FY25 Results Announcement

28 August 2025

announce@nzx.com

FY25 Results Commentary

The Directors of Allied Farmers Limited (“Allied Farmers” or “Allied Group”) (ALF:NZX) are pleased to
report an unaudited net profit before tax for the year to 30 June 2025 of $4.065 million (FY24 $7.315
million), with an unaudited net profit after tax attributable to Allied Farmers’ shareholders of $2.87
million (FY24 $5.206 million).
FY25 profit was lower than the previous comparable period due to the one-off $4.2 million gain on the
book value of the sale and licence back by NZ Farmers Livestock Limited of its interest in the Frankton
saleyards, of which $2.85 million was attributable to Allied Farmers’ shareholders.
Excluding this one-off gain in FY24, Allied Group’s FY25 profit after tax of $3.84 million is substantially
higher than FY24 adjusted profit after tax of $2.690 million, primarily due to NZ Farmers Livestock
Limited’s earnings being significantly improved from the comparative period. NZ Rural Land
Management Limited (NZRLM) earnings were similar to FY24, and improved contributions were
obtained from Allied Farmer’s investments and a rural loan.
Five Year Earnings Summary

Financial Year Ending 30 June FY25 FY24 FY23 FY22 FY21

Allied Farmers Net Profit After Tax (NPAT) -
consolidated
$3,840 6,919 4,278 3,532 2,576

Allied Farmers Net Profit After Tax (NPAT) -
attributable to Allied Farmers shareholders
- $ 000’s
2,870 5,206 3,338 2,876 2,021

Allied Farmers Earnings Per Share – cents
per share
9.96 18.07 11.59 9.98 8.57
Commentary on the results for NZRLM and NZFL business units are set out in the following sections.
Allied Farmers’ basic earnings per share (EPS) decreased by 44.6% to 9.96 cents per share (FY24 18.07
cps), and Net Tangible Assets (NTA) per share, based on 67.8% direct ownership of NZFL and 100%
ownership of NZRLM, equals $0.51 per share (FY24 $0.40 per share).
During FY25 the Board continued to review its allocation of assets across the rural sector, with a focus
on ensuring the optimal deployment of Allied Farmers’ capital for long term value growth and tax loss
utilisation.

The significance of tax losses means that shareholders’ interests are best served by deploying earnings
into growth opportunities that can utilise the tax losses. Accordingly, Allied Farmers’ continues its
policy of not paying dividends, including in relation to FY25.
In September 2024, Allied Farmers Limited (through an SPV) acquired land and buildings in the
Waikato from the mortgagee for $10.5 million. In return the SPV assumed a mortgage debt of
equivalent amount. The loan is secured over the 4 properties with a GSA over the SPV, but there is no
exposure to Allied Farmers as the securities are against the SPV only.
Also in September 2024, Allied Farmers advanced $3 million to a substantial farming dairy farming
operation in South Canterbury to fund its working capital. The loan was refinanced in March 2025,
and is secured by a second ranking GSD over the assets of the borrower and related entities of the
borrower, and a guarantee from a related entity of the borrower.
As at 30 June 2025, Allied Farmers held 3,933,110 shares in NZ Rural Land Company Limited (NZL)
(~2.7% of NZL shares on issue). During FY25 NZL re-commenced paying shareholder dividends.
New Zealand Rural Land Management (NZRLM) - 100% owned:
NZRLM is the external manager of NZX listed NZL. NZL currently owns 17,077 hectares of forestry estates,
and pastoral and horticultural land.
NZRLM’s FY25 revenue was largely in line with FY24, comprised of fees associated with status quo portfolio
management, successfully executed NZL transactions, and overall portfolio performance.
In March 2025 NZL acquired a 305 ha, high yielding dairy farm located in Canterbury. As part of the
consideration for this acquisition NZL sold two pastoral farms. These transactions generated transaction
fees for NZRLM, while also increasing its recurring revenue base from portfolio management. NZRLM also
received a retrospective performance fee for the value gain on NZL’s assets for the 12-month period ended
31 December 2024 (NZL’s balance date). This fee is in-line with the change in the Net Asset Value (NAV) of
NZL’s portfolio during this period and is paid in NZL shares.
New Zealand Farmers Livestock Limited (NZFL) – 67.8% owned:
NZFL, like most farming businesses, has seen a substantial improvement in trading conditions during FY25,
to achieve a very strong result despite some softening of the veal business performance.
In a marked shift, particularly in the second half of the year, most livestock categories are now seeing very
high prices relative to recent years. Cattle and sheep tallies have increased year on year. Offshore market
returns, processor schedules, forecast milk solids payouts and farmer confidence have supported this
progress. On-farm conditions have also been favourable in many areas and allowed farmers to hold stock
where that could improve returns.
NZFL’s agency business is now operating in a very buoyant environment, with much-improved farmer
confidence, and a pleasing increase in young stock rearing. Dairy confidence and activity are seeing early

