HY26 Results

27 August 2026
New Zealand Rural Land Co Reports HY26 Results
New Zealand Rural Land Company Limited (NZL.NZX) announces its financial result for the six months ended
30 June 2026. NZL recorded a consolidated net profit after tax of $4.7m and Adjusted Funds From Operations
(AFFO) of $3.6m (excluding earnings from properties with put/call arrangements in place)
1
.
HY26 Highlights
• AFFO of $3.6m equivalent to 2.45 cps. NZL’s earning guidance for FY26 remains suspended with an update
to be provided to the market once the Kiwi Crunch situation becomes clearer;
• A CPI linked rental increase of +17.3% on 7.3% of NZL’s pastoral properties took effect in June 2026. A further
30.3% of NZL’s portfolio was subject to a +3.1% increase during the period;
• WALT was 11.1 years at HY26, a decrease of -4.3% from FY25 (11.6 years);
• 17,077 hectares of rural land now owned, unchanged from FY25;
• Renewed Tranches B and D of NZL’s banking facilities, a total of $56.5m, for three and four years respectively
on similar terms. Increasing NZL’s weighted average term to expiry to 2.3 years (1.5 years at the end of FY25).
• Gearing of 30.4% up from 29.8% at HY25 (+2.0%);
• Subsequent to the end of HY26 NZL settled the purchase from SI Orchards of an additional horticultural
property. This adds a further 79 hectares of high-quality agricultural land to NZL’s portfolio and is subject to a
30 year lease worth ~$715k annually.
• NZL paid a quarterly dividend of 1.34 cps in May 2026 and will pay a second quarterly dividend of 1.34 cps
bringing the total dividend for HY26 to 2.68 cps
2
;
• Net Asset Value (NAV) per share has grown from $1.25 at IPO to $1.597 at 30 June 2026 (+27.8%); and
• Net Tangible Assets (NTA) per share have grown from $1.25 at IPO to $1.607 at 30 June 2026 (+28.6%).
A detailed results presentation is available at: https://www.nzrlc.co.nz/reports-presentations.
www.nzrlc.co.nz
E: info@nzrlc.co.nz | T: +64 9 218 2177
1. Reported figures include 100% of the earnings and assets of New Zealand Rural Land Investments Limited Partnership. NZL owns 75% of this
entity. AFFO and dividends are not reported on a consolidated basis and are 100% attributable to NZL.
2. The revised Dividend Policy is to pay 90% to 100% of full year AFFO.

www.nzrlc.co.nz
NZRLI LP Land Leased to Kiwi Crunch and Related Entities
Several entities associated with Kiwi Crunch recently had external administrators appointed. New Zealand Rural
Land Investments Limited Partnership’s (NZRLI LP) owns land that is leased to the following Kiwi Crunch and
related entities.
Kiwi Crunch Farms
Kiwi Crunch Farms Limited (Kiwi Crunch Farms) tenanted kiwifruit orchards in the Hawke’s Bay. On 7 July 2026,
Kiwi Crunch Farms entered voluntary administration and was subsequently placed into receivership. In late July
2026 the Receivers advised that they did not intend to adopt the existing lease agreements. Kiwi Crunch Farms
was placed in liquidation on 11 August 2026.
The Kiwi Crunch Farms leases represented approximately 5.8%* of NZRLI LP’s total current annual rental income
and as at 30 June 2026 Kiwi Crunch Farms owed NZRLI LP rent totalling approximately $0.7m. Management has
engaged with prospective alternative tenants and purchasers in respect of the affected properties and will update
the market when appropriate on the outcome.
MM Forests
MM Forests Limited tenants forestry land in the central North Island representing approximately 2.7%* of NZRLI
LP’s total current annual rental income. It has not had external administrators appointed, and as at 30 June 2026 it
owed NZRLI LP rent totalling approximately $0.3m.
South Island Orchards
South Island Orchards tenants apple orchards in Central Otago. On 24 July 2026, NZRLI LP completed the
purchase from SI Orchards of a 79 hectares property that is contiguous to NZL’s existing SI Orchards property and
now represents 4.6%* of NZRLI LP’s total current annual rent income. The purchase price was approximately $8.5
million, with title passing to NZRLI LP on settlement.
Prior to settlement, $2.6 million of an advanced property settlement balance had been intended to be offset
against the purchase price. To enable settlement to complete and title to pass, NZRLI LP did not apply that offset
and instead funded an equivalent amount at settlement. The $2.6 million remains separately owing to NZRLI LP by
SI Orchards Limited and the relevant guarantors.
South Island Orchards has not had external administrators appointed, and as at 30 June 2026 it owed NZRLI LP
rent totalling approximately $0.2m.
Financial Impact
The ultimate financial impact of the appointment of administrators to Kiwi Crunch Farms remains unclear, as it will
depend on the extent and timing of recovery of amounts owing from NZRLI LP tenants referred to above (whether
in administration or not), and the timing and terms of any replacement lease or sale arrangements.
CPI Adjustments
NZL benefits from CPI adjustments for all of its properties and has received CPI adjusted rental payments from
the tenants whose properties were subject to review in HY26. 7.3% of NZL’s dairy assets (4.3%* of NZL’s rent)
was subject to CPI linked rental increases of +17.3% which took effect in June 2026. A further 30.3%* of NZL’s
portfolio was subject to a +3.1% increase in the first half of the year. Reflecting this, the portfolio’s total lease value
has increased by ~$388.4k or +1.7%. NZL’s dairy leases undergo CPI review every three years, in contrast to its
horticultural and forestry leases which undergo CPI review annually.
E: info@nzrlc.co.nz | T: +64 9 218 2177
* Percentages reflect NZRLI LP’s total annual rental post the settlement of the SI Orchards property in July 2026

www.nzrlc.co.nz
Dividend and Share Buyback Programme
NZL will pay an quarterly dividend of 1.34 cps in September 2026. This will bring the total dividend paid for the
first half of the financial year to 2.68 cps.
As noted earlier in the year in response to KPMG’s Capital Review NZL has adopted a revised dividend policy
targeting annual distributions of approximately 90-100% of AFFO, paid quarterly, consistent with sector practice.
The policy is designed to provide greater predictability and transparency for shareholders and will only be
suspended in extreme circumstances.
The board also adopted a more dynamic approach to the Dividend Reinvestment Plan (DRP) with confirmation
as to whether or not the DRP will apply provided at each dividend announcement. The DRP will not apply at this
dividend payment.
The company maintains a selective on-market share buyback programme. Under the programme 710,131 shares
have been acquired as at the date of this announcement.
Outlook & Subsequent Events
NZL’s strategy is to own quality rural land in New Zealand; growing a diverse portfolio while delivering attractive
risk-adjusted returns as a ground lessor.
NZL’s leases incorporate regular CPI reviews. That means inflation results in rental growth. As a ground lessor,
NZL is also relatively protected from inflation-impacted, and other on-farm operational costs.
NZL’s FY26 forecast AFFO guidance remains suspended as the Company continues to work through its options in
relation to Kiwi Crunch. Updated guidance will be provided in the second half of the year once the outcome of the
current situation becomes clearer.
Rob Campbell
Chair
For further information please contact:
Richard Milsom
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
E: info@nzrlc.co.nz | T: +64 9 218 2177

---

New Zealand Rural Land Company Limited and
its subsidiaries
Interim Consolidated Financial Statements
For the 6 months ended 30 June 2026

Contents2
Directors’ Responsibility Statement3
Consolidated Statement of Comprehensive Income4
Consolidated Statement of Financial Position5
Consolidated Statement of Changes in Equity6
Consolidated Statement of Cash Flows 7
Notes to the Consolidated Financial Statements8
New Zealand Rural Land Company Limited and its subsidiaries
Contents page
For the 6 months ended 30 June 2026
2

Approval and issue of the Financial Statements
The Board of Directors are pleased to present the interim financial statements of New Zealand Rural Land Company Limited and its
subsidiaries (the “Group”) for the 6 month period ended 30 June 2026 .
The Board of Directors of the Group authorised the financial statements for issue on 27 August 2026
For and on behalf of the Board
___________________________
Director
___________________________
Director
New Zealand Rural Land Company Limited and its subsidiaries
Directors’ Responsibility Statement
For the 6 months ended 30 June 2026
3

