(Unaudited)(Audited)
$'000$'000
Current:
Rabobank facility
39,111 31,761
Bank of China facility
18,522 15,340
Total current borrowings
57,633 47,101
Non-current:
Rabobank facility
51,445 57,272
Bank of China facility
24,373 26,834
Total non-current borrowings
75,818 84,106
Total borrowings
133,451 131,207
Total facility
Undrawn
facility
Drawn
amount
30 June 2025 (Unaudited)
$'000$'000$'000
Bank facility A1 June 20285.12% 46,000 - 46,000
Bank facility B20 Dec 20275.11% 36,000 6,182 29,818
Bank facility C1 Jun 20265.29% 29,500 - 29,500
Bank facility D14 Apr 20265.25% 28,133 - 28,133
139,633 6,182 133,451
Total facility
Undrawn
facility
Drawn
amount
31 December 2024 (Audited)
$'000$'000$'000
Bank facility A1 Jun 20256.21% 46,000 - 46,000
Bank facility B20 Dec 20276.16% 36,000 8,793 27,207
Bank facility C1 Jun 20266.34%29,500 - 29,500
Bank facility D14 Apr 20266.33%28,500 - 28,500
140,000 8,793 131,207
The Group’s interest cover ratio covenant was 1.75 for the period 1 January 2025 to 30 March 2025 and 2.0 from 31 March 2025
onwards.
There is a general security deed over all of the assets of the Group as security of the borrowings.
Effective
interest rate
On 17 December 2024, the Group entered into a syndicated loan facility agreement with Coöperatieve RaboBank U.A. New Zealand
Branch ("Rabobank") and Bank of China (New Zealand) Limited ("Bank of China") credit facility agreement with Rabobank on 17
December 2024. The facility agreement has a limit of $140,000,000 with floating interest rates ranging over the four bank facilities.
Interest is payable quarterly in arrears. Bank facility A was due to expire on the 1 June 2025 but has been extended to 1 June 2028 on the
same terms. During the period, the Group made a partial principal repayment of bank facility D.
Borrowings are recognised initially at fair value net of transaction costs incurred. Borrowings are subsequently classified and measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the
Consolidated Statement of Comprehensive Income using the effective interest method (refer to note 7). Borrowings are classified as
current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting
date.
Effective
interest rate
Expiry date
Expiry date
As at 30 Jun
2025
As at 31 Dec
2024
The Group has complied with the financial covenants of its borrowing facilities during the 6 month period to June 2025.
11

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
New Zealand Rural Land Company Limited and its subsidiaries
12Reconciliation of redeemable Limited Partnership units
$'000
Balance as at 31 December 202475,797
Distribution to Land Trust
(1,688)
Further contributions received from Land Trust
586
Revaluation movement
1,669
Balance as at 30 June 2025 76,364
13Issued capital
Authorised and issued
Balance at 31 December 2023 (Audited)
157,419 139,295,000
Share buy-backs
(56) (53,084)
Performance fee issued in ordinary shares
901 564,139
Transaction costs arising on issue of shares
(22) -
Balance at 30 June 2024 (Unaudited)
158,242 139,806,055
Issue of shares for apple orchard acquisition
2,038 2,215,190
Dividend reinvestment
851 967,556
Share buy-backs
(21) (35,000)
Transaction costs arising on issue of shares
(1)-
Other
(41) -
Balance at 31 December 2024 (Audited)
161,068 142,953,801
Dividend reinvestment
1,477 1,659,151
Performance fee issued in ordinary shares
660 411,772
Balance at 30 June 2025 (Unaudited)
163,205 145,024,724
14Related parties
14.1Group composition
Entity nameNature of entity
NZRLC Dairy Holdings LimitedSubsidiary - Intermediate holding company 100%100%
SSP NI LimitedSubsidiary - Intermediate holding company 100%100%
NZ Rural Land Investments Limited PartnershipSubsidiary - Operating entity75%75%
NZ Rural Land Investments GP LimitedSubsidiary - General partner75%75%
14.2Remuneration of the Manager
• Providing administrative and general services;
• Sourcing and securing potential investors and communicating with investors;
• Sourcing opportunities for the sale and purchase of Land, and operators for lease agreements in respect of Land;
• Overseeing due diligence for and executing transactions for the sale and purchase, and leasing, of Land;
• Managing the Group’s Property, including Land owned by the Group;
• Arranging regular valuations and audits of the Group; and
• Administering the payment of dividends and distributions in respect of the Group.
The Group, in conjunction with Land Trust, has appointed an external manager, New Zealand Rural Land Management Limited
Partnership through a signed management agreement. The Manager is responsible for all management functions of the Group, including:
No. of
ordinary
shares
$'000
Proportion of ownership
As at 30 Jun
2025
As at 31 Dec
2024
All shares have equal voting rights, participate equally in any dividend distribution or any surplus on the winding up of the Company. The
shares have no par value.
12

