Half Year Results to 31 December 2025

27 February 2026


HALF YEAR 2026 REPORT

Unaudited Half Year Consolidated Result
The Directors of Allied Farmers Limited (ALF:NZX) report an unaudited consolidated profit after tax of $3.542
million for the six months ended 31 December 2025. This is 44.75% higher than the $2.4447 million for the six
months ended 31 December 2024.
As a result of the sale of New Zealand Farmers Livestock Limited (NZFL) during the six months, Allied Farmers is
required to separately report the performance of both continuing and discontinued operations. The above result
reflects both continuing and discontinuing operations. The net loss before tax from continuing operations was
$0.517m for the six months ended 31 December 2025. This compares to a net profit before tax from continuing
operations of $0.423m for the six months ended 31 December 2024. This decrease in net profit before tax is
predominately the result of costs associated with the sale of NZFL and increased operational and transactional
costs in NZRLM.
The following table summarises consolidated Net Profit Before Tax over the previous interim periods from Allied
Farmers’ investments and Parent Company Operations:
Interim Period
(1/7 – 31 /12)
NZ Farmers Livestock *
(livestock agency, meat export
and finance)
($m)
NZ Rural Land
Management
(asset management)
($m)
Parent Company
Cost of Operations

($m)
2021 1.5 0.3** (0.4)
2022 2.0 0.4** (0.3)
2023 2.0 0.3 (0.4)
2024 2.0 1.0 (0.5)
2025 2.3 0.6 (11)

*Reported figures detail 100% of the NPBT for NZFL – Allied Farmers only owned 67% of this business until 1 December 2025, at which time it was divested. Allied Farmers is required to
report on a consolidated basis but has detailed an unconsolidated position below.
** NZRLM profit attributable to Allied Farmers’ shareholders (as owner of 50% of NZRLM at that time) equity accounted

Profit attributable to Allied Farmers’ shareholders
Profit attributable to Allied Farmers’ shareholders reflect its 67.7% ownership of New Zealand Farmers Livestock
Limited (NZFL) for the 5 months to 1 December 2025, and 100% of NZRLM. The HY26 after tax profit attributable
to Allied Farmers’ shareholders was $3,817 million (HY25 $1.884 million***). Earnings per share (EPS) for HY25
was $0.1325 (HY24 $0.0654). This increase in after tax profit and EPS is predominately the result of the sale of
the NZFL business and the resulting gain on sale and income tax benefits being recorded in the six months.
***reflecting 67.7% ownership of NZFL for the 6 months to 31 December 2024 and 100% of NZRLM
Dividend
Consistent with previous interim periods, no dividend will be paid for the period, as the Company continues to utilise
tax losses and therefore is not in a position to pay imputed dividends. The Board strongly believes that retaining
and redeploying earnings
into investment opportunities that offer sustainable earnings is in shareholders’ best
interests.
As indicated at the 2025 Annual Meeting, if appropriate investment opportunities do not emerge, the Board would
consider returning capital to shareholders.
Tax Losses

The estimated tax losses available at 31 December 2025 are $175,369,849 (HY25: $175,763,182).

The ability to utilise the tax losses is dependent on continuing to meet shareholder continuity requirements of
prevailing income tax legislation.

Sale of New Zealand Farmers Livestock Limited (NZFL)
On 1 December 2025 Allied Farmers settled the sale of its 67.7 percent holding of NZFL to Rural Livestock Limited.
The sale was approved by shareholders at the 6 November 2025 Annual Meeting.

The NZFL sale provided Allied Farmers’ with the opportunity to maximise the value of its investment in NZFL,
enables a focus on and growth of the strongly performing rural asset management business, and to explore
additional complementary investment opportunities.
Allied Farmers’ share of the sale proceeds is entirely in cash. As at 31 December 2025, Allied Farmers’ had
received $5.814 million of its share of the purchase price. Whilst the post completion adjustments that will determine
the final purchase price are still being determined in accordance with the process prescribed in the Sale and
Purchase Agreement, it is expected that approximately a further $2.40 million will be received in 2HY26,
comprising the final share of the purchase price and other payments owed by NZFL to Allied Farmers.
NZ Rural Land Management Limited Partnership (NZRLM)
NZRLM is the external manager of NZX-listed New Zealand Rural Land Company Limited (NZL) and is 100%
owned by Allied Farmers.

Since NZL listing in 2020, NZRLM has progressively employed and allocated additional resources, and accessed
a network of best-in-class business partners, to enable NZRLM to provide NZL with exceptional asset management
team expertise and experience, and listed company governance support.

