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1 ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING AA ANNUAL SHAREHOLDER MEETING AA 06 NOVEMBER 2025
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2 ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING AA AGENDA 1. Chair’s Introduction 2. Managing Director’s Address to Shareholders 3. Resolutions 4. Shareholder Questions
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3 ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING AA 1. CHAIR’S INTRODUCTION
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4 ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING AA 2. MANAGING DIRECTOR’S ADDRESS TO SHAREHOLDERS
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2025 ASM PRESENTATION AA 06 NOVEMBER 2025
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ALLIED FARMERS OVERVIEW & STRATEGY AA SECTION 1
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7 ALLIED FARMERS | FY25 ASM PRESENTATION AA THE CHANGING FACE OF ALLIED FARMERS 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. AA Allied Farmers LtdY • Allied Farmers owns 100% of New Zealand Rural Land Management (NZRLM) • NZRLM is an investment manager with a focus on New Zealand’s primary sector • NZRLM holds the management contract for NZX-listed New Zealand Rural Land Company (NZL), providing management, investment and administration services Allied Farmers’ goal is to deliver earnings per share growth by leveraging these Allied Farmers’ goal is to deliver earnings per share growth by leveraging these core strengths and optimizing the use of its tax losses.core strengths and optimizing the use of its tax losses.
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8 ALLIED FARMERS | FY25 ASM PRESENTATION AA KEY EVENTS & PEOPLE Key events in FY25: Key People: For more information please visit the Allied Farmers website: www.alliedfarmers.co.nz. Shelley Ruha - Chair Phillip Luscombe - Independent Director Richard Milsom - Managing Director Ross O’Neill - Legal Counsel & Company Secretary Stephen Reid - Chief Financial Officer (from 17 November 2025) • Earnings per share of 9.97cps • Entered into a conditional agreement to sell all of ALF’s shares in NZFL to Rural Livestock Limited along with other NZFL shareholders. Allowing ALF to realise value for shareholders and reshape strategic focus • 99.8% of shareholders voted in favour of a constitutional amendments designed to preserve $178.1m of tax losses (cash benefit equal to 28% of $178m, $49.9m) • A SPV acquired debt funded land and buildings in the Waikato for $10.5 million. (SPV ensures no exposure to Allied Farmers) • Advanced a $3 million secured working capital loan to a substantial farming dairy farming operation in South Canterbury to fund its working capital
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9 ALLIED FARMERS | FY25 ASM PRESENTATION AA INVESTMENT SUMMARY Below is an operational and financial update for Allied’s investments. • Livestock services EBITDA decreased -42% to $4.5m in FY25, from $7.8m in FY24 • Financial services EBITDA grew +18% to $0.35m in FY25, from $0.3m in FY24 • Strong FY25 result: NZFL delivered a very strong trading performance, reflecting markedly improved market conditions despite softer veal returns • Market strength: Livestock prices and tallies rose across most categories, supported by strong offshore returns, processor schedules, and farmer confidence • Agency momentum: Farmer confidence, dairy herd sales, and young stock rearing all increased; Redshaw Livestock also benefited from improved sheep and beef markets • Veal and finance: Veal margins were affected by weaker skin prices and inflation, while Livestock Finance continued steady earnings growth and diversification • Operational focus: Productivity, cost efficiency, and digital development (via MyLiveStock) remain priorities, with attention to global and geopolitical risks. • NZRLM EBITDA $2.1m largely in line with FY24 $2.2m • NZRLM holds the management contract for NZX-listed New Zealand Rural Land Company (NZL), providing management, investment and administration services • NZL currently owns 17,077 hectares of pastoral, horticultural and forestry land, an increase of 1,014 hectares during FY25 • NZRLM managed the sale of a 25% equity interest in New Zealand Rural Land Company’s land portfolio to specialist private markets investment firm, Roc Partners • NZL’s dividend was reinstated in FY25 to a payout range of 60-90% of Adjusted Funds from Operations (AFFO)