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
New Zealand Rural Land Company Limited and its subsidiaries
14.2Remuneration of the Manager (continued)
The Manager is remunerated via management fees, transaction fees and performance fees.
(Unaudited)(Unaudited)
Fees chargedFees charged
Fees paid and owing to the Manager:
$'000$'000
Basic management services fee 811 662
Land transaction fees 145 327
Leasing fees 30 120
Transaction fee- 869
Other 3 3
Total 989 1,981
Management fee
Transaction fee
•
•
Performance fee
15Non-GAAP measures
15.1Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
6 month
period ended
30 June 2024
6 month
period ended
30 June 2025
Funds from operations ('FFO') is a non-GAAP financial measure that shows the Group's underlying and recurring earnings from its
operations and is considered industry best practice for a property fund to enable investors to see the cash generating ability of the
business. This is determined by adjusting statutory net profit (under NZ IFRS) for certain non-cash and other items. FFO has been
determined based on guidelines established by the Property Council of Australia and is intended as a supplementary measure of
operating performance. The Manager uses and considers Adjusted Funds From Operations ('AFFO') as a measure of operating cash flow
generated from the business, after providing for all operating capital requirements including maintenance capital expenditure, tenant
improvement works, incentives and leasing costs.
Non-GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information
presented by other entities. These measures should not be viewed in isolation, nor considered as a substitute for measures reported in
accordance with NZ IFRS.
A monthly management fee is payable equal to 0.5% per annum of the Group's Net Asset Value, calculated on a monthly basis. The total
management fees for the period ended 30 June 2025 were $0.811 million (six months ended 30 June 2024: $0.662 million).
A fee is payable for the following transactions:
For each purchase or sale of land, a fee equal to 1.25% of the acquisition or divestment cost of the land and improvements; and
A performance fee is payable to the Manager when the Group's net asset value ('NAV') per share exceeds the Group's NAV per share in
the immediately preceding financial year. This annual performance fee is calculated as 10% of the increase in NAV per share and is settled
through the issue of ordinary shares based on the NAV per share at that date. NAV per share is adjusted for the impact of capital
reconstructions (such as a rights issue at a premium or discount), with the intention of the calculation being neither prejudicial nor
advantageous to the Company or the Manager. Half of the ordinary shares issued are held in escrow and cannot be sold for 5 years. The
performance fee in the financial year ended 31 December 2025 will be calculated after the financial year end. The shares will be issued to
the Manager subsequent to balance date.
Transaction fees incurred for the period ended 30 June 2025 were $0.145 million and $0.03 million (year period 30 June 2024: $0.327
million and $0.12 million) in relation to the purchase and lease fee components (respectively). The purchase fee for the comparable
period was included in the initial carrying amount of the acquired investment property.
For each lease agreement entered into, a fee of $30,000.
13

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
New Zealand Rural Land Company Limited and its subsidiaries
15.1Reconciliation of net profit after tax to adjusted funds from operations (AFFO) (continued)
(Unaudited)(Unaudited)
Notes
$'000$'000
Net profit after tax3,478 12,384
Adjustments
Unrealised net gain in value of investment properties5- (12,068)
Unrealised movement in redeemable Limited Partnership units121,669 4,028
Unrealised net loss/(gain) on derivatives7 160 (449)
Deferred tax expense8 841 567
Revaluation of carbon credits (57) -
Amortisation of rent free incentives688 88
Amortisation of lease fee 18 14
Capitalised interest loan receivable (680) (633)
Funds from operations ('FFO')5,517 3,931
FFO attributable to the Land Trust 1,550 869
FFO attributable to the Company 3,967 3,061
Company FFO per share (cents)2.74 2.19
Adjustments
Incentives and leasing costs 11 11
Future maintenance capital expenditure¹(86)(355)
Adjusted funds from operations ('AFFO')5,442 3,587
AFFO attributable to the Land Trust1,531 872
AFFO attributable to the Company 3,911 2,715
Company AFFO per share (cents)2.70 1.94
15.2Net assets per share and net tangible assets per share
¹ Represents amounts set aside each financial period for future expected maintenance capital expenditure as considered prudent by the
Manager. These amounts do not qualify for recognition as liabilities on the balance sheet under NZ GAAP.
6 month
period ended
30 June 2024
The Group presents net assets per share and net tangible assets per share in these financial statements. The Group believes that these
non-GAAP measures provide useful additional information to readers. Net tangible assets per share is a required disclosure under the
NZX Listing Rules and net assets per share is a measure monitored by management and required for calculating the Manager's
performance fee.
6 month
period ended
30 June 2025
14

Notes to the interim consolidated financial statements
For the 6 month period ended 30 June 2025
New Zealand Rural Land Company Limited and its subsidiaries
15.2Net assets per share and net tangible assets per share (continued)
(Unaudited)(Audited)
Notes
$'000$'000
Total assets 445,213 441,933
(Less): Total liabilities (214,757) (212,801)
Net assets230,456 229,132
(Less): Deferred tax asset - (552)
Add: Deferred tax liabilities 288 -
Add: Derivative liabilities 2,398 2,471
(Less): Derivative asset10 (275) (503)
Net tangible assets232,867 230,548
Number of shares issued ('000) 145,025 142,954
Net assets per share ($) 1.5891 1.6028
Net tangible assets per share ($) 1.6057 1.6127
16Earnings per share
(Unaudited)(Unaudited)
Profit after income tax ($'000) 3,478 12,384
Weighted average number of shares for the purpose of basic and diluted EPS ('000) 143,720 134,861
Basic and diluted earnings per share (cents)2.42 9.18
17Contingent liabilities and contingent assets
18Capital commitments
19Subsequent events
6 month
period ended
30 June 2025
6 month
period ended
30 June 2024
As at 30 June
2025
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income
tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of
ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
The Group has no capital commitments as at 30 June 2025 (30 June 2024: nil).
Basic and diluted earnings per share amounts are calculated by dividing profit after income tax attributable to shareholders by the
weighted average number of shares on issue.
The calculation of the Group's net assets per share, net tangible assets per share, and its reconciliation to the Consolidated Statement of
Financial Position is presented below:
As at 31 Dec
2024
There were no events after the balance sheet date that impact the financial statements at the date these financial statements were
issued.
There are no contingent liabilities or assets as at 30 June 2025 (30 June 2024: nil).
15

---

1
New Zealand Rural Land Company
Rural Land Company
New Zealand
Result for the six months ending
30 June 2025
21 AUGUST 2025
LISTED ON:
www.nzrlc.co.nz
2025

