New Zealand · Delayed Price · Currency is NZD New Zealand Rural Land Company Earnings Call Transcripts
Fiscal Year 2025
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AFFO per share grew 9.9% with strong asset recycling and disciplined capital management. FY 2026 guidance points to further AFFO and dividend growth, supported by CPI-linked leases and robust market conditions.
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FO per share grew nearly 40% year-over-year, with net profit after tax at $3.48 million and gearing reduced to 29.8%. Portfolio diversification continues, with strong sector outlooks and a forecasted full-year FO of $7.5–$8 million, up 9.8% from 2024.
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The meeting reviewed strong FY 2024 financial results, a revised dividend policy, and strategic acquisitions funded by a major portfolio sale. Shareholder questions focused on share buybacks and audit qualifications, with management detailing ongoing efforts to address these issues.
Fiscal Year 2024
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Record net profit and asset growth driven by portfolio diversification, strategic acquisitions, and strong market conditions. FY 2025 guidance anticipates further AFO and dividend growth, supported by CPI-linked leases and positive sector outlooks.
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Portfolio yield and free cash flow per share rose sharply, driven by diversification into forestry and apple orchards, with gearing reduced and dividend resumed. Guidance for 2024 is reaffirmed, with further FO growth expected in the second half due to CPI-linked rent increases and new acquisitions.