Notes$ '000$ '000
Rental income7 11,402 10,931
Total rental income 11,402 10,931
Less expenses
Management fees15.1. (714) (811)
Professional, consulting and listing fees (954) (931)
Repairs and maintenance (37) —
Directors fees (114) (114)
Other (148) (143)
Total expenses (1,967) (1,999)
Profit before net finance expense, other income and income tax 9,435 8,932
Finance income 1,661 1,153
Finance expense (2,972) (4,149)
Net finance expense8 (1,311) (2,996)
Profit before other income and income tax 8,124 5,936
Other income
Change in fair value of investment properties (698) —
Movement in redeemable Limited Partnership units (2,308) (1,669)
Other 864 52
Total other income (2,142) (1,617)
Profit before income tax 5,982 4,319
Income tax expense9 (1,240) (841)
Net Profit for the period 4,742 3,478
Other comprehensive income for the year — —
Total comprehensive income for the period 4,742 3,478
CentsCents
Basic and diluted earnings per share18 3.24 2.42
(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
New Zealand Rural Land Company Limited and its subsidiaries
Consolidated Statement of Comprehensive Income
For the 6 months ended 30 June 2026
The accompanying notes form part of these financial statements.
4

Notes$ '000$ '000
Current assets
Cash and cash equivalents 2,214 5,918
Derivative assets — 57
Trade and other receivables 2,084 298
Total current assets 4,298 6,273
Non-current a s s e t s
Investment properties5 416,927 416,498
Loan receivable10 23,827 23,095
Advanced property settlement6 8,355 5,811
Derivative assets11 395 237
Other non-current assets 184 171
Total non-current assets 449,688 445,812
Total assets 453,986 452,085
Current liabilities
Trade and other payables 1,476 1,976
Borrowings12 — 56,899
Derivative liabilities11 262 70
Income tax payable9 1,124 —
Other current liabilities — 4
Total current liabilities 2,862 58,949
Non-current liab i l i t i e s
Borrowings12 137,462 75,818
Derivative liabilities11 1,408 2,511
Deferred tax liabilities 163 46
Redeemable Limited Partnership units13 78,101 79,563
Total non-current liabilities 217,134 157,938
Total liabilities 219,996 216,887
Net assets 233,990 235,198
Equity
Share capital14 164,930 164,316
Share based payment reserve — 583
Retained earnings 69,060 70,299
Total equity 233,990 235,198
$$
Net Assets Value (NAV) per share
1
17.2. 1.5972 1.6094
Net Tangible Assets (NTA) per share
1
17.2. 1.6070 1.6254
(Unaudited)(Audited)
As at 30 June
2026
As at 31
December 2025
1
These are non GAAP measures. More information on these measures are provided in note 17.
New Zealand Rural Land Company Limited and its subsidiaries
Consolidated Statement of Financial Position
As at 30 June 2026
The accompanying notes form part of these financial statements.
5

Share capital
Share based
payment
reserve
Retained
earningsTotal equity
Notes$ '000$ '000$ '000$ '000
Balance at 01 January 2025 (restated)19 161,068 829 69,205 231,102
Total comprehensive income for the period — — 3,478 3,478
Total comprehensive income — — 3,478 3,478
Transactions with shareholders:
2024 performance fee issued in ordinary shares14 658 (658) — —
2024 performance fee final adjustment — (2) — (2)
Dividends paid — — (3,631) (3,631)
Dividend reinvestment plan issues 1,477 — — 1,477
2,135 (660) (3,631) (2,156)
Balance at 30 June 2025 163,203 169 69,052 232,424
Balance at 31 December 2025 164,316 583 70,299 235,198
Total comprehensive income for the period — — 4,742 4,742
Total comprehensive income — — 4,742 4,742
Transactions with shareholders:
Performance fee issued in ordinary shares14 583 (583) — —
Dividends paid — — (5,981) (5,981)
Other 31 — — 31
614 (583) (5,981) (5,950)
Balance at 30 June 2026 164,930 — 69,060 233,990
New Zealand Rural Land Company Limited and its subsidiaries
Consolidated Statement of Changes in Equity
For the 6 months ended 30 June 2026
The accompanying notes form part of these financial statements.
6

(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
Notes$ '000$ '000
Cash flows from operating activities
Lease income received 7,315 11,646
Payments to suppliers (1,667) (2,765)
Management fees paid (576) (693)
Income taxes paid — (1)
Insurance proceeds 803 —
Interest paid (3,998) (4,162)
Interest received 488 189
Net cash from operating activities 2,364 4,214
Investing activities
Payments for investment properties (1,681) (5,606)
Proceeds from disposals of investment properties 590 555
Net cash (used in) investing activities (1,091) (5,051)
Financing activities
Proceeds from issue of ordinary shares 30 —
Dividends paid (net of reinvestments) (5,981) (3,842)
Proceeds from borrowings 6,752 2,612
Repayment of borrowings (2,008) (368)
Proceeds from redeemable Limited Partnership units13 — 586
Return of contributions / distributions paid to redeemable Limited Partnership
units holder13 (3,770) —
Net cash (used in) financing activities (4,977) (1,012)
Net decrease in cash and cash equivalent held (3,704) (1,849)
Cash and cash equivalents at beginning of year 5,918 5,520
Cash and cash equivalents at end of financial year 2,214 3,671
New Zealand Rural Land Company Limited and its subsidiaries
Consolidated Statement of Cash Flows
For the 6 months ended 30 June 2026
The accompanying notes form part of these financial statements.
7

1. Reporting entity
These consolidated financial statements are for New Zealand Rural Land Company Limited (the "Company" or "Parent") and its subsidiaries
(together the "Group"). The Group's principal activity is investment in New Zealand rural farmland and forestry land.
The Company is incorporated in New Zealand and registered under the Companies Act 1993. The Company is an FMC reporting entity for
the purposes of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013. The Company was incorporated on 11
September 2020 and is domiciled in New Zealand. The Company is listed on the New Zealand Stock Exchange (NZX Limited) with ordinary
shares listed on the NZX Main Board. The address of the Company's registered office is 50 Customhouse Quay, Wellington Central,
Wellington, New Zealand.
These financial statements are for the 6 month period ended 30 June 2026.
2. Basis of preparation and measurement
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP), New
Zealand International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International Accounting Standard 34 (IAS 34)
Interim Financial Reporting. For the purposes of complying with NZ GAAP the Group is a for-profit entity.
The financial statements have been prepared on the historical cost basis except for derivative financial instruments and investment
properties which are measured at fair value.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in
conjunction with the audited year ended 31 December 2025 consolidated financial statements.
The accounting policies and methods of computation in the most recent annual financial statements are followed in these interim financial
statements.
These financial statements are presented in New Zealand dollars, which is the Group's functional currency. All amounts have been rounded
to the nearest thousand, unless otherwise stated.
3. Critical accounting estimates and judgements
The preparation of these financial statements requires management to make estimates and assumptions. These affect the amounts of
reported revenue and expense and the measurement of assets and liabilities. Actual results could differ from these estimates. The principal
areas of judgements, estimates and assumptions applied by the Group in the consolidated interim financial statements are consistent with
those disclosed in the Group's annual financial statements for the year ended 31 December 2025. The principal areas relate to:
•Limited Partnership establishment and associated transactions
•Fair valuation of investment properties
•Determination that land and forest should be classified and measured as investment property
•Deferred tax on investment properties
There have been no new significant judgments, estimates and assumptions identified during the six months ended 30 June 2026.
4. Segment information
The Group operates in one business segment being New Zealand rural land. Included in the Group's total rental income, more than 10%
was received from the below significant customers. The total rental income derived from these customers are as follows:
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
6 month period
ended 30 June
2025
$ '000%$ '000%
WHL Capital Limited
2,106 18 % 2,968 27 %
Nateva leasing No 2 Limited
2,664 23 % 2,593 24 %
Rental income
4,770 41 % 5,561 51 %
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
8

