FY25 Annual Meeting - Chair Address and Presentation

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6 November 2025
FY25 Annual Meeting Chair Address
Allied Farmers Limited (ALF) reported an audited net profit before tax of $4.1 million,
compared with $7.3 million last year, and a net profit after tax attributable to shareholders
of $2.9 million, down from $5.2 million in FY24.

The lower result reflects the absence of the one-off $4.2 million gain recognised in FY24 from
the sale and licence-back of NZ Farmers Livestock’s (NZFL) interest in the Frankton saleyards.

Excluding that one-off gain, our underlying profit after tax for FY25 of $3.84 million is well
ahead of the adjusted FY24 result of $2.69 million.

Earnings per share were 9.97 cents, compared with 18.07 cents last year, and net tangible
assets per share increased to 51 cents, up from 40 cents.

During the year, the Board continued to review the allocation of capital across the rural sector
to ensure long-term growth and effective use of our tax losses. Because of those available tax
losses, we continue our policy of not paying dividends, including for FY25, so that we can
reinvest earnings in growth opportunities.

Also during the year, we announced the conditional sale of NZFL to Rural Livestock Limited
for an enterprise value of $10.988 million. Allied’s share of the sale proceeds will be received
entirely in cash. Shareholder approval for this major transaction will be sought at today’s
meeting, and completion is targeted for 1 December 2025. Richard will speak further on this
in his presentation.

In the Notice of Meeting we have explained how Allied intends to apply the proceeds from
the NZFL sale. I would like to expand on this, and provide some further context.

As shareholders will recall, in 2020 Allied acquired 50% of NZRLM, the Manager of NZX listed
NZ Rural Land Company Limited, for $2.5 million. In 2023, Allied exercised its option to acquire
the remaining 50% for a further $8.3 million, giving Allied full ownership of NZRLM.

This acquisition was transformative for Allied, delivering material and enduring strategic
benefits:

• Diversification - Diversified earnings from Allied’s historic livestock trading
investment, which provided the sole source of revenue at that time.
• Value creation and income growth – with NZL’s growth since its IPO, the value of
NZRLM has increased substantially, as has its contribution to Allied through distributions.
• Capability and alignment – it enabled Allied to attract a strong bench of talent across
Board, management, shareholder, and service partner levels.

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In his presentation today, Richard will provide further detail and supporting metrics on
Allied’s growth track record since the 2020 investment in NZRLM, which clearly illustrate the
positive impact of these strategic benefits.

These strategic benefits have established the platform and repositioning that enable Allied to
now confidently exit NZFL, and redeploy the sale proceeds into investment opportunities that
offer a stronger and more sustainable earnings profile than NZFL.

However, if appropriate investment opportunities do not emerge, the Board would not rule
out the possibility of returning capital to shareholders. That said, this would not be our
preferred course, as the tax losses mean it is in shareholders’ interests for Allied to invest in
opportunities that generate taxable earnings.

If shareholders approve the NZFL sale today, Allied will hold a significantly stronger cash
position, which, when combined with the increased value of NZRLM, underlines the excellent
work undertaken by the current Board and management team.

Richard will discuss the performance of our operating businesses during his presentation.

Shelley Ruha
Chair

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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ANNUAL
SHAREHOLDER MEETING
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06 NOVEMBER 2025

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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AGENDA
1. Chair’s Introduction
2. Managing Director’s Address to Shareholders
3. Resolutions
4. Shareholder Questions

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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1. CHAIR’S INTRODUCTION

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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2. MANAGING DIRECTOR’S
ADDRESS TO SHAREHOLDERS

2025
ASM PRESENTATION
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06 NOVEMBER 2025

ALLIED FARMERS
OVERVIEW & STRATEGY
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SECTION 1

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ALLIED FARMERS | FY25 ASM PRESENTATION
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THE CHANGING FACE OF ALLIED FARMERS
Allied Farmers is primarily a rural investment company and rural asset manager. Landowners and co-investors entrust Allied Farmers
with their rural assets because it has the requisite robust governance structures, asset management team expertise and experience,
and access to a network of best-in-class business partners.
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Allied Farmers LtdY
• Allied Farmers owns 100% of New Zealand Rural Land Management (NZRLM)
• NZRLM is an investment manager with a focus on New Zealand’s primary sector
• NZRLM holds the management contract for NZX-listed New Zealand Rural Land Company (NZL), providing
management, investment and administration services
Allied Farmers’ goal is to deliver earnings per share growth by leveraging these Allied Farmers’ goal is to deliver earnings per share growth by leveraging these
core strengths and optimizing the use of its tax losses.core strengths and optimizing the use of its tax losses.

