Half Year Results to 31 December 2024

28 February 2025


HALF YEAR 2025 REPORT

Unaudited Half Year Consolidated Result
The Directors of Allied Farmers Limited (ALF.NZX) report an unaudited consolidated net profit before tax (NPBT)
of $2.486 million for the six months ended 31 December 2024. This is 27.81% higher than NPBT of $1.9 million
for the six months ended 31 December 2023.
The following table summarises consolidated NPBT over the previous interim periods from Allied Farmers’
investments and Parent Company Operations:
Interim Period
(1/7 – 31/12)
NZ Farmers Livestock *
(livestock agency, meat export
and finance)
($m)
NZ Rural Land
Management
(asset management)
($m)
Parent Company
Cost of Operations

($m)
2019 1.7 - (0.4)
2020 0.8 - (0.3)
2021 1.5 0.3** (0.4)
2022 2.0 0.4** (0.3)
2023 2.0 0.3 (0.4)
2024 2.0 1.0 (0.5)

*Reported figures detail 100% of the NPBT for NZFL – Allied Farmers only owns 67% of this business. Allied Farmers is required to report on a consolidated basis but has detailed an
unconsolidated position below.
** NZRLM profit attributable to Allied Farmers’ shareholders (as owner of 50% of NZRLM at that time) equity accounted

Profit attributable to Allied Farmers’s shareholders reflecting its 67.7% ownership of NZFL and 100% of
NZRLM
The HY25 after tax profit attributable to Allied Farmers’ shareholders was $1.884 million (HY24 $1.423 million).
Earnings per share (EPS) for HY25 was $0.0654 (HY24 $0.0494).
Dividend
Consistent with previous interim periods, no dividend will be paid for the period, as the Company continues to utilise
tax losses and therefore paying unimputed dividends does not make sense. The Board strongly believes that in
the short term, retaining and redeploying earnings is in shareholders’ best interests.
Tax Losses

The estimated tax losses available at 31 December 2024 are $175,763,182 (HY23: $178,712,009).

The ability to utilise the tax losses is dependent on continuing to meet shareholder continuity requirements of
prevailing income tax legislation.

Loans

In September 2024, Allied Farmers Limited (through an SPV) acquired land and buildings in the Waikato from the
mortgagee for $10.5 million. In return the SPV assumed a mortgage debt of equivalent amount. The loan is secured
over the 4 properties with a GSA over the SPV, but there is no exposure to Allied Farmers as the securities are
against the SPV only.
Also in September 2024, Allied Farmers advanced $3,000,000 to a substantial farming dairy farming operation in
South Canterbury to fund its working capital. The loan is secured by a first ranking GSA over the asset of the
borrower, a first ranking security over milk supply and milk proceeds agreements of the borrower and a personal
guarantee from the owner of the farming operation.

Business Segment Reports
New Zealand Farmers Livestock Limited (NZFL) – 67.7% owned:
NZFL reports an encouraging half year result in line with the previous half year, driven by an improved core agency
result and growing finance contribution, but a reduced (on LY) veal business result.
The livestock agency performance reflects good tallies and strong prices across all sectors. The veal business
result reflects product pricing movements and lower number. The modest scale of the autumn veal campaign
means that this veal contribution is not expected to move materially to FY.
High dairy stock values may support increased farm and herd sales through the second half. Herd forward sale
YTD tallies are running well above last YTD. It is too early to forecast the second half for herds, but FY earnings in
this area should be bolstered by the high stock values. Most herds’ earnings are not accounted for until forward
contracts complete in the second half.
The livestock financing business earnings were higher than the previous half year. Directors remain pleased with
the growth and prospects and its contribution to clients’ businesses.
Directors and staff also wish to acknowledge the huge contribution to our business and to farming, over many years,
of Redshaw Livestock director and agent Malcolm MacDonald. Malcolm was tragically lost to us in early February.
NZFL Outlook:
NZFL remains focused on building and refining its service and offerings to clients, developing its digital presence
and maximizing agency earnings performance through the balance of what, in the absence of any major disruption,
looks a positive year for NZ farmers.
Directors are optimistic that NZFL agency performance will continue the strong improvement reported, to deliver
a creditable full year NZFL result.
NZ Rural Land Management Limited Partnership (NZRLM) – 100% owned
NZRLM is the external manager of NZX-listed New Zealand Rural Land Company Limited (NZL).