5. Investment properties
Investment property is property held either to earn rental income, for capital appreciation or for both.
Investment properties are initially measured at cost and subsequently measured at fair value with any change recognised in profit or loss.
Any gain or loss arising from a change in fair value is recognised in profit or loss.
Initial direct costs incurred in negotiating and arranging operating leases and lease incentives granted are added to the carrying amount of
the leased asset.
Investment properties are derecognised when they have been disposed of and any gains or losses incurred on disposal are recognised in
profit or loss in the year of derecognition.
During the 6 month period ended 30 June 2026, investment properties were assessed and revalued where applicable.
As at 30 June 2026
(Unaudited)Land area
Opening
balanceAdditions¹Disposals²
Lease fee
amortisation
Capitalised
lease
incentive
3
Revaluation
gain/ (loss)
ImpairmentTotal
LocationHectares$ '000$ '000$ '000$ '000$ '000$ '000$ '000
Canterbury
6,066 150,203 — — (5) (88) — 150,110
Otago
4,039 87,828 906 — (2) — — 88,732
Southland
1,386 46,128 776 — (4) (12) (698) 46,190
Manawatū-Whanganui
4,607 103,532 — (439) (4) — — 103,089
Hawke's Bay
97 24,165 — — (1) — — 24,164
South Taranaki
686 3,753 — — — — — 3,753
Rangitikei Districts
195 889 — — — — — 889
Fair value 17,076 416,498 1,682
(439) (16) (100) (698) 416,927
As at 31 December 2025
(Audited)Land area
Opening
balanceAdditions¹Disposals²
Lease fee
amortisation
Capitalised
lease
incentive
3
Revaluation/
ImpairmentTotal
LocationHectares$ '000$ '000$ '000$ '000$ '000$ '000$ '000
Canterbury
5,524 127,944 16,560 — (9) (176) 5,882 150,201
Otago
4,039 85,800 450 — (4) — 1,581 87,827
Southland
1,386 43,300 8 — (9) (25) 2,854 46,128
Manawatū-Whanganui
4,768 114,000 — (555) (7) — (8,811) 104,627
Hawke's Bay
97 24,301 3 — (1) — (1,230) 23,073
South Taranaki
686 4,112 — — — — (359) 3,753
Rangitikei Districts
195 991 — — — — (102) 889
Fair value 16,695 400,448 17,021
(555) (30) (201) (185) 416,498
1
Includes directly attributable acquisition costs.
2
In March 2026, the LP sold a portion of existing farm land in Manawatū-Whanganui for $0.590 million. The settlement was completed in
June 2026.
3
Net of amortisation.
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
9

6. Advanced property settlement
During the year ended 31 December 2024, the Group agreed to purchase two orchard properties in Otago from the same vendor. The
purchase of the first property was completed during that financial year and was recognised as investment property and leased back to the
vendor. A deposit of $2.6 million was also paid on the second property (and recognised as advanced property settlement) while certain
actions were undertaken that would allow the Group to complete the purchase of that property.
During the period ended 30 June 2026, further advanced payments totalling $2.95m were made and have been included in advanced
property settlement. As at 30 June 2026, a net total of $2.8m of rental receivable has been agreed to be available to be used as partial
satisfaction of the purchase on the second property. This has been included in advanced property settlement.
The purchase settled in July 2026.
As at 30 June 2026
As at 31
December 2025
$ '000$ '000
Advanced property settlement
8,355 5,811
8,355 5,811
7. Rental income
Rental income from investment properties leased to clients under operating leases is recognised in the consolidated statement of
comprehensive income on a straight-line basis over the term of the lease, taking into account rent free periods. Where lease incentives are
provided to customers, the cost of incentives are recognised over the lease term on a straight-line basis as a reduction to rental income.
(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
$ '000$ '000
Gross lease receipts
11,392 11,062
Straight line rental adjustments
(11) (11)
Revenue received in advance adjustments
109 (32)
Amortisation of capitalised lease incentives
(88) (88)
Rental income
11,402 10,931
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
10

8. Finance income and expense
Finance income includes interest income derived from financial assets and any gain on fair value of derivative instruments. Interest income
from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be
measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate
applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that
asset's net carrying amount on initial recognition.
Finance expense includes interest expense incurred on borrowings and any loss on fair value of derivative instruments. Interest expense is
recognised using the effective interest method.
$ '000$ '000
Finance income
Interest income 1,363 1,153
Gain on fair value of derivative instruments 298 —
Finance expense
Interest expense (2,972) (3,965)
Loss on fair value of derivative instruments — (184)
Net finance expense for the period (1,311) (2,996)
(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
9. Income tax
(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
$ '000$ '000
Income tax expense (income) comprises:
Current tax expense 1,123 —
Deferred tax expense 117 841
Income tax expense 1,240 841
Reconciliation of prima-facie income tax to tax expense
Profit before tax 5,982 4,319
Tax at the rate of 28% (2025 28%) 1,675 1,209
Effect of expenses that are not deductible in determining taxable profit 664 469
Effect of income that is not assessable in determining taxable profit 195 —
Tax depreciation (495) (509)
Gain on sale of fixed assets (101) 15
Portion of taxable profits attributable to the Land Trust (536) —
Prior period adjustment (162) (344)
Tax benefit/(expense) for the period 1,240 841
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
11

10. Loan receivable
(Unaudited)(Audited)
As at 30 June
2026
As at 31
December 2025
$ '000$ '000
Non-current:
McNaughtons home block
8,785 8,388
Makikihi Farm
15,042 14,707
Total loan receivable
23,827 23,095
On 1 June 2021, the Group acquired land at 30 Cooneys Road, Morven (McNaughtons home block) for $5.4 million and simultaneously
entered into a lease and a put and call agreement with Performance Dairy Limited (PDL), a related entity to the vendor. Under the call
agreement, PDL can acquire the land on 31 May in any year (providing a minimum 90 days notice has been provided) from the Group for
$5.4 million plus 10% interest compounding annually. Under the put agreement, from 1 June 2023 the Group can require PDL to acquire
the land on 31 May any year under the same pricing mechanism and notice requirements. The put and call option has a 99 year life.
On 2 August 2021, the Group acquired land at a North Canterbury Dairy Farm (Makikihi Farm) for $12 million and simultaneously entered
into a lease and a put and call agreement with Makikihi Robotic Dairy Limited (MRDL), a related entity to the vendor. Under the call
agreement, MRDL can acquire the land on 31 May in any year (providing a minimum 90 days notice has been provided) from the Group for
12 million plus 4.66% interest compounding annually. Under the put agreement, from 1 August 2023 the Group can require MRDL to
acquire the land on 31 May any year under the same pricing mechanism and notice requirements. The put and call option has a 99 year life.
The Group also receives 5.34% interest payments in cash which is not compounded annually.
Key judgement
The Group has determined that, in substance, it does not control the underlying property but instead holds a contractual right to receive
cash. Accordingly, these arrangements are accounted for as loans and bear market interest at a rate of 10% per annum (2025: 10%).
The loans are secured by a General Security Deed and cross guarantee from certain Van Leeuwen Group entities.
The loan receivable balances have been considered and determined no impairment is required at reporting date.
11. Derivatives
Derivative financial instruments are comprised of interest rate swaps and net settled milk price forwards. They are initially classified and
subsequently measured as fair value through profit or loss ("FVTPL"). Interest is imputed in the interest rate swap and reflected in finance
income and expense.
(Unaudited)(Audited)
As at 30 June
2026
As at 31
December 2025
$ '000$ '000
Derivative assets
Current
— 57
Non-current
395 237
395 294
Derivative liabilities
Current
262 70
Non-current
1,408 2,511
1,670 2,581
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
12

12. Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost.
Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of
comprehensive income over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities
unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
The Group has a syndicated loan facility agreement with Coöperatieve RaboBank U.A. New Zealand Branch ("Rabobank") and Bank of China
(New Zealand) Limited ("Bank of China"). The facility agreement has a current limit of $138,898,000 with floating interest rates ranging
over the four bank facilities. Interest is payable quarterly in arrears. Bank facility C and D were due to expire on 1 June 2026 and 14 April
2026 but have been extended to 1 June 2029 and 1 June 2030 on similar terms, respectively. During the period, the Group made a partial
principal repayment of bank facility D.
There is a general security deed over all of the assets of the Group as security of the borrowings.
The terms of the borrowings includes the following covenants that the Group must ensure at all times:
•Interest coverage ratio is greater than 2.25;
•Loan to valuation ratio does not exceed 50%; and
•Capital expenditure in each financial year shall not exceed 120% of the budgeted forecast capital expenditure.
(Unaudited)(Audited)
As at 30 June
2026
As at 31
December 2025
$ '000$ '000
Current borrowings:
Rabobank facility — 38,613
Bank of China facility — 18,286
Total — 56,899
Non-current borrowings:
Rabobank facility 93,278 51,445
Bank of China facility 44,184 24,373
Total 137,462 75,818
TotalUndrawn facilityDrawn amount
Expiry date$ '000$ '000$ '000
As at 30 June 2026 (Unaudited)
Bank facility A1/6/2028 46,000 — 46,000
Bank facility B20/12/2027 46,000 10,000 36,000
Bank facility C1/6/2029 29,500 — 29,500
Bank facility D1/6/2030 25,962 — 25,962
147,462 10,000 137,462
As at 31 December 2025 (Audited)
Bank facility A1/6/2028 46,000 — 46,000
Bank facility B20/12/2027 36,000 6,181 29,819
Bank facility C1/6/2026 29,500 — 29,500
Bank facility D14/4/2026 27,398 — 27,398
138,898 6,181 132,717
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
13

13. Reconciliation of redeemable limited partnership units
As at 30 June
2026
As at 31
December 2025
$ '000$ '000
Opening balance
79,563 76,437
Distribution to Land Trust
(2,325) (2,313)
Further contributions received from Land Trust
— 2,031
Return of contributions received from Land Trust
(1,445) —
Revaluation movement
2,308 3,408
Closing balance
78,101 79,563
14. Share capital
14.1. Ordinary shares
Share options outstanding$ '000
No. of ordinary
shares
Balance at 01 January 2025 161,068 142,953,801
Dividend reinvestment 2,590 2,772,953
Performance fee issued in ordinary shares 658 411,772
Balance at 31 December 2025 164,316 146,138,526
Performance fee issued in ordinary shares 583 358,667
Other 31 —
Balance at 30 June 2026 164,930 146,497,193
All shares have equal voting rights, participate equally in any dividend distribution or any surplus on the winding up of the Company. The
shares have no par value.
15. Related parties
15.1. Remuneration of the Manager
The Group has appointed an external manager, New Zealand Rural Land Management Limited Partnership through a signed management
agreement. The Manager is responsible for all management functions of the Group, including:
•Providing administrative and general services;
•Sourcing and securing potential investors and communicating with investors;
•Sourcing opportunities for the sale and purchase of land, and operators for lease agreements in respect of land;
•Overseeing due diligence for and executing transactions for the sale and purchase, and leasing, of land;
•Managing the Group’s property, including land owned by the Group;
•Arranging regular valuations and audits of the Group; and
•Administering the payment of dividends and distributions in respect of the Group.
The Manager is remunerated via management fees, transaction fees and performance fees.
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
14

15. Related parties (continued)
(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
Fees chargedFees charged
$ '000$ '000
Fees paid and owing to the Manager:
Basic management services fee
714 811
Transaction fees
6 145
Leasing fees
— 30
Other
— 3
Total
720 989
Management fee
A monthly management fee is payable equal to 0.5% per annum of the Group's Net Asset Value, calculated on a monthly basis. The total
management fees for the 6 month period ended 30 June 2026 were $0.714 million (30 June 2025: $0.811 million).
Transaction fee
A fee is payable for the following transactions:
•For each purchase or sale of land, a fee equal to 1.25% of the acquisition or divestment cost of the land and improvements;
•For each lease agreement entered into, a fee of $30,000.
Performance fee
A performance fee is payable to the Manager when the Group's net asset value ('NAV') per share exceeds the Group's NAV per share in the
immediately preceding financial year. This annual performance fee is calculated as 10% of the increase in NAV per share and is settled
through the issue of ordinary shares based on the NAV per share at that date. NAV per share is adjusted for the impact of capital
reconstructions (such as a rights issue at a premium or discount), with the intention of the calculation being neither prejudicial nor
advantageous to the Company or the Manager. Half of the ordinary shares issued are held in escrow and cannot be sold for 5 years. The
performance fee in the financial year ended 31 December 2026 will be calculated after the financial year end. The shares will be issued to
the Manager subsequent to balance date.
16. Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the subsidiaries.
The following subsidiaries have been consolidated in the financial statements of the Group:
20262025
Name of entityCountry incorporatedActivities
Equity
holding
Equity
holding
NZRLC Dairy Holdings LimitedNew ZealandRural land investment100%100%
SSP NI LimitedNew ZealandRural land investment100%100%
New Zealand Rural Land Investments Limited
Partnership
New ZealandRural land investment75%75%
New Zealand Rural Land Investments GP LimitedNew ZealandGeneral partner75%75%
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
15

17. Non-GAAP measures
Non-GAAP measures do not have a standard meaning prescribed by GAAP and therefore may not be comparable to information presented
by other entities. These measures should not be viewed in isolation, nor considered as a substitute for measures reported in accordance
with NZ IFRS.
17.1. Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
Funds from operations ('FFO') is a non-GAAP financial measure that shows the Group's underlying and recurring earnings from its
operations and is considered industry best practice for a property fund to enable investors to see the cash generating ability of the
business. This is determined by adjusting statutory net profit (under NZ IFRS) for certain non-cash and other items. FFO has been
determined based on guidelines established by the Property Council of Australia and is intended as a supplementary measure of operating
performance. The Manager uses and considers Adjusted Funds From Operations ('AFFO') as a measure of operating cash flow generated
from the business, after providing for all operating capital requirements including maintenance capital expenditure, tenant improvement
works, incentives and leasing costs.
(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
Notes$ '000$ '000
Net profit after tax
4,742 3,478
Adjustments
Unrealised net loss in value of investment properties
698 —
Unrealised movement in redeemable Limited Partnership units
2,309 1,669
Unrealised net loss/(gain) on derivatives
(1,012) 160
Deferred tax expense
117 841
Revaluation of carbon credits
9 (57)
Amortisation of rent free incentives
90 88
Amortisation of lease fee
18 18
Insurance proceeds
(698) —
Capitalised interest loan receivable
(732) (680)
Funds from operations ('FFO')
5,541 5,517
FFO attributable to the Land Trust
1,900 1,550
FFO attributable to the Company
3,641 3,967
Company FFO per share (cents)
2.49 2.74
Adjustments
Incentives and leasing costs
12 11
Future maintenance capital expenditure¹
(86) (86)
Adjusted funds from operations ('AFFO')
5,467 5,442
AFFO attributable to the Land Trust
1,880 1,531
AFFO attributable to the Company
3,587 3,911
Company AFFO per share (cents)
2.45 2.70
¹ Represents amounts set aside each financial period for future expected maintenance capital expenditure as considered prudent by the
Manager. These amounts do not qualify for recognition as liabilities on the balance sheet under NZ GAAP.
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
16