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ALLIED FARMERS | FY25 ASM PRESENTATION
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KEY EVENTS & PEOPLE
Key events in FY25:
Key People:
For more information please visit the Allied Farmers website: www.alliedfarmers.co.nz.
Shelley Ruha - Chair
Phillip Luscombe - Independent Director
Richard Milsom - Managing Director
Ross O’Neill - Legal Counsel & Company Secretary
Stephen Reid - Chief Financial Officer (from 17 November 2025)
• Earnings per share of 9.97cps
• Entered into a conditional agreement to sell all of ALF’s shares in NZFL to Rural Livestock Limited along with other NZFL
shareholders. Allowing ALF to realise value for shareholders and reshape strategic focus
• 99.8% of shareholders voted in favour of a constitutional amendments designed to preserve $178.1m of tax losses (cash benefit
equal to 28% of $178m, $49.9m)
• A SPV acquired debt funded land and buildings in the Waikato for $10.5 million. (SPV ensures no exposure to Allied Farmers)
• Advanced a $3 million secured working capital loan to a substantial farming dairy farming operation in South Canterbury to fund its
working capital

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ALLIED FARMERS | FY25 ASM PRESENTATION
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INVESTMENT SUMMARY
Below is an operational and financial update for Allied’s investments.
• Livestock services EBITDA decreased -42% to $4.5m
in FY25, from $7.8m in FY24
• Financial services EBITDA grew +18% to $0.35m in
FY25, from $0.3m in FY24
• Strong FY25 result: NZFL delivered a very strong trading
performance, reflecting markedly improved market
conditions despite softer veal returns
• Market strength: Livestock prices and tallies rose across
most categories, supported by strong offshore returns,
processor schedules, and farmer confidence
• Agency momentum: Farmer confidence, dairy herd sales,
and young stock rearing all increased; Redshaw Livestock
also benefited from improved sheep and beef markets
• Veal and finance: Veal margins were affected by weaker
skin prices and inflation, while Livestock Finance
continued steady earnings growth and diversification
• Operational focus: Productivity, cost efficiency, and digital
development (via MyLiveStock) remain priorities, with
attention to global and geopolitical risks.
• NZRLM EBITDA $2.1m largely in line with FY24 $2.2m
• NZRLM holds the management contract for NZX-listed
New Zealand Rural Land Company (NZL), providing
management, investment and administration services
• NZL currently owns 17,077 hectares of pastoral,
horticultural and forestry land, an increase of 1,014
hectares during FY25
• NZRLM managed the sale of a 25% equity interest in
New Zealand Rural Land Company’s land portfolio to
specialist private markets investment firm, Roc Partners
• NZL’s dividend was reinstated in FY25 to a payout range
of 60-90% of Adjusted Funds from Operations (AFFO)

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ALLIED FARMERS | FY25 ASM PRESENTATION
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PROVEN TRACK RECORD AS VALUE CREATORS
NZRLM Investment
• Acquired: $10.8m
• Current value: ~$25m
• Return: +131%
NZRLM AUM Growth
• 2021: $165m
• 2025: $445m
• Growth: +169%
Disciplined Capital Allocation
• Strategic exits at optimal timing
• Reinvestment in higher-return opportunities
• Consistent EPS growth delivery

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ALLIED FARMERS | FY25 ASM PRESENTATION
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ALLIED FARMERS FINANCIAL PERFORMANCE - 2015 TO 2025
+7% p.a
Revenue Growth
2015-2025
+59% p.a
Allied
NPAT Growth
Per Share
2015-2025
Annual Growth
Rates:

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ALLIED FARMERS | FY25 ASM PRESENTATION
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ALLIED FARMERS SHARE PRICE 2015 TO 2025
+4% p.a
Share Price Growth
2015-2025
Annual Growth
Rate:

SALE OF NEW ZEALAND FARMERS
LIVESTOCK
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SECTION 2

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ALLIED FARMERS | FY25 ASM PRESENTATION
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STRATEGIC VALUE REALISATION AT OPTIMAL TIME
Realises strong value for shareholders
1
Enables focus on core rural asset management
2
Captured peak agricultural cycle timing
3
Rural Livestock a more natural owner than Allied, given it is
an industry player who can benefit from being a larger more
competitive livestock operation
4
Provides Allied with cash for new growth opportunities
5

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ALLIED FARMERS | FY25 ASM PRESENTATION
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CREATING MAXIMUM VALUE THROUGH STRATEGIC DISAGGREGATION
Frankton Saleyard Interest (completed FY24)
• Total sale: $5.9m
• Allied’s 67.8% share: $4.0m
• Structure: Sale with license-back
Core Business (November 2025)
• Enterprise value: $10.99m
• Allied 67.8% share: $7.45m
• Buyer: Rural Livestock Limited
Lending Book Wind-down
• Recovery value: $1.2m
• Allied’s 67.8% share: $0.8m
Total Proceeds to Allied: $12m+
Why this Maximises Value:
• Captured agricultural cycle peak
• Sum-of-parts exceed whole entity value
• Premium achieved vs. normalised earnings
• Clean exit with operational continuity

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ALLIED FARMERS | FY25 ASM PRESENTATION
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OVERVIEW OF THE TRANSACTION
• AFRL (wholly owned subsidiary) to sell all shares in NZ Farmers Livestock Limited (NZFL) to Rural
Livestock Limited (RLL)
• Allied Farmers’ 67.77% share value: ~$7.45 million
• Total enterprise value: $10.988 million, subject to post-completion adjustments
• Other shareholders (Stockmans Holdings Limited and Agent Company Limited) also selling
• Completion expected: 1 December 2025
• Approval by ordinary resolution (simple majority) required under NZX Listing Rules 5.1.1(a) and 5.2.1
• Board unanimously recommends approval as believes it is in best interests of shareholders
Key conditions
Shareholder, board, and
third-party approvals
Rural Livestock due
diligence and financing
Lease and contractor
assignments
Rural Livestock share
issue (min. $1m to livestock
agents/managers)

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ALLIED FARMERS | FY25 ASM PRESENTATION
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INDEPENDENT APPRAISAL REPORT – SIMMONS CORPORATE FINANCE
Required under NZX Listing Rule 7.8.8(b)
Conclusion: Transaction is fair to shareholders not associated with Stockmans or
AgentCo
All vendors selling on identical terms
Market aligned and fair value

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ALLIED FARMERS | FY25 ASM PRESENTATION
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IMPACT ON ALLIED FARMERS
Will no longer derive profit from NZFL operations
Continued ownership of other subsidiaries
FY25 PBT (retained): ~$0.75m
Cash reserves expected to rise to ~$14m
Premium valuation achieved vs. normalised earnings
Positions Allied for next phase of growth

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ALLIED FARMERS | FY25 ASM PRESENTATION
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FINANCIAL SUMMARY
Metric
Total enterprise value
$10.988m
AFRL share
$7. 45m
Group cash post-sale
~$14m
Deferred tax asset reduction
$0.9m
Carried-forward tax losses
>$175m
Amount (approx.)
Frankton Saleyard Sale (FY24)
$5.9m ($4m to Allied)

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ALLIED FARMERS | FY25 ASM PRESENTATION
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APPLICATION OF TRANSACTION PROCEEDS
ALF is still considering the best use of proceeds from the transaction. Potential uses include:
distribution to
shareholders
contribute to
opportunities to utilise tax
losses
support growth
of NZRLM
explore complementary
investments
ALF targets disciplined capital allocation with strict return hurdles.