NZL did not complete any transactions in the 6-month period, and therefore NZRLM did not receive any transaction
fees. However, NZL’s rural portfolio increased in value, from which NZRLM received performance fees. The
performance fees are paid to NZRLM by the issue of NZL shares.
As at 31 December 2025, Allied Farmers held
4,018,065 shares in NZL (~2.75% of NZL shares on issue).

In January 2026, NZL published an independent capital review prepared by KPMG, as part of its five-year review
process. The review considered market feedback, valuation drivers and capital management settings. The review
indicated that NZL is primarily valued by investors on the sustainability and reliability of its cash yield, with asset
values and NTA viewed as secondary considerations. The review also reinforced the importance of scale and
liquidity, provided growth is accretive on a per-share basis.

Shelley Ruha
Chair

---

Allied Farmers Limited
Interim Consolidated Financial Statements
For the 6 months ended 31 December 2025

Allied Farmers Limited
For the 6 months ended 31 December 2025
For and on behalf of the Board
DirectorDirector
Directors' responsibility statement
The Board of Directors of the Group authorised the financial statements for issue on 27 February 2026.
The directors are pleased to present the interim consolidated financial statements of Allied Farmers Limited for the 6 month period ended 31
December 2025.
2
Shelley Ruha
Richard Milsom

Allied Farmers Limited
Consolidated statement of comprehensive income
For the 6 months ended 31 December 2025
UnauditedUnaudited
December
December
1
20252024
$000$000
Note 6 months 6 months
Continuing operations
Commission and fee income5
1,459 1,597
Interest income5
232 179
Other Income5
198 122
Total income
1,889 1,898
Personnel expenses5
(390) (241)
Depreciation and amortisation5
(223) (262)
Other expenses5
(1,598) (882)
Total expenses
(2,211) (1,385)
Finance Costs5
(195) (90)
(Loss) / profit before tax
(517) 423
Income tax benefit
2,740 -
Profit from continuing operations
2,223 423
61,319 2,024
Profit for the period
3,542 2,447
Other comprehensive income
716 (171)
Total comprehensive income
4,258 2,276
Profit / (loss) attributable to:
Shareholders of Allied Farmers Limited ('Allied')
3,817 1,884
Non-controlling shareholders of NZ Farmers Livestock Limited Group
(275) 563
Profit for the period
3,542 2,447
Total comprehensive income attributable to:
Shareholders of Allied Farmers Limited ('Allied')
4,532 1,713
Non-controlling shareholders of NZ Farmers Livestock Limited Group
(275) 563
4,258 2,276
Total comprehensive income for the period is attributable to:
Continuing operations
2,939 252
Discontinued operations
1,319 2,024
Total comprehensive income for the period
4,258 2,276
Earnings per share (cents) - Basic
713.25 6.54
Earnings per share (cents) - Diluted
712.97 6.45
1
Restated for the impact of discontinued operations. Refer to Note 2.
Group
Change in value of investment in equity securities
Profit from discontinued operation
3

Allied Farmers Limited
Consolidated statement of cash flows
For the 6 months ended 31 December 2025
UnauditedUnaudited
DecemberDecember
20252024
Note
$000$000
6 months6 months
Cash flows from/(to) operating activities
Cash receipts from customers3,135 20,794
Interest received534 437
Cash paid to suppliers and employees(4,188) (16,872)
Interest paid(356) (375)
Income tax (paid)/received(49) (66)
Net cash flow from operating activities(924) 3,918
Cash flows from/(to) investing activities
Increase in finance receivables NZ Farmers Livestock Finance Ltd(2,838) (2,251)
Dividend income - (50)
Loan Advance- (3,000)
Other investments- -
Disposal of intangibles, property, plant and equipment- -
Disposal / (acquisition) of intangibles, property, plant and equipment62 (10,608)
Proceeds on disposal of subsidiary (net of cash deconsolidated)62,161 -
Sale of Saleyards- 156
Net cash flow from/(used in) investing activities(615) (15,752)
Cash flows from/(to) financing activities
Drawdown / (repayment) of borrowings 4,230 (306)
Drawdown of term debt10,555
Repayment of principal on lease liabilities(251) (96)
Repayment of shareholder loan(636) (1,908)
Dividends paid to Non-Controlling Shareholders in Subsidiaries (668) (257)
Share Cap Reduction in NZ Farmers Livestock Limited Group-
Net cash flow used in financing activities2,674 7,987
Net movement in cash and cash equivalents1,136 (3,847)
Opening cash and cash equivalents9,659 9,524
Closing cash and cash equivalents10,795 5,677
Group
4