2
New Zealand Rural Land Company
2
DISCLAIMER
The information and opinions in this presentation were
prepared by New Zealand Rural Land Company (NZL).
NZL makes no representation or warranty as to the accuracy
or completeness of the information in this report. Opinions
including estimates and projections in this report constitute the
current judgment of NZL as at the date of this report and are
subject to change without notice. Such opinions are not guarantees
or predictions of future performance. This report is provided for
information purposes only and does not constitute investment advice.
Neither NZL, nor any of its Board members, officers, employees,
advisers (including New Zealand Rural Land Management Limited) or
any other representatives will be liable for any damage, loss or cost
incurred by any recipient of this report or other person in connection with
this report.
NEW ZEALAND RURAL LAND CO OWNS SOME OF
THE BEST AGRICULTURAL LAND IN THE WORLD.
Rural Land Co
New Zealand
The Rural Land Investors

3
New Zealand Rural Land Company
Acquired a high yielding highly productive dairy farm increasing
total annual rental income by ~$290k
Sold two pastoral properties at above most recent valuation
Interest Rate hedging increased to 81% at HY25, from 65% in HY24
AFFO per share has grown to 2.70cps in HY25 (+39.2%) vs 1.94 cps
in HY24
Gearing lowered to 29.8%, from 30.5% in HY24
Dividend declared of 2.16 cents per share equivalent to 80% of
HY25 AFFO*
3
KEY MESSAGES
* NZL’s AFFO after deducting Roc’s share of AFFO

4
New Zealand Rural Land Company
HY25 - FINANCIAL HIGHLIGHTS & METRICS
Total Returns
Net asset value per share has grown from $1.25 at
IPO
1
to $1.589 at 30 June 2025 (CAGR +6.2); total
company returns have been +34.8% (NAV growth plus
dividends)
2
.
1. 21 December 2020
2. This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 145,024,724 on issue as at 30 June 2025. Calculation assumes full participation in rights issues.
3. AFFO per share is based on the portion of the consolidated company’s total AFFO attributable to NZ
4. AFFO per share guidance at year-end based on 142,953,801 shares on issue. An additional 2,070,923 shares were issued in the first half of the financial year..
Increasing AFFO
HY25 AFFO was $3.9m (2.70 cps)
3
due to the impact of
CPI increases and higher yielding recent acquisitions.
This is inline with guidance on a like for like basis
4
.
$1.589
NAV per Share
$445.2m
Total Assets
$230.5m
Net Asset Value (NAV)
29.8%
Gearing
Dividend
NZL will pay an interim dividend of 2.16 cps, equivalent
to 80% of NZL’s HY25 AFFO.
CPI Linked
CPI linked rental increases of +13.8% on 15.9% of NZL’s
portfolio took effect in June 2025. A further 29.2% of
NZL’s portfolio was subject to a +2.5% increase on 15
April 2025.

New Zealand Rural Land Company
555
HY25 OPERATING OVERVIEW
SECTION 1

6
New Zealand Rural Land Company
HY25 CORPORATE ACTIONS
Acquired Property: Dairy Farm
LocationCanterbury
Asset ClassDairy
Area305 hectares
Purchase Price$15.5m
TenantWilliams Holdings Limited
Lease TypeTriple Net Lease
Lease Term 15 Years
Year 1 Rent $915k
Year 1 Lease Rate 5.9%
Rent Reviews3 Yearly
On 7 March 2025, NZL acquired a 305ha, highly productive dairy farm located
in Canterbury. The transaction increases NZL’s total rental income by ~$290k
a year
1
.
As part of the consideration for the aquisition NZL sold two pastoral farms at
above book values/most recent valuations.
This represents the third instance of NZL selling properties and redeploying
capital. Every sale has been completed at above market value.
1. The property was acquired through a newly formed Limited Partnership 75% owned by NZL and 25% owned by Roc Partners
19 January 2024
Roc Partners acquire a 25% equity interest in NZL’s land portfolio for the equivalent of ~$1.29 per share
($44.2m), a +52% premium to NZL’s share price of $0.85 at the time of the transaction.
8 November 2024
Southern Orchards - the first tranche (47 hectares) of a 126 hectares of premium horticultural land in central
Otago. Consideration included of $3.5m worth of NZL shares issued at the prevailing NAV of $1.58 per
share. A +71.7% premium to NZL’s share price of $0.92 at the time of the transaction.
7 March 2025
NZL sold one dairy farm and one drystock farm at above market value. Acquired in 2021, the properties
were sold for a +10.9% premium to their original purchase price.
NZL used the funds from the sale of these properties to acquire a highly productive dairy farm.
Properties Sold Since Inception

7
New Zealand Rural Land Company
OUTLOOK & FY25 FORECAST
NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, inflation will
result in rental growth. Furthermore, NZL is insulated from inflation-impacted (and all
other operational) on-farm costs by owning only the land.
NZL has seen the positive impact of inflation in 2025, with many of its leases having
successfully undergone CPI review. Further CPI linked lease reviews took place in
the first half of FY25.
NZL forecasts FY25 AFFO of between $7.5m and $8.0m (Note: this excludes
earnings from properties with put/call arrangements in place). AFFO per share of
5.17 to 5.52 cents (Based on 145,024,724 shares on issue).
Dividend payout ratio in keeping with NZL’s new policy is 60-90% of AFFO.
The chart below shows NZL’s historical and forecast AFFO and AFFO/sh
performance (AFFO/sh CAGR of +20.4% p.a. since FY22).