FY25 FINANCIAL PERFORMANCE
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SECTION 3

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ALLIED FARMERS | FY25 ASM PRESENTATION
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FY25 FINANCIAL RESULT
+41%
underlying
Operational Growth
+28%
growth in Allied N TA
per share, to $0.51
(from $0.40 in FY24)
Allied Farmers is pleased with its performance in FY25, reflecting its commitment to delivering robust earnings and per share
growth for its shareholders.
• FY25 Group NPAT of $3.8m compared to $7.0m in
FY24
• New Zealand Farmers Livestock (NZFL) delivered
EBITDA of $4.8m in FY25 compared to $8.1m in
FY24
• New Zealand Rural Land Management (NZRLM)
FY25 EBITDA ($2.1m) was largely inline with FY24
($2.2m)
• Allied delivered EPS of 9.97cps in FY25 compared
to 18.1cps in FY24
• NTA per share increased significantly in FY25,
rising +28% to $0.51, compared to $0.40 in FY24
Normalised Earnings View
• FY24 NPAT (excluding $4.23m saleyard gain):
$2.7m equivalent to EPS of 8.10 cps
• FY25 NPAT: $3.8m equivalent to EPS: 10.0 cps
• Underlying operational growth: +41%
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Note: ‘Group’ refers to consolidated financials relative to 100% shareholding of both NZFL and NZRLM. ‘Allied’ refers to financials attributed to Allied’s actual
shareholding i.e. 67% of NZFL and 100% of NZRLM.

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ALLIED FARMERS | FY25 ASM PRESENTATION
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FINANCIAL OVERVIEW - FY25 HIGHLIGHTS & METRICS
+11%
growth in Group
Revenue, to $30.6m.
(from $27.6m in FY24)
+24%
growth in Group
EBITDA
1
, to $6.0m.
(from $4.8m
2
in FY24)
+41%
increase in Group
N PAT, to $3.8m. (from
$2.7m
2
in FY24)
+23%
increase in Allied EPS,
to 9.97 cps (from 8.10
cps
2
in FY24)
+28%
growth in Allied NTA
per share, to $0.51
(from $0.40 in FY24)
Note: ‘Group’ refers to consolidated financials relative to 100% shareholding of both NZFL and NZRLM. ‘Allied’ refers to financials attributed to Allied’s actual shareholding i.e. c.68% of NZFL and
100% of NZRLM.
1
Group EBITDA includes $1.63m of Parent operating expenses not included in EBITDA of investments.
2
Excludes impact of $4.23m gain on the sale of NZFL sale yards during the year.

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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ASM RESOLUTIONS
Resolution 1:
Auditors Remuneration
That the Directors be authorised to fix the fees and expenses of the Company’s auditor, BDO Auckland,
for the ensuing year.
Resolution 2:
Appointment of Shelley Ruha
That Shelley Ruha, who will retire at the meeting by rotation in accordance with the Company’s
constitution, and is eligible for re-election, be re-elected as a Director of the Company.
Resolution 3:
Appointment of Philip Luscombe
That Philip Luscombe, who will retire at the meeting by rotation in accordance with the Company’s
constitution, and is eligible for re-election, be re-elected as a Director of the Company.
Resolution 4: Sale of Shares in NZ Farmers Livestock Limited
“That the sale of all of the shares in NZ Farmers Livestock Limited held by the Company’s wholly
owned subsidiary Allied Farmers Rural Limited for approximately $7.45 million (subject to certain
post-completion adjustments), under a sale and purchase agreement dated 27 August 2025 between,
amongst others, the Company, Allied Farmers Rural Limited and Rural Livestock Limited (the
“Transaction”), as described in more detail in the Explanatory Notes, be ratified, confirmed and approved
for all purposes, including for the purposes of Rules 5.1.1(a) and 5.2.1 of the NZX Listing Rules.

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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PROXY SNAPSHOT
As at 04 November 2025:

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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4. SHAREHOLDER QUESTIONS