Allied Farmers Limited
Consolidated statement of financial position
As at 31 December 2025
Note
UnauditedAudited
31 December30 June
20252025
$000$000
Assets
Cash and cash equivalents
10,795 9,659
Trade receivables
616 10,216
Inventories
- 156
Finance receivables6
2,182 1,454
Loan advance current
500 500
Other receivables
1,350 199
Total current assets
15,443 22,184
Deferred tax assets
953 1,311
Goodwill
- 742
Intangible assets
9,096 9,358
4,970 3,579
Investments - Other
- 1
Investment - property
10,500 10,500
Loan Advance
2,500 2,500
Property - owned
32 1,051
Property - right of use assets
- 1,954
Total non-current assets
28,051 30,996
Total assets
43,494 53,180
Liabilities
Trade and other payables
677 11,248
Employee benefits
21 1,632
Income tax payable
- 20
Bank borrowings
744 731
Lease liabilities
- 830
Continuing involvement obligations6
1,369 -
Total current liabilities
2,811 14,461
-
Bank borrowings
979 1,338
Term Loans
10,500 10,496
Lease Liabilities
- 1,269
Total non-current liabilities
11,479 13,103
Total liabilities
14,290 27,564
Net assets
29,204 25,616
Equity
Share capital
158,204 158,204
Accumulated Losses and Reserves
(128,387) (132,203)
Share based payment reserve
115 80
Revaluation reserve
(728) (1,444)
Equity attributable to owners of the Parent
29,204 24,637
Non-controlling interests
- 979
Total equity
29,204 25,616
0.700.54
0.700.50
Note: net tangible assets is a non-GAAP disclosure and calculated as equity from which is deducted goodwill and intangible assets
Group
Investment - New Zealand Rural Land Company Limited
Net Tangible Assets per Share - attributable to Allied ($ per share)
Net Tangible Assets per Share - Consolidated ($ per share)
5

Allied Farmers Limited
Consolidated Statement of Changes in Equity
For the 6 months ended 31 December 2025
Group (unaudited)
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 2024158,204 (135,070)(1,229)- 21,9052,688 24,593
Profit after tax for the period- 1,884- - 1,884563 2,447
Revaluation of Equity Securities- (171)- (171)- (171)
Total comprehensive income for the period
- 1,884(171)- 1,713 563 2,276
Share capital cancellation- (4)- - (4)(1,904)(1,908)
Dividends paid to Non-Controlling Interests- - - - - (257)(257)
Total transactions with owners- (4)- - (4)(2,161)(2,165)
Balance at 30 December 2024158,204 (133,190)(1,400)- 23,6141,090 24,704
Balance at 1 July 2025158,204 (132,203)(1,444)80 24,638 979 25,616
Profit after tax for the period- 3,817- - 3,817 (275)3,542
Revaluation of Equity Securities- - 716 - 716 - 716
Total comprehensive income for the period
- 3,817716 - 4,532(275)4,258
Share based payment expenses- - - 35 35 - 35
Share capital cancellation- - - - - (636)(636)
Dividends paid to Non-Controlling Interests- - - - - (668)(668)
Non-controlling interest derecognised on disposal of New
Zealand Farmers Livestock Group (Note 6)
- - - - -
600
600
Total transactions with owners- - - 35 35 (704)(669)
Balance at 31 December 2025158,204 (128,387)(728)115 29,204 - 29,203
6

Allied Farmers Limited
Notes to the Consolidated Financial Statements
For the 6 months ended 31 December 2025
1. Reporting entity
2. Statement of compliance and basis of preparation
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.
3. Critical accounting estimates and judgements
- Continuing involvement with NZFL loan book: see note 6 for more detail
4. Significant transactions and events during the six month period
Apart from the sale of the NZFL group (Note 6), Allied has no other significant transactions or event occur during the period.
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 following is a summary of new and/or changes in critical accounting estimates, assumptions and judgements
reported in the Group's consolidated financial statements for the year ended 30 June 2025:
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.
These interim 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 six months ended 31 December 2025.
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 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 30 June 2025
consolidated financial statements.
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice ('NZ
GAAP'), New Zealand International Accounting Standard 34: Interim Financial Reporting, and International Accounting Standard
34: Interim Financial Reporting. For the purposes of complying with NZ GAAP the Group is a for-profit entity.
7

