Correction to HY25 Results Presentation

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)5,4423,587
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)
Other Income52-
Profit / (Loss) Before Tax4,31912,951
Income Tax Expense(841)(567)
Profit / (Loss) and Total Comprehensive Income for
the Period
3,47812,384
Earnings per Share (EPS) (cents)2.429 .1 8
$3.48m
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