FY24 Annual Meeting – Chair Address and Presentation Slides

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20 November 2024
FY24 Annual Meeting Chair Address
For the year ending 30 June 2024 we reported an Allied Group net profit before tax of $7.315 million,
compared to $4.071 million for 2023. This consolidated group result includes profit attributable to NZ
Farmers Livestock’s minority shareholders. For Allied’s shareholders, it is more relevant to highlight
the profit attributable just to our shareholders. For FY24 this was $5.206 million, which was a pleasing
increase of 56% from the previous year’s $3.338 million.

Richard will provide more detail in his presentation, but the increased FY24 profit was driven by a one
off $4.2 million gain on the book value of the sale and licence back by NZ Farmers Livestock Limited of
its interest in a livestock saleyard, of which $2.85 million was attributable to Allied Farmers’
shareholders.

NZ Rural Land Management’s earnings were higher than FY23 on the back of management,
performance and transaction fees generated from a number of NZ Rural Land Company activities that
were successfully executed by NZ Rural Land Management. However, this was largely offset by lower
earnings from NZ Farmers Livestock Limited once its one-off gain is excluded.

Allied Group FY24 profitability was also impacted by this being the first time we have had a full year
amortisation of the NZRLM Management Contract acquired in March 2023 - a non-cash impact -
together with interest on the Heartland loan to fund its acquisition, suspension of dividends from NZ
Rural Land Company, and costs associated with strategic initiatives such as the amendment to Allied
Farmers’ constitution.

Allied’s ability to utilise its tax losses is dependent on meeting shareholder continuity requirements,
and we are acutely aware of maintaining shareholder continuity to preserve this valuable asset for
shareholders. Accordingly, in July 2024 we obtained shareholder approval to amend our constitution
to significantly strengthen our ability to restrict share transfers that would cause a breach of
shareholder continuity.

Consistent with recent years, the Board has decided to not pay a dividend for the FY24 financial year.
We continue to utilise tax losses, and therefore paying unimputed dividends is not the best use of your
funds. The Board strongly believes that in the short term, retaining and redeploying earnings is in your
best interests.

The Board continues to focus on delivering earnings per share growth for shareholders, and exploring
growth opportunities that leverage its core strengths in the rural and asset management sectors.


Shelley Ruha
Chair

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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ANNUAL
SHAREHOLDER MEETING
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20 NOVEMBER 2024

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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AGENDA
1. Chair’s Introduction
2. Managing Director’s Address to Shareholders
3. Resolutions
4. Shareholder Questions

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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1. CHAIR’S INTRODUCTION

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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2. MANAGING DIRECTOR’S
ADDRESS TO SHAREHOLDERS

2024
ASM PRESENTATION
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20 NOVEMBER 2024

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ALLIED FARMERS | FY24 ASM PRESENTATION
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KEY EVENTS & PEOPLE
Key events in FY24:
Key People:
For more information please visit the Allied Farmers website: www.alliedfarmers.co.nz.
Shelley Ruha - Chair
Phillip Luscombe - Independent Director
Richard Milsom - Managing Director
Ross O’Neill - Legal Counsel & Company Secretary
Brian Lee - Chief Financial Officer
• Earnings per share up +56% from FY23
• Sale of NZFL’s Frankton saleyard at above book value
• NZRLM managed the sale of a 25% equity interest in New Zealand Rural Land Company’s land portfolio to specialist private
markets investment firm, Roc Partners
• Subsequent to balance date, 99.8% of shareholders voted in favour of a constitutional change to preserve tax losses

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ALLIED FARMERS | FY24 ASM PRESENTATION
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FY24 FINANCIAL RESULT
+56%
growth in Allied EPS,
to $0.181 (from $0.116 in
FY23)
+90%
growth in Allied N TA
per share, to $0.40
(from $0.21 in FY23)
Allied Farmers is pleased with its performance in FY24, reflecting its commitment to delivering earnings per share growth for
its shareholders.
• FY24 Group NPAT of $6.9m and NTA of $13.9m
• New Zealand Farmers Livestock (NZFL)
EBITDA has grown +73% to $8.1m in FY24,
from $4.7m in FY23
• New Zealand Rural Land Management
(NZRLM) EBITDA has grown +61% to $2.2m
in FY24, from $1.4m in FY23

• Allied’s EPS and NTA per share have increased
significantly in FY24, rising +56% to $0.181 and
+90% to $0.40, respectively, compared to $0.116
cents and $0.21 in FY23
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Note: ‘Group’ refers to consolidated financials relative to 100% shareholding of both NZFL and NZRLM. ‘Allied’ refers to financials attributed to Allied’s actual
shareholding i.e. 67% of NZFL and 100% of NZRLM.