herd sale progress at elevated prices now, and very strong cow prices. Redshaw Livestock is also
benefitting from the appreciable improvement in sheep and beef fortunes.
The veal business was a significant contributor, but impacted by deteriorating skin prices and some cost
inflation. Skin prices have deteriorated further. Veal pricing has held up well. We continue to refine this
business, including dealing with some challenge to tallies with a move to more feeder calf options early in
2025/26. While farming capacity and commercial constraints limit this movement, we note that increased
feeder calf numbers should help NZFL’s agency business performance in coming years.
Livestock Finance, based around our Heartland-supported and own lending offerings, has continued a
steady improvement in earnings contribution, and remains a valued diversification of earnings, and
support to our clients and to core agency activity.
The business has continued to focus on improving productivity, cost structure, capital efficiency and
driving our developing digital platform and presence. MyLiveStock remains a NZ-controlled and integrated
digital platform serving our clients and supporting a growing online focus.
Potential impacts from the ongoing US tariff, geopolitical uncertainties and related movements remain
unclear, but the start to FY26 remains very positive for NZFL, despite the further softening in the veal
business noted earlier.
The Board wishes to thank and acknowledge the hard work and initiative of our NZFL and NZRLM teams
over the last year.

Shelley Ruha – Chair

For more information:
Richard Milsom richard@nzrlm.co.nz
ph. 021 274 2476

---

Results announcement



Results for announcement to the market
Name of issuer Allied Farmers Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$30,637 10.89%
Total Revenue $30,637 10.89%
Net profit/(loss) from
continuing operations
$3,840 (44.5) %
Total net profit/(loss) $3,840 (44.5) %
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends proposed
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.51 $0.40
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Allied Farmers has announced the conditional sale of all its
shares in NZ Farmers Livestock Limited to Rural Livestock
Limited. Completion is expected on 1 December 2025. The
consideration for the sale is described in Allied Farmers’ NZX
Announcement dated 28 August 2025. The consideration
received by Allied Farmers will not be known until post-
completion purchase price adjustments are completed. If the
sale completes, NZ Farmers Livestock’s financial statements will
not be consolidated with Allied Farmers for all FY26. The impact
of this is not yet able to be quantified.

Refer also to results release and unaudited financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Brian Lee
Contact person for this
announcement
Brian Lee

Contact phone number 027 201 3040
Contact email address brian.lee@alliedfarmers.co.nz
Date of release through MAP

28/08/2025
(Unaudited financial statements accompany this announcement)

---

Allied Farmers Limited
Consolidated Statement of Profit and Loss
For the year ended 30 June 2025
Unaudited
JuneJune
20252024
Note$000$000
Commission and fee incomeA1 19,000 16,497
Sale of goodsA1 10,006 10,381
Interest incomeA1, B8 917 328
Other IncomeA1 714 422
30,637 27,628
Changes in inventoriesA1 (8,308) (7,703)
Personnel expensesA1 (10,753) (9,428)
Depreciation and amortisation
A1 (1,219) (1,165)
Other expensesA1
(5,685) (5,681)
(25,965) (23,977)
Finance CostsA1, B8
(703) (565)
Operating Profit before tax
3,969 3,086
Gain on Sale of PropertiesA1 96 4,229
Profit before tax
4,065 7,315
Income tax (expense) / benefitA2 (225) (396)
Profit after tax 3,840 6,919
Profit attributable to:
Shareholders of Allied Farmers Limited ('Allied')
2,870
5,206
Non-controlling shareholders of NZ Farmers Livestock Limited ('NZFL')
970 1,713
Allied Earnings per share (cents) - Basic
A3 9.96 18.07
Weighted average number of shares - Basic (000's)
28,806
28,806
Allied Earnings per share (cents) - Diluted
A3 9.83 17.98
Weighted average number of shares - Diluted (000's)
29,189
28,950
Group