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10 ALLIED FARMERS | FY25 ASM PRESENTATION AA PROVEN TRACK RECORD AS VALUE CREATORS NZRLM Investment • Acquired: $10.8m • Current value: ~$25m • Return: +131% NZRLM AUM Growth • 2021: $165m • 2025: $445m • Growth: +169% Disciplined Capital Allocation • Strategic exits at optimal timing • Reinvestment in higher-return opportunities • Consistent EPS growth delivery
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11 ALLIED FARMERS | FY25 ASM PRESENTATION AA ALLIED FARMERS FINANCIAL PERFORMANCE - 201 5 TO 2025 +7% p.a Revenue Growth 2015-2025 +59% p.a Allied NPAT Growth Per Share 2015-2025 Annual Growth Rates:
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12 ALLIED FARMERS | FY25 ASM PRESENTATION AA ALLIED FARMERS SHARE PRICE 201 5 TO 2025 +4% p.a Share Price Growth 2015-2025 Annual Growth Rate:
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SALE OF NEW ZEALAND FARMERS LIVESTOCK AA SECTION 2
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14 ALLIED FARMERS | FY25 ASM PRESENTATION AA STRATEGIC VALUE REALISATION AT OPTIMAL TIME Realises strong value for shareholders1 Enables focus on core rural asset management2 Captured peak agricultural cycle timing3 Rural Livestock a more natural owner than Allied, given it is an industry player who can benefit from being a larger more competitive livestock operation4 Provides Allied with cash for new growth opportunities5
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15 ALLIED FARMERS | FY25 ASM PRESENTATION AA CREATING MAXIMUM VALUE THROUGH STRATEGIC DISAGGREGATION Frankton Saleyard Interest (completed FY24) • Total sale: $5.9m • Allied’s 67.8% share: $4.0m • Structure: Sale with license-back Core Business (November 2025) • Enterprise value: $10.99m • Allied 67.8% share: $7.45m • Buyer: Rural Livestock Limited Lending Book Wind-down • Recovery value: $1.2m • Allied’s 67.8% share: $0.8m Total Proceeds to Allied: $12m+ Why this Maximises Value: • Captured agricultural cycle peak • Sum-of-parts exceed whole entity value • Premium achieved vs. normalised earnings • Clean exit with operational continuity
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16 ALLIED FARMERS | FY25 ASM PRESENTATION AA OVERVIEW OF THE TRANSACTION • AFRL (wholly owned subsidiary) to sell all shares in NZ Farmers Livestock Limited (NZFL) to Rural Livestock Limited (RLL) • Allied Farmers’ 67.77% share value: ~$7.45 million • Total enterprise value: $10.988 million, subject to post-completion adjustments • Other shareholders (Stockmans Holdings Limited and Agent Company Limited) also selling • Completion expected: 1 December 2025 • Approval by ordinary resolution (simple majority) required under NZX Listing Rules 5.1.1(a) and 5.2.1 • Board unanimously recommends approval as believes it is in best interests of shareholders Key conditions Shareholder, board, and third-party approvals Rural Livestock due diligence and financing Lease and contractor assignments Rural Livestock share issue (min. $1m to livestock agents/managers)
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17 ALLIED FARMERS | FY25 ASM PRESENTATION AA INDEPENDENT APPRAISAL REPORT – SIMMONS CORPORATE FINANCE Required under NZX Listing Rule 7.8.8(b) Conclusion: Transaction is fair to shareholders not associated with Stockmans or AgentCo All vendors selling on identical terms Market aligned and fair value
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18 ALLIED FARMERS | FY25 ASM PRESENTATION AA IMPACT ON ALLIED FARMERS Will no longer derive profit from NZFL operations Continued ownership of other subsidiaries FY25 PBT (retained): ~$0.75m Cash reserves expected to rise to ~$14m Premium valuation achieved vs. normalised earnings Positions Allied for next phase of growth
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19 ALLIED FARMERS | FY25 ASM PRESENTATION AA FINANCIAL SUMMARY Metric Total enterprise value $10.988m AFRL share $7.45m Group cash post-sale ~$14m Deferred tax asset reduction $0.9m Carried-forward tax losses >$175m Amount (approx.) Frankton Saleyard Sale (FY24) $5.9m ($4m to Allied)
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20 ALLIED FARMERS | FY25 ASM PRESENTATION AA APPLICATION OF TRANSACTION PROCEEDS ALF is still considering the best use of proceeds from the transaction. Potential uses include: distribution to shareholders contribute to opportunities to utilise tax losses support growth of NZRLM explore complementary investments ALF targets disciplined capital allocation with strict return hurdles.
