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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
New Zealand Rural Land Company
New Zealand Rural Land Company (NZL) investor relations material
New Zealand Rural Land Company H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary31 Aug, 2026
Executive summary
Net profit after tax for HY26 was $4.74 million, up from $3.48 million year-over-year; basic and diluted EPS rose to 3.24 cents from 2.42 cents.
AFFO per share was 2.45 cents, down from 2.70 cents in HY25, with total AFFO at $3.6 million.
Dividends for the half year totaled 2.68 cents per share, with a revised policy targeting 90–100% of AFFO.
Portfolio expanded with the acquisition of 79 hectares in Roxburgh, Otago, now totaling 17,077 hectares.
Guidance for FY26 remains suspended due to the Kiwi Crunch Farms liquidation.
Financial highlights
Total assets at $454 million and net asset value (NAV) at $234 million as of 30 June 2026; NAV per share at $1.597, up 27.8% since IPO.
Gross rental income for HY26 was $11.4 million, up from $10.9 million in HY25.
Gearing at 30.4%; interest coverage ratio improved to 3.59x; weighted average cost of debt at 5.4%; 91% of debt hedged.
Total borrowings increased to $194.36 million; total debt facilities available $148.5 million, with $137.5 million drawn.
Dividends paid during the period totaled $5.98 million.
Outlook and guidance
FY26 earnings guidance remains suspended due to uncertainty from Kiwi Crunch Farms' liquidation.
Management is engaging with alternative tenants and purchasers for affected properties.
Rental growth supported by CPI-linked leases; 34.7% of leases by value had CPI reviews in HY26.
Rent reviews on 7.3% of pastoral leases and 100% of forestry assets resulted in annualized rent increases of $181,130 and $207,260, respectively.
Dividend policy revised to pay 90–100% of AFFO as quarterly dividends; no DRP for this dividend.
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Latest events from New Zealand Rural Land Company
- Strong FY2025 results, higher dividends, and climate resilience drove key decisions.NZL
AGM 2026 - AFFO and dividends rose, with strong FY26 guidance and CPI-linked rental growth.NZLH2 2025
- AFFO per share up 39%, net profit $3.5M, and gearing reduced to 29.8%.NZLH1 2025
- AFFO per share up 26.8%, net profit $12.4m, dividend and diversification advanced.NZLH1 2024
- AFFO and dividends rose, with portfolio growth, audit matters, and auditor fee resolution highlighted.NZLAGM 2025
- AFFO per share rose 13.6%, net profit hit $23.1m, and portfolio diversification increased.NZLH2 2024
Next New Zealand Rural Land Company earnings date
H2 202626 Feb, 2027
New Zealand Rural Land Company
Next New Zealand Rural Land Company earnings date
H2 202626 Feb, 2027
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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.