• Delivered 11.5 cents per unit AFFO, exceeding full year guidance
• Maintained 11.73 cents per unit distributions, in line with guidance
• Independent valuations provided 1.2% uplift in portfolio values
• Leased 8 properties with a total asset value of $119m for 9.7 years WALE

Rural Funds Group (RFF) has reported its financial results for the year ended 30 June 2025, delivering AFFO of 11.5 cents per unit, exceeding the full year guidance of 11.4 cents. Distributions per unit were maintained at 11.73 cents, consistent with the full year guidance. Independent valuations were conducted on 68% of the portfolio, providing a 1.2% uplift in their book values. RFF also leased 8 properties with a total asset value of $119 million for a weighted average lease term of 9.7 years, including 3 new leases and 5 lease extensions. Net property income increased 9.2% driven by additional rental income on capital expenditure, primarily in the macadamia orchards, as well as indexation and rental review mechanisms. Net farming income also improved due to higher commodity prices. The balance sheet remains strong, with pro forma gearing of 38.8% after adjusting for a $19.2 million water sale completed after the balance date. RFF has sufficient undrawn debt headroom of $126.4 million to fund its FY26 forecast capital expenditure program.

FY26 forecast revenue of $1.96 billion across the group's diversified agricultural portfolio, including contributions from the development of additional macadamia orchards and irrigated cropping areas.

RFF remains focused on developing and leasing agricultural assets to generate capital growth and income. The group plans to complete the next stage of macadamia orchard developments at Rookwood Farms (690 ha) and the first stage of irrigated cropping at Kaiuroo (375 ha) during FY26, which are expected to provide additional AFFO contribution.