Good afternoon, everybody. Thank you for joining us for this presentation on our annual results for 2025.

My name is Rob Campbell. I'm the Chair of New Zealand Rural Land Company.

I have with me Richard Milsom, who is our Chief Executive, and also on these occasions our Chief Financial Officer with New Zealand Rural Land Management, Stephen [unclear], Stephen will and appreciate the interest that you've shown in our results. I'll give a very brief introduction and then hand the presentation over to Richard.

What I'd just like to say is this: we've had another very satisfactory year for New Zealand Rural Land. This is never intended to be an exciting moonshot of an investment.

We're a very conservative operation doing relatively conservative things. In the early building years, we've, I think, made good progress with the capital that we've had, and we're now in very much a consolidating phase of the company, and the year reflects that.

We're not a company that's likely to produce big upside surprises in any particular period, but equally, we have a very strong risk management perspective from the nature of the assets that we're investing in and the leases that we hold should produce steady results, and we regard this as a reasonably satisfactory one. Always looking for better, of course, but reasonably satisfactory.

Thank you for the support that we've had from our shareholders during the year, and Richard, I'll hand over to you to run us through the results presentation. There will be time for questions at the conclusion of Richard's presentation.

Thank you very much, Rob, and welcome everyone. Today, we're presenting NZL's results for the year ending 31 December 2025, our fifth and full year as a listed company.

It's been a year of consolidation and disciplined capital management and some important strategic decisions. We'll run through the results, give you a look at the outlook for FY 2026, and leave some time for questions at the end.

Five headline messages for the year, and these will be the themes that you hear throughout: we've recycled two pastoral properties at above their most recent valuation into a higher yielding Canterbury dairy farm, completed an independent capital review with KPMG and adopted a revised dividend policy targeting between 90% and 100% of AFFO paid out quarterly as a dividend, our interest rate hedging has moved from 65% to 96%, our AFFO per share has grown 9.9% to 5.43 cents per share, and we're guiding a further 7.1% growth next year. Gearing has tightened to 29.4%, and a final dividend has been declared equivalent to 100% of AFFO for the second half of the year or 90.5% of FY 2025's total AFFO.

In terms of financial highlights and metrics, our total assets are $452 million, our net asset value is $235 million, and our net asset value per share is $1.609. Since IPO, NAV has experienced growth of 28.8%, and in dividends, total returns of 40.4%.

CPI-linked rent reviews this year, we've seen 13.8% increases flowed through on a meaningful portion of the dairy portfolio in June, and a further 32.3% of the portfolio saw a 2.5% uplift in the year. We'd consider that the portfolio and the income is doing as it's designed: inflation-protected income growing year on year.

Year-on-year AFFO growth: so this is a chart that tells our story reasonably clearly. Since FY 2022, total AFFO on a per share basis is up 77.5%.

Every year since listing, AFFO's grown in both absolute and per share terms, and FY 2026 guidance points to another step up. In terms of corporate actions in FY 2025 year was deliberately a consolidation year: one small acquisition completed, sold two farms at a 10.9% premium to their purchase price and at a premium to their most recent valuation, redeployed proceeds into a higher yielding, highly productive dairy farm in Canterbury.

The transaction was accretive to both AFFO per share and weighted average lease term, and that's the capital recycling model working as it's intended. In terms of our financial results for the year just been, AFFO is one of our key earning metrics strips out non-cash items to give a true proxy for free cash flow.

We saw consolidated AFFO of $11 million, with NZL's attributable share at $7.9 million or 5.43 cents per share. Again, we've growth on last year of 9.9%.

In terms of our profit and loss, gross rental income grew to $22.3 million from $19.9 million, and that's both the CPI reviews and the Canterbury acquisition. Net finance costs improved significantly.

They went down from $8.3 million to $5.4 million driven by the hedging program and driven by a reduction slightly in our gearing. In terms of our balance sheet, it's a reasonably clean balance sheet: total assets of $452 million, investment property being the dominant asset at $416 million, net assets of $235 million, and net asset value per share of $1.609 per share.

The key movements we've seen, assets held for sale have been reduced to zero. These were the two properties that we sold in March.

Our debt summary: debt drawn is $132.7 million. Gearing sits at about 29.4%, which is within our target range and it's down from last year.

Hedging has moved from 65% to 96%. Our weighted average cost of debt is down from 5.9% to 5.3%.