17. Non-GAAP measures (continued)
17.2. Net assets per share and net tangible assets per share
The Group presents net assets per share and net tangible assets per share in these financial statements. The Group believes that these non-
GAAP measures provide useful additional information to readers. Net tangible assets per share is a required disclosure under the NZX
Listing Rules and net assets per share is a measure monitored by management and required for calculating the Manager's performance fee.
The calculation of the Group's net assets per share, net tangible assets per share, and its reconciliation to the Consolidated Statement of
Financial Position is presented below:
(Unaudited)(Audited)
As at 30 June
2026
As at 31
December 2025
Notes$ '000$ '000
Total assets
453,986 452,085
(Less): Total liabilities
(219,996) (216,887)
Net assets
233,990 235,198
Add: Deferred tax liability
163 46
Add: Derivative liabilities
11 1,670 2,581
(Less): Derivative assets
11 (395) (294)
Net tangible assets
235,428 237,531
Number of shares issued ('000s)
146,497 146,139
Net assets per share ($)
1.5972 1.6094
Net tangible assets per share ($)
1.6070 1.6254
18. Earnings per share
Basic and diluted earnings per share amounts are calculated by dividing profit after income tax attributable to shareholders by the
weighted average number of shares on issue.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income
tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of
ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
(Unaudited)(Unaudited)
6 month period
ended 30 June
2026
6 month period
ended 30 June
2025
$ '000$ '000
Profit after income tax
4,742 3,478
Weighted average number of shares for the purpose of basic and diluted EPS ('000)
146,220 143,720
Basic and diluted earnings per share (cents)
3.24 2.42
19. Prior period error
Comparative information disclosed in the statement of changes in equity has been restated for a prior period error previously disclosed in
the Group's annual financial statements for the year ended 31 December 2025.
The restatement increased opening retained earnings by $1.801 million and opening share-based payment reserve by $0.169 million at 1
January 2025, resulting in an increase in total equity of $1.970 million. The restatement had no impact on share capital and no impact on
the Group's profit or loss, other comprehensive income or cash flows for the six months ended 30 June 2026.
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
17

20. Contingent liabilities and contingent assets
There are no contingent liabilities or assets as at 30 June 2026.
21. Investment property and capital commitments
The Group has no capital commitments as at 30 June 2026.
22. Events after the reporting period
On 7 July 2026, Kiwi Crunch Farms Limited (Kiwi Crunch Farms), the tenant of New Zealand Rural Land Investments Limited Partnership’s
(NZRLI LP) Hawke’s Bay properties, entered voluntary administration and was subsequently placed into receivership. NZRLI LP is 75%
owned by New Zealand Rural Land Company Limited.
On 22 July 2026, the receivers advised NZRLI LP that Kiwi Crunch Farms had ceased to use, possess or occupy the Hawke’s Bay properties
and that the receivers did not intend to adopt the existing lease agreements.
The Kiwi Crunch Farms leases represent approximately 5.8% of NZRLI LP’s total current annual rental income (post the SI Orchards
acquisition on 24 July 2026). Following the receivers’ notification, management has commenced engagement with alternative tenants and
purchasers in respect of the affected properties.
On 24 July 2026, NZRLI LP completed settlement of the remaining property at Roxburgh East, Central Otago, for approximately $8.5 million,
with title passing to NZRLI LP on settlement. Prior to settlement, $2.6 million of the advanced property settlement balance had been
intended to be offset against the purchase price. To enable settlement to complete and title to pass, NZRLI LP did not apply that offset and
instead funded an equivalent amount at settlement. Under an Acknowledgment of Debt entered into immediately prior to settlement, SI
Orchards Limited acknowledged an equivalent $2.6 million debt owing to NZRLI LP, supported by the existing guarantee arrangements.
Accordingly, following settlement, NZRLI LP held clear title to the property and the $2.6 million remained separately owing to NZRLI LP by SI
Orchards Limited and the relevant guarantors.
Management has considered the above developments in assessing the recoverability of outstanding rental receivables, the advance
property settlement balance and the carrying value of the affected properties as at 30 June 2026. The ultimate financial impact will depend
on the recovery of amounts owing, including the $2.6 million subsequently documented as a separate debt, and the timing and terms of
any replacement lease or sale arrangements.
On 27 August 2026, the Company declared a cash dividend for the period 1 April to 30 June 2026 of 1.34 cents per share.
New Zealand Rural Land Company Limited and its subsidiaries
Notes to the Consolidated Financial Statements
For the 6 months ended 30 June 2026
18

---

1
New Zealand Rural Land Company
Rural Land Company
New Zealand
Result for the six months ending
30 June 2026
27 AUGUST 2026
LISTED ON:
www.nzrlc.co.nz
2026

2
New Zealand Rural Land Company
2
DISCLAIMER
The information and opinions in this presentation were
prepared by New Zealand Rural Land Company (NZL).
NZL makes no representation or warranty as to the accuracy
or completeness of the information in this report. Opinions
including estimates and projections in this report constitute the
current judgment of NZL as at the date of this report and are
subject to change without notice. Such opinions are not guarantees
or predictions of future performance. This report is provided for
information purposes only and does not constitute investment advice.
Neither NZL, nor any of its Board members, officers, employees,
advisers (including New Zealand Rural Land Management Limited) or
any other representatives will be liable for any damage, loss or cost
incurred by any recipient of this report or other person in connection with
this report.
NEW ZEALAND RURAL LAND CO OWNS AND
LEASES SOME OF THE BEST AGRICULTURAL LAND
IN THE WORLD.
Rural Land Co
New Zealand
The Rural Land Investors

3
New Zealand Rural Land Company
AFFO per share of 2.45 cps for HY26 (2.70 cps for HY25).
Quarterly dividend declared of 1.34 cps bringing the total dividend
for the period to 2.68 cps.
Full year guidance remains suspended to allow the company to
address the dynamic nature of the Kiwi Crunch liquidation. An
update to be provided to the market once a resolution to the
situation appears imminent.
Interest rate hedging increased to 91% at HY26, from 81% in HY25.
Subsequent to the end of HY26 NZL announced settlement of the
purchase from SI Orchards of the remaining property in Roxburgh
East in Central Otago. Adding a further 79 hectares to NZL’s
portfolio.
3
KEY MESSAGES

4
New Zealand Rural Land Company
HY26 - FINANCIAL HIGHLIGHTS & METRICS
Total Returns
Net asset value per share has grown from $1.25
at IPO
2
to $1.597 (+27.8%) a CAGR of 4.2%; total
company returns have been +41.6% (NAV growth plus
dividends)
3
.
1. Percentages reflect NZRLI LP’s total annual rental post the settlement of the SI Orchards property in July 2026.
2. 21 December 2020
3. This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 146,497,193 on issue as at 30 June 2026. Calculation assumes full participation in rights issues.
4. AFFO per share is based on the portion of the consolidated company’s total AFFO attributable to NZL.
AFFO
HY26 AFFO was $3.6m (2.45 cps)
4
. FY26 earnings
guidance remains suspended with an update to be
provided to the market once the Kiwi Crunch situation
becomes clearer.
$1.597
NAV per Share
$454.0m
Total Assets
$234.0m
Net Asset Value (NAV)
30.4%
Gearing
Dividend
NZL paid a quarterly dividend of 1.34 cps on 21 May
2026 and will pay a second quarterly dividend of 1.34
cps bringing total dividends for the half year to 2.68cps
(net). NZL’s revised dividend policy is to pay 90% -
100% of full year AFFO.

CPI Linked
CPI linked rental increases of +17.3% on 7.3% of NZL’s
dairy lease income took effect in June 2026. A further
30.3%
1
of NZL’s portfolio (by lease income) was subject
to a +3.1% increase in early 2026.