NZL completed two previously announced asset transactions (Apple Orchard and Forestry) in the HY to 31
December 2024 and was paid lease signing and transaction fees of $0.12m in the period. In addition, NZL’s rural
portfolio increased in value, from which NZRLM received performance fees. The performance fees are paid to
NZRLM by the issue of NZL shares.

NZRLM Outlook:

The outlook for NZRLM remains positive, driven by a larger opportunity set for NZL and an expanding international
investor base at NZL. NZL continues to perform well, posting a record profit and AFFO for December 2024 (FY
2024) year-end).

---

Consolidated Profit and Loss Statement
For the 6 months ended 31 December 2024
Unaudited
DecemberJuneDecember
202420242023
Note$000$000$000
6 months 6 months
Commission and fee incomeA1 8,794 16,497 7,274
Sale of goodsA1 9,822 10,381 9,442
Interest incomeA1 437 328 149
Other IncomeA1 307 422 248
Total Income
19,360 27,628 17,113
Cost of goods soldA1 (8,047) (7,703) (6,918)
Personnel expenses
A1 (4,977) (9,428) (4,719)
Depreciation and amortisationA1 (611) (1,165) (627)
Operating expensesA1 (2,930) (5,681) (2,595)
Total Expenses
(16,565) (23,977) (14,859)
Finance CostsA1
(375) (565) (309)
Operating Profit before tax
2,420 3,086
1,945
Gain on Sale of PropertyA1 66 4,229 -
Profit before tax
2,486 7,315 1,945
Profit after tax 2,447 6,919 1,911
Total comprehensive income
2,447 6,919 1,911
Profit attributable to:
Shareholders of Allied Farmers Limited ('Allied')
1,884 5,206
1,423
Non-controlling shareholders of NZ Farmers Livestock Limited ('NZFL')
563 1,713 488
Allied Earnings per share (cents) - Basic
A3 6.54 18.07 4.94
Weighted average number of shares - Basic (000's)
28,806 28,806 28,806
Allied Earnings per share (cents) - Diluted
A3 6.45 17.98 4.92
Weighted average number of shares - Diluted (000's)
29,189 28,950 28,950
Consolidated Statement of Other Comprehensive Income
For the 6 months ended 31 December 2024
DecemberJuneDecember
202420242023
$000$000$000
6 months 6 months
Profit after tax 2,447 6,919 1,911
Amounts Not Reclassified Through Profit and Loss
C2 (171) (371) (112)
Total comprehensive income
2,276 6,548 1,799

Change in value of investment in equity securities
Group
Group

Consolidated Statement of Cash Flows
DecemberJuneDecember
2024
20242023
Note$000$000$000
6 months 6 months
Cash flows from/(to) operating activities
Cash receipts from customers20,794 26,819 20,483
Interest received437 328 149
Cash paid to suppliers and employees(16,872) (23,862) (19,488)
Interest paid(375) (565) (309)
Income tax (paid)/received(66) (621) (581)
Net cash flow from operating activities3,918 2,099 254
Cash flows from/(to) investing activities
Decrease (Increase) in finance receivables NZ Farmers Livestock Finance Ltd(2,251) 67 (1,824)
Dividend income from New Zealand Rural Land Company Ltd(50) - -
Loan Advance - Schwarz Dairies(3,000) - -
Investment New Zealand Rural Land Management Partnership- (2) -
Net disposal/(acquisition) of intangibles, property, plant and equipment(10,608) 358 (676)
Sale of Saleyards156 5,910 -
Net cash flow from/(used in) investing activities(15,753) 6,333 (2,500)
Cash flows from/(to) financing activities
Drawdown (Repayment) of Heartland borrowings (306) (951) (500)
Drawdown of term debt10,555 - -
Share capital cancellation(1,908) -
Dividends paid to Non-Controlling Shareholders in Subsidiaries (257) (678) (533)
Drawdown (Repayment) of Vehicle Finance Borrowings (96) (1,062) 76
Net cash flow used in financing activities7,988 (2,691) (957)
Net movement in cash and cash equivalents(3,847) 5,741 (3,203)
Opening cash and cash equivalents9,524 3,783 3,783
Closing cash and cash equivalents
B45,677 9,524 580
Reconciliation of Profit to Cash Surplus from Operating Activities
Profit for the year 2,447 6,919
1,911
Adjustments for items not involving cash flows:
Impairment on receivables 20 39
20
(Profit)/loss on sale of assets (98) (47) (57)
(Profit)/loss on sale of Saleyards (66) (4,229)
-
Depreciation and amortisation 611 1,165 627
(Increase) Decrease in Deferred Tax- (140) (468)
Other - including non cash items (901) (365) (60)
(434) (3,577)
62
Movement in trade and other receivables 2,549 612 3,383
Movement in inventories
240 12 (390)
Movement in trade, other payables and employee benefits
(858) (1,245) (4,791)
Movement in taxation (26) (621) 79
Cash flow from operating Activities3,918 2,099 254
For the 6 months ended 31 December 2024
Group
Unaudited