8
New Zealand Rural Land Company
NZL’S CASH YIELD GROWTH
• NZL has increased AFFO on both an absolute and per share basis every year since listing and is forecast to continue to do so
1
. There should be a strong
correlation between cash yield and share price.
• By the end of FY25 NZL’s AFFO will have more than doubled on an absolute basis since FY22. Over the same period AFFO per share is forecast to have
increased +74.6% (per share growth has been achieved alongside a ~+29m increase in the number of shares on issue).
• NZL is forecasting AFFO of between $7.5m and $8.0m in FY25 a +9.8% increase from FY24.
• NZL has a minimum target AFFO of $9.4m by FY29 equivalent to annual growth of +5.0% per annum from FY26 onwards. The chart below illustrates NZL’s
historical and minimium target AFFO.
• Research from Craigs Investment Partners shows that listed property vehicles (LPV) prices have traditionally followed their dividend yield on a relative basis
and the sector is highly correlated with the relationship between the dividend yield and interest rates
2
.
• As increased AFFO will enable NZL to pay larger dividends, a higher dividend yield in a declining interest rate environment should make NZL an increasingly
attractive investment.
• If NZL were to trade at its current dividend yield of 3.9% its implied FY29 share price would be ~$1.30 a +27.5% increase
3
.
1. In order to facilitate a like-for-like comparison AFFO is shown as at 31 December in each preceding year (NZL changed its balance date from 30 June to 31 December in FY22).
2. Nicholas Hill, Craigs Investment Partners, It’s All About the Yield, 05 February 2025
3. Based on NZL’s share price of $1.02 as at 18 August 2025

New Zealand Rural Land Company
9
New Zealand Rural Land Company
NZL FINANCIALS & RETURN METRICS
for the six months ending 30 June 2025
SECTION 2

10
New Zealand Rural Land Company
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
2.70cps
(+39%)
AFFO
2.74cps
(+25%)
FFO
NZ$00030 June 202530 June 2024
Net Profit After Tax3,47812,384
Adjusted for:
Unrealised Net Gain on Investment Properties-(12,068)
Unrealised Movement in Redeemable Limited Partnership Units1,6694,028
Unrealised Net (Gain) / Loss on Derivatives160(449)
Deferred Tax Expense / (Benefit)841567
Amortisation of Rent Free Incentives8888
Amortisation of Lease Fee1814
Revaluation of Carbon Credits(57)-
Capitalised Interest Loan Receivable
1
(680)(633)
Funds from Operations (FFO)5,5173,931
FFO Attributable to the Land Trust1,550869
FFO Attributable to NZL3,9673,061
Company FFO per Share (cents)2.742.19
Adjusted Funds from Operations
Incentives and Leasing Costs1111
Future Maintenance Capital Expenditure(86)(355)
Adjusted Funds from Operations (AFFO)5,0753,587
AFFO Attributable to the Land Trust1,531872
AFFO Attributable to NZL3,9112,715
Company AFFO per Share (cents)2.701.94
AFFO is a proxy for free cash flow commonly used by REITs. AFFO is intended to provide investors with a clearer picture of the company’s free cash flow.
1. Capitalised interest on loan receivables removed as this is non-cash income and AFFO serves as a proxy for free cash flow.

11
New Zealand Rural Land Company
PROFIT & LOSS STATEMENT
NZ$00030 June 202530 June 2024
Gross Rental Income
Rental Income
10,9319,099
Net Rental Income
10,9319,099
Less Overhead Costs
Directors Fees
(114)(114)
Insurance
(43)(44)
Shareholder Registry & Communication
(46)(34)
Management Fees
(811)(662)
Repairs and Maintenance
-(225)
Professional, Consulting and Listing Fees
(931)(370)
Performance Fee
--
Settlement of Convertible Loan
-(160)
Other
(54)-
Total Overhead Costs
(1,999)(1,609)
Profit / (Loss) Before Net Finance Income, Other
Income and Income Tax
8,9327,490
Finance Income1,1531,421
Finance Expense(4,149)(4,000)
Net Finance Income(2,996)(2,579)
Profit /(Loss) Before Other Income and Income Tax5,9364,911
Other Income
Change in Fair Value of Investment Property-12,068
Movement in Redeemable Limited Partnership Units(1,669)(4,028)
Other52-
Profit / (Loss) Before Tax4,32712,951
Income Tax Expense(841)(567)
Profit / (Loss) and Total Comprehensive Income for
the Period
3,48612,384
Earnings per Share (EPS) (cents)2.429 .1 8
$3.49m
NPAT
2.42cps
EPS

12
New Zealand Rural Land Company
BALANCE SHEET
NZ$00030 June 202530 June 2024
Current Assets
Cash and Cash Equivalents3,6716,135
Derivative Assets 275-
Trade and Other Receivables 2,0061,164
Current Tax Receivable-4
Total Current Assets5,9527,303
Non-Current Assets
Investment Property416,736393,806
Loan Receivable22,36521,000
Deferred Tax Assets-831
Derivative Assets-479
Other Non-Current Assets16075
Total Non-Current Assets439,261416,191
Total Assets445,213423,494
Current Liabilities
Trade and Other Payables2,0874,861
Borrowings 57,63375,500
Derivative Liabilities33-
Other Current Liabilities 169577
Total Current Liabilities59,92280,938
Non-Current Liabilities
Borrowings75,81853,288
Deferred Tax Liabilities288-
Derivative Liabilities 2,365-
Redeemable Limited Partnership Units76,36472,376
Total Non-Current Liabilities154,835125,664
Total Liabilities214,757206,602
Net Assets230,456216,892
Net Asset Value (NAV) per Share1.58911.5515
$230.5m
(+6%)
Total Equity/ Net Asset
Value
$445.2m
(+5%)
Total Assets