Our interest coverage ratio has improved to 2.96 times from 2.38 times, and this is quite a meaningful improvement and also provides headroom. We've renewed a $46 million tranche of debt in May 2025.

We've extended to June 2028, and there are two further tranches to renew in the first half of this year. We're well advanced on those conversations, and we'll update the market in due course.

In terms of total returns, net asset value per share has grown 5.2% on a compounding annual growth rate since IPO, AFFO per share has grown at a compounding annual growth rate of just about 30% since FY 2022, and dividends have grown at a compounding annual growth rate of 25%. The FY 2026 dividend guidance is between 5.36 and 5.69 cents per share, and that's based on 95% of forecast AFFO paid quarterly.

We think these charts show reasonably consistent, growing, and predictable income, and that's what our revised, announced policy continues to strive to deliver. We have a quick look at our FY 2025 sustainability highlights.

Despite the proposed legislative changes that would exempt us from mandatory climate reporting, we've committed to continuing our annual climate-related disclosure report. The FY 2025 report captured full value chain emissions for the first time, including downstream leased assets.

We ran scenario analyses across 1.5, 2, and 3-degree increases in average temperature pathways, and the conclusion was geographic and land-use diversification is genuinely protective in our instance. Our sustainability program is available on our website and remains, and we encourage investors to read it.

In terms of the outlook, the outlook and the financial landscape for New Zealand dairy farmers is dairy represents about 61% of our portfolio approximately, so that's an important part of the market. Fonterra's final FY 2025 farmgate milk price was just above $10.

This is the highest in 15 years. FY 2026 is forecast to be between $9 and $10, which would be the second highest on record.

Tenant debt-to-asset ratios are declining steadily, and stronger balance sheets only look better from a tenant health point of view. In terms of the most recent NZ ETS changes or Emissions Trading Scheme changes, the government's November 2025 announcement, which basically decoupled the ETS from the Paris Agreement commitments, caused some NZU price volatility.

Our view was that we think the market reaction was disproportionate to the actual policy change. What hasn't changed is our domestic emissions budget remains legally binding with the Zero Carbon Act, and the supply of carbon units, or NZUs, remains tight.

The Climate Change Commission forecasts the current surplus to be completely drawn down and into a deficit between the end of 2026 and the beginning of 2027. It's important to remember for NZL specifically, we own the land, not the carbon units.

Our income is lease payments: stable, inflation-linked, and insulated from carbon price swings. If we have a look at horticulture and the outlook for the 2026 apple season, industry participants are describing 2026 as potentially the best average fruit season in 20 years.

There's been minimal spring frost damage, and spring frost is the single biggest yield risk for apple crops. Asian markets are very firm, China conditions remain positive, and the India Free Trade Agreement is a genuine medium-term opportunity.

Our orchards in Hawke's Bay and Central Otago are well positioned for a good year. Coming now to the capital review that was commissioned by the board: so at our 5-year mark, NZL's board commissioned KPMG for an independent capital review.

The key findings were that the market primarily values NZL on a cash yield, the sustainability and reliability of distributions [unclear]. The board's repositioned dividend policy to pay out between 90% and 100% of AFFO on a quarterly basis.

Buybacks and alternative capital uses will be assessed on a yield-based framework. This represents a sharpening of focus in the same direction that we've always been going in and the business continues to do what it was designed to do.

In terms of touching on a dividend share buyback program, we have touched on the dividend for this year as a result of our revised 90% to 100% of AFFO dividend policy. In terms of share buyback program, we remain open to selective on-market buybacks if there are very compelling reasons to do so, and we'll assess it on a yield-based framework.

In terms of an outlook and a FY 2026 forecast, 61% of our leases by value face CPI-linked reviews in FY 2026. These are contractual, un-capped increases.

The FY 2026 AFFO guidance in aggregate is between $8.25 and $8.75 million or 5.65 to 5.99 cents per share. At a midpoint, that's a 7.1% growth in AFFO per share versus this year, having seen a 9.9% growth year on year from last year.

The pipeline for potential further accretive acquisitions remains active. We continue to look at opportunities that meet our yield and WALT thresholds, and we've got a conservatively positioned balance sheet [unclear].

In closing, I would say that AFFO continues to grow, cost of debt's down, capital management continues to be disciplined, tenants are healthy, and the outlook for the key markets that our tenants are exposed to look healthy.

Thank you, Richard. We'll move to any questions that you have, which we've picked up, some perhaps by me, some by Richard and Stephen may make contributions to them, too.