Consolidated Balance Sheet
As at 31 December 2024
Unaudited
DecemberJuneDecember
202420242023
Note$000$000$000
Equity
Share capital
B2 158,204 158,204 158,204
Accumulated Losses and Reserves (134,590) (136,299) (139,823)
Equity attributable to owners of the Parent 23,614 21,905 18,381
Non-controlling interests 1,090 2,688 1,608
Total equity 24,704 24,593 19,989
Liabilities
Trade and other payablesB7 7,497 8,392 5,113
Employee benefits 1,264 1,226 958
Bank borrowingsB5 660 867 542
Lease liabilitiesB6 905 804 535
Total current liabilities 10,326 11,289 7,148
Bank borrowingsB5 1,743 1,842 2,618
Term LoansB6 10,555 - -
Lease LiabilitiesB6 1,233 1,431 1,110
Total non-current liabilities 13,531 3,273 3,728
Total liabilities 23,857 14,562 10,876
Total liabilities and equity 48,561 39,155 30,865
Assets
Cash and cash equivalentsB4 5,677 9,524 580
Trade ReceivablesC1 6,940 9,471 6,412
Inventories - 240 642
Income tax receivable 32 6 -
Finance receivablesC1 3,689 1,438 3,330
Other receivables 227 22 330
Total current assets 16,565 20,702 11,294
Deferred tax assetsA2 1,464 1,464 1,792
GoodwillD2 742 742 742
Intangible assets C4 9,661 9,942 10,223
C2 3,535 2,997 2,355
Investments - OtherC2 26 8 18
Loan Advance 3,000 - -
Property - owned C3 11,807 1,492 2,796
Property - right of use assetsC3 1,761 1,808 1,645
Total non-current assets 31,996 18,453 19,571
Total assets 48,561 39,155 30,865
0.500.480.31
0.470.400.27
Note: net tangible assets is a non-GAAP disclosure and calculated as equity from which is deducted goodwill and intangible assets
The Board of Directors of Allied Farmers Limited authorised these financial statements for issue on 28 February 2025.
Richard MilsomShelley Ruha
Net Tangible Assets per Share - attributable to Allied ($ per share)
Net Tangible Assets per Share - Consolidated ($ per share)
Investment - New Zealand Rural Land Company Limited
Group

Consolidated Statement of Changes in Equity
Components that make up the capital and reserves of the Group and the changes of each during the period.
For the 6 months ended 31 December 2024
Unaudited
Group
Share
Capital
Accumulated
losses
Revaluation
Reserve
Allied
Shareholders
Interests
Non-Controlling
Shareholders
Interests
Total
$000$000$000$000$000$000
Balance at 1 July 2023 158,204 (140,276) (858) 17,070 1,653 18,723
Profit after tax for the period - 1,423 - 1,423 488 1,911
Revaluation of Equity Securities - - (112) (112) - (112)
Total comprehensive income for the period - 1,423 (112) 1,311 488 1,799
Dividends paid to Non-Controlling Interests - - - - (533) (533)
Total transactions with owners - - - - (533) (533)
Balance at 31 Dec 2023 158,204 (138,853) (970) 18,381 1,608 19,989
Balance at 1 January 2024 158,204 (138,853) (970) 18,381 1,608 19,989
Profit after tax for the period - 3,783 (259) 3,524 1,080 4,604
Total comprehensive income for the period - 3,783 (259) 3,524 1,080 4,604
Dividends paid to Minority Interests - - - - - -
Total transactions with owners - - - - - -
Balance at 30 June 2024 158,204 (135,070) (1,229) 21,905 2,688 24,593
Balance at 1 July 2024 158,204 (135,070) (1,229) 21,905 2,688 24,593
Profit after tax for the year - 1,884 - 1,884 563 2,447
Revaluation of Equity Securities - - (171) (171) - (171)
Total comprehensive income for the period - 1,884 (171) 1,713 563 2,276
Share capital cancellation - (4) - (4) (1,904) (1,908)
Dividends paid to Non-Controlling Interests - - - - (257) (257)
Total transactions with owners - (4) - (4) (2,161) (2,165)
Balance at 31 December 2024 158,204 (133,190) (1,400) 23,614 1,090 24,704

