New Zealand Rural Land Company (NZL) AGM 2025 summary

Opening remarks and agenda

• Meeting held virtually to enable broad shareholder participation and engagement, with instructions provided for voting and questions.

• Quorum confirmed with at least three shareholders present in person or by proxy; meeting formally opened.

• Notice of meeting and explanatory notes dispatched in compliance with constitution and NZX rules.

• Chair introduced the meeting, followed by a presentation to shareholders, resolution consideration, and a Q&A session.

Financial performance review

• Consolidated net profit after tax for 2024 was NZD 23.1 million; AFFO per share increased 13.6% to 4.94cps in FY24, with total AFFO at $7.06m.

• Gearing reduced to 29.6% from 36.2% at FY23 end.

• FY 2024 dividend totaled NZD 0.04 per share, about 80% of FO/AFFO; interim and final dividends paid.

• Share buyback program continued, with 710,131 shares repurchased since June 2023.

• FY 2025 FO/AFFO forecasted at NZD 7.5–8 million, with per share AFFO of 5.25–5.60c.

Dividend announcements

• Dividend policy amended to target 60–90% payout of FO/AFFO for FY 2024, offering flexibility for capital deployment.

• Total FY 2024 dividend of NZD 0.04 per share paid, representing around 80% of FO/AFFO.

• Dividend reinvestment plan maintained for shareholders.