Allied Farmers Limited
Consolidated Statement of Other Comprehensive Income
For the year ended 30 June 2025
Unaudited
JuneJune
20252024
$000$000
Profit after tax 3,840
6,919
Amounts Not Reclassified Through Profit and Loss
C2 (215) (371)
Total comprehensive income
3,625
6,548

Total comprehensive income attributable to:
Shareholders of Allied
2,655 4,835
Non-controlling shareholders of NZFL
970 1,713
Total comprehensive income
3,625
6,548
Group
Change in value of investment in equity securities, net of tax

Allied Farmers Limited
Consolidated Statement of Cash Flows
For the year ended 30 June 2025
Unaudited
JuneJune
2025
2024
Note$000$000
Cash flows from/(to) operating activities
Cash receipts from customers28,071 26,819
Interest received917 328
Cash paid to suppliers and employees(21,550) (23,862)
Interest paid(566) (565)
Income tax paid(72) (621)
Net cash flow from operating activities6,800 2,099
Cash flows from/(to) investing activities
Capital contribution to Associated Auctioneers(18) -
Decrease (Increase) in finance receivables NZ Farmers Livestock Finance Ltd(16) 67
Loan Advance(3,000) -
Investment in New Zealand Rural Land Management Partnership- (2)
Other investments7 -
Disposal of intangibles, property, plant and equipment419 486
Acquisition of intangibles, property, plant and equipment(35) (128)
Proceeds on Sale of Saleyards156 5,910
Net cash flow (used in)/from investing activities(2,487) 6,333
Cash flows from/(to) financing activities
Repayment of Heartland borrowings (641) (951)
Dividends paid to Non-Controlling Shareholders in Subsidiaries (724) (678)
Repayment of principal on lease liabilities(856) (1,062)
Share Capital Reduction in NZ Farmers Livestock Limited(1,955) -
Net cash flow used in financing activities(4,176) (2,691)
Net movement in cash and cash equivalents136 5,741
Opening cash and cash equivalents9,524 3,783
Closing cash and cash equivalents
B49,660 9,524
Reconciliation of Profit to Cash Surplus from Operating Activities20252024
$000
$000
Profit for the year 3,840 6,919
Adjustments for items not involving cash flows:
Impairment on receivables 58 39
(Profit)/loss on sale of assets (65)(47)
(Profit)/loss on sale of Saleyards (96)(4,229)
Depreciation and amortisation 1,219 1,165
(Increase) Decrease in Deferred Tax 153 (140)
Movement in Investments 18 -
Dividend and performance shares received in shares (note C2) (796)(901)
Interest capitalised on term loan 138 -
Other - including non cash items 79 -
708 (4,113)
Movement in trade and other receivables (980)612
Movement in inventories
84
12
Movement in trade, other payables and employee benefits
3,122
(1,245)
Movement in taxation 26 (85)
Cash flow from operating Activities6,800 2,099
Group

Allied Farmers Limited
Consolidated Balance Sheet
As at 30 June 2025
Unaudited
JuneJune
20252024
Note$000$000
Equity
Share capitalB2 158,204 158,204
Accumulated Losses (132,204) (135,070)
Accumulated Reserves (1,364) (1,229)
Equity attributable to owners of the Parent 24,636 21,905
Non-controlling interests 979 2,688
Total equity 25,615 24,593
Liabilities
Trade and other payablesB7 11,108 8,392
Employee benefits 1,632 1,226
Income tax payable 20 -
Bank borrowingsB5 731 867
Lease liabilitiesB6 830 804
Total current liabilities 14,321 11,289
Bank borrowingsB5 1,338 1,842
Term LoansB5, C3 10,638 -
Lease LiabilitiesB6 1,269 1,431
Total non-current liabilities 13,245 3,273
Total liabilities 27,566 14,562
Total liabilities and equity 53,181 39,155
Assets
Cash and cash equivalentsB4 9,660 9,524
Trade ReceivablesC1 10,216 9,471
Inventories 156 240
Income tax receivable - 6
Finance receivablesC1 1,454 1,438
Loan Advance C4 500 -
Other receivables and prepayments 199 22
Total current assets 22,185 20,702
Deferred tax assetsA2 1,311 1,464
GoodwillD2 742 742
Intangible assets C6 9,358 9,942
C2 3,579 2,997
Investments - OtherC2 1 8
Investment - PropertyC3 10,500 -
Loan Advance C4 2,500 -
Property - owned C5 1,051 1,492
Property - right of use assetsC5 1,954 1,808
Total non-current assets 30,996 18,453
Total assets 53,181 39,155
0.540.48
0.510.40
Note: net tangible assets is a non-GAAP disclosure and calculated as equity from which is deducted goodwill and intangible assets
Group
Net Tangible Assets per Share - attributable to Allied ($ per share)
Net Tangible Assets per Share - Consolidated ($ per share)
Investment - New Zealand Rural Land Company Limited