Allied Farmers Limited
Notes to the consolidated financial statement
For the 6 months ended 31 December 2025
5. Financial performance
How we operate and generate returns for shareholders
Segment information — Continuing operations (all in New Zealand)
DecemberDecemberDecemberDecemberDecemberDecember
202520242025202420252024
$000$000$000$000 $000 $000
Commission and fee income1,458 1,597 - - 1,459 1,597
Interest income- - 232 179 232 179
Other Income *85 - 113 122 198 122
Total income
1,543 1,597 346 301 1,890 1,898
Personnel expenses(254)(190)(135)(51)(390)(241)
Depreciation and amortisation(220)(262)(3)- (223)(262)
Other expenses(439)(136)(1,158)(746)(1,598)(882)
Total Expenses
(914)(588)(1,296)(797)(2,211)(1,385)
Finance Costs
- - (195)(90)(195)(90)
Operating profit/(loss) before tax from continuing
operations
630 1,009 (1,146)(586)(517)423
Income tax (expense) / benefit
- - 2,740 - 2,740 -
Profit/(loss) after tax from continuing operations- - - - 2,223 423
Allied previously reported four operating segments. In addition to the two disclosed above, Allied also reported Livestock Services and Financial Services as reportable segments. Those two segments relate to the NZ Farmers
Livestock Limited group (NZFL) which was disposed of during the period and are discontinued operations - see Note 6 for more detail. The reported information below includes operating segments from continuing operations.
Parent operations: The ultimate holding company for Allied Group's investments include an investment property and a loan advance together with the governance activity for the Group.
Rural Land Management: New Zealand Rural Land Management Limited Partnership (NZRLM) - the contracted asset manager of New Zealand Rural Land Company Limited (NZL), including a management agreement with RoC
Partners.
Rural Land ManagementParent OperationsTotal
8

Allied Farmers Limited
Notes to the consolidated financial statement
For the 6 months ended 31 December 2025
5. Financial performance (continued)
DecemberJuneDecemberJuneDecemberJune
202520252025202520252025
$000$000$000$000$000$000
Current assets1,790 1,660 13,653 2,844 15,443 4,504
Investments - - 4,970 3,579 4,970 3,579
Other non-current assets9,128 9,320 3,453 2,500 12,581 11,820
Investment Property
- - 10,500 10,500 10,500 10,500
Total assets10,917 10,980 32,576 19,423 43,494 30,403
Current liabilities(116)(864)(2,695)(534)(2,811)(1,398)
Non-current liabilities- (1,338)(11,479)(10,496)(11,479)(11,834)
Total liabilities(116)(2,202)(14,174)(11,030)(14,290)(13,232)
Parent OperationsTotal
* Other income in the Parent Operations segment comprises rental income from the investment property.
Rural Land Management
9

Allied Farmers Limited
Notes to the Consolidated Financial Statements
For the 6 months ended 31 December 2025
6. Discontinued operations
December 2025December 2024
$000$000
Income
Commission and fee income
7,004 7,158
Sale of goods
8,228 9,822
Interest income302 286
Other income176 185
Total income15,710 17,451
Expenses
Changes in inventories(6,545) (8,047)
Employee benefits expense(4,822) (4,735)
Depreciation and amortisation(287) (349)
Other operating expenses(1,625) (2,048)
Total expenses(13,279) (15,179)
Finance cost(140) (209)
Profit before tax2,291 2,063
Tax expense(3,082) (39)
(Loss) / profit after tax (791) 2,024
Gain on sale of discontinued operations2,110 -
Profit from discontinued operations1,319 2,024
Attributable to:
- Shareholders of Allied Farmers Limited ('Allied')1,594 1,461
- Non-controlling shareholders of NZ Farmers Livestock Limited group(275) 563
1 December 2025
NZFL group sale cash flows$000
Purchase price for sale received5,828
Cash and cash equivalents deconsolidated(3,667)
Disposal of discontinued operation, net of cash disposed during the period2,161
Gain on sale of the NZFL group1 December 2025
$000
Fair value of the purchase price
Completion payment (cash, received)5,828
Net working capital payment (cash, deferred)33
Total fair value of the purchase price
5,861
Other relevant transactions as part of the sale of the NZFL group
less carrying amount of net assets as of the date of sale
1,219
less costs of disposal
-
effect of derecognition of the carrying amount of non-controlling interests in the NZFL group
600
effect of new liability recognised in relation to Allied's continuing involvement in NZFL's loan book
1,932
Gain on sale of the NZFL group
2,110
The gain on sale of subsidiaries was included in the total of the profit or loss from discontinued operations in the statement of comprehensive income.
Financial information in relation to discontinued operations previously disclosed on a line by line basis in the consolidated statement of comprehensive income has
been restated in the comparative interim statement of comprehensive income to present discontinued operations as a single line as required by NZ IFRS 5 Non-
current Assets Held for Sale and Discontinued Operations.
Six months ended
On 28 August 2025, Allied Farmers Limited announced a conditional agreement to sell 100% of NZ Farmers Livestock Limited ('NZFL') and its subsidiaries (together,
the 'NZFL group') to Rural Livestock Limited (the 'purchaser'). The sale was completed on 1 December 2025 and the NZFL group was deconsolidated from the group at
that point. Allied has:
- derecognised the assets and liabilities of, and any attributable non-controlling interests in, the NZFL group; and
- recognised the fair value of the purchase price for the sale.
The sale and purchase agreement has specific terms over NZFL's loan book (receivable). Allied has determined that it has continuing involvement (as defined in NZ
IFRS 9 Financial Instruments) in the loan book. Allied has continued to recognise a portion of the loan book (receivable) and a corresponding liability to the purchaser,
both of which representing Allied's continuing involvement in the loan book - see more detail below.
10

