Australia · Delayed Price · Currency is AUD Rural Funds Group Earnings Call Transcripts
Fiscal Year 2026
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Unitholders will vote on increasing the J&F guarantee supporting JBS's cattle finance facility, with proposed increases expected to be AFFO accretive and not impact gearing. The guarantee is backed by strong counterparties and has been deemed fair and reasonable by an independent expert.
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Unitholders will vote on increasing the J&F guarantee for JBS, with two proposed increments and a term extension, all expected to be AFFO accretive and not impact gearing. The guarantee is backed by strong counterparties, with risk mitigated by insurance and biosecurity.
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Net property income rose 7% year-over-year, with AFFO and distributions on track for full-year guidance. Asset sales at or above book value support balance sheet strength, and gearing is targeted to reduce to 30%-35% through further divestments. Asset values remain stable, and CapEx is set to decline.
Fiscal Year 2025
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Net property income rose 9% and AFFO increased 4.5% year-over-year, with stable distributions and gearing managed through asset sales. FY 2026 guidance points to modest AFFO growth, with CapEx fully funded by divestments and continued focus on development and portfolio optimization.
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Net property income rose 17% year-over-year, with strong leasing and improved farming profits. AFFO and distributions are on track with guidance, gearing remains stable, and asset sales continue to optimize the portfolio. Macadamia and commodity price recovery support a positive outlook.
Fiscal Year 2024
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Revenue and earnings grew on the back of macadamia and cattle asset performance, with net asset value per unit up 7%. AFFO is forecast to rise 4% in FY 2025, while distributions remain flat. Asset sales and tech investments aim to optimize growth and reduce gearing.