Rural Funds Group (RFF) Investor Presentation summary

Business overview and strategy

• Specialist agricultural asset manager with $2.6b in assets under management across six key commodities and 739,000+ hectares of Australian farmland.

• 28 years of sector experience, 260+ staff, and an average management team tenure of over 12 years.

• Strategy focuses on generating capital growth and income by developing and leasing diversified agricultural assets, with 63 properties across five sectors and multiple climatic zones.

• 84% of the portfolio is leased, with a 13.9-year WALE and a mix of lease indexation mechanisms and market rent reviews.

• Major lessees include Olam, JBS, Select Harvests, and Treasury Wine Estates, with c.80% of FY26f income from corporate and institutional lessees.

Portfolio and sector performance

• Portfolio value stands at $1.96b, diversified across almonds, macadamias, cattle, cropping, vineyards, and water assets.

• Almonds and macadamias each represent 21% of forecast FY26 revenue, with cattle at 36%, and the remainder from cropping, vineyards, and other assets.

• Active management strategy develops assets for improved productivity and higher value use, generating income during development phases.

• Investment criteria prioritize sectors with low-cost production and where Australia has a comparative advantage.

Case studies and development updates

• Macadamia orchards converted from sugarcane farms show modelled yields 50% above industry average, supported by advanced irrigation and data capture technology.

• Cattle property improvements increased carrying capacity by 58%, leveraging water and land development.

• Cotton property productivity improvements led to a 300% increase in bales produced and a 92% increase in farmable hectares.

• Recent cropping property transactions included a 50% sale and 10-year lease to a global investor, with profit-share mechanisms and capital released for debt reduction.

• Macadamia orchard developments (TRG JV) are materially complete, with 3,000 ha leased on a 40-year term and 122% revenue growth forecast.