Allied Farmers Limited
Consolidated Statement of Changes in Equity
Components that make up the capital and reserves of the Group and the changes of each during the period.
For the year ended 30 June 2025
Unaudited
Group
Share
Capital
Accumulated
losses
Revaluation
Reserve
Share-based
Payment
Reserve
Allied
Shareholders
Interests
Non-Controlling
Shareholders
Interests
Total
$000$000$000$000$000$000$000
Balance at 1 July 2023 158,204 (140,276) (858) - 17,070 1,653 18,723
Profit for the year - 5,206 - - 5,206 1,713 6,919
Change in value of investments Equity Securities - - (371) - (371) - (371)
Total comprehensive income for the year - 5,206 (371) - 4,835 1,713 6,548
Transactions with owners in their capacity as
shareholders:
Dividends paid to Non-Controlling Interests - - - - - (678) (678)
Total transactions with owners - - - - - (678) (678)
Balance at 30 June 2024 158,204 (135,070) (1,229) - 21,905 2,688 24,593
Balance at 1 July 2024 158,204 (135,070) (1,229) - 21,905 2,688 24,593
-
Profit for the year - 2,870 - - 2,870 970 3,840
Change in value of investments in Equity Securities - - (215) - (215) - (215)
Total comprehensive income for the year - 2,870 (215) - 2,655 970
3,625
Transactions with owners in their capacity as
shareholders:
Share capital cancellation - (4) - - (4) (1,955) (1,959)
Dividends paid to Non-Controlling Interests - - - - - (724) (724)
Issue of vesting performance share rights - - - 80 80 - 80
Total transactions with owners - (4) - 80 76 (2,679) (2,603)
Balance at 30 June 2025 158,204 (132,204) (1,444) 80 24,636 979 25,615

Allied Farmers Limited
Notes to the consolidated financial statements
For the year ended 30 June 2025
Reporting entity
Statement of compliance and basis of preparation
The financial statements have been prepared:
-
-
-presented on the basis of historical cost (except for certain financial assets measured at fair value); and
-
Basis of consolidation
Statement of Accounting Policies
Accounting policies remain consistent with the prior year ended 30 June 2024.
in accordance with Generally Accepted Accounting Practice (GAAP) in New Zealand and comply with International Financial Reporting Standards (IFRS®)
and the New Zealand equivalents to IFRS (NZ IFRS) and other applicable financial reporting standards, as appropriate for a Tier 1 for-profit entity;
Allied Farmers Limited is a for-profit entity domiciled in New Zealand and registered under the Companies Act 1993. The company is an FMC Entity in terms of
the Financial Markets Conduct Act 2013 and prepares its consolidated financial statements in accordance with that Act, the Financial Reporting Act 2013, and
NZX Main Board Listing Rules.
The consolidated financial statements are for Allied Farmers Limited and its subsidiaries (together referred to as "Allied" or "the Group") and Allied's interests in
associates for the year ended 30 June 2025.
These unaudited Consolidated Financial Statements ("Financial Statements") have been approved for issue by the Board of Directors on 28 August 2025.
on the basis of going concern, the directors, having considered projected future performance and the availability of financing, consider the going concern
basis to be appropriate;
in New Zealand dollars (functional currency of the entity and presentation currency of the Group), with all values rounded to the nearest thousand dollars
In preparing the financial statements, all material intragroup transactions, balances, income and expenses have been eliminated. Subsidiaries are consolidated
on the date on which control is obtained to the date on which control is lost.