13
New Zealand Rural Land Company
DEBT SUMMARY
2.0 Years
**
Weighted Average Term
to Expiry
5.6%
**
Weighted Average
Interest Cost
Key Metrics30 June 202530 June 2024
Debt Drawn ($m)133.5128.8
Debt to Total Tangible Assets29.8%30.5%
Interest Coverage Ratio2.57x2.25x
Weighted Average Term to Expiry (Years)2.01.2
Weighted Average Interest Cost5.6%6.6%
% Of Debt Hedged81%64%
Total Debt Facilities Available ($m)139.6133.5
NZL Debt Facility Expiry Profile
* Gearing is calculated as: bank debt / total tangible assets
** As at 30 June 2025
29.8%
*
Gearing
Key Banking Partners
In May 2025, NZL renewed a $46m tranche of its existing banking facilities. The tranche originally due to expire on 1 June 2025 has been extended to 1 June 2028. The
extension of this tranche increases the weighted average term to expiry of NZL’s debt facilities to 2.0 years.
At the beginning of the period NZL had hedging arrangements in place for 65% of its total borrowings. During the period NZL hedged a further $40m of its
borrowings increasing its total hedging to 81% with an average cost of 5.7%. The remaining debt is floating and the cost of the floating debt component is 5.1%.
Accordingly, NZL’s weighted average cost of debt is currently 5.6%.
81.0%
Hedged

14
New Zealand Rural Land Company
TOTAL RETURNS
Dividends per Share
1. This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 145,024,724 on issue as at 30 June 2025. Calculation assumes full participation in
rights issues.
2. AFFO per share is based on the portion of the consolidated company’s total AFFO attributable to NZL.
3. Growth achieved since FY22.
NAV Performance
AFFO & AFFO/sh
• NZL delivered HY25 AFFO of $3.9m
(2.70 cps
2
).
• This represents AFFO growth of +44.1%
(+39.2% cps) from HY24
• NZL continues to forecast FY25 AFFO
of between $7.5m and $8.0m, the mid-
point of which would represent a +9.7%
increase in AFFO from FY24.
• NZL’s NAV per share has increased from
$1.250 to $1.589 (+27.1%) since listing.
• This growth in NAV per share plus dividends
over the same period means NZL has
delivered total company returns of +34.8%
1
since 21 December 2020.

• NZL reinstated its dividend in FY24
and paid a full year dividend of 4.00
cps for the year to 31 December
2024.
• NZL will pay an interim dividend of
2.16cps for the six months to 30 June
2025 equivalent to ~80% of HY25
AFFO
• NZL forecasts a full year dividend
for FY25 of 4.28 cps representing
80% of the mid-point of NZL’s AFFO
guidance.
CAGR: +4.9%
CAGR: +20.8%
AFFO/sh CAGR: +20.4%
3

New Zealand Rural Land Company
15
SUSTAINABILITY PROGRAMME
as at 30 June 2025
SECTION 3

16
New Zealand Rural Land Company
CLIMATE CHANGE REPORTING
• NZL released its annual Climate-Related Disclosures report on the 29th of April 2025 .
• The report represents a significant step in deepening our understanding of how climate change may affect our business over time. It also supports the
development of strategies to enhance the resilience of our portfolio.
• Climate considerations are embedded across our acquisition due diligence, investment prioritisation, and capital planning processes. Integrating climate
risk assessment is a recognised lever to optimise commercial value. We continue to work with external experts to further mature our approach to integrating
climate related risk into our decision-making process and capital deployment.
• At the heart of this work is the NZ Earth System Model — a cutting-edge, data-driven simulation platform often referred to as the ultimate “climate crystal
ball.”
• This high-resolution model integrates vast data sets and complex algorithms to simulate the dynamic interactions between Earth’s atmosphere, oceans, land,
and biosphere, alongside human activity. It enables NZL to anticipate and prepare for a range of future climate pathways with scientific precision.
• To inform strategic decisions, NZL interrogated climate risk maps downscaled to a 5km grid — providing asset-level insights into how climate change could
influence land performance and opportunity across its portfolio.
• Sustainable agriculture and forestry are both vital components of New Zealand’s national climate strategy, and we remain committed to aligning our
operations with the global drive to reduce emissions while contributing to a resilient, thriving local economy.

17
New Zealand Rural Land Company
SUSTAINABILITY PROGRAMME
NZL continues to work on mapping its current portfolio for marginal land which can be enhanced with planting and a programme to increase
biodiversity. The mitigation of erosion is a key outcome of this planting with potential for carbon sequestration and sediment control.
NZL has initiated work on several special projects across its portfolio. These include a solar pump upgrade (from diesel), improved effluent
systems on some farms, (budgeted capex at purchase) and native regeneration and predator control at NZL’s forestry estate in partnership with
our tenant New Zealand Forestry Leasing.
Release of NZL’s sustainability programme - “Enduring Land for Life”. Visit our website www.nzrlc.co.nz for further detail.

EnvironmentEconomic
Governance
Oversight and management of goals; skills and commitment to “Enduring Land for Life” vision. Strength and diversity.
SocialAnimal Welfare
✓ Soil Health
✓ Water Quality
✓ Biodiversity
✓ Emissions reduction per unit of
production
✓ Land Selection
✓ Partnering with tenants
✓ Creating a virtuous circle of growth,
investment, job creation, community
opportunities
✓ Care of people
✓ Health and safety
✓ Warm, safe living conditions
✓ Enabling career and personal growth
✓ Fair pay
✓ Five freedoms
✓ Prioritising animal wellbeing
✓ Nutrition and care
✓ Adequate shelter

Mana Whenua
✓ Prioritising relationships with mana
whenua / te ahi kaa
We know that the success of any strategy starts with the tone at the top, and we value strong and diverse governance. Having the right mix of skills
and commitment ensures NZL has the capability and vision needed to achieve our mission.
Enduring Land for life: The Framework
1
2
3