ALLIED FARMERS
OVERVIEW & STRATEGY
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SECTION 1

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ALLIED FARMERS | FY24 ASM PRESENTATION
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ALLIED FARMERS TODAY
Allied Farmers Limited has a longstanding history of providing services to the agricultural sector, while also functioning as an agricultural
investment company. Today, Allied Farmers continues as an investment company, with two primary investments in the sector.
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Allied Farmers LtdY
• Allied Farmers owns 67.8% of nationally
operated NZ Farmers Livestock Ltd (NZFL)
• NZFL owns 52% of Hawke’s Bay based Redshaw
Livestock Limited
• NZFL is a national livestock agency business
• NZFL’s core businesses generate revenue from
marketing, buying, selling and financing livestock,
in-conjunction with exporting meat
• Allied Farmers owns 100% of New Zealand
Rural Land Management (NZRLM)
• NZRLM is an investment manager with a focus
on New Zealand’s primary sector
• NZRLM holds the management contract for
NZX-listed New Zealand Rural Land Company
(NZL), providing management, investment and
administration services

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ALLIED FARMERS | FY24 ASM PRESENTATION
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STRATEGY & UPDATE
Allied Farmers is a NZX-listed investment company with a focus on investments in the primary sector. In FY24 Allied recorded a net
profit after tax of $5.2m or 18.1 cents per share from these investments.
1. Provide shareholders with exposure to attractive investments;
2. Deliver earnings per share growth for shareholders by:
• Providing strategic guidance and support to its investments to
ensure that their business strategies are aligned with Allied
Farmer’s; and
• Exploring growth opportunities that leverage its core strengths in
the primary and investment management sectors
Company Update
• In February this year, NZRLM settled the sale of a 25% equity interest in New Zealand Rural Land Company’s land portfolio to
specialist private markets investment firm, Roc Partners.
• In July, shareholders approved constitutional amendments designed to preserve $178.1m of tax losses (cash benefit equal to 28%
of $178m, $49.9m). This allows Allied to offset future taxable income, reducing the company’s tax liability, preserving cash flows
and creating earnings derived value for shareholders.
• Consistent with Allied’s focus on ensuring the efficient allocation of assets, NZFL sold its interest in the Frankton sale yard for
above book value
Strategy
A copy of the Company’s constitution with the Constitutional Amendments shown by way of mark-up is available on the Company’s
website (at www.alliedfarmers.co.nz).

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ALLIED FARMERS | FY24 ASM PRESENTATION
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INVESTMENT SUMMARY
Below is an operational and financial update for Allied’s investments.
• Livestock services EBITDA grew +74% to $7.8m in
FY24, from $4.5m in FY23
• Financial services EBITDA grew +56% to $0.3m in
FY24, from $0.2m in FY23
• Sale of the Frankton saleyard at above book value
• Creditable veal business result, reflecting sound
product returns but some cost inflation
• NZFL fortunes parallel those of our farmer clients, with
sheep farmers particularly challenged in the year, but
beef and dairy going positively at year end
• Despite cost inflation the business focused on
improving productivity and containing costs to position
us well for an improving agribusiness environment
• NZRLM EBITDA grew +61% to $2.2m in FY24, from
$1.4m in FY23
• NZRLM holds the management contract for NZX-listed
New Zealand Rural Land Company (NZL), providing
management, investment and administration services
• NZL currently owns 17,457 hectares of pastoral,
horticultural and forestry land, an increase of 2,703
hectares during FY24
• NZRLM managed the sale of a 25% equity interest in
New Zealand Rural Land Company’s land portfolio to
specialist private markets investment firm, Roc Partners
• NZL’s dividend will be reinstated in FY25 to a payout
range of 60-90% of Adjusted Funds from Operations
(AFFO)

FY24 FINANCIAL RESULT
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SECTION 2

