New Zealand Rural Land Company (NZL) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with quorum present, introductions of directors, management, and auditor, and a presentation to shareholders.

• Notice of meeting dispatched on 17 April 2026; proxies for 29% of shares received prior to meeting.

Financial performance review

• FY2025 net profit after tax and adjusted FFO both NZD 7.9 million, with AFFO per share up 9.9% to 5.43 cps and forecast to rise 7.1% in FY26.

• Rental growth of NZD 740,000 (3.2%) achieved via CPI-linked leases, providing inflation hedge.

• Sold two pastoral properties above valuation and acquired a Canterbury dairy property, increasing annual lease income by NZD 290,000.

• Portfolio comprises over 17,000 hectares diversified across dairy, pastoral, forestry, and horticulture under long-term leases.

• Gearing reduced to 29.4% from 30.5% in FY24; interest rate hedging increased to 96% at FY25.

Board and executive committee updates

• Christopher Swasbrook resigned from the board; appreciation expressed for his contributions.

• Board review conducted by Propero and independent capital review by KPMG at five-year mark, influencing strategic and capital management changes.

• Board adopted a revised framework focusing on yield, disciplined growth, and consistent dividends.

• Evaluating skills matrix and composition, seeking new director(s) with relevant expertise.