18
New Zealand Rural Land Company
SUSTAINABILITY HIGHLIGHTS
Native Forest Regeneration
NZL partners with its tenant New Zealand Forest Leasing which has a large nationwide carbon sequestration and native regeneration project underway. This
involves using pines as a “nurse crop” and using a variety of methods to ensure long-term native regeneration. The methodology of “Nurse Crop” coupled
with native regeneration has a two fold effect on sustainability. The Pinus Radiata nurse crop delivers unmatched early growth rates, sequestering atmospheric
greenhouses gases at high rates, which are the primary perpetrator in the global fight against climate change. Alongside exceptional carbon sequestration, the
fast growth rates create a forest canopy and starve out grass and weeds, creating an optimal micro-climate for shade tolerant native species to successfully
establish.
Particular active management initiatives to enable native regeneration include: Fire Management, Large Scale Intensive Pest Animal Control, Pest Plant Control
and Forest Health Monitoring.
NZFL are a best-in-class manager and execute the native regeneration on NZL’s properties. Their team mimic the natural regeneration process with techniques
such as enabling seed dispersal from existing native stands, planting natives and thinning the nurse crop canopy. As regeneration progresses, native bird and
insect species increase. These species are protected by NZFL’s active pest management program which is the largest in New Zealand.
NZFL’s Active Forestry Management for Native Regeneration

New Zealand Rural Land Company
191919
DIVIDEND AND OUTLOOK
SECTION 4

20
New Zealand Rural Land Company
SPOTLIGHT ON: THE FINANCIAL LANDSCAPE FOR NEW ZEALAND DAIRY FARMERS
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2018-192019-202020-212021-222022-232023-242024-25
(Forecast)
Value in NZD
Net drawingsTaxInterest and Rent
DepreciationFarm working expensesNet dairy cash income
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2018-192019-202020-212021-222022-232023-242024-25
(Forecast)
Value in NZD
ProfitBreakeven milk priceavg. Payout received
40%
42%
44%
46%
48%
50%
52%
54%
2018-192019-202020-212021-222022-232023-242024-25
(Forecast)
Debt to Asset %
Record Cash Profits
Positive Bottom Line
Declining Debt Levels
Insights
New Zealand’s dairy sector is the backbone of the rural economy, and it’s financial
health directly impacts land leasing models like NZL’s. Insights from DairyNZ’s
economic tracker show what the average owner-operator experienced in the last
six seasons from FY19 to FY24 (it also includes a forecast for the current season,
FY25):
• Both breakeven milk price and the average payout received rose consistently,
with farms maintaining above the line profitability. FY25 is forecast to be the
most profitable in the last seven seasons.
• Rising expenses were driven by higher input costs, rising interest rates and
the tax burden associated with increased profiability.
• Profitable seasons allowed farmers to focus on improving financial stability,
with debt-to-asset ratios steadily declining.
These trends strengthen NZL’s business model by enhancing tenant financial
resilience and supporting stable lease payments. Additionally, improved
farm profitability increases long-term land values, further improving return to
shareholders.

21
New Zealand Rural Land Company
New Zealand’s carbon market is tightening, with emission unit availability set
to drop from 45 million to 21 million between 2025 and 2029, driving carbon
prices higher (announced 20 August 2024 - see chart below). Carbon prices
increased to c.$60 per ton in response to these changes. The government
has reversed some environmental policies, delaying agricultural emissions
pricing and lifting the oil and gas exploration ban. The Eurpean Union’s Carbon
Border Adjustment Mechanism will impact NZ exporters from 2026, requiring
compliance with new carbon levies. These shifts reflect a balancing act between
economic growth and climate commitments.
MARKET UPDATES
NZU Price Last 18 Months
Carbon Price Holding SteadyDairy Payout at Record Highs
In March 2025, Fonterra reaffirmed its forecast 2024/25 season Farmgate
Milk Price of $10.00 per kilogram of milk solids (kgMS); with the forecast
range moving to $9.70 - $10.30 per kgMS. This is an improvement on
Fonterra’s final 2023/24 season Farmgate Milk Price of $7.83 kgMS.
Fonterra believes the rebalancing domestic market in Greater China and
the continued demand from countries in Southeast Asia is the driving force
behind Farmgate Milk Price recovery. Milk supply in the United States and
Europe is still being impacted by local factors while production in New
Zealand has increased.
TO UPDATE WITH LATEST DATA
Farmgate Milk Price Last 5 Years
1
$ 7.5 Kg/MS
$ 9.3 Kg/MS
$ 8.2 Kg/MS
$ 7.8 Kg/MS
$ 10.0 Kg/MS
0.0
2.0
4.0
6.0
8.0
10.0
12.0
$ Kg/MS
FonteraWestlandSynlaitOceania Diary
1
Farmgate Milk Price callouts are for Fonterra.

22
New Zealand Rural Land Company
DIVIDEND & SHARE BUYBACK PROGRAMME
Dividend
Share Buyback Programme
• NZL has resolved to pay an interim dividend of 2.16 cps equivalent to
~80% of NZL’s HY25 AFFO*.
• NZL’s dividend policy targets a pay-out ratio of 60% - 90% of AFFO. The
pay-out range grants the company greater flexibility to deploy NZL’s cash
operating earnings in ways most beneficial to increasing shareholder
value.
• NZL maintains its dividend reinvestment plan which offers shareholders
the opportunity to reinvest the net proceeds of cash dividends payable on
some or all of their NZL shares into additional fully paid shares.
• NZL maintains a selective on-market buyback programme.
• During the period NZL did not repurchase any shares. Since the
programme was established a total of 710,131 shares have been
repurchased.
* NZL’s AFFO after deducting Roc’s share of AFFO

23
New Zealand Rural Land Company
0.30%
3.00%
3.70%
4.60%
4.90%
6.20%
6.30%
6.80%
14.20%
-10%
-5%
0%
5%
10%
15%
20%
LPV 1LPV 2LPV 3LPV 4
LPV 5LPV 6
LPV 7
LPV 8
NZL
Yield + Growth
Cash YieldAFFOps growth p.a to FY27Yield + Growth Sector Median (4.90%)Yield + Growth
LISTED PROPERTY VEHICLE COMPARISON
Yield & Forecast Growth Across NZX Listed Property Vehicles (LPV)
Source: Craigs Investment Partners, A Sign of Validation (22 January 2024).