Allied Farmers Limited
Notes to the Consolidated Financial Statements
For the 6 months ended 31 December 2025
6. Discontinued operations (continued)
Additional information on continuing involvement of NZFL's loan book
The carrying amounts of the assets and liabilities of the NZFL group derecognised on the 1 December 2025:
1 December 2025
Property plant and equipment957
Right of use assets1,683
Goodwill743
Deferred tax assets371
Investments5
Inventories5
Other receivables and prepayments223
Intangible assets13
Finance receivable1,546
Trade receivables22,890
Cash and cash equivalents2,690
Total assets 31,126
Income tax receivable(325)
Borrowings(2,850)
Trade and other payables(23,540)
Lease liabilities(2,013)
Employee benefits(1,179)
Total liabilities (29,907)
Net assets of the NZFL group1,219
As part of the disposal, NZFL’s loan book (receivable of $4.050 million) and associated ANZ lending (borrowings of $2.850 million) was transferred to the purchaser.
However, payment will not be received for the net equity in the loan book (the receivable less the borrowings of $1.200 million) until the loan book has been fully
repaid. However, any losses in the equity of the loans (being receivables less borrowing) will be deducted from the payment the sellers will receive. In addition, if
amounts recovered by NZFL from the receivables do not fully repay the associated transferred borrowings, the sellers would be liable for any shortfall. Allied expects
NZFL to fully recover the receivables by May 2026. Allied retains information and management rights over the receivables, and remains exposed to their recovery.
Allied has concluded that it has continuing involvement (as defined in NZ IFRS 9) and continued to recognise a portion of the receivable and a corresponding liability to
the purchaser (the continuing involvement obligation), both of which representing Allied's continuing involvement in the loan book. Allied's interest, equivalent to its
former shareholding in NZFL, is 67.77%. Therefore at 1 December 2025 it continued to recognise $2.745 million of the loan book receivables and recognised the new
continuing involvement obligation of $1.932 million.
11

Allied Farmers Limited
Notes to the consolidated financial statement
For the 6 months ended 31 December 2025
7. Earnings per share
DecemberDecember
20252024
$000 $000
Profit from continuing operations attributable to shareholders of Allied Farmers Limited
- Basic and diluted
2,223 423
Weighted number of shares
- Basic
28,806 28,806
- Diluted
1
29,429 29,189
Earnings per share (cents)
- Basic
7.721.47
- Diluted
1
7.551.45
(Loss) / profit from discontinued operations attributable to shareholders of Allied Farmers Limited
- Basic and diluted
1,594 1,461
Weighted number of shares
- Basic
28,806 28,806
- Diluted*
29,429 29,189
Earnings per share (cents)
- Basic
5.53 5.07
- Diluted*
5.42 5.01
Group
1
At 30 June 2025, there were 383,064 performance share rights (PSRs) on issue. An additional 239,217 PSRs were issued to executives in September 2025. At
31 December 2025 there are 622,281 PSRs on issue. There are no other potential dilutive instruments.
12

---

Results announcement



Results for announcement to the market
Name of issuer Allied Farmers Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,889 (0.47%)
Total Revenue $1,889 (0.47%)
Net profit/(loss) from
continuing operations
$2,223 425.53%
Total net profit/(loss) $4,258 87.08%
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
$0.70 $0.50
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to results release and unaudited financial statements.

Authority for this announcement
Name of person

authorised
to make this announcement
Stephen Reid
Contact person for this
announcement
Stephen Reid
Contact phone number 021 766 636
Contact email address stephen.reid@alliedfarmers.co.nz
Date of release through MAP

27/02/2026
(Unaudited financial statements accompany this announcement.)