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FY25 FINANCIAL PERFORMANCE AA SECTION 3
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22 ALLIED FARMERS | FY25 ASM PRESENTATION AA FY25 FINANCIAL RESULT +41% underlying Operational Growth +28% growth in Allied NTA per share, to $0.51 (from $0.40 in FY24) Allied Farmers is pleased with its performance in FY25, reflecting its commitment to delivering robust earnings and per share growth for its shareholders. • FY25 Group NPAT of $3.8m compared to $7.0m in FY24 • New Zealand Farmers Livestock (NZFL) delivered EBITDA of $4.8m in FY25 compared to $8.1m in FY24 • New Zealand Rural Land Management (NZRLM) FY25 EBITDA ($2.1m) was largely inline with FY24 ($2.2m) • Allied delivered EPS of 9.97cps in FY25 compared to 18.1cps in FY24 • NTA per share increased significantly in FY25, rising +28% to $0.51, compared to $0.40 in FY24 Normalised Earnings View • FY24 NPAT (excluding $4.23m saleyard gain): $2.7m equivalent to EPS of 8.10 cps • FY25 NPAT: $3.8m equivalent to EPS: 10.0 cps • Underlying operational growth: +41% AA Note: ‘Group’ refers to consolidated financials relative to 100% shareholding of both NZFL and NZRLM. ‘Allied’ refers to financials attributed to Allied’s actual shareholding i.e. 67% of NZFL and 100% of NZRLM.
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23 ALLIED FARMERS | FY25 ASM PRESENTATION AA FINANCIAL OVERVIEW - FY25 HIGHLIGHTS & METRICS +11% growth in Group Revenue, to $30.6m. (from $27.6m in FY24) +24% growth in Group EBITDA1, to $6.0m. (from $4.8m2 in FY24) +41% increase in Group NPAT, to $3.8m. (from $2.7m2 in FY24) +23% increase in Allied EPS, to 9.97 cps (from 8.10 cps2 in FY24) +28% growth in Allied NTA per share, to $0.51 (from $0.40 in FY24) Note: ‘Group’ refers to consolidated financials relative to 100% shareholding of both NZFL and NZRLM. ‘Allied’ refers to financials attributed to Allied’s actual shareholding i.e. c.68% of NZFL and 100% of NZRLM. 1 Group EBITDA includes $1.63m of Parent operating expenses not included in EBITDA of investments. 2Excludes impact of $4.23m gain on the sale of NZFL sale yards during the year.
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24 ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING AA ASM RESOLUTIONS Resolution 1: Auditors Remuneration That the Directors be authorised to fix the fees and expenses of the Company’s auditor, BDO Auckland, for the ensuing year. Resolution 2: Appointment of Shelley Ruha That Shelley Ruha, who will retire at the meeting by rotation in accordance with the Company’s constitution, and is eligible for re-election, be re-elected as a Director of the Company. Resolution 3: Appointment of Philip Luscombe That Philip Luscombe, who will retire at the meeting by rotation in accordance with the Company’s constitution, and is eligible for re-election, be re-elected as a Director of the Company. Resolution 4: Sale of Shares in NZ Farmers Livestock Limited “That the sale of all of the shares in NZ Farmers Livestock Limited held by the Company’s wholly owned subsidiary Allied Farmers Rural Limited for approximately $7.45 million (subject to certain post-completion adjustments), under a sale and purchase agreement dated 27 August 2025 between, amongst others, the Company, Allied Farmers Rural Limited and Rural Livestock Limited (the “Transaction”), as described in more detail in the Explanatory Notes, be ratified, confirmed and approved for all purposes, including for the purposes of Rules 5.1.1(a) and 5.2.1 of the NZX Listing Rules.
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25 ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING AA PROXY SNAPSHOT As at 04 November 2025:
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26 ALLIED FARMERS | ANNUAL SHAREHOLDER MEETING AA 4. SHAREHOLDER QUESTIONS