A Financial performance
A1 How we operate and generate returns for shareholders
Livestock services: An agency business facilitating livestock transactions and the procurement and export of veal. Note: The Livestock activities are influenced by seasonality. Livestock Sales are normally stronger in the Autumn season and calf sales traditionally occur mainly in the first half of the financial year.Financial services: Providing and referring livestock finance to farmer clients.Parent operations: The ultimate holding company for Allied Group's investments and governance activity for the Group.Segment information (Unaudited)
December
June
December
December
June
December
December
June
December
December
June
December
December
June
December
2024
2024
2023
2024
2024
2023
2024
2024
2023
2024
2024
2023
2024
2024
2023
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
$000
Commission and fee income
7,076
13,126 6,196
2
21 17
1,716
3,350 1,061
-
- -
8,794
16,497 7,274
Sale of goods
9,822
10,381 9,442
-
- -
-
- -
-
- -
9,822
10,381 9,442
Interest income
180
253 114
78
75 35
-
- -
179
- -
437
328 149
Other Income *
8
78 53
177
344 195
-
- -
122
- -
307
422 248
Total Income
17,086
23,838 15,805
257
441 247
1,716
3,350 1,061
301
- -
19,360
27,628 17,113
Cost of goods sold
8,047
7,703
6,918
-
-
-
-
-
-
-
-
-
8,047
7,703
6,918
Personnel expenses
4,680
8,881 4,502
55
108 54
190
343 115
52
96 48
4,977
9,428 4,719
Depreciation and amortisation
349
645 367
-
- -
262
520 260
-
- -
611
1,165 627
Operating expenses
2,117
3,671 2,011
21
42 24
134
829 190
658
1,139 370
2,930
5,681 2,595
Total Expenses
15,193
20,900 13,798
76
150 78
586
1,692 565
710
1,235 418
16,565
23,977 14,859
Finance Costs
(108)
(181) (78)
(56)
(83) (69)
(121)
(301) (162)
(90)
- -
(375)
(565) (309)
Operating Profit/(loss) before tax
1,785
2,757 1,929
125
209 100
1,009
1,357 334
(499)
(1,235) (418)
2,420
3,086 1,945
Gain on Sale of Property
66
4,229 -
-
- -
-
- -
-
- -
66
4,229 -
Profit/(loss) before tax
1,851
6,986 1,929
125
209 100
1,009
1,357 334
(499)
(1,235) (418)
2,486
7,315 1,945
Income tax (expense) / benefit
(39)
(396) (34)
Profit/(loss) after tax
2,447
6,919 1,911
Current Assets
10,010
17,321 7,043
3,689
1,438 3,330
1,065
1,612 747
1,802
331 174
16,566
20,702 11,294
Investments in NZL
-
- -
-
- -
-
- -
3,535
2,997 2,355
3,535
2,997 2,355
Other Non-Current Assets
8,280
5,517 7,028
100
100 100
9,581
9,839 10,088
10,500
- -
28,461
15,456 17,216
Assets
18,290
22,838 14,071
3,789
1,538 3,430
10,646
11,451 10,835
15,837
3,328 2,529
48,562
39,155 30,865
Current Liabilities
6,286
9,848 3,582
3,000
- 2,800
823
1,105 624
218
336 142
10,327
11,289 7,148
Non-Current Liabilities
1,289
1,431 1,110
-
- -
1,743
1,842 2,618
10,500
- -
13,532
3,273 3,728
Liabilities
7,575
11,279 4,692
3,000
- 2,800
2,566
2,947 3,242
10,718
336 142
23,859
14,562 10,876
Additions of Property, Plant and Equipment, and Right of Use assets
534
2,043 709
-
-
-
-
10,500
-
11,034
2,043 709
In this section
Rural Land Management: New Zealand Rural Land Management Limited Partnership (NZRLM) - the contracted asset manager of New Zealand Rural Land Company Limited (NZL), including a management agreement with RoC Partners.
Livestock Services
Financial Services
Rural Land Management
Parent Operations
* Other Income in the Financial Services segment includes referral fee income from Heartland Bank Limited to 31 December 2024 $176,822 (December 2023: $178,439)* Gain on sale relates to the sale of an Allied Group property asset disposed of during the year.
Total