New Zealand Rural Land Company
555
HY26 OPERATING OVERVIEW
SECTION 1

6
New Zealand Rural Land Company
LAND LEASED TO KIWI CRUNCH AND RELATED ENTITIES
Several entities associated with Kiwi Crunch recently had external administrators appointed. New Zealand Rural Land Investments Limited Partnership’s (NZRLI LP)
owns land that is leased to the following Kiwi Crunch and related entities.
Kiwi Crunch Farms
Kiwi Crunch Farms Limited (Kiwi Crunch Farms) tenanted kiwifruit orchards in the Hawke’s Bay. On 7 July 2026, Kiwi Crunch Farms entered voluntary administration and
was subsequently placed into receivership. In late July 2026 the Receivers advised that they did not intend to adopt the existing lease agreements. Kiwi Crunch Farms
was placed in liquidation on 11 August 2026.
The Kiwi Crunch Farms leases represented approximately 5.8%* of NZRLI LP’s total current annual rental income and as at 30 June 2026 Kiwi Crunch Farms owed
NZRLI LP rent totalling approximately $0.7m. Management has engaged with prospective alternative tenants and purchasers in respect of the affected properties and
will update the market when appropriate on the outcome.
MM Forests
MM Forests Limited tenants forestry land in the central North Island representing approximately 2.7%* of NZRLI LP’s total current annual rental income. It has not had
external administrators appointed, and as at 30 June 2026 it owed NZRLI LP rent totalling approximately $0.3m.
South Island Orchards
South Island Orchards tenants apple orchards in Central Otago. On 24 July 2026, NZRLI LP completed the purchase from SI Orchards of a 79 hectares property that is
contiguous to NZL’s existing SI Orchards property and now represents 4.6%* of NZRLI LP’s total current annual rent income. The purchase price was approximately $8.5
million, with title passing to NZRLI LP on settlement.
Prior to settlement, $2.6 million of an advanced property settlement balance had been intended to be offset against the purchase price. To enable settlement to
complete and title to pass, NZRLI LP did not apply that offset and instead funded an equivalent amount at settlement. The $2.6 million remains separately owing to
NZRLI LP by SI Orchards Limited and the relevant guarantors.
South Island Orchards has not had external administrators appointed, and as at 30 June 2026 it owed NZRLI LP rent totalling approximately $0.2m.
Financial Impact
The ultimate financial impact of the appointment of administrators to Kiwi Crunch Farms remains unclear, as it will depend on the extent and timing of recovery of
amounts owing from NZRLI LP tenants referred to above (whether in administration or not), and the timing and terms of any replacement lease or sale arrangements.
Portfolio as at 31 December 2025Portfolio as at 31 December 2025
* Percentages reflect NZRLI LP’s total annual rental post the settlement of the SI Orchards property in July 2026

New Zealand Rural Land Company
7
New Zealand Rural Land Company
NZL FINANCIALS & RETURN METRICS
for the six months ending 30 June 2026
SECTION 2

8
New Zealand Rural Land Company
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
2.45cps
AFFO
2.49cps
FFO
NZ$00030 June 202630 June 2025
Net Profit After Tax4,7423,478
Adjusted for:
Unrealised Net Gain on Investment Properties698-
Unrealised Movement in Redeemable Limited Partnership Units2,3091,669
Unrealised Net Loss on Derivatives(1,012)160
Deferred Tax Expense / (Benefit)117841
Amortisation of Rent Free Incentives9088
Amortisation of Lease Fee1818
Insurance Proceeds(698)-
Revaluation of Carbon Credits9(57)
Capitalised Interest Loan Receivable
1
(732)(680)
Funds from Operations (FFO)5,5415,517
FFO Attributable to the Land Trust1,9001,550
FFO Attributable to NZL3,6413,967
Company FFO per Share (cents)2.492.74
Adjusted Funds from Operations
Incentives and Leasing Costs1211
Future Maintenance Capital Expenditure(86)(86)
Adjusted Funds from Operations (AFFO)5,4675,442
AFFO Attributable to the Land Trust1,8801,531
AFFO Attributable to NZL3,5873,911
Company AFFO per Share (cents)2.452.70
AFFO is a proxy for free cash flow commonly used by REITs. AFFO is intended to provide investors with a clearer picture of the company’s free cash flow.
1. Capitalised interest on loan receivables removed as this is non-cash income and AFFO serves as a proxy for free cash flow.

9
New Zealand Rural Land Company
PROFIT & LOSS STATEMENT
NZ$00030 June 202630 June 2025
Gross Rental Income
Rental Income
11,40210,931
Net Rental Income
11,40210,931
Less Overhead Costs
Directors Fees
(114)(114)
Management Fees
(714)(811)
Repairs and Maintenance
(37)-
Professional, Consulting and Listing Fees
(954)(931)
Performance Fee
--
Other
(148)(143)
Total Overhead Costs
(1,967)(1,999)
Profit / (Loss) Before Net Finance Income, Other
Income and Income Tax
9,4358,932
Finance Income1,6611,153
Finance Expense(2,972)(4,149)
Net Finance Income(1,311)(2,996)
Profit /(Loss) Before Other Income and Income Tax8,1245,936
Other Income
Change in Fair Value of Investment Property(698)-
Movement in Redeemable Limited Partnership Units(2,308)(1,669)
Other86452
Profit / (Loss) Before Tax5,9824,319
Income Tax Expense(1,240)(841)
Profit / (Loss) and Total Comprehensive Income for
the Period
4,7423,478
Earnings per Share (EPS) (cents)3.242.42
$4.74m
NPAT
3.24cps
EPS

10
New Zealand Rural Land Company
BALANCE SHEET
NZ$00030 June 202630 June 2025
Current Assets
Cash and Cash Equivalents2,2143,671
Derivative Assets -275
Trade and Other Receivables 2,0842,006
Total Current Assets4,2985,952
Non-Current Assets
Investment Property416,927416,736
Loan Receivable23,82722,365
Advanced Property Settlement8,355-
Derivative Assets395-
Other Non-Current Assets184160
Total Non-Current Assets449,688439,261
Total Assets453,986445,213
Current Liabilities
Trade and Other Payables1,4762,087
Borrowings -57,633
Derivative Liabilities26233
Income Tax Payable1,124-
Other Current Liabilities -169
Total Current Liabilities2,86259,922
Non-Current Liabilities
Borrowings137,46275,818
Derivative Liabilities1,4082,365
Deferred Tax Liabilities163288
Redeemable Limited Partnership Units78,10176,364
Total Non-Current Liabilities217,134154,835
Total Liabilities219,996214,757
Net Assets233,990230,456
Net Asset Value (NAV) per Share1.59721.5891
$233.99m
Total Equity/ Net Asset
Value
$453.99m
Total Assets

11
New Zealand Rural Land Company
DEBT SUMMARY
2.3 Years
**
Weighted Average Term
to Expiry
5.4%
**
Weighted Average
Interest Cost
Key Metrics30 June 202630 June 2025
Debt Drawn ($m)137.5133.5
Debt to Total Tangible Assets30.4%29.8%
Interest Coverage Ratio3.59x2.57x
Weighted Average Term to Expiry (Years)2.32.0
Weighted Average Interest Cost5.4%5.6%
% Of Debt Hedged91%81%
Total Debt Facilities Available ($m)148.5139.6
NZL Debt Facility Expiry Profile
* Gearing is calculated as: bank debt / total tangible assets
** As at 30 June 2026
30.4%
*
Gearing
Key Banking Partners
In May 2026, NZL renewed two tranches of its existing banking facilities totalling $56.5m. The tranches, both due to expire on 1 June 2026, were extended for three
and four years. This increased NZL’s weighted average term to expiry of its facilities from 1.5 years at the end of FY25 to 2.3 years as at 30 June 2026.
At the start of the period NZL had hedging arrangements in place for 96% of its total borrowings. During HY26 $32m of interest rate swaps expired and were
replaced by a single $30m interest rate swap. As a result NZL’s hedging decreased from 96% to 91% of its total borrowings. The weighted average cost of NZL’s
hedged borrowings is 5.5%. NZL’s remaining debt is floating and the cost of the floating debt component is 4.6%. Accordingly, NZL’s weighted average cost of
debt is currently 5.4%.
91.0%
Hedged

New Zealand Rural Land Company
12
SUSTAINABILITY PROGRAMME
as at 30 June 2026
SECTION 3