We'll move to any questions. Stephen is guiding this, he's currently manipulating the screen for this purpose.

Got a lot.

The first question there is: what are the key influences on what are the key influences on the dividend guidance range? We've, as Richard has said, we've paid out the 100% in this last part of the 2025 year.

That was to bring us within Technically, it's what we decided to do, but we didn't need to do that. We thought it was desirable that we made a a dividend that took us within the range that we've projected for the 2026 year, we had the cash to do it, and so we've done that.

I think it's best to think about it as being about about the 95% range. We We still wish to grow this business, and we will be looking for opportunities to do that, either recycling assets or or new assets as time goes on, it doesn't make sense to continually, I think, be paying out 100%, but our intense, as I say, is to stay in that range, and so it's best to assume, if you're an investor, it's best to assume that we head around about the middle of it, at 95%.

Anything to add to that, Richard?

If there's an element of the question which is actually what are the key influences on your forecast for next year--

Oh, the actual report.

I don't know. It could be interpreted both ways.

If the question is what's going to influence your guidance for this year, it would probably be three things: where CPI actually lands, although for some of the pastoral farms have had three-year catch-ups, we've already got two-thirds of the bank; the interest rate on the unhedged part of our debt, which is quite small; and actual costs or any unseen costs around the business, which don't tend to crop up too much. There's not a lot of things that could wildly swing it.

I would describe it as more slight influences around the edges.

I think the business as it's currently structured should produce a very predictable dividend flow. It's good.

I didn't see the second question there, Richard, but that makes sense, yeah. Are there any other questions?

There's question, "What is the cap rate of valuation?" That differs on a per asset and per asset class type basis.

We've added a breakdown of leases and properties and tenants and things in the report. We can continue to add that, but you'll also find the answers to those in the financial-- To be honest, I think we can obviously clarify that in a bit more detail, too, but-- Absolutely.

Notes to the accounts show like this: there's a portfolio schedule that's been added to the

end of the report, and

we're happy to get further into it if this is--

If you want to come through or crawl through the notes, etc., I'm sure the team can provide a specific answer to a specific asset valuation.

Yeah.

Next question is--

"Is a DRP to take place from the upcoming dividend?" No.

"How active are the markets for your assets? Where are similar assets trading?"

They're very active markets for our assets. We make up about 1% or 2% of land traded each year.

"Where are similar assets trading?" That all depends on whether we're talking about pastoral farms--

We certainly got no reason to be concerned about asset values. We're not actively looking to sell particular assets, but we do get offers on assets from time to time.

We've certainly had no reason from our point of view to question the valuations of our assets, if that's kind of the level of the question. We're highly confident we could trade at the levels that we're talking about.

Absolutely. We're seeing quite an active market, especially in apples and pastoral farms.

It's very healthy. "What are the reasons to stay invested in NZL instead of, say, other property investments?"

I would probably direct you to our website where we have a breakdown of strategic and differences of NZL versus other commercial property vehicles.

I think the main thing I would say there is there are arguments for each type of asset, and obviously we strongly believe that rural land as an asset has some inherent advantages. This structure and the assets that we're invested in from a risk-adjusted point of view, from a diversification point of view, has a very strong argument for anyone who wants a whole property assets to be involved in this.

That's my view.

Right, we don't seem to have any more questions.

If there are no more questions, we will close the session. Thank you again for your interest in the business and in the stock.

Is that another question we had come through there, right? [unclear] About the return opportunities available.

The team is always looking at assets, and Richard and Stephen may want to add to this, but we're always looking at assets, and we do see assets that have very competitive returns with what we currently hold. We want to be convinced about that, not just in an immediate sense, but on a long-term, that the return opportunities are available there for us.

We don't want to be sort of busy fools trading for our own sake just because there's a marginal opportunity somewhere. We will be recycling assets from time to time where we're convinced that there's a better opportunity.

These do arise. There are genuine cycles in rural land asset prices and values, and it makes sense for us to take advantage of those where we see them, they do occur.

No question.

Absolutely.

Are there any other questions? I'm not wanting to cut this off if there are.

If anything does occur to you, though, after this session, you can always, of course, come back to us. The team will be very happy to answer any questions about the annual accounts when you've had the opportunity to absorb them in more detail.

Please do come back to us. Thank you for your attention to this today and for participating with us, and wish you all the best for the weekend.

Thanks, everyone. Thank you.