As a result of a refinancing within the same Group of companies to which the loan above relates, in February 2025 this loan was replaced by a new $3m
loan. The replacement borrower is an entity within the same Group to whom the original loan was made. The new loan is also supported by a guarantee from
another entity also from within the same group. The term of the loan is 3 years from 1 March 2025 at the same interest rate with interest also being paid
monthly. Principal reductions of $500k are also to be made on each of 20 April 2026 and 20 April 2027. The replacement loan is secured by a GSA over the
assets of both the borrower and the guarantor. This is also reflected in Parent Operations in the Segment note above.
The shares in New Zealand Rural Land Company Limited are equity investments quoted in an active market which the Group has elected to designate as a
financial asset at fair value through Other Comprehensive Income. The fair value of these shares at 31 December 2024 is $3,535,497 (June 2024:
$2,997,328; December 2023: $2,355,039).
In September 2024, Allied Farmers Limited (through AFLA Limited, a wholly owned subsidiary formed for the purpose) agreed to acquire four pieces of land
in Waikato from the mortgagee of those pieces of land. The purchase price for the land and buildings was $10.5 million. In return the Allied Farmers Limited
subsidiary assumed a mortgage debt of equivalent amount - $10.5 million. The terms of the loan are:
- the loan is repayable in three years from the drawdown date in September 2024.
The loan is secured over 4 properties with a GSA over AFLA. Note however there is no exposure to Allied Farmers Limited as the securities are against the
wholly owner subsidiary only. Since acquisition of the properties and drawdown of the loan on 4 September 2024 rental has been received and applied
towards the payment of rates, resource consent, legal fees and tax advice. This is reflected in Parent Operations in the Segment note above.
- interest at the rate of 1% per annum is payable in monthly instalments.
- further interest capitalises until maturity at the rate of 1.59% per annum but does not exceed in total $500,000
Group unrecognised deferred tax assets comprise unused tax losses as at 31 December 2024 which are estimated at total $175,763,182 (June 2024:
$178,126,791 ). The ability to utilise tax losses, given the age of the losses, is dependent upon continuing to meet shareholder continuity requirements of
prevailing income tax legislation.
Measurement and Recognition
Commission income on facilitating a livestock sale agreement, grazing agreement or forward livestock sale agreement is recognised when the sale is agreed
by a vendor and purchaser, net of rebates. The Group is acting as an agent as it doesn't have inventory risk and isn't able to set a price.
Forward delivery contracts in relation to herd sales on which commission income is earned contain an element of variable consideration due to the timeframe
between when the sale is agreed and its completion. At year end the variable consideration is taken account of in the revenue recognised.
Sale of goods (veal meat and skins) revenue is recognised once goods are delivered to the customer.
Fee income relates to RFID scanning fees, yard fees charged at saleyards and valuation fees. The income is recognised when livestock are scanned, a sale
is agreed within the auction or when the livestock are weighed. The Group is acting as a principal as it is primarily responsible for the service rendered and is
able to set a price.
Finance receivables interest income is recognised using the effective interest method. The calculation of the effective interest rate includes all fees that are
integral to the effective interest rate. All fees except those charged to customer accounts in arrears are considered to be integral to the effective interest rate.
Fees charged to customer accounts in arrears are recognised as income at the time the fees are charged.
Income from referring customers to Heartland Bank Limited is recognised when the financing transaction is agreed between Heartland Bank Limited and the
All income noted above is recognised at a point in time, in accordance with NZ IFRS 15, and performance obligations are met upon delivery of goods.
The Performance fees are determined based on the net asset value of the underlying fund and is settled in NZL shares. Half of the shares issued are
subject to escrow arrangements for 5 years after the performance fee is payable.
Revenue by NZRLM from property management fees, performance fees and transaction fees are recognised as revenue in the accounting periods in which
the services are rendered, which is when they satisfy their performance obligations to NZL.
In September 2024, Allied Farmers Limited advanced $3,000,000 to a substantial farming dairy farming operation based in the South Island. The loan is
secured against assets and milk income. The interest rate on the loan is 15% per annum, paid monthly. The loan is for a 3-year term with principal
reductions commencing in 12 months’ time over the remaining 2-year term of the loan.