13
New Zealand Rural Land Company
HY26 SUSTAINABILITY HIGHLIGHTS
Climate Related Disclosures
Transparent and detailed climate reporting reflects NZL’s values, and we therefore intend to continue to prepare an annual climate statement despite proposed
changes to climate reporting legislation that would exempt the Company from this requirement.
Climate considerations are embedded in NZL’s acquisition strategy and capital deployment decisions. The Board conducted a dedicated transition planning
workshop in 2025 to refine the climate risk register and identify opportunities in carbon markets, sustainable land management, and nature-based solutions.
These initiatives support long-term asset value while contributing to New Zealand’s climate goals.
In April 2026 NZL released its third annual Climate Related Disclosure Report covering all of FY25. The report’s findings are outlined below:
GHG Emissions Profile
Total FY25 emissions of 96,511.15 tCO2e reflect NZL’s land-ownership model. While NZL does not directly operate facilities or own vehicles the FY25 GHG
inventory takes into account investments (leased properties), purchased goods and services, capital goods, and business travel. The FY25 inventory, for the first
time, included downstream leased assets, providing comprehensive value chain coverage.
Climate Scenario Analysis
NZL assessed three climate scenarios (1.5°C, 2.0°C, and 3.0°C warming pathways) to test portfolio resilience. The analysis confirmed that geographic and land-
use diversification remains central to managing climate-related risks. Key risks identified include increased water stress, extreme weather events, and regulatory
transition risks. The analysis reinforced the strategic value of NZL’s diversified portfolio across dairy, horticulture, and forestry.
Transition Plan
NZL has established a transition plan aligned with Science Based Targets guidance, targeting a 45.5% reduction in absolute emissions by 2035 from the FY24
base year. Priority actions include:
1. Supporting decarbonisation across the value chain through the Enduring Land for Life framework
2. Enhancing climate resilience through improved acquisition due diligence and climate mapping
3. Continuing portfolio diversification by geography, sub-sector, and tenant to reduce concentration risk
4. Advancing native regeneration and carbon sequestration programmes in partnership with forestry tenant Nateva

14
New Zealand Rural Land Company
SUSTAINABILITY PROGRAMME
NZL continues to work on mapping its current portfolio for marginal land which can be enhanced with planting and a programme to increase
biodiversity. The mitigation of erosion is a key outcome of this planting with potential for carbon sequestration and sediment control.
NZL has initiated work on several special projects across its portfolio. These include a solar pump upgrade (from diesel), improved effluent
systems on some farms, (budgeted capex at purchase) and native regeneration and predator control at NZL’s forestry estate in partnership with
our tenant New Zealand Forestry Leasing.
Release of NZL’s sustainability programme - “Enduring Land for Life”. Visit our website www.nzrlc.co.nz for further detail.

EnvironmentEconomic
Governance
Oversight and management of goals; skills and commitment to “Enduring Land for Life” vision. Strength and diversity.
SocialAnimal Welfare
✓ Soil Health
✓ Water Quality
✓ Biodiversity
✓ Emissions reduction per unit of
production
✓ Land Selection
✓ Partnering with tenants
✓ Creating a virtuous circle of growth,
investment, job creation, community
opportunities
✓ Care of people
✓ Health and safety
✓ Warm, safe living conditions
✓ Enabling career and personal growth
✓ Fair pay
✓ Five freedoms
✓ Prioritising animal wellbeing
✓ Nutrition and care
✓ Adequate shelter

Mana Whenua
✓ Prioritising relationships with mana
whenua / te ahi kaa
We know that the success of any strategy starts with the tone at the top, and we value strong and diverse governance. Having the right mix of skills
and commitment ensures NZL has the capability and vision needed to achieve our mission.
Enduring Land for life: The Framework
1
2
3

New Zealand Rural Land Company
151515
OUTLOOK
SECTION 4

16
New Zealand Rural Land Company
RENTAL GROWTH & FY26 FORECAST
NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, inflation will
result in rental growth. Furthermore, NZL is insulated from inflation-impacted (and all
other operational) on-farm costs by owning only the land.
The positive impact of inflation continued in the first half of 2026, with a number of
leases successfully undergoing CPI review, these included:
• 7.3% of NZL’s pastoral leases were subject to review in 2026. CPI accumulated
since the leases began was +17.3%. The increased rent was payable from 1 June
2026 and will add an additional $181,130 to NZL’s income on an annualised
basis.
• 100% of NZL’s forestry assets were subject to rent review in the first half of
2026. CPI accumulated since the last rent review for these properties was
expected to be +3.1%. On an annualised basis this adjustment adds a further
$207,260 to NZL’s income.
In total 34.7%* of NZL’s leases (by value) were subject to CPI linked lease reviews in
the first half of FY26.
As advised on 9 July 2026 NZL has suspended its earnings guidance for FY26
in light of the liquidation of Kiwi Crunch Farms who comprise a material portion
of NZL’s rental income. NZL continues to negotiate sale and lease options for
effected properties and will provide updated guidance when the outcome of these
discussions becomes clearer.
* Percentages reflect NZRLI LP’s total annual rental post the settlement of the SI Orchards property in July 2026

17
New Zealand Rural Land Company
DIVIDEND
Dividend
• In response to KPMG’s Capital Review NZL has adopted a revised
dividend policy targeting distributions of approximately 90-100% of AFFO,
paid quarterly, consistent with sector practice. The policy is designed to
provide greater predictability and transparency for shareholders and will
only be suspended in extreme circumstances.
• NZL paid a quarterly dividend of 1.34 cps in May 2026 and has resolved to
pay a second quarterly dividend of 1.34 cps. This brings the total dividend
for the half year to 2.68 cps*.
• Alongside the revised dividend policy, the Board has resolved to take
a more dynamic approach to the Dividend Reinvestment Plan (DRP).
The Board will confirm whether the DRP will apply at each dividend
announcement, having regard to the Group’s capital requirements and
any potential dilution to earnings and NTA. This approach broadly aligns
with other listed property vehicles in New Zealand.
* NZL’s AFFO after deducting Roc’s share of AFFO

New Zealand Rural Land Company
18
APPENDICES

19
New Zealand Rural Land Company
INVESTMENT PROPERTY SUMMARIES
Dairy and SupportTenant 1Tenant 2Tenant 3Tenant 4Tenant 5
LocationCanterburyOtago and CanterburySouthlandSouthlandSouthland
Asset ClassDairy and SupportDairy and SupportDairyDairyDairy
Area3,910 hectares6,149 hectares456 hectares564 hectares366 hectares
Lease TypeTriple Net LeaseTriple Net LeaseTriple Net LeaseTriple Net LeaseTriple Net Lease
Lease Term 11 Years11 Years10 Years10 Years10 Years
Current Rent$3.97m$8.19m$0.61m$1.1m$0.6m
Rights of Renewal2 x 12 Years2 x 10 YearsNone2 x 10 Years2 x 10 Years
Review MechanismCPI linkedCPI linkedCPI linkedCPI linkedCPI linked
Rent Reviews3 Yearly3 Yearly3 Yearly3 Yearly3 Yearly
Horticulture & ForestryTenant 6Tenant 7Tenant 8
1
Tenant 9
LocationCentral North IslandCentral North IslandHawkes BayCentral Otago
Asset ClassCarbon ForestryCarbon ForestryHorticultureHorticulture
Area3,988 hectares1,501 hectares97 hectares126 hectares
Lease TypeTriple Net LeaseTriple Net LeaseTriple Net LeaseTriple Net Lease
Lease Term 16 - 20 Years20 Years30 Years30 Years
Current Rent$6.77m$0.66m$1.36m$1.13m
Rights of RenewalTermination can be extended
10 years
Termination can be extended
10 years
NoneNone
Review MechanismCPI linkedCPI linkedGreater of CPI or 2.5%Greater of CPI or 2.5%
Rent ReviewsAnnualAnnualAnnualAnnual
1. As advised Kiwi Crunch’s Receivers advised that Kiwi Crunch has ceased to use, possess or occupy the Hawke’s Bay properties and that they do not adopt the lease agreements. As a result NZL served notice to
Kiwi Crunch of its intention to cancel the leases on these properties.

