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Rural Funds (RFF) investor relations material

Rural Funds H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary22 Aug, 2025

Executive summary

  • Net property income rose 9% year-over-year, driven by new leases and macadamia orchard developments, with results and distributions per unit in line with guidance.

  • AFFO per unit increased 4.5% year-over-year to 11.5 cents, slightly exceeding guidance.

  • Distributions totaled 11.73 cents per unit, with a payout ratio of 102%, marking the third consecutive year of improvement.

  • Independent valuations on 68% of the portfolio resulted in a 1.2% uplift in book values.

  • Divestments of $89M completed or contracted, including $19M settled post-period.

Financial highlights

  • Net property income reached $95.1M, up 9.2% year-over-year, mainly from macadamia development capex.

  • AFFO per unit grew 4.5% to 11.5 cents, surpassing forecasts.

  • Adjusted NAV per unit declined from $3.14 to $3.08, mainly due to mark-to-market interest rate swaps.

  • Gearing increased marginally to 39.3%, with pro forma gearing at 38.8% after asset sales.

  • Payout ratio improved to 102%, third consecutive year of improvement.

Outlook and guidance

  • FY26 AFFO forecast at 11.7 cents per unit, with distributions expected to remain constant and a 100% payout ratio.

  • Revenue from macadamia leases projected to rise 18% in FY26, with continued growth as further CapEx is deployed.

  • Asset sales and debt facilities fully fund FY26 CapEx, maintaining gearing within target range.

  • Focus areas for FY26 include non-core asset sales and staged development of Rookwood Farms and Kaiuroo.

  • Distribution yield forecast at 6.0% based on recent unit price.

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Frequently asked questions

Rural Funds Group (RFF) is an Australian agricultural Real Estate Investment Trust (REIT). The company's portfolio is strategically diversified across asset types, climatic zones, and lessees to mitigate risks and optimize returns. The company aims for income growth by enhancing property productivity and transitioning assets to more profitable uses, underpinning its distribution growth strategy. RFF's strategic approach includes a focus on lessee selection, ensuring a significant portion of its income is derived from corporate entities, including those listed on domestic or international exchanges. The company is headquartered in Canberra, ACT, and its shares are listed on the ASX.

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