A3Earnings Per Share
December
JuneDecember
2024
20242023
$000
$000$000
Profit attributable to shareholders of Allied Farmers Limited
- Basic and diluted
1,884
5,206 1,423
Weighted number of shares
- Basic
28,806
28,806 28,806
- Diluted*
29,189
28,950 28,950
Earnings per share (cents)
- Basic
6.54
18.074.94
- Diluted
6.45
17.984.92
*144,032 Performance Share Rights were issued to the Managing Director under a long term incentive scheme effective from 1 July 2023 during the year
ended 30 June 2024. A further 144,032 were issued in November 2024 and 95,000 were issued to employees of the company in September 2024. Apart
from these there are no other changes during the year, nor are there any dilutive potential shares / warrants/ options or convertible instruments at the end of
either the current or preceding year.
Group

About this report
Statement of compliance and basis of preparation
The financial statements have been prepared:
-
-
-
presented on the basis of historical cost (except for certain financial assets measured at fair value); and
-
-
Note A1
-
Note A2
-Note C4
Intangibles recognition and measurement (including impairment testing)
-Note D2
Goodwill impairment assessment
on the basis of going concern, the directors, having considered projected future performance and the availability of financing, consider the going
concern basis to be appropriate;
in New Zealand dollars, with all values rounded to the nearest thousand dollars unless otherwise stated.
In preparing the Group financial statements, all material intragroup transactions, balances, income and expenses have been eliminated. Subsidiaries are
consolidated on the date on which control is obtained to the date on which control is lost.
Revenue recognition
Deferred tax asset recognition
Critical Judgements and Estimates
The financial statements have been prepared using significant estimates and critical judgements disclosed in the 2024 Annual Report.
These interim consolidated financial statements do not include all of the information required for full annual consolidated financial statements. Unless
otherwise specified, the same accounting policies and methods of computation are followed in the interim consolidated financial statements as applied in the
Group's latest annual audited consolidated financial statements.
in accordance with Generally Accepted Accounting Practice (GAAP) in New Zealand and comply with International Financial Reporting Standards
(IFRS) and the New Zealand equivalents to IFRS (NZ IFRS) and other applicable financial reporting standards, as appropriate for a Tier 1 for-profit
entity;
Allied Farmers Limited is a for-profit entity domiciled in New Zealand and registered under the Companies Act 1993. The company is an FMC Entity in terms
of the Financial Markets Conduct Act 2013 and prepares its financial statements in accordance with that Act, the Financial Reporting Act 2013, and NZX
Main Board Listing Rules.
The consolidated financial statements are for Allied Farmers Limited and its subsidiaries (together referred to as "Allied") and Allied's interests in associates
as at the six months ending 31 December 2024.
These Consolidated Financial Statements ("Financial Statements") have been approved for issue by the Board of Directors on 28 February 2025.

---

Results announcement



Results for announcement to the market
Name of issuer Allied Farmers Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$19,360 13.13%
Total Revenue $19,360 13.13%
Net profit/(loss) from
continuing operations
$2,447 28.05%
Total net profit/(loss) $2,447 28.05%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends proposed
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.47 $0.27
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to results release and unaudited financial statements.

Authority for this announcement
Name of person

authorised
to make this announcement
Brian Lee
Contact person for this
announcement
Brian Lee
Contact phone number 027 201 3040
Contact email address brian.lee@alliedfarmers.co.nz
Date of release through MAP

28/02/2025
(Unaudited financial statements accompany this announcement.)