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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.
Rural Funds Group
Rural Funds Group (RFF) investor relations material
Rural Funds Group H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary21 Aug, 2026
Executive summary
Portfolio valued at AUD 1.8 billion, comprising 57 diversified agricultural properties across five sectors and multiple climatic zones, mainly leased to corporate and institutional tenants with a WALE of 14.8 years.
FY26 results met forecasts, with earnings rising to AUD 124.1 million, up AUD 103.8 million year-over-year, driven by asset sales above book value, productivity improvements, and interest rate swap gains.
Major asset divestments of AUD 315 million (six properties and water entitlements) at an average 17.9%–18% premium to book value, improving balance sheet flexibility and reducing gearing.
Sustainability initiatives advanced, including emissions disclosure and autonomous vehicle trials to enhance operational efficiency.
Ongoing development and leasing strategy focused on enhancing productivity, capital growth, and future AFFO growth.
Financial highlights
Net property income rose 5.7%–6% year-over-year to over AUD 100 million, driven by new leases, indexation, and rentalised capex.
Adjusted funds from operations (AFFO) reached AUD 45.4 million (11.7 cents per unit), and distributions were 11.73 cents per unit, both in line with forecasts and a 100% payout ratio.
Adjusted NAV per unit increased 4.5% to AUD 3.22, mainly due to property revaluations and swap gains.
Gearing reduced to 31.8% (pro forma), within the 30–35% target range.
Four distributions paid, totaling 11.73 cents per unit, with a payout ratio of 100.6%.
Outlook and guidance
FY27 AFFO and distributions forecast unchanged at 11.7 and 11.73 cents per unit, respectively, with a 5.4% distribution yield based on a closing price of AUD 2.18 per unit.
No AFFO growth expected due to lower macadamia prices and reduced yields on dryland crops.
Additional asset sales planned for FY27 to recycle capital into higher-return opportunities and support potential acquisitions.
FY27 capital expenditure forecast at AUD 46.7 million, fully funded by AUD 301 million in undrawn debt headroom.
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Latest events from Rural Funds Group
- Proposed guarantee increases to $200m are AFFO-accretive and have strong independent support.RFF
Status update - Voting seeks approval for AFFO-accretive guarantee increases and term extension, backed by strong counterparties.RFFInvestor update
- Net property income and AFFO rose, asset sales reduced gearing, and guidance was reaffirmed.RFFH1 2026
- Active asset development and technology drive growth and strong returns in diversified agriculture.RFFInvestor Presentation
- AFFO and net property income grew, with FY26 CapEx fully funded and stable gearing.RFFH2 2025
- Revenue and NAV grew, with stable distributions and positive outlook driven by macadamia assets.RFFH2 2024
- Net property income up 17%, AFFO and distributions stable, gearing above target, asset sales ongoing.RFFH1 2025
Next Rural Funds Group earnings date
H1 202719 Feb, 2027
Rural Funds Group
Next Rural Funds Group earnings date
H1 202719 Feb, 2027
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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.