New Zealand Rural Land Company
24
APPENDICES

25
New Zealand Rural Land Company
INVESTMENT SUMMARY
NZL PROVIDES INVESTORS WITH EXPOSURE TO:
1. This land is owned via an LP, 75% owned by NZL and 25% by Roc Partners
2. This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 145,024,724 on issue as at 30 June 2025.
3. Calculation assumes full participation in rights issues, plus dividend accumulated to 31 December 2024.
Favourable Industry
Dynamics
A Proven Value Add
Acquirer of Land
Attractive Total ReturnsHigh Quality Tenants
with Attractive WALT
A Significant Growth
Opportunity
Long term demand for key
commodities and food
vs declining availability
of productive land drives
land values. Productive
rural land is finite in supply
and its value is founded
on worldwide population
growth, growing food
demand, and yield-
boosting innovation.
Increasing scarcity of
productive land globally is
mirrored in New Zealand.
New Zealand is one of the
world’s lowest-cost and
lowest-carbon emitting
producers of protein, fibre
and timber in the world.
Successfully acquired
17,077 hectares of pastoral,
forestry and horticultural
land since listing on 21
December 2020
1
.
NAV per share increased
from $1.250 (21 December
2020) to $1.589 as at
30 June 2025
2
. T his
represents total increase in
NAV per share of +27.1% .
NAV growth has been
achieved alongside an
expansion to capital base
from 60.6m shares on
issue at IPO to ~145.0m
shares on issue as at 30
June 2025
All tenants have significant
operating experience,
robust balance sheets and
governance frameworks.
12.3 year WALT (by value).
NZL provides unique
investment exposure as it
is currently the only pure-
play listed exposure to
New Zealand rural land.
NZL provides inflation
hedging and stable income
via CPI-linked leases
(uncapped).
NZL’s strategy is to
continue to grow its
portfolio, both in dairy
and other attractive
agricultural opportunities,
to ultimately provide scale
and diversified exposure to
high quality New Zealand
rural land.
NAV per share has grown
by +27.1% since NZL’s IPO.
NZL has paid/declared
a total of 9.64 cps in
dividends. Total company
returns have been +34.8%
3
.
Farmland does not
typically experience the
same volatility that mark
economic changes. It
usually experiences
peaks and plateaus
– appreciating at an
attractive rate when
times are positive but not
necessarily retreating when
conditions are tough, this
is driven by its increasing
scarcity.

26
New Zealand Rural Land Company
PORTFOLIO OVERVIEW - AS AT 30 JUNE 2025
1
25% owned by Roc. Numbers are rounded.
2
WALT is weighted by lease value.
Rural Asset Class
HorticultureForestryPastoralTotal
Land Area (ha)
1445,48811,44517,077
1
Regions
Hawke’s Bay and OtagoCentral North IslandCanterbury, Otago & SouthlandPastoral, Forestry & Horticulture
Current Use
Apples & PearsForestry & Carbon Dairy & Support
Dairy, Support, Forestry, Carbon,
Apples & Pears
WALT (years)
2
29.017.47. 412.3
# Tenants
2259
Occupancy
100%100%100%100%
Rural Sub-Sector Breakdown

27
New Zealand Rural Land Company
TENANT CONCENTRATION, LEASE PROFILE & LEASE OVERVIEW - AS AT 30 JUNE 2025
Tenant Concentration as % of Lease Value
NZL expects tenant diversification to increase as it continues to grow its asset base.
NZL’s Weighted Average Lease Term (WALT) is currently 12.3 years (100% occupancy).
NZL’s pastoral farm leases all have three, six and nine year CPI increases with tenant rights of renewal in years 10 or 11.
NZL’s forestry leases all have annual CPI increases.
NZL’s horticultural assets have annual rental increases of 2.5% or CPI whichever is greater.
All leases are triple net leases, tenants are responsible for all repair and maintenance costs.
Lease Expiry Profile by Value

28
New Zealand Rural Land Company
FOREIGN OWNERSHIP RULES & LEVELS
New Zealand
Buyer
NZL is highly advantaged
because it is a
New Zealand buyer
of rural land.
Current Listed
Company Foreign
Ownership Rules
Under the Overseas Investment
Amendment Act 2021, NZL can have
foreign domiciled shareholders of up
to 49.9% of its share register (subject
to certain share parcel restrictions).
Private companies in NZ are limited to
less than 25%.
Current NZL
Foreign
Ownership
As at 30 June 2025, NZL had
foreign domiciled shareholders
amounting to ~24.2% of its share
register.