20
New Zealand Rural Land Company
INVESTMENT SUMMARY
NZL PROVIDES INVESTORS WITH EXPOSURE TO:
1. This land is owned via an LP, 75% owned by NZL and 25% by Roc Partners
2. This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 146,497,193 on issue as at 30 June 2026.
3. Calculation assumes full participation in rights issues, plus dividend accumulated to 30 June 2026.
Favourable Industry
Dynamics
A Proven Value Add
Acquirer of Land
Attractive Total ReturnsHigh Quality Tenants
with Attractive WALT
A Significant Growth
Opportunity
Long term demand for key
commodities and food
vs declining availability
of productive land drives
land values. Productive
rural land is finite in supply
and its value is founded
on worldwide population
growth, growing food
demand, and yield-
boosting innovation.
Increasing scarcity of
productive land globally is
mirrored in New Zealand.
New Zealand is one of the
world’s lowest-cost and
lowest-carbon emitting
producers of protein, fibre
and timber in the world.
Successfully acquired
17,077 hectares of pastoral,
forestry and horticultural
land since listing on 21
December 2020
1
.
NAV per share increased
from $1.250 (21 December
2020) to $1.597 as at
30 June 2026
2
. This
represents total increase in
NAV per share of +27.8% .
NAV growth has been
achieved alongside an
expansion to capital base
from 60.6m shares on
issue at IPO to ~146.5m
shares on issue as at 30
June 2026.
Tenants with significant
operating experience,
robust balance sheets and
governance frameworks.
11.1 year WALT (by lease
value).
NZL provides unique
investment exposure as it
is currently the only pure-
play listed exposure to
New Zealand rural land.
NZL provides inflation
hedging and stable income
via CPI-linked leases
(uncapped).
NZL’s strategy is to
continue to grow its
portfolio, both in dairy
and other attractive
agricultural opportunities,
to ultimately provide scale
and diversified exposure to
high quality New Zealand
rural land.
NAV per share has grown
by +27.8% since NZL’s IPO.
NZL has paid/declared
a total of 17.23 cps in
dividends. Total company
returns have been +41.6%
3
.
Farmland does not
typically experience the
same volatility that mark
economic changes. It
usually experiences
peaks and plateaus
– appreciating at an
attractive rate when
times are positive but not
necessarily retreating when
conditions are tough, this
is driven by its increasing
scarcity.

21
New Zealand Rural Land Company
PORTFOLIO OVERVIEW - AS AT 30 JUNE 2026
1
25% owned by Roc. Numbers are rounded.
2
WALT is weighted by lease value.
RURAL ASSET CLASSHORTICULTURE
1
FORESTRY
1
PASTORAL
1
Land Area (ha)1445,48811,445
RegionHawke’s Bay & OtagoCentral North IslandCanterbury, Otago & Southland
Current UseApples & PearsForestry & Carbon Dairy & Support
WALT (years)28.016.46.4
# of Tenants225
% of Total Portfolio
2
8%31%61%
NZL owns 17,077 hectares of highly-productive agricultural land spread across three sub-sectors and
with long-term leases to some of New Zealand’s most successful operators.

22
New Zealand Rural Land Company
TENANT CONCENTRATION, LEASE PROFILE & LEASE OVERVIEW - AS AT 30 JUNE 2026
Tenant Concentration as % of Lease Value
NZL expects tenant diversification to increase as it continues to grow its asset base.
NZL’s Weighted Average Lease Term (WALT) - 11.1 years.
NZL’s pastoral farm leases all have three, six and nine year CPI increases with tenant rights of renewal in years 10 or 11.
NZL’s forestry leases all have annual CPI increases.
NZL’s horticultural assets have annual rental increases of 2.5% or CPI whichever is greater.
All leases are triple net leases, tenants are responsible for all repair and maintenance costs.
Lease Expiry Profile by Value

23
New Zealand Rural Land Company
FOREIGN OWNERSHIP RULES & LEVELS
New Zealand
Buyer
NZL is highly advantaged
because it is a
New Zealand buyer
of rural land.
Current Listed
Company Foreign
Ownership Rules
Under the Overseas Investment
Amendment Act 2021, NZL can have
foreign domiciled shareholders of up
to 49.9% of its share register (subject
to certain share parcel restrictions).
Private companies in NZ are limited to
less than 25%.
Current NZL
Foreign
Ownership
As at 30 June 2026, NZL had
foreign domiciled shareholders
amounting to ~28.5% of its share
register.

24
New Zealand Rural Land Company
WHO IS NZL
The Rural Land Investors
Listed
Listed
AUDITORS
REGISTRY
ROB
CAMPBELL
Independent
Chair
SARAH
KENNEDY
Independent
Director
TIA
GREENAWAY
Independent
Director
Board
ACCOUNTANTS

25
New Zealand Rural Land Company
NZRLM TEAM STRUCTURE
(ALF:NZX)
In-house Team
Consultants
XAVIER LYNCH
General Manager -
Corporate
SHELLEY RUHA
Director
HAYDEN DILLON
Consultant
RICHARD MILSOM
Executive Director
ROSS O’NEILL
Company Secretary
Directors
JAMES TREADWELL
Consultant
STEPHEN REID
Chief Financial Officer

26
New Zealand Rural Land Company
INDEX INCLUSIONS AND BROKER RESEARCH COVERAGE
FTSE Global Micro Cap IndexS&P / NZX All Real Estate Index
Broker Research Coverage
Nicholas Hill
nicholas.hill@craigsip.com
Vishhal Bhula
vishal.bhula@jarden.co.nz
Index Inclusions
MSCI World Micro Cap Index
S&P / NZX Micro Cap Index

27
New Zealand Rural Land Company
INVESTOR RELATIONS CONTACTS
Richard Milsom
richard@nzrlm.co.nz
+64 21 274 2476
Level 4
131 Queen Street
Auckland Central
Auckland 1010
New Zealand
Xavier Lynch
xavier@nzrlm.co.nz
+64 27 282 8046
Level 4
131 Queen Street
Auckland Central
Auckland 1010
New Zealand
Stephen Reid
stephen@nzrlm.co.nz
+64 21 766 636
Level 4
131 Queen Street
Auckland Central
Auckland 1010
New Zealand
Ross O’Neill
ross.o’neill@alliedfarmers.co.nz
+64 21 424 829
Level 4
131 Queen Street
Auckland Central
Auckland 1010
New Zealand

28
New Zealand Rural Land Company
LISTED ON:
Rural Land Co
New Zealand
The Rural Land Investors
New Zealand Rural Land Company
Level 4, 131 Queen Street
Auckland Central
Auckland 1010
New Zealand
+64 9 217 2905
info@nzrlc.co.nz
www.nzrlc.co.nz

nzrlc
nzrlc

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer New Zealand Rural Land Company Limited
Reporting Period 6 Months to 30 June 2026
Previous Reporting Period 6 Months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$13,063 +8.1%
Total Revenue $13,063 +8.1%
Net profit/(loss) from
continuing operations
$4,742 +36.3%
Total net profit/(loss) $4,742 +36.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.0134
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date 08/09/2026
Dividend Payment Date 28/09/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.6070 $1.6254
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See attached unaudited interim financial statements for the 6
months ended 30 June 2026
Authority for this announcement
Name of person

authorised
to make this announcement
Richard Milsom
Contact person for this
announcement
Richard Milsom
Contact phone number 021 274 2476
Contact email address richard@nzrlm.co.nz
Date of release through MAP

27/08/2026
Unaudited financial statements accompany this announcement.

---

Section 1: Issuer information
Name of issuer New Zealand Rural Land Company Limited
Financial product name/description Ordinary Shares
NZX ticker code NZL
ISIN (If unknown, check on NZX
website)
NZNZLE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 08/09/2026
Ex-Date (one business day before the
Record Date)
07/09/2026
Payment date (and allotment date for
DRP)
28/09/2026
Total monies associated with the
distribution
1

$1,963,062
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.01340000
Gross taxable amount
3
$0.00000000
Total cash distribution
4
$0.01340000
Excluded amount (applicable to listed
PIEs)
$0.01340000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

%N/A
Imputation tax credits per financial
product
$N/A
Resident Withholding Tax per
financial product
$N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Richard Milsom
Contact person for this
announcement
Richard Milsom
Contact phone number 021 274 2476
Contact email address r
ichard
@nzrlm.co.nz
Date of release through MAP

27/08/2026






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.