Allied Farmers Limited (NS) Analysis

Overview

Allied Farmers is primarily a rural investment company and rural asset manager. Landowners and co-investors entrust Allied Farmers with their rural assets because it has the requisite robust governance structures, asset management team expertise and experience, and access to a network of best-in-class business partners. Allied Farmers’ goal is to deliver earnings per share growth by leveraging these core strengths and optimizing the use of its tax losses.

Allied Farmers provides management, investment and administrative services to rural landowners NZX listed New Zealand Rural Land Company Limited, and Australian capital managers Roc Partners (together, NZL) pursuant to Management Agreements. NZL owns and leases rural land to tenants to provide shareholders with superior risk-adjusted returns compared to legacy rural investment vehicles.

Performance

The following information was extracted from Allied Farmers Limited's half year report, released on 27 February 2026:

Unaudited Half Year Consolidated Result

The Directors of Allied Farmers Limited (ALF:NZX) report an unaudited consolidated profit after tax of $3.542 million for the six months ended 31 December 2025. This is 44.75% higher than the $2.4447 million for the six months ended 31 December 2024.

As a result of the sale of New Zealand Farmers Livestock Limited (NZFL) during the six months, Allied Farmers is required to separately report the performance of both continuing and discontinued operations. The above result reflects both continuing and discontinuing operations. The net loss before tax from continuing operations was $0.517m for the six months ended 31 December 2025. This compares to a net profit before tax from continuing operations of $0.423m for the six months ended 31 December 2024. This decrease in net profit before tax is predominately the result of costs associated with the sale of NZFL and increased operational and transactional costs in NZRLM.