29
New Zealand Rural Land Company
KEY PEOPLE
ROB CAMPBELL
Independent Chair
Chancellor - AUT
Chair - Ara Ake
CHRISTOPHER SWASBROOK
Non-Independent Director
Chair of Auckland Future Fund, McCashin’s Brewery
Limited, Merx Funds Management Limited and the
Museum of New Zealand Te Papa Tongarewa
Managing Director – Elevation Capital
Board Member – Financial Markets Authority (FMA)
Previously a Partner of Goldman Sachs JBWere Pty
Limited & Co-Head of Institutional Equities at Goldman
Sachs JBWere (NZ) Limited
SARAH KENNEDY
Independent Director
CEO - Calocurb Limited
Previously CEO - Designer Textiles
International
Previously Vice President International
Farming - Fonterra
Previously CEO / Member of the Board
of Directors - Vitaco Health Limited
Previously CEO - Healtheries of New
Zealand Ltd
TIA GREENAWAY
Independent Director
Hailing from Ngāti Tūwharetoa and
Waikato-Tainui
CFO - Tupu Angitu
Various roles on Iwi and Ahu Whenua
Trusts and Committees
SHELLEY RUHA
Director
Director - Heartland Bank
Director - Allied Farmers
Director - Icehouse
Director - 9 Spokes
Previously - BNZ Senior Management Team and leader of BNZ
Partners
RICHARD MILSOM
Executive Director
Managing Director - Allied Farmers & New Zealand Rural Land
Management
Consultant – Bellevue Enterprises Limited – Bovine & Porcine
Genetic Improvement & Sustainable Pork Production Company
INFINZ Emerging Leader 2017
HAYDEN DILLON
Consultant
Managing Partner Findex (Waikato) & Head of
Agribusiness New Zealand for Findex.
Independent Director - Williams Holdings Limited
Independent Director - Aquila Sustainable Farms
Limited and associated Limited Partner Farms.
Chairman - Bioceta Limited
RURAL PROPERTY MANAGERS
Rural Property Managers
RURAL VALUERS
Independent Consultants
XAVIER LYNCH
General Manager - Corporate
Executive, Corporate Finance - Bancorp Merchant Bankers
Senior Analyst, Corporate Finance - Deloitte New Zealand
Analyst - Todd Property Group
Investment Analyst - Crown Irrigation Investments Limited
CHRISTOPHER SWASBROOK
Consultant
See above.
AGRICULTURAL ENVIRONMENTAL
SPECIALISTS
Independent Consultants
FARM CONSULTANTS
Independent Consultants
New Zealand Rural Land Co
The Rural Land Investors
JOSH JENKINS
Investment Associate
Consultant - True Range - Kenya
Analyst - Airponix Limited - United Kingdom
Livestock Specialist - HHC & Glenthorne Station - NZ
New Zealand Rural Land Management
JONNY NOAKES
Strategic Finance Advisor
CFO - Medtech Global
Director, Private Equity - Alvarez and Marsal
Deal Advisory - KPMG
CILLA HEWITT
Project and Communications Manager
Account Manager - Ogilvy NZ
Account Manager - The Brand Agency
Junior Economist - NZEIR

30
New Zealand Rural Land Company
INDEX INCLUSIONS AND BROKER RESEARCH COVERAGE
FTSE Global Micro Cap IndexS&P / NZX All Real Estate Index
Broker Research Coverage
Nicholas Hill
nicholas.hill@craigsip.com
Kieran Carling
kieran.carling@craigsip.com
Arie Dekker
arie.dekker@jarden.co.nz
Vishhal Bhula
vishal.bhula@jarden.co.nz
Index Inclusions
MSCI World Micro Cap Index
S&P / NZX Micro Cap Index

31
New Zealand Rural Land Company
INVESTOR RELATIONS CONTACTS
Richard Milsom
richard@nzrlm.co.nz
+64 21 274 2476
Level 4
131 Queen Street
Auckland Central
Auckland 1010
New Zealand
Xavier Lynch
xavier@nzrlm.co.nz
+64 27 282 8046
Level 4
131 Queen Street
Auckland Central
Auckland 1010
New Zealand

32
New Zealand Rural Land Company
LISTED ON:
Rural Land Co
New Zealand
The Rural Land Investors
New Zealand Rural Land Company
Level 4, 131 Queen Street
Auckland Central
Auckland 1010
New Zealand
+64 9 218 2177
info@nzrlc.co.nz
www.nzrlc.co.nz

nzrlc
nzrlc

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer New Zealand Rural Land Company Limited
Reporting Period 6 Months to 30 June 2025
Previous Reporting Period 6 Months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$12,084 +14.9%
Total Revenue $12,084 +14.9%
Net profit/(loss) from
continuing operations
$3,478 -71.9%
Total net profit/(loss) $3,478 -71.9%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.0216
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date 12/09/2025
Dividend Payment Date 10/10/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.6057 $1.5421
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See attached unaudited interim financial statements for the 6
months ended 30 June 2025
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Milsom
Contact person for this
announcement
Richard Milsom
Contact phone number 021 274 2476
Contact email address richard@nzrlm.co.nz
Date of release through MAP

21/08/2025
Unaudited financial statements accompany this announcement.

---

Section 1: Issuer information
Name of issuer New Zealand Rural Land Company Limited
Financial product name/description Ordinary Shares
NZX ticker code NZL
ISIN (If unknown, check on NZX
website)
NZNZLE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 12/09/2025
Ex-Date (one business day before the
Record Date)
11/09/2025
Payment date (and allotment date for
DRP)
10/10/2025
Total monies associated with the
distribution
1

$3,128,619
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.02160000
Gross taxable amount
3
$0.00000000
Total cash distribution
4
$0.02160000
Excluded amount (applicable to listed
PIEs)
$0.02160000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

%N/A
Imputation tax credits per financial
product
$N/A
Resident Withholding Tax per
financial product
$N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.5%
Start date and end date for
determining market price for DRP
14/08/2025 20/08/2025
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
$1.00
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
5pm, 15/09/2025
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Richard Milsom
Contact person for this
announcement
Richard Milsom
Contact phone number 021 274 2476
Contact email address r
ichard
@nzrlm.co.nz
Date of release through MAP

21/08/2025






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.