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ALLIED FARMERS | FY24 ASM PRESENTATION
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FINANCIAL OVERVIEW - FY24 HIGHLIGHTS & METRICS
+2%
growth in Group
Revenue, to $27.6m.
(from $27.1m in FY23)
+72%
growth in Group
EBITDA
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, to $9.0m.
(from $5.2m in FY23)
+62%
growth in Group
N PAT, to $6.9m. (from
$4.3m in FY23)
+56%
growth in Allied EPS,
to 18.07 cps (from 11.59
cps in FY23)
+90%
growth in Allied NTA
per share, to $0.40
(from $0.21 in FY23)
Note: ‘Group’ refers to consolidated financials relative to 100% shareholding of both NZFL and NZRLM. ‘Allied’ refers to financials attributed
to Allied’s actual shareholding i.e. c.68% of NZFL and 100% of NZRLM.
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Group EBITDA includes $1.24m of Parent operating expenses not included in EBITDA of investments.

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ALLIED FARMERS | FY24 ASM PRESENTATION
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PROFIT & LOSS STATEMENT (CONSOLIDATED)
NZ$000Jun-24Jun-23
Income
Commission and fee income16,49715,906
Sale of goods10,38110,015
Interest income328414
Other Income422387
Equity Accounted Earnings NZRLM-417
Total Income27,62827,139
Expenses
Cost of goods sold(7,703)(7,155)
Personnel expenses(9,428)(10,018)
Depreciation and amortisation(1,165)(902)
Operating expenses(5,681)(4,717)
Total Expenses(23,977)(22,792)
Finance Costs(565)(276)
Operating Profit before tax3,0864,071
Gain on Sale of Property4,229-
Profit before tax7,3154,071
Income tax (expense) / benefit(396)207
Profit after tax6,9194,278
Profit attributable to:
Shareholders of Allied Farmers Limited ('Allied')5,2063,338
Minority shareholders of NZ Farmers Livestock Limited ('NZFL')1,713940
Allied Earnings per share (cents) - Basic18.0711.59
Weighted average number of shares - Basic (000's)28,80628,806
$27.63m
Group Revenue
$6.92m
Group NPAT
$18.07
Allied EPS

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ALLIED FARMERS | FY24 ASM PRESENTATION
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BALANCE SHEET (CONSOLIDATED)
NZ$000Jun-24Jun-23
Assets
Cash and cash equivalents9,5243,783
Receivables10,93711,650
Inventories240252
Total current assets20,70215,685
Deferred tax assets1,4641,324
Goodwill & intangible assets10,68411,184
Investments - incl. NZRLC3,0052,473
Property - owned and right of use assets3,3004,229
Total non-current assets18,45319,210
Total assets39,15534,895
Liabilities
Trade and other payables8,3929,577
Employee benefits1,2261,365
Bank borrowings867945
Lease liabilities804665
Total current liabilities11,28912,552
Bank borrowings1,8422,715
Lease Liabilities1,431905
Total non-current liabilities3,2733,620
Total liabilities14,56216,172
Equity
Share capital158,204158,204
Accumulated Losses(136,299)(141,134)
Equity attributable to owners of the Parent21,90517,070
Non-controlling interests2,6881,653
Total equity24,59318,723
$39.16m
Total Assets
$24.59m
Total Equity
$ per shareJun-24Jun-23
NTA per Share 0.480.26
Attributable to Allied0.400.21
$0.40
NTA per Share attributable
to Allied

FY24 FINANCIAL RESULT:
INVESTMENT PERFORMANCE
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SECTION 3

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ALLIED FARMERS | FY24 ASM PRESENTATION
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NEW ZEALAND FARMERS LIVESTOCK
$24.28m
Total Revenue
$8.10m
EBITDA
$7.19m
NPBT
Livestock ServicesLivestock ServicesFinancial ServicesFinancial ServicesNZFL ConsolidatedNZFL Consolidated
NZ$000NZ$000Jun-24Jun-24Jun-23Jun-23Jun-24Jun-24Jun-23Jun-23Jun-24Jun-24Jun-23Jun-23
Income
Commission and fee income13,12614,69921413,14714,703
Sale of goods10,38110,015--10,38110,015
Interest income25328475124328408
Other Income 7840344195422235
Total Income23,83825,03844032324,27825,361
Expenses
Cost of goods sold(7,703)(7,155)--(7,703)(7,155)
Personnel expenses(8,881)(9,789)(108)(96)(8,989)(9,885)
Depreciation and amortisation(645)(769)(0)(0)(645)(769)
Operating expenses(3,671)(3,606)(42)(41)(3,713)(3,647)
Total Expenses(20,900)(21,319)(150)(137)(21,050)(21,456)
Finance Costs(181)(128)(83)(64)(264)(192)
Operating Profit before tax2,7573,5912071222,9643,713
Gain on Sale of Property4,229---4,229-
Profit before tax6,9863,5912071227,1933,713

