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New Zealand Rural Land Company (NZL) investor relations material

New Zealand Rural Land Company H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary21 Aug, 2025

Executive summary

  • Acquired a high-yield, highly productive dairy farm, increasing annual rental income by nearly $300,000 and boosting portfolio growth; sold two pastoral properties above valuation.

  • AFFO per share grew 39.2% year-over-year to 2.70cps for HY25; FO per share grew nearly 40% year-over-year.

  • Declared an interim dividend of $0.0216 per share (2.16cps), representing 80% of half-year FO/AFFO.

  • Gearing reduced to 29.8% from 30.5% in HY24; interest rate hedging increased to 81%.

  • Rental income rose to $10.9 million for the six months ended 30 June 2025, up from $9.1 million year-over-year.

Financial highlights

  • Net profit after tax was $3.48–$3.5 million; earnings per share reached 2.42c for the half-year.

  • Total assets reached $445.2 million; net asset value is $230.5 million, or $1.5891 per share.

  • Gearing ratio reduced to 29.8%; weighted average interest cost is 5.6%, with 81% of debt hedged.

  • AFFO for HY25 was $3.9 million (2.70cps), up 39% year-over-year; FFO per share rose to 2.74c from 2.19c.

  • Dividend payout ratio set at 60–90% of FO/AFFO; interim dividend of 2.16cps for HY25.

Outlook and guidance

  • FY25 FO/AFFO forecasted between $7.5 million and $8.0 million, a 9.8% increase from FY24; AFFO per share guidance of 5.17–5.52c.

  • Dividend policy targets 60–90% of FO/AFFO; full-year dividend forecast at 4.28cps.

  • Minimum target AFFO of $9.4 million by FY29, implying 5% annual growth from FY26.

  • Management expects continued stable rental income from long-term leases and ongoing capital projects to support future lease uplifts.

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H2 202526 Feb, 2026
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Frequently asked questions

New Zealand Rural Land Company Limited is a New Zealand-based investment company focused on acquiring and leasing agricultural land. The company primarily invests in high-quality rural land used for farming and agricultural purposes, including dairy, livestock, and crop production. New Zealand Rural Land Company leases its properties to experienced operators, providing them with long-term, secure access to productive farmland while generating rental income. The company’s approach aims to support sustainable land management and contribute to New Zealand’s agricultural sector. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.

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