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ALLIED FARMERS | FY24 ASM PRESENTATION
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NEW ZEALAND RURAL LAND MANAGEMENT
NZ$000Jun-24Jun-23
Income
Commission and fee income3,3501,203
Sale of goods--
Interest income--
Other Income *--
Equity Accounted Earnings NZRLM-417
Total Income3,3501,620
Expenses
Cost of goods sold--
Personnel expenses(343)(56)
Depreciation and amortisation(520)(133)
Operating expenses(829)(210)
Total Expenses(1,692)(399)
Finance Costs(301)(84)
Operating Profit/(loss) before tax1,3571,137
Gain on Sale of Property--
Profit/(loss) before tax1,3571,137
$3.35m
Total Revenue
$2.18m
EBITDA
$1.36m
NPBT

APPENDICES
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ALLIED FARMERS | FY24 ASM PRESENTATION
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APPENDIX 1: ALLIED FARMERS FINANCIAL PERFORMANCE - 2015 TO 2024
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
$0.20
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24
NPAT/sh
Revenue (millions)
Revenue (Consolidated)NPAT/sh (ALF)
+7% p.a
Revenue Growth
2015-2024
+78% p.a
Allied
NPAT Growth
Per Share
2015-2024
Annual Growth
Rates:

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ALLIED FARMERS | FY24 ASM PRESENTATION
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APPENDIX 2: ALLIED FARMERS FINANCIAL PERFORMANCE - 2020 TO 2024
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
$0.20
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
FY20FY21FY22FY23FY24
NPAT/sh
Revenue (millions)
Revenue (Consolidated)NPAT/sh (ALF)
+8% p.a
Revenue Growth
2020-2024
+43% p.a
Allied
NPAT Growth
Per Share
2020-2024
Annual Growth
Rates:

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ALLIED FARMERS | FY24 ASM PRESENTATION
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APPENDIX 3: ALLIED FARMERS SHARE PRICE 2015 TO 2024
$0.40
$0.45
$0.50
$0.55
$0.60
$0.65
$0.70
$0.75
$0.80
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24
Share Price
Share Price (ALF)
+5% p.a
Revenue Growth
2015-2024
Annual Growth
Rate:

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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3. RESOLUTIONS

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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PROXY SNAPSHOT
As at 18 November 2024:

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ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING
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ASM RESOLUTIONS
Resolution 1:
Auditors Remuneration
That the Directors be authorised to fix the fees and expenses of the Company’s auditor, RSM Hayes
Audit, for the ensuing year. Refer to Explanatory Note 1 on page 5 of the ASM notice for further details on
this Resolution.
Resolution 2:
Issue of FY25 Performance Rights to Richard Milsom, Managing Director
That approval be given for the issue of 144,032 performance rights during the financial year ending 30
June 2025, and the issue of ordinary shares on the vesting and exercise of those performance rights, to
Richard Milsom under the rules of the Company’s Long Term Incentive Plan.” Refer to Explanatory Note 2
on page 5 of the ASM notice for further details on this Resolution.
Resolution 3:
Issue of FY26 Performance Rights to Richard Milsom, Managing Director
That approval be given for the issue of such number of performance rights during the financial year
ending 30 June 2026 equivalent to 0.5% of the Company’s total number of ordinary shares on issue as at
1 July 2025,and the issue of ordinary shares on the vesting and exercise of those performance rights, to
Richard Milsom under the rules of the Company’s Long Term Incentive Plan.” Refer to Explanatory Note 2
on page 5 of the ASM notice for further details on this Resolution.
Resolution 4:
Issue of FY27 Performance Rights to Richard Milsom, Managing Director
That approval be given for the issue of such number of performance rights during the financial year
ending 30 June 2027 equivalent to 0.5% of the Company’s total number of ordinary shares on issue as at
1 July 2026, and the issue of ordinary shares on the vesting and exercise of those performance rights, to
Richard Milsom under the rules of the Company’s Long Term Incentive Plan.” Refer to Explanatory Note 2
on page 5 of the ASM notice for further details on this Resolution.

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4. SHAREHOLDER QUESTIONS